Reinsurance News
mortgage reinsurance
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
Arch secures $700m of mortgage reinsurance from capital markets
25th July 2019
Arch Capital Group’s US mortgage insurance subsidiary, Arch Mortgage Insurance Company, has secured $700 million of indemnity mortgage reinsurance protection. This transaction, which covers a pool representing $49.6 billion of mortgages from special purpose reinsurer Bellemeade Re 2019-3 Ltd., is Arch’s third of 2019 and the largest of its kind by ... Read the full article
AM Best reviews GSE mortgage transfers, gauges capital impact on reinsurers
25th July 2019
Rating agency AM Best has reviewed the mortgage risk transfer programs employed by government-sponsored enterprises (GSE), and outlined new criteria to gauge how such transactions affect the net required capital of participating reinsurers. GSEs such as Freddie Mac, Fannie Mae, and the Federal Housing Finance Agency (FHFA) have been transferring mortgage ... Read the full article
Fannie Mae executes two front-end credit risk transfer deals
11th July 2019
U.S. government-sponsored enterprise (GSE), Fannie Mae, has successfully completed two new front-end credit risk transfer deals. Combined, the deals protect up to $14 billion of loans to be acquired by Fannie Mae between May 2019 through April 2020, and transfer up to $455 million of credit risk on the loans. The ... Read the full article
Mortgage reinsurance growth is a gradual, educational process: Capsicum Re’s Rance, Scarratt
8th July 2019
The mortgage reinsurance market appears to be set on a growth path, and as companies increasingly look to leverage the vast amounts of available data, education remains an essential part of the landscape, according to Capsicum Re’s Steven Rance and Freddie Scarratt. Prior to the financial crisis the U.S. mortgage insurance ... Read the full article
Essent obtains further $334mn of mortgage reinsurance from capital markets
24th June 2019
Bermuda domiciled mortgage insurer Essent Group Ltd. has announced that its subsidiary, Essent Guaranty, Inc., has secured a further $333.8 million of fully collateralised excess of loss reinsurance coverage from the capital markets. The coverage was obtained through Radnor Re 2019-2 Ltd, a newly formed Bermuda special purpose insurer, and relates ... 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
Arch returns to the capital markets for additional mortgage reinsurance
1st May 2019
Arch Capital Group Ltd.'s U.S. mortgage insurance subsidiary, Arch Mortgage Insurance Company (Arch MI), has tapped the capital markets for $621 million of indemnity mortgage reinsurance protection. The reinsurance protection is for a pool that represents $35.58 billion of mortgages from Bellemeade Re 2019-2 Ltd., a special purpose reinsurer. The deal is structured ... Read the full article
Capsicum Re adds Stephen Mathews to Mortgage Indemnity Reinsurance team
17th April 2019
Specialist reinsurance broker Capsicum Re has announced the appointment of Stephen Mathews to its Mortgage Indemnity Reinsurance division. Based in Capsicum Re’s New York office, Mathews will now head up the division’s global analytics capability. He joins the company from Guy Carpenter, where he most recently served as Managing Director, having been ... Read the full article
Fannie Mae secures re/insurance for another $11bn of multifamily mortgage risk
28th March 2019
The Federal National Mortgage Association (Fannie Mae) has completed another multi-tranche Credit Insurance Risk Transfer (CIRT) transaction, which provides re/insurance cover for a pool of $11.7 billion of multifamily loans. The new transaction, called MCIRT 2019-01, is the fifth CIRT transaction as part of Fannie Mae’s ongoing effort to increase the ... Read the full article
Essent secures $473mn mortgage reinsurance from capital markets
4th March 2019
Essent Group Ltd. has announced that its subsidiary, Essent Guaranty, Inc., has secured $473.2 million of fully collateralised excess of loss reinsurance coverage from the capital markets. The coverage was obtained through Radnor Re 2019-1 Ltd, a newly formed Bermuda special purpose insurer, and relates to mortgage insurance policies written by ... Read the full article
Freddie Mac transfers further $618mn of risk to re/insurers
11th January 2019
The Federal Home Loan Mortgage Corporation (Freddie Mac) has obtained two new re/insurance policies under its Agency Credit Insurance Structure (ACIS) program, providing coverage for approximately $618 million of credit risk. The coverage underlies a $66 billion reference pool of mortgages, bringing ACIS credit risk transfer for 2018 to approximately $3 ... Read the full article
Freddie Mac closes first multifamily credit deal using new re/insurance pool
4th January 2019
The Federal Home Loan Mortgage Corporation (Freddie Mac) has closed the first deal under its newly-created Multifamily Credit Insurance Pool (MCIP), which provides reinsurance coverage for $915 million of multifamily mortgage loans. The U.S government-sponsored mortgage giant aims to use its new MCIP offering to transfer a percentage of the credit ... Read the full article
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