10-Q 1 act-20240630.htm 10-Q act-20240630
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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
(Mark One)
☒QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended June 30, 2024
OR
☐TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For transition period from    to
Commission File Number 001-40399
Enact Logo.jpg
Enact Holdings, Inc.
(Exact name of registrant as specified in its charter)
Delaware46-1579166
(State or other jurisdiction of
incorporation or organization)
(I.R.S. Employer
Identification Number)
8325 Six Forks Road
Raleigh, North Carolina 27615
(919) 846-4100
(Address, including zip code, and telephone number, including area code, of registrant’s principal executive offices)
Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading SymbolName of each exchange on which registered
Common Stock, par value $0.01 per shareACTThe Nasdaq Stock Market
Indicate by check mark whether the Registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the Registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐
Indicate by check mark whether the Registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the Registrant was required to submit such files). Yes ☒ No ☐
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large accelerated filer☒Accelerated filer☐
Non-accelerated filer☐Smaller reporting company☐
Emerging growth company☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act): Yes ☐ No ☒
As of July 31, 2024, there were 155,698,315 shares of Common Stock, par value $0.01 per share, outstanding.


TABLE OF CONTENTS
1

Cautionary Note Regarding Forward-Looking Statements
This Quarterly Report on Form 10-Q, including Management’s Discussion and Analysis of Financial Condition and Results of Operations, contains “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act. These forward-looking statements may address, among other things, our expected financial and operational results, the related assumptions underlying our expected results and the quotations of management. These forward-looking statements are distinguished by use of words such as “will,” “would,” “anticipate,” “expect,” “believe,” “designed,” “plan,” or “intend,” the negative of these terms and similar references to future periods. These views involve risks and uncertainties that are difficult to predict and, accordingly, our actual results may differ materially from the results discussed in our forward-looking statements. Our forward-looking statements contained herein speak only as of the date of this quarterly report.
Although Enact Holdings, Inc. (the “Company”) believes the expectations reflected in such forward-looking statements are based on reasonable assumptions, the Company can give no assurance that its expectations will be achieved and it undertakes no obligation to update publicly any forward-looking statements as a result of new information, future events, or otherwise, except as required by applicable law. Factors or events that we cannot predict, including the following, may cause our actual results to differ from those expressed in forward-looking statements:
•inability to continue to maintain the private mortgage insurer eligibility requirements (“PMIERs”) or any other restrictions imposed on us by the Federal National Mortgage Association (“Fannie Mae”) and the Federal Home Loan Mortgage Corporation (“Freddie Mac”), government-sponsored enterprises collectively referred to as the “GSEs”;
•deterioration in economic conditions or a decline in home prices, including a severe recession;
•uncertainty around the time loans remain in our delinquent inventory including effects of forbearance programs and foreclosure timing;
•uncertainty of our loss reserve estimates or inaccuracies in our models;
•competition for our customers or the loss of a significant customer;
•changes to the charters or practices of the GSEs, including actions or decisions to decrease or discontinue the use of mortgage insurance;
•lenders or investors seeking alternatives to private mortgage insurance;
•failure of our risk management or loss mitigation strategies;
•risks related to emerging and changing technologies, including artificial intelligence;
•fluctuations and continued increases in interest rates;
•limited availability of capital and the need to seek additional capital on unfavorable terms;
•limited availability of reinsurance;
•adverse actions by rating agencies;
•competition with government-owned enterprises and GSEs;
•failure to manage the risk in our investment portfolio;
•disruption in the servicing of mortgages covered by our insurance policies or poor servicer performance;
2

•unanticipated claims arising under and risks associated with our delegated underwriting program or contract underwriting program;
•inadequacy of the premiums we charge to compensate for the losses we incur;
•decrease in the volume of Low-Down Payment Loan originations;
•failure to protect our confidential customer information;
•adverse changes in regulatory requirements;
•inability to maintain sufficient regulatory capital;
•risks relating to our continuing relationship with Genworth;
•changes in tax laws;
•litigation, regulatory investigations or other actions;
•inability to attract and retain key employees;
•failure or any compromise of the security of our computer systems, disaster recovery systems, business continuity plans and failures to safeguard or breaches of confidential information; and
•occurrence of natural or man-made disasters or public health emergencies, including pandemics and disasters caused or exacerbated by climate change.
We provide additional information regarding these and other risks and uncertainties in our Annual Report on Form 10-K for the fiscal year ended December 31, 2023, as filed with the U.S. Securities and Exchange Commission (“SEC”) on February 29, 2024. In addition, unlisted factors may present significant additional obstacles to the realization of forward-looking statements. We therefore caution you against relying on any forward-looking statements.
3

