Enact Holdings Q4 2025 Enact Holdings Inc Earnings Call | AllMind AI Earnings | AllMind AI
Q4 2025 Enact Holdings Inc Earnings Call
Operator: Hello, and thank you for standing by. Welcome to Enact's Q4 2025 Earnings Conference Call. At this time, all participants are in a listen-only mode. After the speaker's presentation, there will be a question-and-answer session. To ask the question during the session, you will need to press star one one on your telephone. You will then hear an automated message advising your hand is raised. To withdraw your question, please press star one one again. I would now like to turn the call over to Daniel Kohl. You may begin.
Operator: Hello, and thank you for standing by. Welcome to Enact's Q4 2025 Earnings Conference Call. At this time, all participants are in a listen-only mode. After the speaker's presentation, there will be a question-and-answer session. To ask the question during the session, you will need to press star one one on your telephone. You will then hear an automated message advising your hand is raised. To withdraw your question, please press star one one again. I would now like to turn the call over to Daniel Kohl. You may begin.
Speaker #1: Hello, and thank you for standing by. Welcome to Enact Q4, 2025 earnings conference call. At this time, all participants are on a listen-only mode.
Speaker #1: After the speaker's presentation, there will be a question-and-answer session. To ask the question during the session, you will need to press star 11 on your telephone.
Speaker #1: You will then hear an automated message advising your hand is raised. To withdraw your question, please press star one again.
Speaker #1: I would turn the now like to call to over Daniel Kohl . You begin may .
Daniel Kohl: Thank you and good morning. Welcome to our fourth quarter earnings call. Joining me today are Rohit Gupta, President and Chief Executive Officer, and Dean Mitchell, Chief Financial Officer and Treasurer. Rohit will provide an overview of our business performance and progress against our strategy. Dean will then discuss the details of our quarterly results before turning the call back to Rohit for closing remarks. We will then take your questions. The earnings materials we issued after market close yesterday contain our financial results for the quarter, along with a comprehensive set of financial and operational metrics. These are available on the investor relations section of our website. Today's call is being recorded and will include the use of forward-looking statements. These statements are based on current assumptions, estimates, expectations, and projections as of today's date.
Daniel Kohl: Thank you and good morning. Welcome to our fourth quarter earnings call. Joining me today are Rohit Gupta, President and Chief Executive Officer, and Dean Mitchell, Chief Financial Officer and Treasurer. Rohit will provide an overview of our business performance and progress against our strategy. Dean will then discuss the details of our quarterly results before turning the call back to Rohit for closing remarks. We will then take your questions. The earnings materials we issued after market close yesterday contain our financial results for the quarter, along with a comprehensive set of financial and operational metrics. These are available on the investor relations section of our website. Today's call is being recorded and will include the use of forward-looking statements. These statements are based on current assumptions, estimates, expectations, and projections as of today's date.
Speaker #2: you and Thank good morning . Welcome to our fourth quarter earnings call .
Speaker #1: may You begin .
Speaker #2: And good morning. Welcome, and thank you to our fourth quarter call. Joining me today are Rohit Gupta, President and Chief Executive Officer, and Dean Mitchell, Chief Financial Officer and Treasurer.
Speaker #2: Rohit will provide an overview of our business progress, performance, and how we are tracking against our strategy. Dean will then discuss the details of our quarterly results.
Speaker #2: Before turning the call back to for Rohit closing remarks , we will then take your questions . The earnings we issued after . materials These based statements are on current assumptions , estimates and , expectations projections as of today's date .
Daniel Kohl: Additionally, they are subject to risks and uncertainties, which may cause actual results to be materially different, and we undertake no obligation to update or revise such statements as a result of new information. For a discussion of these risks and uncertainties, please review the cautionary language regarding the forward-looking statements in today's press release, as well as in our filings with the SEC, which will be available on our website. Please keep in mind the earnings materials and management's prepared remarks today include certain non-GAAP measures. Reconciliations of these measures to the most relevant GAAP metrics can be found in the press release, our earnings presentation, and our upcoming SEC filing on our website. With that, I'll turn the call over to Rohit.
Daniel Kohl: Additionally, they are subject to risks and uncertainties, which may cause actual results to be materially different, and we undertake no obligation to update or revise such statements as a result of new information. For a discussion of these risks and uncertainties, please review the cautionary language regarding the forward-looking statements in today's press release, as well as in our filings with the SEC, which will be available on our website. Please keep in mind the earnings materials and management's prepared remarks today include certain non-GAAP measures. Reconciliations of these measures to the most relevant GAAP metrics can be found in the press release, our earnings presentation, and our upcoming SEC filing on our website. With that, I'll turn the call over to Rohit.
Speaker #2: they are and subject to risks uncertainties which may actual cause to results be materially different . And we undertake no obligation to update or revise such statements as a result of new information for a discussion of these risks and please review the uncertainties , cautionary language regarding the forward looking statements in today's press release , as well as in our filings with the SEC , which will be available on our website keep in .
Speaker #2: the mind earnings , materials and Please management's prepared remarks today certain include non-GAAP measures . Reconciliations of these measures to the most relevant GAAP metrics found in the press can be release .
Speaker #2: Our earnings and our upcoming SEC filing are on the website. With that, I'll turn the call over to Rohit.
Rohit Gupta: Thank you, Daniel. Good morning, everyone. Enact delivered a very strong finish to 2025 that reflected the disciplined execution of our strategy, robust credit performance, and our commitment to shareholder value creation. For the full year, we reported adjusted operating income of $688 million or $4.61 per diluted share. We returned over $500 million of capital to shareholders, and the year-end adjusted book value per share increased 11% to $37.87. Before discussing the quarter, I want to take a moment to highlight some of our accomplishments in 2025. In a complex housing environment, we helped over 134,000 borrowers buy a home and over 16,000 borrowers keep their home.
Rohit Gupta: Thank you, Daniel. Good morning, everyone. Enact delivered a very strong finish to 2025 that reflected the disciplined execution of our strategy, robust credit performance, and our commitment to shareholder value creation. For the full year, we reported adjusted operating income of $688 million or $4.61 per diluted share. We returned over $500 million of capital to shareholders, and the year-end adjusted book value per share increased 11% to $37.87. Before discussing the quarter, I want to take a moment to highlight some of our accomplishments in 2025. In a complex housing environment, we helped over 134,000 borrowers buy a home and over 16,000 borrowers keep their home.
Speaker #3: Thank you . Daniel . Good morning everyone . Annak very delivered a finish That to 2025 . reflected the disciplined execution of our strategy .
Speaker #3: Robust credit and performance our commitment to shareholder value creation . For the full year , we reported adjusted operating income of $688 million , or $4.61 per diluted share .
Speaker #3: We returned over $500 million of capital to shareholders , and the year end adjusted book value per share increased 11% to $37.87 . want to take quarter , I discussing the Before moment to a highlight some of our accomplishments 2025 .
Speaker #3: in In a housing complex we helped environment , 134,000 borrowers buy a home over . We continue to innovate our risk and pricing capabilities , leveraging advanced modeling and machine learning to deploy the version of our pricing engine .
Rohit Gupta: We continued to innovate our risk selection and pricing capabilities, leveraging advanced modeling and machine learning to deploy the latest version of our pricing engine, Rate360. We generated $52 billion of new insurance written and ended the year with record insurance in force of $273 billion. We maintained our commitment to expense discipline with full-year operating expenses at $217 million, excluding restructuring charges. We delivered record levels of capital returns to our shareholders, and we enhanced our financial flexibility by entering a new $435 million revolving credit facility and protected our forward books at attractive cost of capital through new CRT deals. Our execution continued to be recognized by the market, evidenced by receiving multiple credit ratings upgrades.
Rohit Gupta: We continued to innovate our risk selection and pricing capabilities, leveraging advanced modeling and machine learning to deploy the latest version of our pricing engine, Rate360. We generated $52 billion of new insurance written and ended the year with record insurance in force of $273 billion. We maintained our commitment to expense discipline with full-year operating expenses at $217 million, excluding restructuring charges. We delivered record levels of capital returns to our shareholders, and we enhanced our financial flexibility by entering a new $435 million revolving credit facility and protected our forward books at attractive cost of capital through new CRT deals. Our execution continued to be recognized by the market, evidenced by receiving multiple credit ratings upgrades.
Speaker #3: latest Rate 360 . generated insurance written and ended the year with record insurance in force of 273 billion . maintained our $52 billion of new expense We commitment to operating expenses at $217 million , excluding restructuring .
Speaker #3: We delivered record levels of charges, capital returns to our shareholders, and we enhanced our financial flexibility by entering a new $435 million revolving credit facility and protected our books at attractive cost through forward CRT deals.
Rohit Gupta: Finally, Enact received multiple industry and local awards, a testament to our commitment to excellence and providing an exceptional employee experience. Taken together, these accomplishments underscore the progress we made in 2025 and reinforce our confidence in Enact's long-term strategy. Turning to our fourth quarter results, we reported adjusted operating income of $179 million, or $23 per diluted share, while adjusted return on equity was 13.5%, and we generated robust new insurance written of over $14 billion, driven by an increase in refinance originations as mortgage rates declined. However, 59% of loans in our book have rates below 6%, providing support for continued elevated persistency. The long-term drivers of housing demand remain strong, and we are confident that mortgage insurance will continue to play an essential role for both buyers and lenders.
