Enact Completes Fifth Mortgage Insurance Credit Risk Transfer Transaction |



RALEIGH, North Carolina, September 2, 2021 / PRNewswire / – Enact Holdings, Inc. (Enact) a leading provider of private mortgage insurance through its insurance subsidiaries, today announced that its flagship legal entity, Genworth Mortgage Insurance Corporation, has obtained $ 372 million fully secured XOL reinsurance coverage through the issuance of an insurance-linked note transaction with Triangle Re 2021-3 Ltd. (“Triangle Re 2021-3”). Triangle Re 2021-3 provides coverage on a portfolio of existing seasoned mortgage insurance policies underwritten from January 1, 2021 through June 30, 2021.

Triangle Re 2021-3 funded its reinsurance obligations by issuing four categories of Mortgage Insurance Related Bonds (ILNs), which have a legal final maturity of 12.5 years with a 7-year call option, to qualified institutional investors within the framework of an unregistered private offer. ILNs are without recourse against Genworth Financial, Inc. or its subsidiaries and affiliates.

From June 30, 2021, Enact had a published PMIER sufficiency ratio of 165%, which is $ 1.9 billion above the published PMIER requirement. If the Triangle Re 2021-3 transaction had been effective in the second quarter of 2021, Enact’s PMIER adequacy ratio would have increased on a pro forma basis, without taking into account developments subsequent to the end of the quarter, to 189% and $ 2.3 billion above published PMIER requirements.

The transaction marks the sixteenth reinsurance transaction and the fifth ILN issue for Enact, as well as the sixth credit risk transfer transaction since the start of the COVID-19 pandemic. This most recent example signifies the continuation of the company’s credit risk transfer program, which generated $ 3.8 billion excess of loss coverage since the start of the program in 2015.

The securities described in this document have not been and will not be registered under the US Securities Act of 1933 and may not be offered or sold in United States lack of registration or an applicable exemption from registration requirements. This press release does not constitute an offer to sell or the solicitation of an offer to buy any of the aforementioned securities and does not constitute an offer, solicitation or sale in any state or jurisdiction in which, or any person to whom such the offering, solicitation or sale would be illegal.

About Enact Holdings, Inc.

Enact, operating primarily through its wholly owned subsidiary Genworth Mortgage Insurance Corporation since 1981, is a leading private mortgage insurance provider in the United States committed to helping more people achieve their dreams of home ownership. the property. With a deep understanding of lender business and a legacy of financial strength, we partner with lenders to deliver world-class service, cutting-edge underwriting expertise, and in-depth risk and debt management. capital for the mortgage process, thus helping to put more people in and keep them there. By empowering clients and their borrowers, Enact seeks to have a positive impact on the lives of members of the communities in which it serves on a sustainable basis. Enact is headquartered at Raleigh, North Carolina.

Show original content:https://www.prnewswire.com/news-releases/enact-completes-fifth-mortgage-insurance-linked-note-credit-risk-transfer-transaction-301368819.html

SOURCE Enact Holdings, Inc.


Previous Can't repay a personal loan? What should you do? Here are your options
Next Where can I get a payday loan?