Equibles

8-K

Essent Group Ltd. (ESNT)

8-K 2024-11-01 For: 2024-11-01
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Added on April 04, 2026

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): November 1, 2024

ESSENT GROUP LTD.

(Exact name of registrant as specified in its charter)

Bermuda 001-36157 Not 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 class Trading<br>Symbol(s) Name of each exchange on which registered
Common Shares, $0.015 par value ESNT New York Stock Exchange

Item 2.02.    Results of Operations and Financial Condition

On November 1, 2024, Essent Group Ltd. (the “Company”) issued a press release announcing its financial results for the quarter ended September 30, 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<br> No. | Description | | --- | --- | | 104 | Cover Page Interactive Data File - the cover page XBRL tags are embedded within the Inline XBRL document. | | 99.1 | Press Release issued by Essent Group Ltd. on November 1, 2024. |

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: November 1, 2024

ESSENT GROUP LTD.

By:    /s/ David B. Weinstock

Name: David B. Weinstock

Title: Senior Vice President and Chief Financial Officer

Document

Exhibit 99.1

Essent Group Ltd. Announces Third Quarter 2024 Results and Declares Quarterly Dividend

HAMILTON, Bermuda--(BUSINESS WIRE)--November 1, 2024--Essent Group Ltd. (NYSE: ESNT) today reported net income for the quarter ended September 30, 2024 of $176.2 million or $1.65 per diluted share, compared to $178.0 million or $1.66 per diluted share for the quarter ended September 30, 2023.

Essent also announced today that its Board of Directors has declared a quarterly cash dividend of $0.28 per common share. The dividend is payable on December 11, 2024, to shareholders of record on December 2, 2024.

“We are pleased with our third quarter financial results, as we continue to generate high quality earnings,” said Mark A. Casale, Chairman and Chief Executive Officer. “Our results continue to benefit from the impact of interest rates on persistency and the growth in our investment portfolio. Our performance for the quarter demonstrates the strength of our operating model in producing strong returns and growing book value per share.”

Financial Highlights:

•New insurance written for the third quarter of 2024 was $12.5 billion, consistent with the second quarter of 2024 and the third quarter of 2023.

•Insurance in force as of September 30, 2024 was $243.0 billion, compared to $240.7 billion as of June 30, 2024 and $238.7 billion as of September 30, 2023.

•Net investment income for the nine months ended September 30, 2024 was $165.5 million, up 22% from the comparable period in 2023.

•In September, Essent closed its 10th mortgage insurance-linked note transaction, Radnor Re 2024-1, which provides $363 million of collateralized reinsurance coverage for new insurance written from July 2023 through July 2024.

