ESSENT GUARANTY LAUNCHES $558M RADNOR RE ILS DEAL

Bermudian mortgage insurance holding Essent Guaranty is looking to secure $558m in collateralised mortgage reinsurance with the launch of the Radnor Re 2021-1 Ltd mortgage insurance-linked securities issuance, its sixth and largest such deal to date, Artemis.bm has reported. Bermuda-domiciled special-purpose insurer Radnor Re is slated to issue five tranches of notes that will provide Essent Guaranty with 100% of reinsurance cover over 12.5 years, less any quota share reinsurance through unaffiliated reinsurers. Should Essent Guaranty settle the transaction at the targeted size, it will have secured around $2.69bn in mortgage reinsurance through its six ILS deals.