Gallagher Re secures major capacity deal


The global reinsurance arm of broking giant Gallagher has partnered up with Arch Mortgage Insurance Company (Arch MI) to secure a sizeable capacity deal for Bellemeade Re 2020-4 Ltd.

In the fourth deal of its kind in 2020, Gallagher Re secured US$15,620,000 of indemnity insurance for Arch MI, on a pool representing around US$33.3 billion in mortgages linked to loans issued by Arch MI and its affiliates.

The move comes on the back of three previous transactions across 2020 which saw Gallagher Re and Arch MI develop a growing partnership around its specialist mortgage indemnity team.

“We are extremely pleased to have once again represented Arch MI in raising the required direct reinsurance capacity for its Bellemeade program, bringing a total of over US$140 million traditional reinsurance capacity to these transactions over the past six months,” said Freddie Scarratt, account executive at Gallagher Re, who managed and placed the reinsurance capacity of the transaction.

“In what has undoubtedly been a testing environment, collaborative partnership has never been more important. Reinsurers continue to demonstrate their preparedness to back new mortgage indemnity transactions when presented with risk transfer experience and expertise in this highly specialist field.”

Meanwhile, Danny Mamo, senior VP of structured capital and reinsurance at Arch MI, explained that the firm’s goal had been to explore the reinsurance market’s appetite for side-by-side participation in the Bellmeade Re program.

“We knew the simultaneous execution would be a novelty in the market and despite the challenges brought on by the COVID-19 pandemic, we were able to attract consistent participation from multiple reinsurers on all Bellemeade Re transactions completed in 2020,” he said. “We have found yet another innovative structure to expand our relationship with the reinsurance market.”

Source Article

Next Post

Mastercard launches its first pilot of cloud POS acceptance technology

Mastercard has partnered with NMI and Global Payments to launch its first live Cloud POS on Phone pilot with Computer Engineering Group (CEG). Mastercard launches its first pilot of Cloud POS acceptance In Q3 2020, contactless penetration represented 41{3c4481f38fc19dde56b7b1f4329b509c88239ba5565146922180ec5012de023f} of in-person purchase transactions globally, up from 37{3c4481f38fc19dde56b7b1f4329b509c88239ba5565146922180ec5012de023f} in Q2 and […]