Dallas, TX, January 24, 2013 --(PR.com
, Inc., a national provider of risk management and loss mitigation services for mortgage lenders and servicers, has acquired a mortgage guaranty
captive reinsurance company domiciled in the Turks and Caicos Islands (“TCI”). The TCI acquisition is being renamed zInsureRe
“This acquisition is part of a broader investment strategy for zIngenuity in the captive reinsurance
space. In 2012, we established a Cayman Reinsurance Company, zInsureRe, Inc., to serve as an acquisition vehicle for larger lender captives. The TCI acquisition will compliment this strategy as many smaller mortgage reinsurance captives are domiciled there,” said Steve Beagles, Managing Director of Capital Strategies & Analytics.
“Most lender captives established prior to 2008 have been placed into run-off and serve no strategic purpose for lenders, who in many cases are looking to shed non-core assets. We are not aware of an active market for the sale of these structures, which up until this point has limited the available exit options,” added David Reber, President and CEO of zIngenuity, Inc.
zIngenuity is actively seeking investments in both onshore and offshore lender captives and currently has deals in various stages of due diligence, including the acquisition of a Vermont-based captive that is nearing completion.
zIngenuity, Inc. was founded in 2005 by industry veterans David Reber and Scott Allen. The initial business focus was to maximize revenue or reduce risk on 1st and 2nd lien mortgages by utilizing mortgage insurance and captive reinsurance companies. In 2009, the firm expanded its services to include defending clients against mortgage insurance rescissions and denials, as well as investor repurchase demands. Recently, the firm leveraged its expertise in defending repurchase demands and expanded its services to include underwriting new mortgage originations and is comprised of the following platforms.
zIngenuity Analytics and Reporting Services (ZIN ARS) focuses on mortgage portfolio analytics, loss forecasting, captive reinsurance modeling, and MI counterparty risk analysis.
zIngenuity Dispute and Resolution Services (ZIN DRS) focuses on defending lenders and servicers against representation and warranty repurchase demands, rescinded, cancelled, or denied mortgage insurance coverage, mortgage insurance claim filing, claim payment audits, and appraisal disputes.
zIngenuity Mortgage Origination Services (ZIN MOS) focuses on long-term and interim contract underwriting fulfillment, custom fit to lender guidelines.
To learn more about zIngenuity, visit our website at www.zingenuity.com