ACT - Earnings call transcript Q3 2024

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Operator

Good day, and welcome to the Enact Third Quarter 2024 Earnings Conference Call. [Operator Instructions] Please note, this event is being recorded. I would now like to hand the call to Daniel Kohl, Vice President of Finance and Investor Relations. Please go ahead.

Daniel Kohl

Thank you, and good morning. quarter third our to earnings call. Welcome

performance today Officer; back Rohit and me Rohit then provide our discuss remarks. are Dean of for our Officer before Rohit Executive Chief will turning business of overview quarterly and the President an progress Dean will to Treasurer. against strategy. Gupta, and Joining and our Mitchell, results details Financial Chief call the closing

the results yesterday and for earnings Investor These section our questions. The as quarter, date. materials projections issued statements. current contain your our statements comprehensive take close include will is financial are website. available Today's a and on then will Relations with of recorded on We financial today's and being forward-looking operational of use are the expectations These after along of estimates, the we of market set based call assumptions, metrics.

undertake results or cause materially of they different uncertainties, which a as Additionally, may new we obligation risks and result information. subject to be are such statements no actual to to and revise update

earnings GAAP today that, review over a to please our management's and risks available earnings filings website. With as relevant found the Please in measures can call metrics these on release, presentation most the as our of prepared cautionary filing language include the be our in and remarks the certain turn non-GAAP of measures. these Rohit. press materials upcoming and mind well to in uncertainties, forward-looking Reconciliations on I'll our in SEC press release will which our discussion be SEC, with today's regarding website. For the statements keep the

Rohit Gupta

you, Good Thank morning, Daniel. everyone.

affected the has I third to would our start recently by quarter devastation acknowledging Southeast. like Before results, that the discussing

out to everyone recent Our thoughts affected the hurricanes. by go

through ways, the Since much including we employees several help Home, needed by giving items mobilized have As our to local these and a food Western Carolina. recovery we to brutal volunteering employee and a We North will efforts at core such took from especially bank relief Carolina saddened continue company and communities of serve know the that we is impacted calls relief engaged donating the collect events victims rebuild. the that Enact takes the to time, deeply foundation communities Helene, and and the philanthropy culture. toll volunteerism launching North as Helene were they in in Enact on a are campaign. Enact and supporting at its as effort

another of the and Turning $XXX dynamics. continued set sequentially back up was year-over-year. year-over-year. our execution million, $X.XX. on XX% income by solid and to equity against EPS driven excellent our up adjusted quarter our and results business We X% delivered Adjusted we priorities performance, third market operating reported and was adjusted XX% Adjusted was a share $XX.XX, of book return per value favorable XX%

operating Turning to the backdrop.

operate risks, to a continue potential while economy environment. dynamic And are in strong. the We U.S. remains there macroeconomic

inflation the consumer to market and healthy. During continued and the grew Wages quarter, slow. remained labor

short the and equity. resulting housing the high-quality our in demand in NIW intact. Against a backdrop, constrained drivers remain higher supply manufacturing this to mortgage and continue housing the and continues term, while with influence addition, rates market considerable strong, be quality long-term embedded portfolio to In of credit

We continue to in observe elevated the quarter. persistency

$XXX helps of impact remain underlying trends. elevated force This rates, relative to fluctuations the offset our of by higher market demonstrated to Although in in historical billion. we persistency quarterly record occur insurance rates as mortgage expect to volatility due may to

At Pricing insured force. quality score in risk layered the was average remains and standards. At was quarter, we ratio risk X%. loan-to-value risk was the portfolio the insurance portfolio and the in underwriting FICO XX% to our of strong. XX% the quarter commitment maintained our than end constructive third credit of are prudent weighted has in force mortgage that risk-weighted lower of end, rates remained X.X% our average quarter, XXX, of The of

pricing basis we generating and prudently underwrite on attractive to risk-adjusted us returns. and Our deliver select risk to a continue competitive engine pricing while allows

quarter, delinquencies continued New books. above levels, aging driven primarily by portfolio. were to newer rose our offset be seasonality reflecting of in cures, These the which continued our of the and substantially by pre-pandemic the elevated resilience

