Mortgage Guarantee Insurance Corporation (MGIC) has turned to the capital markets to increase its reinsurance capacity. Artemis understands that the Special Purpose Insurance (SPI) vehicle in question is Home Re 2018-1 Ltd., which was registered in Bermuda in September. The MGIC is looking at ways of raising up to $US1 billion ($A1.27 billion) in new capital, which it will use for a range of purposes, including mortgage guarantees. MGIC's parent company, MGIC Investment Corporation, underwrote approximately $500m worth of premium for H1 2018.
Mortgage Guarantee Insurance Corporation (MGIC) has turned to the capital markets to increase its reinsurance capacity. The MGIC is looking at ways of raising up to $US1 billion ($A1.27 billion) in new capital, which it will use for a range of purposes, including mortgage guarantees. MGIC's parent company, MGIC Investment Corporation, underwrote approximately $500m worth of premium for H1 2018.