Mortgage
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The consideration is expected to be around $140mn plus a $25mn dividend.
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Under an advisory agreement, Enact will provide underwriting expertise, market intelligence and portfolio analysis.
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The rating agency cited economic recovery, a strong housing market and improved capitalization as key factors driving its revision.
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The acquisition adds to Arch’s mortgage insurance operations in Bermuda, Europe and the US.
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Transaction marks the company’s second mortgage ILS deal of the year.
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The impact of the pandemic on the mortgage insurance market has been muted thus far.
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As the pandemic unfolds, the mortgage (re)insurance market—a boon to the industry since the last economic crisis—is more exposed to the larger macroeconomic cycle than the traditional P&C business.
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Genworth Financial sells its majority stake to Brookfield to "increase the liklihood" of completing its takeover by Oceanwide.
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