Three sponsors of mortgage insurance-linked securities (ILS) transactions have warned investors in the mortgage insurance linked notes that elevated loan delinquency levels in May 2020 have triggered their deals.
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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.
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Mortgage insurance specialist MGIC, one of the largest mortgage insurers in the United States, is to enter the mortgage insurance-linked securities (ILS) and insurance-linked notes market with its first transaction, a $318.6 million Home Re 2018-1 Ltd. transaction.
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