Radian Closes $488M Reinsurance Transactions
Radian Group Inc. announced that it has obtained $488 million of fully collateralized excess of loss reinsurance coverage from Eagle Re 2020-1 Ltd.
The company said, “The excess of loss reinsurance covers eligible mortgage insurance policies written by Radian Guaranty in January through September 2019, excluding single premium payment policies. Eagle Re is a newly formed Bermuda special purpose insurer and is not a subsidiary or affiliate of Radian Guaranty.
“Eagle Re has funded its reinsurance obligations by issuing five classes of mortgage insurance-linked notes [ILNs] with a 10-year maturity and 7-year call option to eligible third-party capital markets investors in an unregistered private offering. The ILNs are non-recourse to Radian Group Inc. and its subsidiaries and affiliates.”
