Group 1 - Aduro Clean Technologies Inc. announced the partial exercise of the over-allotment option in its U.S. public offering, resulting in the sale of 1,041,177 common shares for gross proceeds of approximately US$4.43 million at a price of US$4.25 per share [1][2] - The common shares began trading on The Nasdaq Capital Market under the ticker symbol "ADUR" on November 7, 2024 [1] - The net proceeds from the offering will be used for ongoing research and development costs, expenditures related to the construction of its "Next Generation Process" unit, and general corporate purposes [2] Group 2 - Aduro Clean Technologies specializes in developing patented water-based technologies for recycling waste plastics, converting heavy crude and bitumen into lighter oil, and transforming renewable oils into higher-value fuels or chemicals [6] - The company's Hydrochemolytic™ technology operates at relatively low temperatures and costs, utilizing water as a critical agent to convert low-value feedstocks into valuable resources [6]

Core Insights - Enact Holdings, Inc. has entered into two quota share reinsurance agreements with a panel of highly-rated reinsurers, aimed at prudent risk management and capital optimization [1][3] - The agreements involve ceding approximately 27% of expected new insurance written for the periods of January 1, 2025, to December 31, 2025, and January 1, 2026, to December 31, 2026 [2] Company Overview - Enact Holdings, Inc. operates primarily through its subsidiary, Enact Mortgage Insurance Corporation, and is a leading provider of private mortgage insurance in the U.S. since 1981 [5] - The company focuses on helping individuals achieve homeownership by partnering with lenders to provide best-in-class service, underwriting expertise, and risk management [5]

Core Points - Aduro Clean Technologies Inc. successfully held its 2023/2024 annual general meeting on November 22, 2024, where all nominees for election as directors were elected [1] - A total of 10,327,618 common shares, representing 37.93% of the outstanding shares, were voted by proxy at the meeting [2] - The voting results for the election of directors showed high approval rates, with Ofer Vicus receiving 99.84% votes in favor, James Scott 98.96%, and others around 99.97% [2] Company Overview - Aduro Clean Technologies specializes in developing patented water-based technologies aimed at chemically recycling waste plastics and converting heavy crude and bitumen into more valuable oil [4] - The company's Hydrochemolytic™ technology utilizes water as a key agent, operating at relatively low temperatures and costs, transforming low-value feedstocks into valuable resources for the 21st century [4]

LONDON, Ontario, Nov. 08, 2024 (GLOBE NEWSWIRE) -- Aduro Clean Technologies Inc. (“Aduro” or the “Company”) (Nasdaq: ADUR) (CSE: ACT) (FSE: 9D5), a clean technology company using the power of chemistry to transform lower value feedstocks, like waste plastics, heavy bitumen, and renewable oils, into resources for the 21st century, today announced the closing of its underwritten U.S. public offering (the “Offering”) of 941,177 common shares at a public offering price of US$4.25 per common share. The common sh ...

Enact Holdings, Inc. (NASDAQ:ACT) Q3 2024 Earnings Conference Call November 7, 2024 8:00 AM ET Company Participants Daniel Kohl - Vice President, Finance & Investor Relations Rohit Gupta - President & Chief Executive Officer Dean Mitchell - Chief Financial Officer & Treasurer Conference Call Participants Doug Harter - UBS Mihir Bhatia - Bank of America Bose George - KBW Richard Shane - JPMorgan Operator Good day and welcome to the Enact Third Quarter 2024 Earnings Conference Call. All participants will be i ...

Third Quarter 2024 Financial Results November 6, 2024 Cautionary Note Regarding Forward-Looking Statements This communication contains "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act. These forward-looking statements may address, among other things, our expected financial and operational results, the related assumptions underlying our expected results, expectation as to the closing and settlement date for the 2029 Notes and the quotations of management. These ...

