0001448893false00014488932025-02-142025-02-14

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K 
CURRENT REPORT
Pursuant to Section 13 or 15(d)
of the Securities Exchange Act of 1934
Date of report (Date of Earliest Event Reported): February 14, 2025
ESSENT GROUP LTD.
(Exact name of registrant as specified in its charter) 
Bermuda001-36157Not Applicable
(State of Incorporation)(Commission File Number)(I.R.S. Employer Identification No.)
Clarendon House
2 Church Street
Hamilton HM11, Bermuda
(Address of Principal Executive Offices and Zip Code)

(441) 297‑9901
(Registrant’s telephone number, including area code)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
☐Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company        ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition
period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ¨

Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading
Symbol(s)		Name of each exchange on which registered
Common Shares, $0.015 par valueESNTNew York Stock Exchange



Item 8.01.    Results of Operations and Financial Condition
On February 14, 2025, Essent Group Ltd. (the “Company”) issued a press release announcing its financial results for the quarter and year ended December 31, 2024. A copy of this press release is furnished as Exhibit 99.1 to this report.
The information in this report, including Exhibit 99.1, has been “furnished” and shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to liability under that section. The information in this report shall not be incorporated by reference into any filing or other document under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such filing or document.

Item 9.01.             Financial Statements and Exhibits
(d)Exhibits
Exhibit
 No.		  Description
104Cover Page Interactive Data File - the cover page XBRL tags are embedded within the Inline XBRL document.
Press Release issued by Essent Group Ltd. on February 14, 2025.


SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

Date: February 14, 2025

ESSENT GROUP LTD.


By:    /s/ David B. Weinstock
Name: David B. Weinstock
Title: Senior Vice President, Chief Financial Officer


Exhibit 99.1

Essent Group Ltd. Announces Fourth Quarter & Full Year 2024 Results and Increases Quarterly Dividend

HAMILTON, Bermuda--(BUSINESS WIRE)--February 14, 2025--Essent Group Ltd. (NYSE: ESNT) today reported net income for the quarter ended December 31, 2024 of $167.9 million or $1.58 per diluted share, compared to $175.4 million or $1.64 per diluted share for the quarter ended December 31, 2023. For the full year 2024, net income was $729.4 million or $6.85 per diluted share, compared to $696.4 million or $6.50 per diluted share for 2023.
Essent also announced today that its Board of Directors has declared a quarterly cash dividend of $0.31 per common share. The dividend is payable on March 24, 2025, to shareholders of record on March 14, 2025.

“We are pleased with our fourth quarter and full year 2024 financial results, which benefited from favorable credit performance given the resilience in consumers and housing,” said Mark A. Casale, Chairman and Chief Executive Officer. “We believe Essent is well positioned to continue producing strong returns and growing book value per share. The increased dividend and new share repurchase authorization demonstrate our confidence in the stability of Essent’s cash flows and our commitment to a balanced approach to capital management moving forward.”
Financial Highlights:
•New insurance written for the fourth quarter of 2024 was $12.2 billion, compared to $12.5 billion in the third quarter of 2024 and $8.8 billion in the fourth quarter of 2023.

•Insurance in force as of December 31, 2024 was $243.6 billion, compared to $243.0 billion as of September 30, 2024 and $239.1 billion as of December 31, 2023.

•Net investment income for the full year 2024 was $222.1 million, up 19% from 2023.

•U.S. mortgage insurance provision for losses and loss adjustment expenses was $37.2 million for the fourth quarter of 2024, which included $8 million associated with 2,119 of defaults we identified as related to Hurricanes Helene and Milton.

•During the first quarter of 2025, Essent entered into two forward quota share transactions with highly rated third-party reinsurers. These quota share agreements cover 25% of the risk of all eligible policies written by Essent Guaranty, Inc. in calendar years 2025 and 2026.

•During the fourth quarter of 2024 and January of 2025, Essent repurchased over 2 million common shares for approximately $118 million.

•In February 2025, our Board approved a $500 million share repurchase authorization that runs through year-end 2026.


Conference Call:
Essent management will hold a conference call at 10:00 AM Eastern time today to discuss its results. The conference call will be broadcast live over the Internet at http://ir.essentgroup.com/events-and-presentations/events/default.aspx. The call may also be accessed by dialing 888-330-2384 inside the U.S., or 240-789-2701 for international callers, using passcode 9824537 or by referencing Essent.

A replay of the webcast will be available on the Essent website approximately two hours after the live broadcast ends for a period of one year. A replay of the conference call will be available approximately two hours after the call ends for a period of two weeks, using the following dial-in numbers and passcode: 800-770-2030 inside the U.S., or 647-362-9199 for international callers, passcode 9824537.

In addition to the information provided in the Company's earnings news release, other statistical and financial information, which may be referred to during the conference call, will be available on Essent's website at http://ir.essentgroup.com/financials/quarterly-results/default.aspx.
Forward-Looking Statements:
This press release may include “forward-looking statements” which are subject to known and unknown risks and uncertainties, many of which may be beyond our control. Forward-looking statements generally can be identified by the use of forward-looking terminology such as "may," "will," “should,” “expect,” "plan," "anticipate," "believe," “estimate,” “predict,” or "potential" or the negative thereof or variations thereon or similar terminology. Actual events, results and outcomes may differ materially from our expectations due to a variety of known and unknown risks, uncertainties and other factors. Although it is not possible to identify all of these risks and factors, they include, among others, the following: changes in or to Fannie Mae and Freddie Mac (the “GSEs”), whether through Federal legislation, restructurings or a shift in business practices; failure to continue to meet the mortgage insurer eligibility requirements of the GSEs; competition for customers or the loss of a significant customer; lenders or investors seeking alternatives to private mortgage insurance; an increase in the number of loans insured through Federal government mortgage insurance programs; decline in the volume of low down payment mortgage originations; uncertainty of loss reserve estimates; decrease in the length of time our insurance policies are in force; deteriorating economic conditions; and other risks and factors described in Part I, Item 1A “Risk Factors” of our Annual Report on Form 10-K for the year ended December 31, 2023 filed with the Securities and Exchange Commission on February 16, 2024, as subsequently updated through other reports we file with the Securities and Exchange Commission. Any forward-looking information presented herein is made only as of the date of this press release, and we do not undertake any obligation to update or revise any forward-looking information to reflect changes in assumptions, the occurrence of unanticipated events, or otherwise.







