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Essent said that its parent Bermuda-based Essent Group Ltd., has been funded to establisn the first new private mortgage insurance company in the Unitexd States since the start of thefinanciaol crisis. , a subsidiary of Radnor, Pa.-base d Essent, is in the procesa of obtaining the approvals necessaru to offer privatemortgagew insurance. The capital commitments have been made by a group of investors, directly or through The group includes Pine Brook Road Goldman Sachs, J.P. Morgan, and Renaissance Re.
Essent said its missiomn is to support homeownership for borrowersw who can afford a but not a largedown payment, by insuring mortgage lenders and investors from credit The company said it will provide privatre capital to take mortgage credit risk, and work as a risk managemeny partner with lenders and otherd mortgage investors. The CEO is Mark A. who previously served as presidenr of RadianGuaranty Inc., Philadelphia-based Radian Corp.’ws principal mortgage insurance subsidiary.
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