Rohit Gupta: Finally, Enact received multiple industry and local awards, a testament to our commitment to excellence and providing an exceptional employee experience. Taken together, these accomplishments underscore the progress we made in 2025 and reinforce our confidence in Enact's long-term strategy. Turning to our fourth quarter results, we reported adjusted operating income of $179 million, or $23 per diluted share, while adjusted return on equity was 13.5%, and we generated robust new insurance written of over $14 billion, driven by an increase in refinance originations as mortgage rates declined. However, 59% of loans in our book have rates below 6%, providing support for continued elevated persistency. The long-term drivers of housing demand remain strong, and we are confident that mortgage insurance will continue to play an essential role for both buyers and lenders.
Speaker #3: Our execution continued to be recognized by market the , evidenced receiving by multiple credit ratings , upgrades . Finally , an accuracy of multiple industry and local awards a testament commitment to excellence and providing an to our exceptional employee experience Taken together , .
Speaker #3: These accomplishments underscore the progress we made in 2025 and reinforce our confidence in Enact's long strategy. For the fourth quarter, our results—we reported adjusted operating income of $179 million, or $1.23 per diluted share.
Speaker #3: While adjusted return on equity was 13.5% . And we generated robust new insurance written of $14 billion , over driven by an increase in refinance as originations mortgage rates declined .
Speaker #3: However , 59% of loans in our book have rates below 6% , providing support for continued persistency elevated . The long term drivers of housing demand remain strong , and we are confident that mortgage insurance will continue to play an essential role for both buyers lenders .
Rohit Gupta: Pricing remained constructive in the quarter, and our dynamic risk-adjusted pricing engine, Rate360, is enabling us to prudently price risk with discipline as market conditions continue to evolve. Our insurance in force portfolio remains resilient, with risk-weighted average FICO score of 746. The risk-weighted average loan-to-value ratio was 93%, and layered risk was 1.2% of insurance in force. Cure performance continues to outperform our expectations, driven by favorable credit performance and effective loss mitigation efforts. This resulted in a net reserve release of $60 million in the quarter, partially driven by a claim rate reduction from 9% to 8%. Dean will touch more on this shortly.
Rohit Gupta: Pricing remained constructive in the quarter, and our dynamic risk-adjusted pricing engine, Rate360, is enabling us to prudently price risk with discipline as market conditions continue to evolve. Our insurance in force portfolio remains resilient, with risk-weighted average FICO score of 746. The risk-weighted average loan-to-value ratio was 93%, and layered risk was 1.2% of insurance in force. Cure performance continues to outperform our expectations, driven by favorable credit performance and effective loss mitigation efforts. This resulted in a net reserve release of $60 million in the quarter, partially driven by a claim rate reduction from 9% to 8%. Dean will touch more on this shortly.
Speaker #3: Pricing remained constructive in the quarter , and our dynamic risk adjusted pricing engine rate three . 60 is enabling us to prudently price risk with discipline .
Speaker #3: As market continue to evolve conditions insurance in-force . Our portfolio remains resilient , with risk weighted Fico average score of 746 . The risk weighted average value loan to ratio was 93% and layered risk was 1.2% of risk in .
Speaker #3: Cure performance continues to outperform our expectations, driven by favorable credit performance and effective loss mitigation efforts. This resulted in a net reserve release of $60 million in the quarter, driven partially by a claim rate reduction from 9% to 8%.
Rohit Gupta: We also continue to advance our capital allocation priorities of supporting existing policyholders by maintaining a strong balance sheet, investing in our business to drive organic growth and efficiencies, funding attractive new business opportunities, and returning excess capital to shareholders. At the end of the quarter, our PMIER sufficiency ratio was 162%, providing significant financial flexibility, and our credit and investment portfolios are in excellent shape. Our strong capital position is further reinforced by the effective implementation of our CRT program and the backing of our credit facility. We continue to make steady progress against our strategic initiatives, advancing innovation in the MI business and continuing to expand into attractive adjacencies. Enact Re continued to perform well and participated in attractive GSE single and multifamily deals in the quarter, while maintaining strong underwriting standards and generating attractive risk-adjusted returns.
Rohit Gupta: We also continue to advance our capital allocation priorities of supporting existing policyholders by maintaining a strong balance sheet, investing in our business to drive organic growth and efficiencies, funding attractive new business opportunities, and returning excess capital to shareholders. At the end of the quarter, our PMIER sufficiency ratio was 162%, providing significant financial flexibility, and our credit and investment portfolios are in excellent shape. Our strong capital position is further reinforced by the effective implementation of our CRT program and the backing of our credit facility. We continue to make steady progress against our strategic initiatives, advancing innovation in the MI business and continuing to expand into attractive adjacencies. Enact Re continued to perform well and participated in attractive GSE single and multifamily deals in the quarter, while maintaining strong underwriting standards and generating attractive risk-adjusted returns.
Speaker #3: Dean will touch more on this shortly. We also continue to advance our capital allocation priorities of supporting existing policyholders by maintaining a strong balance sheet, investing in our business to drive organic growth and efficiencies, funding attractive new business opportunities, and returning excess capital to shareholders.
Speaker #3: At the end of the quarter , our Pmiers sufficiency ratio 162% , was providing significant financial flexibility and our credit and investment portfolios are in excellent shape .
Speaker #3: Our strong position is further reinforced by the effective implementation of our program CRT and our backing of the credit facility. We continued to make steady progress against our strategic initiatives, advancing innovation in business, the MI, and continuing to expand into attractive, attractive adjacencies.
Speaker #3: Anak RI continued to perform well and participated in attractive GSE single- and multi-family deals in the quarter, while strongly maintaining underwriting standards and generating attractive risk-adjusted returns.
Rohit Gupta: Enact Re remains a long-term growth opportunity that is both capital and expense efficient. Finally, as it relates to capital returns, during Q4, we returned $157 million to shareholders through share repurchases and dividends. We remain committed to our capital allocation priorities, and we are pleased to announce our 2026 capital return expectations of approximately $500 million. Additionally, we issued a press release last night announcing that our board of directors authorized a new share repurchase program that is the largest in Enact's history. In closing, we believe we are well positioned to continue navigating the uncertain macro environment, supporting our customers, and delivering sustainable value for shareholders. None of which would be possible without the hard work and talent of our employees, and I would like to take a moment to thank them for their continued efforts and contributions.
Rohit Gupta: Enact Re remains a long-term growth opportunity that is both capital and expense efficient. Finally, as it relates to capital returns, during Q4, we returned $157 million to shareholders through share repurchases and dividends. We remain committed to our capital allocation priorities, and we are pleased to announce our 2026 capital return expectations of approximately $500 million. Additionally, we issued a press release last night announcing that our board of directors authorized a new share repurchase program that is the largest in Enact's history. In closing, we believe we are well positioned to continue navigating the uncertain macro environment, supporting our customers, and delivering sustainable value for shareholders. None of which would be possible without the hard work and talent of our employees, and I would like to take a moment to thank them for their continued efforts and contributions.
Speaker #3: An acne remains a long term growth opportunity both capital and that is efficient . Finally , as it relates to capital returns during the fourth quarter , we $157 million to shareholders returned to share repurchases and dividends .
Speaker #3: We remain committed to our capital allocation priorities , and we are pleased to announce our 2026 capital return expectations of approximately $500 million .
Speaker #3: Additionally, we issued a press release last night announcing that our board of directors authorized a share repurchase, new and the largest in the Enact history.
Speaker #3: closing , we In we are well positioned to continue navigating the uncertain macro environment , supporting our customers and delivering sustainable value for shareholders , none of which would be possible without the hard work and talent of our employees .
Rohit Gupta: With that, I will now hand the call over to Dean.
Rohit Gupta: With that, I will now hand the call over to Dean.
Speaker #3: And I would like to take a moment to thank them for their continued efforts and contributions . With that , I will now hand the call over to Dean .
Dean Mitchell: Thanks, Rohit, and good morning, everyone. We are pleased with the very strong results we delivered in Q4 2025, which concluded an excellent year for Enact. Adjusted operating income was $179 million, or $1.23 per diluted share, compared to $1.09 per diluted share in the same period last year, and $1.12 per diluted share in Q3 2025. Adjusted operating return on equity was 13.5%. For the full year, adjusted operating income totaled $688 million, or $4.61 per diluted share, compared to $718 million, or $4.56 per diluted share in 2024. A detailed reconciliation of GAAP net income to adjusted operating income can be found in our earnings release.
Dean Mitchell: Thanks, Rohit, and good morning, everyone. We are pleased with the very strong results we delivered in Q4 2025, which concluded an excellent year for Enact. Adjusted operating income was $179 million, or $1.23 per diluted share, compared to $1.09 per diluted share in the same period last year, and $1.12 per diluted share in Q3 2025. Adjusted operating return on equity was 13.5%. For the full year, adjusted operating income totaled $688 million, or $4.61 per diluted share, compared to $718 million, or $4.56 per diluted share in 2024. A detailed reconciliation of GAAP net income to adjusted operating income can be found in our earnings release.
Speaker #4: Thanks , and good morning Rohit everyone . We are pleased with the very strong results we delivered in the of 2025 , fourth quarter included an year for enact adjusted operating income was $179 million , or $1.23 per diluted share , compared to $1.09 per diluted share in the same period last year , and $1.12 per diluted share in the quarter third of 2025 .
Speaker #4: Adjusted operating return on equity was 13.5% for the full year , operating income adjusted totaled 688 million , or $4.61 per diluted share , compared to $718 million , or $4.56 per diluted share , in For a detailed 2020 .
Speaker #4: Reconciliation of GAAP net income to adjusted income can be found in our earnings. Turning to the new fourth quarter, insurance written was $14 billion for the fourth quarter, up 2% sequentially and up 8% year over year.
