Enact Holdings revises bylaws and shareholder process

Enact Holdings, Inc. (NASDAQ:ACT), an insurance service provider with a market capitalization of $5.2 billion and an attractive P/E ratio of 7.8, announced on Monday that its Board of Directors has unanimously adopted amended and restated bylaws effective immediately as of Thursday, December 5, 2024. According to InvestingPro analysis, the company appears undervalued based on its Fair Value metrics. The updated bylaws introduce several changes to the company's governance and shareholder engagement procedures.

The revisions to the bylaws include updates to the process and disclosure requirements for stockholder nominations of directors and the submission of stockholder proposals. These changes clarify the scope of information and materials required from proposing shareholders, nominees, and related persons. Additionally, the new bylaws stipulate that any shareholder soliciting proxies must certify compliance with Rule 14a-19 under the Securities Exchange Act of 1934.

Furthermore, the amended bylaws establish that the chairperson's decisions regarding whether nominations or proposals were appropriately brought before a shareholder meeting are subject to the Board's supervision. They also specify that proposing shareholders and related persons must adhere to all applicable Exchange Act requirements concerning the advanced notice provisions in the bylaws.

Enact Holdings, previously known as Genworth Mortgage Holdings, Inc., is headquartered in Raleigh, North Carolina, and operates under the insurance agents, brokers, and services industry classification. The company has demonstrated strong performance with a 24% year-to-date return and maintains a healthy 2.1% dividend yield.

InvestingPro subscribers can access detailed financial analysis, including 12+ additional ProTips and comprehensive valuation metrics in the Pro Research Report. The company's fiscal year ends on December 31, and it is incorporated in the state of Delaware.

This announcement is based on a press release statement and the filing with the Securities and Exchange Commission, providing transparency to shareholders and the public about the company's governance policies. InvestingPro data reveals the company maintains a "GREAT" financial health score of 3.24, suggesting strong operational fundamentals and robust governance practices.

In other recent news, Inapp has shown substantial growth in Q3 2024, reporting an 11% year-over-year increase in adjusted operating income to $182 million and an adjusted earnings per share (EPS) of $1.16. The company's primary insurance in force also climbed by $6 billion, reaching a total of $268 billion. However, it wasn't all smooth sailing as new delinquencies rose to 13,000 from 10,500, and total delinquencies increased to 21,000.

Despite these challenges, Inapp's capital position remained strong, with PMIER sufficiency at 173% and $100 million returned to shareholders through buybacks and dividends. The company also anticipates total capital return for 2024 to be between $300 million and $350 million.

This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.