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.
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Rhea-AI Summary
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.
Rhea-AI Impact
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End-of-Day
-4.86%
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Rhea-AI Summary
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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-1.55%
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Rhea-AI Summary
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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-0.11%
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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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-1.68%
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Rhea-AI Summary
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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-0.25%
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Rhea-AI Summary
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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Rhea-AI Sentiment
End-of-Day
0.28%
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Enact Holdings, Inc. (Nasdaq: ACT) secures $248 million of fully collateralized excess of loss reinsurance coverage through an ILN transaction with Triangle Re 2023-1 Ltd. This transaction covers a portfolio of existing seasoned mortgage insurance policies and is funded by issuing four classes of mortgage ILNs with a 10-year legal maturity and a 5-year call option. President and CEO Rohit Gupta emphasizes the success of the transaction and its positive impact on the company's capital structure.
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End-of-Day
-2.04%
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Genworth Financial, Inc. (NYSE: GNW) reported a net income of $29 million and adjusted operating income of $42 million for the third quarter of 2023. Enact segment adjusted operating income reached $134 million, with a PMIERs1 sufficiency ratio of 162%2. The company experienced volatility in its LTC results but made progress on its multi-year rate action plan. Genworth also executed $80 million in share repurchases in the quarter and successfully completed a consent solicitation for 2034 Senior Notes, providing greater financial flexibility.
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-1.33%
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Rhea-AI Summary
Enact Holdings, Inc. (Nasdaq: ACT) reported GAAP net income of $164 million, or $1.02 per diluted share, for the third quarter of 2023. The company achieved a record primary insurance-in-force of $262 billion, an 8% increase from the third quarter of 2022. Enact also announced a quarterly cash dividend of $0.16 per common share and a special cash dividend of $0.71 per common share.
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Rhea-AI Sentiment
End-of-Day
0.87%
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Enact Holdings, Inc. (Nasdaq: ACT) has declared a quarterly cash dividend of $26 million ($0.16 per share) and a special cash dividend of $113 million ($0.71 per share). The dividends will be payable on December 5, 2023, to shareholders of record as of November 16, 2023. Enact aims to return $300 million of capital to shareholders in 2023.
Rhea-AI Impact
Rhea-AI Sentiment
End-of-Day
0.87%
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Enact Holdings, Inc.
Nasdaq:ACT
ACT Rankings
ACT Stock Data
4.83B
29.44M
81.52%
18.68%
0.65%
Insurance Agencies and Brokerages
Finance and Insurance
United States of America
RALEIGH
About ACT
Enact Holdings, Inc. operates as a holding company. Through its subsidiaries, Enact provides mortgage insurance services to mortgage lenders and investors.