“The introduction of an A2 class is the latest structural refinement in the Bellemeade program intended to better optimize capital in support of Arch’s mortgage insurance business,” said Jim Bennison, EVP, Alternative Markets for Arch MI.
#ARCH MI MORTGAGE INSURANCE PLUS#
$19,005,000 class B-1 notes with a coupon equal to one-month SOFR plus 385 basis points.Īdditionally, a total of $131,518,000 was placed with a panel of reinsurers. $115,524,000 class M-2 notes with a coupon equal to one-month SOFR plus 315 basis points. $81,397,000 class M-1C notes with a coupon equal to one-month SOFR plus 155 basis points. $64,329,000 class M-1B notes with a coupon equal to one-month SOFR plus 140 basis points. $104,926,000 class M-1A notes with a coupon equal to one-month SOFR plus 100 basis points. $122,961,000 class of A2 notes with a coupon equal to one-month SOFR plus 100 basis points. Pricing detail for the five classes of offered notes is below: The B-1 received a B (high) from DBRS Morningstar and was not rated by Moody’s. The M-2 class received a B1 rating from Moody’s and BB (low) from DBRS Morningstar. The M-1C received a Baa3 rating from Moody’s and BBB (low) from DBRS Morningstar. The M-1B class of notes received a Baa2 from Moody’s and BBB (high) from DBRS Morningstar. The M-1A class of notes received an A2 rating from Moody’s and A (low) from DBRS Morningstar. The A2 class of notes received an A2 rating from Moody’s Investor Service (Moody’s). is funding its reinsurance obligations through the issuance of six classes of amortizing notes with 10-year legal final maturities.
This Mortgage Insurance-Linked Note (MILN) transaction is Arch’s third of 2021 and the 17th Bellemeade transaction since the program’s inception in 2015.īellemeade Re 2021-3 Ltd. This transaction largely covers a portfolio of MI policies issued by Arch MI and affiliates from April through June 2021. The coverage was obtained by issuing approximately $508 million in bonds and $131 million in direct reinsurance. GREENSBORO, N.C.-( BUSINESS WIRE)-Arch Mortgage Insurance Company (Arch MI) announced that it has obtained over $639 million of indemnity reinsurance on a pool representing approximately $28.7 billion of mortgages from Bellemeade Re 2021-3 Ltd., a special purpose reinsurer.
0 kommentar(er)
