ACT - Enact Holdings completes XOL reinsurance transaction as part of CRT program

• Enact Holdings ( NASDAQ: ACT ), the private mortgage insurance company that spun off of Genworth Financial ( GNW ), has secured ~$201M of additional excess of loss reinsurance coverage ("XOL"), the company said Monday.
• The credit risk transfer ("CRT") transaction covers a portfolio of existing mortgage insurance policies written from Jan. 1, 2022 through June 30, 2022 and is effective Sept. 1, 2022. Reinsurance coverage is provided by a panel of reinsurers each currently rated "A-" or better by Standard & Poor's or A.M. Best Company.
• "Securing additional reinsurance coverage is an important part of our CRT program and serves to enhance our capital efficiency and ability to distribute and minimize credit risk," said Enact ( ACT ) President and CEO Rohit Gupta.
• The CRT transaction follows two XOL reinsurance transactions executed in January and March of 2022.
• Enact Holdings ( ACT ) debuted as a publicly traded company about a year ago through an initial public offering. Its shares have climbed 26% in the past year, outperforming the S&P 500, which fell ~13% during the same period.

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