olivLaw · US equity research
Enact Holdings, Inc. ACT
Insurance Agents, Brokers & Service · SIC 6411 · Vertical: Insurance Agents, Brokers & Service (SIC 6411)
Enact Holdings is one of the largest private mortgage insurers in the United States, active since 1981 and helping home buyers, especially those with small down payments, obtain credit and stay in their homes. In the second quarter of 2026 the company reported GAAP net income of 175 million USD and grew new insurance written, in a setting of persistent inflation and expensive mortgage credit.
The AI analysis may be outdated: new filings came after its sources (see the «AI analysis» section).
At the close of 04 Nov 2026, Enact Holdings, Inc. (ACT) stock was 48.24 USD (+1.56% on the day), with market capitalisation 6.6 bn USD, P/E 10.7 on diluted EPS of 4.52 USD over the last 12 months, dividend yield 1.80%, beta 0.33, 52-week range 35.93–50.07 USD. Latest reported quarter (Q2 2026): revenue of 317.3 m USD (+4.1% YoY), diluted EPS 1.25 USD.
Data as of · AI analysis dated · Source: SEC filings and closing prices, computed by olivLaw.
Price history
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Technical reading
- RSI (14)
- 56.5
- strong (55–70)
- Bollinger (20, 2)
- 44.55 – 49.08
- in the upper half of the band · %B 0.81 · band width 9.7%
- SMA 50 / 200
- 47.45 / 44.47
- uptrend (price > SMA50 > SMA200)
- MACD (12, 26, 9)
- 0.31 / 0.11
- MACD above signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | S&P 500 | vs S&P 500 | Vertical median | |
|---|---|---|---|---|
| 1 month | +5.2% | −1.1% | +6.3 pp | — |
| 3 months | +0.9% | −0.5% | +1.3 pp | — |
| 6 months | +12.0% | +4.4% | +7.6 pp | — |
| Year to date | +21.7% | +12.3% | +9.4 pp | — |
| 1 year | +32.2% | +13.5% | +18.7 pp | −3.9% |
| 3 years | +70.9% | +76.4% | −5.5 pp | +1.3% |
| 5 years | +107.7% | +63.7% | +44.0 pp | — |
Price returns, dividends excluded.
Quarterly results
Latest quarter: Q2 2026 · 30 Jun 2026
Quarterly statements · USD
| Fiscal year | Q3 '24 | Q4 '24 | Q1 '25 | Q2 '25 | Q3 '25 | Q4 '25 | Q1 '26 | Q2 '26 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 309.6 m | 301.8 m | 306.8 m | 304.9 m | 311.5 m | 312.7 m | 312.1 m | 317.3 m |
| Interest expense | 12.3 m | 12.3 m | 12.3 m | 12.3 m | 12.9 m | 12.5 m | 12.4 m | 12.5 m |
| Pre-tax income | 229.5 m | 207.9 m | 211.4 m | 214.5 m | 209.8 m | 223.1 m | 213.4 m | 220.0 m |
| Income tax | 48.8 m | 45.1 m | 45.6 m | 46.7 m | 46.3 m | 45.9 m | 45.6 m | 45.1 m |
| Diluted EPS | 1.15 | — | 1.08 | 1.11 | 1.10 | — | 1.18 | 1.25 |
| Operating cash flow | 188.1 m ≈ | 166.1 m | 226.7 m | 119.5 m ≈ | 192.0 m ≈ | 186.3 m | 224.0 m | 118.5 m ≈ |
| Dividends paid | 28.8 m ≈ | 28.4 m | 28.1 m | 31.5 m ≈ | 31.0 m ≈ | 30.3 m | 29.8 m | 33.5 m ≈ |
| Share repurchases | 71.0 m ≈ | 74.6 m | 65.3 m | 84.6 m ≈ | 105.5 m ≈ | 127.0 m | 93.2 m | 93.3 m ≈ |
≈ derived quarter (cumulative difference / share-days average)
E/P over time
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Today's P/E sits at the 100 percentile of its own 5-quarter history (min 5.1, median 6.2, max 7.4; quarters with earnings only).
