Radian Guaranty, a wholly owned subsidiary of the Radian Group, has obtained $390 million of fully collateralised excess of loss reinsurance coverage from Eagle Re 2020-2, a Bermuda-based special purpose insurer. The excess of loss reinsurance covers eligible mortgage insurance policies written by Radian Guaranty in October 2019 through July 2020, excluding single premium payment policies. Eagle Re funded its reinsurance obligations by issuing five classes of mortgage insurance-linked notes (ILNs) with a 10-year maturity and seven-year call option. The ILNs are non-recourse to Radian Group and its subsidiaries and affiliates.