Reinsurance News

Enact Mortgage completes $180m XOL reinsurance deal

9th March 2023 - Author: Matt Sheehan

Private mortgage insurance provider Enact Holdings has announced that its flagship legal entity, Enact Mortgage Insurance Corporation, has secured $180 million of additional excess of loss (XOL) reinsurance coverage.

mortgage riskThis credit risk transfer (CRT) transaction covers a portion of current and expected new insurance written for the 2023 book year and is effective January 1, 2023.

Reinsurance coverage is provided by a panel of reinsurers each currently rated “A-” or better by S&P or AM Best.

“This transaction reflects the continued successful execution of our CRT program, which enhances our capital efficiency and ability to distribute and minimize credit risk,” said Rohit Gupta, President and CEO of Enact.

“Supported by our strong capital position, we continue to progress against our growth and risk management strategy, generate value for our shareholders, and advance our purpose of helping people responsibly achieve their homeownership goals.”

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Since 2015, Enact has executed approximately $4.7 billion of CRT transactions, including reinsurance coverage of approximately $2.9 billion with reinsurers and $1.8 billion through its Triangle Re mortgage insurance-linked note platform.

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