Enact Mortgage Insurance Enters into Quota Share Reinsurance Agreement
05 Juillet 2023 - 10:05PM
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 entered into a
quota share reinsurance agreement with a broad panel of highly
rated reinsurers.
Under the agreement, and subject to certain conditions, Enact
will cede 13.125% of a portion of current and expected new
insurance written for the period from January 1, 2023 through
December 31, 2023.
“We're very pleased to have entered into this quota share
agreement, said Rohit Gupta, President and CEO of Enact. "This
agreement builds on the success of our CRT program and reflects the
ongoing execution of our strategy and continued commitment to
pursuing high-quality new business while driving capital efficiency
and minimizing credit risk. It is another step in creating
long-term value for our shareholders and advancing our mission to
responsibly help more people become homeowners.
Since 2015, Enact has executed approximately $4.7 billion of
Excess of Loss CRT transactions, including reinsurance coverage of
approximately $2.9 billion with highly rated reinsurers,
approximately $1.8 billion through our Triangle Re mortgage
insurance-linked note platform, and now approximately $2.0 billion
of quota share reinsurance coverage.
Safe Harbor Statement This communication
contains “forward-looking statements” within the meaning of the
Private Securities Litigation Reform Act. These forward-looking
statements may address, among other things, our expected financial
and operational results, the related assumptions underlying our
expected results, and the quotations of management. These
forward-looking statements are distinguished by use of words such
as “will,” “may,” “would,” “anticipate,” “expect,” “believe,”
“designed,” “plan,” “predict,” “project,” “target,” “could,”
“should,” or “intend,” the negative of these terms, and similar
references to future periods. These views involve risks and
uncertainties that are difficult to predict and, accordingly, our
actual results may differ materially from the results discussed in
our forward-looking statements. Our forward-looking statements
contained herein speak only as of the date of this press release.
Factors or events that we cannot predict, including uncertainty
around Covid-19 and the effects of government and other measures
seeking to contain its spread; risks related to an economic
downturn or recession in the United States and in other countries
around the world; changes in political, business, regulatory, and
economic conditions; changes in or to Fannie Mae and Freddie Mac
(the “GSEs”), whether through Federal legislation, restructurings
or a shift in business practices; failure to continue to meet the
mortgage insurer eligibility requirements of the GSEs; competition
for customers; lenders or investors seeking alternatives to private
mortgage insurance; an increase in the number of loans insured
through Federal government mortgage insurance programs, including
those offered by the Federal Housing Administration; and other
factors described in the risk factors contained in our 2022 Annual
Report on Form 10-K and other filings with the Securities and
Exchange Commission, may cause our actual results to differ from
those expressed in forward-looking statements. Although Enact
believes the expectations reflected in such forward-looking
statements are based on reasonable assumptions, Enact can give no
assurance that its expectations will be achieved and it undertakes
no obligation to update publicly any forward-looking statements as
a result of new information, future events, or otherwise, except as
required by applicable law.
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
Brittany Harris-Flowers
Brittany.Harris-Flowers@enactmi.com
Enact (NASDAQ:ACT)
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