Enact (ACT) 2 Nov 232023 Q3 Earnings call transcript

Good day, and thank you for standing by. Welcome to the Q3 2023 Enact Earnings Conference Call. [Operator Instructions] Please be advised that today's conference is being recorded. I would now like to hand the conference over to your speaker today, Daniel Kohl, Vice President of Investor Relations. Please go ahead.

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

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

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

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

will filings uncertainties, the of a as and review our the as regarding For be available release website. risks forward-looking our statements in press these language cautionary which in discussion SEC, on today's well please with

in that, presentation our certain our to I'll on GAAP the metrics release, be upcoming prepared non-GAAP Please can With measures press management's keep the our call include mind earnings relevant most turn earnings in SEC over measures. today website. these remarks and materials Rohit. to Reconciliations of and found the filing the

everyone. morning, Daniel. Thanks, Good

reported operating or interest discipline. against expense as reached the a strong newer continued mortgage third income We our large continues our have of very our sheets the new said Insurance-in-force by to strategy supported including the billion, diluted the equity. stable balance insurance $XXX new geopolitical our and operating that strategy. of labor uptick of and $X.XX private strong, in remain $XX on macro delivered a Credit and resilient, share per accompanied exercise quarter to with and higher up team cash business buffers million generated accelerate, remained we XX% return rates. to the rates amid continued performance consumers continue Having business We higher and XX%. Our lessening that, higher and and record by in the $XXX persistent we to execute adjusted seasoning by economy growth confident strong adjusted year-over-year disciplined healthy. risks. seasonal We in of conflicts, pandemic driven written factors, and market insurance insured the continue persistency books. fee saw household X% delinquencies billion strength that a a and in interest remained new income portfolio model. The at to elevated Investment be continue production be inflation remain and of since persistent in had results

are However, consistent for mortgage pre-pandemic borrowers delinquency prime with levels. rates

strong to our continues and be well credit remains appetite. quality within manufacturing risk Our

higher well first-time amid qualify important housing low supported an confident long-term housing and borrowing for insurance mortgage. for costs, outlook tool as demand, inventory slowed in a Even has buyers particularly strong as be remain and by to we Home as insurance. housing activity to continue mortgage among for will mortgage remain prices demand the homebuyers help

affected to higher persistency growth. rates higher while has support have originations, interest mortgage insurance-in-force In addition, continued

we The quality the quarter. score our X.X% continued weighted least points credit In ensuring continue level market remained price to XX%, risk average at while uncertainty, only with response of remains strong. macroeconomic As was XX risk portfolio constructive mortgages was increased the remaining quarter on prevailing layered of rates the we level of in XXX, the of on insured our rate. to and September Pricing above written at appropriate average basis new XX, our risk force. at X% The FICO second NIW, in insurance the competitive. at remained the loan-to-value portfolio underwrite weighted our ratio in

basis Our quarter flat delinquency rate X%. year-over-year ratio was loss levels. with X%, pre-pandemic up consistent in points XX sequentially, The the and was

strength million Continued drive activity released loss and healthy of market, the efforts in reserves. we sheet as labor household helped result, $XX mitigation and cure our a balance strong

and large in newer New books. primarily delinquencies the seasoning rose seasonality driven quarter, the by of

We are prudent take believe reserved to approach range reserves a to we scenarios. loss and continue a of well for

and was in respect force credit Supporting risk the diversify to with well quarter by a focus X position We transfers. requirements. to the remain enhance covered financial and at allocation capital and XX% and our returning on billion risk our shareholders. capital platform, remained sufficiency investing of and to regulatory to PMIERs from disciplined relative pillars: policyholders, of Sufficiency $X our remain our at of XXX% strong operate to capitalized continue of our strength We end or

market announced, business the note to its reinsurer I'm including risk during launch. pleased through Enact Re X that second participated we of since credit came that quarter, our new opportunities, launched access GSE deals previously Enact a As franchise to the GSE expands Re, in the market. all that transfer to

we capital successful and utilize EMICO the agreement transactions. in Between we as its the from and by have underwriting pleased with the participation transaction, EMICO contributed and we attractive initially share and strong are continue returns seen risk-adjusted with these its to GSE quota

capital see opportunity. to long-term Re and growth a continue expense We efficient as Enact