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 Ended September 30, 2024
Exhibit A Condensed Consolidated Statements of Comprehensive Income (Unaudited)
Exhibit B Condensed Consolidated Balance Sheets (Unaudited)
Exhibit C Consolidated Historical Quarterly Data
Exhibit D U.S. Mortgage Insurance Portfolio Historical Quarterly Data
Exhibit E New Insurance Written - U.S. Mortgage Insurance Portfolio
Exhibit F Insurance in Force and Risk in Force - U.S. Mortgage Insurance Portfolio
Exhibit G Other Risk in Force
Exhibit H U.S. Mortgage Insurance Portfolio Vintage Data
Exhibit I U.S. Mortgage Insurance Portfolio Reinsurance Vintage Data
Exhibit J U.S. Mortgage Insurance Portfolio Geographic Data
Exhibit K Rollforward of Defaults and Reserve for Losses and LAE - U.S. Mortgage Insurance Portfolio
Exhibit L Detail of Reserves by Default Delinquency - U.S. Mortgage Insurance Portfolio
Exhibit M Investments Available for Sale
Exhibit N U.S. Mortgage Insurance Company Capital
Exhibit O Ratios and Reconciliation of Non-GAAP Financial Measures
Exhibit A
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Essent Group Ltd. and Subsidiaries
Condensed Consolidated Statements of Comprehensive Income (Unaudited)
Three Months Ended September 30, Nine Months Ended September 30,
(In thousands, except per share amounts) 2024 2023 2024 2023
Revenues:
Direct premiums written $ 277,754 $ 270,868 $ 819,595 $ 759,526
Ceded premiums (34,789) (30,294) (92,524) (103,431)
Net premiums written 242,965 240,574 727,071 656,095
Decrease in unearned premiums 5,971 6,231 19,346 15,197
Net premiums earned 248,936 246,805 746,417 671,292
Net investment income 57,340 47,072 165,511 135,558
Realized investment gains (losses), net 68 (235) (2,236) (2,312)
Income (loss) from other invested assets 2,820 (3,143) 486 (10,697)
Other income 7,414 5,609 17,699 18,641
Total revenues 316,578 296,108 927,877 812,482
Losses and expenses:
Provision for losses and LAE 30,666 10,822 40,245 11,902
Other underwriting and operating expenses 57,259 54,814 170,595 145,183
Premiums retained by agents 9,622 13,175 29,328 13,175
Interest expense 11,457 7,854 27,168 22,184
Total losses and expenses 109,004 86,665 267,336 192,444
Income before income taxes 207,574 209,443 660,541 620,038
Income tax expense 31,399 31,484 99,038 99,019
Net income $ 176,175 $ 177,959 $ 561,503 $ 521,019
Earnings per share:
Basic $ 1.67 $ 1.68 $ 5.32 $ 4.90
Diluted 1.65 1.66 5.26 4.86
Weighted average shares outstanding:
Basic 105,266 105,979 105,539 106,387
Diluted 106,554 107,025 106,700 107,232
Net income $ 176,175 $ 177,959 $ 561,503 $ 521,019
Other comprehensive income (loss):
Change in unrealized appreciation (depreciation) of investments 117,358 (76,248) 90,217 (53,593)
Total other comprehensive income (loss) 117,358 (76,248) 90,217 (53,593)
Comprehensive income $ 293,533 $ 101,711 $ 651,720 $ 467,426
Exhibit B
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Essent Group Ltd. and Subsidiaries
Condensed Consolidated Balance Sheets (Unaudited)
December 31,
(In thousands, except per share amounts) 2023
Assets
Investments
Fixed maturities available for sale, at fair value 4,919,868 $ 4,335,008
Short-term investments available for sale, at fair value 928,731
Total investments available for sale 5,263,739
Other invested assets 277,226
Total investments 5,540,965
Cash 141,787
Accrued investment income 35,689
Accounts receivable 63,266
Deferred policy acquisition costs 9,139
Property and equipment 41,304
Prepaid federal income tax 470,646
Goodwill and acquired intangible assets, net 72,826
Other assets 51,051
Total assets 7,126,539 $ 6,426,673
Liabilities and Stockholders' Equity
Liabilities
Reserve for losses and LAE 288,316 $ 260,095
Unearned premium reserve 140,285
Net deferred tax liability 362,753
Senior notes due 2029, net —
Credit facility borrowings, net 421,920
Other accrued liabilities 139,070
Total liabilities 1,324,123
Commitments and contingencies
Stockholders' Equity
Common shares, 0.015 par value:
Authorized - 233,333; issued and outstanding - 106,204 shares in 2024 and 106,597 shares in 2023 1,599
Additional paid-in capital 1,299,869
Accumulated other comprehensive loss (280,496)
Retained earnings 4,081,578
Total stockholders' equity 5,102,550
Total liabilities and stockholders' equity 7,126,539 $ 6,426,673
Return on average equity (1) % 14.6 %
(1) The 2024 return on average equity is calculated by dividing annualized year-to-date 2024 net income by average equity. The 2023 return on average equity is calculated by dividing full year 2023 net income by average equity.

All values are in US Dollars.

Exhibit C
Essent Group Ltd. and Subsidiaries
Supplemental Information
Consolidated Historical Quarterly Data
2023
Selected Income Statement Data June 30 March 31 December 31 September 30
(In thousands, except per share amounts)
Revenues:
Net premiums earned:
U.S. Mortgage Insurance Portfolio 214,119 $ 217,513 $ 212,479 $ 211,083 $ 209,351
GSE and other risk share 17,745 17,826 17,166 16,850
Title insurance 16,633 15,285 17,365 20,604
Net premiums earned 251,891 245,590 245,614 246,805
Net investment income 56,086 52,085 50,581 47,072
Realized investment gains (losses), net (1,164) (1,140) (4,892) (235)
Income (loss) from other invested assets (419) (1,915) (421) (3,143)
Other income (1) 6,548 3,737 6,395 5,609
Total revenues 312,942 298,357 297,277 296,108
Losses and expenses:
Provision (benefit) for losses and LAE (334) 9,913 19,640 10,822
Other underwriting and operating expenses 55,987 57,349 55,248 54,814
Premiums retained by agents 10,215 9,491 11,475 13,175
Interest expense 7,849 7,862 7,953 7,854
Total losses and expenses 73,717 84,615 94,316 86,665
Income before income taxes 239,225 213,742 202,961 209,443
Income tax expense (2) 35,616 32,023 27,594 31,484
Net income 176,175 $ 203,609 $ 181,719 $ 175,367 $ 177,959
Earnings per share:
Basic 1.67 $ 1.93 $ 1.72 $ 1.66 $ 1.68
Diluted 1.91 1.70 1.64 1.66
Weighted average shares outstanding:
Basic 105,657 105,697 105,733 105,979
Diluted 106,778 106,770 106,823 107,025
Book value per share 53.11 $ 50.58 $ 48.96 $ 47.87 $ 44.98
Return on average equity (annualized) % 15.4 % 14.1 % 14.2 % 14.9 %
Borrowings outstanding 500,000 $ 425,000 $ 425,000 $ 425,000 $ 425,000
Undrawn committed capacity 500,000 $ 400,000 $ 400,000 $ 400,000 $ 400,000
Weighted average interest rate (end of period) % 7.07 % 7.06 % 7.11 % 7.07 %
Debt-to-capital % 7.32 % 7.52 % 7.69 % 8.12 %
(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 September 30, 2024, June 30, 2024, March 31, 2024, December 31, 2023, and September 30, 2023, were (1,173), 732, (1,902), 412, and (898), respectively.
(2) Income tax expense for the quarters ended September 30, 2024, June 30, 2024, March 31, 2024, December 31, 2023, and September 30, 2023 includes 475, 556, (1,041), (1,132), and (763), respectively, of discrete tax expense (benefit) associated with realized and unrealized gains and losses. 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.