Dean Mitchell: Turning to the fourth quarter, new insurance written was $14 billion for the fourth quarter, up 2% sequentially and up 8% year-over-year. This new business is well priced, has a strong credit risk profile, and is comprised of loans that are well underwritten to prudent market standards. Persistency was 80% in the fourth quarter, down 3 points sequentially and down 2 points year-over-year on lower prevailing mortgage rates. While mortgage rates have fallen recently, only 22% of our mortgages in our portfolio have rates at least 50 basis points above December's average of 6.2%, providing support for continued elevated persistency. The combination of solid new insurance written and lower, but still elevated persistency, drove primary insurance in force of $273 billion in the fourth quarter, up $1 billion-...
Dean Mitchell: Turning to the fourth quarter, new insurance written was $14 billion for the fourth quarter, up 2% sequentially and up 8% year-over-year. This new business is well priced, has a strong credit risk profile, and is comprised of loans that are well underwritten to prudent market standards. Persistency was 80% in the fourth quarter, down 3 points sequentially and down 2 points year-over-year on lower prevailing mortgage rates. While mortgage rates have fallen recently, only 22% of our mortgages in our portfolio have rates at least 50 basis points above December's average of 6.2%, providing support for continued elevated persistency. The combination of solid new insurance written and lower, but still elevated persistency, drove primary insurance in force of $273 billion in the fourth quarter, up $1 billion-...
Speaker #4: This new business is well priced, has a strong credit risk profile, and consists of loans that are well underwritten to prudent market standards.
Speaker #4: was Persistency fourth quarter , down three point sequentially and down over two points year year . On lower prevailing mortgage rates . While mortgage rates have fallen recently only 22% of our mortgages in our portfolio have , rates at least 50 basis points above December's average of 6.2% , providing support for continued elevated persistency .
Speaker #4: The combination of solid new written and lower but still insurance , elevated persistency drove primary insurance in force of the fourth quarter , 273 billion in up 1 billion from the third quarter of 2025 , and 4 billion , or approximately 1% year over year .
Dean Mitchell: from Q3 2025 and $4 billion or approximately 1% year-over-year. Total net premiums earned were $246 million, up $1 million sequentially and flat year-over-year. Our base premium rate of 39.6 basis points was down 0.1 basis points sequentially, in line with our expectations. As a reminder, our base premium rate is impacted by several factors and tends to modestly fluctuate from quarter to quarter. Given our current expectations for the MI market size and mortgage rates, we anticipate our base premium rate in 2026 to be relatively flat versus 2025. Our net earned premium rate was 34.8 basis points, down slightly sequentially, driven by higher ceded premiums. Investment income in Q4 was $69 million, flat sequentially, and up $6 million, or 10% year-over-year.
Dean Mitchell: from Q3 2025 and $4 billion or approximately 1% year-over-year. Total net premiums earned were $246 million, up $1 million sequentially and flat year-over-year. Our base premium rate of 39.6 basis points was down 0.1 basis points sequentially, in line with our expectations. As a reminder, our base premium rate is impacted by several factors and tends to modestly fluctuate from quarter to quarter. Given our current expectations for the MI market size and mortgage rates, we anticipate our base premium rate in 2026 to be relatively flat versus 2025. Our net earned premium rate was 34.8 basis points, down slightly sequentially, driven by higher ceded premiums. Investment income in Q4 was $69 million, flat sequentially, and up $6 million, or 10% year-over-year.
Speaker #4: Total net premiums earned were 246 million , up 1 million and flat year sequentially , over year . Our base premium rate of 39.6 basis points was down one basis points sequentially , in line with our expectations .
Speaker #4: As a reminder , our base premium rate is impacted by several factors tends to and modestly fluctuate from quarter to quarter . Given our current expectations for the MI market size and rates .
Speaker #4: mortgage We anticipate our base premium rate in 2026 to be relatively flat versus Our 2025 . net earned premium rate was 34.8 basis points , down slightly sequentially , driven by higher ceded premiums .
Dean Mitchell: Our new money investment yield of approximately 5% contributed to an increase in the weighted average portfolio book yield of 4.4% for the quarter. While we typically hold investments to maturity, we may selectively pursue income enhancement opportunities. During the quarter, we sold certain assets that will allow us to recoup realized losses through future higher net investment income. Turning to credit, we continue to see strong loss performance across our overall portfolio. New delinquencies increased sequentially to 13,700 in the quarter from 13,000 in Q3 2025, in line with expected seasonal trends. Our new delinquency rate for the quarter remained consistent with pre-pandemic levels at 1.5%, an increase of 10 basis points from Q3 2025, and flat versus Q4 2024.
Dean Mitchell: Our new money investment yield of approximately 5% contributed to an increase in the weighted average portfolio book yield of 4.4% for the quarter. While we typically hold investments to maturity, we may selectively pursue income enhancement opportunities. During the quarter, we sold certain assets that will allow us to recoup realized losses through future higher net investment income. Turning to credit, we continue to see strong loss performance across our overall portfolio. New delinquencies increased sequentially to 13,700 in the quarter from 13,000 in Q3 2025, in line with expected seasonal trends. Our new delinquency rate for the quarter remained consistent with pre-pandemic levels at 1.5%, an increase of 10 basis points from Q3 2025, and flat versus Q4 2024.
Speaker #4: Investment income in the fourth quarter was 69 million , flat sequentially and up 6 million , or 10% , year over year . Our new money of approximately 5% contributed to an weighted average portfolio book yield of 4.4% for the quarter .
Speaker #4: While we typically hold investment yield investments to increase in the maturity, we may selectively pursue income enhancement opportunities. During the quarter, we sold certain assets that will allow us to recoup losses through higher net future investment income.
Speaker #4: Turning to realized credit, we continue to see strong loss across our overall portfolio. New delinquencies increased sequentially to 13,700 in the quarter, from 13,000 in the third quarter of 2025.
Speaker #4: In line with seasonal expected trends, our new delinquency rate for the quarter remained consistent with pre-pandemic levels at 1.5%, an increase of ten basis points from the third quarter of 2025 and flat versus the fourth quarter of 2020.
Dean Mitchell: Total delinquencies in Q4 increased sequentially to 24,900 from 23,400, as new delinquencies outpaced cures and the delinquency rate increased 10 basis points sequentially to 2.6%. Losses in Q4 of 2025 were $18 million, and the loss ratio was 7%, compared to $36 million and 15% respectively in Q3 of 2025, and $24 million and 10% respectively in Q4 of 2024. We reduced our claim rate in the quarter for new and recent delinquencies from 9% to 8% after factoring in the continued strong cure performance sustained throughout 2025. We believe the 8% claim rate is well aligned with the current macroeconomic uncertainties and remains consistent with our measured and prudent reserve philosophy.
Dean Mitchell: Total delinquencies in Q4 increased sequentially to 24,900 from 23,400, as new delinquencies outpaced cures and the delinquency rate increased 10 basis points sequentially to 2.6%. Losses in Q4 of 2025 were $18 million, and the loss ratio was 7%, compared to $36 million and 15% respectively in Q3 of 2025, and $24 million and 10% respectively in Q4 of 2024. We reduced our claim rate in the quarter for new and recent delinquencies from 9% to 8% after factoring in the continued strong cure performance sustained throughout 2025. We believe the 8% claim rate is well aligned with the current macroeconomic uncertainties and remains consistent with our measured and prudent reserve philosophy.
Speaker #4: For total delinquencies in the fourth quarter , increased sequentially to 24,900 from 23,400 , as news outpaced cures and delinquency rate increased ten basis points sequentially to 2.6% .
Speaker #4: Losses in the fourth quarter of 2025 were 18 million , and the loss ratio was 7% , compared to 36,000,015% , respectively , in the third quarter of 2025 and 24,000,010% , respectively .
Speaker #4: In the fourth quarter of 2020 . For , we reduced our in the claim rate quarter for new and recent delinquencies from 9% to 8% after factoring in the the performance cure strong sustained throughout 2025 .
Speaker #4: We believe the 8% claim rate is well aligned with the current macroeconomic uncertainties and remains consistent with our measured and prudent reserve philosophy .
Dean Mitchell: The net reserve release of $60 million in the fourth quarter was driven by favorable cure performance, our loss mitigation activities, and the reduction in our claim rate assumption. This compares to reserve releases of $45 million and $56 million in the third quarter of 2025 and fourth quarter of 2024, respectively. We maintain our focus on disciplined cost management in 2025. Operating expenses for the fourth quarter of 2025 were $59 million, and the expense ratio was 24%, compared to $53 million and 22% respectively in the third quarter of 2025, and $57 million and 24% respectively in the fourth quarter of 2024. For the full year, our operating expenses of $218 million, or $217 million, excluding reorganization costs, were favorable to our updated guidance of approximately $219 million.
Dean Mitchell: The net reserve release of $60 million in the fourth quarter was driven by favorable cure performance, our loss mitigation activities, and the reduction in our claim rate assumption. This compares to reserve releases of $45 million and $56 million in the third quarter of 2025 and fourth quarter of 2024, respectively. We maintain our focus on disciplined cost management in 2025. Operating expenses for the fourth quarter of 2025 were $59 million, and the expense ratio was 24%, compared to $53 million and 22% respectively in the third quarter of 2025, and $57 million and 24% respectively in the fourth quarter of 2024. For the full year, our operating expenses of $218 million, or $217 million, excluding reorganization costs, were favorable to our updated guidance of approximately $219 million.
Speaker #4: The Net reserve release of 60 million in the fourth quarter was driven by favorable cure performance or loss mitigation activities , reduction and the in our claim rate assumption .
