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.
The proposed deal would see CMG and the ADI sell CMG MI to the U.S. subsidiary of the Arch Capital Group Ltd, a financial firm based in Bermuda. CMG MI is the largest private provider of mortgage insurance for credit unions.
Arch Capital will pay about $300 million for the company.
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