Dean to have both In embedded addition, delinquent continues be a their as through portfolio of performance $XX newer continues credit our of could severity million we normal loss books of credit result patterns. delinquency seasonal credit and a our our on line portion that that claims. progress to which And We performance of remained considerable expectations believe go our quarter, loss frequency strong. during reserves as to a released portfolio favorable will significant and in elaborate and proactive with performance efforts. equity, mitigation curves shortly. I mentioned the mitigant

reserved a for We of continue strong well cure remain scenarios. range performance to see and

customer sufficiency during now manage was to credit to to our maintaining our on approximately the and risk controlling position, our expenses end, XXXX billion remain before year despite XXX% in quarter capital to costs sufficiency investing or robust. PMIER costs focus full to while environment, of driving track operations. Overall, processes of $X.X expenses XX% I'll force down flat our and to and improve inflationary continue our as be our quarter, was transfers. business risk that We At XXXX. carefully compared which the experience technologies subject and shift a nonrecurring also efficiencies on are restructuring in the

capital priorities in our new business maintaining by allocation Our capital policyholders include growth efficiencies, and balance order attractive pursue diversify funding have returning capital to platform shareholders. position our supporting strong sheet, enabled our cash Investing These a and business flows organic will drive effectively to opportunities and in us to priorities. our

which to As in well first excess position, relates priority, PMIERs capital our discussed already strong it requirements. the of I've remains

through our engagement, and MI core opportunities including operation. technology growth deepen our priority, For we to in improve pursuing lenders in customer invest investments to our of business, our to initiatives second enhancements, with making the efficiency relationships continue to drive existing

compelling Our credit. third that across priority that evaluate market core addressable and adjacencies in leverage strategic our capabilities housing is to opportunities mortgage, expand

over the a have successfully we and the to market. GSE year Enact to our Re transfer attractive opportunity return that performed in CRT saw into well, and an transactions advantage Re credit Just expand risk has participate an we strong the standards Enact GSE launched came the of we market. platform ago, underwriting maintaining to to profile, continued take

of an assigning allow and capital to achieved our will Re to A- our we with ability action is us quarter optimize important commercial stable expand Enact S&P's Enact further launch enhance opportunities. and and explore Re. testament a this an Additionally, and to rating ratings a outlook to milestone our S&P successful additional

to funded for remains long-term growth future capital Enact support its a Re the expense efficient and and is foreseeable growth sufficiently opportunities.

returning Finally, delivered and to shareholders in to by share again quarterly commitment our buybacks quarter, capital our on return dividend. million the our third $XXX through we

As dividends, $XXX XXXX. of October us XX, for upper to of in positioning to we million million via have $XXX the repurchases total returned and $XXX guidance half be shareholders share to million range our a of

capital to and We balance remain a strength, sheet capital disciplined shareholders. liquidity balances return and committed strategic and allocation, approach to which investment to

priorities are quarter In closing, team's on performance and the strong in focus and we year-to-date our our results. are for delivering and executing relentless grateful our of strategic financial strong proud against

driving dynamic through to With we will value over remain navigate call that, environment. shareholder the now ahead, committed as this to Looking we Dean. I turn

Hardin Mitchell

quarter per same or Thanks, of income $X.XX GAAP XXXX. $X.XX share in year was morning, to was We and same per to set per share per in compared Return Good was million the of net results last equity equity everyone. diluted another period third $XXX diluted Rohit. the the delivered Adjusted quarter was $X.XX $X.XX or million diluted return last per compared diluted operating diluted in on period in on diluted and the share strong of XXXX. XXXX. per very share operating quarter the XX%. share second income in of share Adjusted year $X.XX $X.XX XX%. second $XXX

$X billion $X sequentially third revenue in increased billion billion drivers. to X% up $XXX and or insurance Turning to the quarter, year-over-year. Primary in up force

driven third XX% insurance approximately billion, was percentage and and X down year-over-year share. flat New lower Persistency written the sequentially primarily by X% flat down market year-over-year. was in quarter, point $XX sequentially estimated

the the October above resilient rate Our with mortgage remains portfolio, points volatility mortgage to our in having basis of rate. mortgages X% portfolio XXst least XX at rates

XX% portfolio our has below Additionally, of a X%. mortgage rate

Re's volatility current higher or these in and attractive GSE insurance continue our increases offset production continued X% sequential rates, or in net by environment. adjacencies, With persistency and premiums up $XXX facts $X primarily of earned Net to million sequentially participation. These consisting the ceded year-over-year. Enact force million, The premiums. million were were elevated and in the and increases year-over-year in were higher offset premiums growth anticipate growth, partially X% up CRT help driven will by $X and rate mortgage lower we

premium base of rate sequentially X.X year-over-year. was XX.X basis down basis points flat points and Our

our from As fluctuations quarter-to-quarter. modestly base stable reminder, though tend premium is to impact several rate factors a relatively