Part I. Financial Information [Financial Statements](index=4&type=section&id=Item%201.%20Financial%20Statements) This section presents Enact Holdings, Inc.'s unaudited condensed consolidated financial statements for periods ended September 30, 2024, including Balance Sheets, Statements of Income, Comprehensive Income, Changes in Equity, and Cash Flows, along with detailed notes on accounting policies, investments, loss reserves, reinsurance, and debt Condensed Consolidated Balance Sheet Highlights | (Amounts in thousands) | September 30, 2024 | December 31, 2023 | | :--- | :--- | :--- | | **Total Assets** | **$6,597,046** | **$6,190,473** | | Total Investments | $5,653,949 | $5,286,360 | | Cash and cash equivalents | $673,363 | $615,683 | | **Total Liabilities** | **$1,560,801** | **$1,558,126** | | Loss reserves | $510,401 | $518,191 | | Long-term borrowings | $742,706 | $745,416 | | **Total Equity** | **$5,036,245** | **$4,632,347** | Condensed Consolidated Statements of Income Highlights | (Amounts in thousands, except per share) | Three Months Ended Sep 30, 2024 | Three Months Ended Sep 30, 2023 | Nine Months Ended Sep 30, 2024 | Nine Months Ended Sep 30, 2023 | | :--- | :--- | :--- | :--- | :--- | | **Total Revenues** | **$309,588** | **$299,035** | **$899,998** | **$857,496** | | Premiums | $249,055 | $243,346 | $734,369 | $716,974 | | Losses incurred | $12,164 | $17,847 | $14,844 | $2,793 | | **Net Income** | **$180,669** | **$164,195** | **$525,330** | **$508,203** | | **Diluted EPS** | **$1.15** | **$1.02** | **$3.31** | **$3.13** | Condensed Consolidated Statements of Cash Flows Highlights | (Amounts in thousands) | Nine Months Ended Sep 30, 2024 | Nine Months Ended Sep 30, 2023 | | :--- | :--- | :--- | | Net cash provided by operating activities | $520,132 | $441,982 | | Net cash used in investing activities | ($183,613) | ($133,983) | | Net cash used in financing activities | ($278,839) | ($143,784) | | **Net increase in cash and cash equivalents** | **$57,680** | **$164,215** | [Note 1: Business and Basis of Presentation](index=12&type=section&id=Note%201.%20Nature%20of%20business%2C%20organization%20structure%20and%20basis%20of%20presentation) Enact Holdings, Inc., a Genworth subsidiary, primarily provides residential mortgage guaranty insurance to protect lenders from low-down-payment loan losses, facilitating secondary market sales through EMICO and Enact Re Ltd - The company's core business is providing primary mortgage insurance for prime-based, individually underwritten residential mortgage loans, enabling borrowers to buy homes with less than a **20%** down payment[25](index=25&type=chunk) - The business operates through its primary insurance subsidiary, Enact Mortgage Insurance Corporation (EMICO), which is an approved insurer for Fannie Mae and Freddie Mac[27](index=27&type=chunk) - The company also offers mortgage-related insurance and reinsurance through its Bermuda-based subsidiary, Enact Re Ltd., which reinsures EMICO's business and participates in GSE risk sharing[27](index=27&type=chunk) [Note 5: Loss Reserves](index=26&type=section&id=Note%205.%20Loss%20reserves) Total loss reserves slightly decreased to $510.4 million as of September 30, 2024, from $518.2 million at year-end 2023, with favorable prior-year adjustments of $196 million offset by $212 million in current-year losses incurred Loss Reserve Activity (Nine Months Ended Sep 30) | (Amounts in thousands) | 2024 | 2023 | | :--- | :--- | :--- | | Net loss reserves, beginning balance | $516,221 | $518,330 | | Losses incurred related to current accident year | $211,665 | $198,732 | | Losses incurred related to prior accident years | ($200,457) | ($195,898) | | **Total incurred** | **$11,208** | **$2,834** | | Total paid | ($21,559) | ($21,155) | | **Net loss reserves, ending balance** | **$505,870** | **$500,009** | - Favorable reserve adjustments of **$196 million** were recorded in the first nine months of **2024**, primarily due to better-than-expected cure performance on delinquencies from **2023** and prior years[88](index=88&type=chunk) [Note 6: Reinsurance](index=28&type=section&id=Note%206.%20Reinsurance) The company uses reinsurance, including XOL and QS agreements, to manage risk and meet regulatory needs, holding $580 million in Triangle Re ILNs and $1.12 billion from XOL agreements as of September 30, 2024, with a new 2024 QS agreement ceding 21.225% of eligible new business Reinsurance Premiums (Nine Months Ended Sep 30, 2024) | (Amounts in thousands) | Amount | | :--- | :--- | | Direct Premiums Written | $777,148 | | Assumed Premiums Written | $11,813 | | Ceded Premiums Written | ($82,540) | | **Net Premiums Written** | **$706,421** | | **Net Premiums Earned** | **$734,369** | - The company has multiple excess-of-loss (XOL) reinsurance agreements in place, providing a total of **$1.12 billion** in current reinsurance coverage as of September **30**, **2024**[97](index=97&type=chunk) - A new quota share reinsurance agreement (QS **2024-1**) was established, ceding **21.225%** of new insurance written from January **1**, **2024**, through December **31**, **2024**[99](index=99&type=chunk) [Note 7: Borrowings](index=29&type=section&id=Note%207.