Arch Mortgage Insurance Company has obtained over US$203 million in indemnity reinsurance for a US$30.5 billion mortgage pool from its special purpose reinsurer, Bellemeade Re 2024-1.
The coverage includes the issuance of US$163 million of insurance-linked notes and US$41 million of direct reinsurance.
This transaction covers a portfolio of policies issued by Arch Mortgage and affiliates, primarily from September 2023 through July 2024, and closed on 15 August.
Since the Bellemeade programme began in 2015, Arch has completed 21 transactions that have secured over US$9.7 billion in indemnity reinsurance.
Bellemeade Re 2024-1 Ltd. finances its reinsurance obligations by issuing five classes of amortising notes with 10-year legal final maturities.
Jennifer Weiss, vice president of structured capital and reinsurance at Arch Mortgage, comments: “Bellemeade continues to be a key element of Arch’s risk and capital management strategy. Despite current market volatility, we are pleased with this execution.”