Part I. Financial Information
Item 1. Financial Statements
ENACT HOLDINGS, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
 June 30,
2024		December 31,
2023
(Amounts in thousands, except par value amount)(Unaudited) 
Assets  
Fixed maturity securities available-for-sale, at fair value (amortized cost of $5,632,580 and $5,559,886 as of June 30, 2024, and December 31, 2023, respectively)
$5,331,345 $5,266,141 
Short-term investments, at fair value12,313 20,219 
Total investments5,343,658 5,286,360 
Cash and cash equivalents699,035 615,683 
Accrued investment income45,317 41,559 
Deferred acquisition costs24,619 25,006 
Premiums receivable48,698 45,070 
Other assets98,929 88,306 
Deferred tax asset89,116 88,489 
Total assets$6,349,372 $6,190,473 
Liabilities and equity
Liabilities:
Loss reserves$508,138 $518,191 
Unearned premiums129,870 149,330 
Other liabilities143,167 145,189 
Long-term borrowings742,368 745,416 
Total liabilities1,523,543 1,558,126 
Equity:
Common stock ($0.01 par value; 600,000 shares authorized; 156,111 shares issued and outstanding as of June 30, 2024, and 159,344 shares issued and outstanding as of December 31, 2023)
1,561 1,593 
Additional paid-in capital2,220,903 2,310,891 
Accumulated other comprehensive income(236,305)(230,400)
Retained earnings2,839,670 2,550,263 
Total equity4,825,829 4,632,347 
Total liabilities and equity$6,349,372 $6,190,473 
See Notes to Condensed Consolidated Financial Statements
4

ENACT HOLDINGS, INC.
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
(Unaudited)

 Three months ended
June 30,		Six months ended
June 30,
(Amounts in thousands, except per share amounts)2024202320242023
Revenues:
Premiums$244,567 $238,520 $485,314 $473,628 
Net investment income59,773 50,915 116,884 96,256 
Net investment gains (losses)(7,713)(13,001)(14,397)(13,123)
Other income2,207 1,088 2,609 1,700 
Total revenues298,834 277,522 590,410 558,461 
Losses and expenses:
Losses incurred(16,821)(4,070)2,680 (15,054)
Acquisition and operating expenses, net of deferrals53,960 51,887 104,894 103,592 
Amortization of deferred acquisition costs and intangibles2,292 2,645 4,551 5,285 
Interest expense13,644 12,913 26,605 25,978 
Loss on debt extinguishment10,930 — 10,930 — 
Total losses and expenses64,005 63,375 149,660 119,801 
Income before income taxes
234,829 214,147 440,750 438,660 
Provision for income taxes51,156 46,127 96,089 94,652 
Net income$183,673 $168,020 $344,661 $344,008 
Net income per common share:
Basic$1.17 $1.04 $2.18 $2.13 
Diluted$1.16 $1.04 $2.16 $2.11 
Weighted average common shares outstanding:
Basic157,193 161,318 158,005 161,880 
Diluted158,571 162,171 159,329 162,675 
See Notes to Condensed Consolidated Financial Statements
5

ENACT HOLDINGS, INC.
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(Unaudited)

 Three months ended
June 30,		Six months ended
June 30,
(Amounts in thousands)2024202320242023
Net income$183,673 $168,020 $344,661 $344,008 
Other comprehensive income (loss), net of taxes:
Net unrealized gains (losses) on securities without an allowance for credit losses
1,172 (25,000)(5,907)37,510 
Foreign currency translation gain (loss)— (1)2 (9)
Other comprehensive income (loss)1,172 (25,001)(5,905)37,501 
Total comprehensive income (loss)$184,845 $143,019 $338,756 $381,509 
See Notes to Condensed Consolidated Financial Statements
6

ENACT HOLDINGS, INC.
CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY
(Unaudited)
Three months ended June 30, 2024
(Amounts in thousands)
Common
stock
Additional
paid-in
capital
Accumulated
other
comprehensive
income (loss)
Retained
earnings
Total
equity
Balance as of March 31, 2024$1,577 $2,264,198 $(237,477)$2,685,466 $4,713,764 
Comprehensive income (loss):
Net income— — — 183,673 183,673 
Other comprehensive income (loss), net of taxes— — 1,172 — 1,172 
Repurchase of common stock(16)(48,594)— — (48,610)
Stock-based compensation expense and exercises and other— 5,299 — (386)4,913 
Dividends— — — (29,083)(29,083)
Balance as of June 30, 2024$1,561 $2,220,903 $(236,305)$2,839,670 $4,825,829 
Three months ended June 30, 2023
(Amounts in thousands)
Common
stock
Additional
paid-in
capital
Accumulated
other
comprehensive
income (loss)
Retained
earnings
Total
equity
Balance as of March 31, 2023$1,619 $2,362,281 $(320,242)$2,252,963 $4,296,621 
Comprehensive income (loss):
Net income— — — 168,020 168,020 
Other comprehensive income (loss), net of taxes— — (25,001)— (25,001)
Repurchase of common stock(17)(41,218)— — (41,235)
Stock-based compensation expense and exercises and other— 3,464 — (271)3,193 
Dividends— — — (25,702)(25,702)
Balance as of June 30, 2023$1,602 $2,324,527 $(345,243)$2,395,010 $4,375,896 

See Notes to Condensed Consolidated Financial Statements
7

Six months ended June 30, 2024
(Amounts in thousands)
Common
stock
Additional
paid-in
capital
Accumulated
other
comprehensive
income (loss)
Retained
earnings
Total
equity
Balance as of December 31, 2023$1,593 $2,310,891 $(230,400)$2,550,263 $4,632,347 
Comprehensive income (loss):
Net income— — — 344,661 344,661 
Other comprehensive income (loss), net of taxes— — (5,905)— (5,905)
Repurchase of common stock(33)(98,301)— — (98,334)
Stock-based compensation expense and exercises and other1 8,313 — (714)7,600 
Dividends— — — (54,540)(54,540)
Balance as of June 30, 2024$1,561 $2,220,903 $(236,305)$2,839,670 $4,825,829 
Six months ended June 30, 2023
(Amounts in thousands)
Common
stock
Additional
paid-in
capital
Accumulated
other
comprehensive
income (loss)
Retained
earnings
Total
equity
Balance as of December 31, 2022$1,628 $2,382,068 $(382,744)$2,099,956 $4,100,908 
Comprehensive income (loss):
Net income— — — 344,008 344,008 
Other comprehensive income (loss), net of taxes— — 37,501 — 37,501 
Repurchase of common stock(27)(63,408)— — (63,435)
Stock-based compensation expense and exercises and other1 5,867 — (496)5,372 
Dividends— — — (48,458)(48,458)
Balance as of June 30, 2023$1,602 $2,324,527 $(345,243)$2,395,010 $4,375,896 
See Notes to Condensed Consolidated Financial Statements
8

