On the last day of 2016, American International Group successfully sold United Guaranty Corporation to Arch Capital Group Limited. The intended sale was announced in August, according to Business Wire.
“We are pleased to complete the sale of UGC,” said Peter D. Hancock, president and CEO of AIG. “With this transaction, AIG has taken another step in simplifying our organization to become a leaner, more focused insurance company committed to our vision of being our clients’ most valued insurer. We believe UGC and the outstanding professionals who work there have gained a strong partner in Arch to continue to grow and facilitate home ownership for consumers and provide valuable and necessary protection to mortgage lenders.”
AIG is a global leader in life and mortgage insurance and other products. UGC is the top primary mortgage insurance company in the nation, with $184.6 billion in insurance force as of Sept. 30 last year, active relationships to almost 1,700 customers and around 1,000 employees.
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