Essent Group Ltd. Announces Closing of $333.8 Million Reinsurance Transaction and Related Mortgage Insurance-Linked Notes

2019 JUL 05 (NewsRx) -- By a News Reporter-Staff News Editor at Insurance Daily News -- Essent Group Ltd. (NYSE: ESNT) announced that its wholly owned subsidiary, Essent Guaranty, Inc., has obtained $333.8 million of fully collateralized excess of loss reinsurance coverage on mortgage insurance policies written by Essent in 2015 and 2016 from Radnor Re 2019-2 Ltd., a newly formed Bermuda special purpose insurer. Radnor Re 2019-2 Ltd. is not a subsidiary or an affiliate of Essent Group Ltd.

Radnor Re 2019-2 Ltd. has funded its reinsurance obligations through the issuance of three classes of mortgage insurance-linked notes, with 10-year legal maturities, to eligible third party capital markets investors in an unregistered private offering.

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