Westpac Group Completes Sale of Lenders Mortgage Insurance Business

Westpac, an Australian bank and financial services provider, today announced that it has completed the sale of Westpac Lenders Mortgage Insurance Limited (WLMI) to Arch Capital Group Limited Ltd (Arch), a global leader in providing specialty insurance, reinsurance and mortgage insurance solutions.

The transaction was firstly announced back to 18 March 2021. The sale was at book value, expected to be approximately $350 million and added 7bps to Westpac’s common equity Tier 1 capital ratio.

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“Arch is a global insurance group with deep local market expertise. This transaction further simplifies Westpac Group’s business portfolio and enables us to help more customers into home ownership, with LMI to be seamlessly integrated into our digital customer journey with a partner that has a longstanding relationship with Westpac,” commented Jason Yetton, Chief Executive, Specialist Businesses & Group Strategy.

As Fazzaco reported earlier, Westpac has completed the sale of its Vendor Finance business​ to Angle Finance, a portfolio company of Cerberus Capital Management, L.P.