Enact Holdings, Inc. (formerly Genworth Mortgage Holdings, Inc.)

General Information
Business:

Note: Genworth Financial announced on Thursday, May 13, 2021, that it has postponed the IPO of Enact Holdings, Inc., due to “the recent significant trading volatility in the mortgage insurance (MI) sector,” according to a news release published at 6:30 a.m. EDT.

On May 3, 2021, the company changed its name to Enact Holdings, Inc., from Genworth Mortgage Holdings, Inc. This IPO is a spin-off of Enact Holdings, the private mortgage insurance broker, by Genworth Financial, Inc., whose subsidiary, Genworth Holdings, Inc. (GHI) is the parent of Enact Holdings (formerly Genworth Mortgage Holdings).  GHI, our parent, is selling all of the stock in the IPO. We will not receive any of the IPO proceeds.

We are a leading private mortgage insurance company serving the United States housing finance market since 1981 with a mission to help people buy a house and keep it their home. We operate in all 50 states and the District of Columbia. We have a leading platform based on long-tenured customer relationships with mortgage lenders, underwriting excellence, and prudent risk and capital management practices.
In 2019 and 2020, we provided new insurance coverage to about 1,800 customers, including 19 of the top 20 mortgage lenders. For the year ended Dec. 31, 2020, we generated new insurance written (“NIW”) of $99.9 billion, up from $62.4 billion in 2019. Net income was $370 million in 2020, down from $678 million in 2019. Our 2020 results were impacted by increased loss reserves related to COVID-19.
Industry: Insurance Agents & Brokers - Mortgage Insurance
Employees: 525
Founded: 1981
Contact Information
Address 8325 Six Forks Road Raleigh, North Carolina 27615
Phone Number (919) 846-4100
Web Address
View Prospectus: Enact Holdings, Inc. (formerly Genworth Mortgage Holdings, Inc.)
Financial Information
Market Cap $3582.48mil
Revenues $1106.46 mil (last 12 months)
Net Income $370.0 mil (last 12 months)
IPO Profile
Symbol ACT
Exchange NASDAQ
Shares (millions): 22.6
Price range $20.00 - $24.00
Est. $ Volume $496.8 mil
Manager / Joint Managers J.P Morgan/ Goldman Sachs/ BofA Securities/ Credit Suisse
CO-Managers Citigroup/ Deutsche Bank Securities/ Keefe, Bruyette & Woods/ BTIG/ Dowling & Partners Securities
Expected To Trade: 5/13/2021
Status: Postponed
Quiet Period Expiration Date:
Lock-Up Period Expiration Date:
SCOOP Rating
Rating Change