Enact

Management has balanced growth, reinsurance, and capital returns. 2025 operating cash flow was $724.5 million; in Q1 2026 the company repurchased 2.29 million shares for $93 million with $467.9 million remaining under the new $500 million authorization and raised the quarterly dividend to $0.24. Enact actively uses CRT (Triangle Re ILNs and XOL) to manage tail risk and PMIERs.

A governance nuance is Genworth’s ~81% stake and participation in repurchases to maintain ownership, which can shape pacing but has not prevented consistent returns.