United Guaranty is a private mortgage insurer, offering mortgage guaranty insurance to lenders for first-lien residential mortgages, as well as other contract services to assist mortgage lenders. (Mortgage insurance allows borrowers to purchase a house with a minimal down payment by providing protection to lenders.) The firm distributes its products through a broad range of lenders, including national and regional lenders, credit unions and community banks, and state housing finance agencies. United Guaranty operates primarily in the US, but is active in Asia, Europe, and South America. In early 2017, former parent AIG sold United Guaranty to Arch Capital for $3.4 billion.