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  • MIL-OSI Security: Two Individuals Charged With Running a Fencing Operation for South American Theft Groups in Manhattan’s Diamond District

    Source: Office of United States Attorneys

    Defendants Allegedly Received Luxury Items Linked to Burglaries Across Multiple States

    Earlier today, at the federal court in Brooklyn, an indictment was unsealed charging Dimitriy Nezhinskiy and Juan Villar with conspiracy to receive stolen property related to their purchasing of stolen goods that traveled across state lines. The defendants were arrested today, Nezhinskiy in New Jersey and Villar in Manhattan. They will be arraigned tomorrow before United States Magistrate Judge Lara K. Eshkenazi.

    John J. Durham, United States Attorney for the Eastern District of New York, James E. Dennehy, Assistant Director in Charge, Federal Bureau of Investigation, New York Field Office (FBI), Jessica S. Tisch, Commissioner, New York City Police Department (NYPD) and Patrick J. Ryder, Commissioner, Nassau County Police Department (NCPD) announced the charges.

    “As alleged, the defendants created an illicit market and fueled demand for burglaries by South American Theft Groups and other crews around the country by purchasing stolen watches, jewelry and other luxury items, and then re-selling them in their New York City store,” stated United States Attorney Durham.  “My Office will continue to pursue organized groups who engage, enable, or encourage the pillaging of residential homes and businesses that has a corrosive effect on the sense of security in our communities.”

    “For almost five years, Dimitriy Nezhinskiy and Juan Villar allegedly served as unlawful brokers to perpetuate the sale of stolen luxury items by purchasing them from burglary crews. The defendants’ alleged actions incentivized highly organized South American Theft Groups to continue their meticulous looting scheme against a myriad of affluent residences and businesses across the country. With our law enforcement partners, the FBI will continue to dismantle any criminal activity curated to capitalize on victims’ losses and establish an economic demand for ill-obtained merchandise within our city,” stated FBI Assistant Director in Charge Dennehy.

    “We will not tolerate crime of any kind in New York, whether it be street crime, retail theft, or these organized operations that target residential homes to steal and resell luxury goods,” said NYPD Commissioner Tisch.  “Today’s indictment is the result of our strong work with our law enforcement partners and our commitment to cracking down on these crime rings that threaten our communities.”

    “We want to thank our partners in federal law enforcement for this collaborative effort to bring this criminal to justice,” stated NCPD Commissioner Ryder. “The men and women of the Nassau County Police Department, particularly the dedicated Detectives of the Major Case Squad, work tirelessly to investigate crimes and arrest those who prey upon our citizens.”

    As alleged in the indictment, between approximately 2020 and 2025, the defendants conspired with each another and others to receive and purchase stolen property, including jewelry, watches, handbags and assorted luxury items that had been stolen outside of the state of New York and transported into New York.  As detailed in court filings, Nezhinskiy and Villar regularly served as “fences” for burglary crews based out of South America who traveled around the United States committing burglaries, typically targeting wealthier neighborhoods or jewelry vendors, and stealing luxury accessories. Nezhinskiy and Villar’s operation provided an essential market for the stolen goods, perpetuating the dangerous criminal activities of the burglary and theft crews composed largely of foreign nationals.

    For example, evidence links Nezhinskiy and Villar to thefts around the country, including crimes committed by Bryan Leandro Herrera Maldonado, a prolific burglar who committed at least 16 residential burglaries across the United States between 2019 and 2020.  Additionally, phone records and video surveillance links Nezhinskiy to at least two members of a four-man burglary crew believed to be involved in the December 9, 2024 burglary of a high-profile athlete in Ohio, and showed Nezhinskiy in contact with that crew less than one week before the burglary in Ohio.

    In addition, between October 2022 and January 2024, an undercover detective conducted seven controlled sales of purported stolen property, including high-end handbags and luxury accessories, to Nezhinskiy or Villar, or both, at their business location in Manhattan’s Diamond District.  During these controlled sales, the undercover detective provided the defendants with items that the undercover told the defendants had been stolen, and received cash in exchange for the stolen goods.

    Today, law enforcement executed a search warrant at the location on 47th Street in Manhattan where Nezhinskiy and Villar operate a pawn shop and seized large quantities of suspected stolen property, including dozens of high-end watches and jewelry. Law enforcement also recovered large quantities of cash and marijuana.  Simultaneously, law enforcement executed a search warrant at storage units belonging to Nezhinskiy in New Jersey where an additional cache of suspected stolen property was found.  From inside Nezhinskiy’s storage units, law enforcement recovered large quantities of luxury goods and clothing, including high-end handbags, wine, sports memorabilia, jewelry, artwork and power tools consistent with those commonly used in burglaries and opening safes.

    The charges in the indictment are allegations and the defendants are presumed innocent unless and until proven guilty.  If convicted of receipt of stolen goods, the defendants face up to 10 years in prison.

    The government’s case is being handled by the Criminal Section of the Office’s Long Island Division and the Office’s General Crimes Section.  Assistant United States  Attorneys Michael R. Maffei, Katherine P. Onyshko and Sean M. Sherman are in charge of the prosecution.

    The Defendants:

    DIMITRIY NEZHINSKIY
    Age:  43
    North Bergen, New Jersey

    JUAN VILLAR
    Age:  48
    Queens, New York

    E.D.N.Y. Docket No. 25-CR-40 (WFK)

    MIL Security OSI –

  • MIL-OSI Europe: The Commission and High Representative Kaja Kallas welcome a major step towards holding Russia accountable for its war of aggression against Ukraine

    Source: European Commission

    European Commission Press release Brussels, 04 Feb 2025 Today, senior legal experts of the European Commission, the European External Action Service, the Council of Europe, Ukraine and 37 States concluded the legal work on the establishment of a Special Tribunal for the Crime of Aggression against Ukraine.

    MIL OSI Europe News –

  • MIL-OSI Security: Two Individuals Indicted on Federal Child Pornography Charges

    Source: Office of United States Attorneys

    COUNCIL BLUFFS, Iowa – A federal grand jury in Council Bluffs returned a two-count indictment on January 29, 2025 charging two individuals with offenses related to distribution and receipt of child pornography.

    The following individuals are charged in the Indictment:

    • Jason J. Traina, 52, Rockland County, New York is charged with distribution of child pornography. On January 31, 2025, Traina made his initial appearance in the Southern District of New York. The government argued Traina should remain detained pending trial. The United States Magistrate Judge released Traina on conditions of home detention and location monitoring.
    • Carrie Marie Campbell, 40, of Council Bluffs, is charged with receipt of child pornography. On February 3, 2025, Campbell made her initial appearance in the Southern District of Iowa. Campbell was temporarily ordered detained until a detention hearing.

    Traina and Campbell each face a mandatory minimum sentence of five years in prison and a maximum sentence of twenty years in prison.

    United States Attorney Richard D. Westphal of the Southern District of Iowa made the announcement. The Federal Bureau of Investigation and the Council Bluffs Police Department are investigating this case, with assistance from the Rockland County District Attorney’s Office, FBI Safe Streets NY, and the Stony Point Police Department.

    An indictment is merely an allegation, and all defendants are presumed innocent until proven guilty beyond a reasonable doubt in a court of law.

    MIL Security OSI –

  • MIL-OSI Europe: Statement by Commissioner Roswall on the state of water in the EU

    Source: EuroStat – European Statistics

    European Commission Statement Brussels, 04 Feb 2025 Ladies and gentlemen,
    I am very happy to be here today to present to you the state of our waters in the European Union. As you know, water is very high on the C…

    MIL OSI Europe News –

  • MIL-OSI Europe: Highlights – Enforcement of the Digital Markets Act – Committee on the Internal Market and Consumer Protection

    Source: European Parliament

    Cyborg hand holding cloud of justice and law icon bubble © Production Perig / AdobeStock

    On 28 January 2025, the Chair of the Digital Markets Act Working Group (DMA WG), Mr Andreas Schwab, reported to Committee Members on the first meeting of the DMA WG of 16 January 2025. Members engaged in a discussion with the European Commission, who reaffirmed its commitment to a consistent and steady enforcement of DMA. One of the key takeaways is the need to advocate for reinforced staffing within the Commission.

