Enact

CEO Rohit Gupta and team have executed through a volatile rate cycle with disciplined underwriting, expense control, and proactive CRT usage. Rating upgrades to A (Fitch) and A2 (Moody’s) in 2025 acknowledge risk management progress and capital resilience.

Risks: exposure to macro housing cycles and to policy or GSE changes is largely exogenous; majority control by Genworth introduces potential conflicts but also aligns with capital efficiency.