Reinsurance News

Genworth secures $372mn of reinsurance via Triangle Re

3rd September 2021 - Author: Matt Sheehan

Private mortgage insurer Enact Holdings has announced that its subsidiary, Genworth Mortgage Insurance Corporation, has secured $372 million of fully collateralized XOL reinsurance coverage through the issuance of an insurance linked note transaction with Triangle Re 2021-3 Ltd.

genworth-logoTriangle Re 2021-3 provides coverage on a portfolio of existing seasoned mortgage insurance policies written from January 1, 2021 through June 30, 2021.

The reinsurance obligation were funded by issuing four classes of mortgage insurance-linked notes (ILNs), which have a 12.5-year legal final maturity with a 7-year call option.

This transaction marks the sixteenth reinsurance transaction and the fifth ILN issuance for Enact, as well as the sixth credit risk transfer transaction since the COVID-19 pandemic began.

This most recent example also signifies a continuation of the company’s credit risk transfer program, which has generated $3.8 billion of excess of loss reinsurance coverage since the program began in 2015.


Print Friendly, PDF & Email

Recent Reinsurance News

Getting your daily reinsurance news from Reinsurance News is a simple way to receive only the reinsurance industry news that matters, delivered directly to your email inbox.

  • Only email is mandatory, but the more you tell us about yourself the better we can serve you in future!
  • This field is for validation purposes and should be left unchanged.

By submitting the form you are giving your consent to be emailed by us.

Read previous post:
Ida’s insured property hit as much as $25bn, AIR estimates

Wind and storm surge damage inflicted by Hurricane Ida to insured onshore property has been estimated by AIR Worldwide to...