ENACT HOLDINGS, INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
 Six months ended
June 30,
(Amounts in thousands)20242023
Cash flows from operating activities:  
Net income$344,661 $344,008 
Adjustments to reconcile net income to net cash provided by operating activities:
Net investment (gains) losses14,397 13,123 
Amortization of fixed maturity securities discounts and premiums(5,335)(2,222)
Amortization of deferred acquisition costs and intangibles4,551 5,285 
Acquisition costs deferred(2,878)(3,238)
Deferred income taxes955 (1,824)
Stock-based compensation expense6,889 5,372 
Amortization of debt issuance costs1,272 1,270 
Loss on debt extinguishment10,930 — 
Change in certain assets and liabilities:
Accrued investment income(3,758)(1,882)
Premiums receivable(3,628)(1,787)
Other assets474 1,273 
Loss reserves(10,053)(28,805)
Unearned premiums(19,460)(28,156)
Other liabilities(7,021)(15,232)
Net cash provided by operating activities331,996 287,185 
Cash flows from investing activities:
Purchases of fixed maturity securities available-for-sale(725,137)(599,050)
Purchase of equity interest(5,512)— 
Proceeds from sales of fixed maturity securities available-for-sale324,372 393,899 
Proceeds from maturities of fixed maturity securities available-for-sale325,359 220,782 
Net change in short-term investments7,906 (7,293)
Other(8,255)(5,989)
Net cash provided by (used in) investing activities(81,267)2,349 
Cash flows from financing activities:
Net proceeds from the issuance of long-term debt749,648 — 
Debt issuance costs(6,651)— 
Redemption of long-term debt
(757,500)— 
Repurchase of common stock(98,334)(63,435)
Dividends paid(54,540)(48,458)
Net cash used in financing activities(167,377)(111,893)
Net increase in cash and cash equivalents83,352 177,641 
Cash and cash equivalents at beginning of period615,683 513,775 
Cash and cash equivalents at end of period$699,035 $691,416 
See Notes to Condensed Consolidated Financial Statements
9
ENACT HOLDINGS, INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
(1)Nature of business, organization structure and basis of presentation
The accompanying unaudited condensed consolidated financial statements include, on a consolidated basis, the accounts of Enact Holdings, Inc. (“EHI,” together with its subsidiaries, the “Company,” “we,” “us” or “our”) (formerly known as Genworth Mortgage Holdings, Inc.). EHI is a subsidiary of Genworth Financial, Inc. (“Genworth”) and has been since EHI’s incorporation in Delaware in 2012. In September 2021, we completed a minority initial public offering (“IPO”) of 18.4% of EHI’s common stock.
We are engaged in the business of writing and assuming residential mortgage guaranty insurance. The insurance protects lenders and investors against certain losses resulting from nonpayment of loans secured by mortgages, deeds of trust, or other instruments constituting a lien on residential real estate. We offer private mortgage insurance products predominantly insuring prime-based, individually underwritten residential mortgage loans (“primary mortgage insurance”). Our primary mortgage insurance enables borrowers to buy homes with a down payment of less than 20% of the home’s value. Primary mortgage insurance also facilitates the sale of these low down payment mortgage loans in the secondary mortgage market, most of which are sold to government-sponsored enterprises. We also selectively enter into insurance transactions with lenders and investors, under which we insure a portfolio of loans at or after origination.
We also perform fee-based contract underwriting services for mortgage lenders. The provision of underwriting services by mortgage insurers eliminates the duplicative lender and mortgage insurer underwriting activities and expedites the approval process.
We operate our business through our primary insurance subsidiary, Enact Mortgage Insurance Corporation, (“EMICO”), formerly known as Genworth Mortgage Insurance Corporation, with operations in all 50 states and the District of Columbia. EMICO is an approved insurer by the Federal National Mortgage Association (“Fannie Mae”) and the Federal Home Loan Mortgage Corporation (“Freddie Mac”). Fannie Mae and Freddie Mac are government-sponsored enterprises, and we refer to them collectively as the “GSEs.”
We also offer mortgage-related insurance and reinsurance through our wholly owned Bermuda-based subsidiary, Enact Re Ltd. ("Enact Re"). We contributed $500 million into Enact Re during 2023. As of June 30, 2024, Enact Re reinsured EMICO’s new and existing insurance in-force under quota share reinsurance agreements and invests in new business opportunities for Enact, including assumption of excess of loss reinsurance relating to GSE risk share.
We operate our business in a single segment, which is how our chief operating decision maker (who is our Chief Executive Officer) reviews our financial performance and allocates resources. Our segment includes a run-off insurance block with reference properties in Mexico (“run-off business”), which is immaterial to our condensed consolidated financial statements.
The accompanying condensed consolidated financial statements are unaudited and have been prepared in accordance with U.S. generally accepted accounting principles (“U.S. GAAP”). Preparing financial statements in conformity with U.S. GAAP requires us to make estimates and assumptions that affect reported amounts and related disclosures. Actual results could differ from those estimates. These unaudited condensed consolidated financial statements include all adjustments (including normal recurring adjustments) considered necessary by management to present a fair statement of the financial position, results of operations and cash flows for the periods presented. The results reported in these unaudited condensed consolidated financial statements should not be regarded as necessarily indicative of results that may be expected for the entire year. The unaudited condensed consolidated financial statements included herein should be read in conjunction with the audited consolidated financial statements and related notes for the years ended December 31, 2023 and 2022.
10
ENACT HOLDINGS, INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
(2)Accounting changes
Accounting Pronouncements Recently Adopted
We have not adopted new accounting pronouncements in 2024.
Accounting Pronouncements Not Yet Adopted
Segment Reporting