    Another key point is the need to ensure a balanced regulatory approach in relation to gatekeepers. Members also emphasised the importance of further investigations into AI and cloud services. Representatives from academia and the European Cloud Service Providers also contributed on the enforcement of the DMA.
    On 23 January 2025, the Members of the DMA WG, together with the IMCO Chair and other MEPs sent a letter to Executive Vice-Presidents Virkkunen and Ribera. The letter (below) urged the Commission to expedite ongoing investigations, closely monitor AI and cloud services, and assess their potential designation as core platform services.

    MIL OSI Europe News –

  • MIL-OSI Europe: Highlights – Visit to Washington DC – Committee on the Internal Market and Consumer Protection

    Source: European Parliament

    Reinforcing the transatlantic bonds © European Parliament

    Between 24 and 28 February 2025, IMCO Members are going to visit Washington DC. The main aim of this delegation visit is to strengthen the transatlantic cooperation on key policy IMCO areas while obtaining feedback from U.S. stakeholders on the implementation and impact of major EU legislation, including the Digital Services Act (DSA), Digital Markets Act (DMA), EU AI Act, Cyber Resilience Act (CRA), Data Act, and Political Advertising Regulation.

    The visit will also address shared challenges in digital innovation, cybersecurity, AI, and fair competition, while informing IMCO’s parliamentary oversight and future legislative priorities.

    MIL OSI Europe News –

  • MIL-OSI Europe: Written question – Effectiveness of online tools against disinformation – E-000327/2025

    Source: European Parliament

    Question for written answer  E-000327/2025/rev.1
    to the Commission
    Rule 144
    Veronika Cifrová Ostrihoňová (Renew)

    Fact-checking has been shown to reduce the tendency to believe in disinformation[1], and the flagging of social media posts reduces the belief in and spread of disinformation[2].

    • 1.What tools will the Commission use to combat the spread of disinformation if very large online platforms (VLOPs) phase out their support for fact-checking (Meta) or do not even include it in their toolbox to combat the spread of disinformation (Google)?
    • 2.What tools does the Commission consider to be as good or more effective in the fight against disinformation?

    Submitted: 24.1.2025

    • [1] https://www.pnas.org/doi/10.1073/pnas.2104235118
    • [2] https://www.sciencedirect.com/science/article/pii/S2352250X23001550?dgcid=author
    Last updated: 4 February 2025

    MIL OSI Europe News –

  • MIL-OSI Europe: Answer to a written question – High cost of living in the outermost regions – E-002822/2024(ASW)

    Source: European Parliament

    The Commission is aware of the high costs of living in the outermost regions. A 2024 independent study on living conditions[1] puts the spotlight on substantial challenges in access to housing (as well as energy and water) in these regions.

    In line with the 2022 strategy for the outermost regions[2], and highlighted in its 2024 implementation report[3], the Commission supports these regions through policies and funds that seek to improve living conditions and alleviate poverty. For example, the cohesion policy funds support these regions with nearly EUR 10 billion between 2021 and 2027.

    Cohesion policy funds play a vital role in supporting access to affordable and adequate housing, as well as for access to basic services and infrastructure. In addition, the Recovery and Resilience Facility finances energy renovation of housing, to help reduce the energy bills of the most vulnerable households and increase their comfort. For instance, France’s recovery and resilience plan funds a programme for energy renovation of social housing, and initiatives to improve energy efficiency in private housing, including in its outermost regions.

    The ‘Programme of Options Specific to Remoteness and Insularity’ (POSEI) contributes to food autonomy, accessibility, and economic diversification in these regions with over EUR 4.5 billion. The European agricultural fund for rural development further supports their agri-food sector and rural development with over EUR 1 billion.

    Finally, the first-ever Commissioner for housing will deliver a European Affordable Housing Plan to address structural drivers and unlock public and private investment for affordable and sustainable housing. The Commission is establishing a Task Force on Housing to this end.

    • [1] Study on living conditions and access to selected basic needs in the EU outermost regions, (ECORYS — February 2024): https://ec.europa.eu/regional_policy/information-sources/publications/studies/2024/study-on-living-conditions-and-access-to-selected-basic-needs-in-the-eu-outermost-regions_en
    • [2] COMMUNICATION FROM THE COMMISSION TO THE EUROPEAN PARLIAMENT, THE COUNCIL, THE EUROPEAN ECONOMIC AND SOCIAL COMMITTEE AND THE COMMITTEE OF THE REGIONS Putting people first, securing sustainable and inclusive growth, unlocking the potential of the EU’s outermost regions (COM/2022/198 final): https://eur-lex.europa.eu/legal-content/EN/TXT/?uri=CELEX:52022DC0198
    • [3] Report on the implementation of the communication: Putting people first, securing sustainable and inclusive growth, unlocking the potential of the EU’s outermost regions: https://ec.europa.eu/regional_policy/information-sources/publications/reports/2024/report-on-the-implementation-of-the-communication-putting-people-first-securing-sustainable-and-inclusive-growth-unlocking-the-potential-of-the-eu-s-outermost-regions_en
    Last updated: 4 February 2025

    MIL OSI Europe News –

  • MIL-OSI Europe: Answer to a written question – Regulation (EU) 2024/573 on fluorinated greenhouse gases – E-002924/2024(ASW)

    Source: European Parliament

    Regulation (EU) 2024/573[1] on fluorinated greenhouse gases (F-gases) includes prohibitions on placing on the market certain F-gas equipment, which are expected to be feasible from the date they apply, provide legal certainty to manufacturers and promote innovation. The latter is clearly evidenced by many new models of heat pumps for private residences that avoid the use of F-gases and are being shown at major trade fairs, e.g. Chillventa[2]. New production capacities have been created to produce such equipment.

    Conversely, there is no indication that the new F-gas Regulation, which only entered into force in March 2024, has adversely affected the uptake of heat pumps. Rather, a slowing growth of heat pump sales observed in some Member States is attributed by the European Heat Pump Association (EHPA) in its latest report[3] to changes or lack/removal of national support schemes, energy prices favouring gas and fossil fuels and other issues affecting end-users (high interest rates, renovation rate slow-down, inflation).

    The Commission intends to carry out a review of the F-gas Regulation by 2030 as provided for in the regulation.

    • [1] https://eur-lex.europa.eu/eli/reg/2024/00573/oj
    • [2] https://www.chillventa.de/en
    • [3] EHPA (2024). European Heat Pump Market and Statistics Report 2024.
    Last updated: 4 February 2025

    MIL OSI Europe News –

  • MIL-OSI Europe: Answer to a written question – Irish fishing industry – E-002736/2024(ASW)

    Source: European Parliament

    The Commission represents the EU in coastal States consultations with Norway, the Faroe Islands, and others, in line with the EU position approved by the Council and in coordination with Member States. The focus is on sustainable, equitable mackerel stock management. The Commission urges collective quotas aligned with scientific advice, addressing the stock’s critical state caused by excessive unilateral quotas.

    The Commission is also exploring options to reinforce its sustainability tools, for instance, by clarifying the scope of application of Regulation 1026/2012[1] for the conservation of fish stocks in relation to countries allowing non-sustainable fishing, which is subject to an ongoing ordinary legislative procedure.

    The total quota of Ireland for 2025 including transfers from the North Sea TAC (total allowable catches) amounts to 39 914 tonnes, agreed in line with the advice from the International Council for the Exploration of the Sea for a 22% decrease. Ireland’s quota has decreased proportionately less than that of other Member States by virtue of the Council decision to grant Ireland a preferential treatment on mackerel (so-called Hague preferences)[2].

    Ireland was a main beneficiary of the EU support through the Brexit Adjustment Reserve until the end of 2023. Currently, Ireland’s fishers and coastal communities may benefit from the European Maritime, Fisheries and Aquaculture Fund (EMFAF) to modernise the fishing fleet, diversify income sources, and enable a sustainable blue economy in the affected communities.