We pursue into to opportunities. to platform Re also continue expand ways Enact new related

Specialty and Enact's continuing market Enact expertise, Core intelligence support of opportunity. and analysis portfolio the in through Specialty an advisory and into and Core closed transfer. to market its into Core quarter, During to Specialty's risk Core entrance market transaction we during credit mortgage reinsurance will on the GSE quarter, we through leveraging support expertise, this Specialty which first with expanding look forward entered underwriting the provide agreement mortgage

during and capital capital quarterly special cash $XXX continued to of a and of approximately to Board's We shareholders. of share as or note announced per we the shareholders authorization $X.XX return of dividend continue dividend, as also returning to our the special share committed to yesterday, $X.XX million pleased approval to the I'm million well quarterly our we remain our We combination share repurchase to a repurchase program. and shares through per in dividends of XXXX $XXX quarter. that

On the sheet, we the flows to our reflect to cash have capital commitment balance of confidence whole, in our our goals, our the our and sustainability distributions strength of shareholders allocation the business. our

very to date with the pleased business confident to in delivered XXXX remain in close. are and We as our we performance year comes a have the

significant our I program to CRT our will is through balance is over strong the sheet and with risk turn as to portfolio ability now protection call Dean. Our deliver returns.

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

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

at lower New by or insurance written originations X and mortgage of X% driven continued interest in X% XX% billion quarter, from $XX up down $X down third year-over-year. or year-over-year, $X rates. elevated flat primarily percentage remained points billion billion the elevated was sequentially Persistency and sequentially resulting

or earned up our rates anticipate least premiums insurance-in-force points Given were continued sequentially production above was and $X year-over-year. higher the The basis market premiums approximately rate, lower up net lower which help million, primarily XX that strength premiums. Net and $XXX slightly driven earned hedge ceded million portfolio or growth by of prevailing X% sequentially million increase $X mortgages from X% in rates. X% the mortgage we persistency and against at will had in

Our rate down and basis XX.X points year-to-date. sequentially X.X basis base was basis X.X premium points, point

base decline tends reminder, in continues line our in and the with As impacted is and premium a expectations. our stabilize factors Year-to-date, fluctuate rate to modestly of is a variety to rate premium base quarter-to-quarter. from by

reflecting Our quarter. current net earned to the basis modestly sequentially, rate premium base the changes lower in rate to addition flat points, was in XX.X premiums ceded

XX% Investment our income up $XX increased favorable or environment in in money yield X.X% for was portfolio $XX interest rise over new our as $X to and current yield investment million, quarter. The X% the year-over-year. and for rate third million rates X% portfolio the sequentially or the in million are our book quarter up was

in $XXX portfolio losses million unrealized million. our end, of As by $XX quarter increased to investment

maturity. realize generally do mentioned, losses ability hold these given securities to I've our As to to we expect not the

the Losses million Turning $X $XX in XXXX. quarter to of quarter $XX a the of to quarter million of a million and credit. in benefit last benefit as were third compared

in was XXXX. last compared X% quarter to third for X% ratio loss negative the and negative quarter the Our quarter XX% of

by ratio the performance, million XXXX and losses partially and release in our above by favorable $XX loss reserve Our and delinquencies were on the in primarily cure in expectations earlier current remained driven that resulted quarter. quarter delinquencies, uptick offset a an

increased delinquencies from New XX,XXX X,XXX. sequentially to

the trends was ongoing driven quarter and the books. credit historical of by and of for rate normal loss delinquency development new Our X.X%, large new reflective seasonality primarily positive

increased measured dynamic XX,XXX. delinquency We third about reserving delinquencies XX quarter continue in reflecting new X%. approximate prudent points approximately in rate to XX% associated an increased to claim book environment. Total rate, our approach basis X,XXX to delinquencies at the The to this by

