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Arch Mortgage Insurance secures $577.3M in indemnity reinsurance

Arch Mortgage Insurance Co. has obtained $577.3 million of indemnity reinsurance on a pool representing $7.2 billion of mortgages from Bellemeade Re 2019-4 Ltd.

The reinsurance is for a portfolio of mortgage insurance policies linked to 113,180 loans issued by the company and affiliates in 2019.

The special purpose reinsurer is funding its obligations through the issuance of five classes of amortizing notes with 10-year legal final maturities. These include $144.3 million of class M-1A notes with a coupon equal to one-month London Interbank Offered Rate plus 140 basis points.