Arch Capital Group, an insurance company, agreed to acquire the mortgage insurance business of Old Republic International, an American property insurance and title insurance company, for $140m. "We are pleased to announce this definitive exit from the mortgage insurance business. Since placing this business in run-off in 2011, we have been able to preserve significant value for shareholders and we are grateful for the many years of hard work and dedication of our RMIC associates. In the last five years our run-off reserves have developed favorably, enabling us to receive over $398m of dividends from these subsidiaries, inclusive of the $25m expected in the 4th quarter," Craig R. Smiddy, Old Republic President & CEO.