ongoing $XX to cost flat flat the performance deliver XXXX million second the approximately quarter We of that points was down percentage expenses The and expense our continue ratio down solid for reduction $X XX%, quarter and year-over-year. or compared benefits expense of X% actions. in quarter year-over-year. X were Operating the sequentially reflects million, the to

full the We continue to for $XXX costs to million. X% decline year expect to

capital to and liquidity. Moving

and of We a flexibility. continue strength to position operate from financial

quarter or requirements quarter of of Our XX% had risk currently of risk $X.X our end, strong billion in ceded $X by billion at covers is we PMIERs results. above our PMIERs $X.X capital program At which remained billion which to credit PMIERs flat third-party Sufficiency XXX% and CRT second our force. XXXX provided

a business strong which maintaining in sheet, our now to committed returning balance investing prioritization capital shareholders. our Turning We and capital framework, allocation. to to remain balances capital

we've Re $XX mentioned, since future or to success any Mae $XX our remain participated Enact returned drive the Enact will during and potential. quarterly quarter. are million. in Mac share X funding, solid growth current Enact $X.XX $XX share we million potential As Rohit date We excited deploy capital through to continues Freddie $X from long-term shareholders and Fannie commercial total last pleased Re Re's dividend repurchase third the launch and and authorization. initial its with we X quarter, progress this in we seen a totaling stock reinsurance about of the on transactions. million share $XX has remaining Year-to-date have of million repurchases million consisting October, per have to and repurchased

the we in quarterly in dividend buybacks and continue past, XXXX. share and to $XXX repurchases, As remain to returned capital have to shareholders we approximately said in we all, to share million shareholders we our deploy million returning opportunistically. All $XXX to date, committed towards will between

and had of Towards $XX million we on and both another or December million share XXXX. we dividend well of quarter our final quarter per approximately X, XXXX. Overall, special that a authorized share the end, $X.XX dividend enter strong payable Board of positioned per as the $X.XX $XXX are quarterly or

that, Going against focused it executing while driving turn back risk, our remain to I'll our a capital and cost forward, managing balance strong we prioritization prudently maintaining With on framework. sheet will Rohit. efficiencies

Dean. Thanks,

ready opportunities well balances is for you talented Looking for deliver borrowers, Overall, Q&A. all capital do us saying serve pursue our investment prudent value for performance are shareholders. returns. positioned and team continue forward, that we financial and we grow strength you continue will to the our allocation our to policyholder forward. and to and franchise Operator, and in growth I'll and thank to our strong now business customers driving support, and capital disciplined their for by creation Enact close

our [Operator question Instructions] comes Bose of first the from line George And with KBW.

philosophy the then year. about going plan dividends, split certain up is ends return capital opportunistic? of capital the And Or being and talked like forward, going more what's the kind $XXX you just a level return, target the between this million to buybacks On forward? of

Yes, thanks question. the for

on head hit the think I terms of return. in of you it mix kind the capital of

ultimately share repurchase it's level year. of special what will buybacks in of gets really dividend opportunity I going dictated think the ultimately by kind to be returned the at dictate of our provided plan. The share the end via

of just bunch competitive, also we we and different think about our think importantly, our of certainly not probably across confidence base that what cycles. to that a to case stress, kind dividend, quarterly have dimensions, that of forecasting. level But of the most through about quarterly it sure make dividend is in want return think we I when some durability through that but we has level durable, and

makes time your what's investment stable portfolio the rates That And to money in the new the portfolio, Great. sense. assuming Okay. rolls which just then kind remain frame of into yield, going forward? switching

have duration years. X than effective an less Yes. of Well, we

think it's I years. X.X about

roughly money So our -- you see X.X%. as yields new are today, we're investing

about book up yield you XX having are points exited the I seeing effect that sequentially. the it average overall on basis portfolio, think we the X%. ticked weighted on an under just quarter And

specific question, of to the duration X.X but portfolio years. So the -- your about more is

comes And with question Mihir America. Bhatia of of from your line the Bank next

vintage FICO compare on a are loss other Are But you've vintage underwritten cycle? was XXXX? start to in to. some because, Are than expectations? of they side, the performing and lending just I And about XXXX era the your expectations was maybe and wanted I in these in with obviously, lot you're reason perform would I what just ask life unsecured particularly your them or the even how the what terms I The suspect performance. maybe post-pandemic more heard curious we've is they underperformance pandemic XXXX, inflation their or better seeing, there curves curves the it's on on of they vintages. where from top line on on XXXX, I curious versus vintages. vintages

curious So or credit similar was anything housing on if the I you're side? in seeing your book

Yes.