About the Company:
Essent Group Ltd. (NYSE: ESNT) is a Bermuda-based holding company (collectively with its subsidiaries, “Essent”) offering private mortgage insurance, reinsurance, and title insurance and settlement services to serve the housing finance industry. Additional information regarding Essent may be found at www.essentgroup.com.

Source: Essent Group Ltd.

Media Contact
610.230.0556
media@essentgroup.com

Investor Relations Contact
Philip Stefano
Vice President, Investor Relations
855-809-ESNT
ir@essentgroup.com


Essent Group Ltd. and Subsidiaries
Financial Results and Supplemental Information (Unaudited)
Quarter and Year Ended December 31, 2024
Exhibit ACondensed Consolidated Statements of Comprehensive Income (Unaudited)
Exhibit BCondensed Consolidated Balance Sheets (Unaudited)
Exhibit CConsolidated Historical Quarterly Data
Exhibit DU.S. Mortgage Insurance Portfolio Historical Quarterly Data
Exhibit ENew Insurance Written - U.S. Mortgage Insurance Portfolio
Exhibit FInsurance in Force and Risk in Force - U.S. Mortgage Insurance Portfolio
Exhibit GOther Risk in Force
Exhibit HU.S. Mortgage Insurance Portfolio Vintage Data
Exhibit IU.S. Mortgage Insurance Portfolio Reinsurance Vintage Data
Exhibit JU.S. Mortgage Insurance Portfolio Geographic Data
Exhibit KRollforward of Defaults and Reserve for Losses and LAE
Exhibit LDetail of Reserves by Default Delinquency
Exhibit MInvestments Available for Sale
Exhibit NU.S. Mortgage Insurance Company Capital
Exhibit ORatios and Reconciliation of Non-GAAP Financial Measures



Exhibit A
Essent Group Ltd. and Subsidiaries
Condensed Consolidated Statements of Comprehensive Income (Unaudited)
Three Months Ended December 31,Year Ended December 31,
(In thousands, except per share amounts)2024202320242023
Revenues:
Direct premiums written$279,008 $269,255 $1,098,603 $1,028,781 
Ceded premiums(39,499)(31,068)(132,023)(134,499)
Net premiums written239,509 238,187 966,580 894,282 
Decrease in unearned premiums4,956 7,427 24,302 22,624 
Net premiums earned244,465 245,614 990,882 916,906 
Net investment income56,559 50,581 222,070 186,139 
Realized investment gains (losses), net(114)(4,892)(2,350)(7,204)
Income (loss) from other invested assets6,889 (421)7,375 (11,118)
Other income7,228 6,395 24,927 25,036 
Total revenues315,027 297,277 1,242,904 1,109,759 
Losses and expenses:
Provision for losses and LAE40,975 19,640 81,220 31,542 
Other underwriting and operating expenses70,951 66,723 270,874 225,081 
Interest expense8,151 7,953 35,319 30,137 
Total losses and expenses120,077 94,316 387,413 286,760 
Income before income taxes194,950 202,961 855,491 822,999 
Income tax expense27,050 27,594 126,088 126,613 
Net income$167,900 $175,367 $729,403 $696,386 
Earnings per share:
Basic$1.60 $1.66 $6.92 $6.56 
Diluted1.58 1.64 6.85 6.50 
Weighted average shares outstanding:
Basic104,963 105,733 105,394 106,222 
Diluted106,104 106,823 106,550 107,129 
Net income$167,900 $175,367 $729,403 $696,386 
Other comprehensive income (loss):
Change in unrealized appreciation (depreciation) of investments(113,705)155,887 (23,488)102,294 
Total other comprehensive income (loss)(113,705)155,887 (23,488)102,294 
Comprehensive income$54,195 $331,254 $705,915 $798,680 


Exhibit B
Essent Group Ltd. and Subsidiaries
Condensed Consolidated Balance Sheets (Unaudited)
December 31,December 31,
(In thousands, except per share amounts)20242023
Assets
Investments
Fixed maturities available for sale, at fair value$5,112,697 $4,335,008 
Short-term investments available for sale, at fair value764,024 928,731 
Total investments available for sale5,876,721 5,263,739 
Other invested assets303,900 277,226 
Total investments6,180,621 5,540,965 
Cash131,480 141,787 
Accrued investment income43,732 35,689 
Accounts receivable55,564 63,266 
Deferred policy acquisition costs9,653 9,139 
Property and equipment41,871 41,304 
Prepaid federal income tax489,600 470,646 
Goodwill and acquired intangible assets, net79,556 72,826 
Other assets79,572 51,051 
Total assets$7,111,649 $6,426,673 
Liabilities and Stockholders' Equity
Liabilities
Reserve for losses and LAE$328,866 $260,095 
Unearned premium reserve115,983 140,285 
Net deferred tax liability392,428 362,753 
Senior notes due 2029, net of deferred costs493,959 — 
Credit facility borrowings, net of deferred costs— 421,920 
Other accrued liabilities176,755 139,070 
Total liabilities1,507,991 1,324,123 
Commitments and contingencies
Stockholders' Equity
Common shares, $0.015 par value:
Authorized - 233,333; issued and outstanding - 105,015 shares in 2024 and 106,597 shares in 20231,575 1,599 
Additional paid-in capital1,214,956 1,299,869 
Accumulated other comprehensive income (loss)(303,984)(280,496)
Retained earnings4,691,111 4,081,578 
Total stockholders' equity 5,603,658 5,102,550 
Total liabilities and stockholders' equity$7,111,649 $6,426,673 
Return on average equity13.6 %14.6 %



