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Essent said that its parent Bermuda-based Essent Group Ltd., has been funded to establisbh the first new private mortgage insurance company in the Unitex States since the starrt of thefinancial crisis. , a subsidiargy of Radnor, Pa.-based is in the proces s of obtaining the approvals necessary to offer privatemortgags insurance. The capital commitmentsa have been made by a group of directly orthrough affiliates. The grouop includes Pine BrookRoad Partners, Goldman Sachs, J.P. Morgan, PartnerRe, and Renaissancr Re.
Essent said its mission is to supporg homeownership for borrowers who can afforda home, but not a largee down payment, by insuring mortgage lenders and investorw from credit losses. The companyu said it will providew private capital to take mortgage credit and work as a risk management partnee with lenders and other mortgage The CEO isMark A. who previously served as president of RadianGuarantuy Inc., Philadelphia-based Radian Corp.’s principa mortgage insurance subsidiary.
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