24 June 2019ILS

Essent obtains excess of loss reinsurance coverage

Essent Guaranty has obtained $333.8 million of fully collateralised excess of loss reinsurance coverage on mortgage insurance policies written in 2015 and 2016 from Radnor Re 2019-2, a newly formed Bermuda special purpose insurer.

Radnor Re 2019-2, which is not affiliated with Essent Group, has funded its reinsurance obligations through the issuance of three classes of mortgage insurance-linked notes to investors in an unregistered private offering. The three issues, all with 10-year maturities, comprise $125.7 million of notes with an initial interest rate of one-month LIBOR plus 120 basis points; $186.4 million of notes with an initial interest rate of one-month LIBOR plus 175 basis points; and $21.7 million of notes with an initial interest rate of one-month LIBOR plus 270 basis points.

Essent Guaranty is a subsidiary of Bermuda-based re/insurance provider Essent Group.




More on this story

News
24 October 2023   Loan fulfilment centre gives customers access to real time data.
News
25 September 2023   The mortgage re/insurer’s balance sheet is rated as ‘strongest’ by AM Best.
News
10 August 2023   The mortgage insurance ILS transaction is the first of 2023.

More on this story

News
24 October 2023   Loan fulfilment centre gives customers access to real time data.
News
25 September 2023   The mortgage re/insurer’s balance sheet is rated as ‘strongest’ by AM Best.
News
10 August 2023   The mortgage insurance ILS transaction is the first of 2023.