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WA this week 10 years ago - BankWest limits risk

BANKWEST entered into a joint venture with MGICA Ltd to launch a captive mortgage insurance arm, this week 10 years ago. MGICA was to manage the new company known as Western Lenders Mortgage Insurance Company Ltd and had a 51 per cent share. BankWest’s move came at a time of rising underwriting losses and worsening default levels on the industry.

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