In November 2023, the FASB released guidance under ASC 280 related to segment reporting disclosures. The update requires incremental disclosure around significant segment expenses, measures of segment profit or loss used by the chief operating decision maker (“CODM”) and the CODM’s use of these metrics. The guidance also requires segment disclosures for entities with a single reportable segment. This guidance is effective for us for annual reporting periods beginning on January 1, 2024 and interim reporting periods beginning on January 1, 2025 using the retrospective method, with early adoption permitted, which we do not intend to elect. The guidance will have no impact on our consolidated financial statements but will require expanded disclosures for the annual period ended December 31, 2024 and interim periods thereafter, which we are in the process of developing. We continue to evaluate the full impact the guidance will have on our processes and disclosures.
Income Tax Disclosure
In December 2023, the FASB issued new accounting guidance to improve income tax disclosures. The guidance requires annual disclosure of specific categories in the income tax rate reconciliation, separate disclosure of additional information related to reconciling items that meet a quantitative threshold and additional disclosures about income taxes paid, among other qualitative and quantitative disclosure improvements. This guidance is effective for us for annual reporting periods beginning on January 1, 2025 using the prospective method, with early adoption permitted, which we do not intend to elect. The guidance will have no impact on our consolidated financial statements but will require expanded annual disclosures. We are currently evaluating the impact the guidance may have on our processes, controls and disclosures.
(3)Investments
Net Investment Income
Sources of net investment income were as follows for the periods indicated:
Three months ended
June 30,		Six months ended
June 30,
(Amounts in thousands)
2024202320242023
Fixed maturity securities available-for-sale$52,338 $44,542 $103,494 $85,917 
Cash, cash equivalents and short-term investments9,244 7,955 16,889 13,575 
Gross investment income before expenses and fees61,582 52,497 120,383 99,492 
Investment expenses and fees(1,809)(1,582)(3,499)(3,236)
Net investment income$59,773 $50,915 $116,884 $96,256 
11
ENACT HOLDINGS, INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
Net Investment Gains (Losses)
The following table sets forth net investment gains (losses) for the periods indicated:
Three months ended
June 30,		Six months ended
June 30,
(Amounts in thousands)
2024202320242023
Fixed maturity securities available-for-sale:  
Gross realized gains$340 $20 $543 $20 
Gross realized (losses)(8,064)(13,008)(14,940)(13,130)
Net realized gains (losses)(7,724)(12,988)(14,397)(13,110)
Net change in allowance for credit losses on commitment11 (13)— (13)
Net investment gains (losses)$(7,713)$(13,001)$(14,397)$(13,123)
There was no allowance for credit losses recorded on fixed maturity securities classified as available-for-sale as of June 30, 2024, or December 31, 2023, or activity during the six months ended June 30, 2024.
Unrealized Investment Gains (Losses)
Net unrealized gains and losses on available-for-sale securities reflected as a separate component of accumulated other comprehensive income (“AOCI”) were as follows as of the dates indicated:
(Amounts in thousands)
June 30, 2024December 31, 2023
Net unrealized gains (losses) on investment securities:
Fixed maturity securities$(301,235)$(293,745)
Income taxes64,772 63,189 
Net unrealized investment gains (losses)$(236,463)$(230,556)
12
ENACT HOLDINGS, INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
The change in net unrealized gains (losses) on available-for-sale securities reported in accumulated other comprehensive income was as follows as of and for the periods indicated:
Three months ended
June 30,
(Amounts in thousands)
20242023
Beginning balance$(237,635)$(320,386)
Unrealized gains (losses) arising during the period:
Unrealized gains (losses) on investment securities(6,222)(44,767)
Provision for income taxes1,291 9,506 
Change in unrealized gains (losses) on investment securities(4,931)(35,261)
Reclassification adjustments to net investment (gains) losses, net of taxes of $(1,621) and $(2,727), respectively
6,103 10,261 
Change in net unrealized investment gains (losses)1,172 (25,000)
Ending balance$(236,463)$(345,386)
Six months ended
June 30,
(Amounts in thousands)
20242023
Beginning balance$(230,556)$(382,896)
Unrealized gains (losses) arising during the period:
Unrealized gains (losses) on investment securities(21,887)34,599 
Provision for income taxes4,605 (7,446)
Change in unrealized gains (losses) on investment securities(17,282)27,153 
Reclassification adjustments to net investment (gains) losses, net of taxes of $(3,022) and $(2,753), respectively
11,375 10,357 
Change in net unrealized investment gains (losses)(5,907)37,510 
Ending balance$(236,463)$(345,386)
Amounts reclassified out of accumulated other comprehensive income to net investment gains (losses) include realized gains (losses) on sales of securities, which are determined on a specific identification basis.
13
ENACT HOLDINGS, INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
Fixed Maturity Securities Available-For-Sale
As of June 30, 2024, the amortized cost, gross unrealized gains (losses) and fair value of our investment securities were as follows:
(Amounts in thousands)
Amortized
cost
Gross unrealized gainsGross unrealized losses
Fair
value
U.S. government, agencies and GSEs$305,921 $1,033 $(3,411)$303,543 
State and political subdivisions509,631 1,472 (78,174)432,929 
Non-U.S. government12,294 — (889)11,405 
U.S. corporate2,789,729 9,828 (153,543)2,646,014 
Non-U.S. corporate734,278 1,862 (39,567)696,573 
Residential mortgage-backed9,443 31 (70)9,404 
Other asset-backed1,271,284 3,201 (43,008)1,231,477 
Total fixed maturity securities available-for-sale$5,632,580 $17,427 $(318,662)$5,331,345 
Short-term investments12,313 — — 12,313 
Total investments$5,644,893 $17,427 $(318,662)$5,343,658 
As of December 31, 2023, the amortized cost, gross unrealized gains (losses) and fair value of our investment securities were as follows:
(Amounts in thousands)
Amortized
cost
Gross unrealized gains
Gross unrealized losses
Fair
value
U.S. government, agencies and GSEs$194,824 $1,196 $(891)$195,129 
State and political subdivisions511,906 2,091 (75,783)438,214 
Non-U.S. government12,338 16 (887)11,467 
U.S. corporate2,858,445 19,839 (154,554)2,723,730 
Non-U.S. corporate725,163 4,288 (39,788)689,663 
Residential mortgage-backed10,781 38 (64)10,755 
Other asset-backed1,246,429 2,848 (52,094)1,197,183 
Total fixed maturity securities available-for-sale$5,559,886 $30,316 $(324,061)$5,266,141 
Short-term investments20,219 1 (1)20,219 
Total investments$5,580,105 $30,317 $(324,062)$5,286,360 

