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Two MI Firms Cutting Back On Captive Reinsurance Deals.(Brief Article)
Two more mortgage insurance companies are cutting back on captive reinsurance arrangements where they share premium revenue with their lender-customers.
The MIs cutting back on captives are GE Mortgage Insurance, Raleigh, N.C., and United Guaranty Inc., Greensboro, N.C., the nation's fourth and fifth largest MI firms, respectively, in terms of "policies in force."
A source familiar with the matter said Radian Guaranty, Philadelphia, and PMI Group, San Francisco, may do the same eventually, but for now both companies have a policy of not talking about their captive reinsurance arrangements.
Captive reinsurance units of commercial banks (most of the top lenders have captives) share MI risk with one of the seven established MIs.
GEMI currently will share up to 40% of the MI premium with a captive reinsurance unit but come year-end that practice will stop. GE is working on a new product that it calls "30 Loss ...
- Two More MI Firms Cutting Back.
- Magazine article from: National Mortgage News October 6, 2003 700+ words
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- Magazine article from: National Mortgage News May 15, 2000 700+ words
...mortgage banking firms setting up captive reinsurance companies is that those captives...place. ABN Amro Mortgage has had a captive reinsurance arrangement in place for three years...mortgage banker loses money in the captive reinsurance structure, at least it is lost...
- In Brief: N.Y. State Says Captive Reinsurance Is Legal.
- Magazine article from: American Banker February 9, 1999 700+ words
...Insurance Department decided that captive reinsurance arrangements are legal under the...selling insurance in New York. In captive reinsurance, a lender receives part of the...1997 the department had declared captive reinsurance illegal. The department is trying...
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- LandAmerica Resolves Captive Reinsurance Case.(LandAmerica Financial Group...
- Magazine article from: Mortgage Servicing News July 1, 2006 700+ words
...settlement agreement with the Nevada Division of Insurance over captive reinsurance arrangements. LandAmerica has agreed to a settlement...LandAmerica from 1997 through February 2005 participated in captive reinsurance arrangements. There were some 14,007 title orders involving...
- LandAmerica Resolves Captive Reinsurance Case.
- News wire article from: Mortgage Line August 30, 2006 700+ words
...settlement agreement with the Nevada Division of Insurance over captive reinsurance arrangements. LandAmerica has agreed to a settlement...LandAmerica from 1997 through February 2005 participated in captive reinsurance arrangements. There were some 14,007 title orders involving...
