Arch Mortgage Insurance changes its moniker from CMG Mortgage Insurance.
One of the three biggest national ratings agencies has moved its outlook on CUNA Mutual Group's Mortgage Insurance pending sale to a subsidiary of Arch Capital from negative to positive.
CUNA Mutual Group and the Arizona Department of Insurance announced a deal last week that, should it pass regulatory muster, will both resolve questions about CMG Mortgage Insurance’s financial foundations and lead to the rise of a newer and stronger CMG MI, CMG said.
Sale of jointly owned mortgage insurer will take a while to finalize because of bankruptcy complications of partner firm.
Bermuda-based insurer will operate firm through distribution and reinsurance agreement pending Arizona regulator, other approvals.