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Arch Capital Group Ltd. is acquiring CMG Mortgage Insurance Company from its current owners, PMI Mortgage Insurance Co., which has been in rehabilitation under the receivership of the Arizona Department of Insurance since 2011, and CMFG Life Insurance Company. Arch also is acquiring PMI’s mortgage insurance operating platform and related assets from PMI. According to Arch, this transaction, estimated at approximately $300 million, will allow Arch to enter the U.S. mortgage insurance marketplace and will broaden its existing mortgage insurance and reinsurance capabilities.

Arch indicated that it expected to hire the current senior management team and staff of PMI. Its global mortgage insurance and reinsurance operations will report to Marc Grandisson, chairman and CEO of Arch Worldwide Reinsurance Group.

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