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• Like Fidelity National Financial (FNF), but focused on private mortgage insurance for lenders rather than title insurance.
• An insurance company for mortgage lenders, similar to State Farm for homeowners, but focused solely on protecting lenders from loan defaults.

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Enact (ACT) primarily offers:

• Mortgage Insurance: Provides insurance coverage to lenders, protecting them from financial losses if borrowers default on their mortgage loans.

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Enact Holdings, Inc. (symbol: ACT) operates as a private mortgage insurer. Its business model is primarily B2B (business-to-business), selling its mortgage insurance products and services to other companies, specifically mortgage lenders.

Enact's customer base is highly diversified, consisting of numerous mortgage originators across the United States. According to the company's filings with the U.S. Securities and Exchange Commission (e.g., its annual 10-K report), no single customer accounts for 10% or more of Enact's new insurance written or earned premiums. For example, Enact reported that its largest customer accounted for approximately 5% of its new insurance written for the year ended December 31, 2022, and its top ten customers collectively accounted for approximately 26%.

Due to this broad diversification and the absence of any single customer representing a significant concentration of revenue that would require disclosure, Enact does not publicly identify specific major customer companies by name or symbol. Instead, its customer base broadly includes:

• National banks
• Regional and local banks
• Independent mortgage companies
• Credit unions

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• Equifax Inc. (EFX)
• TransUnion (TRU)
• Experian plc (EXPN.L)
• Intercontinental Exchange, Inc. (ICE)

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Rohit Gupta, President, Chief Executive Officer and Director
Mr. Gupta has served as President and CEO of Enact Holdings since March 2013 and as a director since March 2013. He is also the current President and CEO of Enact's primary insurance subsidiary, Enact Mortgage Insurance Corporation (EMICO), a role he assumed in May 2012. Mr. Gupta joined EMICO in 2003 and held various roles of increasing responsibility, including Chief Commercial Officer and Senior Vice President of Products, Intelligence and Strategy, as well as Vice President of Commercial Operations. He has served on the boards of the Mortgage Bankers Association, Aqua Finance, Genworth Canada, Pratham USA, and the American Cancer Society. Enact Holdings is a subsidiary of Genworth Holdings Inc., which is its controlling stockholder.

Dean Mitchell, Executive Vice President, Chief Financial Officer and Treasurer
Mr. Mitchell is responsible for financial operations, financial reporting, and financial strategies at Enact. He assumed the role of Senior Vice President and Chief Financial Officer in January 2012, later taking on the additional role of Treasurer in March 2013. Mr. Mitchell joined the company in June 2004 as a member of the Global Capital Management group. Prior to joining Enact, he served as Treasurer of Reichhold, Inc., a global chemical manufacturer, and as Director of Treasury at Business Telecom, Inc., a privately held telecommunications provider.

Evan Stolove, Executive Vice President, General Counsel and Corporate Secretary
Mr. Stolove is responsible for legal, compliance, privacy, corporate governance, and state government affairs at Enact. He joined the company in August 2016 as Senior Vice President and General Counsel, and became Corporate Secretary in July 2017. Before Enact, Mr. Stolove was Vice President and Deputy General Counsel at Fannie Mae. He also previously worked in private practice with Arent Fox PLLC, specializing in commercial litigation.

Mike Derstine, Executive Vice President and Chief Risk Officer
Mr. Derstine oversees risk management, risk modeling, pricing, credit policy, and quality assurance at Enact. He joined the company in January 2013 and previously held the position of Senior Vice President and Chief Risk Officer.

Brian Gould, Executive Vice President and Chief Operations Officer
Mr. Gould is responsible for underwriting, analytics, information technology, project management, lender services, and loss mitigation at Enact. He previously served as Vice President of Operations for Enact, a role he took on in November 2018. Prior to his time at Enact, Mr. Gould worked as a consultant for Freddie Mac and spent 18 years with United Guaranty Corporation.

