Log In

Reset Password

Eagle Re in $353m reinsurance deal

Bermudian-based Eagle Re has provided coverage to Radian Guaranty Inc (File photograph by Blaire Simmons)

A wholly-owned subsidiary of Radian Group Inc, the Philadelphia-based mortgage insurance company, has obtained $353 million of fully collateralised excess of loss reinsurance coverage from Eagle Re 2023-1 Ltd, a newly-formed Bermuda special purpose insurer, the company said.

The excess of loss reinsurance covers eligible mortgage insurance policies written by Radian Guaranty Inc from April 1 to December 31, 2022.

Eagle Re is not a subsidiary or affiliate of Radian Guaranty.

Radian said Eagle Re has funded its reinsurance obligations by issuing four classes of mortgage insurance-linked notes with a 10-year maturity and five-year call option to eligible third-party capital markets investors in an unregistered private offering.

The ILNs are non-recourse to Radian Group and its subsidiaries and affiliates, the company said.

Royal Gazette has implemented platform upgrades, requiring users to utilize their Royal Gazette Account Login to comment on Disqus for enhanced security. To create an account, click here.

You must be Registered or to post comment or to vote.

Published October 06, 2023 at 3:50 pm (Updated October 06, 2023 at 3:50 pm)

Eagle Re in $353m reinsurance deal

Users agree to adhere to our Online User Conduct for commenting and user who violate the Terms of Service will be banned.