14
ENACT HOLDINGS, INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
Gross Unrealized Losses and Fair Values of Fixed Maturity Securities Available-For-Sale
The following table presents the gross unrealized losses and fair values of our fixed maturity securities for which an allowance for credit losses has not been recorded, aggregated by investment type and length of time that individual fixed maturity securities have been in a continuous unrealized loss position, as of June 30, 2024:
 
Less than 12 months 
12 months or more
Total
(Dollar amounts in thousands)
Fair value 
Gross unrealized losses
Number of securities
Fair value
Gross unrealized losses
Number of securities
Fair value
Gross unrealized losses
Number of securities
Fixed maturity securities:         
U.S. government, agencies and GSEs$204,389 $(2,616)38 $33,807 $(795)14 $238,196 $(3,411)52 
State and political subdivisions5,784 (44)4 401,211 (78,130)85 406,995 (78,174)89 
Non-U.S. government1,900 (5)1 9,505 (884)1 11,405 (889)2 
U.S. corporate449,661 (7,267)164 1,761,635 (146,276)366 2,211,296 (153,543)530 
Non-U.S. corporate122,550 (1,398)38 468,772 (38,169)104 591,322 (39,567)142 
Residential mortgage-backed697 (3)1 3,755 (67)4 4,452 (70)5 
Other asset-backed50,601 (219)30 681,311 (42,789)176 731,912 (43,008)206 
Total for fixed maturity securities in an unrealized loss position$835,582 $(11,552)276 $3,359,996 $(307,110)750 $4,195,578 $(318,662)1,026 
We did not recognize an allowance for credit losses on securities in an unrealized loss position included in the table above. Based on a qualitative and quantitative review of the issuers of the securities, we believe the unrealized losses are largely due to changes in interest rates and recent market volatility and are not indicative of credit losses. The issuers continue to make timely principal and interest payments.
For all securities in an unrealized loss position without an allowance for credit losses, we expect to recover the amortized cost based on our estimate of the amount and timing of cash flows to be collected. We do not intend to sell, nor do we expect that we will be required to sell these securities prior to recovering our amortized cost.
15
ENACT HOLDINGS, INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
The following table presents the gross unrealized losses and fair values of our fixed maturity securities, aggregated by investment type and length of time that individual fixed maturity securities have been in a continuous unrealized loss position, as of December 31, 2023:
 
