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Fly News Breaks for March 12, 2018
ACGL, FMCC, RDN, MTG, ESNT
Mar 12, 2018 | 11:49 EDT
After Dowling Research said Freddie Mac (FMCC) has introduced an alternative for securing mortgage insurance as a pilot program with Arch Capital (ACGL) that has pricing "solidly below" published mortgage insurer lender-paid singles rate cards, Wells Fargo analyst Sean Dargan noted that Essent Group (ESNT), MGIC Investment (MTG) and Radian Group (RDN) are down 8%-11% in reaction to fears that Arch will gain meaningful share in the Freddie business. While awaiting more information from both Arch and Freddie Mac, Dargan said that Essent, given its Bermuda reinsurance structure, would be better positioned to replicate the Arch model than would MGIC or Radian. Near midday, Essent is down 8%, MGIC is down 9% and Radian is down 11%.
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