ACT - Enact Mortgage Insurance Enters into Quota Share Reinsurance Agreement | Benzinga
RALEIGH, N.C., Jan. 03, 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 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 approximately 21% of a portion of expected new insurance written for the period from January 1, 2024 through December 31, 2024.
"We are pleased to have entered into our new quota share agreement, which gives us additional reinsurance capacity from a broad panel of highly rated reinsurers on attractive terms," said Rohit Gupta, President and CEO of Enact. "This transaction further diversifies our sources of capital, improves the risk profile of our new insurance written, and furthers our ability to pursue high-quality new business. We appreciate the confidence and support shown by our reinsurance partners as we continue in our mission to responsibly help more people become homeowners."
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