%20Borrowings) In May 2024, the company issued $750 million of 6.25% Senior Notes due 2029 to redeem its $750 million 6.5% Senior Notes due 2025, incurring a $10.9 million loss on extinguishment, while its $200 million revolving credit facility remained undrawn - Issued **$750 million** of **6.25%** Senior Notes due **2029** in May **2024**[100](index=100&type=chunk) - Redeemed all **$750 million** of the **6.5%** Senior Notes due **2025** in June **2024**, incurring a **$10.9 million** loss on debt extinguishment[103](index=103&type=chunk) - The company maintains a **$200 million** revolving credit facility that was undrawn as of September **30**, **2024**[104](index=104&type=chunk)[105](index=105&type=chunk) [Note 12: Stockholders' Equity](index=34&type=section&id=Note%2012.%20Stockholders'%20equity) The company authorized a new $250 million share repurchase program on May 1, 2024, repurchasing 2.1 million shares for $71.3 million in Q3 2024, with $166.8 million remaining, and increased quarterly cash dividends to $0.185 per share - A new share repurchase program was authorized on May **1**, **2024**, for up to **$250 million** of common stock[121](index=121&type=chunk) Share Repurchase Activity (Q3 2024) | Period | Shares Purchased | Average Price | Total Cost (approx.) | | :--- | :--- | :--- | :--- | | Q3 2024 | 2,096,329 | $34.04 | $71.3 million | - Quarterly cash dividends paid per share were **$0.185** in Q2 and Q3 **2024**, an increase from **$0.16** in Q1 **2024**[125](index=125&type=chunk) [Management's Discussion and Analysis of Financial Condition and Results of Operations](index=36&type=section&id=Item%202.%20Management's%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management discusses the company's performance amid lingering inflation and elevated mortgage rates, highlighting strong financial results from insurance-in-force growth and favorable loss development, capital management strategies, and operational metrics, while maintaining a robust capital position exceeding regulatory requirements [Trends and Conditions](index=36&type=section&id=Trends%20and%20Conditions) Q3 2024 saw economic uncertainty with elevated mortgage rates impacting origination, but the company expects to exceed new PMIERs requirements, and despite a 6% YoY NIW decrease, high persistency drove insurance-in-force growth and an improved 5% loss ratio - The macroeconomic environment is characterized by improving but still challenging inflation, with the Federal Reserve decreasing interest rates by **50 basis points** in September **2024**[129](index=129&type=chunk)[130](index=130&type=chunk)[131](index=131&type=chunk) - Updated PMIERs requirements will be phased in from March **2025** to September **2026**[138](index=138&type=chunk) - New Insurance Written (NIW) for Q3 **2024** was **$13.6 billion**, a **6%** decrease YoY[140](index=140&type=chunk) - The loss ratio for Q3 **2024** was **5%**, down from **7%** in Q3 **2023**, benefiting from a **$65 million** reserve release due to favorable cure performance[142](index=142&type=chunk) [Results of Operations](index=40&type=section&id=Results%20of%20Operations) For Q3 2024, net income rose 10% YoY to $180.7 million due to higher premiums, investment income, and lower losses, improving the loss ratio to 5%, while nine-month net income increased 3% to $525.3 million, with adjusted operating income showing core operational growth Q3 2024 vs Q3 2023 Performance | (Amounts in thousands) | Q3 2024 | Q3 2023 | % Change | | :--- | :--- | :--- | :--- | | Total Revenues | $309,588 | $299,035 | 4% | | Losses Incurred | $12,164 | $17,847 | (32)% | | **Net Income** | **$180,669** | **$164,195** | **10%** | | Loss Ratio | 5% | 7% | - | Reconciliation to Adjusted Operating Income (Q3) | (Amounts in thousands) | Q3 2024 | Q3 2023 | | :--- | :--- | :--- | | Net Income | $180,669 | $164,195 | | Adjustments (net of tax) | $1,652 | $21 | | **Adjusted Operating Income** | **$182,321** | **$164,216** | [Key Metrics](index=45&type=section&id=Key%20Metrics) Key operational metrics show Q3 2024 New Insurance Written (NIW) decreased 6% YoY to $13.6 billion, yet primary insurance-in-force grew to $268.0 billion with an 83% persistency rate, while the delinquency rate slightly increased to 2.17% and NIW credit quality remained high Selected Operating Metrics (Q3) | Metric | Q3 2024 | Q3 2023 | | :--- | :--- | :--- | | New insurance written | $13,591 million | $14,391 million | | Primary insurance in-force | $268,003 million | $262,014 million | | Persistency rate | 83% | 84% | | Delinquency rate | 2.17% | 1.97% | - New Insurance Written (NIW) for the nine months ended Sep **30**, **2024**, was **$37.7 billion**, an **11%** decrease from the same period in **2023**, primarily impacted by the size of the mortgage insurance market[184](index=184&type=chunk) - The number of delinquent loans increased to **21,027** at the end of Q3 **2024** from **19,241** a year prior, driven by **34,820** new defaults in the first nine months of **2024**[211](index=211&type=chunk) [Investment Portfolio](index=59&type=section&id=Investment%20Portfolio) The company's $5.7 billion investment portfolio as of September 30, 2024, primarily comprises highly rated fixed maturity securities, focusing on capital preservation, income generation, and liquidity, with 99% investment grade, 51% in U.S. corporate bonds, an effective duration of 3.9 years, and a 3.9% pre-tax yield Investment Portfolio Composition (Fair Value) | Security Type | Sep 30, 2024 | Dec 31, 2023 | | :--- | :--- | :--- | | U.S. corporate | 51% | 52% | | Other asset-backed | 22% | 23% | | Non-U.S. corporate | 