New Insurer Secures Funding

mortgage insurer has secured $500 million in equity funding from a group of investors. Essent US Holdings Inc. says its parent company, Essent Group Ltd., has been funded to establish the first private mortgage insurance company in the U.S. since the start of the current financial crisis. Essent Guaranty Inc., a mono-line insurance subsidiary of Essent, is in the process of obtaining the approvals necessary to offer private mortgage insurance on residential property in the U.S. The capital commitments have been made by a group of investors, directly or through affiliates, including Pine Brook Road Partners, Goldman Sachs, J.P. Morgan, PartnerRe and Renaissance Re. ‘Essent is well positioned to enter the market for primary mortgage insurance, which has historically played a critical role in helping Americans achieve homeownership," states Mark A. Casale, Essent's president and CEO. "Along with new, private capital, Essent will offer lenders, mortgage investors and other market participants a risk management approach tailored specifically to meet the challenges of today's mortgage banking industry." SOURCE:


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