RS Group Places $300M MI Program

RS Group of Companies Inc., Toronto, has announced the placement of $300 million of capacity for a mortgage indemnity insurance program on behalf of a subprime mortgage lender.RS Group said the niche product is aimed at individuals who do not fall within the lending guidelines set by Bank and Trust Co. to obtain traditional mortgages, and will enable them to obtain up to 95% mortgage financing with minimal requirements. "This placement expands the RS Group of Companies' product offerings and provides horizontal growth for the company's pass-through risk specialty insurance and reinsurance products," said John Hamilton, chief executive officer of RS Group. The product line "will compete head to head with the GE Capital and other North American MI market segment leaders," he said. The company can be found online at http://www.rsgc.com.