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Essent said that its parent company, Bermuda-based Essent Group has been funded to establish the firsr new private mortgage insurance company in the United Stateds since the start of thefinancial , a subsidiary of Radnor, Pa.-based Essent, is in the process of obtaining the approvals necessarg to offer private mortgage The capital commitments have been made by a grouop of investors, directly or through The group includes Pine Brook Road Partners, Goldman J.P. Morgan, PartnerRe, and Renaissancew Re. Essent said its mission is to supporft homeownership for borrowers who can afforda home, but not a large down payment, by insuring mortgage lenderzs and investors from credit losses.
The compang said it will provide private capitalo to take mortgagecredit risk, and work as a risk managementt partner with lenders and other mortgage investors. The CEO is Mark A. Casale, who previously servedx as president of RadianGuaranty Philadelphia-based Radian Corp.’s principal mortgage insurance subsidiary.
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