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18 November 2021Insurance

Essent Group unveils $439m ILS deal

Bermuda-based mortgage insurance provider  Essent's wholly-owned subsidiary  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 collateralised 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.

Radnor Re was the first mortgage insurance note vehicle of 2020 Essent Guaranty sponsored and is its seventh mortgage insurance-linked securities (ILS) transaction.

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More on this story

Alternative Risk Transfer
9 October 2020   A new special purpose insurer Radnor Re 2020-2 has been registered for the purpose of the issuance.
Insurance
3 February 2020   This is the fourth time Essent has obtained mortgage reinsurance from the capital markets.