Enact Holdings is a private mortgage insurance company that insures residential mortgages with low down payments (exceeding 80% of home value), protecting lenders and investors against losses from borrower nonpayment. The company serves approximately 1,600 customers across all 50 states and the District of Columbia, including national banks, non-bank lenders, community banks, and credit unions, enabling them to increase lending capacity and expand homeownership access. Enact generates revenue through insurance premiums on new mortgages written and operates a credit risk transfer program that shifts some risk to highly-rated counterparties, allowing it to manage loss volatility and optimize capital efficiency.