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AIG's United Guaranty obtains reinsurance for legacy mortgage insurance portfolio

American InternationalGroup Inc.'s United GuarantyCorp. has secured $298.6 million in indemnity reinsurance from specialpurposes insurer Bellemeade Re II Ltd. for a portfolio of mortgage insurance policies.

Bellemeade Re II is funding the obligations by issuing threeclasses of amortizing notes with 10-year legal final maturities. The transactionprovides United Guaranty with fully collateralized coverage for potential losseson mortgage insurance policies issued in 2008 and previous years.

As of March 31, less than 20% of the AIG unit's gross risk inforce was written in 2008 and prior years.