Genworth Targets B Valuation in Mortgage Insurance Unit's IPO
public offering (IPO) of
more than
a regulatory filing.
The company had deferred the IPO
https://www.reuters.com/article/us-enact-ipo-idUSKBN2CU0ZR in May
due to market volatility, with Chief Executive Officer
McInerney
company's value.
Enact's existing shareholders plan to raise as much as
million
between
to the company.
At the upper end of the price range, the company is eyeing a
valuation of nearly
Founded in 1981,
credit protection to mortgage lenders and investors and operates in
all 50 U.S. states and the
Enact generated a profit of
filing showed, due to higher loss reserves related to the
COVID-19 pandemic.
Net insurance policies written in the same period grew to
billion
Bayview Asset Management, which is focused on investments in
mortgage and consumer credit, has agreed to purchase shares of
Enact's common stock in a private placement concurrent with the
IPO.
Goldman Sachs and
for the offering, after which Enact will be listed on the Nasdaq
under the symbol "ACT."
(Reporting by Sohini Podder in Bengaluru; Editing by
Dwivedi
Volatile Cyber Market Struggles to Boost Reinsurance Capacity
Sen. Hyde-Smith Seeks One-Year Extension of National Flood Insurance Program
Advisor News
Annuity News
Health/Employee Benefits News
Life Insurance News