    • [1] Commission proposal of 13 September 2024 to amend Regulation (EU) No 1026/2012 of the European Parliament and of the Council of 25 October 2012 on certain measures for the purpose of the conservation of fish stocks in relation to countries allowing non-sustainable fishing OJ L 316 COM(2024) 407 final.
    • [2] Annex VII to Council Resolution of 3 November 1976 (‘The Hague Resolution’).
    Last updated: 4 February 2025

    MIL OSI Europe News –

  • MIL-OSI Europe: Answer to a written question – Safeguards attached to top-up support to the Rwanda Defence Force (RDF) under the European Peace Facility (EPF) – E-003055/2024(ASW)

    Source: European Parliament

    The European Peace Facility (EPF) EUR 20 million top-up support measure covers the acquisition of non-lethal individual equipment for the Rwanda’s troops (RDF) deployed in Cabo Delgado and the costs of the transport of staff, equipment and supplies between Rwanda and Mozambique[1].

    The RDF was deployed at the request of the Government of Mozambique and was instrumental in tackling the security crisis in Cabo Delgado.

    Regardless of the assistance measure in question, the EU condemned Rwanda’s support for M23 and military presence on Congolese territory, and urged Rwanda to end its cooperation with M23 and withdraw its military forces from the Democratic Republic of the Congo (DRC)[2].

    It has also sanctioned two Rwandan military officers for their responsibility in sustaining the armed conflict, instability and insecurity in the DRC.

    Under the EPF, each assistance measure includes robust safeguards, which are duly implemented in the arrangements with the beneficiary to ensure compliance by the end users with the requirements and conditions established by the Council[3].

    This has been the case for the initial assistance measure as well as for the top-up adopted in November 2024. Failure to comply with international law and the said arrangements may result in the suspension or termination of the support. To date, the RDF deployment in Mozambique has fully complied with these arrangements.

    Major General Emmy Ruvusha, while mentioned by the United Nations (UN) group of experts[4], was not sanctioned by either the UN or the EU, nor is he an indicted war criminal.

    The EPF assistance measure is not intended for support to specific individuals or to the RDF as a whole, but to sustain the RDF deployment in Cabo Delgado, with the full support of the Mozambican authorities.

    • [1] Press release of 18 November 2024, https://www.consilium.europa.eu/en/press/press-releases/2024/11/18/european-peace-facility-council-tops-up-support-to-the-deployment-of-the-rwanda-defence-force-to-fight-terrorism-in-cabo-delgado/
    • [2] Eastern DRC: Statement by the Spokesperson on the latest developments of 6 January 2025, https://www.eeas.europa.eu/eeas/eastern-drc-statement-spokesperson-latest-developments_en
    • [3] Council Decision (CFSP) 2021/509 of 22 March 2021 establishing a European Peace Facility, and repealing Decision (CFSP) 2015/528, Article 62.
    • [4] Final report of the Group of Experts on the Democratic Republic of the Congo, https://documents.un.org/doc/undoc/gen/n23/123/80/pdf/n2312380.pdf

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  • MIL-OSI Europe: Answer to a written question – EU humanitarian aid following the devastation caused by Hurricane Oscar in Cuba – E-002317/2024(ASW)

    Source: European Parliament

    The Commission has closely followed the impacts of recent hurricanes in Cuba, including Hurricane Oscar as of 20 October 2024 and Hurricane Rafael as of 11 November 2024, compounding an already dire situation in the country that was also hit by earthquakes on 10 November 2024.

    The Commission deployed a humanitarian expert to the affected areas to assess the needs and responded immediately when the disasters stroke. In total, the Commission has allocated EUR 3.3 million in humanitarian assistance for the affected population in Cuba. These funds will contribute, inter alia, to the United Nations (UN) Action Plan for Hurricane Oscar Response in the sectors of food and health and will support the Cuban Red Cross in their emergency response in Eastern Cuba.

    Furthermore, the EU has deployed a humanitarian airbridge to transport more than 100 tons of humanitarian supplies from UN partners, EU, and Spanish stocks in 5 flights from its Panama hub to Cuba, which have provided relief to people affected by Hurricane Oscar. This emergency response complements an allocation of EUR 500 000 awarded in June 2024 to respond to urgent health and medical needs in the country. The Commission also continues to support disaster preparedness efforts in Cuba.

    Last updated: 4 February 2025

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  • MIL-OSI Europe: Answer to a written question – Ukrainian farmland increasingly US-owned – E-002526/2024(ASW)

    Source: European Parliament

    In Ukraine, legislation excludes the purchase of farmland by foreigners. Some large agricultural companies working in Ukraine operate on leased land. The overall amount of leased land concerned is estimated by researchers at 3-4.3 million hectares, which corresponds to about 7% to 10.5% of the 41 million hectares of agricultural land which Ukraine had in 2020. In general, the agricultural companies operating in Ukraine sell their products on the international commodities markets thus providing food security for about 400 million people around the world.

    The Commission supports Ukraine in maintaining and improving its export infrastructure, including via the Black Sea ports, so that it can continue contributing to global food security.

    The EU accession negotiations, policy conditionalities and financial support under the Ukraine Facility[1] contribute to the reforms of the agricultural sector of Ukraine and its regulation in line with EU standards. This benefits all private investors in the sector, particularly the EU ones, which are already familiar with this regulation. Moreover, Ukraine Facility offers incentives for European businesses to invest in Ukraine, including in the agricultural sector.

    • [1] https://eur-lex.europa.eu/legal-content/EN/TXT/?uri=OJ:L_202400792
    Last updated: 4 February 2025

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  • MIL-OSI Europe: Answer to a written question – Recent developments regarding methane emissions possibly not complying with EU-New Zealand free trade agreement – E-002719/2024(ASW)

    Source: European Parliament

    The Free Trade Agreement (FTA) between the European Union and New Zealand establishes the structures and procedures to analyse, discuss and address any matters which arise in relation to the FTA, including issues related to the Paris Agreement[1] on climate change.

    The Commission services are in contact with their New Zealand counterparts to prepare the first meetings of the committees established under the FTA, which are foreseen to take place in the first half of 2025. In these bilateral exchanges, various matters of interest and concern are being anticipated and discussed, including with regard to greenhouse gases such as methane.

    Independently from the FTA, the Commission is engaged with New Zealand in high level dialogues on climate change to intensify bilateral and multilateral climate cooperation, including on methane emissions. The first such dialogue took place in 2023, while the second one is expected to be held this year .

    If a potential matter of concern with regard to the commitments agreed in an FTA is identified, the Commission can formally engage with New Zealand with an aim to resolve the issue. In particular, the matter can be followed-up in the relevant committee of the FTA. If no solution were to be found with respect to a potential breach, the FTA foresees the possibility to resort to dispute settlement proceedings.

    The Paris Agreement is an essential element of the FTA and the Commission is committed to ensuring that its objective and purpose is respected, including in our relations with our closest partners.

    • [1] Key aspects of the Paris Agreement: https://unfccc.int/most-requested/key-aspects-of-the-paris-agreement
    Last updated: 4 February 2025

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  • MIL-OSI Europe: Answer to a written question – The status of payments requested from the Commission within the eight regional development programmes in Romania – E-002925/2024(ASW)

    Source: European Parliament

    1. The total European Regional Development Fund (ERDF) amount included in payment applications submitted by the Romanian regional development agencies to the Commission up to 30 November 2024 is EUR 113 million. Together with the additional amount of EUR 25 million which was submitted in December, the total amount of EUR 138 million has already been reimbursed to the Romanian regional authorities.

    2. The Commission has supported the eight regional development agencies, in close coordination with the Romanian central services. Until now, the focus was on the first phase of programme implementation, in particular preparation of transparent and non-discriminatory selection criteria and respect for EU horizontal principles[1]. This has contributed to timely publishing of adequate project guidelines and has created the conditions for a smooth start of the programmes, with evaluation and selection procedures either completed or currently well advanced. The good performance of the regional programmes is also shown by the projects selection rate of 34.4% of total allocation which is above the EU average of 30.9%.

