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Mortgage insurance spinoff Enact Holdings revives $497 million IPO with new blank filing

August 6, 2021

Enact Holdings, a private mortgage insurance company being spun out of Genworth Financial, revived its IPO plans on Friday with a blank filing after postponing its $497 million IPO in May 2021. In its latest filing, the company also disclosed updated financials for the 1H21.

Enact states that it is a leading private mortgage insurance (PMI) company in the US, operating in all 50 states and the District of Columbia. The company's market share was approximately 17% in the 1H21, and it generated nearly $52 billion in new insurance written during the period (+11% y/y). In both 2019 and 2020, Enact provided new insurance coverage to approximately 1,800 customers, including 19 of the top 20 mortgage lenders as measured by total 2019 and 2020 mortgage originations.

Enact Holdings was founded in 1981 and booked $1.1 billion in revenue for the 12 months ended June 30, 2021. The Raleigh, NC-based company plans to list on the Nasdaq under the symbol ACT. Goldman Sachs, J.P. Morgan, BofA Securities, and Credit Suisse are the joint bookrunners on the deal.