RALEIGH, N.C., Nov. 01, 2022 (GLOBE NEWSWIRE) — Enact Holdings, Inc. (Nasdaq: ACT) (Enact) right this moment introduced that its Board of Directors declared a particular money dividend of $183 million, or $1.12 per widespread share, and has licensed a $75 million share repurchase program. The particular money dividend is payable on December 6, 2022 to shareholders of document as of shut of business on November 18, 2022. In assist of our deliberate capital actions, EMICO, our major mortgage insurance working firm, accomplished a distribution of $242 million to our holding firm in October.
“The Board’s decision to declare a special cash dividend and authorize a share repurchase program reflects our strong capital position, continued confidence in our long-term outlook, and commitment to returning capital to shareholders,” stated Rohit Gupta, President and CEO of Enact. “These actions put us on a trajectory to return at least $250 million of capital to shareholders in 2022. Going forward, we remain committed to our balanced approach to capital allocation and are well positioned with the financial strength and flexibility to continue investing in our business while also managing risk and generating value for our shareholders.”
Enact’s share repurchase program authorizes the acquisition of as much as $75 million of the corporate’s widespread inventory using a spread of strategies, together with open market purchases, and privately negotiated transactions, and could also be made below Rule 10b5-1 buying and selling plans, at such occasions and in such quantities as administration deems acceptable. In assist, Enact has entered into an settlement with Genworth Holdings, Inc. to repurchase its Enact shares on a professional rata foundation as half of this system. The share repurchase program is just not anticipated to alter Genworth’s possession curiosity in Enact publish completion.
Enact expects the timing and quantity of any share repurchases will probably be opportunistic and will depend upon a spread of components, together with Enact’s share worth, capital availability, business and market circumstances, regulatory necessities, and debt covenant restrictions. The program doesn’t obligate Enact to accumulate any quantity of widespread inventory, it could be suspended or terminated at any time on the Company’s discretion with out prior discover, and it doesn’t have a specified expiration date.
About Enact Holdings, Inc.
Enact (Nasdaq: ACT), working principally by means of its wholly-owned subsidiary Enact Mortgage Insurance Corporation since 1981, is a number one U.S. non-public mortgage insurance supplier dedicated to serving to extra individuals obtain the dream of homeownership. Building on a deep understanding of lenders’ companies and a legacy of monetary power, we associate with lenders to deliver best-in class service, main underwriting experience, and in depth threat and capital administration to the mortgage course of, serving to to place extra individuals in properties and maintain them there. By empowering clients and their debtors, Enact seeks to positively influence the lives of these within the communities through which it serves in a sustainable method. Enact is headquartered in Raleigh, North Carolina.