X% rolls portfolio further rates the basis interest improvement. earned or increased income sequentially over, premium $X and portfolio third rate have $XX basis sequentially anticipate million $X was net up premium single points, Our ceded in increase as offset we up investment million, quarter as premiums Investment was year-over-year. Elevated XX.X our or and XX% our yields, yield cancellations. points X.X down higher the in million

yield investment money to X%, portfolio an book continued X.X%. contributing new overall our exceed quarter, the yield During to of

and Our portfolio. resilient A-rated maintaining high-quality remains focus on a assets

hold may that position income previously view This noneconomic. while stated, we As materially have we opportunities. investment we portfolio's enhancement maturity, selectively change to unrealized pursue does loss our not is our investments typically

XXXX of negative credit. in and quarter ratio XXXX, respectively, to of X%, quarter was $XX million, loss Losses quarter XXXX. negative the of million second compared and in $XX X% to and million or respectively, $XX the third third Turning in the the X%, were

$XX losses the primarily loss loss to a lower delinquencies. million ratio XXXX a release second our quarter and current new current quarter releases and in reserve and $XX primarily by favorable losses quarter the of release. This the Our higher million and cure reserve mitigation XXXX, third ratio continued Year-over-year, $XX leading increased respectively. and reserve quarter and to decreased activity, in driven in compares sequentially, of driven of loss million by

strong cure we claim last our with third from quarter, measured rate our X%, both maintained prudent reserves. We performance expectations current while and the reflecting market new to to reminder, lowered X% continued claim the new aligned existing approach remaining and rate our on delinquencies and on for loss expectations delinquencies XX% a As quarter.

New sequentially our for delinquency as curves books in quarter ongoing our they from XX,XXX positive newer loss to the reflective historical rate trends by of and credit and go delinquencies was the normal through patterns. of seasonality new driven seasonal XX,XXX increased and X.X%, aging their

hurricane Beryl a more Milton delinquencies, Helene from beginning impact quarter, and modest the related but the During from Hurricanes we fourth experienced in meaningful impact expect quarter.

As taken XXXX Cures, requires the our in strong sequentially compared a of for new and remained as of second XXXX the we in cures. seen remains before of we of significantly together, strong rate were embedded compared robust expenses in very $XX sequentially delinquency policy historically respectively, from and third outpaced be levels. primary XX%, resiliency, delinquencies onetime million, however, resulted high it ongoing to quarter at reminder, and delinquencies by in performance and expenses bolstered underwriting that believe and quarter credit third the credit respectively, XX,XXX homes to the to $X XXXX quarter third as X% quarter was remained Putting current as $XX quarter pre-pandemic we was and XX% as to million million cure second million in million rate reflect inhabitable and hurricane-related in XX%, increased ratio the XXXX. news rate The actions expense to quality and a $XX elevated expense have equity. Operating year-over-year. macroeconomic The the pay all $X respectively. cure quarter XX% the Total of compared quarter, quarter claim. a XX,XXX high the our X.X%

in growth. initiatives investing to business And our Rohit our invested disciplined in technology remain management, further during to committed the we As to expense also modernize mentioned, solutions. quarter, we support while

million We expenses year to $XXX of expect excluding within fall our charges $XXX onetime to our million. full guidance range

continued PMIER to and program. position, continue execution strong robust operate from CRT successful and reinforced our a our We of the capital diversified by sufficiency liquidity

XX, September provides $X.X credit. program XXXX, third-party capital of CRT PMIERs of As billion our

above billion third PMIER of Our the sufficiency at quarter. XXX% $X.X or end was PMIERs requirements the

maturities our while balance was XXXX by As a offering our our notes. The million strengthened interest second million. refinance in expense XXXX, quarter we extended also reminder, the of further debt sheet our to through annualized used offering, reducing $XXX which our $X

Let me now capital allocation. turn to

Xth. quarterly the quarter $X.XXX quarter, dividend Today, per approximately $XX paid per announced December of through common our or million we dividend. $X.XXX common share share the we During fourth payable,

repurchasing in the Additionally, we at price average deliver share shares on of our total approximate to share an weighted $XX a million for X.X $XX.XX continue quarter. buyback program, of million

X.X In additional $XX average for October, we've weighted million an share total price $XX.XX of a approximate an shares repurchased at of million.