Speaker #4: This compares to reserve releases of $45 million in the third quarter of 2025, the same quarter of 2024, and fourth, respectively. We maintain our focus on disciplined cost management in 2025. Operating expenses for the fourth quarter of 2025 were $59 million, and the expense ratio was 24%, compared to $53 million and 22%, respectively, in the third quarter of 2025, and $57 million and 24%, respectively, in the fourth quarter of 2024.
Speaker #4: In the fourth quarter of 2024, the fourth full year, our operating expenses were $218 million, or $217 million excluding reorganization costs, which were favorable to our updated guidance of approximately $219 million for 2024.
Dean Mitchell: For 2026, we anticipate an operating expense range of $215 to 220 million, excluding any reorganization costs, as we continue to prudently manage our expense base, balancing our continued focus to drive further efficiencies in our business, while also investing in our growth initiatives. We continue to operate from a strong capital and liquidity position, reinforced by our robust PMIERs sufficiency and the successful execution of our diversified CRT program. Our PMIERs sufficiency was 162%, or $1.9 billion above PMIERs requirements at the end of Q4, and as of 31 December 2025, our third-party CRT program provides $1.9 billion of PMIERs capital credit. Turning now to capital allocation.
Dean Mitchell: For 2026, we anticipate an operating expense range of $215 to 220 million, excluding any reorganization costs, as we continue to prudently manage our expense base, balancing our continued focus to drive further efficiencies in our business, while also investing in our growth initiatives. We continue to operate from a strong capital and liquidity position, reinforced by our robust PMIERs sufficiency and the successful execution of our diversified CRT program. Our PMIERs sufficiency was 162%, or $1.9 billion above PMIERs requirements at the end of Q4, and as of 31 December 2025, our third-party CRT program provides $1.9 billion of PMIERs capital credit. Turning now to capital allocation.
Speaker #4: We operating anticipate an expense range of 215 to 220 million , excluding any reorganization costs . As we continue to prudently manage our expense base , balancing our continued focus to drive further efficiencies in our business , while also investing in our growth initiatives , we continue to from a capital strong and liquidity position , reinforced by our robust PMR and sufficiency the successful execution of our diversified CRT program .
Speaker #4: Our PMR sufficiency was 162% , or 1.9 billion above Pmiers requirements . At the end of the fourth quarter , and as of December 31st , 2025 , our third party CRT program provides credit 1.9 billion of Pmiers capital .
Dean Mitchell: During the quarter, we paid out $30 million or 21 cents per share through our quarterly dividend, and we bought back 3.4 million shares at an average price of $37.66 for $127 million. For the full year 2025, we returned $503 million to shareholders, $121 million through our quarterly dividends, and we repurchased 10.5 million shares at an average price of $36.25, for a total of $382 million. Through 30 January, we have repurchased an additional 0.8 million shares for $31 million. For 2026, we expect capital returns of approximately $500 million. As in the past, the ultimate amount and form of capital return to shareholders will be dependent on business performance, market conditions, and regulatory approvals.
Dean Mitchell: During the quarter, we paid out $30 million or 21 cents per share through our quarterly dividend, and we bought back 3.4 million shares at an average price of $37.66 for $127 million. For the full year 2025, we returned $503 million to shareholders, $121 million through our quarterly dividends, and we repurchased 10.5 million shares at an average price of $36.25, for a total of $382 million. Through 30 January, we have repurchased an additional 0.8 million shares for $31 million. For 2026, we expect capital returns of approximately $500 million. As in the past, the ultimate amount and form of capital return to shareholders will be dependent on business performance, market conditions, and regulatory approvals.
Speaker #4: Turning now to capital allocation . During the quarter , we paid out $0.21 per 30 million , or share through our quarterly dividend , and we bought back 3.4 million shares at an average price of $37.66 for $127 million .
Speaker #4: For the full year 2025 , we returned 503 million to shareholders , 121 million through our quarterly dividends and repurchased 10.5 million shares at an average price of $36.25 , for a total of $382 million .
Speaker #4: Through January 30th, we have repurchased an additional 0.8 million shares for $31 million. For 2026, we expect capital returns of approximately $500 million.
Speaker #4: As in the past , the ultimate amount and form of capital return to will be shareholders dependent on business performance , market conditions and regulatory approvals .
Dean Mitchell: As we announced yesterday, the board has authorized a new $500 million share repurchase program and declared a quarterly dividend of $0.21 per common share, payable 19 March. Overall, we are pleased with our performance in 2025, and we believe we are well positioned for another strong year in 2026.... We remain focused on prudently managing risk, maintaining a strong balance sheet, and delivering solid returns for our shareholders. With that, let me turn the call back to Rohit.
Dean Mitchell: As we announced yesterday, the board has authorized a new $500 million share repurchase program and declared a quarterly dividend of $0.21 per common share, payable 19 March. Overall, we are pleased with our performance in 2025, and we believe we are well positioned for another strong year in 2026.... We remain focused on prudently managing risk, maintaining a strong balance sheet, and delivering solid returns for our shareholders. With that, let me turn the call back to Rohit.
Speaker #4: As we announced yesterday, the board has authorized a new $500 million share repurchase program and declared a quarterly dividend of $0.21 per common share, payable March 19th.
Speaker #4: Overall, we are pleased with our performance in 2025, and we believe we are well positioned for another strong year in 2026. We remain focused on prudently managing risk, maintaining a strong balance sheet, and delivering solid returns for our shareholders.
Rohit Gupta: Thanks, Dean. Looking ahead to 2026, of our strong balance sheet, the portfolio's significant embedded equity, and our disciplined operating approach, position us to effectively navigate uncertainty and capitalize on long-term opportunities. Additionally, demographic tailwinds, particularly among first-time homebuyers, support long-term demand for housing and for private mortgage insurance. Finally, as housing affordability and supply constraints shape policy discussions, we continue to actively engage with our lending partners, the GSEs, the FHFA, and the administration, and believe we remain well-positioned to navigate and adapt to an evolving policy environment. We remain committed to helping people responsibly achieve the dream of homeownership and deliver long-term value for all our stakeholders. Operator, we are now ready for Q&A.
Rohit Gupta: Thanks, Dean. Looking ahead to 2026, of our strong balance sheet, the portfolio's significant embedded equity, and our disciplined operating approach, position us to effectively navigate uncertainty and capitalize on long-term opportunities. Additionally, demographic tailwinds, particularly among first-time homebuyers, support long-term demand for housing and for private mortgage insurance. Finally, as housing affordability and supply constraints shape policy discussions, we continue to actively engage with our lending partners, the GSEs, the FHFA, and the administration, and believe we remain well-positioned to navigate and adapt to an evolving policy environment. We remain committed to helping people responsibly achieve the dream of homeownership and deliver long-term value for all our stakeholders. Operator, we are now ready for Q&A.
Speaker #4: With that , turn the let me call back to Rohit .
Speaker #3: Thanks , Dean . Looking ahead to 2026 , our strong balance sheet , the portfolio is significant . Embedded equity and our disciplined operating approach position us to effectively navigate uncertainty and capitalize on long term opportunities .
Speaker #3: Additionally tailwinds , demographic , particularly among first time homebuyers , support long term demand for housing and for mortgage private insurance . Finally , as housing affordability and supply constraints shape policy discussions , we continue to actively engage with our lending partners , the GSEs , the FHA and the administration , and we believe remain well positioned to navigate adapt to an and evolving policy environment remain .
Speaker #3: committed to We helping people responsibly achieve the dream of homeownership and deliver long term value for all our stakeholders . Operator we are now ready for Q&A .
Operator: Thank you. Ladies and gentlemen, as a reminder to ask the question, please press star one one on your telephone, then wait for your name to be announced. To withdraw your question, please press star one one again. Please stand by while we compile the Q&A roster. Our first question comes from the line of Doug Harter with UBS. Your line is open.
Operator: Thank you. Ladies and gentlemen, as a reminder to ask the question, please press star one one on your telephone, then wait for your name to be announced. To withdraw your question, please press star one one again. Please stand by while we compile the Q&A roster. Our first question comes from the line of Doug Harter with UBS. Your line is open.
Speaker #1: Thank you. Ladies, and a reminder to gentlemen: as you ask the question, please press star, one, one on your telephone, then wait for your name to be announced.
Speaker #1: To withdraw question , press star one one again . please Please stand by while we compile the Q&A roster . Our first question comes from the line of Doug Hoder with .
Douglas Harter: Thanks, and good morning. Appreciate the guidance on the capital return. You know, in the past couple of years, you were able to exceed your initial capital return goal. Like, how do you think about, you know, the sensitivities to that capital return goal for 2026? And what could cause that to, you know, come in better? Or, you know, what would be the factors that might cause you to need to slow it down?
Doug Harter: Thanks, and good morning. Appreciate the guidance on the capital return. You know, in the past couple of years, you were able to exceed your initial capital return goal. Like, how do you think about, you know, the sensitivities to that capital return goal for 2026? And what could cause that to, you know, come in better? Or, you know, what would be the factors that might cause you to need to slow it down?
Speaker #1: UBS is open
Speaker #5: Thanks , and
Speaker #5: good morning . . Appreciate the the the guidance on the capital return in the of past couple years , you were able to exceed your initial capital return goal .
Speaker #5: Like , how do you think about the sensitivities to that capital return goal for 2026 . And what could cause that to , you know , come in better what would be the cause you that might to need to ?