All values are in US Dollars.

Exhibit D
Essent Group Ltd. and Subsidiaries
Supplemental Information
U.S. Mortgage Insurance Portfolio Historical Quarterly Data
2023
Other Data: June 30 March 31 December 31 September 30
( in thousands)
U.S. Mortgage Insurance Portfolio
New insurance written 12,513,695 $ 12,503,125 $ 8,323,544 $ 8,769,160 $ 12,505,823
New risk written 3,449,623 2,289,508 2,409,340 3,458,467
Average insurance in force 242,065,632 $ 239,538,571 $ 238,595,268 $ 239,005,961 $ 237,270,093
Insurance in force (end of period) 242,976,043 $ 240,669,165 $ 238,477,402 $ 239,078,262 $ 238,661,612
Gross risk in force (end of period) (1) 66,237,992 $ 65,269,064 $ 64,247,810 $ 64,061,374 $ 63,605,057
Risk in force (end of period) 55,915,640 $ 55,521,538 $ 54,686,533 $ 54,591,590 $ 53,920,308
Policies in force 814,237 815,752 822,012 825,248
Weighted average coverage (2) % 27.1 % 26.9 % 26.8 % 26.7 %
Annual persistency % 86.7 % 86.9 % 86.9 % 86.6 %
Loans in default (count) 13,954 13,992 14,819 13,391
Percentage of loans in default % 1.71 % 1.72 % 1.80 % 1.62 %
U.S. Mortgage Insurance Portfolio premium rate:
Base average premium rate (3) % 0.41 % 0.41 % 0.40 % 0.40 %
Single premium cancellations (4) % — % — % — % — %
Gross average premium rate % 0.41 % 0.41 % 0.40 % 0.40 %
Ceded premiums %) (0.05 %) (0.05 %) (0.05 %) (0.05 %)
Net average premium rate % 0.36 % 0.36 % 0.35 % 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.

All values are in US Dollars.

Exhibit E
Essent Group Ltd. and Subsidiaries
Supplemental Information - U.S. Mortgage Insurance Portfolio
New Insurance Written: Flow
NIW by Credit Score
Nine Months Ended
September 30, 2023 September 30, 2024 September 30, 2023
( in thousands)
>=760 5,339,574 42.7 % $ 5,212,343 41.8 % $ 14,387,356 43.2 % $ 15,473,191 39.8 %
740-759 17.1 2,205,066 17.6 5,717,289 17.1 7,031,821 18.1
720-739 14.1 1,911,320 15.3 4,828,718 14.5 6,310,564 16.2
700-719 13.0 1,867,510 14.9 4,348,047 13.0 5,892,704 15.1
680-699 7.3 891,471 7.1 2,351,589 7.1 3,024,347 7.8
<=679 5.8 418,113 3.3 1,707,365 5.1 1,165,065 3.0
Total 12,513,695 100.0 % $ 12,505,823 100.0 % $ 33,340,364 100.0 % $ 38,897,692 100.0 %
Weighted average credit score 747 747 746
NIW by LTV
Nine Months Ended
September 30, 2023 September 30, 2024 September 30, 2023
( in thousands)
85.00% and below 836,186 6.7 % $ 849,250 6.7 % $ 2,250,434 6.7 % $ 2,801,011 7.2 %
85.01% to 90.00% 19.3 2,445,924 19.6 6,571,300 19.7 7,951,062 20.4
90.01% to 95.00% 52.9 6,614,050 52.9 18,008,682 54.0 21,383,696 55.0
95.01% and above 21.1 2,596,599 20.8 6,509,948 19.6 6,761,923 17.4
Total 12,513,695 100.0 % $ 12,505,823 100.0 % $ 33,340,364 100.0 % $ 38,897,692 100.0 %
Weighted average LTV % 93 % 93 % 93 %
NIW by Product
Nine Months Ended
September 30, 2023 September 30, 2024 September 30, 2023
Single Premium policies 1.4 % 2.8 % 1.5 % 3.8 %
Monthly Premium policies 98.6 97.2 98.5 96.2
100.0 % 100.0 % 100.0 % 100.0 %
NIW by Purchase vs. Refinance
Nine Months Ended
September 30, 2023 September 30, 2024 September 30, 2023
Purchase 97.0 % 99.0 % 97.4 % 98.8 %
Refinance 3.0 1.0 2.6 1.2
100.0 % 100.0 % 100.0 % 100.0 %

