OAKLAND, Calif., Oct. 20, 2014 /PRNewswire/ -- Mosaic, a peer-to-peer solar finance company, today announced that an affiliate of global reinsurer PartnerRe Ltd. (NYSE: PRE) will provide up to $100 million in financing for Mosaic's home solar loan program.
Under the terms of the facility, PartnerRe will finance the purchase of loans originated by Mosaic. The company also expects to continue to grow its successful peer-to-peer lending platform, which has already seen thousands of investors join the Mosaic community.
"Mosaic's superior loan terms, user-friendly borrowing experience, and recent expansion into several new states throughout the U.S. have resulted in accelerating demand for capital sourcing for our homeowner loans beyond traditional crowdfunding," said Bruce Ledesma, Mosaic's Chief Operating Officer. "We are thrilled to work with an experienced investment team to expand the availability of our lending capacity to solar installers and their customers throughout the country."
"Mosaic has successfully created innovative loan products and technology-driven origination processes," said David Moran, President of PartnerRe Principal Finance Inc. "PartnerRe is impressed with the quality of consumer loans in Mosaic's portfolio. We look forward to beginning our financing arrangement and facilitating greater access to capital for the solar market consistent with our investment objectives."
Mosaic is America's first peer-to-peer solar finance company and is enabling thousands of American people to profit from clean energy. Mosaic has been honored by Fast Company as a top ten most innovative company in energy for two consecutive years, by the Department of Energy as a SunShot Grant recipient, The Sierra Club as the Trailblazer Company of the Year, and Verizon Wireless as the environmental winner for their Powerful Answers Awards. For more information, visit: http://www.joinmosaic.com/go-solar. Solar Mosaic, Inc., CFL Lic. #6054631.
PartnerRe Ltd. is a leading global reinsurer, providing multi-line reinsurance to insurance companies. The Company, through its wholly owned subsidiaries, also offers capital markets products that include weather and credit protection to financial, industrial and service companies. Risks reinsured include property, casualty, motor, agriculture, aviation/space, catastrophe, credit/surety, engineering, energy, marine, specialty property, specialty casualty, multiline and other lines in its Non-life operations, mortality, longevity and accident and health in its Life and Health operations, and alternative risk products. For the year ended December 31, 2013, total revenues were $5.5 billion. At June 30, 2014, total assets were $23.4 billion, total capital was $7.7 billion and total shareholders' equity attributable to PartnerRe was $6.9 billion. PartnerRe on the Internet: www.partnerre.com
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