Essent taps capital market in $333m ILS deal
Bermudian-based Essent Group has expanded its collateralised mortgage reinsurance protection with a $333.84 million insurance-linked securities issuance.
The company’s subsidiary, Essent Guaranty, made the issuance through its Bermudian special purpose insurer Radnor Re 2019-2 Ltd, alternative risk transfer news website Artemis.bm reported.
The issuance will be Essent’s second of the year, with the reinsurer having earlier completed a $473.18 million Radnor Re 2019-1 Ltd transaction, in February of this year. That issuance was listed on the Bermuda Stock Exchange.
The three tranches of ten-year notes being issued by Radnor Re 2019-2 are a $125.734 million M-1A tranche, a $186.432 million M-1B tranche and a $21.678 million Class B-1 tranche.