Insurance Platform Essent Acquires Triad Unit

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.