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Economic Downturn and Housing Market Instability

As a mortgage insurer, Enact's financial performance is highly sensitive to the overall health of the U.S. economy and, specifically, the housing market. An economic downturn or recession, domestically or globally, could lead to increased unemployment, decreased consumer income, and a decline in housing values. Such conditions would likely result in a rise in mortgage defaults and foreclosures, consequently increasing Enact's claims and adversely impacting its financial condition and results of operations. The company's 2020 results were already impacted by increased loss reserves related to COVID-19, demonstrating its vulnerability to such events.

Changes in Regulatory Environment and Government-Sponsored Enterprise (GSE) Requirements

Enact operates within a heavily regulated industry and is significantly influenced by the requirements and practices of Government-Sponsored Enterprises (GSEs) like Fannie Mae and Freddie Mac. Any changes to these GSEs, whether through federal legislation, restructurings, or shifts in business practices, could negatively affect Enact's business. Furthermore, the company must continually meet the mortgage insurer eligibility requirements of the GSEs; a failure to do so could severely impact its ability to conduct business. The ongoing development of new mortgage guaranty insurance capital requirements by the National Association of Insurance Commissioners (NAIC), known as the MGI Model, also presents uncertainty regarding its outcome, adoption by states, and potential material adverse effects on Enact's business, results of operations, and financial condition.

Intense Competition and Alternatives to Private Mortgage Insurance

Enact faces significant competition from other private mortgage insurers, as well as from federal government mortgage insurance programs, such as those offered by the Federal Housing Administration (FHA). This competitive landscape includes the risk of lenders or investors seeking alternatives to private mortgage insurance, which could diminish Enact's market share and profitability. Stagnant net premiums earned over recent years and increased day-to-day expenses relative to revenue highlight the challenges within this competitive environment.

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Enact Holdings, Inc. (ACT) operates primarily in the private mortgage insurance (PMI) segment of the U.S. housing finance market. Its main product is private mortgage insurance, which safeguards mortgage lenders and investors against financial risks stemming from defaults on residential mortgage loans, particularly for borrowers with lower down payments.

The addressable market for Enact's main product, private mortgage insurance, within the United States, is substantial. In 2023, private mortgage insurance supported approximately $283 billion in mortgage originations. By the end of 2023, the private mortgage insurance industry collectively insured nearly $1.6 trillion in mortgages, with $1.4 trillion of that total backed by Fannie Mae and Freddie Mac. In 2024, the industry supported nearly $300 billion in mortgage originations. North America, where Enact primarily operates, remains the largest private mortgage insurance market as of 2024. This market is projected to continue its steady growth, with a compound annual growth rate (CAGR) of 6.5% during the forecast period.

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Share Repurchases

• Enact announced a new $350 million share repurchase program on April 30, 2025, complementing an existing $250 million program which had $6 million remaining.
• On May 1, 2024, Enact introduced a new $250 million share repurchase program, in addition to its existing $100 million program which had $24 million remaining.
• The company has returned over $1.4 billion to shareholders since its IPO in September 2021. For 2025, Enact updated its total capital return expectation to approximately $500 million, including share repurchases and dividends.

Share Issuance

• Enact Holdings' shares outstanding have shown a decline over the past few years, with 0.151 billion shares outstanding in Q2 2025, a 4.95% decrease year-over-year.
• Shares outstanding decreased by 2.65% in 2024 to 0.158 billion from 2023, and by 0.89% in 2023 to 0.162 billion from 2022.
• Enact's initial public offering (IPO) occurred in September 2021.

Capital Expenditures

• Operating expenses for Q3 2025 were $53 million, consistent with Q2 2025 and lower than $56 million in Q3 2024, attributed to prudent expense management.
• Enact forecasts 2025 expenses, excluding reorganization costs, at approximately $219 million, which is lower than the previous range of $220 million-$225 million.
• The company continues to invest in technology and innovation, particularly its Rate 360 pricing engine, to drive long-term benefits.