Mortgage ILS notes listed on BSX
Created: Jul 27, 2018 08:00 AM
ILS coverage: US-based National Mortgage Insurance Company has acquired more than $264 million of reinsurance coverage through a Bermuda ILS issuance
A California-based mortgage insurer has gained $264.5 million of reinsurance protection by issuing insurance-linked security notes that were listed on the Bermuda Stock Exchange yesterday.
The three different tranches of notes issued by Bermudian special purpose insurer Oaktown Re II Ltd will cover National Mortgage Insurance Corporation, a subsidiary of NMI Holdings.
The coverage will span a ten-year period, with final maturity for the notes issued being slated for July 2028.