Exhibit C
Essent Group Ltd. and Subsidiaries
Supplemental Information
Consolidated Historical Quarterly Data
20242023
Selected Income Statement DataDecember 31September 30June 30March 31December 31
(In thousands, except per share amounts)
Revenues:
Net premiums earned:
U.S. mortgage insurance portfolio$211,683 $214,119 $217,513 $212,479 $211,083 
GSE and other risk share16,180 17,130 17,745 17,826 17,166 
Title insurance16,602 17,687 16,633 15,285 17,365 
Net premiums earned244,465 248,936 251,891 245,590 245,614 
Net investment income56,559 57,340 56,086 52,085 50,581 
Realized investment gains (losses), net(114)68 (1,164)(1,140)(4,892)
Income (loss) from other invested assets6,889 2,820 (419)(1,915)(421)
Other income (loss) (1)
7,228 7,414 6,548 3,737 6,395 
Total revenues315,027 316,578 312,942 298,357 297,277 
Losses and expenses:
Provision (benefit) for losses and LAE40,975 30,666 (334)9,913 19,640 
Other underwriting and operating expenses70,951 66,881 66,202 66,840 66,723 
Interest expense8,151 11,457 7,849 7,862 7,953 
Total losses and expenses120,077 109,004 73,717 84,615 94,316 
Income before income taxes194,950 207,574 239,225 213,742 202,961 
Income tax expense (2)
27,050 31,399 35,616 32,023 27,594 
Net income$167,900 $176,175 $203,609 $181,719 $175,367 
Earnings per share:
   Basic$1.60 $1.67 $1.93 $1.72 $1.66 
   Diluted1.58 1.65 1.91 1.70 1.64 
Weighted average shares outstanding:
   Basic104,963 105,266 105,657 105,697 105,733 
   Diluted106,104 106,554 106,778 106,770 106,823 
Book value per share$53.36 $53.11 $50.58 $48.96 $47.87 
Return on average equity (annualized)11.9 %12.8 %15.4 %14.1 %14.2 %
Senior Debt & Credit Facility
Borrowings outstanding$500,000 $500,000 $425,000 $425,000 $425,000 
Undrawn committed capacity$500,000 $500,000 $400,000 $400,000 $400,000 
Weighted average interest rate (end of period)
6.25 %6.25 %7.07 %7.06 %7.11 %
Debt-to-capital8.19 %8.14 %7.32 %7.52 %7.69 %
(1) Other income includes net favorable (unfavorable) changes in the fair value of embedded derivatives associated with certain of our third-party reinsurance agreements, which for the quarters ended December 31, 2024, September 30, 2024, June 30, 2024, March 31, 2024, and December 31, 2023 was $204, ($1,173), $732, ($1,902), and $412, respectively.
(2) Income tax expense for the quarters ended December 31, 2024, September 30, 2024, June 30, 2024, March 31, 2024 and December 31, 2023 includes $1,591, $475, $556, ($1,041), and ($1,132), respectively, of discrete tax expense (benefit) associated with realized and unrealized gains and losses. Income tax expense for the quarter ended December 31, 2024 also includes $1,252 of favorable adjustments related to prior year tax returns. Income tax expense for the quarter ended March 31, 2024 also includes ($616) of excess tax benefits associated with the vesting of common shares and common share units. Income tax expense for the quarter ended December 31, 2023 also includes a $2,731 net benefit associated with the recognition of a deferred tax asset for unrealized losses on the investment portfolios of Essent Group and Essent Re upon the enactment of the Bermuda Corporate Income Tax.


Exhibit D
Essent Group Ltd. and Subsidiaries
Supplemental Information
U.S. Mortgage Insurance Portfolio Historical Quarterly Data
20242023
Other Data, continued:December 31September 30June 30March 31December 31
($ in thousands)
U.S. Mortgage Insurance Portfolio
New insurance written$12,220,968 $12,513,695 $12,503,125 $8,323,544 $8,769,160 
New risk written3,297,296 3,437,465 3,449,623 2,289,508 2,409,340 
Average insurance in force$243,236,830 $242,065,632 $239,538,571 $238,595,268 $239,005,961 
Insurance in force (end of period)$243,645,423 $242,976,043 $240,669,165 $238,477,402 $239,078,262 
Gross risk in force (end of period) (1)
$66,613,517 $66,237,992 $65,269,064 $64,247,810 $64,061,374 
Risk in force (end of period)$56,477,150 $55,915,640 $55,521,538 $54,686,533 $54,591,590 
Policies in force813,013 815,507 814,237 815,752 822,012 
Weighted average coverage (2)
27.3 %27.3 %27.1 %26.9 %26.8 %
Annual persistency85.7 %86.6 %86.7 %86.9 %86.9 %
Loans in default (count)18,439 15,906 13,954 13,992 14,819 
Percentage of loans in default2.27 %1.95 %1.71 %1.72 %1.80 %
U.S. Mortgage Insurance Portfolio Premium Rate:
   Base average premium rate (3)
0.41 %0.41 %0.41 %0.41 %0.40 %
   Single premium cancellations (4)
— %— %— %— %— %
  Gross average premium rate0.41 %0.41 %0.41 %0.41 %0.40 %
  Ceded premiums(0.06 %)(0.06 %)(0.05 %)(0.05 %)(0.05 %)
    Net average premium rate0.35 %0.35 %0.36 %0.36 %0.35 %
(1) Gross risk in force includes risk ceded under third-party reinsurance.
(2) Weighted average coverage is calculated by dividing end of period gross risk in force by end of period insurance in force.
(3) Base average premium rate is calculated by dividing annualized base premiums earned by average insurance in force for the period.
(4) Single premium cancellations is calculated by dividing annualized premiums on the cancellation of non-refundable single premium policies by average insurance in force for the period.