Mihir, -- question. thanks think the I for

his in is prepared credit strong overall. I very Rohit covered think performance remarks

published, today. That's any of X%, credit of credit indicative granularly risk that to your is no performance we're question, to of rate that view of I portfolio deliq credit embedded more when expectations. vintage attribute, look seeing new but don't of environment, from we DTI think spectrum. our really that in strong delinquency that's against across the would FICO, pre-pandemic the characteristics, also by deterioration metrics performance at the we which more relative Kind our in we of deterioration of characterize ranging basis, exemplified performance on Obviously, performance. see some a reflective X.X% rate LTV, really the there's levels,

very And performance to Mihir, 'XX we just I talking point, 'XX, to macroeconomic housing vintages, environments, board add the in credit Dean's to in said, across environment deterioration environment. just seasoning would credit be keep agree I that and they're about would any are don't different mind continues Dean cohorts. 'XX any when as strong, see versus that in

because going would basically the So our most you that, our recent expectations expectations But normalize your our primary performing how factor economic is embedded with that's an generally And against the that view. in for to it is if difference. expectations. that be have I the question difference. driving say would And line was incorporate

start as there you going should bit. or a Got will Maybe of that, question that of of for a like percent capital about be think drive -- rule XXXX to it. little a back going like looking thinking capital in income we we that the net forward? return target terms there about that as Is returns? anything thumb what Is at

the at our target-based We expected held the in as think those based. regulatory how macroeconomic prospective the Mihir, what results, view macroeconomic standards look case, things business and We trajectory, Yes. well, current on maybe environment through more I it's to, stress were obviously might principles a an case. environment, standards both at look like business less time. environment, change

a it's So prescriptive a of I than more of triangulation think kind formula. those considerations

it. to Got Specialty out. switching then the you just called And agreement Core

space. Enact the idea types own to using reinsurance they looking Is more plan And try come I'm think of takeaway like you understand guess, new now a Or I this website this going in they here? like them where their to reinsurer looking a the you? to Re, mentioned they and a for your trying you're CRT you are didn't were someone capital that just you're do where work of these also to I also to manage managing with, they're their up helping competitive -- Like for more or -- on that was is you sign in managing of using right? in already agreements reinsurance? guys and else this it entry put before? to like as

you this space mortgage of of thank using for insurance say have we reinsurance would more CRT. deploy the in question. outcome already Yes, in beginning our mortgage the Mihir, business, GSE we're and with an expertise to I that is the

day, which not reinsurance reinsurance essentially So talking different of at terms of market end mortgage very every obviously, started that intelligence was level also mortgage them the loan pricing in their to at and participation. space, only but do depth, and mortgage originators, the the a our space, front Core attribute not intelligence, our is in expertise, Specialty in market, about our participating we depth what our liked in we level. risk-based They the attributes also and we granular use look

non-private in of still all versus of to the in I essentially Enact market. that a a to is mortgage point primary you reinsurance of Re's other using kind to true companies provide us validation would to Specialty of this or Core that to who reinsurance adding able So I in to advisory I say kind would that service Specialty more of an would expand led us space, if we be insurance GSE a be that and a primarily our else kind plus P&L. GSE think for contribution Core are participating space to start participating much then substantial and in might expertise validation the that add-on. area. being using somebody be And that are of our the who think not and goal space of

question with next of Your Shane comes line the JPMorgan. Rick from

by Look, purchases deal percentage percentage a historically originations, sale, means driven look unique great or the the little like environment, of a in at That originations buydowns as you temporary terms drive builders, you home in how for business. bit are purchase shifts how whether talk you volumes. homes by a things new high they're homebuilders. mortgage is rate how Can purchase constraints about impacts business, high the that a at are of of provided disproportionately we're given permanent that the of in work builders with to being and

