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Arch secures upsized $423m Bellemeade Re 2020-2 mortgage ILS issuance

Arch Capital Group Ltd., the Bermuda headquartered insurance and reinsurance firm with a growing mortgage insurance arm, successfully secured its second mortgage insurance-linked securities (ILS) transaction of 2020, upsizing the Bellemeade Re 2020-2 Ltd. transaction to $423 million at close. The transaction launched at a smaller $363 million in the pre-sale read the full article →

Arch seeks second mortgage ILS of 2020, a $363m Bellemeade Re 2020-2

Arch Capital Group Ltd., the Bermuda headquartered insurance and reinsurance firm with a growing mortgage insurance arm, is returning to the capital markets to secure its second mortgage insurance-linked securities (ILS) transaction of 2020, with a $363 million Bellemeade Re 2020-2 Ltd. transaction. Arch Capital faced challenges in issuing its first read the full article →

Higher attachment of Arch’s new mortgage ILS means no PMIERs credit: KBW

Analysts at KBW highlight that because the latest mortgage insurance-linked securities (ILS) deal sponsored by Bermudian insurance and reinsurance firm Arch Capital attaches so high up, the deal will not deliver the Private Mortgage Insurer Eligibility Requirements (PMIERs) capital credit its previous mortgage ILS have. Arch Capital successfully closed a $450 read the full article →

NMI prices new mortgage ILS, a $322m Oaktown Re IV Ltd.

After a pause during the peak of the Covid-19 pandemic, investors are returning to the mortgage insurance-linked securities (ILS) market, helping specialist mortgage insurer NMI Holdings, Inc. to successfully price its latest and fourth deal, a $322 million Oaktown Re IV Ltd. transaction. NMI is the second sponsor of mortgage insurance-linked read the full article →

Essent adds to triggered mortgage ILS as delinquencies accelerate in June

As expected, U.S. focused mortgage insurer Essent Guaranty has reported that all of its mortgage insurance-linked securities (ILS) transactions outstanding are now subject to a trigger event, after the Covid-19 pandemic drove delinquency rates much higher. Essent Guaranty follows three other mortgage insurers that have reported a triggering of their mortgage read the full article →

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 →