Less than 12 months 
12 months or more
Total
(Dollar amounts in thousands)
Fair value 
Gross unrealized losses
Number of securities
Fair value
Gross unrealized losses
Number of securities
Fair value
Gross unrealized losses
Number of securities
Fixed maturity securities:         
U.S. government, agencies and GSEs$6,259 $(55)3 $27,942 $(836)13 $34,201 $(891)16 
State and political subdivisions1,457 (3)2 411,133 (75,780)85 412,590 (75,783)87 
Non-U.S. government— — — 9,575 (887)1 9,575 (887)1 
U.S. corporate146,268 (4,236)37 2,019,843 (150,318)408 2,166,111 (154,554)445 
Non-U.S. corporate19,369 (102)5 521,442 (39,686)121 540,811 (39,788)126 
Residential mortgage-backed2,060 (2)1 5,044 (62)4 7,104 (64)5 
Other asset-backed102,544 (424)41 806,521 (51,670)192 909,065 (52,094)233 
Total for fixed maturity securities in an unrealized loss position$277,957 $(4,822)89 $3,801,500 $(319,239)824 $4,079,457 $(324,061)913 
Contractual Maturities of Fixed Maturity Securities Available-For-Sale
The scheduled maturity distribution of fixed maturity securities as of June 30, 2024, is set forth below. Actual maturities may differ from contractual maturities because issuers of securities may have the right to call or prepay obligations with or without call or prepayment penalties.
(Amounts in thousands)
Amortized
cost
Fair
value
Due one year or less$438,073 $431,747 
Due after one year through five years1,882,169 1,768,507 
Due after five years through ten years1,790,226 1,663,696 
Due after ten years241,385 226,514 
Subtotal4,351,853 4,090,464 
Residential mortgage-backed9,443 9,404 
Other asset-backed1,271,284 1,231,477 
Total fixed maturity securities available-for-sale$5,632,580 $5,331,345 
As of June 30, 2024, securities issued by the finance and insurance, utilities, technology and communications, and consumer—non-cyclical industry groups represented approximately 33%, 12%, 12%, and 10%, respectively, of our domestic and foreign corporate fixed maturity securities portfolio. No other industry group comprised more than 9% of our investment portfolio.
As of June 30, 2024, we did not hold any fixed maturity securities in any single issuer, other than securities issued or guaranteed by the U.S. government, which exceeded 10% of equity.
As of June 30, 2024, and December 31, 2023, $26.4 million and $25.7 million, respectively, of securities in our portfolio were on deposit with various state insurance commissioners in order to comply with relevant insurance regulations.
In connection with its reinsurance activities, the Company is required to maintain assets in trusts for the benefit of its contractual counterparties. The fair value of the assets on deposit in these trusts was $127.6 million as of June 30, 2024, and $77.9 million as of December 31, 2023.
16
ENACT HOLDINGS, INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
During 2024, the Company entered into an agreement to invest in a limited partnership with an expected term of ten years. As of June 30, 2024, there are no balances outstanding related to this limited partnership, but we have committed to fund approximately $10 million over the life of the fund.

