Arch Capital Group has acquired AIG United Guaranty Insurance (Asia) from American International Group on July 1 2017.

Arch plans to immediately change the name of the company to operate as Arch MI Asia. This acquisition adds to the global footprint of Arch’s existing private mortgage insurance businesses, which have operations in the United States, Europe and Australia.

Arch say that Arch MI Asia will focus on expanding origination opportunities for lenders in Hong Kong and throughout Asia, and that Arch’s operational, managerial and risk management experience, together with the local expertise of Arch MI Asia’s management team, will ensure operational consistency for existing customers and reliability as a counterparty to potential customers.

“This acquisition allows us to leverage Arch’s global resources and innovative solutions in yet another market,” says Andrew Rippert, chief executive officer, global mortgage group for Arch. “Our dedicated professionals understand the unique requirements and challenges of the Hong Kong mortgage market and are committed to providing customers with the best possible service.”

Rippert is responsible for Arch’s global mortgage insurance and reinsurance operations. Ming Chung will continue as chief executive officer and country manager for Arch MI Asia.