Enact Holdings and parent company receive ratings upgrade

Moody’s specifically noted that in Q1 2022, Enact’s share of the private mortgage insurance market was 18%, up from 16.6% in 2021. It reported a net income of $546.7 million, a profitability the rating agency expected to remain strong during the second half of 2022 and into 2023.

Tempering Enact’s strengths was the commodity-like nature of the mortgage insurance product and the sector’s susceptibility to lenders, public policy decisions, and other uncontrollable variables such as competition from government-sponsored mortgage insurers.

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“This upgrade from Moody’s, which is the fourth upgrade we have received from rating agencies since September 2021, reflects the tremendous progress we have made in improving our financial profile,” said Genworth chief financial officer and chief investment officer Daniel Sheehan.