Essent Group Ltd. (NYSE: ESNT) announced today that its wholly-owned subsidiary, Essent Guaranty, Inc., has obtained $399.2 million of fully collateralized excess of loss reinsurance coverage on mortgage insurance policies written in September 2019 through July 2020 from Radnor Re 2020-2 Ltd., a newly formed Bermuda special purpose insurer. Radnor Re 2020-2 Ltd. is not a subsidiary or an affiliate of Essent Group Ltd.

Radnor Re 2020-2 Ltd. has funded its reinsurance obligations through the issuance of five classes of mortgage insurance-linked notes, with 10-year legal maturities, to eligible third party capital markets investors in an unregistered private offering.

The mortgage insurance-linked notes issued by Radnor Re 2020-2 Ltd. consist of the following five classes:

  • $79,832,000 Class M-1A Notes with an initial interest rate of one-month LIBOR plus 315 basis points;

  • $93,137,000 Class M-1B Notes with an initial interest rate of one-month LIBOR plus 400 basis points;

  • $93,137,000 Class M-1C Notes with an initial interest rate of one-month LIBOR plus 460 basis points;

  • $99,790,000 Class M-2 Notes with an initial interest rate of one-month LIBOR plus 560 basis points;

  • $33,263,000 Class B-1 Notes with an initial interest rate of one-month LIBOR plus 760 basis points;

The securities described herein have not been and will not be registered under the U.S. Securities Act of 1933 and may not be offered or sold in the United States absent registration or an applicable exemption from registration requirements. This press release shall not constitute an offer to sell or a solicitation of an offer to buy any of the aforementioned securities and shall not constitute an offer, solicitation or sale in any state or jurisdiction in which, or to any person to whom, such an offer, solicitation or sale would be unlawful.

Forward-Looking Statements

This press release may include “forward-looking statements” which are subject

Of the 3,800 layoffs announced by the Allstate Corporation on Tuesday, about 1,000 are related to refunds customers received during pandemic shutdowns, the Wall Street Journal reports.

Of the 3,800 layoffs announced by the Allstate Corporation on Tuesday, about 1,000 are related to refunds customers received during pandemic shutdowns, the Wall Street Journal reports.

Nam Y. Huh/Associated Press

Of the 3,800 layoffs announced by the Allstate Corporation on Tuesday, about 1,000 are related to refunds customers received during pandemic shutdowns, the Wall Street Journal reports.

Allstate said in a press release that it would implement a multi-year restructuring plan that includes job cuts for employees in claims, sales, service and support roles.

From Logan Moore of the Wall Street Journal:

“Of the job cuts, about 1,000 are tied to the company’s pandemic-related refunds to policyholders, Allstate Chief Executive Thomas Wilson said in an interview.

Those refunds were driven by a sharp decline in driving by car owners amid government-order shutdowns and fear of Covid-19, especially in the early months of the pandemic. Many insurers reduced customers’ bills as claims volume fell.”

SHELL JOB CUTS: The oil and gas company, which employs 8,000 in Houston, will cut about 10 percent of workforce


Allstate stated it expects to incur about $210 million, pre-tax, in severance and employee benefits, plus real estate exit costs of about $80 million, pre-tax, from office closures. The plan includes merging Esurance and Allstate operations.

In the press release, Wilson said the restructuring plan is “necessary to provide customers the best value.”

Source Article