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Enact Holdings, Inc. - ACT STOCK NEWS

Welcome to our dedicated page for Enact Holdings news (Ticker: ACT), a resource for investors and traders seeking the latest updates and insights on Enact Holdings stock.

Enact Holdings, Inc. Common Stock (Nasdaq: ACT) operates as a holding company that provides private mortgage insurance services through its subsidiaries, primarily Enact Mortgage Insurance Corporation. Established in 1981 and headquartered in Raleigh, North Carolina, Enact plays a pivotal role in the U.S. housing finance market. The company's mortgage insurance services facilitate homeownership by protecting mortgage lenders and investors against losses caused by borrower defaults. Enact's principal customers include residential mortgage loan originators who select Enact for its extensive risk and capital management capabilities.

Enact boasts a robust financial foundation, underscored by its recent achievements and ongoing strategic initiatives. The company announced a quarterly dividend increase to $0.185 per common share, payable on June 13, 2024, and authorized a new share repurchase program of up to $250 million. These actions reflect Enact's strong financial position and commitment to shareholder returns.

The company also reported solid financial results for Q1 2024, with a net income of $161 million and an adjusted operating income of $166 million. Primary insurance in-force reached a record $264 billion, evidencing a 4% year-over-year increase. Enact's financial strength is further validated by its PMIERs sufficiency ratio of 163%, significantly above requirements.

Enact continues to innovate and enhance its service offerings. Recent integrations with PMI Rate Pro enable lenders to seamlessly order mortgage insurance via API, improving customer experience and operational efficiency. Additionally, Enact's commitment to ESG principles, highlighted in its 2023 ESG Report, demonstrates its dedication to sustainable business practices and positive community impact.

For investors and stakeholders, Enact Holdings, Inc. represents a stable and growth-oriented company with a strong track record of financial performance, strategic innovation, and shareholder value creation.

News

Enact Releases 2023 Environmental, Social, and Governance (ESG) Report

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Enact Holdings, Inc. (ACT) releases its 2023 ESG Report, emphasizing progress and transparency in ESG matters. The report includes insights on TCFD and U.N. SDGs frameworks, showcasing Enact's commitment to sustainability and inclusivity.
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Genworth Releases Cost of Care Survey Results for 2023: Twenty Years of Tracking Long-Term Care Costs

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Genworth's Cost of Care Survey 2023 reveals increasing long-term care costs due to inflation and worker shortages. Home health aide and homemaker services costs rose significantly. The survey highlights cost trends, drivers, and the importance of person-centered care in the long-term care industry.
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Genworth Financial Announces Fourth Quarter 2023 Results

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Genworth Financial, Inc. (GNW) reported Q4 2023 results with $35M in share repurchases, $127M gross incremental premium approved, and $212M net loss. Enact generated $552M adjusted operating income. Long-Term Care Insurance progress includes $1.5B reduction in MYRAP. GAAP metrics show a net loss of $212M. Enact's adjusted operating income was $129M with a 10% loss ratio. PMIERs sufficiency ratio was 161%. Life Insurance faced an unfavorable $179M impact from annual assumption updates. Statutory pre-tax income was $148M with a 303% RBC ratio.
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Enact Announces Quarterly Dividend

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Enact Holdings, Inc. (ACT) declares a quarterly dividend of $0.16 per common share, payable on March 13, 2024, to shareholders of record on February 28, 2024. Future dividends will be subject to Board approval.
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Enact Reports Fourth Quarter and Full Year 2023 Results

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Enact Holdings, Inc. (ACT) reported a strong fourth quarter and full-year financial performance, with GAAP net income of $157 million and $666 million, respectively. The company returned over $300 million to shareholders in 2023 and achieved a record primary insurance in-force of $263 billion, marking a 6% increase from the previous year. However, new insurance written (NIW) decreased by 27% from the previous quarter, and net premiums earned were down 1% sequentially. Despite this, the company's persistency rate increased to 86%, and the PMIERs Sufficiency was 161%. Enact also made significant moves in the reinsurance market and received positive ratings from S&P Global Ratings.
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Enact Completes Forward XOL Reinsurance Transaction as Part of its Diversified Credit Risk Transfer Program