As million remaining authorization. approximately there was repurchase on $XXX $XXX of XXXX, October XX, our million

we'll we Rohit As to total quarter, reflecting our million full strong sheet. Overall, be upper to out on incredibly focused positioned are $XXX expenses, our returns and a $XXX maintaining pleased noted, to is well our shareholders. With and our the performance provided return to a driving million, prudently and guidance on continued date. the sheet year risk call with turn solid million expect back managing XXXX to and for $XXX performance note are believe strong over remain capital that, I'll last our Rohit. date balance We close to end in strong of and we XXXX balance we

Rohit Gupta

Thanks, Dean.

and to long-term the remainder continue remain look and dynamics of the our believe I of reflect beyond, market on our that I I As XXXX compelling. to performance

of exceptional help to we our dream Our dedication value for to all this product our stakeholders. of underpins now of continues ownership our for home our efforts achieve Q&A. Operator, aspects are people responsibly, deliver principle to drives and ready all business the and

Operator

Instructions] [Operator

of first Doug our Harter come from And UBS. will question

Douglas Harter

about in the dynamics the right talk I competitive industry you could hoping now. was

You level had in pricing you're of seeing and share in take kind terms what competitor significant quarter, one competition? of the of

Rohit Gupta

for Sure. question. Doug. morning, Good Thank your you

our attractive also value competitive, returns The our returns, range our So expected our shareholders in perspective confident ability within continue we new have across we business they said be write but to attractive And and appetite. the pricing is that creates return MI delivers remain to past, a pricing continues scenarios. in to constructive. risk-adjusted remain as that of for

new quality $XX.X said say strong. So pricing. prepared credit continues insurance our written remarks, billion. just would the I we as quality. And quality, like underwriting with very We to I the in manufacturing the happy are We my like of be

So we market. happy our pricing the we with are and as generally constructive see production, in

Operator

The next comes question of from Bank Mihir of America. Bhatia

Mihir Bhatia

to for typically, the on that hurricane there hurricane and activity activity the first reserve But delinquencies. or not it? you're lot damage. start when how for cure to because how are you going understand a about reserving lot of of for just going a property see to Maybe you be you it, I reserve claim won't of the go

Hardin Mitchell

Dean. for Yes, the it's Mihir, question. Thanks

mentioned As Beryl. our impact this have did quarter remarks, modest prepared we we from hurricane some in

to from new delinquencies XX% XXX new trajectory about think XX% it takes to or sequential this changes variance from quarter the [indiscernible] X.X I the of X.X.

severity you a our maybe So reserving Beryl adjustments will a know, same and to it of as a made the the little time, is unique. impact. Hurricane Helene And impact pretty no certainly Milton this that At each of hurricane delinquencies. have appears bit sharper Beryl. broader related for than modest We quarter hurricane

seen to do haven't expect that quarter. start any the We to reporting coming We fourth in date.

those hurricane-related In hurricane-related terms reminder and we'll that to to delinquencies, about delinquencies consideration claim experience think that take rate a reserve, what's very elevated the guess assign our activity. of with, claim we they see rate cure reported. again, we how this historical limited as wait on we'll appropriate the into I very at is with here, shows

how reporting exactly of Milton more quarter. next the determined it and the by and to So somewhat on magnitude handle we'll be Helene come will

Mihir Bhatia

to drive to out reported it the it's far. I little I little guess quarter-over-quarter to the income, at nicely Are break grow to starting then the a premium growing now? wanted pretty just on statement Essent revenue so Essent going Re. more. it's the premium And Is slide. grow bit ask do in you I Re. been continue on question and about It's it the a we on because scale is know bit, embedded drive it. starting to Got income but on more

much the for So understand or more embed our next year we should to two. just trying models over it growth in how

Rohit Gupta

Yes.

on what take to our advantage Enact an infrastructure of question And was we done. enter our space to or launched launched because intent quarters shareholders, actually one for competencies Enact we existing we X quarters on return your Re So our Enact good primary ago, an about a our X ago. Re when X that's core is and and and scale adjacent attractive have Re,

