ACT
Enact Holdings, Inc.39.87
-0.40-0.99%
Dec 16, 4:00:01 PM EST
Earnings Call Transcripts
This Quarter (Q4 '25)
No earnings call transcript available yet
Last Quarter (Q3 '25)
No earnings call transcript available
Key Stats
Market Cap
5.88BP/E (TTM)
9.14Basic EPS (TTM)
4.36Dividend Yield
0.02%Recent Filings
8-K
Enact upsizes revolving facility
Enact Holdings secured a $435 million revolving credit facility on September 30, 2025, replacing its prior $200 million arrangement, with the new line undrawn at close and maturing in 2030. This unsecured setup, featuring a $217.5 million accordion and interest tied to SOFR plus a margin based on ratings, bolsters liquidity while imposing covenants like a 0.35 debt-to-capitalization cap and minimum $3.729 billion net worth. It enhances financial flexibility amid insurance sector demands. Covenants bind tightly.
10-Q
Q2 FY2025 results
Enact Holdings posted steady Q2 results, with premiums edging up 0.3% y/y to $245M on insurance in-force growth, while net investment income climbed 10% y/y to $66M from higher yields. Losses incurred rose to $25M from a $17M release last year, reflecting $48M in favorable prior-year reserve adjustments but more new delinquencies; the loss ratio widened to 10% from -7%. Diluted EPS dipped 4% y/y to $1.11, aligning with 151M shares, yet operating cash flow hit $346M YTD, yielding $231M free cash flow (derived). Cash swelled to $613M against $744M in 6.25% notes due 2029, with the $200M revolver undrawn and PMIERs excess at 165%. Share repurchases totaled $150M YTD under the new $350M program. Delinquency ticked up to 2.3%, but strong cures keep risks in check.
8-K
Enact Q2 earnings strong
Enact Holdings reported Q2 2025 net income of $168 million, or $1.11 per diluted share, with adjusted operating income at $174 million, or $1.15 per share. Primary insurance in-force grew 1% year-over-year to $270 billion, while new insurance written rose 35% sequentially to $13 billion amid seasonal purchase demand, yet dipped modestly from last year. The company repurchased $85 million in shares and raised full-year capital return guidance to $400 million. Solid PMIERs sufficiency at 165% bolsters resilience, but elevated persistency signals limited refi upside.
8-K
Annual meeting results
Enact Holdings held its annual stockholder meeting on May 14, 2025, electing all 11 director nominees with overwhelming support—over 146 million votes for most, though Thomas J. McInerney drew notable withheld votes at 10.8 million. Shareholders approved executive compensation on an advisory basis and ratified KPMG as auditors for 2025. Board continuity holds firm. No surprises here.
10-Q
Q1 FY2025 results
Enact Holdings kicked off 2025 with steady revenue growth, as premiums rose 2% year-over-year to $244.8M, fueled by higher assumed premiums and insurance in-force expansion, while net investment income climbed 10% to $63.0M from elevated yields. Total revenues hit $306.8M, up 5% y/y, but losses incurred jumped 57% to $30.5M due to more new delinquencies (12,237 vs. 11,395), though a $47M reserve release on prior years kept the loss ratio at 12%. Diluted EPS held at $1.08, aligning with 152.9M weighted shares, while operating cash flow surged to $226.7M, supporting $65.3M in share repurchases and $28.1M dividends amid $635M cash reserves. The $743M long-term debt at 6.25% due 2029 remains manageable with a $200M undrawn revolver. Yet competition from GSEs and government insurers lingers as a key risk.
IPO
Website
Employees
Sector
Industry
AII
American Integrity Insurance Gr
20.18-0.20
AMBC
Ambac Financial Group, Inc.
9.03-0.05
EIG
Employers Holdings Inc
42.32-0.02
ESNT
Essent Group Ltd.
65.14-0.10
GNW
Genworth Financial Inc
8.97-0.02
HRTG
Heritage Insurance Holdings, In
29.07-0.50
IMPM
Impac Mortgage Holdings, Inc.
0.05+0.00
MTG
MGIC Investment Corporation
29.08-0.07
NMIH
NMI Holdings Inc
40.07-0.06
RYAN
Ryan Specialty Holdings, Inc.
53.00-1.19