Home Re 2020-1 Ltd. – Full details:
This is the third mortgage insurance-linked notes (ILN) transaction from MGIC Investment Corporation.
The company registered a new Bermuda-based special purpose insurer (SPI), Home Re 2020-1 Ltd. (HMIR 2020-1) for this issuance of a targeted almost $413 million of mortgage insurance linked notes.
The transaction was successfully placed, securing MGIC the targeted collateralized mortgage reinsurance protection.
The Home Re 2020-1 mortgage insurance-linked securities (ILS) issuance was split into the following tranches, along with their Moody’s ratings:
$123.9m – M-1A, Definitive Rating Assigned Baa2 (sf)
$123.9m – M-1B, Definitive Rating Assigned Baa3 (sf)
$73.4m – M-1C, Definitive Rating Assigned Ba2 (sf)
$68.8m – M-2, Definitive Rating Assigned B1 (sf)
$22.9m – B-1, Definitive Rating Assigned B2 (sf)
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