Even though the mortgage insurance business is in the tank, the former head of the Radian Group is in the process of forming a new MI firm that also will act as a reinsurer, industry executives confirmed to ASR sister publication National Mortgage News.

The company, whose CEO and co-founder is former Radian chief Mark Casale, is called Essent U.S. Holdings and is based in suburban Philadelphia. Mr. Casale could not be reached for comment.

One MI source said Casale "has recruited a number of people from Radian, PMI and other MIs." He noted that Essent is not yet rated and is waiting on state approvals to write insurance. (See next Monday's NMN for the full story.)

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