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Arch Mortgage Insurance and Reinsurance Group Announces Credit Risk Insurance Transaction with Freddie Mac
12:14 PM ET | BusinessWire
Arch Mortgage Insurance and Reinsurance Group, a division of Arch Capital Group Ltd., announced today that it recently issued an insurance policy to The Federal Home Loan Mortgage Corporation (Freddie Mac) to cover up to $77.4 million of credit losses for a portion of the credit risk associated with a pool of Single-Family loans acquired by Freddie Mac in the 2012 third quarter. This transaction demonstrates Arch's strong support for Freddie Mac's strategy to share credit risk with the private market. As previously announced, Arch U.S. MI, a member of the Arch Mortgage Insurance and Reinsurance Group, plans to enter the U.S. mortgage insurance market through its acquisition of CMG Mortgage Insurance Company and certain assets of PMI Mortgage Insurance Company. As part of that process, Arch U.S. MI is continuing its discussions with Freddie Mac and The Federal National Mortgage Association (Fannie Mae) in order to obtain their approval of Arch U.S. MI as an eligible mortgage insurance carrier. If these and other required approvals are obtained, it is expected that the transaction will close near the end of 2013 or during early 2014. Arch Mortgage Insurance and Reinsurance Group is a division of Arch Capital Group Ltd., a Bermuda-based company that provides insurance and reinsurance on a worldwide basis through its wholly owned subsidiaries. Cautionary Note Regarding Forward-Looking Statements The Private Securities Litigation Reform Act of 1995 provides a "safe harbor" for forwarda^'looking statements. This release or any other written or oral statements made by or on behalf of Arch Capital Group Ltd. and its subsidiaries may include forwarda^'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 forwarda^'looking statements. Forwarda^'looking statements can generally be identified by the use of forwarda^'looking terminology such as "may," "will," "expect," "intend," "estimate," "anticipate," "believe" or "continue" or their negative or variations or similar terminology. Forwarda^'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 forwarda^'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 forwarda^'looking statement, whether as a result of new information, future events or otherwise. http://cts.businesswire.com/ct/CT?id=bwnews&sty=20131112006605r1&sid=cmtx6&distro=nx SOURCE: Arch Capital Group Ltd. Arch Capital Group Ltd. Marc Grandisson, 441-278-9250
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