Fiscal years
| Fiscal year | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|
| Revenue | 978.9 m | 1.1 bn | 1.1 bn | 1.1 bn | 1.2 bn | 1.2 bn | 1.2 bn |
| Revenue YoY | unavailable | +13.0% | +1.0% | −2.0% | +5.4% | +4.2% | +2.8% |
| Net income | 677.6 m | 370.4 m | 546.7 m | unavailable | 665.5 m | 688.1 m | 674.2 m |
| Net income YoY | unavailable | −45.3% | +47.6% | unavailable | unavailable | +3.4% | −2.0% |
| Diluted EPS | 4.16 | 2.27 | 3.36 | 4.31 | 4.11 | 4.37 | 4.52 |
| Diluted EPS YoY | unavailable | −45.4% | +48.0% | +28.3% | −4.6% | +6.3% | +3.4% |
| net % | 69.2% | 33.5% | 48.9% | unavailable | 57.7% | 57.3% | 54.6% |
| Free cash flow | unavailable | unavailable | unavailable | unavailable | unavailable | unavailable | unavailable |
Reported results vs expectations
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Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 582.5 m USD
- Financial debt
- 744.5 m USD
- Net debt
- 162.0 m USD
- Equity
- 5.4 bn USD
- Total assets
- 6.9 bn USD
- Debt / equity
- 0.14x
- Current ratio
- unavailable
- ROE
- 13.0%
- ROA
- 10.1%
- FCF margin
- unavailable
Financial statements (source on every figure)
Revenue and net income (USD)
Margins
Income statement · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Revenue | 1.1 bn | 1.1 bn | 1.1 bn | 1.2 bn | 1.2 bn | 1.2 bn | SEC (XBRL)· 27 Feb 2026verified |
| SG&A | 215.0 m | 231.5 m | 226.9 m | 212.5 m | 213.3 m | 208.3 m | SEC (XBRL)· 27 Feb 2026verified |
| Interest expense | 18.2 m | 51.0 m | 51.7 m | 51.9 m | 51.2 m | 49.9 m | SEC (XBRL)· 27 Feb 2026verified |
| Pre-tax income | 472.4 m | 695.2 m | 898.2 m | 851.5 m | 878.1 m | 858.8 m | SEC (XBRL)· 27 Feb 2026verified |
| Income tax | 102.0 m | 148.5 m | 194.1 m | 186.0 m | 190.0 m | 184.6 m | SEC (XBRL)· 27 Feb 2026verified |
| Net income | 370.4 m | 546.7 m | — | 665.5 m | 688.1 m | 674.2 m | SEC (XBRL)· 27 Feb 2026verified |
| Diluted EPS | 2.27 | 3.36 | 4.31 | 4.11 | 4.37 | 4.52 | SEC (XBRL)· 27 Feb 2026verified |
| Weighted average diluted shares | 162.8 m | 162.9 m | 163.3 m | 161.8 m | 157.6 m | 149.3 m | SEC (XBRL)· 27 Feb 2026verified |
| Dividend per share | — | — | 1.54 | 1.33 | 0.72 | 0.82 | SEC (XBRL)· 27 Feb 2026verified |
Balance sheet · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Cash | 452.8 m | 425.8 m | 513.8 m | 615.7 m | 599.4 m | 582.5 m | SEC (XBRL)· 27 Feb 2026verified |
| Total assets | 5.7 bn | 5.9 bn | 5.7 bn | 6.2 bn | 6.5 bn | 6.9 bn | SEC (XBRL)· 27 Feb 2026verified |
| Long-term debt | 738.2 m | 740.4 m | 742.8 m | 745.4 m | 743.1 m | 744.5 m | SEC (XBRL)· 27 Feb 2026verified |
| Total liabilities | 1.8 bn | 1.8 bn | 1.6 bn | 1.6 bn | 1.5 bn | 1.5 bn | SEC (XBRL)· 27 Feb 2026verified |
| Equity | 3.9 bn † | 4.1 bn † | 4.1 bn † | 4.6 bn † | 5.0 bn † | 5.4 bn † | SEC (XBRL)· 27 Feb 2026verified |
† equity attributable to the parent's shareholders: in these years the issuer no longer reports the total including non-controlling interests.
Cash flow · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Operating cash flow | 704.4 m | 572.1 m | 560.5 m | 632.0 m | 686.3 m | 724.5 m | SEC (XBRL)· 27 Feb 2026verified |
| Investing cash flow | -1.1 bn | -398.8 m | -220.3 m | -229.4 m | -320.5 m | -226.4 m | SEC (XBRL)· 27 Feb 2026verified |
| Financing cash flow | 300.3 m | -200.3 m | -252.3 m | -300.7 m | -382.0 m | -515.1 m | SEC (XBRL)· 27 Feb 2026verified |
| Dividends paid | 437.4 m | 200.3 m | 250.8 m | 213.0 m | 111.7 m | 120.8 m | SEC (XBRL)· 27 Feb 2026verified |
| Share repurchases | 0 | 0 | 1.5 m | 87.8 m | 244.0 m | 382.4 m | SEC (XBRL)· 27 Feb 2026verified |
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
1 indicators that do not apply to the sector.
