Enact Holdings


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Enact Holdings: Initiation of Coverage – How Are They Carrying Out Effective Capital and Risk Management? 


Enact’s first quarter 2024 financial results showcase a company navigating through complex market dynamics while maintaining a robust financial position. This quarter reflects a solid corporate strategy focused on risk management, capital return, and iterative growth amidst fluctuating economic conditions. Enact reported a net income of $161 million, translating to $1.01 per diluted share, and an achieved return on equity of 14%. The company’s perseverance in managing its insured portfolio resulted in a record $264 billion in insurance in-force, marking a 4% year-over-year increase. Such growth was supported by a persistent rate of 85% and a notable $11 billion in new insurance written during the quarter. Despite challenges posed by high borrowing costs which had a tempering effect on origination volumes, the company benefited from increased pricing power and rigorous underwriting standards, maintaining a delinquency rate at a manageable 2%.

Our Report Structure:

⦁ Company Overview
⦁ Investment Thesis
⦁ Key Drivers
⦁ Historical Quarterly Statement Analysis – Income Statement & Cash Flows
⦁ Historical Quarterly Balance Sheet Analysis
⦁ Historical Annual Financial Statement Analysis
⦁ Analysis Of Key Financial Ratios
⦁ Financial Forecasts For 3 Years
⦁ Forecasting The Capital Structure & Net Debt
⦁ Discounted Cash Flow Valuation
⦁ Trading Multiples
⦁ Key Risks
⦁ Disclosures

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