Rick. you, Thank Yes.

take I'll So this question.

are we market, means I low our homes obviously, market given origination who at points new a and those broader rates, impacted on in more And the agree first, your by of number consumers as being with of perspective, also think origination well homes the tight in this driving terms market. rates as interest locked there we from higher are new very of more in have which is basically inventory, focus inflation.

market So good a perspective, is that first our for business. from thing, a participation thing

means a mortgage origination that purchase and participate As tied insurance inventory. is bigger market, more us much to in essentially also you the to know, private market that new provides gives and

topic we each a no And are consumers on qualified, been permanent has of know our time see discussed. rate rate don't overall look see see builder portfolio, there specifically prevalence permanent qualified, performance way year, to a the of are fund We a year, approve recent program buydowns and historic a gives same rate which similar payment permanent good consumer buydowns. X appropriately been for X rate both rate on topic coming buydowns, of performance there to us a economical performance, more buydown we are for guidelines. short-term essentially, We books. performance perspectives, kind programs, our the And own builder from that of and buydowns, our more mortgage originator that of well-qualified it I is portfolio a compared down to at the shocks. performing loan and has performance, and the our to at kind Now very those

Okay.

what you're to that buydowns available -- buydowns. that permanent homebuilders as more so on or rate seeing from is either the the extent proportionately, you're through seeing originators to suggesting through you're short-term the opposed And loans buydowns

Yes.

short-term short-term We those note even are the qualified is the bought-down seeing consumer at and rate, at the full rate. for buydowns actually not buydowns,

on So still if at upfront, a prevailing is rate. basically being consumer buydown had consumer the qualified market X% a the

it. Got

Okay.

to ordinarily, -- you mortgage developments around going question, industry extent, regional to To the second, see -- due very on industry this volume those wait the focused think XX like the is across Second within the the these is says, we're But if okay, correlation within going concern that. there follow-on from purchase country, we're to and a risk is builders, or that if about anything model increasingly is there is we're any concentrations concentrated to portfolio. be fine, a more disparate that developments it's your migration. creating increasingly XXX

Yes.

So I we at concentration down to level, level, terms state level. of say MSA our at that an track in a concentration would

past, basis view we say, of to is on in home do. into the both driven ongoing have MSA an view a and to inventory level, MSA, we economic our coming I current And city, of the view many housing we to that said conditions tightness As or loans also market. moving that in basis, it that by price our prices have down a and terms in and includes an in ability would the homes on too forward, and conditions,

of our have and it somewhere level, portion, market developments between specific by that time small of believe builder actually the appetite that and that different our about about of of share talking several we to kind portfolio would how to view books, risk we on are you're concentration is our don't to make because subscribe well-rounded loans in development the appetite. XX%, to XX% make pretty a I the we penetration on our very loans controlling XX% to say, participation see our overall views to any that is down share. development. numbers I our up MI to specific that proportionate control from that's our talking XX% our And we purchased we sure like shows We MSA have in segment,

not So we a taking down for a builder it's are that a on loans subdivision that to of lot level. ensuring specific and

your And next line BTIG. comes Hagen the from Eric of question with

A much share you then it the here. couple And like did returns of recent the you getting there year? just declared? increase much special part do of can you what I a kind mean, maybe play interest in you're dividend deals? that how follow-ups in capital directed you rates, of feel you like the could CRT feel level how And next think the just GSE be in

start me Eric. Let off,

to as I I'm So interest think don't failing those -- and correlation. environment rate to relates the it highly the I correlated. don't the see are special dividend, really

more guess both the question our future, macro the our as really, of if certainly around about back, question, we performance. saw mix obviously, rates, part maybe special I'll that opportunity business view, go returns -- directly view in that economic question we was affect was sized it of when on and rates much of thinking I based dividend expectations capital the really of how tying as than earlier an our more Bose's think that attributable. of Interest our you in are I think prospective the on was economic well returns about to the interest anything, repurchases view share I think we're capital

case, forward, will that's maybe I So And connection that think be you're that look a certainly consideration. we to the that in trying as draw.

