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Arch MI Secures Over $249 Million of Indemnity Reinsurance through Bellemeade Re Insurance-Linked Note Transaction and Related Reinsurance

ACGL
  • Arch Mortgage Insurance Company secured over $249 million in indemnity reinsurance from Bellemeade Re 2025-1 Ltd. covering approximately $54.2 billion of mortgages.
  • The transaction, closed on Nov. 13, 2025, was funded through the issuance of $199 million in bonds & $50 million in direct reinsurance.
  • Coverage applies to MI policies issued by Arch MI & affiliates primarily from July 2024 through September 2025.
  • This marks Arch's first Mortgage Insurance-Linked Note transaction of 2025, bringing its total Bellemeade program transactions to 22 since 2015 with nearly $10 billion in secured reinsurance.
  • Bellemeade Re 2025-1 Ltd. funds obligations via five classes of amortizing notes with 10-year legal final maturities.
  • Morningstar DBRS assigned ratings of BBB (low)(sf) for Class M-1A, BB (high)(sf) for Class M-1B, BB (low)(sf) for Class M-1C, B (high)(sf) for Class M-2, & B (sf) for Class B-1.
  • Note pricing details include Class M-1A ($39.86M, SOFR + 1.55%), Class M-1B ($59.79M, SOFR + 2.50%), Class M-1C ($42.71M, SOFR + 3.25%), Class M-2 ($37.01M, SOFR + 3.90%), & Class B-1 ($19.93M, SOFR + 5.05%).
  • An additional $49.83 million was placed with a panel of reinsurers.
  • Jennifer Weiss, VP of Structured Capital & Reinsurance for Arch MI, highlighted the transaction's innovative amortization structure & strong investor engagement.
  • Arch MI is a wholly owned subsidiary of Arch Capital Group Ltd., which holds approximately $26.4 billion in capital as of Sept. 30, 2025.