Exhibit E
Essent Group Ltd. and Subsidiaries
Supplemental Information
New Insurance Written: U.S. Mortgage Insurance Portfolio
NIW by Credit Score
Three Months EndedYear Ended
December 31, 2024December 31, 2023December 31, 2024December 31, 2023
($ in thousands)
>=760$5,754,605 47.1 %$3,708,316 42.3 %$20,141,961 44.2 %$19,181,507 40.2 %
740-7592,131,356 17.4 1,531,800 17.5 7,848,645 17.2 8,563,621 18.0 
720-7391,640,275 13.4 1,333,537 15.2 6,468,993 14.2 7,644,101 16.0 
700-7191,390,278 11.4 1,256,250 14.3 5,738,325 12.6 7,148,954 15.0 
680-699743,789 6.1 581,913 6.6 3,095,378 6.8 3,606,260 7.6 
<=679560,665 4.6 357,344 4.1 2,268,030 5.0 1,522,409 3.2 
Total$12,220,968 100.0 %$8,769,160 100.0 %$45,561,332 100.0 %$47,666,852 100.0 %
Weighted average credit score751 747 748 746 
NIW by LTV
Three Months EndedYear Ended
December 31, 2024December 31, 2023December 31, 2024December 31, 2023
($ in thousands)
85.00% and below$977,154 8.0 %$642,636 7.3 %$3,227,588 7.1 %$3,443,647 7.2 %
85.01% to 90.00%2,821,683 23.1 1,871,854 21.3 9,392,983 20.6 9,822,916 20.6 
90.01% to 95.00%6,348,777 51.9 4,660,032 53.1 24,357,459 53.5 26,043,728 54.6 
95.01% and above2,073,354 17.0 1,594,638 18.3 8,583,302 18.8 8,356,561 17.6 
Total$12,220,968 100.0 %$8,769,160 100.0 %$45,561,332 100.0 %$47,666,852 100.0 %
Weighted average LTV93 %93 %93 %93 %
NIW by Product
Three Months EndedYear Ended
December 31, 2024December 31, 2023December 31, 2024December 31, 2023
Single Premium policies1.2 %2.5 %1.4 %3.5 %
Monthly Premium policies98.8 97.5 98.6 96.5 
100.0 %100.0 %100.0 %100.0 %
NIW by Purchase vs. Refinance
Three Months EndedYear Ended
December 31, 2024December 31, 2023December 31, 2024December 31, 2023
Purchase88.3 %98.7 %95.0 %98.8 %
Refinance11.7 1.3 5.0 1.2 
100.0 %100.0 %100.0 %100.0 %


Exhibit F
Essent Group Ltd. and Subsidiaries
Supplemental Information
Insurance in Force and Risk in Force - U.S. Mortgage Insurance Portfolio
Portfolio by Credit Score
IIF by FICO scoreDecember 31, 2024September 30, 2024December 31, 2023
($ in thousands)
>=760$99,221,741 40.7 %$98,553,455 40.6 %$97,085,244 40.6 %
740-75942,574,390 17.5 42,377,559 17.4 41,490,720 17.4 
720-73937,953,625 15.6 37,947,254 15.6 37,435,781 15.7 
700-71932,657,660 13.4 32,685,044 13.5 31,932,469 13.4 
680-69919,772,912 8.1 19,890,335 8.2 19,780,944 8.3 
<=67911,465,095 4.7 11,522,396 4.7 11,353,104 4.6 
Total$243,645,423 100.0 %$242,976,043 100.0 %$239,078,262 100.0 %
Weighted average credit score746 746 746 
Gross RIF by FICO scoreDecember 31, 2024September 30, 2024December 31, 2023
($ in thousands)
>=760$26,860,197 40.3 %$26,614,399 40.2 %$25,752,549 40.2 %
740-75911,799,832 17.7 11,715,485 17.7 11,268,607 17.6 
720-73910,512,364 15.8 10,485,311 15.8 10,179,683 15.9 
700-7199,067,640 13.6 9,044,551 13.7 8,687,001 13.6 
680-6995,440,776 8.2 5,451,406 8.2 5,330,894 8.3 
<=6792,932,708 4.4 2,926,840 4.4 2,842,640 4.4 
Total$66,613,517 100.0 %$66,237,992 100.0 %$64,061,374 100.0 %
Portfolio by LTV
IIF by LTVDecember 31, 2024September 30, 2024December 31, 2023
($ in thousands)
85.00% and below$14,738,289 6.0 %$15,555,555 6.4 %$19,869,776 8.3 %
85.01% to 90.00%60,636,883 24.9 61,262,960 25.2 62,973,580 26.3 
90.01% to 95.00%127,152,954 52.2 125,919,529 51.8 119,764,184 50.1 
95.01% and above41,117,297 16.9 40,237,999 16.6 36,470,722 15.3 
Total$243,645,423 100.0 %$242,976,043 100.0 %$239,078,262 100.0 %
Weighted average LTV93 %93 %93 %
Gross RIF by LTVDecember 31, 2024September 30, 2024December 31, 2023
($ in thousands)
85.00% and below$1,745,933 2.6 %$1,845,584 2.8 %$2,364,232 3.7 %
85.01% to 90.00%14,961,779 22.5 15,120,025 22.8 15,494,172 24.2 
90.01% to 95.00%37,510,076 56.3 37,149,222 56.1 35,260,761 55.0 
95.01% and above12,395,729 18.6 12,123,161 18.3 10,942,209 17.1 
Total$66,613,517 100.0 %$66,237,992 100.0 %$64,061,374 100.0 %
Portfolio by Loan Amortization Period
IIF by Loan Amortization PeriodDecember 31, 2024September 30, 2024December 31, 2023
($ in thousands)
FRM 30 years and higher$238,335,608 97.8 %$237,628,900 97.8 %$232,995,380 97.5 %
FRM 20-25 years1,133,494 0.5 1,199,947 0.5 1,685,700 0.7 
FRM 15 years1,231,952 0.5 1,191,749 0.5 1,505,759 0.6 
ARM 5 years and higher2,944,369 1.2 2,955,447 1.2 2,891,423 1.2 
Total$243,645,423 100.0 %$242,976,043 100.0 %$239,078,262 100.0 %


Exhibit G
Essent Group Ltd. and Subsidiaries
Supplemental Information
Other Risk in Force
20242023
($ in thousands)December 31September 30June 30March 31December 31
GSE and other risk share (1):
Risk in Force$2,240,284 $2,254,726 $2,304,885 $2,307,267 $2,244,944 
Reserve for losses and LAE$51 $37 $33 $32 $29 
Weighted average credit score751 750 750 750 749 
Weighted average LTV82 %82 %82 %82 %82 %
(1) GSE and other risk share includes GSE risk share and other reinsurance transactions. Essent Reinsurance Ltd. ("Essent Re") provides insurance or reinsurance relating to the risk in force on loans in reference pools acquired by Freddie Mac and Fannie Mae.



