Essent Group Ltd. Announces Closing of $363.4 Million Reinsurance Transaction and Related Mortgage Insurance-Linked Notes
25 9월 2024 - 7:30PM
Business Wire
Essent Group Ltd. (NYSE: ESNT) announced that its wholly-owned
subsidiary, Essent Guaranty, Inc., has obtained $363.4 million of
fully collateralized excess of loss reinsurance coverage on
mortgage insurance policies written in July 2023 through July 2024
from Radnor Re 2024-1 Ltd., a newly formed Bermuda special purpose
insurer. Radnor Re 2024-1 Ltd. is not a subsidiary or an affiliate
of Essent Group Ltd.
Radnor Re 2024-1 Ltd. has funded its reinsurance obligations
through the issuance of five classes of mortgage insurance-linked
notes, with 10-year legal maturities, to eligible third-party
capital markets investors in an unregistered private offering.
The mortgage insurance-linked notes issued by Radnor Re 2024-1
Ltd. consist of the following five classes:
- $106,872,000 Class M-1A Notes with an initial interest rate of
SOFR Rate plus 200 basis points;
- $85,498,000 Class M-1B Notes with an initial interest rate of
SOFR Rate plus 290 basis points;
- $64,124,000 Class M-1C Notes with an initial interest rate of
SOFR Rate plus 350 basis points;
- $85,498,000 Class M-2 Notes with an initial interest rate of
SOFR Rate plus 400 basis points;
- $21,374,000 Class B-1 Notes with an initial interest rate of
SOFR Rate plus 515 basis points.
The securities described herein have not been and will not be
registered under the U.S. Securities Act of 1933 and may not be
offered or sold in the United States absent registration or an
applicable exemption from registration requirements. This press
release shall not constitute an offer to sell or a solicitation of
an offer to buy any of the aforementioned securities and shall not
constitute an offer, solicitation or sale in any state or
jurisdiction in which, or to any person to whom, such an offer,
solicitation or sale would be unlawful.
Forward-Looking Statements
This press release may include “forward-looking statements”
which are subject to known and unknown risks and uncertainties,
many of which may be beyond our control. Forward-looking statements
generally can be identified by the use of forward-looking
terminology such as "may," "will," “should,” “expect,” "plan,"
"anticipate," "believe," “estimate,” “predict,” or "potential" or
the negative thereof or variations thereon or similar terminology.
Actual events, results and outcomes may differ materially from our
expectations due to a variety of known and unknown risks,
uncertainties and other factors. Although it is not possible to
identify all of these risks and factors, they include, among
others, the following: changes in or to Fannie Mae and Freddie Mac
(the “GSEs”), whether through Federal legislation, restructurings
or a shift in business practices; failure to continue to meet the
mortgage insurer eligibility requirements of the GSEs; competition
for customers or the loss of a significant customer; lenders or
investors seeking alternatives to private mortgage insurance; an
increase in the number of loans insured through Federal government
mortgage insurance programs; decline in the volume of low down
payment mortgage originations; uncertainty of loss reserve
estimates; decrease in the length of time our insurance policies
are in force; deteriorating economic conditions; and other risks
and factors described in Part I, Item 1A “Risk Factors” of our
Annual Report on Form 10-K for the year ended December 31, 2023
filed with the Securities and Exchange Commission on February 16,
2024, as subsequently updated through other reports we file with
the Securities and Exchange Commission. Any forward-looking
information presented herein is made only as of the date of this
press release, and we do not undertake any obligation to update or
revise any forward-looking information to reflect changes in
assumptions, the occurrence of unanticipated events, or
otherwise.
About the Company:
Essent Group Ltd. (NYSE: ESNT) is a Bermuda-based holding
company (collectively with its subsidiaries, “Essent”) offering
private mortgage insurance, reinsurance, and title insurance and
settlement services to serve the housing finance industry.
Additional information regarding Essent may be found at
www.essentgroup.com.
Source: Essent Group Ltd.
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version on businesswire.com: https://www.businesswire.com/news/home/20240925698774/en/
Media 610.230.0556 media@essentgroup.com
Investor Relations Philip Stefano Vice President –
Investor Relations 855-809-ESNT ir@essentgroup.com
Essent (NYSE:ESNT)
과거 데이터 주식 차트
부터 10월(10) 2024 으로 11월(11) 2024
Essent (NYSE:ESNT)
과거 데이터 주식 차트
부터 11월(11) 2023 으로 11월(11) 2024
