Which companies are merging, and what professionals are moving? See some highlights in this update of the housing and mortgage industries.
Chicago-headquartered Morningstar Credit Ratings has announced the appointment of Brian Grow as President of the company. In his new role Grow will oversee the day-to-day operations of the company’s business and will be based out of New York. He will report to Haywood Kelly, Head of Global research at Morningstar, the company said in a statement.
“Brian has proven to be an extremely effective leader and has helped take Morningstar Credit Ratings from a single-asset class to a full-service and diverse rating agency,” said Kelly. “His analytical and technical expertise, high-quality standards, and history of strategic decision-making will support Morningstar in its mission to help investors reach their financial goals. I look forward to working closely with Brian to continue building our ratings and research offerings.”
CoreLogic, a global property information, analytics and data-enabled solutions provider, recently announced that Pete Carroll has joined the CoreLogic Government Affairs team as Executive, Public Policy & Industry Relations. Carroll brings housing finance and policy experience to the company and will report to Stuart Pratt, Global Head of Public Policy & Industry Relations. Most recently, Carroll served as EVP of Quicken Loans where he led the development and discussion of Quicken’s positions on a broad spectrum of policy issues. Earlier, he was SVP, Capital Markets, at Wells Fargo and was the Assistant Director, Office of Mortgage Markets, at the Consumer Financial Protection Bureau.
“Pete is an accomplished executive who can elevate CoreLogic insights and exercise influence on policy, strategy and innovation to support the transformation of the housing finance sectors here in Washington,” said Pratt. “Pete and I will work together to continue to strengthen the voice and presence of CoreLogic in key government, agency and client discussions.”
Black Knight, Inc., a provider of software, data, and analytics solutions to the mortgage and consumer loan, real estate, and capital market verticals based in Jacksonville, Florida, announced the pricing of the previously announced underwritten public offering by affiliates of Thomas H. Lee Partners, L.P. of 8,000,000 shares of the Company’s common stock at a public offering price of $46.70 pursuant to a shelf registration statement filed with the Securities and Exchange Commission. The Company has agreed to repurchase from the underwriter 2,000,000 shares of the 8,000,000 shares of common stock being sold by the Selling Shareholder at a per-share purchase price equal to the price payable by the underwriter to the Selling Shareholder. As such, only 6,000,000 shares of the 8,000,000 shares of common stock being sold by the Selling Shareholder will be sold to the public. The Selling Shareholder will receive all of the net proceeds from this offering. No shares are being sold by the Company. The offering is expected to close on February 15, 2018, subject to customary closing conditions.
Arch Capital Group Ltd, the Bermuda-based financial services firm reported a net income of $203.5 million, a 9.9 percent annualized return on average common equity, compared to $62.4 million for the 2016 fourth quarter. The after-tax operating income to Arch common shareholders stood at $187.4 million, a 9.1 percent return on average common equity during the quarter.
The company reported pre-tax catastrophic losses, net of reinsurance and reinstatement premiums, of $0.8 million, reflecting $68.4 million from the California wildfires, $1.5 million from other events and $69.1 million of reductions on the 2017 third quarter hurricane events. Arch’s book value per common share was $60.91 on December 31, 2017, a 2.2 percent increase from $59.61 per share in the prior quarter and a 10.4% increase from $55.19 per share during the same period in the prior year.