ARCH WITHDRAWS BELLEMEADE RE MORTGAGE ILS DEAL

Bermudian re/insurer Arch Capital Group has withdrawn its Bellemeade Re 2020-1 Ltd issuance of mortgage insurance-linked securities owing to continued Covid-19 pandemic-driven market volatility, Artemis.bm has reported. The deal stood to become the largest mortgage ILS issuance on record, seeking $957m (or more) in mortgage reinsurance cover. Arch has been a prolific sponsor of mortgage insurance-linked securities, particularly since acquiring United Guaranty from AIG in late 2016 and merging it into its Arch MI operation. Arch has brought $4.7bn in mortgage ILS deals to market in 10 issuances.