    • [1] To ensure accessibility to persons with disabilities, gender equality, and take account of the Charter of Fundamental Rights of the European Union, the principle of sustainable development and of the Union policy on the environment, including the DNSH (Do Not Significant Harm).
    Last updated: 4 February 2025

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  • MIL-OSI Europe: Answer to a written question – Shortcomings in the management of the Recovery and Resilience Facility – E-002577/2024(ASW)

    Source: European Parliament

    1. The Commission welcomes the European Court of Auditors’ (ECA) acknowledgement in Special Report 14/2024 that the Recovery and Resilience Facility (RRF) contributes to the EU’s green transition by, amongst other things, prompting Member States to include substantial climate measures (both reforms and investments) in their recovery plans. As noted in the Commission’s replies to the special report[1], ECA’s findings on the calculation of the RRF’s climate contribution are the mathematical consequence of ECA using more conservative climate coefficients than those provided for in the RRF Regulation[2]. The Commission notes that it is obliged to apply the methodology agreed by the two co-legislators and the specific coefficients set by the regulation. The Commission reiterates that the RRF is one of the key EU instruments to support the green transition, with an expected unprecedented EUR 276 billion contributing to climate objectives.

    2. The design of the RRF ensures that Member States receive significant financial support in return for the successful implementation of their reform and investment agenda, in line with EU priorities. The RRF has channelled significant resources to help Member States design and implement reforms and investments to increase the share of renewables in Member States’ energy mix, improve energy efficiency, cut pollution, boost the economy through green technologies, support sustainable transport, enhance climate resilience, and promote green skills. The Commission has been working closely with Member States to ensure the successful and timely implementation of the Facility.

    • [1] https://www.eca.europa.eu/Lists/ECAReplies/COM-Replies-SR-2024-14/COM-Replies-SR-2024-14_EN.pdf
    • [2] Regulation (EU) 2021/241 of the European Parliament and of the Council of 12 February 2021 establishing the Recovery and Resilience Facility, https://eur-lex.europa.eu/legal-content/EN/TXT/?uri=CELEX%3A32021R0241
    Last updated: 4 February 2025

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  • MIL-OSI Europe: Answer to a written question – EU funding for flood relief and the provision of emergency aid – P-002687/2024(ASW)

    Source: European Parliament

    1. and 3. On 29 November 2024, Poland submitted an application for the EU Solidarity Fund[1], which is being assessed by the Commission. If the conditions for mobilising the Fund are met, the Commission will determine the amount of financial assistance, within the limits of the financial resources available, propose it to the budgetary authority and make it available as quickly as possible.

    2. Poland will be able to make use of flexibilities under the 2021-2027 cohesion policy framework based on the recently adopted Regulation ‘RESTORE’[2], entered into force on 24 December 2024, following the co-legislative negotiations. Member States could reprogramme part of their European Regional Development Fund, European Social Fund Plus and Cohesion Fund allocations for actions and projects in response to natural disasters, including reconstruction and repair measures to alleviate the negative socioeconomic consequences of natural disasters. The increased EU financing and pre-financing rates will ease the budgetary pressure on affected Member States and regions.

    Poland will have 6 months from the entry into force of this regulation to submit amendments to its cohesion policy programmes to make use of the support and flexibilities provided in this context.

    • [1] Council Regulation (EC) No 2012/2002 of 11 November 2002 establishing the European Union Solidarity Fund (OJ L 311, 14.11.2002, p. 3) as amended by Regulation (EU) No 661/2014 of the European Parliament and the Council of 15 May 2014 (OJ L 189, 27.6.2014, p. 143) and by Regulation (EU) 2020/461 of the European Parliament and the Council of 30 March 2020 (OJ L 99, 31.3.2020, p. 9). https://eur-lex.europa.eu/legal-content/EN/TXT/?uri=celex:32002R2012
    • [2] Regulation (EU) 2024/3236 of the European Parliament and of the Council of 19 December 2024 amending Regulations (EU) 2021/1057 and (EU) 2021/1058 as regards Regional Emergency Support to Reconstruction (RESTORE), available at this link : http://data.europa.eu/eli/reg/2024/3236/oj
    Last updated: 4 February 2025

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  • MIL-OSI Europe: Answer to a written question – European companies following the introduction of sanctions – E-002556/2024(ASW)

    Source: European Parliament

    From the outset, the sanctions have been designed and implemented to impose a heavy price on Russia and Belarus, whilst minimising adverse effects on the EU, its citizens and businesses.

    When developing sanctions packages, the Commission carefully considers their impact on EU operators and on individual Member States. Consultations with Member States and industry are aimed at preventing adverse impacts.

    Against the backdrop of Russia’s war of aggression, Ukraine has benefited from various EU support measures. The Autonomous Measures adopted by the European Parliament and the Council in June 2022 and renewed twice until June 2025 have provided duty and quota-free access for Ukrainian agricultural products to the EU market.

    The Commission has been monitoring the impact of these measures closely (monitoring reports are shared with the European Parliament’s Committee on International Trade) and has not found any adverse impact of liberalisation on the EU market.

    Concerning the possible establishment of a mechanism to mitigate the impact of sanctions, the Commission would like to recall that the adoption of sanctions takes into account impacts on the EU’s economy and operators and systematically requires the unanimous approval by the Member States.

    Last updated: 4 February 2025

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  • MIL-OSI Europe: Answer to a written question – Protection of the right to use cash in the European Union – E-002856/2024(ASW)

    Source: European Parliament

    Euro cash is granted legal tender status in the euro area[1]. In accordance with the Court’s jurisprudence[2], legal tender entails, in principle, the mandatory acceptance of cash, at full face value, with the power to discharge from a payment obligation.

    The Commission’s proposal[3] for a regulation on the legal tender of euro cash aims to safeguard the role of euro cash in practice, to ensure it is widely accepted as a means of payment and remains easily accessible for everyone across the euro area. The proposal does so by enshrining in legislation that cash acceptance is in principle mandatory across the euro area, and by requiring Member States to monitor cash acceptance and access and to take remedial measures where necessary.

    The proposal seeks to preserve the financial inclusion of vulnerable groups by ensuring that these groups, that are more dependent on cash, continue to have access to and are free to choose their preferred payment method, thus preventing discrimination against those who rely on cash for their payments.

    The proposal foresees that Member States would have to ensure that the legal tender principle of mandatory acceptance is not undermined by widespread refusals of cash through the unilateral and ex ante exclusion of cash by enterprises . They would have the obligation to monitor the level of ex ante unilateral exclusions of payments in cash and to take remedial measures if cash non-acceptance levels are deemed to undermine the mandatory acceptance of euro cash.

    • [1] Article 128 (1) of the Treaty on the Functioning of the European Union lays down the legal tender status of euro banknotes, and Article 11 of Regulation EC/974/98 does so with regard to euro coins.
    • [2] See judgment of 26 January 2021 in Joined Cases C-422/19 and C-423/19, Hessischer Rundfunk https://curia.europa.eu/juris/liste.jsf?num=C-422/19
    • [3] https://ec.europa.eu/commission/presscorner/detail/en/ip_23_3501
    Last updated: 4 February 2025

    MIL OSI Europe News –

  • MIL-OSI Europe: Highlights – Recovery and Resilience Dialogue – 10.02.2025 – Committee on Economic and Monetary Affairs

    Source: European Parliament

    On Monday, 10 February 2025, the Members from the Committee on Budgets and the Committee on Economic and Monetary Affairs will hold the first Recovery and Resilience Dialogue (RRD) since the entry into office of the new European Commission with Raffaele Fitto, Executive Vice-President of the Commission for Cohesion and Reforms and Valdis Dombrovskis, Commissioner for Economy and Productivity, Implementation and Simplification.

    During this 17th RRD meeting, the Commissioners will update the Members on the latest state of implementation of the Recovery and Resilience Facility (RRF). Members will be interested to hear about Member States’ progress towards achieving agreed milestones and targets, disbursed amounts, including partial payments, latest payment requests, and pending challenges, such as delayed requests.

    The Recovery and Resilience Dialogue is organised under Article 26 of the Regulation establishing the Recovery and Resilience Facility to ensure greater transparency and accountability in the implementation of the Facility.

    MIL OSI Europe News –

  • MIL-OSI Europe: Written question – Violation of the right to self-determination by the Albanian Government – E-000340/2025

    Source: European Parliament

    Question for written answer  E-000340/2025
    to the Commission
    Rule 144
    Nikolaos Anadiotis (NI)

    The three recent Albanian Government decrees (Këshillit të Ministrave, 26/12/2024) on the application of Law 96/2017 “On the protection of national minorities”[1] constitute significant obstacles to the recognition of the Greek minority.

