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.

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