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On Thursday, Insurer Genworth Financial Inc[GNW] said it had deferred the initial public offering of its mortgage insurance unit, Enact Holdings, due to significant trading volatility in the mortgage insurance sector. Genworth Financial Chief Executive Officer Tom McInerney said, “Genworth’s Board of Directors determined that current market pricing for the planned offering does not accurately reflect Enact’s value.” He further said that Genworth would continue to evaluate its options as market conditions develop.Enact provides mortgage insurance to prospective homebuyers, who can get access to these products with a down payment of less than 20% of the home’s value. CEO Tom McInerney said, “We maintain our positive long-term outlook for the MI sector, given strong trends in the U.S. housing market and expected tailwinds as the economy recovers from COVID-19.” J.P. Morgan Securities and Goldman Sachs & Co[GSCE] were the lead underwriters for Enact’s proposed offering. The company had previously said that the initial public offering for Genworth Financial mortgage insurance subsidiary could raise over $623 million in proceeds, all of which were going to its parent company. The company further said that as part of the IPO, Genworth Mortgage Holdings was being rebranded as Enact Holdings. While the registration statement filed with the Securities and Exchange Commission would still refer to the various operating units using the Genworth name, those would also be rebranded as Enact as soon as the company receives approval from state regulators.