Dean Mitchell: Yeah, Doug. Hey, it's Dean. Thanks for the question. Yeah, we're much like we said in our prepared remarks, we set a capital return guidance for the beginning of the-- at the beginning of the year. We're very confident in delivering $500 million back to shareholders. But we'll continue to evaluate dynamics in the marketplace, namely our business performance, how the business continues to perform, how we continue to grow the business, and certainly loss performance during 2026. We're also gonna be looking at the macroeconomic environment. Obviously, we're looking at the prevailing macroeconomic environment, the uncertainties that exist today, and still feel confident in our ability to return $500 million. But we're gonna look and see how that evolves over the course of the remainder of the year, and that could have an effect.
Dean Mitchell: Yeah, Doug. Hey, it's Dean. Thanks for the question. Yeah, we're much like we said in our prepared remarks, we set a capital return guidance for the beginning of the-- at the beginning of the year. We're very confident in delivering $500 million back to shareholders. But we'll continue to evaluate dynamics in the marketplace, namely our business performance, how the business continues to perform, how we continue to grow the business, and certainly loss performance during 2026. We're also gonna be looking at the macroeconomic environment. Obviously, we're looking at the prevailing macroeconomic environment, the uncertainties that exist today, and still feel confident in our ability to return $500 million. But we're gonna look and see how that evolves over the course of the remainder of the year, and that could have an effect.
Speaker #5: ?
Speaker #4: Yeah . Doug . Hey , it's Dean . Thanks for the question .
Speaker #4: Yeah , we're we're much like we said in our prepared remarks , we set a capital return guidance for the beginning of the .
Speaker #4: At the beginning of Or year . We're very confident in delivering 500 million back to shareholders , but continue to we'll evaluate dynamics in the marketplace , namely our business performance , how the business continues to form perform , how we continue to grow the and certainly performance during 2026 .
Speaker #4: We're be looking at the macroeconomic also going to environment . Obviously , we're looking at the prevailing macroeconomic environment , the uncertainties that exist today and and still feel confident in our ability to return $500 million .
Dean Mitchell: And then lastly, and maybe a little bit less in this market right now, is the regulatory environment. Is there anything going on, either in the context of PMIERs or with state regulatory environments or otherwise, that would cause us to rethink and adjust our planned $500 million capital return in 2026? But we're confident that right now, given those dynamics, we're confident in the ability to return $500 million to shareholders in 2026.
Dean Mitchell: And then lastly, and maybe a little bit less in this market right now, is the regulatory environment. Is there anything going on, either in the context of PMIERs or with state regulatory environments or otherwise, that would cause us to rethink and adjust our planned $500 million capital return in 2026? But we're confident that right now, given those dynamics, we're confident in the ability to return $500 million to shareholders in 2026.
Speaker #4: To look to see how that evolves, but we're going over the course of the remainder of the year. And that can have an effect.
Speaker #4: And then lastly , and maybe a little bit less in right now , is the regulatory environment . Is there anything going on either in the context of Pmiers or with state regulatory environments or otherwise , that would cause us to rethink and adjust our plan ?
Speaker #4: $500 million capital return in 2026. But we're confident that right now, given those dynamics, we're confident in the ability to return $500 million to shareholders in 2026.
Douglas Harter: Great. Appreciate that, Dean. Thank you.
Operator: Thank you. Please stand by for our next question. Our next question comes from the line of Mihir Bhatia with Bank of America. Your line is open.
Operator: Thank you. Please stand by for our next question. Our next question comes from the line of Mihir Bhatia with Bank of America. Your line is open.
Speaker #5: Great . Appreciate that . you Dean . Thank .
Speaker #4: Doug Thanks , .
Speaker #1: Thank you. Please stand by for our next question. Our next question comes from the line of Mehar Bhatia with Bank of America.
Mihir Bhatia: Hi, good morning. Thank you for taking my question. I wanted to start actually where you ended that last answer, Dean, just about, regulatory environment. Obviously, I think everyone's been hearing about a potential for an FHA rate, rate cut, affordability agenda, and other, such things. Are there a few things that you guys are particularly paying attention to from a regulatory or government action standpoint that maybe are worth highlighting for investors, that they should just keep an eye out for?
Mihir Bhatia: Hi, good morning. Thank you for taking my question. I wanted to start actually where you ended that last answer, Dean, just about, regulatory environment. Obviously, I think everyone's been hearing about a potential for an FHA rate, rate cut, affordability agenda, and other, such things. Are there a few things that you guys are particularly paying attention to from a regulatory or government action standpoint that maybe are worth highlighting for investors, that they should just keep an eye out for?
Speaker #1: Your line is open .
Speaker #6: . Good Hi morning . Thank you for taking my questions . I wanted to start , actually , where you ended that last answer .
Speaker #6: Dean , just about regulatory environment . Obviously . I think everyone's been hearing about it . Potential for an FHA rate cut , affordability agenda and other such things .
Speaker #6: Are there a few things that you guys are particularly paying attention to from a regulatory or government action standpoint that maybe are worth highlighting for investors that we should just keep an eye out for ?
Rohit Gupta: Yeah. Good morning, Mihir. Thank you for the question. This is Rohit. I would say we remain actively engaged with the new administration, and that includes Treasury, FHFA, the GSEs, as well as policymakers. And our focus continues to be on the topics that are in discussion. So at the most macro basis, we are talking about limited, limited inventory challenges as well as affordability challenges. So as ideas come up, we actually provide our input on the pros and cons of those ideas, but also equally important in our market, we provide input on implementation of those ideas and what that entails.
Rohit Gupta: Yeah. Good morning, Mihir. Thank you for the question. This is Rohit. I would say we remain actively engaged with the new administration, and that includes Treasury, FHFA, the GSEs, as well as policymakers. And our focus continues to be on the topics that are in discussion. So at the most macro basis, we are talking about limited, limited inventory challenges as well as affordability challenges. So as ideas come up, we actually provide our input on the pros and cons of those ideas, but also equally important in our market, we provide input on implementation of those ideas and what that entails.
Speaker #3: Yeah . Good morning . Thank you for the question . This is Rohit . I would say we remain actively engaged with the new , and that administration Treasury the for GSE as well as policy makers and other .
Speaker #3: Focus continues to be on the in topics that are discussions or the most macro-limited, about inventory on a limited basis. We are seeing challenges as affordability, as well as other challenges.
Speaker #3: So as ideas come up , we actually provide our input on the pros and cons of those ideas . But also equally important in our market , we provide input on implementation of those ideas and what that entails .
Rohit Gupta: So, when ideas like credit scores come up, what are the pros and cons of different credit score ideas, all the way to some of the recent ideas that are being discussed from the announcement of GSEs buying mortgage-backed securities, ban on institutional investors buying single-family homes. So I would say those ideas are more on the table as already announced. Any future ideas that come up, and there's a list of ideas that you mentioned that are in discussion, we are actively engaged on all those places. I couldn't call out any specific idea which is high up on the list from an execution perspective. I think it's just a list of ideas right now, but that's how I would frame it.
Rohit Gupta: So, when ideas like credit scores come up, what are the pros and cons of different credit score ideas, all the way to some of the recent ideas that are being discussed from the announcement of GSEs buying mortgage-backed securities, ban on institutional investors buying single-family homes. So I would say those ideas are more on the table as already announced. Any future ideas that come up, and there's a list of ideas that you mentioned that are in discussion, we are actively engaged on all those places. I couldn't call out any specific idea which is high up on the list from an execution perspective. I think it's just a list of ideas right now, but that's how I would frame it.
Speaker #3: So but ideas like credit scores come up . What are the pros and different cons of credit score ideas all the of the recent ideas that are way to some being discussed from the announcement of buying mortgage backed securities , ban on institutional investors , buying single family homes .
Speaker #3: I would say those ideas are more in the water . As table already announced . Any future ideas that come up and there's a list of ideas that you mentioned that are in discussion .
Speaker #3: We are actively engaged those on all places . I out wouldn't call any specific idea , which is high up on the list from an execution perspective .
Mihir Bhatia: Okay. And then maybe just, like a little bit more just from 2026 thoughts. What type of mortgage market are you planning for in 2026? What does that mean for NIW or insurance in force? I think you talked about premium rate and OpEx, but just like, what are, what are you assuming for the mortgage market and NIW in that scenario?
Mihir Bhatia: Okay. And then maybe just, like a little bit more just from 2026 thoughts. What type of mortgage market are you planning for in 2026? What does that mean for NIW or insurance in force? I think you talked about premium rate and OpEx, but just like, what are, what are you assuming for the mortgage market and NIW in that scenario?
Speaker #3: It's just a thin list of ideas right now, so that's how I would frame it.
Speaker #6: Okay. And then maybe just a little bit more, just from a 2026 thoughts type of perspective. What mortgage market are you planning for in 2026?
Speaker #6: What does that mean for new insurance in force ? I think you talked about premium rate and opex , but just like , what are assuming for the mortgage market ?
Rohit Gupta: Yes. Oh, yeah, Maher, thank you for the question. So I would say in this environment, when there is good amount of rate volatility and mortgage rate volatility, specifically, it's tough to forecast origination, so I'll just give you that caveat upfront. But with that being said, we look at external origination forecasts to figure out what the market originations are, overall mortgage originations are, and just to kind of index the market on the purchase origination side. So our take is that 90+% of the market in 2025 was, for MI market size, was purchase origination. And if you look at 2026, purchase origination forecasts in the market between Fannie Mae, MBA, Moody's, we see a range of an 8% increase all the way to a 24% increase, between those three external parties.
Rohit Gupta: Yes. Oh, yeah, Maher, thank you for the question. So I would say in this environment, when there is good amount of rate volatility and mortgage rate volatility, specifically, it's tough to forecast origination, so I'll just give you that caveat upfront. But with that being said, we look at external origination forecasts to figure out what the market originations are, overall mortgage originations are, and just to kind of index the market on the purchase origination side. So our take is that 90+% of the market in 2025 was, for MI market size, was purchase origination. And if you look at 2026, purchase origination forecasts in the market between Fannie Mae, MBA, Moody's, we see a range of an 8% increase all the way to a 24% increase, between those three external parties.
