A particularly interesting and novel catastrophe bond transaction has been launched to the market, with the Sierra Ltd. (Series 2019-1) deal seeking $150 million of parametric U.S. earthquake protection for an investment manager that largely invests in mortgage related assets.
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Genworth Mortgage Insurance, the mortgage insurer subsidiary of Genworth Financial, has sponsored its first mortgage insurance-linked securities (ILS) transaction, successfully securing $302.8 million of reinsurance from a Triangle Re 2019-1 Ltd. deal.
Ratings agency Moody’s Investors Service has highlighted the use of insurance-linked securities (ILS) structures as a way to secure mortgage reinsurance capacity from the capital markets as beneficial to mortgage insurers strategies.
The fourth mortgage insurance-linked securities (ILS) transaction of the year for Bermuda-headquartered re/insurer Arch Capital Group Ltd. takes its total issuance of mortgage ILS notes to over $4.7 billion, thanks to the $577 million Bellemeade Re 2019-4 Ltd. deal.
Bermuda-headquartered re/insurer Arch Capital Group Ltd. is back in the capital market for another mortgage insurance-linked securities (ILS) deal, with its newest transaction set to be a $577.28 million Bellemeade Re 2019-4 Ltd. issuance.
Issuance of catastrophe bonds and related insurance-linked securities (ILS) reached above average in the third-quarter of 2019, hitting $1.42 billion. But only thanks to issuance of mortgage insurance-linked notes, which accounted for almost three-quarters of deal volume.
Mortgage insurance specialist NMI Holdings, Inc. successfully completed its third and largest insurance-linked securities (ILS) transaction, the $327 million Oaktown Re III Ltd., and CEO Claudia Merkle highlighted how these capital market backed reinsurance transactions insulate it against adverse losses.
The type of growth witnessed in mortgage insurance-linked securities (ILS) transactions in 2018 is most likely to be replaced with a more normalised growth rate, with ILS capacity expected to become an integral part of mortgage insurers’ programmes, according to Capsicum Re’s Stephen Mathews.
Mortgage risk insurer MGIC has revealed that the removal of maximum coverage levels in certain states resulted in the partial termination and restructuring of its 2015 quota share reinsurance arrangement with an affiliate, which subsequently impacted its Q2 results.
The completion of Bermuda-based re/insurer Arch Capital Group Ltd.’s latest and largest mortgage insurance-linked securities (ILS) transaction seen to-date, a $701 million Bellemeade Re 2019-3 Ltd. shows the firm is at the “forefront” when it comes to managing capital and risk, an executive said today.