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Essent Group Ltd (symbol: ESNT), founded in 2008 and headquartered in Hamilton, Bermuda, is a key player in the United States housing finance industry. Through its subsidiaries, Essent offers private mortgage insurance and reinsurance services for residential properties. These services include primary, pool, and master policy products that provide extensive credit protection to lenders and mortgage investors.
Essent's mortgage insurance products are designed to cover a portion of the unpaid principal balance of a mortgage and certain related expenses in the event of a default. This coverage helps mitigate mortgage credit risk and supports lenders in extending more mortgage financing to prospective homeowners.
The company also offers related services, including information technology maintenance and development, customer support, and contract underwriting services. These services primarily cater to the originators of residential mortgage loans, such as regulated depository institutions, mortgage banks, credit unions, and other lenders.
Essent operates across all 50 states and the District of Columbia, providing mortgage guaranty coverage that enhances the liquidity and stability of the housing finance market. By delivering essential risk management products and title insurance and settlement services, Essent plays a vital role in promoting homeownership in the United States.
Recent achievements and ongoing projects underscore Essent's continued commitment to innovation and customer service. The company's robust financial condition, strategic partnerships, and comprehensive product offerings position it as a trusted partner for mortgage lenders, borrowers, and investors.
Essent Group Ltd. (NYSE: ESNT) has secured $557.9 million in fully collateralized excess of loss reinsurance coverage for mortgage insurance policies from Radnor Re 2021-1 Ltd., a new Bermuda special purpose insurer, covering policies written between August 2020 and March 2021.
This coverage is funded through five classes of mortgage insurance-linked notes with varying interest rates, targeting third-party capital markets investors. The notes are not registered under U.S. Securities Act, and this announcement does not constitute an offer or solicitation.
Essent Group Ltd. (NYSE: ESNT) reported net income of $135.6 million, or $1.21 per diluted share, for Q1 2021, down from $149.5 million or $1.52 per share in Q1 2020. The company announced a $250 million share repurchase plan and declared a quarterly dividend of $0.17 per share, payable on June 10, 2021. As of March 31, 2021, insurance in force was $197.1 billion, with new insurance written at $19.3 billion. The percentage of loans in default decreased to 3.70% from 3.93% in the previous quarter.
Essent Group Ltd. (NYSE: ESNT) has announced a conference call on May 7, 2021, at 10:00 a.m. Eastern Time to discuss its first quarter 2021 results, which will be released before the market opens. The call will be accessible via a live internet broadcast and telephone dial-in options for U.S. and international participants. A replay will be available after the call for two weeks. Essent Group provides private mortgage insurance through its subsidiary, Essent Guaranty, Inc., and is committed to ESG initiatives.
Essent Group Ltd. (NYSE: ESNT) reported a net income of $123.6 million or $1.10 per diluted share for Q4 2020, down from $147.0 million or $1.49 per share in Q4 2019. For the full year, net income decreased to $413.0 million or $3.88 per diluted share, compared to $555.7 million or $5.66 per diluted share in 2019. The Board declared a quarterly cash dividend of $0.16 per share, payable on March 19, 2021. The company reported insurance in force of $198.9 billion and a combined ratio of 44.5% for Q4 2020. The percentage of loans in default also improved to 3.93%.
Essent Group Ltd. (NYSE: ESNT) will hold a conference call on February 19, 2021, at 10:00 a.m. ET to discuss Q4 and full year 2020 results, which will be released prior to market open. The call will be streamed live on their website, with dial-in options available for participants. A replay of the call will be accessible shortly after the event for two weeks. Essent Group, based in Bermuda, specializes in private mortgage insurance and offers a range of related services across the U.S., aiming to support home financing and mitigate credit risk.
Essent Group Ltd. (NYSE: ESNT) has made a replay of its participation in the MKM Partners Virtual Conference available on its website. The replay features Mark A. Casale, CEO, discussing various topics related to Essent's current trends and future outlook. This session was open to the public and aims to provide insights into the company's strategic direction.
Essent offers private mortgage insurance and is dedicated to supporting ESG initiatives that positively impact communities.
Essent Group Ltd. (NYSE: ESNT) announced that its Chairman and CEO, Mark A. Casale, will participate in the MKM Partners Virtual Conference on December 16, 2020, at 9:10 a.m. ET. The discussion will be accessible via a live webcast on Essent's website, with a replay available afterward. Essent Group specializes in private mortgage insurance through its subsidiary, Essent Guaranty, Inc., supporting lenders and homeowners across the U.S. The company is committed to environmental, social, and governance initiatives, enhancing its role as a responsible corporate citizen.
Essent Group Ltd. (NYSE: ESNT) reported a net income of $124.5 million or $1.11 per diluted share for Q3 2020, down from $144.6 million or $1.47 per share in Q3 2019. The Board declared a quarterly cash dividend of $0.16 per share, payable on December 10, 2020. Insurance in force increased to $190.8 billion, up from $161.0 billion a year earlier. New insurance written reached $36.7 billion, compared to $18.7 billion in Q3 2019. The percentage of loans in default decreased to 4.54%, while the combined ratio improved to 41.6% from 25.3% in the prior year.
Essent Group Ltd. (NYSE: ESNT) has announced an amendment to its credit facility, increasing the total from $500 million to $625 million. Key changes include an increase in the revolving credit facility from $275 million to $300 million and an additional $100 million non-amortizing term loan, both maturing in October 2023. The funds will be used for working capital and general corporate purposes. The facility will accrue interest based on a floating rate tied to a short-term borrowing index, starting at 1-Month LIBOR plus 2.0%. The facility is secured by certain assets of Essent, excluding its insurance subsidiaries.
Essent Group Ltd. (NYSE: ESNT) will hold a conference call on November 6, 2020, at 10:00 a.m. ET to discuss its third quarter 2020 results, which will be announced prior to the market opening. A live broadcast will be available online, and a recording will be accessible shortly after the call. Essent, through its subsidiary, Essent Guaranty, Inc., offers private mortgage insurance in the U.S., contributing to mortgage credit risk mitigation. The company is licensed in all 50 states and approved by Fannie Mae and Freddie Mac.
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