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Essent Group Ltd. Announces Closing of $399.2 Million Reinsurance Transaction and Related Mortgage Insurance-Linked Notes

Essent Group Ltd. Announces Closing of $399.2 Million Reinsurance Transaction and Related Mortgage Insurance-Linked Notes

Essent Group Ltd. (NYSE: ESNT) announced today that its wholly-owned subsidiary, Essent Guaranty, Inc., has obtained $399.2 million of fully collateralized excess of loss reinsurance coverage on mortgage insurance policies written in September 2019 through July 2020 from Radnor Re 2020-2 Ltd., a newly formed Bermuda special purpose insurer. Radnor Re 2020-2 Ltd. is not a subsidiary or an affiliate of Essent Group Ltd.

Radnor Re 2020-2 Ltd. has funded its reinsurance obligations through the issuance of five classes of mortgage insurance-linked notes, with 10-year legal maturities, to eligible third party capital markets investors in an unregistered private offering.

The mortgage insurance-linked notes issued by Radnor Re 2020-2 Ltd. consist of the following five classes:

  • $79,832,000 Class M-1A Notes with an initial interest rate of one-month LIBOR plus 315 basis points;

  • $93,137,000 Class M-1B Notes with an initial interest rate of one-month LIBOR plus 400 basis points;

  • $93,137,000 Class M-1C Notes with an initial interest rate of one-month LIBOR plus 460 basis points;

  • $99,790,000 Class M-2 Notes with an initial interest rate of one-month LIBOR plus 560 basis points;

  • $33,263,000 Class B-1 Notes with an initial interest rate of one-month LIBOR plus 760 basis points;

The securities described herein have not been and will not be registered under the U.S. Securities Act of 1933 and may not be offered or sold in the United States absent registration or an applicable exemption from registration requirements. This press release shall not constitute an offer to sell or a solicitation of an offer to buy any of the aforementioned securities and shall not constitute an offer, solicitation or sale in any state or jurisdiction in which, or to any person to whom, such an offer, solicitation or sale would be unlawful.

Forward-Looking Statements

This press release may include “forward-looking statements” which are subject

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Study: Closing UK schools leads to more deaths in lockdown

Study: Closing UK schools leads to more deaths in lockdown

  • A new paper has said that closing UK schools during lockdown led to more COVID-19 deaths than if they had stayed open.
  • The paper, by Professor Graeme Ackland, was published in the British Medical Journal on Wednesday and is a re-analysis of a model published by Imperial College London in March.
  • The Imperial model prompted the UK to enforce a lockdown, in line with many other countries facing outbreaks.
  • But, Ackland argues, some of its provisions were counter-productive. He claims that closings schools and universities in particular likely led to “more deaths compared with the equivalent scenario without the closures.”
  • Visit Business Insider’s homepage for more stories.

A new scientific paper claims that the UK’s decision to close schools and universities in March as part of its lockdown strategy resulted in more COVID-19 deaths than if they stayed open.

The peer-reviewed paper, was written by Graeme Ackland, professor of computer simulation at The University of Edinburgh, was published in the British Medical Journal on Wednesday.

It is a re-analysis of a model published by Imperial College London on March 16.

The Imperial model was hugely significant. It prompted the UK government to abandon its strategy of herd immunity, and impose a series of lockdown measures, including the closure of schools. The paper warned the UK was set for 510,000 deaths in the absence of such action.

In the course of 10 simulations, Ackland said the addition of school closures to other lockdown variables increased the number of deaths.

His argument is that mitigation strategies should focus on keeping the virus from older, more vulnerable people, and not on preventing the spread in settings where most people are young.

FILE PHOTO: Parents walk their children to school on the last day before their official closure, as the spread of the coronavirus disease (COVID-19) continues, in West London, Britain, March 20, 2020. REUTERS/Toby Melville

Parents walk their children to school in West London on March 20, 2020.

Reuters


“Adding school and university closures to case isolation,

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