All values are in US Dollars.

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 score June 30, 2024 September 30, 2023
( in thousands)
>=760 98,553,455 40.6 % $ 97,668,435 40.6 % $ 97,027,348 40.7 %
740-759 17.4 41,915,598 17.4 41,362,480 17.3
720-739 15.6 37,678,804 15.7 37,297,809 15.6
700-719 13.5 32,331,564 13.4 31,674,346 13.3
680-699 8.2 19,751,956 8.2 19,850,176 8.3
<=679 4.7 11,322,808 4.7 11,449,453 4.8
Total 242,976,043 100.0 % $ 240,669,165 100.0 % $ 238,661,612 100.0 %
Weighted average credit score 746 746
Gross RIF by FICO score June 30, 2024 September 30, 2023
( in thousands)
>=760 26,614,399 40.2 % $ 26,238,140 40.2 % $ 25,594,262 40.1 %
740-759 17.7 11,525,987 17.7 11,165,727 17.6
720-739 15.8 10,362,021 15.9 10,090,889 15.9
700-719 13.7 8,899,342 13.6 8,568,811 13.5
680-699 8.2 5,382,312 8.2 5,327,434 8.4
<=679 4.4 2,861,262 4.4 2,857,934 4.5
Total 66,237,992 100.0 % $ 65,269,064 100.0 % $ 63,605,057 100.0 %
Portfolio by LTV
IIF by LTV June 30, 2024 September 30, 2023
( in thousands)
85.00% and below 15,555,555 6.4 % $ 16,927,111 7.0 % $ 21,226,685 8.9 %
85.01% to 90.00% 25.2 61,774,991 25.7 63,374,562 26.6
90.01% to 95.00% 51.8 123,414,332 51.3 118,461,030 49.6
95.01% and above 16.6 38,552,731 16.0 35,599,335 14.9
Total 242,976,043 100.0 % $ 240,669,165 100.0 % $ 238,661,612 100.0 %
Weighted average LTV % 93 % 93 %
Gross RIF by LTV June 30, 2024 September 30, 2023
( in thousands)
85.00% and below 1,845,584 2.8 % $ 2,010,864 3.1 % $ 2,525,753 4.0 %
85.01% to 90.00% 22.8 15,238,201 23.3 15,566,095 24.5
90.01% to 95.00% 56.1 36,405,573 55.8 34,848,762 54.8
95.01% and above 18.3 11,614,426 17.8 10,664,447 16.7
Total 66,237,992 100.0 % $ 65,269,064 100.0 % $ 63,605,057 100.0 %
Portfolio by Loan Amortization Period
IIF by Loan Amortization Period June 30, 2024 September 30, 2023
( in thousands)
FRM 30 years and higher 237,628,900 97.8 % $ 235,138,420 97.7 % $ 232,186,999 97.3 %
FRM 20-25 years 0.5 1,322,021 0.5 1,910,610 0.8
FRM 15 years 0.5 1,276,780 0.5 1,719,467 0.7
ARM 5 years and higher 1.2 2,931,944 1.3 2,844,536 1.2
Total 242,976,043 100.0 % $ 240,669,165 100.0 % $ 238,661,612 100.0 %

All values are in US Dollars.