Exhibit H
Essent Group Ltd. and Subsidiaries
Supplemental Information
U.S. Mortgage Insurance Portfolio Vintage Data
December 31, 2024
Insurance in Force
YearOriginal
Insurance
Written
($ in thousands)		Remaining
Insurance
in Force
($ in thousands)		% Remaining of Original
Insurance		Number of Policies in ForceWeighted Average Coupon% Purchase>90% LTV>95% LTVFICO < 700FICO >= 760Incurred Loss Ratio (Inception to Date) (1)Number of Loans in DefaultPercentage of Loans in Default
2010 - 2014$60,668,851 $975,931 1.6 %5,373 4.28 %65.9 %49.1 %1.0 %9.8 %49.8 %2.4 %232 4.32 %
201526,193,656 766,918 2.9 4,325 4.29 75.0 57.2 5.6 16.9 41.3 2.1 209 4.83 
201634,949,319 1,981,674 5.7 11,869 3.97 84.9 74.9 15.3 17.5 40.0 2.0 459 3.87 
201743,858,322 3,512,218 8.0 21,796 4.31 90.8 82.3 24.6 21.3 36.3 3.1 1,024 4.70 
201847,508,525 4,579,054 9.6 26,580 4.81 95.1 75.2 27.6 22.1 31.9 4.0 1,280 4.82 
201963,569,183 10,173,254 16.0 50,262 4.24 89.4 72.3 25.9 19.0 34.9 3.7 1,833 3.65 
2020107,944,065 35,499,947 32.9 142,347 3.21 73.1 64.1 15.0 10.7 45.4 2.8 2,623 1.84 
202184,218,250 50,162,523 59.6 169,271 3.10 89.9 67.4 17.0 13.8 40.3 6.3 3,857 2.28 
202263,061,262 51,504,293 81.7 149,358 5.08 98.2 66.3 11.5 12.6 39.6 19.0 3,862 2.59 
202347,666,852 41,118,618 86.3 116,747 6.63 98.8 73.0 18.8 11.1 38.5 19.7 2,398 2.05 
202445,561,332 43,370,993 95.2 115,085 6.71 94.9 72.6 19.5 12.0 43.2 12.8 662 0.58 
Total$625,199,617 $243,645,423 39.0 813,013 4.89 91.5 69.1 16.9 12.8 40.7 5.0 18,439 2.27 
(1) Incurred loss ratio is calculated by dividing the sum of case reserves and cumulative amount paid for claims by cumulative net premiums earned.




Exhibit I
Essent Group Ltd. and Subsidiaries
Supplemental Information
U.S. Mortgage Insurance Portfolio Reinsurance Vintage Data
December 31, 2024
($ in thousands)
Insurance Linked Notes (1)
Earned Premiums Ceded
Deal NameVintageRemaining
Insurance
in Force		Remaining
Risk
in Force		Original
Reinsurance in Force		Remaining
Reinsurance in Force		Losses
Ceded
to Date		Original
First Layer
Retention		Remaining
First Layer
Retention		Quarter-to-Date Year-to-DateReduction in PMIERs Minimum Required
Assets (3)
Radnor Re 2021-1Aug. 2020 - Mar. 2021$23,839,935 $6,533,211 $557,911 $190,062 $— $278,956 $277,698 $1,849 $8,413 $138,631 
Radnor Re 2021-2Apr. 2021 - Sep. 202129,757,565 8,243,653 439,407 265,134 — 279,415 276,141 3,533 14,485 203,328 
Radnor Re 2022-1Oct. 2021 - Jul. 202227,859,437 7,621,952 237,868 175,026 — 303,761 300,105 3,598 15,076 161,024 
Radnor Re 2023-1Aug. 2022 - Jun. 202328,058,061 7,690,718 281,462 268,320 — 281,463 280,559 3,583 14,240 254,368 
Radnor Re 2024-1Jul. 2023 - Jul. 202429,033,466 8,025,937 363,366 331,415 — 256,495 256,495 4,274 4,747 245,247 
Total$138,548,464 $38,115,471 $1,880,014 $1,229,957 $— $1,400,090 $1,390,998 $16,837 $56,961 (5)$1,002,598 
Excess of Loss Reinsurance (2)
Earned Premiums Ceded
Deal NameVintageRemaining
Insurance
in Force		Remaining
Risk
in Force		Original
Reinsurance in Force		Remaining
Reinsurance in Force		Losses
Ceded
to Date		Original
First Layer
Retention		Remaining
First Layer
Retention		Quarter-to-Date Year-to-DateReduction in PMIERs Minimum Required
Assets (3)
XOL 2019-1Jan. 2018 - Dec. 2018$4,535,941 $1,195,244 $118,650 $76,144 $— $253,643 $243,704 $627 $2,495 $— 
XOL 2020-1Jan. 2019 - Aug. 20195,760,682 1,522,699 55,102 29,152 — 215,605 211,678 263 1,072 — 
XOL 2022-1Oct. 2021 - Dec. 202263,001,325 17,184,107 141,992 141,992 — 507,114 496,864 1,611 6,407 137,827 
XOL 2023-1Jan. 2023 - Dec. 202336,841,903 10,211,722 36,627 36,627 — 366,270 366,028 439 1,745 35,212 
XOL 2024-1Jan. 2024 - Dec. 202440,244,132 11,048,540 46,537 58,005 — 331,456 331,456 658 1,186 55,795 
Total$150,383,983 $41,162,312 $398,908 $341,920 $— $1,674,088 $1,649,730 $3,598 $12,905 $228,834 
Quota Share Reinsurance (2)
Losses CededCeding CommissionEarned Premiums Ceded
YearCeding PercentageRemaining
Insurance
in Force		Remaining
Risk
in Force		Remaining Ceded Insurance in ForceRemaining Ceded Risk in ForceQuarter-to-DateYear-to-DateQuarter-to-DateYear-to-DateQuarter-to-DateYear-to-DateReduction in PMIERs Minimum Required
Assets (3)
Sep. 2019 - Dec. 2020(4)$39,765,140 $10,882,461 $8,168,806 $2,206,351 $422 $276 $2,562 $9,926 $4,193 $16,643 $134,006 
Jan. 2022 - Dec. 202220%51,455,224 14,014,676 10,291,045 2,802,935 3,350 6,867 1,810 7,444 6,789 21,010 206,391 
Jan. 2023 - Dec. 202317.5%36,735,900 10,185,812 6,428,783 1,782,517 1,933 6,424 1,294 5,340 4,650 17,638 141,321 
Jan. 2024 - Dec. 202415%43,113,057 11,817,914 6,466,958 1,772,687 997 1,713 1,133 2,434 3,432 6,947 125,736 
Total$171,069,321 $46,900,863 $31,355,592 $8,564,490 $6,702 $15,280 $6,799 $25,144 $19,064 $62,238 $607,454 
(1) Reinsurance provided by unaffiliated special purpose insurers through the issuance of mortgage insurance-linked notes ("ILNs").
(2) Reinsurance provided by panels of reinsurers.
(3) Represents the reduction in Essent Guaranty, Inc.'s Minimum Required Assets based on our interpretation of the PMIERs.
(4) Reinsurance coverage on 40% of eligible single premium policies and 20% of all other eligible policies.
(5) Excludes $81 of benefit in ceded premium on retired ILNs for the year ended December 31, 2024.


