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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.
Enact Holdings, Inc. (Nasdaq: ACT) announced the lifting of GSE Conditions from Fannie Mae and Freddie Mac, effective March 1, 2023. This follows the satisfaction of conditions imposed after Enact's August 2020 senior notes issuance. CEO Rohit Gupta stated that this confirmation enhances the company’s financial flexibility and competitiveness by removing stricter capital requirements compared to peers. The company believes this will positively impact its operational performance moving forward.
For more details, see the 2022 10-K filing on their website.
Enact Holdings, Inc. (Nasdaq: ACT) has secured approximately $180 million in excess of loss reinsurance coverage, enhancing its capital efficiency and risk management strategy for the 2023 insurance book year. This credit risk transfer (CRT) transaction, effective January 1, 2023, covers a portion of expected new insurance policies. The reinsurers involved have ratings of “A-” or better. Enact's successful CRT program has executed around $4.7 billion in such transactions since 2015, demonstrating its commitment to helping individuals achieve homeownership while maintaining financial strength.
Enact Holdings, Inc. (Nasdaq: ACT) has announced an integration with Polly, enhancing its private mortgage insurance offerings. This partnership allows lenders to access Enact's rate quotes through Polly's advanced product and pricing engine (PPE), streamlining the mortgage process.
Neenu Kainth, Enact's Chief Customer Experience Officer, emphasized the importance of accommodating diverse customer needs. Both companies aim to improve lender efficiency and profitability, supporting the democratization of pricing in the mortgage capital markets.
Enact Holdings, Inc. (Nasdaq: ACT) has appointed Jerome Upton to its Board of Directors, enhancing the board's expertise in mortgage insurance. Upton brings significant experience from Genworth, where he held roles including Senior Vice President and Chief Financial Officer. His knowledge in international mortgage insurance is expected to strengthen Enact's governance. Upton's appointment follows Genworth's recent restructuring, which separated the roles of CFO and Chief Investment Officer, further indicating a focus on specialized leadership. Enact aims to positively impact homeownership and maintain a strong financial foundation.
Genworth Financial, Inc. (NYSE: GNW) announced a ratings upgrade from Moody's, with the company's senior unsecured debt rating for Genworth Holdings, Inc. raised to Ba1 from Ba2. This upgrade signifies a one-notch improvement and reflects Genworth's efforts in enhancing its financial standing. The outlook remains stable. CEO Tom McInerney expressed satisfaction with the upgrade, highlighting the company’s commitment to growth initiatives and shareholder returns. Notably, the Insurer Financial Strength ratings for Genworth’s life insurance subsidiaries were unaffected by this upgrade.
Enact Holdings, Inc. (Nasdaq: ACT) has received a significant upgrade from S&P Global Ratings, with its insurance subsidiary's long-term financial strength rating raised to BBB+ from BBB, while the issuer credit rating for Enact Holdings increased to BB+ from BB. This marks the second upgrade since the company's IPO, highlighting its strong performance and capital position. CEO Rohit Gupta emphasized that these upgrades reflect Enact's improved market position and execution of its strategic plans, reinforcing its financial stability and flexibility.
Genworth Financial, Inc. (NYSE: GNW) announced a credit rating upgrade from S&P Global Ratings, elevating its issuer credit ratings from B+ to BB-. The stable outlook reflects the company's improved liquidity and a robust balance sheet. CEO Tom McInerney indicated that this upgrade enhances financial flexibility, allowing for investment in growth initiatives and capital returns to shareholders. Notably, the financial strength ratings of Genworth’s life insurance subsidiaries remain unchanged. Additional insights can be found in the credit opinion published on February 16, 2023.
On February 9, 2023, Enact Holdings (Nasdaq: ACT) announced a quarterly dividend of $0.14 per common share, payable on March 9, 2023, to shareholders of record by February 23, 2023. The company is recognized as a leading provider of private mortgage insurance in the U.S., aiming to facilitate homeownership through strong partnerships with lenders. Enact is committed to delivering best-in-class service and underwriting expertise, helping borrowers sustainably attain and maintain homeownership.
Enact Holdings, Inc. (Nasdaq: ACT) reported a fourth quarter net income of $144 million, or $0.88 per diluted share, marking a decline from $191 million in Q3 2022 and $154 million in Q4 2021. For the full year, net income amounted to $704 million, or $4.31 per diluted share. The company saw a 10% increase in Primary Insurance-in-Force to $248 billion year-over-year. Return on equity for Q4 was 14.0%, down from 18.6% in Q3. Enact returned over $250 million to shareholders in 2022 and helped 192,000 homebuyers qualify for mortgages. Financial stability is highlighted by PMIERs sufficiency of 165%.
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