Exhibit G
Essent Group Ltd. and Subsidiaries
Supplemental Information
Other Risk in Force
2024 2023
($ in thousands) September 30 June 30 March 31 December 31 September 30
GSE and other risk share (1):
Risk in Force $ 2,254,726 $ 2,304,885 $ 2,307,267 $ 2,244,944 $ 2,247,393
Reserve for losses and LAE $ 37 $ 33 $ 32 $ 29 $ 54
Weighted average credit score 750 750 750 749 749
Weighted average LTV 82 % 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
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Essent Group Ltd. and Subsidiaries
Supplemental Information
U.S. Mortgage Insurance Portfolio Vintage Data
September 30, 2024
Insurance in Force
Year OriginalInsuranceWritten( in thousands) RemainingInsurancein Force( in thousands) % Remaining of Original<br>Insurance Number of Policies in Force Weighted Average Coupon % Purchase >90% LTV >95% LTV FICO < 700 FICO >= 760 Incurred Loss Ratio (Inception to Date) (1) Number of Loans in Default Percentage of Loans in Default
2010 - 2014 1.7 % 5,566 4.28 % 66.0 % 49.5 % 1.1 % 10.1 % 49.3 % 2.4 % 248 4.46 %
2015 26,193,656 870,740 3.3 5,028 4.29 76.8 60.9 5.7 18.1 40.0 2.2 235 4.67
2016 34,949,319 2,357,912 6.7 14,050 3.93 86.4 78.0 13.7 16.4 41.3 2.1 450 3.20
2017 43,858,322 3,784,941 8.6 23,293 4.30 90.8 80.4 23.8 21.4 36.4 3.1 1,037 4.45
2018 47,508,525 4,857,991 10.2 27,818 4.80 95.1 74.0 27.1 21.9 32.3 4.2 1,314 4.72
2019 63,569,183 10,717,480 16.9 52,219 4.24 89.1 71.7 25.7 18.9 35.1 3.7 1,687 3.23
2020 107,944,065 37,929,239 35.1 150,176 3.20 72.1 62.5 14.6 10.8 45.5 2.8 2,452 1.63
2021 84,218,250 53,029,350 63.0 177,048 3.10 89.0 66.1 16.6 13.8 40.4 6.1 3,420 1.93
2022 63,061,262 53,154,263 84.3 153,151 5.09 98.1 66.0 11.4 12.6 39.6 17.4 3,091 2.02
2023 47,666,852 43,012,414 90.2 121,053 6.64 98.8 72.8 18.6 11.0 38.7 18.1 1,732 1.43
2024 (through September 30) 33,340,364 32,251,523 96.7 86,105 6.84 97.4 73.8 20.0 12.4 42.4 10.1 240 0.28
Total 39.6 815,507 4.79 91.2 68.4 16.6 12.9 40.6 4.6 15,906 1.95
(1) Incurred loss ratio is calculated by dividing the sum of case reserves and cumulative amount paid for claims by cumulative net premiums earned.

All values are in US Dollars.

Exhibit I
Essent Group Ltd. and Subsidiaries
Supplemental Information
U.S. Mortgage Insurance Portfolio Reinsurance Vintage Data
September 30, 2024
( in thousands)
Insurance Linked Notes (1)
Earned Premiums Ceded
Deal Name Remaining<br>Insurance<br>in Force Remaining<br>Risk<br>in Force Original<br>Reinsurance in Force Remaining<br>Reinsurance in Force Losses<br>Ceded<br>to Date Original<br>First Layer<br>Retention Remaining<br>First Layer<br>Retention Quarter-to-Date Year-to-Date Reduction in PMIERs Minimum Required <br>Assets (3)
Radnor Re 2021-1 $ 25,750,186 $ 6,963,249 $ 557,911 $ 220,532 $ — $ 278,956 $ 277,985 $ 2,091 $ 6,564 $ 160,822
Radnor Re 2021-2 31,287,234 8,616,211 439,407 286,439 — 279,415 277,195 3,715 10,952 215,335
Radnor Re 2022-1 28,815,017 7,856,567 237,868 191,938 — 303,761 301,278 3,825 11,478 176,583
Radnor Re 2023-1 28,989,426 7,941,539 281,462 281,462 — 281,463 281,089 3,705 10,657 266,826
Radnor Re 2024-1 30,359,933 8,387,056 363,366 363,366 — 256,495 256,495 472 472 363,366
Total $ 145,201,796 $ 39,764,622 $ 1,880,014 $ 1,343,737 $ — $ 1,400,090 $ 1,394,042 $ 13,808 $ 40,123 (5) $ 1,182,932

All values are in US Dollars.