    The Albanian Government is essentially cancelling the right to self-determination and discouraging the registration of minorities. Specifically, it sets and imposes criteria and procedures (note the term “claims”, instead of “feels”); audit committees do not ensure that the nationality request is fully accepted, due to the absence of documents of origin from 2010; there is reference to data concerning the arbitrary and illegal registration of thousands of Greeks as being Albanian nationals, either from the formation of Albania (1913) or previously denounced censuses; the pyramid of approval up to ministerial level is time consuming; and the examining committee comprises first and foremost institutional agents, raising reasonable concerns about a lack of transparency.

    Since these practices violate the European Framework Convention for the Protection of National Minorities,

    • 1.What actions does the Commission intend to take to ensure that Albania complies with its international obligations regarding respect for the right to self-determination?
    • 2.Will the Commission link Albania’s development and progress in the accession negotiations – and the whole process – with requiring immediate reform of these practices?

    Submitted: 27.1.2025

    • [1] https://www.kryeministria.al/newsroom/vendime-te-miratuara-ne-mbledhjen-e-keshillit-te-ministrave-date-26-dhjetor-2024/.
    Last updated: 4 February 2025

    MIL OSI Europe News –

  • MIL-OSI Europe: Written question – Continued strengthening of the EU Solidarity Lanes to support Ukraine – E-000335/2025

    Source: European Parliament

    Question for written answer  E-000335/2025
    to the Commission
    Rule 144
    Tomas Tobé (PPE), Jens Gieseke (PPE), Norbert Lins (PPE), Elena Nevado del Campo (PPE), Borja Giménez Larraz (PPE)

    In response to Russia’s war of aggression against Ukraine, the Commission launched the EU-Ukraine Solidarity Lanes in May 2022, the purpose being to establish logistics routes and enable trade in Ukrainian goods to continue[1]. The Solidarity Lanes have been very effective. In two years, they have allowed Ukraine to export around 162 million tonnes of goods. The total value of trade via the Solidarity Lanes is estimated at around EUR 192 billion[2].

    Continued support for Ukraine in every sector is crucial for ensuring the country’s resilience, and the Solidarity Lanes highlight the importance of functioning infrastructure in this regard. In light of this:

    • 1.How does the Commission plan to strengthen the Solidarity Lanes between the EU and Ukraine?
    • 2.What other measures does the Commission plan to take in order to meet Ukraine’s infrastructure needs?

    Submitted: 27.1.2025

    • [1] https://transport.ec.europa.eu/news-events/news/european-commission-establish-solidarity-lanes-help-ukraine-export-agricultural-goods-2022-05-12_en.
    • [2] https://commission.europa.eu/topics/eu-solidarity-ukraine/eu-assistance-ukraine/eu-ukraine-solidarity-lanes_en.
    Last updated: 4 February 2025

    MIL OSI Europe News –

  • MIL-OSI Europe: Written question – Drop in the productivity of shellfish gathering on the Galician coast: the case of the Arousa Estuary – E-000392/2025

    Source: European Parliament

    Question for written answer  E-000392/2025
    to the Commission
    Rule 144
    Ana Miranda Paz (Verts/ALE)

    According to data from the shellfish gathering industry, the productivity of the Arousa Estuary in Galicia fell by almost 45 % in 2024, which implies an economic loss of almost EUR 16 million. This has an effect not only on the hundreds of direct jobs that this industry creates, but on the whole industrial supply chain.

    Abnormally high sea temperatures and heavy and irregular rainfall are killing commercial species. The lack of protection from water pollution is also a factor in shellfish mortality. However, according to data, only around 20 % of funds from the European Maritime, Fisheries and Aquaculture Fund (EMFAF) are aimed at environmentally sustainable small-scale fishing.

    Considering this:

    • 1.Will the Commission take action to alleviate the difficult situation of the shellfish sector in the Arousa Estuary and on the Galician coast in general?
    • 2.Does the Commission plan on restructuring the funding criteria to increase the percentage of EMFAF resources that are allocated to small-scale and traditional fishing activities, in order to tackle problems derived from shellfish mortality and loss of productivity?

    Submitted: 29.1.2025

    Last updated: 4 February 2025

    MIL OSI Europe News –

  • MIL-OSI Europe: Written question – Measures to limit the effects of the recent ecological disaster in the Black Sea – E-000084/2025

    Source: European Parliament

    Question for written answer  E-000084/2025/rev.1
    to the Commission
    Rule 144
    Victor Negrescu (S&D)

    For almost a month now, the Black Sea has been battling the devastating effects of the biggest environmental disaster in recent years, caused by two Russian oil tankers that sank in the Kerch Strait. Hundreds of birds, dozens of dolphins and thousands of marine organisms have died and the ecosystem has been contaminated with the substances released into the water, including thousands of tonnes of M100, a highly toxic petroleum product.

    • 1.Given these circumstances, I believe the Commission needs to take urgent action to limit the effects of this environmental disaster on the territorial waters of Romania and Bulgaria. What does the Commission intend to do to support the Black Sea states?
    • 2.Similarly, what EU financing solutions and mechanisms are available for Black Sea countries to restore maritime ecosystems, protect biodiversity, avert any risk to local communities and clean up the shores affected?

    Submitted: 12.1.2025

    Last updated: 4 February 2025

    MIL OSI Europe News –

  • MIL-OSI Europe: Answer to a written question – Several Swedish municipalities and regions are missing out on millions of kronor in electricity subsidies because they are being classified as farms – E-003014/2024(ASW)

    Source: European Parliament

    Concerning the first and second questions, the Commission cannot take position without further details. Both questions seem largely related to the interpretation of the national law, which the Commission cannot comment on.

    Nevertheless, Article 345 of the Treaty on the Functioning of the European Union expresses the principle of neutrality in relation to the rules in Member States governing the system of property ownership.

    This implies that public bodies, such as municipalities or regions, may also carry out economic activities and then constitute undertakings, as defined in the jurisprudence of the EU Courts.

    However, the classification of such an entity as an undertaking is always relative to a specific activity. An entity that carries out both economic and non-economic activities is to be regarded as an undertaking only with regard to the former.

    It follows that EU competition law, including EU State aid law, does not require to qualify a municipality or region that carries out different activities, some of them economic and some non-economic, as an undertaking with regard to all its activities, but only with regard to those that are economic in nature.

    As such, these rules do not require to qualify the entirety of a municipality or region that, amongst many activities, also carries out the economic activity of primary agricultural production as a farmer, but rather only those activities that constitute such primary agricultural production.

    Moreover, the Commission is committed to bring down electricity prices for households and businesses to support the energy transition and the Union’s competitiveness.

    Therefore, the Commission is working on the Clean Industrial Deal and an Action Plan for Affordable Energy to be published in the first hundred days of this Commission, in line with the mission letters by the President of the Commission to the Executive Vice-President for a Clean, Just and Competitive Transition[1] and to the Commissioner for Energy and Housing[2].

    • [1] https://commission.europa.eu/document/download/33d74e86-3a17-472c-ba93-59d1606bbc20_en?filename=mission-letter-ribera_0.pdf
    • [2] https://commission.europa.eu/document/download/35154547-48c1-4671-8d34-13e098859a57_en?filename=mission-letter-jorgensen.pdf

    MIL OSI Europe News –

  • MIL-OSI: Enact Reports Fourth Quarter and Full Year 2024 Results and Announces Quarterly Dividend

    Source: GlobeNewswire (MIL-OSI)

    GAAP Net Income of $163 million, or $1.05 per diluted share
    Adjusted Operating Income of $169 million, or $1.09 per diluted share
    Return on Equity of 13.0% and Adjusted Operating Return on Equity of 13.5%
    Record Primary insurance in-force of $269 billion, a 2% increase from fourth quarter 2023
    PMIERs Sufficiency of 167% or $2,052 million
    Book Value Per Share of $32.80 and Book Value Per Share excluding AOCI of $34.16
    Returned over $350 million of capital to shareholders in 2024
    Announces quarterly cash dividend of $0.185 per common share

    RALEIGH, N.C., Feb. 04, 2025 (GLOBE NEWSWIRE) — Enact Holdings, Inc. (Nasdaq: ACT) today announced its fourth quarter and full-year 2024 results.

