Reinsurance News
mortgage reinsurance
Arch offers mortgage credit assessment services to Munich Re
25th April 2018
Arch Credit Risk Services, a unit of Arch Capital Group, has agreed to provide Munich Re with mortgage credit assessment and underwriting advisory services on a multi-year basis. The services provided by Arch will relate to Munich Re’s involvement in Credit Risk Transfer programs offered by U.S state-sponsored loan companies The ... Read the full article
Arch obtains $375mn of mortgage reinsurance from capital markets
20th April 2018
Arch Mortgage Insurance Company (Arch MI), a subsidiary of Bermudian insurance and reinsurance group Arch Capital, has secured $374.46 million of indemnity reinsurance from the capital markets through Bellemeade Re 2018-1 Ltd., a special purpose insurer (SPI). The reinsurance protection provides Arch MI with fully collateralised coverage for a portfolio of mortgage ... Read the full article
Head of U.S. mortgage insurers raises concerns over IMAGIN pilot
27th March 2018
The launch of the mortgage credit risk transfer program Integrated Mortgage Insurance, IMAGIN, has provoked a backlash statement from U.S. Mortgage Insurers (USMI) President and Executive Director, Lindsey Johnson, who voiced concerns over the programme's potential to bypass the mortgage insurance industry to purchase credit enhancement from what she calls less ... Read the full article
Essent secures $424mn of mortgage reinsurance from capital markets
27th March 2018
Mortgage insurer Essent Guaranty has completed a transaction with Radnor Re 2018-1, a newly formed special purpose insurer, which sees Essent obtain US $424.4 million of fully collateralized excess of loss reinsurance coverage on mortgage insurance policies written by Essent in 2017. Essent Guaranty, which is a wholly owned subsidiary of ... Read the full article
Essent secures over $424mn of mortgage reinsurance protection from capital markets
15th March 2018
Mortgage insurance firm Essent Group is likely to secure over $424 million of reinsurance protection from the capital markets, via three tranches of 10-year mortgage insurance-linked notes issued by a newly established Bermuda special purpose insurer, Radnor Re 2018-1 Ltd. Under the transaction, Essent Guaranty, an Essent Group subsidiary, will receive ... Read the full article
Arch sets up subsidiary to channel Freddie Mac mortgage risk to reinsurers
14th March 2018
Arch Capital Group Ltd. has announced that a newly established U.S subsidiary, Arch MRT, will be piloting a new mortgage credit risk transfer program, called Integrated Mortgage Insurance (IMAGIN), in conjunction with the Federal Home Loan Mortgage Corporation (Freddie Mac). The arrangement will see Arch underwriting risks from Freddie Mac and ... Read the full article
A.M. Best responds to influx of mortgage risk with new rating criteria
2nd March 2018
In response to reinsurers expanding appetite for mortgage insurance risks, rating agency A.M. Best has published a new criteria procedure, “Evaluating Mortgage Insurance,” which it says is effective immediately. Following a request for comments process, where the industry was asked for its feedback on the new criteria procedure for mortgage insurance ... Read the full article
Radian enhances reinsurance at renewal after proposed changes to PMIERs
18th January 2018
Radian Group subsidiary, Radian Guaranty, has announced enhancements to its Single-Premium Mortgage Insurance (MI) Reinsurance Program, in response to proposed changes to Private Mortgage Insurer Eligibility Requirements (PMIERs). The enhancements include an increased cession of business for its single-premium MI quota share reinsurance arrangement, which it entered into in 2016, from 35% to ... Read the full article
National Mortgage Insurance gets new quota share reinsurance for 2018
16th November 2017
NMI Holdings, Inc., the parent of National Mortgage Insurance Corporation, said today that its mortgage insurer subsidiary has already arranged a new quota share reinsurance arrangement for 2018, subject to approvals. National Mortgage Insurance Corporation has entered into an agreement on a new quota share reinsurance treaty with a panel of ... Read the full article
Arch secures $368mn of mortgage reinsurance through new ILS transaction
26th October 2017
Arch Capital Group's mortgage insurance (MI) business has secured $368 million of indemnity reinsurance protection via the capital markets from Bellemeade Re 2017-1 Ltd., a special purpose insurance vehicle. The latest issuance under the Bellemeade Re vehicle is the largest yet and a first for Arch's Mortgage Group, and is ... Read the full article
Reinsurers’ demand for U.S. GSEs mortgage risk to increase: A.M. Best
22nd September 2017
The softened reinsurance market landscape and a mandate by the Federal Housing Finance Agency (FHFA) is driving the increased participation of reinsurers in the U.S. mortgage insurance sector, a trend A.M. Best expects to continue. The persistent softening in the property/casualty reinsurance sector, underlined by continued rate declines across most business ... Read the full article
Arch gets negative outlook from A.M. Best on United Guaranty risks
31st August 2017
Bermudian insurance and reinsurance firm Arch Capital Group Ltd. and its Arch Reinsurance Ltd. subsidiary have both had negative outlooks assigned to their credit ratings by A.M. Best. The negative outlooks are due to A.M. Best's view that Arch has experienced a "significant increase in financial leverage" due to the issuance ... Read the full article
Capsicum Re hires Steven Rance to lead new mortgage indemnity reinsurance unit
21st August 2017
Specialist reinsurance broker Capsicum Re has announced Steven Rance, former JLT Group executive vice president, as head of a new mortgage indemnity reinsurance business division, with effect from February 2018. Rance will report to Rupert Swallow, CEO of Capsicum Re, who welcomed Rance to his new role; “Capsicum Re is no longer ... Read the full article
Reinsurers pushed to mortgage business by soft market conditions: S&P
18th August 2017
Reinsurers are increasingly looking for respite from the gloom of softening property and casualty reinsurance markets and the U.S. mortgage reinsurance market is seen as one of the brighter spots. Rating agency Standard & Poor's said that as the mortgage credit cycle is holding strong and this area of reinsurance has ... Read the full article
Fitch continues to assess United Guaranty impact on Arch
22nd June 2017
Ratings agency Fitch is maintaining a negative rating watch on the debt of insurance and reinsurance specialist Arch Capital Group Ltd., in the wake of the firms acquisition of mortgage insurance player United Guaranty Corporation from AIG. Bermudian re/insurer Arch completed the acquisition of United Guaranty from insurance giant AIG ... Read the full article
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