13% | 13% | | State and political subdivisions | 8% | 8% | | U.S. government, agencies and GSEs | 5% | 4% | | **Total** | **$5,652 million** | **$5,266 million** | - **99%** of the investment portfolio was rated investment grade as of September **30**, **2024**[231](index=231&type=chunk) Portfolio Duration and Yield | Metric | Sep 30, 2024 | Dec 31, 2023 | | :--- | :--- | :--- | | Duration (in years) | 3.9 | 3.5 | | Pre-tax yield | 3.9% | 3.6% | [Liquidity and Capital Resources](index=61&type=section&id=Liquidity%20and%20Capital%20Resources) The company maintains strong liquidity and capital, with $673 million in cash as of September 30, 2024, having refinanced debt in 2024, and its insurance subsidiaries possess $223 million dividend capacity, while EMICO's risk-to-capital ratio is 10.4:1 and PMIERs sufficiency is 173% - As of September **30**, **2024**, EMICO's risk-to-capital ratio was **10.4:1**, significantly below the regulatory maximum of **25:1**[146](index=146&type=chunk)[255](index=255&type=chunk) - The company's PMIERs sufficiency ratio was **173%** as of September **30**, **2024**, representing available assets of **$2,190 million** above the required amount[147](index=147&type=chunk) - The ability of insurance subsidiaries to pay dividends is restricted by North Carolina law[242](index=242&type=chunk) [Quantitative and Qualitative Disclosures About Market Risk](index=62&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) The company's investment portfolio is exposed to interest rate, credit, and concentration risks, managed through diversification and a buy-and-hold strategy, with an effective duration of 3.9 years as of September 30, 2024, indicating a 3.9% fair value change for a 100-basis-point interest rate shift - The primary market risks monitored are changes in interest rates, credit quality of investments, concentration risk, and prepayment risk[265](index=265&type=chunk)[266](index=266&type=chunk)[267](index=267&type=chunk) - As of September **30**, **2024**, the effective duration of the company's investments available-for-sale was **3.9 years**[269](index=269&type=chunk) - A **100 basis point** instantaneous parallel shift in the yield curve would result in a change of **3.9%** in the fair value of the company's investments available-for-sale[269](index=269&type=chunk) [Controls and Procedures](index=63&type=section&id=Item%204.%20Controls%20and%20Procedures) Management, including the CEO and CFO, concluded that the company's disclosure controls and procedures were effective as of September 30, 2024, with no material changes in internal control over financial reporting during the quarter - The Chief Executive Officer and Chief Financial Officer concluded that the company's disclosure controls and procedures were effective as of September **30**, **2024**[271](index=271&type=chunk) - There were no material changes in internal control over financial reporting during the third quarter of **2024**[272](index=272&type=chunk) Part II. Other Information [Legal Proceedings](index=64&type=section&id=Item%201.%20Legal%20Proceedings) The company reports that it is not currently subject to any pending material legal proceedings - As of the filing date, Enact Holdings, Inc. is not subject to any pending material legal proceedings[274](index=274&type=chunk) [Risk Factors](index=64&type=section&id=Item%201A.%20Risk%20Factors) This section states that there have been no material changes from the risk factors that were previously disclosed in the company's Annual Report on Form 10-K - There have been no material changes from the risk factors previously disclosed in the Annual Report on Form **10-K**[275](index=275&type=chunk) [Issuer Purchases of Equity Securities](index=64&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) On May 1, 2024, the company authorized a new $250 million share repurchase program, repurchasing approximately 2.1 million shares for $34.04 average price in Q3 2024, with $166.8 million remaining available - A new share repurchase program was authorized on May **1**, **2024**, allowing for the repurchase of up to **$250 million** of EHI's common stock[276](index=276&type=chunk) Share Repurchases in Q3 2024 | Period | Total Shares Purchased | Average Price Paid | Approx. Value Remaining Under Program (End of Period) | | :--- | :--- | :--- | :--- | | Jul 2024 | 406,945 | $31.02 | $225,545 thousand | | Aug 2024 | 862,209 | $33.59 | $196,588 thousand | | Sep 2024 | 827,175 | $36.00 | $166,806 thousand | | **Total Q3** | **2,096,329** | **$34.04** | **$166,806 thousand** | [Other Information](index=65&type=section&id=Item%205.%20Other%20Information) The company reports that during the quarter ended September 30, 2024, no director or Section 16 officer adopted or terminated any Rule 10b5-1 or non-Rule 10b5-1 trading arrangements - No director or Section **16** officer adopted or terminated any "Rule **10b5-1** trading arrangements" or "non-Rule **10b5-1** trading arrangements" during Q3 **2024**[280](index=280&type=chunk) [Exhibits](index=66&type=section&id=Item%206.%20Exhibits) This section lists the exhibits filed with the Form 10-Q, including certifications from the Principal Executive Officer and Principal Financial Officer, as well as Inline XBRL data files - Exhibits filed include CEO and CFO certifications (**31.1**, **31.2**, **32.1**, **32.2**) and Inline XBRL documents (**101** series)[282](index=282&type=chunk)

