Enact Mortgage Insurance Completes XOL Reinsurance Transaction as Part of its Diversified Credit Risk Transfer Program
Secures approximately $180 million of excess of loss reinsurance coverage from panel of reinsurers
RALEIGH, N.C., March 08, 2023 (GLOBE NEWSWIRE) -- Enact Holdings, Inc. (Nasdaq: ACT) (Enact), a leading provider of private mortgage insurance through its insurance subsidiaries, today announced that its flagship legal entity, Enact Mortgage Insurance Corporation, has secured approximately $180 million of additional excess of loss (“XOL”) reinsurance coverage. This credit risk transfer (CRT) transaction covers a portion of current and expected new insurance written for the 2023 book year (policies written from January 1, 2023 through December 31, 2023), and is effective January 1, 2023. Reinsurance coverage is provided by a panel of reinsurers each currently rated “A-” or better by Standard & Poor’s or A.M. Best Company, Inc.
“This transaction reflects the continued successful execution of our CRT program, which enhances our capital efficiency and ability to distribute and minimize credit risk,” said Rohit Gupta, President and CEO of Enact. “Supported by our strong capital position, we continue to progress against our growth and risk management strategy, generate value for our shareholders, and advance our purpose of helping people responsibly achieve their homeownership goals.”
Since 2015, Enact has executed approximately $4.7 billion of CRT transactions, including reinsurance coverage of approximately $2.9 billion with highly-rated reinsurers and approximately $1.8 billion through our Triangle Re mortgage insurance-linked note platform.
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About Enact Holdings, Inc.
Enact (Nasdaq: ACT), operating principally through its wholly-owned subsidiary Enact Mortgage Insurance Corporation since 1981, is a leading U.S. private mortgage insurance provider committed to helping more people achieve the dream of homeownership. Building on a deep understanding of lenders' businesses and a legacy of financial strength, we partner with lenders to bring best-in class service, leading underwriting expertise, and extensive risk and capital management to the mortgage process, helping to put more people in homes and keep them there. By empowering customers and their borrowers, Enact seeks to positively impact the lives of those in the communities in which it serves in a sustainable way. Enact is headquartered in Raleigh, North Carolina.
Investor Contact Daniel Kohl EnactIR@enactmi.com Media Contact Sarah Wentz Sarah.Wentz@enactmi.com