Reinsurance News
credit risk transfer
Freddie Mac’s Single-Family CRT Program completes its 100th transaction
20th August 2024
Freddie Mac’s Single-Family Credit Risk Transfer (CRT) Program has successfully closed its 100th Agency Credit Insurance Structure (ACIS) transaction. This ACIS 2024-SPH2 transaction executed in Q3 transfers risk on an initial reference pool of fully amortising, 20-30 year fixed-rate first lien mortgages with original LTVs greater than 80% and less than ... Read the full article
Fannie Mae closes fifth 2024 credit insurance transfer on $8.2bn single-family loans
8th July 2024
Fannie Mae, a government-sponsored enterprise and provider of mortgage financing in the United States, has completed a new Credit Insurance Risk Transfer transaction, known as CIRT 2024-L3. This initiative transferred $337.2 million in mortgage credit risk to private insurers and reinsurers. "We appreciate the support of the 27 insurers and reinsurers that ... Read the full article
Fannie Mae transfers $284.8mn of mortgage credit risk to re/insurers
12th June 2024
The Federal National Mortgage Association (Fannie Mae) has executed its fourth Credit Insurance Risk Transfer (CIRT) transaction of 2024, transferring $284.8 million of mortgage credit risk to private insurers and reinsurers. 25 insurers and reinsurers have committed to write coverage on this deal, according to the announcement. The CIRT 2024-H2 transaction ... Read the full article
Fannie Mae executes its final CIRT transaction of 2023
21st November 2023
The Federal National Mortgage Association, (Fannie Mae) has executed its ninth and final Credit Insurance Risk Transfer (CIRT) transaction of 2023, transferring $270.7 million of mortgage credit risk to private insurers and reinsurers. Year to date, the firm has acquired approximately $3.66 billion of insurance coverage on $121 billion of single-family ... Read the full article
22 re/insurers support Fannie Mae’s first CIRT deal of 2023
1st March 2023
22 different re/insurers have supported Fannie Mae’s first Credit Insurance Risk Transfer (CIRT) deal of 2023, on $11.8 billion of single-family (SF) loans As part of Fannie Mae's ongoing effort to reduce taxpayer risk by increasing the role of private capital in the mortgage market, CIRT 2023-1 transferred $407.5 million of mortgage credit ... Read the full article
Freddie Mac’s CRT programs acquire credit protection of over $800m
27th January 2023
Freddie Mac has announced that its Single-Family and Multifamily Credit Risk Transfer (CRT) programs acquired credit protection of approximately $833m on more than $50 billion unpaid principal balance (UPB) of mortgage loans. The deal was brokered by Aon plc, a leading global professional services firm, and sub-brokered by certified minority-business enterprise ... Read the full article
Fannie Mae executes its eleventh and final CIRT transaction of 2022
23rd November 2022
Fannie Mae has executed its eleventh and final Credit Insurance Risk Transfer transaction of 2022, as part of its ongoing effort to reduce taxpayer risk by increasing the role of private capital in the mortgage market. CIRT 2022-11 transferred $343 million of mortgage credit risk to private insurers and reinsurers. Rob Schaefer, ... Read the full article
Freddie Mac’s CRT program reaches 175 re/insurers and investors
18th November 2022
The addition of eleven new re/insurers and investors added in the third quarter have brought the number of unique participants in the Freddie Mac Single-Family Credit Risk Transfer (CRT) program this year to more than 175. Single-Family CRT programs transfer credit risk away from U.S. taxpayers to global private capital via ... Read the full article
Fannie Mae executes tenth CIRT transaction this year
24th October 2022
Fannie Mae has executed its tenth Credit Insurance Risk Transfer (CIRT) transaction of 2022, as part of its ongoing effort to reduce taxpayer risk by increasing the role of private capital in the mortgage market. CIRT 2022-10 transferred $265 million of mortgage credit risk to private insurers and reinsurers. Rob Schaefer, Fannie Mae ... Read the full article
Fannie Mae transfers $700m of mortgage credit risk to re/insurers
27th September 2022
Fannie Mae has announced the transfer of $700m of mortgage credit risk to private re/insurers through its Credit Insurance Risk Transfer (CIRT) 2022-9 program, as part of its ongoing effort to reduce taxpayer risk by increasing the role of private capital in the mortgage market. Rob Schaefer, Fannie Mae Vice President ... Read the full article
Enact Mortgage secures $201mn credit risk transfer
20th September 2022
Enact Holdings has announced that its flagship entity, Enact Mortgage Insurance Corporation has secured $201 million of additional excess of loss (XOL) reinsurance coverage. This credit risk transfer (CRT) transaction covers a portfolio of existing mortgage insurance policies written from January 1, 2022 through June 30, 2022, and is effective from ... Read the full article
Freddie Mac adds 17 new re/insurers and investors in record H1
31st August 2022
Freddie Mac’s single-family business has announced that its Credit Risk Transfer (CRT) program reported Q2 22 CRT issuance of approximately $6.5 billion, protecting approximately $151 billion in unpaid principal balance (UPB) of single-family mortgages. The total was a company record performance for a second quarter. At the same time, record first half ... Read the full article
Enact Mortgage secures $325mn credit risk transfer
31st March 2022
Enact Holdings has announced that its flagship legal entity, Enact Mortgage Insurance Corporation, has secured approximately $325 million of additional excess of loss (XOL) reinsurance coverage. This credit risk transfer (CRT) transaction covers a portfolio of existing mortgage insurance policies written from July 1, 2021 through December 31, 2021, and is ... Read the full article
Fannie Mae completes $1.2bn Credit Risk Transfer
3rd December 2021
U.S. government-sponsored enterprise Fannie Mae has completed its final Credit Risk Transfer (CRT) of 2021, covering $30.7 billion in unpaid principal balance (UPB) of generally 30-year original term, fixed-rate loans acquired from April through June 2021. The deal transferred nearly $1.2 billion of mortgage credit risk to private insurers and reinsurers. Since ... Read the full article
Arch promotes Fearon to EVP, Credit Risk Transfer and Services, Global Mortgage Group
20th June 2019
Seamus Fearon, previously Chief Actuary of Arch Capital Group Ltd.'s Global Mortgage Group, has been promoted to Executive Vice President (EVP), Credit Risk Transfer and Services, Global Mortgage Group. This newly created role has been established to build on the firm's growing participation in credit risk transfer programs, while at the ... Read the full article
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