The Arizona receivership court has approved Arch Capital Group Ltd.’s proposed acquisition of CMG Mortgage Insurance Co. from current owners PMI Mortgage Insurance Co. and CUNA Mutual, bringing the deal one step closer to completion.
Arch Capital disclosed this ruling in an 8-K filing obtained via DisclosureNet.com
The court also approved Arch U.S. MI purchase of PMI’s operating platform and other related assets.
PMI has been operating under a receivership order from the Arizona Department of Insurance since October 2011. It entered in to run-off status in August of that year.
For the deal to be completed Arch U.S. MI must be approved by Fannie Mae and Freddie Mac as an eligible underwriter of mortgage insurance policies. The appropriate regulators also must approve the deal. The transaction should close during the latter part of this year.
Fannie Mae and Freddie Mac did not file an objection prior to the receivership court’s June 19 hearing.