Kirkland & Ellis is advising Chicago-based insurance holding company Old Republic International Corporation on the proposed sale of its mortgage insurance business to Arch Capital Group Ltd. Through this transaction, Arch will acquire all of the capital stock of Old Republic's wholly-owned subsidiary, RMIC Companies, Inc. and its wholly-owned subsidiaries that together comprise Old Republic's run-off mortgage insurance business. The expected value is approximately $140 million. The transaction is subject to regulatory approval and is expected to close in the first half of 2024.
The Kirkland team was led by corporate partners Kimberly Meng Han, Rajab Abbassi and Keith Crow and associates Sandra Ghobraiel, Jermaine Cherry, Aburiyeba Ibiye Amaso, Sonia Merrikh and Sneha Darbha; executive compensation partner Rohit Nafday and associate Devin Kern; employment & labor partners Sydney Jones and Jackson Phinney; employee benefits partner Chris Chase and associate Ethan Kirner; tax partner Polina Liberman and associate Katherine Karnosh; technology & IP transactions partner Jeffrey Seroogy and associate Ben Kovach; insurance transactions & regulatory partner Parimah Hassouri; and antitrust & competition partner Scott Scheele and associate Mackenzie Pike; with support from corporate partner Hayley Hollender.