Reinsurance News
mortgage insurance
Liberty Mutual and SafeButler partner to offer instant renters insurance
11th September 2020
Liberty Mutual has partnered with insurance comparison site SafeButler to provide instant access to comprehensive renters insurance plans. Liberty Mutual's API has been integrated into SafeButler's website and will instantly return a guaranteed renters insurance quote that will remain valid for 30 days. The coverage and cost to the consumer are no ... Read the full article
Freddie Mac increases CRT bond issuance to $1.1bn
26th August 2020
The Federal Home Loan Mortgage Corporation (Freddie Mac) has decided to increases the planned size of its latest Structured Agency Credit Risk (STACR) offering due to investor demand. Freddie Mac has upsized the STACR 2020-DNA4 offering to nearly $1.1 billion, making it the third STACR offering to be increased since March. STACR, ... Read the full article
Freddie Mac announces closure of $2.6bn MCIP reinsurance transaction
24th August 2020
US loan mortgage corporation, Freddie Mac, has announced the closure of its third Multifamily Credit Insurance Pool offering. The transaction reinsures risk on a $2.6 billion reference pool made up of 136 multifamily loans. Partnering with insurance and reinsurance broker Aon, Freddie Mac retains the first 1% of losses, and has purchased ... Read the full article
Pandemic to drive significant mortgage reinsurance losses: AM Best
4th June 2020
Analysts at AM Best believe that the COVID-19 pandemic will drive “significant” losses for US mortgage reinsurance business, even as the eventual impact still remains unclear. The rating agency predicts that delinquencies will increase dramatically in the second quarter of 2020 due to forbearance and job losses. While forbearance, loan modifications, and ... Read the full article
Fannie Mae transfers up to $1.3bn of mortgage risk to the re/insurance market
28th May 2020
The Federal National Mortgage Association (Fannie Mae) has transferred up to $1.3 billion of mortgage credit risk to the private market through the combination of two recently executed front-end Credit Insurance Risk Transfer (CIRT) transactions. CIRT FE 2020-1 and CIRT FE 2020-2 together cover up to $39.6 billion in unpaid principal ... Read the full article
A.M. Best turns negative on US private mortgage insurance market
9th April 2020
Ratings agency A.M. Best has revised its outlook on the U.S. private mortgage insurance market to negative from stable, as a result of the widespread uncertainty being caused by the ongoing COVID-19 coronavirus pandemic. According to A.M. Best, the viability of the primary and secondary markets for mortgages in the U.S. ... Read the full article
Consecutive disaster years cause mortgage delinquency spike: CoreLogic
31st January 2020
Analysts at property information and analytics provider CoreLogic believe that 2019 could bring an increase in mortgage delinquency rates in areas hit by consecutive years of destructive natural disasters. The firm noted that after 2017 Hurricanes Harvey, Irma and Maria, serious delinquency rates on home mortgages tripled in the Houston, Texas, ... Read the full article
Fannie Mae secures reinsurance for another $18.5bn of mortgage risk
17th December 2019
The Federal National Mortgage Association (Fannie Mae) has completed its eighth and final Credit Insurance Risk Transfer (CIRT) deal of 2019, securing re/insurance on $18.5 billion of single-family loans. The transaction, which relates to 15-year and 20-year original term fixed rate loans, forms part of Fannie Mae’s ongoing effort to reduce ... Read the full article
Moody’s increasingly positive on mortgage insurers as reinsurance use grows
2nd December 2019
With mortgage insurers in the U.S. increasingly leveraging the capital markets to secure reinsurance protection, alongside traditional forms of coverage, Moody's Investors Service (Moody's) has taken some positive rating actions and a somewhat more positive outlook on market players. Overall, notes Moody's, the U.S. mortgage insurance sector has reported broad-based improvements ... Read the full article
Genworth secures $300mn mortgage reinsurance from capital markets
25th November 2019
Genworth Mortgage Insurance (MI), part of Genworth Financial, Inc., has obtained £302.8 million of fully collateralised excess of loss reinsurance coverage from the capital markets. Genworth Mortgage Insurance Corporation, a wholly owned subsidiary of Genworth MI, secured the coverage from Triangle Re 2019-1 Ltd. Triangle Re is a special purpose insurer domiciled ... Read the full article
Moody’s revises US mortgage insurance sector outlook to stable
15th November 2019
Financial services ratings agency Moody's has revised its outlook for the U.S. mortgage insurance sector to stable from positive, in light of moderated macroeconomic conditions through an extended economic cycle. Moderating macroeconomic conditions are expected as a result of slowing economic growth and forecasts for higher unemployment in the U.S., says ... Read the full article
Fannie Mae completes further $10bn mortgage reinsurance deal
3rd October 2019
The Federal National Mortgage Association (Fannie Mae) has completed a multi-tranche Multifamily Credit Insurance Risk Transfer (MCIRT) transaction covering a pool of $10.7 billion of multifamily loans. MCIRT 2019-02 is the sixth multifamily CIRT transaction as part of Fannie Mae’s ongoing effort to increase the role of private capital in the ... Read the full article
Fannie Mae secures $14.8bn of mortgage reinsurance with further CIRT deal
2nd October 2019
The Federal National Mortgage Association (Fannie Mae) has completed its sixth Credit Insurance Risk Transfer (CIRT) transaction of 2019, securing $14.8 billion of reinsurance on 30-year single-family loans. The deal forms part of Fannie Mae’s ongoing effort to reduce taxpayer risk by increasing the role of private capital in the mortgage ... Read the full article
Reinsurance use supports Essent Group’s strong Q2 performance
2nd August 2019
Essent Group Ltd. has reported net income of $136.4 million for the second-quarter of 2019 compared with $111.8 million in the prior year quarter, assisted by growth in net premiums earned and an improved expense ratio, partly offset by an increase in losses and loss adjustment expenses (LAE) in the ... Read the full article
Fannie Mae transfers $1.7bn of single-family mortgage risk to re/insurers
31st July 2019
US Government-sponsored enterprise, The Federal National Mortgage Association (Fannie Mae), has undertaken a new Credit Insurance Risk Transfer (CIRT) deal, securing $1.7 billion of re/insurance for a pool of primarily single-family affordable loans. This CIRT LR FE 2019-1 transaction provides front-end coverage of loans to be delivered to Fannie Mae over ... Read the full article
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