Enact Holdings Inc.

ACT

$49.70

+0.38%

2026-09-04 12:23:13 EDT+$0.19

Financial Services

Insurance - Specialty

NASDAQ

Active Trading

Enact Holdings, Inc. operates as a private mortgage insurance company in the United States. The company engages in writing and assuming residential ...

Supply Chain of ACT

Upstream

Foundry, packaging, memory, wafers, components, and input vendors.

Upstream

Third-Party Reinsurance Panel (Quota Share & XOL)

Intercontinental Exchange, Inc. (ICE Mortgage Technology)

Optimal Blue (Constellation Software Inc.)

Fitch Ratings (Fimalac)

Genworth Financial, Inc.

NYSE:GNW

Majority owner (~81%); parent company providing shared services, operational infrastructure, and strategic oversight

Third-Party Reinsurance Panel (Quota Share & XOL)

Risk transfer counterparties providing excess-of-loss and quota share reinsurance coverage, reducing Enact's net exposure on insured mortgage portfolios

Intercontinental Exchange, Inc. (ICE Mortgage Technology)

NYSE:ICE

Provider of Encompass loan origination system (LOS) platform integration enabling MI quoting, ordering, and certificate delivery

Blend Labs, Inc.

NYSE:BLND

Digital mortgage platform integration partner enabling lenders to access Enact rate quotes within Blend's point-of-sale system

Optimal Blue (Constellation Software Inc.)

TSX:CSU

Product and pricing engine (PPE) integration partner for MI rate quoting within the origination workflow

Downstream

Customers, distributors, OEMs, and channels that absorb output.

Downstream

Rocket Companies, Inc. (Rocket Mortgage)

United Wholesale Mortgage (UWM)

Freedom Mortgage Corporation

Citigroup Inc.

JPMorgan Chase & Co.

NYSE:JPM

Major money center bank customer; among top mortgage originators that purchase Enact mortgage insurance on conventional loans

Wells Fargo & Company

NYSE:WFC

Major money center bank customer; one of the largest U.S. mortgage originators using Enact's private mortgage insurance

Bank of America Corporation

NYSE:BAC

Major money center bank customer; top 5 U.S. mortgage originator utilizing Enact MI products

Rocket Companies, Inc. (Rocket Mortgage)

NYSE:RKT

Largest U.S. retail mortgage lender and major Enact customer; accesses MI through LOS/PPE integrations

United Wholesale Mortgage (UWM)

NASDAQ:UWMC

Top U.S. wholesale mortgage lender by volume; key non-bank customer for Enact's mortgage insurance

Proxies

Public comparables and monitoring names used as representatives for the analysis.

Proxies

NMI Holdings, Inc.

MGIC Investment Corporation

NYSE:MTG

Direct peer in U.S. private mortgage insurance. MGIC is the largest U.S. mortgage insurer by insurance-in-force. Provides the closest operational and risk-profile comparison for Enact's core business.

Radian Group Inc.

NYSE:RDN

Direct competitor in U.S. private mortgage insurance with similar business model, GSE approvals, and lender customer base. Comparable revenue mix and risk exposure profile.

Essent Group Ltd.

NYSE:ESNT

Direct competitor among the six active U.S. private mortgage insurers. Bermuda-domiciled holding company structure similar to Enact's Bermuda reinsurance subsidiary. Comparable NIW market share.

NMI Holdings, Inc.

NASDAQ:NMIH

Smaller but direct competitor in U.S. private mortgage insurance market (National MI). Provides a comparable risk/reward profile for the sector.

Geographic

Region-level exposures that can distort the supply network.

Geographic

United States

California, Florida, Texas, New York

Fannie Mae

Freddie Mac

Wells Fargo & Company

JPMorgan Chase & Co.