are what curious just Yes, CRT guys deals. GSE expecting returns in you Okay. of kind

capital-efficient, So not I in the we way specific And is the EMICO and is was the returns on those have like way leverages we we out guidance, very type scale of deals, underwriting, What the of Re we insurance a right Eric, said CRT the and and quality we our expense-efficient structured of Enact and have it Re returns. like gate the ratings, GSE Enact structured entire of on think actually on the transactions. given any operation.

be to in returns very on continuously deal, market. every returns coming up are market expect at we prepared we point, And in, my transactions. this in our to those as that much least I So has with said participating line to remarks, in been the

returns that that find hopefully the shows So attractive. we you

the having just Yes. Lots to process of of when lenders helpful. maybe the you you sort, the attention going underwriting and around back you and there's breach loans. impacts describe loans in that developing That's kind in Can from guys forward? market buy that how scratch a of dent GSEs any how see maybe

us. it's us, -- for process to that has Eric, Yes, limited applicability

of segments. underwriting We both we customer loan for for view lender delegated I have have each for our lender quality own each And different and that we eye say, non-delegated quality keep at our do on. own and independent processes, underwriting where we would essentially assurance segment, checks different for an frequencies

still go if was with we through a delegated So doesn't quality whatever them move performance non-delegated. work deteriorating to to if a remediate from the quality approve, reason their we manufacturing that perspective, to lender's from and is lender training,

as by far rules driven back notification those GSEs which buybacks that concerned, determine are the process and putting defects GSE there's are around entire think more As that has and an use loan I then significant loans then to early have rate loan market not an on I a environment note that likely more X% where would a very, your in because only on X%. back say, is a lender economics getting than you X% disproportionate to loan rate books, has are impact

So on that you take also hit mark-to-market asset. a

with actually our said I We prepared quality them feedback. as perspective, like remarks, calibrate in the quality market. the a from and in we GSEs So give our manufacturing processes

satisfied are quality, issue between secondary a see we more So we market manufacturing much and GSEs this originators. as with and

the line Geoffrey Dowling. comes from Dunn And of your question next with

is thoughts GSE might market? in this the will Bermuda what or and how you Obviously, think But there adopts are, that curious XX% returns rate. your tax CRT affect I'm plus be do competition around the that. minuses

very Geoff, good question.

clarify our efficiency to expectations at based So taxes the benefit are Re in Re, not U.S. because tax from said does last kind Enact quarter, Bermuda as we of consolidated in any Enact

As higher are the constant, returns it's higher higher far in being Bermuda, as concerned for might and those lead us, would that implemented, higher participants returns. the need that Bermuda prices actually be participants if held could mean taxes with transactions, the everything to else from

for I us. would expect good that So to be

We are return. the and the quality very happy with

that from more capacity as So that there capacity others higher we net us, I less for if think is and or see means prices a positive.

prior following can returns the up the And ] par those Are least -- [ with U.S. Okay. they right know you business? qualify question, with on just I primary at now?

So Geoff, generally some lot months, on returns of scenario we I economies describe that U.S. good a think primary economy thing given uncertainty what almost I and toughest know we been in in primary plays question. terms see for weakness also the is as And in returns environment And very hasn't of in the of the XX of majority happened. about out. kind market talking market this our the the has at in least -- the attractive We haven't Unfortunately, guidance business. recently.

mezzanine returns, including third in you our also and done, of believe think those expectations, talking attractive point In we there. much primary are the the the the and that increases are we structures very to we us. And makes market, for business returns are believe price picking giving have price risk. line [ writing primary that increases about especially, the returns we instead our And are So are we a in with business CRT we in the the different ] quarter we estimate CRT attractive. do writing, business

scenario, in those So base transactions attractiveness loss because those of the that case attaching a are perspective. obviously from returns not increases

no call the time. turn at this And to will over we now further I Rohit have Gupta. questions back

Thank thank in appreciate at of Thank Bella. and you you, everyone. And you. We in you, JPMorgan look your to seeing I some forward Florida. week next interest conference Enact, the

today's Thank participation. your concludes This you conference. for

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