JLT Re Global Mortgage Solutions, a division of JLT Re, has announced the successful negotiation of a public-private partnership advisory risk sharing transaction which will see the reinsurer deliver Government Sponsored Enterprise (GSE) risk expertise to a U.S. reinsurer working together with Essent Reinsurance.
The reinsurer said the GSE’s mandate to reduce taxpayer exposure in the mortgage industry through private capital has vamped up demand for mortgage reinsurance.
Joe Hissong, President of Essent Reinsurance, commented on the transaction; “We are extremely excited to add a new firm introduced to us by JLT Re as an advisory client of Essent Agency Ltd., the managing general agency subsidiary of Essent Reinsurance Ltd. that focuses on providing mortgage analytical services to traditional property casualty insurers and reinsurers. We are delighted to assist them in assessing the expanding market of GSE risk sharing transactions in an informed and responsible manner.”
JLT Re Global Mortgage Solutions offers reinsurance structures to a range of mortgage insurers and home builders, its risk sharing initiative was led by long-term mortgage industry expert Steven Rance.
Rance commented; “We are very pleased to bring market-leading expertise to underwrite transactions in the U.S. mortgage space. It’s great to be working with this highly respected Client and Essent in supporting continued privatization of the U.S. mortgage market with our experience and expertise.
“Having been involved in this arena for over twenty years, and having worked with clients through the extremely challenging market cycles, we have gained a great depth of knowledge that will enable us to introduce both new ideas and new capacity in this continually changing environment.”
