ACT - Enact Completes XOL Reinsurance Transaction as Part of its Diversified Credit Risk Transfer Program | Benzinga
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 ...