(4)Fair value
Recurring fair value measurements
We hold fixed maturity securities and short-term investments, which are carried at fair value. The fair value of fixed maturity securities and short-term investments are estimated primarily based on information derived from third-party pricing services (“pricing services”), internal models and/or broker quotes, which use a market approach, income approach or a combination of the market and income approach depending on the type of instrument and availability of information. In general, a market approach is utilized if there is readily available and relevant market activity for an individual security. In certain cases where market information is not available for a specific security but is available for similar securities, that security is valued using market information for similar securities, which is also a market approach. When market information is not available for a specific security (or similar securities) or is available but such information is less relevant or reliable, an income approach or a combination of a market and income approach is utilized. For securities with optionality, such as call or prepayment features (including asset-backed securities), an income or combination approach may be used. These valuation techniques may change from period to period, based on the relevance and availability of market data.
Further, while we consider the valuations provided by pricing services and broker quotes to be of high quality, management determines the fair value of our investment securities after considering all relevant and available information.
In general, we first obtain valuations from pricing services. If prices are unavailable for public securities, we obtain broker quotes. For all securities, excluding certain private fixed maturity securities, if neither a pricing service nor broker quotes valuation is available, we determine fair value using internal models. For certain private fixed maturity securities where we do not obtain valuations from pricing services, we utilize an internal model to determine fair value since transactions for similar securities are not readily observable and these securities are not typically valued by pricing services.
Given our understanding of the pricing methodologies and procedures of pricing services, the securities valued by pricing services are typically classified as Level 2 unless we determine the valuation process for a security or group of securities utilizes significant unobservable inputs, which would result in the valuation being classified as Level 3.
Broker quotes are typically based on an income approach given the lack of available market data. As the valuation typically includes significant unobservable inputs, we classify the securities where fair value is based on our consideration of broker quotes as Level 3 measurements.
For private fixed maturity securities, we utilize an income approach where we obtain public bond spreads and utilize those in an internal model to determine fair value. Other inputs to the model include rating and weighted-average life, as well as sector which is used to assign the spread. We then add an additional premium, which represents an unobservable input, to the public bond spread to adjust for the liquidity and other features of our private placements. We utilize the estimated market yield to discount the expected cash flows of the security to determine fair value. We utilize price caps for securities where the estimated market yield results in a valuation that may exceed the amount that would be received in a market transaction. When a security does not have an external rating, we assign the security an internal rating to determine the appropriate public bond spread that should be utilized in the valuation. While we generally consider the public bond spreads by sector and maturity to be observable inputs, we evaluate
17
ENACT HOLDINGS, INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
the similarities of our private placement with the public bonds, any price caps utilized, liquidity premiums applied, and whether external ratings are available for our private placements to determine whether the spreads utilized would be considered observable inputs. We classify private securities without an external rating or public bond spread as Level 3. In general, a significant increase (decrease) in credit spreads would have resulted in a significant decrease (increase) in the fair value for our fixed maturity securities as of June 30, 2024.
For remaining securities priced using internal models, we determine fair value using an income approach. We maximize the use of observable inputs but typically utilize significant unobservable inputs to determine fair value. Accordingly, the valuations are typically classified as Level 3.
Our assessment of whether or not there were significant unobservable inputs related to fixed maturity securities was based on our observations obtained through the course of managing our investment portfolio, including interaction with other market participants, observations related to the availability and consistency of pricing and/or rating, and understanding of general market activity such as new issuance and the level of secondary market trading for a class of securities. Additionally, we considered data obtained from pricing services to determine whether our estimated values incorporate significant unobservable inputs that would result in the valuation being classified as Level 3.
A summary of the inputs used for our fixed maturity securities and short-term investments based on the level in which instruments are classified is included below. We have combined certain classes of instruments together as the nature of the inputs is similar.
Level 1 measurements
There were no fixed maturity securities classified as Level 1 as of June 30, 2024, and December 31, 2023.
Level 2 measurements
Fixed maturity securities:
Third-party pricing services
In estimating the fair value of fixed maturity securities, approximately 89% of our portfolio was priced using third-party pricing services as of June 30, 2024. These pricing services utilize industry-standard valuation techniques that include market-based approaches, income-based approaches, a combination of market-based and income-based approaches or other proprietary, internally generated models as part of the valuation processes. These third-party pricing vendors maximize the use of publicly available data inputs to generate valuations for each asset class. Priority and type of inputs used may change frequently as certain inputs may be more direct drivers of valuation at the time of pricing. Examples of significant inputs incorporated by pricing services may include sector and issuer spreads, seasoning, capital structure, security optionality, collateral data, prepayment assumptions, default assumptions, delinquencies, debt covenants, benchmark yields, trade data, dealer quotes, credit ratings, maturity and weighted-average life. We conduct regular meetings with our pricing services for the purpose of understanding the methodologies, techniques and inputs used by the third-party pricing providers.
18
ENACT HOLDINGS, INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
The following table presents a summary of the significant inputs used by our pricing services for certain fair value measurements of fixed maturity securities that are classified as Level 2 as of June 30, 2024:
(Amounts in thousands)
Fair value
Primary methodologies
Significant inputs
U.S. government, agencies and GSEs$303,543 Price quotes from trading desk, broker feedsBid side prices, trade prices, Option Adjusted Spread (“OAS”) to swap curve, Bond Market Association OAS, Treasury Curve, Agency Bullet Curve, maturity to issuer spread
State and political subdivisions$432,929 Multi-dimensional attribute-based modeling systems, third-party pricing vendorsTrade prices, material event notices, Municipal Market Data benchmark yields, broker quotes
Non-U.S. government$11,405 Matrix pricing, spread priced to benchmark curves, price quotes from market makersBenchmark yields, trade prices, broker quotes, comparative transactions, issuer spreads, bid-offer spread, market research publications, third-party pricing sources
U.S. corporate$2,238,761 Multi-dimensional attribute-based modeling systems, broker quotes, price quotes from market makers, internal models, OAS-based modelsBid side prices to Treasury Curve, Issuer Curve, which includes sector, quality, duration, OAS percentage and change for spread matrix, trade prices, comparative transactions, Trade Reporting and Compliance Engine (“TRACE”) reports
Non-U.S. corporate$537,135 Multi-dimensional attribute-based modeling systems, OAS-based models, price quotes from market makersBenchmark yields, trade prices, broker quotes, comparative transactions, issuer spreads, bid-offer spread, market research publications, third-party pricing sources
Residential mortgage-backed$9,404 OAS-based models, single factor binomial models, internally pricedPrepayment and default assumptions, aggregation of bonds with similar characteristics, including collateral type, vintage, tranche type, weighted-average life, weighted-average loan age, issuer program and delinquency ratio, pay up and pay down factors, TRACE reports
Other asset-backed$1,217,570 Multi-dimensional attribute-based modeling systems, spread matrix priced to swap curves, price quotes from market makersSpreads to daily updated swap curves, spreads derived from trade prices and broker quotes, bid side prices, new issue data, collateral performance, analysis of prepayment speeds, cash flows, collateral loss analytics, historical issue analysis, trade data from market makers, TRACE reports

19
ENACT HOLDINGS, INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
Internal models
A portion of our Level 2 U.S. corporate and non-U.S. corporate securities are valued using internal models. The fair value of these fixed maturity securities was $169.8 million and $77.4 million, respectively, as of June 30, 2024. Internally modeled securities are primarily private fixed maturity securities where we use market observable inputs such as an interest rate yield curve, published credit spreads for similar securities based on the external ratings of the instrument and related industry sector of the issuer. Additionally, we may apply certain price caps and liquidity premiums in the valuation of private fixed maturity securities. Price caps and liquidity premiums are established using inputs from market participants.
Short-term investments:
The fair value of short-term investments classified as Level 2 is determined after considering prices obtained by pricing services.
Level 3 measurements
Broker quotes
A portion of our non-U.S. corporate and other asset-backed securities are valued using broker quotes. Broker quotes are obtained from third-party providers that have current market knowledge to provide a reasonable price for securities not routinely priced by pricing services. Brokers utilized for valuation of assets are reviewed annually. The fair value of our Level 3 fixed maturity securities priced by broker quotes was $25.4 million as of June 30, 2024.
Internal models
A portion of our U.S. corporate and non-U.S. corporate securities are valued using internal models. The primary inputs to the valuation of the bond population include quoted prices for identical assets, or similar assets in markets that are not active, contractual cash flows, duration, call provisions, issuer rating, benchmark yields and credit spreads. Certain private fixed maturity securities are valued using an internal model using market observable inputs such as the interest rate yield curve, as well as published credit spreads for similar securities, which includes significant unobservable inputs. Additionally, we may apply certain price caps and liquidity premiums in the valuation of private fixed maturity securities. Price caps are established using inputs from market participants. For structured securities, the primary inputs to the valuation include quoted prices for identical assets, or similar assets in markets that are not active, contractual cash flows, weighted-average coupon, weighted-average maturity, issuer rating, structure of the security, expected prepayment speeds and volumes, collateral type, current and forecasted loss severity, average delinquency rates, vintage of the loans, geographic region, debt service coverage ratios, payment priority with the tranche, benchmark yields and credit spreads. The fair value of our Level 3 fixed maturity securities priced using internal models was $308.0 million as of June 30, 2024.