Excess of Loss Reinsurance (2)
Earned Premiums Ceded
Deal Name Vintage Remaining<br>Insurance<br>in Force Remaining<br>Risk<br>in Force Original<br>Reinsurance in Force Remaining<br>Reinsurance in Force Losses<br>Ceded<br>to Date Original<br>First Layer<br>Retention Remaining<br>First Layer<br>Retention Quarter-to-Date Year-to-Date Reduction in PMIERs Minimum Required <br>Assets (3)
XOL 2019-1 Jan. 2018 - Dec. 2018 $ 4,811,623 $ 1,266,631 $ 118,650 $ 76,144 $ — $ 253,643 $ 244,294 $ 641 $ 1,868 $ —
XOL 2020-1 Jan. 2019 - Aug. 2019 6,026,073 1,591,126 55,102 30,592 — 215,605 212,208 263 809 —
XOL 2022-1 Oct. 2021 - Dec. 2022 65,149,106 17,727,315 141,992 141,992 — 507,114 500,886 1,611 4,797 138,001
XOL 2023-1 Jan. 2023 - Dec. 2023 38,402,550 10,637,649 36,627 36,627 — 366,270 366,141 439 1,306 35,232
XOL 2024-1 Jan. 2024 - Dec. 2024 32,177,995 8,864,366 46,537 46,537 — 265,931 265,931 528 528 44,765
Total $ 146,567,347 $ 40,087,087 $ 398,908 $ 331,892 $ — $ 1,608,563 $ 1,589,460 $ 3,482 $ 9,308 $ 217,998
Quota Share Reinsurance (2)
--- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- ---
Losses Ceded Ceding Commission Earned Premiums Ceded
Year Remaining<br>Insurance<br>in Force Remaining<br>Risk<br>in Force Remaining Ceded Insurance in Force Remaining Ceded Risk in Force Quarter-to-Date Year-to-Date Quarter-to-Date Year-to-Date Quarter-to-Date Year-to-Date Reduction in PMIERs Minimum Required <br>Assets (3)
Sep. 2019 - Dec. 2020 $ 42,414,942 $ 11,536,848 $ 9,585,777 $ 2,572,717 $ 645 $ (146) $ 2,719 $ 7,364 $ 4,646 $ 12,450 $ 141,312
Jan. 2022 - Dec. 2022 53,084,698 14,433,907 10,616,940 2,886,781 2,261 3,516 1,850 5,634 5,776 14,221 212,195
Jan. 2023 - Dec. 2023 38,282,838 10,608,139 6,699,497 1,856,424 2,031 4,492 1,330 4,045 4,825 12,987 143,807
Jan. 2024 - Dec. 2024 32,205,363 8,872,008 4,830,804 1,330,801 557 717 793 1,302 2,263 3,515 94,807
Total $ 165,987,841 $ 45,450,902 $ 31,733,018 $ 8,646,723 $ 5,494 $ 8,579 $ 6,692 $ 18,345 $ 17,510 $ 43,173 $ 592,121
(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 (11) and (80) of benefit in ceded premium on retired ILNs for the three and nine months ended September 30, 2024, respectively.

All values are in US Dollars.

