Reinsurance News
mortgage reinsurance
Enact gets $170m of additional XOL reinsurance for 2027 book year
31st October 2025
Enact Mortgage Insurance Corporation, the flagship legal entity of private mortgage insurance firm, Enact Holdings, Inc., has secured roughly $170 million of additional excess of loss (XOL) reinsurance as part of its diversified credit risk transfer (CRT) programme. The announcement explains that this forward XOL reinsurance arrangement covers a portion of ... Read the full article
Saudi Re and Damanat partner to improve mortgage financing with re/insurance solutions
18th February 2025
Saudi Re and Saudi Housing Guarantee Services Company (Damanat) have partnered to develop insurance and reinsurance solutions for the mortgage financing sector. They formalised their partnership through a Memorandum of Understanding (MoU). This strategic alliance aims to create innovative risk management solutions that will not only bolster the growth and stability of ... Read the full article
Ken Bjurstrom joins Euclid Mortgage as Chief Risk Officer
27th September 2024
Euclid Mortgage, an independent managing general underwriter specialising in mortgage (re)insurance, has appointed Ken Bjurstrom as Chief Risk Officer, bringing over 35 years of expertise in mortgage risk analytics and advisory services to his new role. Previously, Bjurstrom was the Principal and founder of Milliman's Mortgage Credit Risk Practice, established more than ... Read the full article
Latour to lead Skyward Specialty’s new mortgage re/insurance unit
13th August 2024
Property and casualty insurer Skyward Specialty Insurance Group Inc. has entered the mortgage re/insurance market and announced that Jean-Philippe “JP” Latour will lead the new unit. In support of this new venture, Latour joined the firm in May 2024 as senior vice president. He began his insurance career with Arch in 2013, ... 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
Mortgage ILS issuance on the rise as incumbents turn to capital markets for reinsurance
20th October 2023
The issuance of mortgage insurance-linked securities (ILS) transactions appears to be gaining traction after a muted 18 months, as major US mortgage insurers turn to the capital markets for reinsurance protection. Data from Artemis, our ILS-focused sister site, reveals that mortgage ILS issuance hit an annual high of roughly $6.3 ... Read the full article
Core Specialty enters mortgage reinsurance market
29th August 2023
Core Specialty Insurance Holdings, Inc., and its subsidiaries have entered the mortgage reinsurance market in collaboration with Enact Holdings, Inc. According to the announcement, Core Specialty will provide excess of loss reinsurance on selected Freddie Mac and Fannie Mae mortgages. As part of this initiative, Core Specialty has also entered into an ... Read the full article
US mortgage reinsurance demand sets new record in 2022: Aon
11th July 2023
US mortgage reinsurance demand set a new record in 2022 with the government-sponsored enterprises (GSEs) Fannie Mae & Freddie Mac, as well as the six US mortgage insurers (US MIs) purchasing more than $18 billion of total reinsurance limit. In Aon’s mid-year Reinsurance Market Dynamics report, analysts highlighted that in 2023, ... Read the full article
Enact Mortgage completes $180m XOL reinsurance deal
9th March 2023
Private mortgage insurance provider Enact Holdings has announced that its flagship legal entity, Enact Mortgage Insurance Corporation, has secured $180 million of additional excess of loss (XOL) reinsurance coverage. This credit risk transfer (CRT) transaction covers a portion of current and expected new insurance written for the 2023 book year and ... Read the full article
US mortgage insurers hampered by inflation & slowing home prices: Fitch
28th December 2022
Fitch Ratings suggests its outlook for the US mortgage insurance sector is deteriorating due to expectations for a slowing economy in 2023, with an increase in unemployment and potential pricing corrections in the housing market. In its sector outlook, Fitch also considers the forecast of a mild recession, which is expected ... 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
Essent closes $237.9m capital markets mortgage deal
22nd September 2022
Essent Group subsidiary Essent Guaranty has obtained $237.9 million of fully collateralized excess of loss mortgage reinsurance coverage from the capital markets. The reinsurance applies to policies written in October 2021 through July 2022 from Radnor Re 2022-1 Ltd., a newly formed Bermuda special purpose insurer. Radnor Re 2022-1 has ... Read the full article
NMI strikes $154mn excess-of-loss reinsurance deal
31st August 2022
NMI Holdings, Inc. has announced that National Mortgage Insurance Corporation, its wholly-owned insurance subsidiary, has entered into a new excess-of-loss (XOL) reinsurance agreement with a wide panel of highly rated reinsurers. Subject to customary conditions, the XOL agreement has a treaty inception date of July 1, 2022 and provides aggregate loss ... Read the full article
US mortgage results back at pre-pandemic levels: Fitch
18th August 2022
New analysis from Fitch Ratings shows that US mortgage insurance underwriting results in 1H22 were particularly strong as current-year loss activity is in line with pre-pandemic periods. However, the rating agency added that results were more than offset by highly favourable reserve development, leading to a calendar-year loss ratio of negative ... Read the full article
Fannie Mae secures reinsurance for another $23.1bn of mortgage risk
20th April 2022
The Federal National Mortgage Association (Fannie Mae) has executed its fourth Credit Insurance Risk Transfer (CIRT) transaction of 2022, transferring another $844.8 million of mortgage credit risk to private insurers and reinsurers. The covered loan pool for CIRT 2022-4 consists of 76,600 single-family mortgage loans with an outstanding unpaid principal balance of ... Read the full article
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