Essent Group subsidiary Essent Guaranty has obtained $557.9 million of fully collateralised excess of loss reinsurance coverage.
The coverage is on mortgage insurance policies written in August 2020 through March 2021 from Radnor Re 2021-1 Ltd., a newly formed Bermuda special purpose insurer.
Radnor Re 2021-1 Ltd. has funded its reinsurance obligations through the issuance of five classes of mortgage insurance-linked notes, with 12.5-year legal maturities, to eligible third party capital markets investors in an unregistered private offering.
