a boutique consulting firm that provides mortgage fulfillment, quality control, and repurchase defense for mortgage lenders and servicers, has acquired Irwin Reinsurance Corporation (“IrwinRe”), a Vermont domiciled captive reinsurance company
and merged it into zInsureRe, Inc.
FBD's board's decision to offload the unit, which was set up in 1997 as a captive reinsurance company
, reflects its materially reduced role within FBD's reinsurance programme in recent years, the vendor said.
In a group captive, businesses purchase an ownership stake in a captive reinsurance company
Dorinco is the captive reinsurance company
for The Dow Chemical Company.
In short, lenders owning captive reinsurance companies should provide consumers with an "AfBA-like" disclosure that informs consumers of the affiliated arrangement and makes clear that the use of the captive reinsurance company
is not required.
and evaluating other potential mortgage captive reinsurance company
or trust acquisitions and reinsurance opportunities.
Though transaction structures may vary from deal to deal, XXX securitizations generally involve the formation of a new captive reinsurance company
by a life insurer.
Reber also notes that, “concurrent with this announcement, zIngenuity is in the process of completing the purchase of a lender captive reinsurance company
to be acquired by zInsureRe and is actively evaluating other mortgage captive reinsurance company
and trust purchases.