Essent taps capital market in $333m ILS deal

  • Collateralised coverage: Essent Group has returned to the capital markets for $333.84 million of mortgage reinsurance cover

    Collateralised coverage: Essent Group has returned to the capital markets for $333.84 million of mortgage reinsurance cover


Bermudian-based Essent Group has expanded its collateralised mortgage reinsurance protection with a $333.84 million insurance-linked securities issuance.

The companyís subsidiary, Essent Guaranty, made the issuance through its Bermudian special purpose insurer Radnor Re 2019-2 Ltd, alternative risk transfer news website Artemis.bm reported.

The issuance will be Essentís second of the year, with the reinsurer having earlier completed a $473.18 million Radnor Re 2019-1 Ltd transaction, in February of this year. That issuance was listed on the Bermuda Stock Exchange.

The three tranches of ten-year notes being issued by Radnor Re 2019-2 are a $125.734 million M-1A tranche, a $186.432 million M-1B tranche and a $21.678 million Class B-1 tranche.

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Published Jun 19, 2019 at 8:00 am (Updated Jun 18, 2019 at 6:33 pm)

Essent taps capital market in $333m ILS deal

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