Essent Subsidiary Closes $363 Million Reinsurance Transaction-February 2024-www.financetom.com

Essent Subsidiary Closes $363 Million Reinsurance Transaction

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Essent Subsidiary Closes $363 Million Reinsurance Transaction

Oct 3, 2024 1:18 AM

08:02 AM EDT, 09/25/2024 (MT Newswires) -- Essent ( ESNT ) said Wednesday its Essent Guaranty unit has obtained $363.4 million in fully collateralized excess of loss reinsurance coverage on mortgage insurance policies written from July 2023 to July 2024 from Radnor Re 2024-1, a Bermuda-based special purpose insurer.

Radnor financed its reinsurance obligations through the issuance of five classes of mortgage insurance-linked notes with 10-year maturities to third-party capital markets investors in a private offering, Essent ( ESNT ) said.

The notes include $106.9 million of class M-1A notes with an initial interest rate of SOFR plus 200 bps, $85.5 million of class M-1B notes with an initial interest rate of SOFR plus 290 bps, $64.1 million of class M-1C notes with an initial interest rate of SOFR plus 350 bps, $85.5 million of class M-2 notes with an initial interest rate of SOFR plus 400 bps, and $21.4 million of class B-1 notes with an initial interest rate of SOFR plus 515 bps.

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