Essent closes reinsurance transaction
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.
Need to
Know
2. Please respect the use of this community forum and its users.
3. Any poster that insults, threatens or verbally abuses another member, uses defamatory language, or deliberately disrupts discussions will be banned.
4. Users who violate the Terms of Service or any commenting rules will be banned.
5. Please stay on topic. "Trolling" to incite emotional responses and disrupt conversations will be deleted.
6. To understand further what is and isn't allowed and the actions we may take, please read our Terms of Service
