Arch Mortgage Insurance Company approved to provide mortgage insurance on mortgages sold to FHLB Boston
WALNUT CREEK, CA (September 9, 2014) — Arch Mortgage Insurance Company (“Arch MI”), a leading provider of private mortgage insurance and wholly owned subsidiary of Arch Capital Group Ltd., today announced the Federal Home Loan Bank of Boston’s (“FHLB Boston”) approval of Arch MI as an eligible mortgage insurer for loans purchased under its Mortgage Partnership Finance® program which provides member institutions a competitive secondary market alternative. With this approval, Arch MI is now an eligible mortgage insurance provider to all Federal Home Loan Banks across the nation with mortgage purchase programs.
“Arch MI is extremely pleased to be granted approval from FHLB Boston and to serve the mortgage credit enhancement needs of its more than 440 New England financial institution members,” said Richard Izen, Executive Vice President, Sales and Marketing at Arch MI. “This approval by FHLB Boston is further evidence of Arch MI’s counterparty strength and long history of commitment to expanding homeownership,” continued Mr. Izen. “At Arch MI, we are strong supporters of the Federal Home Loan Bank’s mission of supporting community-based financial institutions, including credit unions and community banks, in developing their residential-mortgage lending activities.”
ABOUT ARCH MORTGAGE INSURANCE COMPANY (formerly known as CMG Mortgage Insurance Company)
Arch MI is a leading provider of private mortgage insurance. Headquartered in Walnut Creek, CA, Arch MI’s mission is to protect lenders against credit risk, while extending the possibility of responsible homeownership to qualified borrowers. Arch MI was formed when Arch Capital acquired CMG Mortgage Insurance Company (CMG MI) and the mortgage insurance operating platform of PMI Mortgage Insurance Co. on January 30, 2014, creating a state-of-the-art mortgage insurance operation. Arch MI is licensed to write mortgage insurance in all 50 states, the District of Columbia and Puerto Rico. For more information, please visit www.archmi.com.
Cautionary Note Regarding Forward-Looking Statements
The Private Securities Litigation Reform Act of 1995 provides a “safe harbor” for forward−looking statements. This release or any other written or oral statements made by or on behalf of Arch MI, Arch Capital Group Ltd. or its subsidiaries may include forward−looking statements, which reflect our current views with respect to future events and financial performance. All statements other than statements of historical fact included in or incorporated by reference in this release are forward−looking statements.
Forward−looking statements can generally be identified by the use of forward−looking terminology such as “may,” “will,” “expect,” “intend,” “estimate,” “anticipate,” “believe” or “continue” or their negative or variations or similar terminology. Forward−looking statements involve our current assessment of risks and uncertainties. Actual events and results may differ materially from those expressed or implied in these statements. A non-exclusive list of the important factors that could cause actual results to differ materially from those in such forward-looking statements includes the following: adverse general economic and market conditions; increased competition; pricing and policy term trends; fluctuations in the actions of rating agencies and our ability to maintain and improve our ratings; investment performance; the loss of key personnel; the adequacy of our loss reserves, severity and/or frequency of losses, greater than expected loss ratios and adverse development on claim and/or claim expense liabilities; greater frequency or severity of unpredictable natural and man-made catastrophic events; the impact of acts of terrorism and acts of war; changes in regulations and/or tax laws in the United States or elsewhere; our ability to successfully integrate, establish and maintain operating procedures as well as integrate the businesses we have acquired or may acquire into the existing operations; changes in accounting principles or policies; material differences between actual and expected assessments for guaranty funds and mandatory pooling arrangements; availability and cost to us of reinsurance to manage our gross and net exposures; the failure of others to meet their obligations to us; and other factors identified in our filings with the U.S. Securities and Exchange Commission.
The foregoing review of important factors should not be construed as exhaustive and should be read in conjunction with other cautionary statements that are included herein or elsewhere. All subsequent written and oral forward−looking statements attributable to us or persons acting on our behalf are expressly qualified in their entirety by these cautionary statements. We undertake no obligation to publicly update or revise any forward−looking statement, whether as a result of new information, future events or otherwise.