    “Our very strong performance in 2024 underscores the effectiveness of our strategy and the continued successful execution of our priorities,” stated Rohit Gupta, President and CEO of Enact. “In a complex economic environment, we responsibly grew our portfolio, drove operational efficiencies, maintained a strong balance sheet and generated meaningful capital returns to our shareholders. As we look to the future, our proven strategy and disciplined execution position us well to realize the opportunities ahead and to create long-term value for our stakeholders.”

    Key Financial Highlights

    (In millions, except per share data or otherwise noted) 4Q24 3Q24 4Q23 2024 2023
    Net Income (loss) $163 $181 $157 $688 $666
    Diluted Net Income (loss) per share $1.05 $1.15 $0.98 $4.37 $4.11
    Adjusted Operating Income (loss) $169 $182 $158 $718 $676
    Adj. Diluted Operating Income (loss) per share $1.09 $1.16 $0.98 $4.56 $4.18
    NIW ($B) $13 $14 $10 $51 $53
    Primary IIF ($B) $269 $268 $263    
    Primary Persistency Rate 82% 83% 86% 83% 85%
    Net Premiums Earned $246 $249 $240 $980 $957
    Losses Incurred $24 $12 $24 $39 $27
    Loss Ratio 10% 5% 10% 4% 3%
    Operating Expenses $58 $56 $59 $223 $223
    Expense Ratio 24% 22% 25% 23% 23%
    Net Investment Income $63 $61 $56 $241 $207
    Net Investment gains (losses) $(7) $(1) $(1) $(23) $(14)
    Return on Equity 13.0% 14.7% 13.8% 14.3% 15.2%
    Adjusted Operating Return on Equity 13.5% 14.8% 13.9% 14.9% 15.5%
    PMIERs Sufficiency ($) $2,052 $2,190 $1,887    
    PMIERs Sufficiency (%) 167% 173% 161%    
               

    Fourth Quarter 2024 Financial and Operating Highlights

    • Net income was $163 million, or $1.05 per diluted share, compared with $181 million, or $1.15 per diluted share, for the third quarter of 2024 and $157 million, or $0.98 per diluted share, for the fourth quarter of 2023. Adjusted operating income was $169 million, or $1.09 per diluted share, compared with $182 million, or $1.16 per diluted share, for the third quarter of 2024 and $158 million, or $0.98 per diluted share, for the fourth quarter of 2023.
    • New insurance written (NIW) was approximately $13 billion, down 2% from the third quarter of 2024 primarily from seasonality partially offset by an estimated increase in refinance originations and up 27% from the fourth quarter of 2023 primarily driven by estimated higher originations. NIW for the current quarter was comprised of 96% monthly premium policies and 86% purchase originations.
    • Primary insurance in-force (IIF) was a record $269 billion, up from $268 billion in the third quarter of 2024 and up 2% from $263 billion in the fourth quarter of 2023.
    • Persistency remained elevated at 82%, down slightly from 83% in the third quarter of 2024 and down from 86% in the fourth quarter of 2023. The decrease year-over-year was primarily driven by a decline in mortgage rates in September 2024. Approximately 70% of our IIF had mortgage rates below 6%.
    • Net premiums earned were $246 million, down 1% from $249 million in the third quarter of 2024 and up 2% from $240 million in the fourth quarter of 2023. Net premiums decreased sequentially, primarily driven by higher ceded premiums and increased year over year driven by premium growth from attractive adjacencies and growth in primary insurance in-force, partially offset by higher ceded premiums.
    • Losses incurred for the fourth quarter of 2024 were $24 million and the loss ratio was 10%, compared to $12 million and 5%, respectively, in the third quarter of 2024 and $24 million and 10%, respectively, in the fourth quarter of 2023. The current quarter reserve release of $56 million from favorable cure performance and loss mitigation activities compares to a reserve release of $65 million and $53 million in the third quarter of 2024 and fourth quarter of 2023, respectively. The sequential increase in losses and the loss ratio were primarily driven by a lower reserve release and new delinquencies are up 1% excluding hurricane-related delinquencies.
    • Operating expenses in the current quarter were $58 million and the expense ratio was 24%. This compared to $56 million and 22%, respectively, in the third quarter of 2024 and $59 million and 25%, respectively in the fourth quarter of 2023. The sequential increase was driven by incentive-based compensation while the year-over-year decrease was driven in part by the impact of our cost reduction initiatives.
    • Net investment income was $63 million, up from $61 million in the third quarter of 2024 and $56 million in the fourth quarter of 2023, driven by the continuation of elevated interest rates and higher average invested assets.
    • Net investment loss in the quarter was $(7) million, as compared to $(1) million sequentially and $(1) million in the same period last year. The current period was primarily driven by the identification of assets that upon selling allow us to recoup losses through higher net investment income.
    • Annualized return on equity for the fourth quarter of 2024 was 13.0% and annualized adjusted operating return on equity was 13.5%. This compares to third quarter 2024 results of 14.7% and 14.8%, respectively, and to fourth quarter 2023 results of 13.8% and 13.9%, respectively.

    Capital and Liquidity

    • We returned $354 million to shareholders in 2024 inclusive of quarterly dividends and share repurchases.
    • During the quarter, we announced two quota share reinsurance agreements with a panel of highly-rated reinsurers that will cede approximately 27% of a portion of expected new insurance written for the 2025 and 2026 book years.
    • As previously announced, we paid approximately $28 million, or $0.185 per share, dividend in the fourth quarter.
    • For the full year 2024, we repurchased 7.6 million shares at a weighted average share price of $31.95 for a total of $243 million.
    • EMICO completed a distribution of approximately $230 million in the fourth quarter that will primarily be used to support our ability to return capital to shareholders and bolster financial flexibility.
    • Enact Holdings, Inc. held $243 million of cash and cash equivalents plus $298 million of invested assets as of December 31, 2024. Combined cash and invested assets increased $98 million from the prior quarter, primarily due to a contribution from EMICO, partially offset by share buybacks and our quarterly dividend.
    • PMIERs sufficiency was 167% and $2.1 billion above the PMIERs requirements, compared to 173% and $2.2 billion above the PMIERs requirements in the third quarter of 2024.

    Recent Events

    • In January 2025, Fitch Ratings (“Fitch”) upgraded the Insurer Financial Strength rating for EMICO to A from A- and also upgraded Enact’s senior debt rating to BBB. The outlook for both ratings is stable.
    • Subsequent to quarter end, we announced two excess of loss reinsurance agreements with a panel of highly rated reinsurers that will provide ~$225M and ~$260M of coverage on a portion of expected new insurance written for the 2025 and 2026 book years, respectively.
    • We repurchased approximately 2.1 million shares at an average price of $34.75 for a total of approximately $74 million in the quarter. Additionally, through January 31, 2024, we repurchased 0.6 million shares at an average price of $32.60 for a total of $19 million. There remains approximately $74 million of our $250 million repurchase authorization.
    • We announced today that the Board of Directors declared a quarterly dividend of $0.185 per common share, payable on March 14, 2025, to shareholders of record on February 21, 2025.

    Conference Call and Financial Supplement Information
    This press release, the fourth quarter 2024 financial supplement and earnings presentation are now posted on the Company’s website, https://ir.enactmi.com. Investors are encouraged to review these materials.

    Enact will discuss third quarter financial results in a conference call tomorrow, Wednesday, February 5, 2025, at 8:00 a.m. (Eastern). Participants interested in joining the call’s live question and answer session are required to pre-register by clicking here to obtain your dial-in number and unique PIN. It is recommended to join at least 15 minutes in advance, although you may register ahead of the call and dial in at any time during the call. If you wish to join the call but do not plan to ask questions, a live webcast of the event will be available on our website, https://ir.enactmi.com/news-and-events/events.

    The webcast will also be archived on the Company’s website for one year.

    About Enact
    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.