Exhibit J
Essent Group Ltd. and Subsidiaries
Supplemental Information
U.S. Mortgage Insurance Portfolio Geographic Data
IIF by State
December 31, 2024September 30, 2024December 31, 2023
CA12.5 %12.5 %13.0 %
FL11.9 11.8 11.1 
TX11.1 10.9 10.5 
CO4.1 4.1 4.1 
AZ3.8 3.8 3.7 
GA3.7 3.7 3.4 
WA3.4 3.4 3.5 
NC3.0 3.0 2.9 
NY2.6 2.6 2.5 
OH2.6 2.6 2.6 
All Others41.3 41.6 42.7 
Total100.0 %100.0 %100.0 %
Gross RIF by State
December 31, 2024September 30, 2024December 31, 2023
CA12.4 %12.5 %12.8 %
FL12.1 12.0 11.4 
TX11.4 11.2 10.9 
CO4.0 4.0 4.0 
AZ3.9 3.9 3.8 
GA3.8 3.8 3.4 
WA3.4 3.4 3.5 
NC3.0 3.0 2.9 
OH2.5 2.6 2.6 
MI2.5 2.5 2.5 
All Others41.0 41.1 42.2 
Total100.0 %100.0 %100.0 %



Exhibit K
Essent Group Ltd. and Subsidiaries
Supplemental Information
Rollforward of Defaults and Reserve for Losses and LAE
U.S. Mortgage Insurance Portfolio
Rollforward of Insured Loans in Default
Three Months Ended
20242023
December 31September 30June 30March 31December 31
Beginning default inventory15,906 13,954 13,992 14,819 13,391 
Plus: new defaults (A)
11,136 9,984 8,119 8,260 9,007 
Less: cures(8,408)(7,819)(7,956)(8,951)(7,418)
Less: claims paid(183)(182)(183)(123)(148)
Less: rescissions and denials, net(12)(31)(18)(13)(13)
Ending default inventory18,439 15,906 13,954 13,992 14,819 
(A) New defaults remaining as of December 31, 2024
8,538 3,809 2,141 1,158 934 
        Cumulative cure rate (1)
23 %62 %74 %86 %90 %
Total amount paid for claims (in thousands)$7,740 $5,749 $5,566 $3,605 $3,411 
Average amount paid per claim (in thousands)$42 $32 $30 $29 $23 
Severity68 %58 %60 %65 %54 %
Rollforward of Reserve for Losses and LAE
Three Months Ended
20242023
($ in thousands)December 31September 30June 30March 31December 31
Reserve for losses and LAE at beginning of period$274,926 $246,107 $253,565 $245,402 $226,617 
Less: Reinsurance recoverables30,867 26,022 26,570 24,005 20,656 
Net reserve for losses and LAE at beginning of period244,059 220,085 226,995 221,397 205,961 
Add provision for losses and LAE occurring in:
Current year50,212 51,649 30,653 39,396 38,922 
Prior years(12,976)(21,836)(31,880)(30,062)(19,912)
Incurred losses and LAE during the period37,236 29,813 (1,227)9,334 19,010 
Deduct payments for losses and LAE occurring in:
Current year1,569 637 478 1 330 
Prior years6,225 5,202 5,205 3,735 3,244 
Loss and LAE payments during the period7,794 5,839 5,683 3,736 3,574 
Net reserve for losses and LAE at end of period273,501 244,059 220,085 226,995 221,397 
Plus: Reinsurance recoverables36,655 30,867 26,022 26,570 24,005 
Reserve for losses and LAE at end of period$310,156 $274,926 $246,107 $253,565 $245,402 
(1) The cure rate is calculated by dividing new defaults remaining as of the reporting date by the original number of new defaults reported in the quarterly period and subtracting that percentage from 100%.


