US mortgage insurers increasingly tap CRT market

Credit risk transfer deals were pioneered by the US government-sponsored enterprises (GSEs) as a means to limit taxpayer liability to the quasi-public entities’ massive portfolio of mortgages. But private mortgage insurers have followed suit and are transferring a portion of their insurance risk in similarly structured deals.

  • By Alexander Saeedy
  • 21 Nov 2018

Last week, US mortgage insurer Radian Guaranty completed its first mortgage insurance-linked securities (ILS) transaction, a deal which helped it secure $434m through a newly formed special purpose insurance trust, Eagle Re 2018–1 Ltd. Credit Suisse led the deal.

The firm was able to ...

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1 Bank of America Merrill Lynch (BAML) 1,284 2 30.09
2 Barclays 633 1 14.82
3 BNP Paribas 509 1 11.91
4 Citi 467 1 10.94
5 Morgan Stanley 455 1 10.66

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4 JPMorgan 7,225.34 25 9.54%
5 Wells Fargo Securities 6,258.35 24 8.26%