Valuation
olivLaw classification
- indicators available: 5 of at least 6
- score weight coverage: 39.6% of at least 60%
A scoring methodology on indicators and valuation, not investment advice.
Closing price
04 Nov 2026Source: olivLaw, closing series
Market cap: 6.6 bn USD
Key indicators
Coverage and freshness
Score by group
40% · Insufficient data
Estimated value range
The combined range = the median of the valid methods' low, central and high values; it is not a probability interval and does not cover every result. Envelope of all methods: 89.08 – 194.37 USD.
Methods computed but outside the aggregate range: Dividend discount (DDM) (a small share of earnings is paid as dividends (capital returns through buybacks): the dividend model does not describe the value and stays outside the aggregate).
Valuation assumptions are editorial choices, not measured; beta is not measured.
Method ranges (USD per share)
— — Mid · ▏ Price
Valuation methods
- DCF (discounted cash flow)unavailable · input data missing
- Peers: EV/EBITDAunavailable · input data missing
- Peers: P/E89.08 – 194.37 (Mid 113.86)11 companies used · median multiple 25.2x · quartiles 19.7x – 43.0xAJG, AON, BRO, CRVL, GSHD, MRSH, RYAN, SLQT, TWFG, WDH, WTW
- Dividend discount (DDM)outside the aggregate10.71 – 14.40 (Mid 12.28)a small share of earnings is paid as dividends (capital returns through buybacks): the dividend model does not describe the value and stays outside the aggregate
Classification (SIC) comparables group by industry code, not by economic activity; the direct group is an editorial selection by activity. Members' multiples are on their own trailing twelve months, at their own latest close.
Assumptions (illustrative, editorial)
- Risk-free rate
- 4.3%
- Equity risk premium
- 5.0%
- Beta (default)
- 1.00
- Cost of equity
- 9.3%
- Terminal growth
- 2.5%
Factor scorecard
Insufficient data
Minimum-evidence gate: indicators available: 5 of at least 6; score weight coverage: 39.6% of at least 60%
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | unavailable | unavailable | — |
| Net margin · Quality | 53.8% | 100 (vs peers) | 16% |
| FCF conversion · Quality | unavailable | unavailable | — |
| Revenue CAGR 3Y · Growth | 4.1% | 34 (on a fixed band) | 21% |
| EPS CAGR 3Y · Growth | 1.6% | 11 (on a fixed band) | 21% |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | unavailable | unavailable | — |
| Current ratio · Balance sheet | unavailable | unavailable | — |
| P/E (TTM) · Valuation | 10.7x | 85 (vs peers) | 26% |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | unavailable | unavailable | — |
| Shareholder yield (distributions) · Returns | 8.2% | 100 (on a fixed band) | 16% |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet· partialunavailable · 0/3 factors with a value
- Growth22/100 · 2/2 factors with a value
- Quality· partial100/100 · 1/3 factors with a value
- Returns· partial100/100 · 1/2 factors with a value
- Valuation· partial85/100 · 1/3 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
Enact Holdings, Inc. (ACT). Latest full fiscal year: 2025; data up to 2026-06-30.
Figures computed from the financial statements: revenue 1.2 bn USD in 2025; YoY growth 2.8%; net margin 53.8%; ROE 12.7%.
The estimated value range is 89.08–194.37 USD per share (median of 1 methods, agreement: single method); assumptions are illustrative. Against the central value of 113.86 USD, the price of 48.24 USD leaves a potential of 136.0% (value / price − 1) and a margin of safety of 57.6% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.
Insufficient data for a verdict (indicators available: 5 of at least 6; score weight coverage: 39.6% of at least 60%).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- Net margin: 53.8%
- P/E (TTM): 10.7x
- Shareholder yield (distributions): 8.2%
- The price is below the estimated value range
What contradicts it
- EPS CAGR 3Y: 1.6%
Not assessed (insufficient data or a ratio without meaning): ROIC, FCF conversion, Net debt / EBITDA, Interest coverage, Current ratio, EV/EBITDA, FCF yield, Payout ratio (FCF).
