Enact

Pricing is set loan‑by‑loan through risk‑based engines in a highly competitive market, which limits unilateral price increases. Still, Enact can reprice new business rapidly as rates and credit mix shift, and its net earned premium rate remains in the mid‑30 bps range (0.34% in Q1 2026, 0.35% in Q1 2025).

Margin resilience is supported by low expense ratio and disciplined risk selection, but true latent pricing power is modest relative to monopoly‑like franchises.