The investor Wilbur Ross is gearing up to make a run at the mortgage insurer United Guaranty Inc., a unit of American International Group Inc., according to mortgage insurance and investment banking sources.

One investment banker described Ross—a principal in WL Ross & Co. of New York and one of the most active bidders on distressed mortgage assets—as the leading bidder for United Guaranty, the nation's fifth-largest mortgage insurer by policies-in-force.

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