Versus the vertical median
Insurance Agents, Brokers & Service (SIC 6411) · same industry (4-digit SIC) · compared with 29 companies
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| MRSHMarsh & Mclennan Companies, Inc. | 100.0 bn | 25.2 | 26.7% | 14.2% | +10.3% | +15% / +5% |
| XHGXChange TEC.INC | 85.9 bn | — | — | -204.9% | +24.9% | +253% / −100% |
| AJGArthur J. Gallagher & Co. | 73.9 bn | 47.1 | 6.7% | 10.0% | +20.7% | +16% / +16% |
| AONAon plc | 73.1 bn | 18.9 | 43.6% | 22.2% | +9.4% | −3% / +5% |
| WTWWillis Towers Watson PLC | 31.1 bn | 20.5 | 20.2% | 15.2% | −2.2% | +5% / +37% |
| BROBrown & Brown, Inc. | 24.5 bn | 22.1 | 9.7% | 17.6% | +22.8% | −8% / −1% |
| EQHEquitable Holdings, Inc. | 15.3 bn | — | -508.8% | -8.7% | −6.1% | +20% / +83% |
| AIFUAIFU Inc. | 10.5 bn | — | -155.9% | -408.8% | −67.9% | −84% / −100% |
| ACTEnact Holdings, Inc. | 6.6 bn | 10.7 | 12.7% | 53.8% | +2.8% | +32% / +71% |
| HGTYHagerty, Inc. | 6.5 bn | 108.0 | 25.6% | 4.4% | +17.3% | +40% / +121% |
| RYANRyan Specialty Holdings, Inc. | 5.2 bn | 49.9 | 19.4% | 3.2% | +21.3% | −18% / +4% |
| CRVLCorvel Corporation | 4.4 bn | 38.9 | 30.7% | 11.7% | +7.0% | +19% / +26% |
| WDHWaterdrop Inc. | 3.6 bn | 50.5 | 11.6% | 14.2% | +49.8% | −44% / −16% |
| ARXAccelerant Holdings | 3.3 bn | — | -241.6% | -112.1% | +51.5% | +36% / unavailable |
| NPNeptune Insurance Holdings Inc. | 2.7 bn | 91.6 | — | 22.7% | +33.7% | +22% / unavailable |
| GSHDGoosehead Insurance, Inc. | 1.2 bn | 33.8 | — | 8.8% | +16.2% | −21% / −23% |
| HUIZHuize Holding Limited | 1.1 bn | — | 1.0% | 0.3% | +32.2% | −31% / −48% |
| BWINThe Baldwin Insurance Group, Inc. | 1.1 bn | — | -10.7% | -4.7% | +8.3% | +13% / +84% |
| RDZNRoadzen Inc. | 92.8 m | — | — | -46.9% | +24.2% | −37% / −78% |
| SLQTSelectQuote, Inc. | 88.1 m | 7.3 | 23.4% | 4.6% | +6.0% | −66% / −61% |
| EHTHeHealth, Inc | 20.3 m | — | 5.0% | 5.4% | +4.1% | −84% / −91% |
| EZRAReliance Global Group, Inc. | 2.4 m | — | -123.4% | -54.3% | −11.6% | −91% / −100% |
| YBYuanbao Inc. | — | — | 152.7% | 29.9% | +33.1% | −43% / unavailable |
| CCGCheche Group Inc. | — | — | -5.0% | -0.6% | −13.3% | +751% / +6% |
| HITHealth In Tech, Inc. | — | — | -21.9% | -12.0% | +71.0% | −61% / unavailable |
1- and 3-year price returns: for ACT from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.
Estimated price (USD)
| Estimated price | Bear | Base | Bull |
|---|---|---|---|
| 1 years | 30.82 Total return -35% · Per year -35% | 54.49 Total return 15% · Per year 15% | 82.10 Total return 73% · Per year 73% |
| 3 years | 29.68 Total return -34% · Per year -13% | 59.07 Total return 29% · Per year 9% | 97.74 Total return 111% · Per year 28% |
| 5 years | 28.58 Total return -33% · Per year -8% | 64.03 Total return 44% · Per year 8% | 116.37 Total return 156% · Per year 21% |
- Exit P/E± 14.77
- Net margin± 10.34
- Annual revenue growth± 8.52
- Annual dilution± 0.87
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
Possibly outdated: the newest document it read is from 06 Aug 2026; since then the company filed 8-K (04 Nov 2026 · results).