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Enact Holdings, Inc. (Nasdaq: ACT) has secured $255 million of excess of loss reinsurance coverage for its Enact Mortgage Insurance Corporation, through a credit risk transfer transaction effective January 1, 2024. The reinsurance coverage is provided by a panel of reinsurers rated 'A-' or better by Standard & Poor’s or A.M. Best Company, Inc. Enact's President and CEO, Rohit Gupta, expressed satisfaction with the transaction, highlighting the company's ability to distribute and minimize credit risk and enhance capital efficiency.
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Genworth Financial Schedules Earnings Conference Call for February 22

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Genworth Financial, Inc. (NYSE: GNW) will release its Q4 earnings on February 21, 2024, followed by a conference call on February 22, 2024, to discuss the results. Enact Holdings, Inc. (Nasdaq: ACT), Genworth's subsidiary, will also hold a conference call on February 7, 2024, to discuss its Q4 results.
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Enact Receives Ratings Upgrade from S&P Global Ratings

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Enact Holdings, Inc. (ACT) receives third S&P upgrade since IPO, highlighting strong performance and capital position.
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Enact to Host Fourth Quarter 2023 Earnings Call February 7th

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Enact Holdings, Inc. (Nasdaq: ACT) will issue its fourth quarter earnings release on February 6, 2024, and host a conference call to review the financial results on February 7, 2024 at 8:00 a.m. (ET). The earnings release, summary presentation, and financial supplement will be available through the company's website. Participants can join the call's live question and answer session by pre-registering. A live webcast of the event will also be available on the company's website.
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Enact Mortgage Insurance Enters into Quota Share Reinsurance Agreement

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Enact Holdings, Inc. (Nasdaq: ACT) secures 21% of quota share reinsurance coverage from a panel of third-party reinsurance providers. Enact Mortgage Insurance Corporation has entered into a quota share reinsurance agreement with highly rated reinsurers, ceding 21% of expected new insurance written for 2024. The agreement diversifies capital sources, improves risk profile, and supports high-quality new business. President and CEO Rohit Gupta expresses confidence in responsibly helping more people become homeowners.
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FAQ

What is the current stock price of Enact Holdings (ACT)?

The current stock price of Enact Holdings (ACT) is $34.04 as of November 6, 2024.

What is the market cap of Enact Holdings (ACT)?

The market cap of Enact Holdings (ACT) is approximately 5.3B.

What services does Enact Holdings, Inc. provide?

Enact Holdings, Inc. provides private mortgage insurance services to mortgage lenders and investors through its subsidiary, Enact Mortgage Insurance Corporation.

When was Enact Holdings, Inc. established?

Enact Holdings, Inc. was established in 1981 and is headquartered in Raleigh, North Carolina.

What is Enact Holdings, Inc.'s stock symbol?

Enact Holdings, Inc. is traded on Nasdaq under the stock symbol ACT.

What was Enact Holdings, Inc.'s net income for Q1 2024?

Enact Holdings, Inc. reported a net income of $161 million for Q1 2024.

What is the current dividend per share declared by Enact Holdings, Inc.?

Enact Holdings, Inc. declared a quarterly dividend of $0.185 per common share, payable on June 13, 2024.

What is Enact Holdings, Inc.'s primary insurance in-force as of Q1 2024?

Enact Holdings, Inc.'s primary insurance in-force reached $264 billion in Q1 2024.

What strategic initiatives has Enact Holdings, Inc. recently announced?

Enact Holdings, Inc. announced a new $250 million share repurchase program and an increase in its quarterly dividend.

How does Enact Holdings, Inc. support environmental, social, and governance (ESG) principles?

Enact Holdings, Inc. published its 2023 ESG Report highlighting its progress on ESG priorities and commitment to sustainable business practices.

What recent integration did Enact Holdings, Inc. complete to enhance its services?

Enact Holdings, Inc. completed an integration with PMI Rate Pro, enabling lenders to order mortgage insurance directly through API, enhancing customer experience and efficiency.

Where can investors find more information about Enact Holdings, Inc.?

Investors can find more information about Enact Holdings, Inc. on its official website and investor relations page at https://ir.enactmi.com.

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Enact Holdings, Inc.

Nasdaq:ACT

ACT Rankings

#1266 Ranked by Market Cap
#1307 Ranked by Dividends

ACT Stock Data

5.28B
155.70M
80.79%
18.91%
0.62%
Insurance - Specialty
Insurance Agents, Brokers & Service
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United States of America
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