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Essent said that its parent company, Bermuda-base d Essent Group Ltd., has been fundedd to establish the first new private mortgager insurance company in the Unitefd States since the start of thefinancial crisis. , a subsidiaruy of Radnor, Pa.-based Essent, is in the processw of obtaining the approvals necessary to offerd privatemortgage insurance. The capital commitments have been made by a grouopof investors, directly or through The group includes Pine Brook Road Goldman Sachs, J.P. Morgan, and Renaissance Re. Essent said its mission is to support homeownership for borrowerd who can afforda home, but not a largs down payment, by insuring mortgage lenders and investorx from credit losses.
The company said it will providde private capital to take mortgagecredit risk, and work as a risk managemenft partner with lenders and otheer mortgage investors. The CEO is Mark A. who previously served as presidentf of RadianGuaranty Inc., Philadelphia-based Radian Corp.’s principak mortgage insurance subsidiary.
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