Completion of second issuance through Essent’s Radnor Re mortgage ILS platform
Mortgage insurer Essent Guaranty has closed a $439.4 million reinsurance deal with Radnor Re 2020-1.
The newly-formed Bermuda special purpose insurer will provide fully collateralized excess of loss reinsurance coverage on Essent mortgage insurance policies written between April and September 2021
Radnor Re 2020-1 is funding the reinsurance through four classes of mortgage insurance-linked notes, with 10-year legal maturities, to eligible third party capital markets investors in an unregistered private offering.
Essent Guaranty is a wholly-owned subsidiary of Bermuda-domiciled holding company Essent Group, which offers mortgage insurance, reinsurance and risk management products to mortgage lenders and investors.
Radnor Re was the first mortgage insurance note vehicle of 2020 Essent Guaranty sponsored and is its seventh mortgage insurance-linked securities (ILS) transaction.