Exhibit J
Essent Group Ltd. and Subsidiaries
Supplemental Information
U.S. Mortgage Insurance Portfolio Geographic Data
IIF by State
September 30, 2024 June 30, 2024 September 30, 2023
CA 12.5 % 12.7 % 13.0 %
FL 11.8 11.6 11.0
TX 10.9 10.8 10.5
CO 4.1 4.1 4.1
AZ 3.8 3.8 3.7
GA 3.7 3.6 3.4
WA 3.4 3.4 3.4
NC 3.0 3.0 2.8
OH 2.6 2.6 2.6
IL 2.6 2.7 2.8
All Others 41.6 41.7 42.7
Total 100.0 % 100.0 % 100.0 %
Gross RIF by State
September 30, 2024 June 30, 2024 September 30, 2023
CA 12.5 % 12.6 % 12.9 %
FL 12.0 11.8 11.3
TX 11.2 11.1 10.8
CO 4.0 4.1 4.0
AZ 3.9 3.8 3.8
GA 3.8 3.7 3.5
WA 3.4 3.4 3.4
NC 3.0 3.0 2.9
OH 2.6 2.5 2.6
IL 2.5 2.6 2.8
All Others 41.1 41.4 42.0
Total 100.0 % 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
2024 2023
September 30 June 30 March 31 December 31 September 30
Beginning default inventory 13,954 13,992 14,819 13,391 12,480
Plus: new defaults (A) 9,984 8,119 8,260 9,007 7,953
Less: cures (7,819) (7,956) (8,951) (7,418) (6,902)
Less: claims paid (182) (183) (123) (148) (129)
Less: rescissions and denials, net (31) (18) (13) (13) (11)
Ending default inventory 15,906 13,954 13,992 14,819 13,391
(A) New defaults remaining as of September 30, 2024 7,189 3,198 1,665 1,309 806
Cure rate (1) 28 % 61 % 80 % 85 % 90 %
Total amount paid for claims (in thousands) $ 5,749 $ 5,566 $ 3,605 $ 3,411 $ 2,956
Average amount paid per claim (in thousands) $ 32 $ 30 $ 29 $ 22 $ 23
Severity 58 % 60 % 65 % 62 % 66 %
Rollforward of Reserve for Losses and LAE
Three Months Ended
2024 2023
($ in thousands) September 30 June 30 March 31 December 31 September 30
Reserve for losses and LAE at beginning of period $ 246,107 $ 253,565 $ 245,402 $ 226,617 $ 216,888
Less: Reinsurance recoverables 26,022 26,570 24,005 20,656 17,958
Net reserve for losses and LAE at beginning of period 220,085 226,995 221,397 205,961 198,930
Add provision for losses and LAE occurring in:
Current period 51,649 30,653 39,396 38,922 35,609
Prior years (21,836) (31,880) (30,062) (19,912) (25,533)
Incurred losses and LAE during the period 29,813 (1,227) 9,334 19,010 10,076
Deduct payments for losses and LAE occurring in:
Current period 637 478 1 330 156
Prior years 5,202 5,205 3,735 3,244 2,889
Loss and LAE payments during the period 5,839 5,683 3,736 3,574 3,045
Net reserve for losses and LAE at end of period 244,059 220,085 226,995 221,397 205,961
Plus: Reinsurance recoverables 30,867 26,022 26,570 24,005 20,656
Reserve for losses and LAE at end of period $ 274,926 $ 246,107 $ 253,565 $ 245,402 $ 226,617
(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
Percentage of <br>Policies in <br>Default Amount of Reserves Percentage of Reserves Defaulted RIF Reserves as a Percentage of <br>Defaulted RIF
( in thousands)
Missed Payments:
Three payments or less 52 % $ 53,849 21 % $ 627,505 9 %
Four to eleven payments 35 104,223 41 437,515 24
Twelve or more payments 12 86,821 35 144,396 60
Pending claims 1 8,620 3 9,692 89
Total case reserves 100 % 253,513 100 % $ 1,219,108 21 %
IBNR 19,013
LAE 2,400
Total reserves for losses and LAE $ 274,926
Average reserve per default:
Case $ 15.9
Total $ 17.3
Default Rate
Percentage of <br>Policies in <br>Default Amount of Reserves Percentage of Reserves Defaulted RIF Reserves as a Percentage of <br>Defaulted RIF
( in thousands)
Missed Payments:
Three payments or less 49 % $ 44,607 20 % $ 527,419 8 %
Four to eleven payments 37 97,424 43 417,876 23
Twelve or more payments 13 78,540 35 132,257 59
Pending claims 1 5,550 2 6,302 88
Total case reserves 100 % 226,121 100 % $ 1,083,854 21 %
IBNR 16,959
LAE 2,322
Total reserves for losses and LAE $ 245,402
Average reserve per default:
Case $ 15.3
Total $ 16.6
Default Rate
Percentage of <br>Policies in <br>Default Amount of Reserves Percentage of Reserves Defaulted RIF Reserves as a Percentage of <br>Defaulted RIF
( in thousands)
Missed Payments:
Three payments or less 48 % $ 38,412 18 % $ 448,039 9 %
Four to eleven payments 36 87,025 42 369,711 24
Twelve or more payments 15 77,369 37 126,317 61
Pending claims 1 6,076 3 6,924 88
Total case reserves 100 % 208,882 100 % $ 950,991 22 %
IBNR 15,666
LAE 2,069
Total reserves for losses and LAE $ 226,617
Average reserve per default:
Case $ 15.6
Total $ 16.9
Default Rate

All values are in US Dollars.

Exhibit M
Essent Group Ltd. and Subsidiaries
Supplemental Information
Investments Available for Sale
Investments Available for Sale by Asset Class
Asset Class December 31, 2023
( in thousands) Percent Fair Value Percent
U.S. Treasury securities 709,807 11.9 % $ 996,382 18.9 %
U.S. agency securities — 7,195 0.1
U.S. agency mortgage-backed securities 17.7 821,346 15.6
Municipal debt securities 9.8 547,258 10.5
Non-U.S. government securities 1.2 67,447 1.3
Corporate debt securities 28.6 1,297,055 24.7
Residential and commercial mortgage securities 8.5 517,940 9.8
Asset-backed securities 9.2 564,995 10.7
Money market funds 13.1 444,121 8.4
Total investments available for sale 5,950,499 100.0 % $ 5,263,739 100.0 %
Investments Available for Sale by Credit Rating
Rating (1) December 31, 2023
( in thousands) Percent Fair Value Percent
Aaa 2,541,407 49.2 % $ 2,561,363 53.2 %
Aa1 2.0 104,474 2.2
Aa2 5.5 291,501 6.0
Aa3 4.7 208,882 4.3
A1 9.9 377,188 7.8
A2 7.6 329,423 6.8
A3 8.2 253,081 5.3
Baa1 4.4 220,901 4.6
Baa2 3.9 226,449 4.7
Baa3 3.1 166,121 3.4
Below Baa3 1.5 80,235 1.7
Total (2) 5,168,177 100.0 % $ 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 782,322 and 444,121 of money market funds at September 30, 2024 and December 31, 2023, respectively.
Investments Available for Sale by Duration and Book Yield
Effective Duration December 31, 2023
( in thousands) Percent Fair Value Percent
< 1 Year 1,829,657 30.7 % $ 1,892,074 35.9 %
1 to < 2 Years 8.4 371,583 7.1
2 to < 3 Years 8.5 538,775 10.2
3 to < 4 Years 8.4 402,668 7.6
4 to < 5 Years 7.0 376,722 7.2
5 or more Years 37.0 1,681,917 32.0
Total investments available for sale 5,950,499 100.0 % $ 5,263,739 100.0 %
Pre-tax investment income yield:
Three months ended %
Nine months ended September 30, 2024 %

