Enact

The book has recurring, long‑tail economics with elevated persistency in high‑rate periods and stable premium recognition, yet outcomes remain cyclical with housing, unemployment, and home prices. Metrics are steady today: IIF $272.5 billion, RIF $71.2 billion, persistency 80%, delinquency rate 2.61%, and Q1 2026 NIW up 30% year over year.

Favorable reserve development and prime credit mix (WA FICO ~746, WA LTV ~93%) add visibility, but a severe HPA decline or job losses could raise claims and lower earnings volatility ratings.