I in going the to period longer that entity we way, remarks, given in Enact the said I and grow market much we would quarter. more also As on over it's that term structured capital journey came transactions and GSE But the is Re to my expense efficient time. that our have participated say how a the prepared in capital of

success months. measure that years, not we'll So quarters in in and

We are happy with growth Re. are seeing in Enact the we

which has provide We are with Enact given size GSE gradual suppressed as growth we I market, of given over Re this just in rates seeing just of well think reinsurance originations the say a kind and this more would been will as in just as at time. returns I of time, mortgage happy of But period the future. point transactions, would visibility of the are the

a So that time, of that at of to period attractive time. the of look at think forward prudent growth in over as having future. we discussion point But this returns

Mihir Bhatia

are you're just inhibiting attention rollback keeping be the to something new Look, change, be for? general should out whether a Okay. there regulations any coming historically, for that get bit looking have from perspective, regulatory on looking less we that's the policy. administration And keeping January. that last particularly But housing lighter should administration Republicans little focused, idea an to question, regulatory that new my that growth, back, Obviously, I anything we then something in, out paying touch. maybe eye you're roll specific either from your an implement specific a whether eye at in

Rohit Gupta

you, Yes. Mihir. Thank

elections out question, remaining will So side, starting would of very we seeing appropriate Congress. seats composition kind which say, of coming there the a the House on still of off, are elections. given what are I determine of out just

in important the look will forward seeing especially I that So comes see together, to on appointments And I then be roles. think regulatory side. to also, how it health key

and finance. our day. be I changes our about front impactful of think in rules, sides see we decision, mortgage to CFPB, who support it are aisle. that be think know also received roles. And homebuyers the every have When in there regulatory at the products those are referring say so roles you we to well we are Collin's same in -- those there who when can I'm capital post money individuals But to is HUD, key taxpayer the need obviously, product industry comes FHA, up our FHFA, put we've to of our I most who would who time, by in will both day, support end every

administrations. product has years, both in on X both X appeal the navigated administrations if So last about well the under aisle. you we sides the have of think the And last

regulatory well changes under as right we navigate very early So actually generally just speculate relationships. say now I our I either would would an track administration and say industry implementations, shows on that like record have but or too to good regulatory

important point. an think this I is

both that view heard. good make very kind the legislative sure our is has which helps side, us advocacy on and relationships and regulatory industry our Our of

Operator

George Next comes KBW. from Bose question of

Bose George

about seasons? normalized these to fully to as it the ratios just as wanted I credit, a what -- do see to seasoned. portfolios you ask can back going time get the for And you to line talk delinquency as portfolio Actually

Hardin Mitchell

Yes. Bose, question. thanks the for

plateau. average obviously, It's or a bit peak years curves misnomer. So generally books X increase, years a development generally normal from start delinquency of and the to kind is and origination Peak X. of between little

which very real is each XX credit that time X-year on a that is of the just well characteristics But through. If the I way by to fall. on conditions answer a months, So be each -- book delinquencies really can it both The level concentration challenge. to that then is looking crystallize that, as to is of later generally off to the levels it try average X- the in macroeconomic XXXX the saw dependent takes originations. in XX horizon question much kind on think of starts I book maybe example, the loans of heavier to refinance book as insured aging year, and

values, the it through. FICOs. has environment lower embedded given has it that So meaningful has higher also seasoned loan it to equity It it's lower has and income, marginally debt to

lower than say, we XXXX purchase DTIs sure, it which also than, 'XX expect It So book to while embedded had of produce it some XXXX LTVs, delinquencies book would higher concentration that FICOs. the equity the so has year has book, higher 'XX higher book. a -- and the lower less for originations, marginally

the elevated, So little there's the I year. it depending characteristics are as to to and a 'XX equity is that have really has embedded overall say, activity the last no very vary feels just a I macroeconomic rule just a their can of credit thumb, book probably significant 'XX on think on given I still whether But the in I thing and it's reminder these going credit pure books them. then year book book, books is, by of And go suggested, too remained a amount or provide. average think, grainy I'd conditions. And

in Just crystallize at quarter, third the news embedded XX% our had that least maybe XX% embedded delinquencies equity. XX% new XX% of equity, had point, at to least

where we we're strong you quarter. third think through still So cure on in And remarks remains a we credit overall impact prepared performance in activity. seeing embedded the characterized put our that the end together, equity things when believe still those we up the X place I of very

Bose George

market, you of curious getting temporary? that's then How buy Okay. that volume Just Great. how topic. MI? the through is much builder down product. in see of different the a And MI permanent do sort helpful. And actually, That's or much guys coming

