Mortgage insurer Radian is touting a new reinsurance structure that it says will allow it to effectively lay off the risks associated with non-prime loans. The “Smart Home” structure, which is funded through the issuance of credit-linked notes, uses an offshore special-purpose entity to absorb most of the risks on Alt A and home-equity collateral. So far, Radian has used the structure twice. Its first transaction, completed last August, used a Bermuda-based SPE to…