United States

Exclusive geographic concentration — 100% of operations and insurance-in-force is U.S. domestic

Fannie MaeOTC:FNMAGSE partner; sets eligibility and coverage standards for MI on loans sold to Fannie Mae

Freddie MacOTC:FMCCGSE partner; sets eligibility and coverage standards for MI on loans sold to Freddie Mac

California, Florida, Texas, New York

High geographic concentration of insured loan portfolios in large-population states; economic downturns or natural catastrophes in these states could cause disproportionate claims

Wells Fargo & CompanyNYSE:WFCMajor lender with significant mortgage exposure in California and Western U.S.

JPMorgan Chase & Co.NYSE:JPMMajor lender with nationwide mortgage exposure including high-concentration states

Concentration

Customer, supplier, or partner concentration exposures that can distort the supply network.

Customer

High

Enact's largest customer accounted for approximately 20% of new insurance written and 11% of total revenues in 2024. Top customers are concentrated among the largest U.S. mortgage originators (national banks and non-bank lenders). Loss of a major customer relationship could materially impact NIW volume and revenue.

Foundry

Low

Not applicable — Enact is a financial services/mortgage insurance company, not a manufacturer with foundry dependency.

Other

Medium

Reinsurance concentration: Enact relies on a panel of third-party reinsurers for quota share and excess-of-loss risk transfer. If panel capacity is reduced or key counterparties withdraw, Enact would need to retain more risk or find alternative capital, potentially impacting PMIERs capital ratios and return on equity.

Other

Critical

Single-segment business risk: Enact operates exclusively in U.S. private mortgage insurance (monoline). Adverse housing market conditions, elevated unemployment, or a housing price correction could simultaneously pressure claims, reduce new insurance written, and increase loss ratios.

Revenue mix

How the target's revenue mix translates into supply-chain leverage and dependency.

Net Premiums Earned

79.3%

$1.0B

Core revenue driver from mortgage insurance policy premiums. Directly linked to volume of new insurance written (NIW) and persistency of insurance-in-force (IIF). Drives demand for risk management and underwriting technology.

Net Investment Income

20.7%

$0.3B

Income from Enact's invested asset portfolio (primarily fixed-income securities). Supports overall profitability and capital adequacy under PMIERs requirements. Drives need for asset management and investment services.

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Enact Holdings Inc.

Supply Chain of ACT

Upstream

Genworth Financial, Inc.

Third-Party Reinsurance Panel (Quota Share & XOL)

Intercontinental Exchange, Inc. (ICE Mortgage Technology)

Blend Labs, Inc.

Optimal Blue (Constellation Software Inc.)

Moody's Corporation

S&P Global Inc.

Fitch Ratings (Fimalac)

View More

Downstream

JPMorgan Chase & Co.

Wells Fargo & Company

Bank of America Corporation

Rocket Companies, Inc. (Rocket Mortgage)

United Wholesale Mortgage (UWM)

loanDepot, Inc.

Freedom Mortgage Corporation

Citigroup Inc.

View More

Proxies

MGIC Investment Corporation

Radian Group Inc.

Essent Group Ltd.

NMI Holdings, Inc.

Geographic

United States

California, Florida, Texas, New York

Supply Chain of ACT

Upstream

Genworth Financial, Inc.

Third-Party Reinsurance Panel (Quota Share & XOL)

Intercontinental Exchange, Inc. (ICE Mortgage Technology)

Blend Labs, Inc.

Optimal Blue (Constellation Software Inc.)

Moody's Corporation

S&P Global Inc.

Fitch Ratings (Fimalac)

View More

Downstream

JPMorgan Chase & Co.

Wells Fargo & Company

Bank of America Corporation

Rocket Companies, Inc. (Rocket Mortgage)

United Wholesale Mortgage (UWM)

loanDepot, Inc.

Freedom Mortgage Corporation

Citigroup Inc.

View More

Proxies

MGIC Investment Corporation

Radian Group Inc.

Essent Group Ltd.

NMI Holdings, Inc.

Geographic

United States

California, Florida, Texas, New York