Enact Holdings is a private mortgage insurer (MI) operating exclusively in the U.S. Enact insures residential mortgage loans where borrowers put down less than 20% — loans with a loan-to-value ratio above 80%. When an insured borrower defaults and the lender takes a foreclosure loss, Enact pays a portion of that loss. Enact's roughly 1,600 lender customers — including all top 20 mortgage originators — are required by Fannie Mae and Freddie Mac to obtain credit enhancement on low-down-payment loans before the GSEs will purchase them, making private MI a structural necessity in U.S. housing finance. Enact earns monthly premiums over the life of each insured loan, with rates locked at origination, making pricing discipline at underwriting critical. Revenue is driven primarily by insurance in-force (IIF), which ended FY25 at a record $273B, and by persistency — the share of policies that remain active. With most of Enact's portfolio carrying below-market mortgage rates, borrowers have little incentive to refinance, keeping persistency elevated and IIF stable. Losses depend on delinquency rates and home price appreciation, which reduces the frequency and severity of claims. Enact also holds a $6.1B investment-grade fixed income portfolio that contributes meaningfully to earnings. To manage risk and capital, Enact uses reinsurance and capital markets structures to cede a portion of its exposure. A smaller subsidiary, Enact Re, participates in GSE credit risk transfer deals as an additional growth vehicle.