Enact Announces New $100 Million Share Repurchase Program
01 Agosto 2023 - 5:15PM
Enact Holdings, Inc. (Nasdaq: ACT) (Enact)
announced its Board of Directors has approved a new share
repurchase program with authorization to purchase up to $100
million of its common stock. This new authorization is in addition
to the company’s current $75 million share repurchase program
announced in November 2022, under which the Company repurchased
approximately $71 million of shares of Enact common stock to date.
“We are pleased that the Board has made the decision to expand
our share repurchase program based on the continued strength of our
capital position and confidence in our business and outlook,” said
Rohit Gupta, President and CEO of Enact. “We remain committed to
our balanced capital allocation strategy and will continue to
invest in our business, maintain a strong balance sheet, and return
capital to shareholders.”
Enact’s new share repurchase program authorizes the purchase of
up to $100 million of the company’s common stock utilizing a
variety of methods, including open market purchases, and privately
negotiated transactions, and may be made under Rule 10b5-1 trading
plans, at such times and in such amounts as management deems
appropriate. In support, Enact has entered into an agreement with
Genworth Holdings, Inc. to repurchase its Enact shares on a pro
rata basis as part of the program. The share repurchase program is
not expected to change Genworth’s ownership interest in Enact post
completion.
Enact expects the timing and amount of any share repurchases
will be opportunistic and will depend on a variety of factors,
including Enact’s share price, capital availability, business and
market conditions, regulatory requirements, and debt covenant
restrictions. The program does not obligate Enact to acquire any
amount of common stock, it may be suspended or terminated at any
time at the Company’s discretion without prior notice, and it does
not have a specified expiration date.
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.
Investor ContactDaniel
KohlEnactIR@enactmi.com
Media ContactBrittany
Harris-Flowersbrittany.harris-flowers@enactmi.com
Enact (NASDAQ:ACT)
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