Core Specialty Announces Entry into Mortgage Reinsurance Business
29 Agosto 2023 - 8:34AM
Core Specialty Insurance Holdings, Inc. and its subsidiaries (“Core
Specialty” or the “Company”) announced today it has entered the
mortgage reinsurance market in collaboration with Enact Holdings,
Inc. (“Enact”). Core Specialty will provide excess of loss
reinsurance on selected Freddie Mac and Fannie Mae mortgages. As
part of this initiative, Core Specialty has entered into an
advisory agreement whereby Enact will provide underwriting
expertise, market intelligence including trends, and portfolio
analysis of the written business in support of Core Specialty’s
underwriting. Core Specialty has applied for and received approval
from Government Sponsored Entities Freddie Mac and Fannie Mae
(GSEs) as a new reinsurance counterparty participant.
Jeff Consolino, Founder, President, and CEO of Core Specialty,
commented, “We are pleased to be entering the mortgage reinsurance
market in conjunction with Enact, a recognized market leader. With
annual premium income of $1 billion, the mortgage reinsurance
market affords Core Specialty an attractive opportunity to create
further diversification to our specialty insurance business, deploy
capital at an attractive rate of return and deepen our relationship
with Enact. Existing rate and capacity conditions in the mortgage
reinsurance market are inviting given the desire by the GSEs to
diversify reinsurance panels and changing capital markets
conditions.”
“This agreement is an example of how we are further extending
and expanding Enact’s platform by leveraging our expertise to
pursue new opportunities, and we are pleased to be able to provide
consulting support to Core Specialty as they expand into new
reinsurance offerings,” said Rohit Gupta, President and CEO of
Enact. “This relationship allows Core Specialty to leverage our
deep understanding of the mortgage market as well as our analytics
expertise.”
About Core Specialty
Core Specialty offers a diversified range of property and
casualty insurance products for small to midsized businesses. From
its underwriting offices spanning the U.S., the Company focuses on
niche markets, local distribution, and superior underwriting
knowledge; offering traditional as well as innovative insurance
solutions to meet the needs of its customers and brokers. Core
Specialty is an insurance holding company operating through
StarStone Specialty Insurance Company, a U.S. excess & surplus
lines insurer, and StarStone National Insurance Company, Lancer
Insurance Company, and Lancer Insurance Company of New Jersey, each
of which is a U.S. admitted markets insurer. All Core Specialty
Insurance entities are AM Best rated A- (Excellent); the Starstone
companies are Financial Size Category XII and the Lancer entities
are Financial Size Category VIII. For further information about
Core Specialty, please visit www.corespecialty.com.
Media Contact for Core Specialty: Lynn
Tetley(513) 295-1698 lynn.tetley@corespecialty.com
About Enact Holdings
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. For questions please contact Enact through the
contacts below.
Contacts for Enact:Investors:
Daniel KohlEnactIR@enactmi.com
Media: Brittany
Harris-FlowersBrittany.Harris-Flowers@enactmi.com
Enact (NASDAQ:ACT)
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