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Arch secures first mortgage ILS of Covid-19 era, Capsicum Re assists on reinsurance

Arch Capital Group, the Bermuda headquartered specialist insurance and reinsurance carrier, has successfully secured $528 million of mortgage reinsurance through the completion of the first mortgage ILS deal of the Covid-19 era and by securing additional reinsurance with the assistance of broker Capsicum Re. As we've reported before, Arch Capital successfully read the full article →

Some mortgage ILS’ triggered as delinquencies soar due to Covid-19

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. The three sponsors in question are Radian Guaranty, National Mortgage Insurance Corporation and MGIC Investment Corporation, each of which have visited the read the full article →

Arch succeeds with Bellemeade Re 2020-1 mortgage ILS on second attempt

Arch Capital Group, the Bermuda headquartered specialist insurance and reinsurance carrier, looks set to successfully re-open the capital markets to mortgage insurance risk with its second attempt to get a Bellemeade Re 2020-1 Ltd. mortgage ILS deal away. While successful though, it looks like Arch Capital did not secure as much read the full article →

Arch tried for record sized Bellemeade Re mortgage ILS, but pulled it

Arch Capital Group, the Bermuda headquartered specialist insurance and reinsurance underwriter, had tried to come back to the insurance-linked securities (ILS) market with a new Bellemeade Re 2020-1 Ltd. issuance of mortgage insurance-linked notes, a deal that would have been the largest ever example of a mortgage ILS issuance. But we read the full article →

Mortgage ILS Covid-19 dislocation to elevate reinsurance costs: A.M. Best

The current dislocation of the mortgage insurance-linked securities (ILS) market due to the Covid-19 pandemic is likely to cause mortgage reinsurance rates to rise, impacting the originate to distribute model of many mortgage insurers. Over the last few years, issuance of mortgage insurance-linked securities (ILS), or mortgage insurance linked notes (ILN), read the full article →

Arch says Covid-19 unlikely to trigger Bellemeade Re mortgage ILS

Arch Capital Group Ltd., the Bermuda headquartered insurance and reinsurance specialist, has said that it expects the amortisation of its Bellemeade Re mortgage insurance-linked securities (ILS) transactions may be halted by an expected rise in delinquencies due to the coronavirus pandemic. But, Arch does not at this time expect that losses read the full article →

Mortgage insurers face ILS issuance challenge, higher reinsurance costs: A.M. Best

U.S. mortgage insurers are likely to face challenges in issuing new mortgage insurance-linked securities (ILS) at this time and their reinsurance costs are expected to rise on the back of the Covid-19 coronavirus pandemic, according to A.M. Best. The rating agency highlights the challenging situation facing the largest private mortgage insurers read the full article →

Mortgage ILS sponsors on negative watch due to coronavirus credit risk: S&P

The main insurers that sponsor mortgage insurance-linked securities (ILS), or mortgage insurance-linked notes (ILN), as a way to secure reinsurance from the capital markets to protect their mortgage insurance books, have all had their ratings placed on a negative watch by S&P. S&P Global Ratings said that is has revised its read the full article →

Covid-19 expected to slow mortgage ILS issuance, say analysts

The rapid growth of mortgage insurance-linked securities (ILS) issuance witnessed over the past five years is expected to slow as a result of uncertainty caused by the Covid-19 coronavirus pandemic, according to analysts at Credit Suisse. Since the introduction of the first deal in 2015, the $298.89 million Bellemeade Re Ltd. read the full article →

New $488m Eagle Re 2020-1 mortgage ILS reduces cost-of-capital: Radian

U.S. mortgage insurer Radian Guaranty, part of the Radian Group, has now successfully completed its latest and third mortgage insurance-linked securities (ILS) transaction, with a $488.4 million Eagle Re 2020-1 Ltd. transaction. The arrangement sees Radian Guaranty now benefiting from a new capital markets backed source of excess-of-loss mortgage reinsurance protection, read the full article →