LONDON, Ontario, Nov. 07, 2024 (GLOBE NEWSWIRE) -- Aduro Clean Technologies Inc. ("Aduro" or the "Company") (Nasdaq: ADUR) (CSE: ACT) (FSE: 9D5), a clean technology company using the power of chemistry to transform lower value feedstocks, like waste plastics, heavy bitumen, and renewable oils, into resources for the 21st century, today announced the pricing of its underwritten U.S. public offering of 941,177 common shares at a public offering price of US$4.25 per common share for aggregate gross proceeds of ...

Enact Holdings, Inc. (ACT) came out with quarterly earnings of $1.16 per share, beating the Zacks Consensus Estimate of $1.01 per share. This compares to earnings of $1.02 per share a year ago. These figures are adjusted for non-recurring items. This quarterly report represents an earnings surprise of 14.85%. A quarter ago, it was expected that this company would post earnings of $1.03 per share when it actually produced earnings of $1.27, delivering a surprise of 23.30%. Over the last four quarters, the co ...

Exhibit 99.1 ENACT REPORTS THIRD QUARTER 2024 RESULTS AND ANNOUNCES QUARTERLY DIVIDEND _______________________________________ GAAP Net Income of $181 million, or $1.15 per diluted share Adjusted Operating Income of $182 million, or $1.16 per diluted share Return on Equity of 14.7% and Adjusted Operating Return on Equity of 14.8% Record Primary insurance in-force of $268 billion, a 2% increase from third quarter 2023 PMIERs Sufficiency of 173% or $2,190 million Book Value Per Share of $32.61 and Book Value ...