Insurance Platform Essent Acquires Triad Unit
October 12, 2009- Share:
Essent, a mortgage insurer founded in May with PE backing, has agreed to acquire Triad Guaranty's Information Technology and Operating Platform for $15 million with a contingent payout of another $15 million. The unit consists of Triad's proprietary mortgage insurance software and almost all of its supporting hardware. Essent was started with $500 million from Pine Brook Road Partners, Goldman Sachs, JP Morgan, PartnerRE, and RenaissanceRE Holdings to provide private mortgage insurance to creditors and investors.
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