American mortgage insurer Radian Group has obtained $488 million of reinsurance cover through a newly formed Bermuda special purpose insurer, Eagle Re 2020-1 Ltd. The insurance-linked notes issued by Eagle Re have been admitted for listing on the Bermuda Stock Exchange, the BSX announced yesterday.The notes will provide Radian’s subsidiary Radian Guaranty with fully collateralised excess of loss reinsurance coverage.Mortgage insurers are finding value in tapping the insurance-linked securities market to boost their capacity for writing new business while protecting their balance sheet.Bermudian-based mortgage insurer Essent Group Ltd sponsored a similar transaction this month, obtaining about $496 million of reinsurance coverage through Bermudian special purpose insurer Radnor Re 2020-1 Ltd.The moves emphasise how the ILS market has broadened from its property-catastrophe reinsurance roots.According to Artemis.bm, the alternative risk transfer website, ILS and catastrophe bond issuance in 2020 has already topped $2 billion, while outstanding issuance is now at $40.5 billion.Bermuda is the global leader in the ILS business. As of the end of 2019, 84.6 per cent of outstanding ILS were listed on the BSX, according to the exchange’s year-end report.