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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Radian Group Inc | NYSE:RDN | NYSE | Common Stock |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
0.50 | 1.43% | 35.41 | 35.42 | 34.695 | 35.08 | 702,248 | 21:03:31 |
Radian Group Inc. (NYSE: RDN) today announced that its wholly owned subsidiary, Radian Guaranty Inc. has obtained $484 million of fully collateralized excess of loss reinsurance coverage from Eagle Re 2021-2 Ltd. (Eagle Re). The excess of loss reinsurance covers eligible mortgage insurance policies written by Radian Guaranty predominantly from January 1, 2021 through and including July 31, 2021. Eagle Re is a newly formed Bermuda special purpose insurer and is not a subsidiary or affiliate of Radian Guaranty.
Eagle Re has funded its reinsurance obligations by issuing five classes of mortgage insurance-linked notes (ILNs) with a 12.5-year maturity and 7-year call option to eligible third-party capital markets investors in an unregistered private offering. The ILNs are non-recourse to Radian Group and its subsidiaries and affiliates.
The ILNs issued by Eagle Re consist of the following five classes:
After closing, investors have the option to exchange their M-1C Notes for proportionate interests in Class M-1C-1 Notes, Class M-1C-2 Notes and Class M-1C-3 Notes (Exchangeable Notes), and the Exchangeable Notes may be exchanged for Class M-1C Notes with the same proportionate interest.
The Notes have been assigned ratings by Moody’s of Baa1 (sf) for Class M-1A; Baa3 (sf) for Class M-1B; Ba2 (sf) for Class M-1C and B2 (sf) for Class M-2. In addition, the Notes have been assigned ratings by DBRS, Inc. (DBRS Morningstar) of BBB (high) (sf) for Class M-1A; BBB (low) (sf) for Class M-1B; BB (sf) for Class M-1C; B (high) (sf) for class M-2 and B (sf) for Class B-1.
Additional information about the ILN reinsurance transaction may be found on the Investors section of Radian’s website at https://radian.com/who-we-are/for-investors/presentations.
About Radian
Radian Group Inc. (NYSE: RDN) is ensuring the American dream of homeownership responsibly and sustainably through products and services that include industry-leading mortgage insurance and a comprehensive suite of mortgage, risk, title, valuation, asset management and other real estate services. We are powered by technology, informed by data and driven to deliver new and better ways to transact and manage risk. Visit www.radian.com to learn more about how Radian is shaping the future of mortgage and real estate services.
View source version on businesswire.com: https://www.businesswire.com/news/home/20211109006553/en/
For Investors John Damian – Phone: 215.231.1383 Email: john.damian@radian.com For the Media Rashi Iyer – Phone: 215.231.1167 Email: rashi.iyer@radian.com
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