Approximately 55% of the new insurance written by Arch MI U.S. in the third quarter came from credit unions, according to the results release from its Bermuda-based parent company.
Arch MI U.S. is the renamed CMG Mortgage Insurance, and had been a joint venture between the bankrupt PMI Group and CUNA Mutual, which specialized in providing MI to credit unions. After Arch
There was $2 billion of new insurance written during the quarter, Arch said. In the second quarter of this year, Arch was sixth of the seven private MIs as ranked by NIW, with $941 million written.
In addition, almost three-quarters of the $32 million of net private mortgage insurance premiums written came from credit unions.
Single-premium lender-paid MI policies accounted for the nearly $8 million in premiums written on business from other lenders during the quarter, Arch said.
Arch Capital Group's mortgage segment, which also includes its mortgage reinsurance business, had a total of $58 million of net premiums written in the period (including the $32 million from Arch MI U.S.), up from $25 billion one year prior. Nearly $9 million of the total came from a 100% quota share indemnity reinsurance agreement with PMI for business the latter company wrote between 2009 and 2011.
Arch U.S. MI had almost $6 billion of risk-in-force at the end of the third quarter.