Rohit Gupta

Thanks, Yes. Bose.

new articulated is would written. buy our not capacity we quarters. down what's majority see a buy-down say volume builders coming we insurance prior product buy-down actually product about or talked that it permanent create have the the we forward have had because to see from called I in volume in We the So permanent overall commitments. of

actually X- not buydown, lifetime than a market amount. of that's fixed by essentially and a rate lower rate like or is typically So X-year meaningful loan, the rate, the note product that a is

is X So our smaller back from the second composition that at then And indexed points, bought product qualified down majority buydown of are the the buydowns the as is all and by X-year to within and or a product buy-down a comes be then portion year where coming year it that comes from rate fully maturity at might point, X- market ramp-up. the first rate. of X products the reminder,

Bose George

Okay.

expect no different you difference real expectation So of product? -- no or of that expectation -- credit in terms performance

Rohit Gupta

I historical haven't at modeled and of market prior looked and that concerns that note don't we through come have product. in actual that consumers down, the we are expenses? We apply there credit performance cycles. and the product bought the other do rate No, that performance actually know income seen they in in their while have Bose some

Operator

The next Richard comes Shane JPMorgan. from question of

Richard Shane

of in buydowns. it. the to I But clarify just really Bose thing terms covered one want

everybody reaching point and the that commented buydowns in those haven't historically, X- we're roll where just margin you're anything just So now you rate. as curious, the buy-downs off. current terms credit seen I the seeing. are performance a difference that probably inflection again, the in X-year of I that Is particular am in you there sees on environment. point the And product as case think edge reaching

anything curious worth you're I'm mentioning? there so if And seeing just

Rohit Gupta

Yes.

mentioned as So coming off as segment. product a to our I from majority in I'll answer Bose's just by reminder that of start question, that

for but commitment are product is is calling buydown, typically broadly a not product forward That product. We the life builder actually its loan. fixed product the of it buydown, rate

is that product, buy-downs that then years for minority comment no for temporary right? which last buydowns few the seen. product, coming, the was we temporary of payment as those shock my in for So, have And there's

this the half the So I half market. in of started would appeal go more XXXX. up, going second back rates second when to became XXXX In product

we starting have this product So vintage. the in 'XX

So of performing already shown the fully seasoning indexed normalized market. that and terms in getting in up the of the some rates rate that to has product

So still to performance We look of we guidelines. differences would we to I have don't we seen up, differential. time, But our this adjustments attributes, keep at see continue and then make we And that. show eye. underwriting point not an see say, all we at any will a if

Richard Shane

it. a buydown. market if product differentiating that And the perspective from a pricing Got is got temporary it's

Rohit Gupta

Yes. I'm not going on to comment pricing attributes.

strategy. price, As strategy and our well loan of you majority it's we and the know, black key use for whether geographies commercial box the operates we our competitive pricing credit to MI how a on And market market. or attributes attributes, very attributes is

that use an it's talking we on not in guidelines strategy about pricing something to earnings I'm I or segment, differentiate whether comfortable So think call.

Richard Shane

Totally for though. asking understand. [indiscernible] Can't

Rohit Gupta

we mindset and about I think Yes, have credit. we our say in absolutely. What calls, broadly talked how will prior is, about on pricing

So risk. for principle right price is the right our

we if pricing risk a customers. product are granular deliver have we an that at that see in any So to level attributes in and it, market is to underlying ways, ability any we and a our deploy assumption and very the in it that in pricing for

layered into is thing account always loans. we take on second risk And

very, believe cautious we a that that are percentage to in and we if the multiple that have getting in that's something we I where very market my on loan So commented about, attribute we point that prepared a layered on risks are remarks.

just on changes we made So it of the this and quarter, and layered several risk just pricing some to increases specifically how give flavor you targeted kind example, even of about think we a pricing you and deploying some gives on during price market. geographies. an in That

Operator

Rohit would like for turn Gupta to any closing over session. I the This to concludes question-and-answer our remarks. call

Rohit Gupta

Thank you, Forum in We JPMorgan's you. on Opportunities to And thank XXth. forward in everyone. you, November interest look you Thank at Andrea. seeing appreciate Miami Equity I your Enact, and

Operator

and you presentation, now may The attending concluded. today's conference Thank now has disconnect. you for

Enact (ACT) 7 Nov 242024 Q3 Earnings call transcript