20
ENACT HOLDINGS, INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
The following tables set forth our assets by class of instrument that are measured at fair value on a recurring basis as of the dates indicated:
 June 30, 2024
(Amounts in thousands) 
Total
Level 1
Level 2
Level 3 
Fixed maturity securities:    
U.S. government, agencies and GSEs$303,543 $— $303,543 $— 
State and political subdivisions432,929 — 432,929 — 
Non-U.S. government11,405 — 11,405 — 
U.S. corporate2,646,014 — 2,408,566 237,448 
Non-U.S. corporate696,573 — 614,520 82,053 
Residential mortgage-backed9,404 — 9,404 — 
Other asset-backed1,231,477 — 1,217,570 13,907 
Total fixed maturity securities5,331,345 — 4,997,937 333,408 
Short-term investments12,313 — 12,313 — 
Total$5,343,658 $— $5,010,250 $333,408 
 December 31, 2023
(Amounts in thousands)
Total
Level 1
Level 2
Level 3 
Fixed maturity securities:    
U.S. government, agencies and GSEs$195,129 $— $195,129 $— 
State and political subdivisions438,214 — 438,214 — 
Non-U.S. government11,467 — 11,467 — 
U.S. corporate2,723,730 — 2,476,525 247,205 
Non-U.S. corporate689,663 — 608,342 81,321 
Residential mortgage-backed10,755 — 10,755 — 
Other asset-backed1,197,183 — 1,194,225 2,958 
Total fixed maturity securities5,266,141 — 4,934,657 331,484 
Short-term investments20,219 — 20,219 — 
Total$5,286,360 $— $4,954,876 $331,484 
We had no liabilities recorded at fair value as of June 30, 2024, and December 31, 2023.
21
ENACT HOLDINGS, INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
The following tables present additional information about assets measured at fair value on a recurring basis and for which we have utilized significant unobservable (Level 3) inputs to determine fair value as of or for the dates indicated:
 Beginning balance as of April 1, 2024
Total realized and
unrealized gains
(losses) 
Purchases
Sales
Settlements
Transfer
into
Level 3 (1)
Transfer
out of
Level 3 (1)
Ending balance as of June 30, 2024
Total gains
(losses)
attributable to
assets still held
(Amounts in thousands)
Included
in net
income
Included
in OCI
Included
in net
income
Included
in OCI 
Fixed maturity securities:           
U.S. corporate$249,599 $(352)$(60)$— $(1,739)$(10,000)$— $— $237,448 $(8)$(294)
Non-U.S. corporate80,554 9 (1,395)6,000 (9)(3,106)— — 82,053 10 (1,404)
Other asset-backed4,791 9 (29)12,999 — (271)— (3,592)13,907 9 (12)
Total$334,944 $(334)$(1,484)$18,999 $(1,748)$(13,377)$— $(3,592)$333,408 $11 $(1,710)
Beginning balance as of April 1, 2023
Total realized and
unrealized gains
(losses) 
Purchases
Sales
Settlements
Transfer
into
Level 3 (1)
Transfer
out of
Level 3 (1)
Ending balance as of June 30, 2023
Total gains
(losses)
attributable to
assets still held
(Amounts in thousands)
Included
in net
income
Included
in OCI
Included
in net
income
Included
in OCI 
Fixed maturity securities:
U.S. corporate$216,330 $(8)$(4,021)$18,000 $— $(8,000)$— $— $222,301 $(7)$(4,842)
Non-U.S. corporate74,131 8 (1,309)— — (106)— — 72,724 8 (1,310)
Other asset-backed984 2 (24)9,991 — (1)— — 10,952 2 (24)
Total$291,445 $2 $(5,354)$27,991 $— $(8,107)$— $— $305,977 $3 $(6,176)
______________
(1)The transfers into and out of Level 3 for fixed maturity securities were related to changes in the primary pricing source and changes in the observability of external information used in determining the fair value, such as external ratings or credit spreads.

22
ENACT HOLDINGS, INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
 Beginning balance as of January 1, 2024
Total realized and
unrealized gains
(losses) 
Purchases
Sales
Settlements
Transfer
into
Level 3 (1)
Transfer
out of
Level 3 (1)
Ending balance as of June 30, 2024
Total gains
(losses)
attributable to
assets still held
(Amounts in thousands)
Included
in net
income
Included
in OCI
Included
in net
income
Included
in OCI 
Fixed maturity securities:           
U.S. corporate$247,205 $(359)$(1,952)$— $(1,739)$(10,358)$4,651 $— $237,448 $(15)$(2,186)
Non-U.S. corporate81,321 16 (2,064)6,000 (9)(