In brief
Enact Holdings is one of the largest private mortgage insurers in the United States, active since 1981 and helping home buyers, especially those with small down payments, obtain credit and stay in their homes 1. In the second quarter of 2026 the company reported GAAP net income of 175 million USD and grew new insurance written, in a setting of persistent inflation and expensive mortgage credit 23.
SWOT
Strengths
- The company holds a leading position in private mortgage insurance, with a long history since 1981 and a risk book diversified across all states 1. Its capital level and PMIERs sufficiency provide margins of safety 3.
- The credit risk transfer program and use of reinsurance reduce loss volatility and support capital efficiency 1.
- Recent quarterly results show steady profitability and a high return on equity, and the board has raised the dividend 23.
Weaknesses
- Dependence on the GSEs and PMIERs requirements limits operating flexibility and can restrict the areas in which the company may write new business 1.
- The company is largely controlled by Genworth, which may limit its ability to issue new capital to third parties 1.
- The portfolio carries a high average loan-to-value ratio, which makes claims more likely if the housing market weakens 1.
Opportunities
- If mortgage rates fall, refinancing activity could rise and private insurance penetration could increase 12.
- Adoption of new credit scores and expansion of private securitization markets could create new demand segments 12.
- The share repurchase program and higher capital returns could support shareholder value 3.
Risks
- Dependence on GSE requirementshigh
If Enact fails to meet PMIERs requirements it could lose eligibility to write loans bought by the GSEs, which would materially affect the business 1.
- Economic downturn and home priceshigh
Rising unemployment or falling home prices could increase delinquencies and losses, so the business is highly sensitive to the economic cycle 1.
- Uncertainty in loss reservesmedium
Reserves rely on estimates of claim rates and sizes that can be volatile, so actual claim payments could differ materially from reserves held 1.
- Pricing pressure from competitionmedium
Intense competition could lead to lost market share, lower premiums or looser underwriting, which would weigh on profitability 1.
- Dependence on Genworthmedium
Genworth has significant influence over corporate decisions, and problems at the majority shareholder could affect the company directly 1.
Investment thesis
What would need to be true (bull case)
- Demand for new insurance written has grown, and early 2026 results show expanding underwriting activity with a comfortable capital cushion above regulatory requirements 23.
- Return on equity remains high, and the company recently raised its dividend and its 2026 capital return guidance 23.
- If mortgage rates decline or private insurance penetration rises, underwriting could accelerate and revenue could grow 1.
What would break the thesis
- Persistently high mortgage rates and weak housing affordability could reduce purchase and refinance volumes over the medium term 2.
- Competition from government agencies and market alternatives could press prices and reduce the company's market share 1.
- Dependence on the GSEs and on Genworth could limit strategic flexibility and access to new capital, which could constrain growth 1.
What to watch
- Evolution of the PMIERs sufficiency ratio against the updated requirementsQ3 2026
- Final amount of capital returned to shareholders within the updated guidance2026
- Trend in primary persistency and NIW volume as mortgage rates stay highQ3 2026
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
Possibly outdated: the newest document it read is from 06 Aug 2026; since then the company filed 8-K (04 Nov 2026 · results).
The business
Genworth Financial owns at least 80% of the common stock, and the company listed through a 2021 minority IPO that sold 18.4% of its capital 1. This affects the company's freedom in corporate decisions, and terms agreed with Genworth could differ from those obtainable from a third party 1. Even so, Enact reports a solid capital position, with a PMIERs sufficiency of 161% at June 30, 2026 3.
On performance, new insurance written was 51.5 billion USD in 2025, broadly in line with prior years 1. In the second quarter of 2026 NIW reached 15.2 billion USD and the primary persistency rate stayed at 80%, meaning a larger share of the portfolio remains insured over the longer term 2.
Segments
Primary mortgage insurance
The main segment covers individual policies issued when the loan is originated and represents most of the exposure and NIW 1. Premiums are paid by the borrower or lender and are calculated as a percentage of the original loan balance 1. Primary insurance in-force grew to 274 billion USD by June 30, 2026 3.
Pool insurance and contract underwriting
Pool insurance is a small segment, representing only 0.1% of total risk in-force, and the company also provides fee-based contract underwriting services to customers 1. The segment has a small weight but helps diversify services offered to banks and non-bank lenders 1.
