Welcome to our dedicated page for Essent Group news (Ticker: ESNT), a resource for investors and traders seeking the latest updates and insights on Essent Group stock.
Essent Group Ltd. (NYSE: ESNT) is a Bermuda-based holding company that, together with its subsidiaries, serves the housing finance industry through private mortgage insurance, reinsurance, and title insurance and settlement services. This news page focuses on company announcements and financial updates that relate directly to Essent’s mortgage insurance portfolio, capital position, and activities in the housing finance market.
Readers can find quarterly and annual earnings releases in which Essent reports net income, earnings per share, net premiums earned, net investment income, and comprehensive income. These releases also provide detailed supplemental information on the U.S. mortgage insurance portfolio, including new insurance written, insurance in force, risk in force, policies in force, and reserve levels for losses and loss adjustment expenses.
Essent’s news frequently covers dividend declarations on its common shares and share repurchase authorizations approved by its Board of Directors, along with updates on the number of shares repurchased and related amounts under these plans. The company also announces reinsurance and risk transfer transactions, such as forward quota share agreements, excess of loss reinsurance agreements with panels of highly rated third‑party reinsurers, and mortgage insurance‑linked note transactions that provide collateralized reinsurance coverage for specified periods of new insurance written.
Other notable items in Essent’s news flow include credit rating actions by external rating agencies on the company and its insurance subsidiaries, as well as schedules and access details for earnings conference calls and related webcasts. Investors and analysts who follow ESNT can use this page to review the company’s official press releases and understand how Essent describes the performance of its mortgage insurance business, its investment portfolio, and its capital management decisions over time.
Essent Group (NYSE: ESNT) has announced that its subsidiary, Essent Guaranty, Inc., has secured $363.4 million in fully collateralized excess of loss reinsurance coverage. This coverage applies to mortgage insurance policies written from July 2023 through July 2024. The reinsurance is provided by Radnor Re 2024-1 , a newly formed Bermuda special purpose insurer not affiliated with Essent Group
Radnor Re 2024-1 has funded its reinsurance obligations by issuing five classes of mortgage insurance-linked notes to eligible third-party capital markets investors in an unregistered private offering. These notes have 10-year legal maturities and varying interest rates based on the SOFR Rate plus additional basis points, ranging from 200 to 515 basis points depending on the class.
Essent Group (NYSE: ESNT) has reported on updates to the Private Mortgage Insurer Eligibility Requirements (PMIERs) issued by Fannie Mae and Freddie Mac. The changes affect the calculation of Available Assets and the sunset of the 0.3x Required Asset multiplier for COVID forbearance loans. Key points:
- Implementation will be phased, with no impact on Essent's Available Assets or sufficiency ratio until March 31, 2025
- Full effectiveness on September 30, 2026
- If fully implemented as of June 30, 2024, Essent Guaranty's PMIERs Available Assets would be $3.3 billion with a 161% sufficiency ratio
- CEO Mark Casale expressed confidence in Essent's ability to comply with the updated requirements
Essent Group (NYSE: ESNT) reported net income of $203.6 million or $1.91 per diluted share for Q2 2024, up from $172.2 million or $1.61 per diluted share in Q2 2023. The company declared a quarterly cash dividend of $0.28 per common share, payable on September 10, 2024. New insurance written for Q2 2024 was $12.5 billion, with insurance in force reaching $240.7 billion as of June 30, 2024. Net investment income for H1 2024 increased by 22% year-over-year to $108.2 million. Essent also closed two transactions on July 1, 2024, providing $1 billion in total debt capacity, including $500 million in senior unsecured notes and a $500 million unsecured revolving credit facility.
Essent Group (NYSE: ESNT) will host a conference call on August 2, 2024, at 10:00 a.m. ET to discuss their Q2 2024 financial results. The results will be released before the market opens on the same day.
The call will be live-streamed at their website, with access also available via phone for both U.S. and international callers using passcode 9824537. Replays will be available on the website for one year and by phone for two weeks post-call. Additional statistical and financial data discussed during the call will be accessible on Essent's website.
Essent Group (NYSE: ESNT) has successfully closed two significant financial transactions, securing approximately $1 billion in capital. On July 1, 2024, the company finalized a public offering of $500 million in senior unsecured notes, yielding net proceeds of $495.3 million. These notes will mature on July 1, 2029, with an annual interest rate of 6.250% paid semiannually. Approximately $425 million from this offering was used to repay outstanding borrowings under a previous credit facility, with the remaining funds allocated for general corporate purposes.
Additionally, Essent Group has established a new five-year, $500 million unsecured revolving credit facility with a syndicate of banks, replacing a previous $400 million secured facility. CEO Mark Casale highlighted that these moves enhance the company's capital and liquidity position while maintaining conservative balance sheet management and the lowest debt leverage in the mortgage insurance industry.
Essent Group (NYSE: ESNT) has announced the pricing of its $500 million senior unsecured notes offering. The notes will have a 6.250% interest rate, payable semiannually, and will mature on July 1, 2029. The offering is expected to close on July 1, 2024, subject to customary conditions.
The company plans to use approximately $425 million of the proceeds to repay existing term borrowings, with the remaining funds allocated for general corporate purposes. J.P. Morgan, BofA Securities, and Goldman Sachs are among the joint book-running managers for the offering.
Prospective investors can access the prospectus through the SEC's website or by contacting J.P. Morgan or BofA Securities directly. This announcement does not constitute an offer to sell or buy securities.
Essent Guaranty, a provider of mortgage insurance and subsidiary of Essent Group (NYSE: ESNT), announced an enhanced integration with PMI Rate Pro, a leader in MI pricing platforms. This collaboration now includes the ability to order mortgage insurance directly through PMI Rate Pro's platform, significantly improving efficiency and accessibility for customers. Essent's SVP of Operations, Kendra Placek, highlighted that this integration supports EssentEDGE, Essent's proprietary risk assessment and pricing engine. This enhancement builds on a partnership that began in 2020, offering direct user access and seamless API integration with loan origination systems and pricing engines.
Essent Group reported net income of $181.7 million or $1.70 per diluted share for the first quarter of 2024, up from $170.8 million or $1.59 per diluted share in the same period last year. The Board of Directors declared a quarterly cash dividend of $0.28 per common share payable on June 10, 2024. The company highlighted strong credit performance, investment income growth, and the successful integration of the title business. Essent also entered into a quota share reinsurance transaction and received positive ratings from major agencies.
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