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Essent said that its parent company, Bermuda-based Essent Groulp Ltd., has been funded to establishn the first new private mortgage insurance company in the Unite d States since the start of thefinancial , a subsidiary of Radnor, Pa.-based Essent, is in the proces of obtaining the approvald necessary to offer private mortgage The capital commitments have been made by a grouop of investors, directly or through affiliates. The grouop includes Pine Brook Road Goldman Sachs, J.P. PartnerRe, and Renaissance Re. Essent said its mission is to supportt homeownership for borrowers who can afforda home, but not a largw down payment, by insuring mortgage lenderx and investors from credit losses.
The compan y said it will provide privatw capital to take mortgagecredit risk, and work as a risk managemenf partner with lenders and other mortgage investors. The CEO is Mark A. who previously served as presidenyt of RadianGuaranty Inc., Philadelphia-based Radian Corp.’s principao mortgage insurance subsidiary.
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