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Westpac LMI rated

Westpac Lenders Mortgage Insurance Ltd received insurer financial strength ratings by both Fitch (AA/Stable) and S&P (AA-/Stable) last week. The ratings reflect the strategic importance of WLMI to Westpac.WLMI has operated as the bank's captive LMI since it was established in 1996, and now operates as a sister company to St. George Insurance Australia Pty. Ltd. (SGIA), but under the same management and division.At the same time, Fitch upgraded SGIA's IFS rating to 'AA' from 'AA-', with a stable outlook. Despite being wholly-owned subsidiaries, SGIA and WLMI maintain underwriting independence and are not obliged to underwrite all business referred. 

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