Enact

Moat sources and durability assessed by component with weights: efficient scale 25% at 85 due to high barriers from GSE approval, PMIERs capital, and a concentrated field of six active private MIs; cost advantage 20% at 65 from capital efficiency, CRT usage, and operating leverage; intangible assets 25% at 70 from brand, GSE relationships, long lender integrations, and decades of underwriting data; switching costs 20% at 55 since lenders can multi‑source through pricing engines, though process integration and service SLAs add some friction; network effects 10% at 10 as value does not increase with users.

Weighted result approximates 66. Key erosion risks: price wars via lender rate engines, FHA/VA pricing changes, GSE charter or PMIERs updates, and technology shifts in underwriting that compress differentiation.