Specialist insurer Genworth has announced the full placement of a new reinsurance treaty for mortgage insurance (MI) in Europe. The bulletin said the “deal is the first of its kind in Europe,” and that it demonstrates “a new confidence amongst reinsurers for this type of risk. It will create significant additional capacity for Genworth’s European Mortgage Insurance business.”
The reinsurance panel for the treaty consists of seven ‘A’ and ‘AA’ reinsurers from London, Europe, Bermuda and the U.S. Guy Carpenter brokered the transaction.
Angel Mas, president at Genworth’s European Mortgage Insurance business commented: ‘We are extremely pleased to announce the full placement of this treaty, which creates a European MI reinsurance market for the first time. The structure allows us to build significant capital capacity for our future growth.’
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