Essent Group’s subsidiary, Essent Guaranty, has finalized a $363.4 million excess of loss reinsurance agreement regarding mortgage insurance policies issued from July 2023 to July 2024. This coverage is provided through Radnor Re 2024-1 Ltd., a newly established Bermuda special purpose insurer, which funded its obligations via five classes of mortgage insurance-linked notes sold to third-party investors. The transaction marks Essent Guaranty’s tenth issuance of these notes, bringing its total to over $4 billion across 43 tranches, making it a leading issuer in this sector. This deal underscores the growing reliance on insurance-linked securities within the mortgage insurance market.
