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Arch Capital Group last Friday acquired CMG Mortgage Insurance Co. from PMI Mortgage Insurance Co., a move that Moody’s Investors Service sees as positive for Arch but credit-negative for existing players in the mortgage-insurance market that may have to contend with well-capitalized new entrants going forward.

CMG, says Moody’s is a legacy mortgage-insurance company that has been in rehabilitation under the receivership of the Arizona Department of Insurance since 2011. The ratings agency says the acquisition is “credit-positive for Arch because mortgage insurance will diversify its business, and current market conditions are attractive for well-capitalized mortgage insurers not encumbered by legacy exposures.”

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