Genworth
  • United States United States
  • Pay Online
  • Contact Us
  • United States United States
  • Pay Online
  • Contact Us
  • News Releases
  • In the News
  • Company Overview
  • Executive Team
  • Multimedia Library
  • Media Contacts
  • About Us
      • Genworth Commitment
      • Industry Expertise
      • Cost of Care
      • Let's Talk
      • Homeownership
      • Social Responsibility
      • Workplace
      • Community
      • Environment
      • Governance
      • Marketplace
      • Company Ratings
      • Genworth to Be Acquired by China Oceanwide

        Read CEO Message

        A message from Tom McInerney
  • Products
      • Long Term Care
      • Long Term Care Insurance
      • Group Long Term Care Insurance
      • Caregiving Support
      • Mortgage Insurance
      • Immediate Need Annuity
      • Preparing for Now
      • Get the Facts
      • Care Stories
      • Why Genworth
      • Request a Consultation
      • 17th Annual Genworth Cost of Care Survey

        Take the guess work out of
        long term care planning.

  • Customer Service
      • Forms
      • Life Insurance Forms
      • Annuity Insurance Forms
      • Long Term Care Insurance Forms
      • FAQs
      • Prospectuses
      • Contacts
      • Index UL Rates
      • Pay Online 

        No login required!

  • Claims
      • Long Term Care Insurance Claims
      • How to Open a Claim
      • The Claim Process
      • Collecting Benefit Payments
      • LTC Claims Resources
      • Life Insurance Claims
      • Life Insurance Claims FAQ
      • Life Insurance Claim Form Instructional Video
      • Annuity Claims
      • Annuity Claims FAQ

Please select your country

Australia Ireland Portugal
Canada (EN) (FR) Italia Schweiz (DE) (FR) (IT)
Danmark Lietuva South Korea
Deutschland Magyar Suomi (FI) (SV)
Eesti Mexico Sverige
España Nederland United Kingdom
France New Zealand United States of America
Greece Norge
India Polska
Home / Newsroom /

Get News Alerts by Email All RSS Feeds
Genworth Mortgage Insurance Completes Mortgage Insurance-Linked Note Transaction
Obtains $349.6 million of fully collateralized excess of loss reinsurance coverage from Triangle Re

RICHMOND, Va., Oct. 22, 2020 /PRNewswire/ -- Genworth Mortgage Insurance ("Genworth MI"), an operating segment of Genworth Financial, Inc. (NYSE: GNW), today announced that its flagship legal entity, Genworth Mortgage Insurance Corporation, has obtained $349.6 million of fully collateralized excess of loss reinsurance coverage from Triangle Re 2020-1 Ltd. ("Triangle Re") on a portfolio of existing mortgage insurance policies written from January 2020 through August 2020. Triangle Re is a special purpose insurer domiciled in Bermuda and is not a subsidiary or affiliate of Genworth Financial, Inc.

Triangle Re funded its reinsurance obligations by issuing five classes of mortgage insurance-linked notes (ILNs), which have a 10-year legal final maturity with a 7-year call option, to qualified institutional investors in an unregistered private offering. The ILNs are non-recourse to Genworth Financial, Inc. or its subsidiaries and affiliates.

The ILNs consist of the following five classes:

  • $ 134,854,000 Class M-1A Notes with a coupon equal to one-month LIBOR plus 300 basis points
  • $ 54,940,000 Class M-1B Notes with a coupon equal to one-month LIBOR plus 390 basis points
  • $ 59,935,000 Class M-1C Notes with a coupon equal to one-month LIBOR plus 450 basis points
  • $ 74,919,000 Class M-2 Notes with a coupon equal to one-month LIBOR plus 560 basis points
  • $ 24,973,000 Class B-1 Notes with a coupon equal to one-month LIBOR plus 775 basis points

This transaction marks the second ILN issuance for Genworth MI, representing its third credit risk transfer transaction since the COVID-19 pandemic began, and is a continuation of the company's robust credit risk transfer program, which has generated more than $2.4 billion of excess of loss reinsurance coverage over the past five years.

"I'm proud of the work we continue to do to strengthen our portfolio and balance sheet," said Genworth MI's Chief Executive Officer Rohit Gupta. "In the best of times, these actions help us effectively manage our capital—and in uncertain times, they help us weather the impact of market volatility on our portfolio and protect our balance sheet."

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.

About Genworth Mortgage Insurance

Genworth Mortgage Insurance, an operating segment of Genworth Financial, Inc. (NYSE: GNW), is headquartered in Raleigh, North Carolina, and operates in all 50 states and the District of Columbia. Genworth Mortgage Insurance works with lenders and other partners to help people responsibly achieve and maintain the dream of homeownership by ensuring the broad availability of affordable low down payment mortgage loans. Genworth has been providing mortgage insurance products and services in the U.S. since 1981.

 

SOURCE Genworth Mortgage Insurance

For further information: For media inquiries, please contact: Brittany Harris-Flowers , Genworth Mortgage Insurance, 803 290.1855 (c), Brittany.Harris-Flowers@genworth.com

141482NRS 12/17/13

  • News Releases
  • Social Media
  • Company Overview
  • Executive Team
  • Multimedia Library
  • Media Contacts
  • Products

    • Long Term Care Insurance
    • Immediate Need Annuity
    • Mortgage Insurance
  • Genworth Global Links

    • About Genworth
    • Investors
    • Newsroom
    • Careers
  • Site Tools

    • Site Map
    • Privacy
    • Terms Of Use
    • Fraud & Information Protection

Social Media

Our financial products are offered/underwritten by one or more of the following:
Genworth Life and Annuity Insurance Company; Genworth Life Insurance Company; Genworth Life Insurance Company of New York (only Genworth Life Insurance Company of New York is admitted in and conducts business in New York); Genworth Mortgage Insurance Corporation; Genworth Financial Mortgage Insurance Pty Limited; Genworth Financial Mortgage Insurance Limited; Genworth Residential Mortgage Insurance Corporation of NC; Genworth Financial Assurance Corporation.

© 2021 Genworth Financial, Inc. All rights reserved.