Agency Credit Insurance Structure (ACIS®) is Freddie Mac’s insurance-based credit risk sharing vehicle. ACIS transactions are insurance policies issued by or ceded to global (re)insurance companies to cover a portion of credit risk on the STACR or standalone reference pools. These transactions provide an innovative opportunity for global (re)insurance companies to invest in the credit performance of Freddie Mac’s quality single-family mortgage loans. Unlike other (re)insurance policies, ACIS offer a multi-tranche structure that accommodates (re)insurers with varied levels of appetite for risk. Freddie Mac pays monthly premiums to (re)insurers, based on their tranche participation, in exchange for claim coverage on their portion of the reference pool.