Enact Holdings, Inc. has announced that its flagship legal entity, Enact Mortgage Insurance Corporation, has secured a 13.125% quota share reinsurance agreement with a broad panel of highly rated reinsurers.
Under the agreement, subject to certain conditions, Enact will transfer 13.125% of a portion of its current and expected new insurance written from January 1, 2023, through December 31, 2023.
Since 2015, Enact has executed around $4.7 billion of excess of loss CRT transactions. This includes reinsurance coverage of roughly $2.9 billion with highly rated reinsurers, approximately $1.8 billion through the Triangle Re mortgage insurance-linked note platform, and now roughly $2 billion of quota share reinsurance coverage.
Rohit Gupta, President and CEO of Enact, said, “We’re very pleased to have entered into this quota share agreement. This agreement builds on the success of our CRT program and reflects the ongoing execution of our strategy and continued commitment to pursuing high-quality new business while driving capital efficiency and minimising credit risk.
“It is another step in creating long-term value for our shareholders and advancing our mission to responsibly help more people become homeowners.”
Enact has been operating principally through its wholly-owned subsidiary Enact Mortgage Insurance Corporation since 1981. It is a U.S. private mortgage insurance provider committed to helping more people become homeowners. Enact is headquartered in Raleigh, North Carolina.