Speaker #6: in that And scenario , yes .
Speaker #3: Yeah . you you for the question . So I would this environment , when there is a good amount of rate volatility and say in mortgage rate volatility , specifically , it's tough to forecast originations .
Speaker #3: So I'll just give you that up front . But with that being said , we look at external originations forecast to figure out what the market originations are .
Speaker #3: mortgage Overall originations are . And just to kind of index the market on the purchase origination side . So our take 90 plus percent is that of the market in 2025 was for my market size , was purchase originations .
Speaker #3: And if you look at 2026 purchase originations forecast in the market between Fannie Mae, MBA, Moody's, you see a range of an 8% increase all the way to a 24% increase.
Rohit Gupta: So as we think about those external forecasts and convert that to a mortgage insurance market, we can see an increase of approximately 10% to 15% from 2025 to 2026. Again, with the caveat being that that's based on our current forecast of mortgage rate expectations, affordability expectations, but that environment continues to be dynamic. So as the environment evolves, we will come back and update that forecast. But at this point of time, that feels like the most updated view for us.
Rohit Gupta: So as we think about those external forecasts and convert that to a mortgage insurance market, we can see an increase of approximately 10% to 15% from 2025 to 2026. Again, with the caveat being that that's based on our current forecast of mortgage rate expectations, affordability expectations, but that environment continues to be dynamic. So as the environment evolves, we will come back and update that forecast. But at this point of time, that feels like the most updated view for us.
Speaker #3: Between those three external parties . So as we think about those external forecasts and convert that to a mortgage insurance market , we can see an increase of approximately 10 to 15% from 2025 to 2026 , again caveat being that with the that's based on our current forecast of mortgage rate expectations , affordability expectations .
Speaker #3: But that environment continues to be so as the environment evolves , we will come back and update that forecast . But at this point of time , that feels like the most updated view for us .
Mihir Bhatia: Right. No, that's quite helpful. Just one last one from me, and then I'll get back in queue. Just on default rates, where, where do you think they trend from here? Is it just like you read stability and seasonality from here? Anything we should be keeping in mind, whether from a vintage seasoning, vintage size type of view? Thanks.
Mihir Bhatia: Right. No, that's quite helpful. Just one last one from me, and then I'll get back in queue. Just on default rates, where, where do you think they trend from here? Is it just like you read stability and seasonality from here? Anything we should be keeping in mind, whether from a vintage seasoning, vintage size type of view? Thanks.
Speaker #6: , right ? No , that's quite helpful . And just one last one from me , and then I'll get back in queue .
Speaker #6: Just on default rates trend, from what you think they—where do you see it here? Is you read just like stability and seasonality from it? Anything we should be seeing here?
Dean Mitchell: Yeah, Maher. It's Dean again. Hey, you know, from a delinquency rate perspective, I think we're seeing what we would expect to see. So, you know, just in terms of vintage contribution to delinquency rates, you continue to see, you know, book years age up their loss development pattern. And so as newer books season or age towards higher, you know, parts of the loss development patterns, they're contributing more delinquencies as you would expect to the overall delinquency rate. I think the portfolio now stands at about 4 years, about 4.1 years on a weighted average basis. That's kind of towards that plateauing of-
Dean Mitchell: Yeah, Maher. It's Dean again. Hey, you know, from a delinquency rate perspective, I think we're seeing what we would expect to see. So, you know, just in terms of vintage contribution to delinquency rates, you continue to see, you know, book years age up their loss development pattern. And so as newer books season or age towards higher, you know, parts of the loss development patterns, they're contributing more delinquencies as you would expect to the overall delinquency rate. I think the portfolio now stands at about 4 years, about 4.1 years on a weighted average basis. That's kind of towards that plateauing of-
Speaker #6: whether in mind , from a vintage keeping , vintage seasoning size type of view ? Thanks .
Speaker #4: Yeah , I'm here . Dean again . Hey , you know , a from from a downgrade perspective I think we're seeing what we expect would to see .
Speaker #4: So , you know , in just terms of vintage contribution to Delk rates , you continue to see , you know , book up their years age loss development pattern .
Speaker #4: so as And newer books fees in or age towards higher you know parts of the loss development patterns they're contributing more delinquencies as you would expect to the overall downgrade .
Speaker #4: I think the portfolio now stands at about four years , about 4.1 years on a weighted average basis . That's kind of towards that plateauing of the loss development normal pattern .
Mihir Bhatia: Mm-hmm.
Mihir Bhatia: Mm-hmm.
Dean Mitchell: The loss development pattern, the normal loss development pattern. So I think what we'd expect heading into-- and, you know, before we get to 2026, you know, what we saw in 2025 is kind of in line with what we expected. We expected year-over-year change in new delinquencies to slow. From 2023 to 2024, it was in the mid-teens. When you went from 2024 to 2025, it was in the mid-single digits. So very much in line with expectations. I think as we think about going from 2025 to 2026, we can still see it continue to moderate. So might still increase in terms of new delinquencies year over year, but moderating from its current level, recognizing that, you know, year over year, there were only 2,000 incremental new delinquencies, so we're dealing with pretty small numbers.
Dean Mitchell: The loss development pattern, the normal loss development pattern. So I think what we'd expect heading into-- and, you know, before we get to 2026, you know, what we saw in 2025 is kind of in line with what we expected. We expected year-over-year change in new delinquencies to slow. From 2023 to 2024, it was in the mid-teens. When you went from 2024 to 2025, it was in the mid-single digits. So very much in line with expectations. I think as we think about going from 2025 to 2026, we can still see it continue to moderate. So might still increase in terms of new delinquencies year over year, but moderating from its current level, recognizing that, you know, year over year, there were only 2,000 incremental new delinquencies, so we're dealing with pretty small numbers.
Speaker #4: loss development So I think what we'd expect heading into , you pattern . The we get to 26 , you know , what we saw 25 is kind of in in line with what we expected .
Speaker #4: We expected year over year change in new delinquencies to slow from 23 to 24 . It was in the mid-teens when you went 24 to 25 .
Speaker #4: was in It the mid-single digits . So very line with expectation . I think as we much in think about going from from 25 to 26 , we could still see it continue to moderate .
Speaker #4: So might still increase in terms of new delinquencies year over year . But from its current level , recognizing that , you know , year over year , there were only 2000 incremental new delinquencies .
Mihir Bhatia: Right. No, understood. Thank you so much.
Mihir Bhatia: Right. No, understood. Thank you so much.
Dean Mitchell: Thank you.
Dean Mitchell: Thank you.
Rohit Gupta: Thanks, Maher.
Rohit Gupta: Thanks, Maher.
Speaker #4: So we're dealing with pretty small numbers.
Operator: Please stand by for our next question. Our next question comes from the line of Rick Shane with J.P. Morgan. Your line is open.
Operator: Please stand by for our next question. Our next question comes from the line of Rick Shane with J.P. Morgan. Your line is open.
Speaker #6: Understood . Thank you so much .
Speaker #3: Thank you .
Speaker #4: here Thanks . Be .
Speaker #4: .
Speaker #1: by for our next question . Our next question comes from the line of Rick Shane with Morgan . Your open line is
Richard Shane: Hey, guys. Thanks for taking my questions this morning. Look, in some ways, you guys have two books. You have the sort of pre-2022 legacy book with credit that's going to be sort of best in a generation. You have a subsequent book, that I think is evolving to be in line to better with your sort of underwritten expectations. As you look at the second part of that book, the new, the front book, I am curious if you can sort of put credit performance in some terms versus your expectations. How are things tracking? But specifically, are there things that you are seeing within certain cohorts, whether it's DTI, LTV, geography, that stand out in terms of elevated risks?
Rick Shane: Hey, guys. Thanks for taking my questions this morning. Look, in some ways, you guys have two books. You have the sort of pre-2022 legacy book with credit that's going to be sort of best in a generation. You have a subsequent book, that I think is evolving to be in line to better with your sort of underwritten expectations. As you look at the second part of that book, the new, the front book, I am curious if you can sort of put credit performance in some terms versus your expectations. How are things tracking? But specifically, are there things that you are seeing within certain cohorts, whether it's DTI, LTV, geography, that stand out in terms of elevated risks?
Speaker #1: .
Speaker #7: taking my Thanks for guys .
Speaker #7: questions this Hey ,
Speaker #7: morning . Look , in you some ways , guys have J.P. two books . You have the sort of pre 22 legacy book with credit .
Speaker #7: That's going to be sort of generate best in a generation . You subsequent have a book I that is think evolving to be in line to with your better sort of underwritten expectations as you look at the that second part of book , the the book Front , I am curious can sort of put credit performance some in versus your terms expectations .
Speaker #7: How are things tracking ? But specifically , are there things that you are seeing within cohorts , certain whether it's DTI ? LTV that geography are stand out in terms of elevated risks
Dean Mitchell: Yeah, Rick. Hey, it's Dean. Thanks for the question. You know, if we think about vintage performance, I'd probably start off by saying it's kind of redundant to your question a little bit, but let me start off by saying all of our recent book years have been performing in line with or better than our pricing expectations. Obviously, to your-- a little bit underpinning your question, our newer books, so think, you know, 2022 through 2024, have been originated in primarily a purchase market, which tend to have higher risk attributes, like a little bit higher LTV, a little bit higher DTI than refi markets. And in addition to that, they have had much more modest home price appreciation, and in certain instances, depreciation, depending on the geography, compared to prior book years.
