Bermuda-based Arch Capital Group Ltd has completed the previously disclosed acquisition of Australia’s Westpac Lenders Mortgage Insurance Limited.

WLMI is an Australian Prudential Regulation Authority authorised captive lenders mortgage insurance provider to the Westpac Group.

With the transaction complete, Arch said it will proceed with combining the operations of WLMI with its existing Australian LMI company, Arch LMI Pty Ltd.

As part of the acquisition, the company said WLMI will retain its existing risk in force and the newly combined entity under Arch will become Westpac’s exclusive provider of LMI on new mortgage originations for a period of 10 years.

Arch said WLMI has been a provider of LMI in the Australian market since 2011 and this acquisition augments Arch MI’s position as the only globally diversified insurer of mortgage credit risk.

In addition to Australia, Arch has mortgage insurance and reinsurance operations in Bermuda, Europe and the United States.

David Gansberg, CEO, Global Mortgage for Arch Capital Group Ltd, said: “I want to thank both the Westpac and Arch teams for helping complete this transaction.

“We look forward to continuing our partnership with Westpac and leveraging this acquisition to further establish Arch LMI as a market leader that provides innovative solutions and excellent service to clients across Australia.”

Arch Capital Group Ltd, a publicly listed Bermuda exempted company with approximately $16.7 billion in capital at June 30, provides insurance, reinsurance and mortgage insurance on a worldwide basis through its wholly owned subsidiaries.