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Essent Group unit closes $424.4M mortgage insurance-linked securities deal

Essent Guaranty Inc. has closed its Radnor Re 2018-1 Ltd. mortgage insurance-linked securities deal.

The Essent Group Ltd. unit obtained $424.4 million of fully collateralized excess of loss reinsurance coverage on mortgage insurance policies written by Essent in 2017 from the newly formed Bermuda special purpose insurer, Radnor Re.

Radnor Re 2018-1 Ltd. has funded its reinsurance obligations through the issuance of three classes of mortgage insurance-linked notes with 10-year legal maturities.