Evan Stolove
About Evan Stolove
Evan S. Stolove (age 56) is Executive Vice President, General Counsel, and Corporate Secretary of Enact Holdings, Inc. (ticker: ACT), responsible for legal, compliance, privacy, and state government affairs; he has served as EVP since May 2021 after serving as SVP, General Counsel, and Secretary from July 2017 to May 2021 . In 2024, Enact delivered Adjusted Operating Income of $718 million, Adjusted ROE of 14.9%, an expense ratio of 23.0%, and net income of $688 million; 2022–2024 PSUs paid at 200% based on three‑year Book Value Per Share (BVPS) growth, aligning pay with performance . Since IPO (Sept 2021) through 2024, Enact’s cumulative TSR rose to $190.95 vs. MI peer group $154.79; 2024 net income was $688,068 thousand and BVPS was $37.46, underscoring value creation during his tenure on the leadership team .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Enact Holdings, Inc. | EVP, General Counsel & Corporate Secretary | May 2021–Present | Leads legal, compliance, privacy, and state government affairs |
| Enact Holdings, Inc. | SVP, General Counsel & Secretary | Jul 2017–May 2021 | Led enterprise legal function; secretary responsibilities |
Fixed Compensation
Multi-year compensation (as reported in Summary Compensation Table):
| Metric | 2022 | 2023 | 2024 |
|---|---|---|---|
| Salary ($) | 420,192 | 425,000 | 445,193 |
| Bonus ($) – Deferred cash from prior GNW awards | 191,000 | 150,000 | 108,334 |
| Stock Awards ($) – RSUs/PSUs grant-date fair value (ASC 718) | 410,572 | 420,584 | 488,170 |
| Non-Equity Incentive Plan Compensation ($) | 558,000 | 558,000 | 507,000 |
| All Other Compensation ($) | 81,055 | 99,962 | 98,732 |
| Total ($) | 1,660,819 | 1,653,546 | 1,647,429 |
2024 base salary as of 12/31/2024 was $450,000 (comp program rate, distinct from cash paid in 2024) .
2024 All Other Compensation detail:
| Component | 2024 ($) |
|---|---|
| Company contributions to retirement plans | 80,255 |
| Life insurance premiums | 6,636 |
| Executive physical | 406 |
| Financial counseling | 11,435 |
| Total | 98,732 |
Performance Compensation
2024 Annual Incentive Design and Outcomes (Company Scorecard)
| Metric | Weight | Threshold | Target | Maximum | 2024 Result | Payout |
|---|---|---|---|---|---|---|
| Adjusted Operating Income ($MM) | 30% | 220 | 488–536 | 700 | 718 | 200% |
| Adjusted ROE (%) | 30% | 4.7% | 10.3–11.3% | 14.5% | 14.9% | 200% |
| Expense Ratio (%) | 10% | 25% | 23% | 21% | 23.0% | 100% |
| Strategic Objectives (growth, risk/pricing, capital/liquidity) | 30% | — | — | — | — | 100% total funding |
Evan Stolove’s 2024 annual incentive target was $337,500 (implies 75% of $450,000 base); his approved 2024 payout was $507,000 (~150% of target), reflecting company overachievement on AOI and ROE .
| Evan Stolove 2024 Annual Incentive | Amount ($) |
|---|---|
| Target | 337,500 |
| Actual | 507,000 |
Long-Term Incentives (granted 2/16/2024)
| Grant Type | Target Award Value ($) | # Granted | Grant-Date Fair Value ($) | Vesting/Performance |
|---|---|---|---|---|
| RSUs | — | 7,182 | 195,279 | Time-based; 1/3 per year starting first anniversary |
| PSUs (2024–2026) | — | 10,772 target | 292,891 | BVPS growth over 1/1/2024–12/31/2026; payout 0–200%; Threshold 17%, Target 35%, Max 44% |
Recent PSU performance: 2022 PSUs (3-year period ended 12/31/2024) paid at 200% based on above-target BVPS growth .