    Safe Harbor Statement
    This communication contains “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements may address, among other things, our expected financial and operational results, the related assumptions underlying our expected results, guidance concerning the future return of capital and the quotations of management. These forward-looking statements are distinguished by use of words such as “will,” “may,” “would,” “anticipate,” “expect,” “believe,” “designed,” “plan,” “predict,” “project,” “target,” “could,” “should,” or “intend,” the negative of these terms, and similar references to future periods. These views involve risks and uncertainties that are difficult to predict and, accordingly, our actual results may differ materially from the results discussed in our forward-looking statements. Our forward-looking statements contained herein speak only as of the date of this press release. Factors or events that we cannot predict, including risks related to an economic downturn or a recession in the United States and in other countries around the world; changes in political, business, regulatory, and economic conditions; changes in or to Fannie Mae and Freddie Mac (the “GSEs”), whether through Federal legislation, restructurings or a shift in business practices; failure to continue to meet the mortgage insurer eligibility requirements of the GSEs; competition for customers; lenders or investors seeking alternatives to private mortgage insurance; an increase in the number of loans insured through Federal government mortgage insurance programs, including those offered by the Federal Housing Administration; and other factors described in the risk factors contained in our most recent Annual Report on Form 10-K and other filings with the SEC, may cause our actual results to differ from those expressed in forward-looking statements. Although Enact believes the expectations reflected in such forward-looking statements are based on reasonable assumptions, Enact can give no assurance that its expectations will be achieved and it undertakes no obligation to update publicly any forward-looking statements as a result of new information, future events, or otherwise, except as required by applicable law.

    GAAP/Non-GAAP Disclosure Discussion
    This communication includes the non-GAAP financial measures entitled “adjusted operating income (loss)”, “adjusted operating income (loss) per share,” and “adjusted operating return on equity.” Adjusted operating income (loss) per share is derived from adjusted operating income (loss). The chief operating decision maker evaluates performance and allocates resources on the basis of adjusted operating income (loss). Enact Holdings, Inc. (the “Company”) defines adjusted operating income (loss) as net income (loss) excluding the after-tax effects of net investment gains (losses), restructuring costs and infrequent or unusual non-operating items, and gain (loss) on the extinguishment of debt. The Company excludes net investment gains (losses), gains (losses) on the extinguishment of debt and infrequent or unusual non-operating items because the Company does not consider them to be related to the operating performance of the Company and other activities. The recognition of realized investment gains or losses can vary significantly across periods as the activity is highly discretionary based on the timing of individual securities sales due to such factors as market opportunities or exposure management. Trends in the profitability of our fundamental operating activities can be more clearly identified without the fluctuations of these realized gains and losses. We do not view them to be indicative of our fundamental operating activities. Therefore, these items are excluded from our calculation of adjusted operating income. In addition, adjusted operating income (loss) per share is derived from adjusted operating income (loss) divided by shares outstanding. Adjusted operating return on equity is calculated as annualized adjusted operating income for the period indicated divided by the average of current period and prior periods’ ending total stockholders’ equity.

    While some of these items may be significant components of net income (loss) in accordance with U.S. GAAP, the Company believes that adjusted operating income (loss) and measures that are derived from or incorporate adjusted operating income (loss), including adjusted operating income (loss) per share on a basic and diluted basis and adjusted operating return on equity, are appropriate measures that are useful to investors because they identify the income (loss) attributable to the ongoing operations of the business. Management also uses adjusted operating income (loss) as a basis for determining awards and compensation for senior management and to evaluate performance on a basis comparable to that used by analysts. Adjusted operating income (loss) and adjusted operating income (loss) per share on a basic and diluted basis are not substitutes for net income (loss) available to Enact Holdings, Inc.’s common stockholders or net income (loss) available to Enact Holdings, Inc.’s common stockholders per share on a basic and diluted basis determined in accordance with U.S. GAAP. In addition, the Company’s definition of adjusted operating income (loss) may differ from the definitions used by other companies.

    Adjustments to reconcile net income (loss) available to Enact Holdings, Inc.’s common stockholders to adjusted operating income (loss) assume a 21% tax rate.

    The tables at the end of this press release provide a reconciliation of net income (loss) to adjusted operating income (loss) and U.S. GAAP return on equity to adjusted operating return on equity for the three months and twelve months ending December 31, 2024 and 2023, as well as for the three months ended September 30, 2024

    Exhibit A: Consolidated Statements of Income (amounts in thousands, except per share amounts)

      4Q24 3Q24 4Q23   2024     2023  
    REVENUES:          
    Premiums $245,735   $249,055   $240,101   $980,104   $957,075  
    Net investment income   62,624     61,056     56,161     240,564     207,369  
    Net investment gains (losses)   (7,167)     (1,243)     (876)     (22,807)     (14,022)  
    Other income   584     720     804     3,913     3,264  
    Total revenues   301,776     309,588     296,190     1,201,774     1,153,686  
               
    LOSSES AND EXPENSES:          
    Losses incurred   23,813     12,164     24,372     38,657     27,165  
    Acquisition and operating expenses, net of deferrals   55,325     53,091     56,560     213,310     212,491  
    Amortization of deferred acquisition costs and intangibles   2,522     2,586     2,566     9,659     10,654  
    Interest expense   12,262     12,290     12,948     51,157     51,867  
    Loss on debt extinguishment   0     0     0     10,930     0  
    Total losses and expenses   93,922     80,131     96,446     323,713     302,177  
               
    INCOME BEFORE INCOME TAXES   207,854     229,457     199,744     878,061     851,509  
    Provision for income taxes   45,116     48,788     42,436     189,993     185,998  
    NET INCOME $162,738   $180,669   $157,308   $688,068   $665,511  
               
    Net investment (gains) losses   7,167     1,243     876     22,807     14,022  
    Costs associated with reorganization   411     848     408     4,652     (131)  
    Loss on debt extinguishment   0     0     0     10,930     0  
    Taxes on adjustments   (1,591)     (439)     (270)     (8,061)     (2,917)  
    Adjusted Operating Income $168,725   $182,321   $158,322   $718,396   $676,485  
               
    Loss ratio (1)   10%     5%     10%     4%     3%  
    Expense ratio (2)   24%     22%     25%     23%     23%  
    Earnings Per Share Data:          
    Net Income per share          
    Basic $1.06   $1.16   $0.99   $4.40   $4.14  
    Diluted $1.05   $1.15   $0.98   $4.37   $4.11  
    Adj operating income per share          
    Basic $1.10   $1.17   $0.99   $4.60   $4.21  
    Diluted $1.09   $1.16   $0.98   $4.56   $4.18  
    Weighted-average common shares outstanding          
    Basic   153,537     155,561     159,655     156,277     160,870  
    Diluted   154,542     157,016     160,895     157,554     161,847  
               
    (1) The ratio of losses incurred to net earned premiums.      
    (2) The ratio of acquisition and operating expenses, net of deferrals, and amortization of deferred acquisition costs and intangibles to net earned premiums. Expenses associated with strategic transaction preparations and restructuring costs increased the expense ratio by one percentage point for the three-month period ended December 31, 2024, and zero percentage points for the three-month periods ended September 30, 2024, and December 31, 2023. Expenses associated with strategic transaction preparations and restructuring costs increased the expense ratio by one percentage point for the year ended December 31, 2024 and zero percentage points for the year ended December 31, 2023.
     