Exhibit L
Essent Group Ltd. and Subsidiaries
Supplemental Information
Detail of Reserves by Default Delinquency
U.S. Mortgage Insurance Portfolio
December 31, 2024
Number of
Policies in
Default		Percentage of
Policies in
Default		 Amount of Reserves Percentage of Reserves Defaulted RIF Reserves as a Percentage of
Defaulted RIF
($ in thousands)
Missed Payments:
Two payments6,691 36 %$32,672 11 %$522,644 6 %
Three payments3,154 17 26,278 9 250,696 10 
Four to eleven payments6,408 35 122,551 43 515,600 24 
Twelve or more payments2,022 11 93,269 33 153,376 61 
Pending claims164 1 11,174 4 12,478 90 
Total case reserves18,439 100 %285,944 100 %$1,454,794 20 %
IBNR21,446 
LAE2,766 
Total reserves for losses and LAE$310,156 
Average reserve per default:
Case$15.5 
Total$16.8 
Default Rate2.27%
December 31, 2023
Number of
Policies in
Default		Percentage of
Policies in
Default		 Amount of ReservesPercentage of Reserves Defaulted RIFReserves as a Percentage of
Defaulted RIF
($ in thousands)
Missed Payments:
Two payments5,041 34 %$24,917 11 %$361,986 7 %
Three payments2,247 15 19,690 9 165,433 12 
Four to eleven payments5,421 37 97,424 43 417,876 23 
Twelve or more payments1,984 13 78,540 35 132,257 59 
Pending claims126 1 5,550 2 6,302 88 
Total case reserves14,819 100 %226,121 100 %$1,083,854 21 %
IBNR16,959 
LAE2,322 
Total reserves for losses and LAE$245,402 
Average reserve per default:
Case$15.3 
Total$16.6 
Default Rate1.80%




Exhibit M
Essent Group Ltd. and Subsidiaries
Supplemental Information
Investments Available for Sale
Investments Available for Sale by Asset Class
Asset ClassDecember 31, 2024December 31, 2023
($ in thousands)Fair ValuePercentFair ValuePercent
U.S. Treasury securities$547,290 9.3 %$996,382 18.9 %
U.S. agency securities— — 7,195 0.1 
U.S. agency mortgage-backed securities1,125,436 19.2 821,346 15.6 
Municipal debt securities583,501 9.9 547,258 10.5 
Non-U.S. government securities69,798 1.2 67,447 1.3 
Corporate debt securities1,783,046 30.3 1,297,055 24.6 
Residential and commercial mortgage securities478,086 8.1 517,940 9.8 
Asset-backed securities631,959 10.8 564,995 10.8 
Money market funds657,605 11.2 444,121 8.4 
Total investments available for sale$5,876,721 100.0 %$5,263,739 100.0 %
Investments Available for Sale by Credit Rating
Rating (1)
December 31, 2024December 31, 2023
($ in thousands)Fair ValuePercentFair ValuePercent
Aaa$2,513,014 48.1 %$2,561,363 53.2 %
Aa1101,809 2.0 104,474 2.2 
Aa2301,080 5.8 291,501 6.0 
Aa3271,069 5.2 208,882 4.3 
A1511,076 9.8 377,188 7.8 
A2411,999 7.9 329,423 6.8 
A3463,616 8.8 253,081 5.3 
Baa1218,454 4.2 220,901 4.6 
Baa2198,193 3.8 226,449 4.7 
Baa3151,729 2.9 166,121 3.4 
Below Baa377,077 1.5 80,235 1.7 
Total (2)
$5,219,116 100.0 %$4,819,618 100.0 %
(1) Based on ratings issued by Moody's, if available. S&P or Fitch rating utilized if Moody's not available.
(2) Excludes $657,605 and $444,121 of money market funds at December 31, 2024 and December 31, 2023, respectively.
Investments Available for Sale by Duration and Book Yield
Effective DurationDecember 31, 2024December 31, 2023
($ in thousands)Fair ValuePercentFair ValuePercent
< 1 year$1,587,022 26.9 %$1,892,074 35.9 %
1 to < 2 years544,630 9.3 371,583 7.1 
2 to < 3 years473,301 8.1 538,775 10.2 
3 to < 4 years445,614 7.6 402,668 7.6 
4 to < 5 years546,414 9.3 376,722 7.2 
5 or more years2,279,740 38.8 1,681,917 32.0 
Total investments available for sale$5,876,721 100.0 %$5,263,739 100.0 %
Pre-tax investment income yield:
Three months ended December 31, 20243.66 %
Year ended December 31, 20243.74 %
Holding company net cash and investments available for sale:
($ in thousands)
As of December 31, 2024$1,052,900 
As of December 31, 2023$693,507 


Exhibit N
Essent Group Ltd. and Subsidiaries
Supplemental Information
U.S. Mortgage Insurance Company Capital
20242023
December 31September 30June 30March 31December 31
($ in thousands)
U.S. Mortgage Insurance Subsidiaries:
Combined statutory capital (1) (7)
$3,594,381 $3,584,580 $3,530,462 $3,453,553 $3,376,117 
Combined net risk in force (2) (7)
$35,159,976 $34,893,957 $34,812,227 $34,463,082 $34,549,500 
Risk-to-capital ratios: (3)
Essent Guaranty, Inc.9.8:110.0:110.2:110.3:110.6:1
Essent Guaranty of PA, Inc. (7)
N/A0.3:10.3:10.4:10.4:1
Combined (4) (7)
N/A9.7:19.9:110.0:110.2:1
Essent Guaranty, Inc. PMIERs Data (5):
Available Assets$3,612,993 $3,598,725 $3,513,609 $3,464,119 $3,379,936 
Minimum Required Assets2,029,738 1,903,473 2,052,135 1,999,928 1,985,545 
PMIERs excess Available Assets$1,583,255 $1,695,252 $1,461,474 $1,464,191 $1,394,391 
PMIERs sufficiency ratio (6)
178 %189 %171 %173 %170 %
Essent Reinsurance Ltd.:
Stockholder's equity (GAAP basis)$1,773,044 $1,826,901 $1,793,777 $1,793,005 $1,758,665 
Net risk in force (2)
$23,250,018 $23,003,846 $22,770,165 $22,271,316 $22,043,926 
(1) Combined statutory capital equals the sum of statutory capital of Essent Guaranty, Inc. plus Essent Guaranty of PA, Inc., prior to December 31, 2024, after eliminating the impact of intercompany transactions. Statutory capital is computed based on accounting practices prescribed or permitted by the Pennsylvania Insurance Department and the National Association of Insurance Commissioners Accounting Practices and Procedures Manual.
(2) Net risk in force represents total risk in force, net of reinsurance ceded and net of exposures on policies for which loss reserves have been established.
(3) The risk-to-capital ratio is calculated as the ratio of net risk in force to statutory capital.
(4) The combined risk-to-capital ratio equals the sum of the net risk in force of Essent Guaranty, Inc. and Essent Guaranty of PA, Inc. divided by the combined statutory capital.
(5) Data is based on our interpretation of the PMIERs as of the dates indicated.
(6) PMIERs sufficiency ratio is calculated by dividing Available Assets by Minimum Required Assets.
(7) Essent Guaranty of PA, Inc. provided reinsurance to Essent Guaranty, Inc. on certain policies originated prior to April 1, 2019. Effective December 31, 2024, Essent Guaranty of PA commuted its outstanding risk in force back to Essent Guaranty and surrendered its insurance license. Combined statutory capital and combined net risk in force as of December 31, 2024 are for Essent Guaranty only.