Market context
Housing affordability remains weak, as mortgage rates and home price growth have outpaced median family income, although slower national price growth in 2026 could help buyers in the period ahead 2. Private insurance penetration also depends on the mix of purchase and refinance originations, since coverage use is generally higher on purchases 1.
Trends
- High mortgage rates and persistent inflationmixed
Mortgage rates stayed elevated into the second quarter of 2026 and inflation complicated the central bank's path, which could slow refinancing activity 2. The effect on persistency is mixed, since high rates have lengthened the life of existing policies but reduced new lending volume 1.
- Growth in new insurance writtentailwind
NIW rose 15% from the second quarter of 2025 on larger purchase and refinance insurance markets, which if sustained could support future earnings 23.
- Changes to PMIERs and regulatory requirementsheadwind
Updated PMIERs asset standards phase in through September 2026, and the company expects the impact on its capital sufficiency to be immaterial under current terms 2. Any change in GSE interpretation could however require additional capital 1.
- Adoption of VantageScore 4.0mixed
The FHFA decided to accept VantageScore 4.0 for loans delivered to the GSEs, and the company began accepting it in the second quarter of 2026, although volume remains immaterial 2. The change could gradually alter underwriting criteria and competition 2.
Competitive position
Competition comes mainly from government agencies, the FHA and VA, which generally apply less restrictive guidelines and flat pricing regardless of credit profile 1. Among private insurers, competition runs on price, underwriting, customer relationships, service levels and perceived financial strength 1.
- Essent Group Ltd.ESNT
Private mortgage insurer and direct competitor in the same US primary insurance market 1.
- MGIC Investment CorporationMTG
Holding company of a private mortgage insurer active in the same US market 1.
- Radian Group Inc.RDN
Holding company of a private mortgage insurer competing in the US market 1.
- NMI Holdings, Inc.NMIH
Private mortgage insurer and one of the six active private insurers in the market 1.
Links, dependencies and risks
Who the company is tied to, from its own SEC filings (customers, suppliers, production, partners, competitors, countries, regulation), from the 5 %+ holders' statements (13D/13G) and from what other companies say about it. Click a node for its evidence; on a listed company the graph moves to it.
Loading the links…
News & filings
In the press
- Mistral boss and Yann LeCun back Swiss robotics startup Enact in $30M pre-seed roundTech.eu · 22 Oct 2026 · EN
- Peers call for UK to enact tobacco-style ban on gambling advertisingThe Guardian World · 17 Sept 2026 · EN
- Enact Trew’s law to automatically review ‘bent copper’ convictions, says reportThe Guardian World · 10 Sept 2026 · EN
- Genworth (GNW) Added $500M to its Repurchase Authorization. Can Enact (ACT) Capital Returns Fund the Buybacks?Yahoo Finance — News · 09 Sept 2026 · EN
- French PM gives ministers 15 days to enact cybersecurity planEuractiv · 01 Sept 2026 · EN
- Carney: Canada will enact retaliatory US tariffs starting September 8Al Jazeera English · 22 Aug 2026 · EN
- New York becomes the first state to enact a data center moratoriumThe Verge · 14 Jul 2026 · EN
- Japan set to enact bill criminalizing vandalism of the national flagThe Japan Times · 16 Jun 2026 · RO
- German top economists urge Merz to enact painful reforms to revive growthPolitico EU · 27 May 2026 · RO
The latest news item in our archive is from 22 Oct 2026; the newest SEC filing is from 04 Nov 2026. The press archive comes from the RSS feeds we follow and does not necessarily cover the latest event — the filings alongside do.
SEC filings
- Current report04 Nov 2026Results of operations · Financial statements and exhibits
- Current report30 Oct 2026Departure or appointment of officers
- Quarterly report06 Aug 2026
- Current report05 Aug 2026Results of operations · Financial statements and exhibits
- Current report15 May 2026Shareholder vote
- Quarterly report06 May 2026
- Current report05 May 2026Results of operations · Financial statements and exhibits
- Proxy statement25 Mar 2026
- Annual report27 Feb 2026
- Current report03 Feb 2026Results of operations · Other events · Financial statements and exhibits
Sources
- [1] Form 10-K, fiscal year ended 2025-12-31 · SEC / Enact Holdings, Inc. · 27 Feb 2026
- [2] Form 10-Q, quarter ended 2026-06-30 · SEC / Enact Holdings, Inc. · 06 Aug 2026
- [3] Form 8-K, results release (exhibit 99.1) · SEC / Enact Holdings, Inc. · 05 Aug 2026
Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.