Dean Mitchell: Yeah, Rick. Hey, it's Dean. Thanks for the question. You know, if we think about vintage performance, I'd probably start off by saying it's kind of redundant to your question a little bit, but let me start off by saying all of our recent book years have been performing in line with or better than our pricing expectations. Obviously, to your-- a little bit underpinning your question, our newer books, so think, you know, 2022 through 2024, have been originated in primarily a purchase market, which tend to have higher risk attributes, like a little bit higher LTV, a little bit higher DTI than refi markets. And in addition to that, they have had much more modest home price appreciation, and in certain instances, depreciation, depending on the geography, compared to prior book years.
Speaker #4: Rick. Hey, yeah. It's Dean. Thanks for the
Speaker #4: Question? You know, if we think about vintage performance, I'd probably start off by saying it's your—it's redundant to question a bit, a little.
Speaker #4: But let me kind of start off by saying all of our recent book years have been performing in line or better than our with pricing expectations , obviously , to your a under little bit underpinning your question , our newer books .
Speaker #4: So think you know , 2022 through 2024 have been originated in primarily a purchase market , which tend to have risk attributes higher like a little bit higher LTV , a little bit higher DTI than refi markets .
Speaker #4: And to that , they in addition have modest had home price much more appreciation . And in certain instances , depreciation depending on the geography compared to prior book years .
Dean Mitchell: We price for those attributes, so we price for our view of risk, we price for our future view of home prices, all in an objective to achieve an attractive return on equity. So on new vintages, we haven't seen performance differ from our pricing expectations that we established at policy inception, and we still believe you know, we're onboarding you know, the right risk at the right price, if you will, across vintages, across book years, based on a vintage performance to date. You know, yes, are there differences across attributes? Of course, at-risk attributes matter, geographies matter. Again, we factor that into our price, and we haven't seen anything that you know, worked against our expectations and created negative variation.
Dean Mitchell: We price for those attributes, so we price for our view of risk, we price for our future view of home prices, all in an objective to achieve an attractive return on equity. So on new vintages, we haven't seen performance differ from our pricing expectations that we established at policy inception, and we still believe you know, we're onboarding you know, the right risk at the right price, if you will, across vintages, across book years, based on a vintage performance to date. You know, yes, are there differences across attributes? Of course, at-risk attributes matter, geographies matter. Again, we factor that into our price, and we haven't seen anything that you know, worked against our expectations and created negative variation.
Speaker #4: We price for those attributes . So we view of price for our risk . We price for our future view of home prices all in a in an achieve objective to an attractive equity return .
Speaker #4: on So vintages , we seen on new performance differ from our expectations that we pricing established that policy inception . And we still you know , we're onboarding , risk you know , the right at the right price , if you will believe , , across vintages , years across book , based on a vintage performance to , you know , yes .
Speaker #4: on So vintages , we seen on new performance differ from our expectations that we pricing established that policy inception . And we still you know , we're onboarding , risk you know , the right at the right price , if you will believe , , across vintages , years across book , based on a vintage performance to , you know , date there Are differences across attributes ?
Speaker #4: course , at risk Of attributes matter , geographies matter . Again , we factored that in our price and we haven't seen anything , you know , that against worked expectations .
Richard Shane: Got it. And anything going forward that you're going to be, and I realize you have to be sensitive about this from a competitive perspective, but any areas that you would highlight where you're being a little bit more circumspect about risk?
Rick Shane: Got it. And anything going forward that you're going to be, and I realize you have to be sensitive about this from a competitive perspective, but any areas that you would highlight where you're being a little bit more circumspect about risk?
Speaker #4: And created variation our .
Speaker #7: And got it. Anything going forward that you're going to be and realize— you have to be competitive from a perspective about this. But any areas that are sensitive, where you would highlight you're being a little bit more circumspect about risk?
Dean Mitchell: Yeah. I mean, we don't want to go into our pricing schema, if you will. But let me just - I mean, I think it's the things that you would expect, Rick. So there are certainly areas of the country where housing supply has increased and home prices have either moderated or declined. You know, think parts of the Sun Belt, particularly, kind of, you know, Florida, Texas, California, Arizona. I don't think those are states that would surprise you as having pulled back a little bit in terms of home prices. You know, that's in contrast to the Northeast, where you still have low housing supply and home prices continue to appreciate pretty meaningfully.
Dean Mitchell: Yeah. I mean, we don't want to go into our pricing schema, if you will. But let me just - I mean, I think it's the things that you would expect, Rick. So there are certainly areas of the country where housing supply has increased and home prices have either moderated or declined. You know, think parts of the Sun Belt, particularly, kind of, you know, Florida, Texas, California, Arizona. I don't think those are states that would surprise you as having pulled back a little bit in terms of home prices. You know, that's in contrast to the Northeast, where you still have low housing supply and home prices continue to appreciate pretty meaningfully.
Speaker #4: mean , want to go into we don't our pricing if you
Speaker #4: schema , I mean , I think it's things that the you would just expect , Rick . our Yeah , I will . of certainly the country housing But supply has increased and home prices have either moderated or declined .
Speaker #4: know , think parts You of the particularly , you know , Florida , Texas , California , those are don't think states that Arizona .
Speaker #4: would surprise you having as pulled back a little bit in terms of home I prices . You know , contrast to the where you still in have low that's housing prices and .
Dean Mitchell: So, you know, we're monitoring housing markets as an example of something that we're keeping our eye on for affordability, supply, demand, dynamics, and we'll continue to consider that as we think about how to, again, crystallize our philosophy of the right risk and the at the right price.
Dean Mitchell: So, you know, we're monitoring housing markets as an example of something that we're keeping our eye on for affordability, supply, demand, dynamics, and we'll continue to consider that as we think about how to, again, crystallize our philosophy of the right risk and the at the right price.
Speaker #4: appreciate Continue to home pretty you know , meaningfully . monitoring markets as housing northeast , a of something that example of we're eye on for keeping our affordability , supply , dynamics we'll continue to consider .
Speaker #4: demand we think that as how about And to again crystallize our of the right philosophy and the at price . the right
Rohit Gupta: And Rick, just to add to Dean's point, we have talked about this in the past and also mentioned it in our prepared remarks on the call. We have very deep analytics and a lot of capabilities, even from a forecasting perspective, to incorporate those views in our pricing. And we have the ability to make those pricing changes on a very frequent basis when we think those are appropriate. So to Dean's point, not only historically speaking, but also looking forward, we continue to incorporate that view of risk, performance, geographic differences or risk attributes at a loan level into our pricing, and now we have the mechanism to charge that price at a very granular level.
Rohit Gupta: And Rick, just to add to Dean's point, we have talked about this in the past and also mentioned it in our prepared remarks on the call. We have very deep analytics and a lot of capabilities, even from a forecasting perspective, to incorporate those views in our pricing. And we have the ability to make those pricing changes on a very frequent basis when we think those are appropriate. So to Dean's point, not only historically speaking, but also looking forward, we continue to incorporate that view of risk, performance, geographic differences or risk attributes at a loan level into our pricing, and now we have the mechanism to charge that price at a very granular level.
Speaker #3: Dean's just to add point , And Rick , to have we in the this and talked about also past mentioned it in our prepared on call .
Speaker #3: We have very analytics and a deep from a forecasting remarks views in those pricing . And we have the ability to make those pricing our basis .
Speaker #3: very we think those are appropriate . to So Dean's point , not only When speaking , but also historically forward , continue to we incorporate that view of risk performance , geographic differences or risk attributes at a lower level our into pricing .
Richard Shane: Got it. Okay, very helpful as always, guys. Thank you very much.
Rick Shane: Got it. Okay, very helpful as always, guys. Thank you very much.
Speaker #3: we have the mechanism And now to charge that granular at a very price level .
Dean Mitchell: Thanks, Rick.
Dean Mitchell: Thanks, Rick.
Operator: Please stand by for our next question. Our next question comes from the line of Bose George with KBW. Your line is open.
Operator: Please stand by for our next question. Our next question comes from the line of Bose George with KBW. Your line is open.
Speaker #7: as always Very , guys . Okay . very much Thank you .
Speaker #4: Rick Thanks , .
Speaker #1: question next by for our Please stand Our . next question from the line of George with comes Your line is open KBW .
Bose George: Hey, guys, good morning. Actually, on expenses, you guys continue to do a good job there. Kept it flat now for a few years, and it seems to be the case again in 2026. Is technology the main driver? And then longer term, could we see the expense ratio continue to decline as expenses stay flattish or at least increase by less than revenues?
Bose George: Hey, guys, good morning. Actually, on expenses, you guys continue to do a good job there. Kept it flat now for a few years, and it seems to be the case again in 2026. Is technology the main driver? And then longer term, could we see the expense ratio continue to decline as expenses stay flattish or at least increase by less than revenues?
Speaker #5: . Actually , on guys . Good expenses , you morning continued to have good job do a guys Kept it flat
Speaker #5: seems to case years and be the in 26 . Is main now for a driver ? And longer then could we see term , the ratio continue to .
Rohit Gupta: Yeah. Thank you, Bose. Appreciate your question. So I would say from an expense perspective, you are correct. We have actually not only kept our expenses flat in the last year, two years, but since our IPO, our expenses are, on a dollar basis, are probably down $30+ million on an annualized run rate basis. So we continue to invest in technology, invest in different amounts of innovation to drive that improvement. And that is meant to drive all aspects of our business, drive productivity, drive better customer experience, and drive smarter decisions. So when you think about our expenses in 2025 coming in below our original guidance, that is driven by us actually harvesting those benefits, harvesting those gains from our investments, and we see the same thing happening in 2026.