Exhibit O
Essent Group Ltd. and Subsidiaries
Supplemental Information
Ratios and Reconciliation of Non-GAAP Financial Measures
20242023
December 31September 30June 30March 31December 31
Loss Ratio (1)16.6 %12.2 %(0.1)%4.0 %7.9 %
Expense Ratio (2)28.7 %26.5 %26.1 %27.1 %27.0 %
Combined Ratio45.3 %38.7 %26.0 %31.1 %34.9 %
We believe that loss, expense and combined ratios are important measures of our financial performance. As a result of the July 1, 2023 acquisitions of Essent Title Insurance (formerly Agents National Title) and Boston National Title (collectively "Title"), the consolidated loss, expense and combined ratios ("Consolidated Ratios") for the three months and year ended December 31, 2024 lack comparability with historical periods. In order to provide investors with more comparative information to historical periods, Essent has prepared the table below to reconcile the Consolidated Ratios to Consolidated Ratios Excluding Title, as shown below. Consolidated Ratios Excluding Title are financial measures that are not calculated under standards or rules that comprise accounting principles generally accepted in the United States (GAAP) and are referred to as non-GAAP measures. Consolidated Ratios Excluding Title are measures used to monitor our results and should not be viewed as segment results in accordance with ASC 280 or as a substitute for those measures determined in accordance with GAAP.

The following table sets forth the reconciliation of the loss, expense and combined Consolidated Ratios Excluding Title to the most comparable GAAP amount for the three months and year ended December 31, 2024, in accordance with Regulation G:
Three Months Ended
December 31, 2024		Year Ended
December 31, 2024
ConsolidatedAcquired TitleConsolidated Excluding TitleConsolidatedAcquired TitleConsolidated Excluding Title
($ in thousands)
Revenues:
Net premiums earned$244,465 $16,602 $227,863 $990,882 $66,206 $924,676 
Net investment income56,559 805 55,754 222,070 3,170 218,900 
Realized investment losses, net(114)— (114)(2,350)— (2,350)
Loss from other invested assets6,889 — 6,889 7,375 — 7,375 
Settlement services (3)
2,954 2,954 — 9,028 9,028 — 
Other income4,274 389 3,885 15,899 1,743 14,156 
Total revenues315,027 20,750 294,277 1,242,904 80,147 1,162,757 
Losses and expenses:
Provision (benefit) for losses and LAE40,975 3,722 37,253 81,220 6,038 75,182 
Other underwriting and operating expenses (4)
62,437 18,162 44,275 233,032 57,727 175,305 
Premiums retained by agents (5)
8,514 8,514 — 37,842 37,842 — 
Interest expense8,151 — 8,151 35,319 — 35,319 
Total losses and expenses120,077 30,398 89,679 387,413 101,607 285,806 
Loss ratio (1)16.6 %19.0 %16.3 %8.1 %8.0 %8.1 %
Expense ratio (2)28.7 %136.4 %19.4 %27.1 %127.0 %19.0 %
Combined ratio45.3 %155.4 %35.7 %35.2 %135.0 %27.1 %
(1) Loss ratio is calculated by dividing the provision for losses and LAE by the sum of net premiums earned and settlement services revenue, if applicable.
(2) Expense ratio is calculated by dividing the sum of other underwriting and operating expenses and premiums retained by agents by the sum of net premiums earned and settlement services revenue, if applicable.
(3) Settlement services revenue is included in "Other income" within Exhibit A and Exhibit C.
(4) Title expenses reflect only direct expenses of Title operations and do not include corporate or centralized support expense allocations.
(5) Premiums retained by agents are included in "Other underwriting and operating expenses" within Exhibit A and Exhibit C.

v3.25.0.1
Cover Page Cover Page
Feb. 14, 2025
Cover [Abstract]  
Document Type 8-K
Document Period End Date Feb. 14, 2025
Entity Registrant Name ESSENT GROUP LTD.
Entity Incorporation, State or Country Code D0
Entity File Number 001-36157
Entity Address, Address Line One Clarendon House
Entity Address, Address Line Two 2 Church Street
Entity Address, City or Town Hamilton
Entity Address, Postal Zip Code HM11
Entity Address, Country BM
City Area Code 441
Local Phone Number 297‑9901
Written Communications false
Soliciting Material false
Pre-commencement Tender Offer false
Pre-commencement Issuer Tender Offer false
Entity Emerging Growth Company false
Title of 12(b) Security Common Shares, $0.015 par value
Trading Symbol ESNT
Security Exchange Name NYSE
Entity Central Index Key 0001448893
Amendment Flag false
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