Dallas, TX, June 18, 2013 --(PR.com
)-- zIngenuity, Inc., a boutique consulting firm that provides mortgage fulfillment, quality control, and repurchase defense for mortgage lenders and servicers, has acquired Irwin Reinsurance Corporation (“IrwinRe”), a Vermont domiciled captive reinsurance
company and merged it into zInsureRe, Inc. (“zInsureRe”), a Cayman Islands based, indirect wholly-owned subsidiary of zIngenuity.
“We established zInsureRe in 2012 to serve as an acquisition vehicle for lender captives
that are in run-off. Earlier this year we completed another acquisition and continue to actively bid as the sole acquirer on smaller sized transactions and in partnership with private investors for deals with asset sizes in excess of $10 million,” said Steve Beagles, Managing Director of zIngenuity, Inc.
“Recent CFPB mortgage insurance
company settlements have made future commutations highly unlikely, leaving a lender with little option beyond a lengthy run-off. We provide lenders with an attractive monetization alternative and have developed a standardized bid package which allows us to quickly evaluate and bid on captives of all sizes at a time when no active market exists,” added David Reber, President and CEO of zIngenuity, Inc.
In addition to zIngenuity’s investment division activities, the firm continues to grow its service offerings in mortgage fulfillment and quality control audits in response to changes in the market and in support of client needs.
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 repurchase demand defense and further expanded its services to include mortgage fulfillment and quality control offerings.
To learn more about zIngenuity, visit our website at www.zingenuity.com.