Rohit Gupta: Yeah. Thank you, Bose. Appreciate your question. So I would say from an expense perspective, you are correct. We have actually not only kept our expenses flat in the last year, two years, but since our IPO, our expenses are, on a dollar basis, are probably down $30+ million on an annualized run rate basis. So we continue to invest in technology, invest in different amounts of innovation to drive that improvement. And that is meant to drive all aspects of our business, drive productivity, drive better customer experience, and drive smarter decisions. So when you think about our expenses in 2025 coming in below our original guidance, that is driven by us actually harvesting those benefits, harvesting those gains from our investments, and we see the same thing happening in 2026.
Speaker #5: as expenses stay flattish ? least increased again than Hey revenues
Speaker #3: Thank you both . Appreciate your question . So I would say expense
Speaker #3: are correct . We have not only kept our actually expenses flat in the perspective you last year or two years , but since our IPO , our ?
Speaker #3: on a dollar basis are probably down dollars 30 plus million run rate annualized basis . we continue So Yeah . in invest to technology , in invest amounts different innovation to drive And that is meant improvement .
Speaker #3: all that aspects of drive business drive our customer productivity , drive experience and smarter drive decisions . So when you think about our expenses in 2025 , coming in below original our is driven by us harvesting benefits , those harvesting gains from from our investments .
Rohit Gupta: Now, in terms of long-term expectations on expense ratio, I think it's tougher to give that guidance. Our aspiration is to always be prudent managers of expenses. So yes, we will always try to actually improve our expense ratio, both through growing our premiums, by actually getting to a larger, more profitable book, and at the same time, getting the right efficiencies from the business. But how those premiums play out and how those expense dollars play out are difficult to forecast beyond 2026. So yes, directionally, you're absolutely correct. And then as we navigate through 2026 and get to 2027, we'll provide updated guidance.
Rohit Gupta: Now, in terms of long-term expectations on expense ratio, I think it's tougher to give that guidance. Our aspiration is to always be prudent managers of expenses. So yes, we will always try to actually improve our expense ratio, both through growing our premiums, by actually getting to a larger, more profitable book, and at the same time, getting the right efficiencies from the business. But how those premiums play out and how those expense dollars play out are difficult to forecast beyond 2026. So yes, directionally, you're absolutely correct. And then as we navigate through 2026 and get to 2027, we'll provide updated guidance.
Speaker #3: And we see the same thing in 2026 . Now , happening of in terms long term expectations on expense ratio , I it's tougher to give think guidance .
Speaker #3: And we see the same thing in 2026 . Now , happening of in terms long term expectations on expense ratio , I it's tougher to give those Our that aspiration is always be managers to of expenses .
Speaker #3: And we see the same thing in 2026 . Now , happening of in terms long term expectations on expense ratio , I it's tougher to give those Our that aspiration is always be managers to of prudent So , yes , we always actually expense will improve ratio try to both through our growing our premiums by actually getting larger , more profitable to a book .
Speaker #3: And at the same time getting the right efficiencies from the business . those premiums play out But how those expense dollars play out difficult are to forecast beyond 2026 .
Speaker #3: So yes , directionally , absolutely And correct . then as we you're 27 will provide updated 26 and get to . guidance
Bose George: Okay, great. Thanks. And then just on the reinsurance transactions that you guys did, can you just talk about the attachment and detachment points? And then how's the pricing on that market, you know, just the trend in pricing?
Bose George: Okay, great. Thanks. And then just on the reinsurance transactions that you guys did, can you just talk about the attachment and detachment points? And then how's the pricing on that market, you know, just the trend in pricing?
Speaker #5: Great .
Speaker #5: then just on . Okay . reinsurance guys did , transactions , you can you just talk about the attachment and detachment points . And and then how is the pricing on that trend in market .
Dean Mitchell: Yeah, Bose, we. So let me start with the pricing, and then I'll go to the, the nature of the agreement. You know, from a pricing perspective, we're seeing a tremendous amount of demand in the traditional reinsurance market for mortgage credit default risk. That has benefited the terms of our, some of our most recent reinsurance transactions, going all the way back to, you know, the coverage we've secured on both the 2026 book as well as now the, the two-year forward, 2027 book. So we've typically talked about that in low to mid-single digits cost of capital. If you go prior to those transactions, we were probably on the higher end of that, cost range. In these most recent transactions, we're on the lower, end of that continuum from a cost range perspective.
Dean Mitchell: Yeah, Bose, we. So let me start with the pricing, and then I'll go to the, the nature of the agreement. You know, from a pricing perspective, we're seeing a tremendous amount of demand in the traditional reinsurance market for mortgage credit default risk. That has benefited the terms of our, some of our most recent reinsurance transactions, going all the way back to, you know, the coverage we've secured on both the 2026 book as well as now the, the two-year forward, 2027 book. So we've typically talked about that in low to mid-single digits cost of capital. If you go prior to those transactions, we were probably on the higher end of that, cost range. In these most recent transactions, we're on the lower, end of that continuum from a cost range perspective.
Speaker #5: Does the pricing
Speaker #5: . those
Speaker #4: Yeah , we so let me start with the pricing . And then I'll the go to the agreement . You know nature of the from a pricing perspective we're seeing a tremendous amount of
Speaker #4: traditional reinsurance market for mortgage credit default risk that has benefited the the terms of some of our most our recent reinsurance way transactions , going back to the all the secured on both 2026 book , as the well as now the year forward So we've typically talked 2027 book .
Speaker #4: that in about low to mid digits . single If you go prior transactions , to those we were probably on the higher end of that cost these most recent transactions .
Dean Mitchell: You know, from an attachment and detachment perspective, you know, our objective with our CRT program and certainly our CRT transactions is twofold. It's to provide cost-efficient capital relief, and then also, obviously, to protect the balance sheet from a volatility perspective. If we think about that first objective. What that means for our XOLs is we secure coverage inside the PMIERs tier, and so we typically attach around the 3%. It's not always 3% of our risk in force, but it's generally in that ballpark, and then detach within PMIERs, and that's typically, again, PMIERs requirements on new business are generally around that 7%. So you can see our transactions evolve through time, but generally, in broad strokes, attachment and detachment are around those, those points that I just gave you, Bose.
Dean Mitchell: You know, from an attachment and detachment perspective, you know, our objective with our CRT program and certainly our CRT transactions is twofold. It's to provide cost-efficient capital relief, and then also, obviously, to protect the balance sheet from a volatility perspective. If we think about that first objective. What that means for our XOLs is we secure coverage inside the PMIERs tier, and so we typically attach around the 3%. It's not always 3% of our risk in force, but it's generally in that ballpark, and then detach within PMIERs, and that's typically, again, PMIERs requirements on new business are generally around that 7%. So you can see our transactions evolve through time, but generally, in broad strokes, attachment and detachment are around those, those points that I just gave you, Bose.
Speaker #4: Were on the range in continuum lower cost range from a from an attachment and detachment perspective . You know , our objective with our end of that program and CRT certainly our transactions is twofold .
Speaker #4: to provide It's efficient capital relief . And also , obviously to protect the balance sheet from a volatility cost perspective . If we think about that first objective , what that means for our zoll's is we perspective secure coverage inside the .
Speaker #4: tier And so we typically attach around the 3% . It's not Pmiers always 3% of our risk in but it's generally in that force , And detach within ballpark .
Speaker #4: Pmiers . And that's typically again pmiers on requirements on new business are generally around that 7% . So you can see our transactions evolve time .
Bose George: Oh, okay, great. Thanks.
Bose George: Oh, okay, great. Thanks.
Speaker #4: But through, in broad attachment and strokes, around detachment, those points that I just gave you—those.
Operator: Thank you. Ladies and gentlemen, I'm showing no further questions in the queue. I would now like to turn the call back over to Rohit for closing remarks.
Operator: Thank you. Ladies and gentlemen, I'm showing no further questions in the queue. I would now like to turn the call back over to Rohit for closing remarks.
Speaker #4: both Okay ,
Speaker #5: great . Thanks
Speaker #1: Thank
Speaker #1: Thank you and gentlemen . . I'm showing no further questions in the , ladies will now like to turn the call . I for Q remarks
Rohit Gupta: Thank you, Tawanda, and thank you, everyone. We appreciate your interest in Enact, and I look forward to seeing many of you this quarter in Florida at UBS's Financial Services Conference on 9 February, and at Bank of America's Financial Conference on 10 February. We also plan to attend the RBC Capital Markets Global Financial Institutions Conference in New York on 11 March. With that, we will wrap up the call. Thank you.
Rohit Gupta: Thank you, Tawanda, and thank you, everyone. We appreciate your interest in Enact, and I look forward to seeing many of you this quarter in Florida at UBS's Financial Services Conference on 9 February, and at Bank of America's Financial Conference on 10 February. We also plan to attend the RBC Capital Markets Global Financial Institutions Conference in New York on 11 March. With that, we will wrap up the call. Thank you.
Speaker #3: Tawanda , and thank you Rohit
Speaker #3: everyone appreciate . your We interest in Enact and I look many of you this in quarter Florida . at UBS seeing Services Thank you .
Speaker #3: February 9th and at Bank Financial America's of financial conference on February 10th . We forward to also plan to attend the RBC Capital Markets Global Financial Institutions Conference in New York on March 11th , with that , we will wrap up the call .
Operator: Ladies and gentlemen, that concludes today's conference call. Thank you for your participation. You may now disconnect.
Operator: Ladies and gentlemen, that concludes today's conference call. Thank you for your participation. You may now disconnect.
