Enact Re, Ltd. Receives A- Rating from S&P Global Ratings
Rhea-AI Summary
Enact Holdings, Inc. (Nasdaq: ACT), a leading private mortgage insurance provider, announced that S&P Global Ratings has assigned an A- rating to its subsidiary Enact Re, This marks Enact Re's first credit rating from S&P, with a stable outlook. The rating underscores Enact's strong capital position and disciplined execution.
Rohit Gupta, Enact's President and CEO, expressed satisfaction with the rating, viewing it as a testament to the company's financial strength. He reiterated Enact's commitment to maintaining robust financial health, serving stakeholders, and delivering significant shareholder value. This rating is the second for Enact Re since its launch, further validating its continued strong performance in the mortgage insurance market.
Positive
- Enact Re, received an A- rating from S&P Global Ratings
- The rating outlook is stable
- The rating reflects Enact's strong capital position and disciplined execution
- This is the second rating for Enact Re since its launch, indicating continued strong performance
Negative
- None.
News Market Reaction – ACT
In the trading session that priced this news, ACT declined 1.08%, reflecting a mild negative market reaction.
Data tracked by StockTitan Argus on the day of publication.
AI-generated analysis. How Rhea-AI works. Not financial advice.
First Rating Assigned to Enact Re by S&P and Second Rating Since Launch Underscores Continued Strong Performance
RALEIGH, N.C., Aug. 19, 2024 (GLOBE NEWSWIRE) -- Enact Holdings, Inc. (Nasdaq: ACT) (Enact) a leading provider of private mortgage insurance through its insurance subsidiaries, today announced that S&P Global Ratings has assigned an A- rating to Enact Re, Ltd. (Enact Re), a subsidiary of Enact Mortgage Insurance Company (EMICO). The outlook for the ratings is stable.
“We are pleased to have Enact Re Ltd. receive its first credit rating from S&P,” said Rohit Gupta, Enact’s President and Chief Executive Officer. “This rating is a testament to our continued strong capital position and disciplined execution. Looking ahead, we’re committed to maintaining robust financial health and serving our stakeholders while delivering significant value for our shareholders.”
Additional information regarding the rating changes can be found in the full report issued by S&P.
About Enact Holdings, Inc.
Enact (Nasdaq: ACT), operating principally through its wholly-owned subsidiary Enact Mortgage Insurance Corporation since 1981, is a leading U.S. private mortgage insurance provider committed to helping more people achieve the dream of homeownership. Building on a deep understanding of lenders' businesses and a legacy of financial strength, we partner with lenders to bring best-in class service, leading underwriting expertise, and extensive risk and capital management to the mortgage process, helping to put more people in homes and keep them there. By empowering customers and their borrowers, Enact seeks to positively impact the lives of those in the communities in which it serves in a sustainable way. Enact is headquartered in Raleigh, North Carolina.
Safe Harbor Statement
This communication contains “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements may address, among other things, our expected financial and operational results, the related assumptions underlying our expected results, guidance concerning the future return of capital and the quotations of management. These forward-looking statements are distinguished by use of words such as “will,” “may,” “would,” “anticipate,” “expect,” “believe,” “designed,” “plan,” “predict,” “project,” “target,” “could,” “should,” or “intend,” the negative of these terms, and similar references to future periods. These views involve risks and uncertainties that are difficult to predict and, accordingly, our actual results may differ materially from the results discussed in our forward-looking statements. Our forward-looking statements contained herein speak only as of the date of this press release. Factors or events that we cannot predict, including risks related to an economic downturn or a recession in the United States and in other countries around the world; changes in political, business, regulatory, and economic conditions; changes in or to Fannie Mae and Freddie Mac (the “GSEs”), whether through Federal legislation, restructurings or a shift in business practices; failure to continue to meet the mortgage insurer eligibility requirements of the GSEs; competition for customers; lenders or investors seeking alternatives to private mortgage insurance; an increase in the number of loans insured through Federal government mortgage insurance programs, including those offered by the Federal Housing Administration; and other factors described in the risk factors contained in our 2023 Annual Report on Form 10-K and other filings with the SEC, may cause our actual results to differ from those expressed in forward-looking statements. Although Enact believes the expectations reflected in such forward-looking statements are based on reasonable assumptions, Enact can give no assurance that its expectations will be achieved and it undertakes no obligation to update publicly any forward-looking statements as a result of new information, future events, or otherwise, except as required by applicable law.
