Tuesday, October 16, 2018 1:21:06 PM
PRESS RELEASE:
Mortgage Guaranty Insurance Corporation (“MGIC”), the wholly owned subsidiary of MGIC Investment Corporation ("MTG"), intends to proceed with a capital markets-based reinsurance transaction with a newly-formed Bermuda special purpose insurer (the “Issuer”).
In connection with the proposed transaction, (i) MGIC expects to purchase $318.6 million of excess of loss reinsurance protection from the Issuer, covering an existing portfolio of mortgage insurance policies and (ii) the Issuer will simultaneously issue a like amount of unregistered securities to third party capitalmarkets investors that are linked to the reinsurance coverage.
The Issuer is not a subsidiary or affiliate of MGIC.
The mortgage insurance-linked note offering is expected to close by the end of October 2018, subject to market and other customary conditions.
There can be no assurances that such offering or the related reinsurance transaction will be completed.
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