Essent Group Ltd, the mortgage re/insurer based in Bermuda, has announced that its wholly owned subsidiary, Essent Guaranty Inc, has obtained $281.5 million of fully collateralised excess of loss reinsurance coverage on mortgage insurance policies written in August 2022 through June 2023 from Radnor Re 2023-1 Ltd, a newly formed Bermuda special purpose insurer.

Radnor Re was not a subsidiary or an affiliate of Essent Group Ltd, the company said.

Essent said the SPI had funded its reinsurance obligations through the issuance of four classes of mortgage insurance-linked notes, with ten-year legal maturities, to eligible third party capital markets investors in an unregistered private offering.

Radnor Re 2023-1 Ltd was among four insurers registered by the Bermuda Monetary Authority in July.