Equity Ownership & Alignment
Ownership snapshot (as of proxy record dates stated):
| Item | Amount |
|---|---|
| Beneficially owned shares | 33,461 |
| % of common shares outstanding | <1% (151,391,312 shares outstanding) |
| Unvested RSUs outstanding (12/31/2024) | 3,532; 6,213; 7,343 |
| PSUs outstanding (12/31/2024) | 21,214 (2022–2024, earned at 200%); 18,648 (2023–2025, shown at max per disclosure); 11,014 (2024–2026, at target) |
| Stock options held | None; no options outstanding |
| Anti-hedging/anti-pledging | Hedging and pledging prohibited for executives |
| Ownership guideline | General Counsel required to hold ≥2x base salary; NEOs in compliance or on track |
Vesting calendar (potential supply considerations):
- RSUs vest 100% on 2/11/2025 for the 3,532‑unit award; 50% on 2/9/2025 and 50% on 2/9/2026 for the 6,213‑unit award; and 1/3 on 2/16/2025, 2/16/2026, 2/16/2027 for the 7,343‑unit award .
- PSUs: 2022–2024 tranche earned at 200% based on BVPS; 2023–2025 and 2024–2026 remain performance-contingent (presentation at max/target per SEC rules) .
Deferred compensation (2024):
- Restoration Plan contributions by company: $52,655; aggregate year-end balance: $263,358; 2024 earnings: $26,172 .
Employment Terms
| Category | Key Terms |
|---|---|
| Severance (no change-in-control) | Lump sum of 1x base salary + target annual incentive (CEO 2x); pro‑rated annual incentive (based on actual results); 12 months COBRA-equivalent cash; next-tranche vesting of time-based equity; PSUs continue pro-rata to end of performance period; CEO vests in nonqualified retirement plans (service requirement met); release and restrictive covenants required . |
| Change-in-Control (double trigger: within 2 years) | Lump sum of 2x base + target annual incentive (CEO 2.5x); pro‑rated annual incentive (actual if determinable, else target); full vest of time-based equity; PSUs vest based on actual pro‑rata performance or target if not determinable; 18 months COBRA-equivalent cash and life insurance; vesting in nonqualified retirement/deferred comp . |
| 280G cutback | Best‑net approach: cut to avoid excise tax unless greater after‑tax benefit by paying full amounts (no excise tax gross‑up) . |
| Restrictive covenants | 12‑month non‑compete; 24‑month non‑solicit of customers and employees; confidentiality obligations . |
| Clawbacks | Nasdaq‑compliant incentive compensation recovery for restatements plus supplemental discretionary clawback for misconduct or policy breaches . |
Compensation Peer Group & Say‑on‑Pay
- Peer group used for 2024 decisions (15 companies), including Essent Group, MGIC Investment, NMI Holdings, and Radian Group among others; pay generally targeted to market median with discretion by role and retention needs .
- 2024 say‑on‑pay support exceeded 99% of votes cast; no changes made specifically due to the vote .
- Key governance practices: anti‑hedging/anti‑pledging; robust clawbacks; double‑trigger CoC severance; no excise tax gross‑ups; heavy use of LTI with PSUs and RSUs; no stock options granted in 2024 .
Performance & Track Record
- 2024 operating results: AOI $718M; Adjusted ROE 14.9%; expense ratio 23.0%; net income $688M . Record insurance‑in‑force $269B, NIW $51B, returned $354M to shareholders, PMIERs sufficiency $2.1B (167%), and rating upgrades; ROE 14% highlighted in strategic priorities section .
- Pay-for-performance: 2022–2024 PSUs vesting at 200% on BVPS growth aligns realized pay with multi‑year performance .
Investment Implications
- High alignment to performance: 70% of 2024 LTI in PSUs tied to 3‑year BVPS growth; recent PSU max payout underscores sensitivity of realized pay to multi‑year value creation .
- Near‑term supply considerations: RSU vest dates in February 2025/2026/2027 and settlement of earned 2022–2024 PSUs create windows where sales may occur under 10b5‑1 or open windows; anti‑pledging/anti‑hedging and ownership guidelines mitigate misalignment and forced‑sale risks .
- Downside protection limited by policy: Double‑trigger CoC and best‑net 280G (no gross‑ups) reduce parachute risk; clawbacks provide recourse on restatements/misconduct .
- Retention risk moderate: Competitive base/bonus, meaningful unvested equity with staggered vesting, and severance protections support retention; no options outstanding reduces windfall volatility; perqs and deferred comp modest .