National Mortgage Insurance to buy $211.3m ILS reinsurance cover in Bermuda
NMI Holdings said that its subsidiary National Mortgage Insurance Corporation is preparing for a capital markets-based reinsurance transaction with a newly-formed Bermuda special purpose insurer to purchase $211.3 million of excess of loss reinsurance protection.
The reinsurance deal will cover an existing portfolio of mortgage insurance policies, according to a Securities and Exchange Commission filing. The special purpose insurer will simultaneously issue $211.3 million of unregistered securities to third party capital markets investors that are linked to the reinsurance coverage.
The mortgage insurance-linked note offering is expected to close in the first week of May 2017, subject to market and other customary conditions.
National Mortgage Insurance Corporation provides private mortgage guaranty insurance services in the United States. The company is based in Emeryville, California.
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