    Exhibit B: Consolidated Balance Sheets (amounts in thousands, except per share amounts)

    Assets 4Q24 3Q24 4Q23
    Investments:      
    Fixed maturity securities available-for-sale, at fair value $5,624,773   $5,652,399   $5,266,141  
    Short term investments   3,367     1,550     20,219  
    Total investments   5,628,140     5,653,949     5,286,360  
    Cash and cash equivalents   599,432     673,363     615,683  
    Accrued investment income   49,595     45,954     41,559  
    Deferred acquisition costs   23,771     24,160     25,006  
    Premiums receivable   53,031     48,834     45,070  
    Other assets   102,549     100,723     88,306  
    Deferred tax asset   65,013     50,063     88,489  
    Total assets $6,521,531   $6,597,046   $6,190,473  
           
    Liabilities and Shareholders’ Equity      
    Liabilities:      
    Loss reserves $524,715   $510,401   $518,191  
    Unearned premiums   114,680     121,382     149,330  
    Other liabilities   142,990     186,312     145,189  
    Long-term borrowings   743,050     742,706     745,416  
    Total liabilities   1,525,435     1,560,801     1,558,126  
    Equity:      
    Common stock   1,523     1,544     1,593  
    Additional paid-in capital   2,076,788     2,145,518     2,310,891  
    Accumulated other comprehensive income   (207,455)     (101,984)     (230,400)  
    Retained earnings   3,125,240     2,991,167     2,550,263  
    Total equity   4,996,096     5,036,245     4,632,347  
    Total liabilities and equity $6,521,531   $6,597,046   $6,190,473  
           
    Book value per share $32.80   $32.61   $29.07  
    Book value per share excluding AOCI $34.16   $33.27   $30.52  
           
    U.S. GAAP ROE (1)   13.0%     14.7%     13.8%  
    Net investment (gains) losses   0.6%     0.1%     0.1%  
    Costs associated with reorganization   0.0%     0.1%     0.0%  
    (Gains) losses on early extinguishment of debt   0.0%     0.0%     0.0%  
    Taxes on adjustments (0.1)%     0.0%     0.0%  
    Adjusted Operating ROE(2)   13.5%     14.8%     13.9%  
           
    Debt to Capital Ratio   13%     13%     14%  
           
    (1) Calculated as annualized net income for the period indicated divided by the average of current period and prior periods’ ending total stockholders’ equity
    (2) Calculated as annualized adjusted operating income for the period indicated divided by the average of current period and prior periods’ ending total stockholders’ equity
     

    This press release was published by a CLEAR® Verified individual.

    The MIL Network –

  • MIL-OSI Europe: Answer to a written question – Budgetary impact of new economic governance rules and the need for methodological transparency – E-002213/2024(ASW)

    Source: European Parliament

    The new Economic Governance Framework supports Member States in achieving fiscal sustainability as well as sustainable economic growth.

    Both are critical for the EU’s economic strength in today’s challenging global environment. In particular, the new framework encourages reforms and investments that will lay the foundations for long-term economic stability and sustainable growth.

    As part of the implementation of the new framework, the Commission recommended on 26 November 2024 to the Council to endorse the fiscal path contained in Portugal’s medium-term fiscal-structural plan, which corresponds to an annual fiscal adjustment of 0.1% of gross domestic product for the period 2025-2028[1].

    The new framework differentiates between Member States according to their fiscal position. As stipulated in Regulation 2024/1263[2], the Commission applies a replicable, predictable and transparent methodology to assess the plausibility of whether the projected public debt ratio is on a downward path or remains at prudent level. For the first round of medium-term plans, this methodology is described in the Debt Sustainability Monitor 2023[3].

    The prior Commission’s guidance to Member States, derived from the Commission debt projection framework, is published when the medium-term plan is submitted, in accordance with Article 9 of the regulation, together with spreadsheets allowing to reproduce the calculations.

    A working group for debt sustainability analysis has been established to explore possible methodological improvements.

    • [1] See : https://economy-finance.ec.europa.eu/economic-and-fiscal-governance/stability-and-growth-pact/preventive-arm/national-medium-term-fiscal-structural-plans_en#portugal
    • [2] https://eur-lex.europa.eu/eli/reg/2024/1263
    • [3] See: https://economy-finance.ec.europa.eu/publications/debt-sustainability-monitor-2023_en
    Last updated: 4 February 2025

    MIL OSI Europe News –

  • MIL-OSI Europe: Answer to a written question – Articles 10, 11 and 12 of the EU Critical Raw Materials Act and their application to EU candidate countries – E-002393/2024(ASW)

    Source: European Parliament

    The EU Critical Raw Materials Act[1] (CRMA) is directly applicable to Member States only, therefore it does not prescribe obligations to non-EU countries, including as regards the specific requirements and timeframes covered by Articles 10, 11 and 12 referred to in the Honourable Member’s written question.

    As such, EU candidate countries are not directly bound by EU legislation until their full accession, unless it is specifically referenced or incorporated into international agreements.

    However, candidate countries are expected to gradually align their legislative framework with the EU acquis as part of their accession process.

    This alignment occurs in accordance with their transposition of relevant EU legislation into national law, which takes place progressively, with support and monitoring from the Commission.

    Therefore, while the CRMA does not directly apply to EU candidate countries, it serves as a complementary framework that may influence their strategic choices, and it will apply when these countries formally join the EU.

    When it comes to strategic projects, authorities of candidate countries are invited to consider the benefits to be granted to such projects in national policies, such as the permitting provisions.

    • [1] Regulation (EU) 2024/1252 of the European Parliament and of the Council of 11 April 2024 establishing a framework for ensuring a secure and sustainable supply of critical raw materials, OJ L, 2024/1252, 3.5.2024, http://data.europa.eu/eli/reg/2024/1252/oj
    Last updated: 4 February 2025

    MIL OSI Europe News –

  • MIL-OSI: Onity Group Schedules Conference Call – Fourth Quarter and Full-Year 2024 Results

    Source: GlobeNewswire (MIL-OSI)

    WEST PALM BEACH, Fla., Feb. 04, 2025 (GLOBE NEWSWIRE) — Onity Group Inc. (NYSE: ONIT) (“Onity” or the “Company”) today announced that it will hold a conference call on Thursday, February 13, 2025 at 8:30 a.m. (ET) to review the Company’s fourth quarter and full-year 2024 operating results.

    All interested parties are welcome to participate. You can access the conference call by dialing (800) 274-8461 or (203) 518-9814 approximately 10 minutes prior to the call; please reference the conference ID “Onity.” Participants can also access the conference call through a live audio webcast available from the Shareholder Relations page at onitygroup.com under Events and Presentations.

    An investor presentation will accompany the conference call and be available by visiting the Shareholder Relations page at onitygroup.com prior to the call.

    A replay of the conference call will be available via the website approximately two hours after the conclusion of the call. A telephonic replay will also be available approximately three hours following the call’s completion through February 27, 2025, by dialing (844) 512-2921 or (412) 317-6671; please reference access code 11157783.

    About Onity Group

    Onity Group Inc. (NYSE: ONIT) is a leading non-bank financial services company providing mortgage servicing and originations solutions through its primary brands, PHH Mortgage and Liberty Reverse Mortgage. PHH Mortgage is one of the largest servicers in the country, focused on delivering a variety of servicing and lending programs to consumers and business clients. Liberty is one of the nation’s largest reverse mortgage lenders dedicated to providing loans that help customers meet their personal and financial needs. We are headquartered in West Palm Beach, Florida, with offices and operations in the United States, the U.S. Virgin Islands, India and the Philippines, and have been serving our customers since 1988. For additional information, please visit onitygroup.com.

    For Further Information Contact:

    Investors:
    Valerie Haertel, VP, Investor Relations
    (561) 570-2969
    shareholderrelations@onitygroup.com

    Media:
    Dico Akseraylian, SVP, Corporate Communications
    (856) 917-0066
    mediarelations@onitygroup.com

    The MIL Network –

  • MIL-OSI Europe: Answer to a written question – The disappearance of Iranian student Ahoo Daryaei and the need to take measures against symbols of female repression in the EU – E-002406/2024(ASW)

    Source: European Parliament

    The EU strongly supports the fundamental aspiration of the people of Iran for a future where their universal human rights and fundamental freedoms are respected, protected and fulfilled.

    The EU has been following the case of student Ahou Daryaei from the beginning and will continue to monitor her situation very closely, also now when she returned to her family without any formal charges having been brought against her.

    The EU is using every opportunity, both publicly and in direct diplomatic contacts, to call on Iran to ensure respect for women and girls’ rights and to combat all forms of discrimination and violence in public and private life.

    The Commission promotes inclusion, diversity and unity in the EU. Issues regarding the wearing of religious clothing, such as the hijab, in the public sphere are a matter for Member States, subject to the judicial control by national courts and the European Court of Human Rights.

    Last updated: 4 February 2025

    MIL OSI Europe News –