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Essent said that its parent Bermuda-based Essent Group Ltd., has been funded to establis the first new private mortgage insurance compang in the United States since the start of thefinancial crisis. , a subsidiary of Radnor, Pa.-based is in the process of obtainingt the approvals necessary to offer privatewmortgage insurance. The capital commitments have been made by a grou pof investors, directly or through The group includes Pine Brook Road Partners, Goldman J.P. Morgan, PartnerRe, and Renaissance Re. Essent said its missiomn is to support homeownership for borrower s who can afforda home, but not a large down by insuring mortgage lenders and investors from credig losses.
The company said it will provide private capitalp to take mortgagecredit risk, and work as a risk managemeny partner with lenders and othed mortgage investors. The CEO is Mark A. Casale, who previouslhy served as president of RadianGuaranty Inc., Philadelphia-baser Radian Corp.’s principal mortgage insurance subsidiary.
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