Enact Completes XOL Reinsurance Transaction as Part of its Diversified Credit Risk Transfer Program
RALEIGH, N.C., June 27, 2024 (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 $90 million of additional excess of loss (XOL) reinsurance coverage. This credit risk transfer (CRT) transaction covers a portion of existing mortgage insurance policies written from July 1, 2023 through December 31, 2023 and is effective June 1, 2024. Reinsurance coverage is provided by a panel of reinsurers each currently rated "A-" or better by Standard & Poor's ("S&P") and A.M. Best Company, Inc., and rated "A3" or better by Moody's.
"This transaction marks another step in the successful execution of our CRT strategy," said Rohit Gupta, President and CEO of Enact. "We remain committed to our efforts to minimize credit risk and enhance our capital efficiency while continuing to deliver value for all our stakeholders."
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.
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