All values are in US Dollars.

Holding company net cash and investments available for sale:
( in thousands)
As of September 30, 2024 991,151
As of December 31, 2023 693,507

All values are in US Dollars.

Exhibit N
Essent Group Ltd. and Subsidiaries
Supplemental Information
U.S. Mortgage Insurance Company Capital
2024 2023
September 30 June 30 March 31 December 31 September 30
( in thousands)
U.S. Mortgage Insurance Subsidiaries:
Combined statutory capital (1) $ 3,584,580 $ 3,530,462 $ 3,453,553 $ 3,376,117 $ 3,309,522
Combined net risk in force (2) $ 34,893,957 $ 34,812,227 $ 34,463,082 $ 34,549,500 $ 34,203,678
Risk-to-capital ratios: (3)
10.0:1 10.2:1 10.3:1 10.6:1 10.7:1
0.3:1 0.3:1 0.4:1 0.4:1 0.5:1
9.7:1 9.9:1 10.0:1 10.2:1 10.3:1
Essent Guaranty, Inc. PMIERs Data (5):
$ 3,598,725 $ 3,513,609 $ 3,464,119 $ 3,379,936 $ 3,318,179
1,903,473 2,052,135 1,999,928 1,985,545 1,910,659
$ 1,695,252 $ 1,461,474 $ 1,464,191 $ 1,394,391 $ 1,407,520
189 % 171 % 173 % 170 % 174 %
Essent Reinsurance Ltd.:
Stockholder's equity (GAAP basis) $ 1,826,901 $ 1,793,777 $ 1,793,005 $ 1,758,665 $ 1,684,122
Net risk in force (2) $ 23,003,846 $ 22,770,165 $ 22,271,316 $ 22,043,926 $ 21,739,419
(1) Combined statutory capital equals the sum of statutory capital of Essent Guaranty, Inc. plus Essent Guaranty of PA, Inc., 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.

All values are in US Dollars.

Exhibit O
Essent Group Ltd. and Subsidiaries
Supplemental Information
Ratios and Reconciliation of Non-GAAP Financial Measures
2023
June 30 March 31 December 31 September 30
Loss Ratio (1) % (0.1) % 4.0 % 7.9 % 4.4 %
Expense Ratio (2) % 26.1 % 27.1 % 27.0 % 27.3 %
Combined Ratio % 26.0 % 31.1 % 34.9 % 31.7 %
Underwriting Margin (3) % 74.0 % 68.9 % 65.1 % 68.3 %
We believe that loss, expense and combined ratios are important measures of our financial performance. As a result of the July 1, 2023 acquisition of Agents National Title and Boston National Title (collectively "Title"), the consolidated loss, expense and combined ratios ("Consolidated Ratios") for the nine months ended September 30, 2024 lack comparability with periods prior to the acquisition. In order to provide investors with more comparative information to prior periods, Essent has prepared the table below to reconcile the Consolidated Ratios to ratios excluding Title, as shown below. 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. Ratios excluding Title are measures used to monitor our results and should not be viewed as a substitute for those measures determined in accordance with GAAP.The following table sets forth the reconciliation of the loss, expense and combined ratios excluding Title to the most comparable GAAP amount for the three and nine months ended September 30, 2024 in accordance with Regulation G:
Nine Months Ended <br>September 30, 2024
Title Excluding Title Consolidated Title Excluding Title
( in thousands)
Revenues:
Net premiums earned 248,936 $ 17,687 $ 231,249 $ 746,417 $ 49,604 $ 696,813
Net investment income 809 56,531 165,511 2,365 163,146
Realized investment gains (losses), net — 68 (2,236) — (2,236)
Income from other invested assets — 2,820 486 — 486
Settlement services (4) 3,237 — 6,074 6,074 —
Other income 473 3,704 11,625 1,354 10,271
Total revenues 22,206 294,372 927,877 59,397 868,480
Losses and expenses:
Provision for losses and LAE 850 29,816 40,245 2,317 37,928
Other underwriting and operating expenses (5) 14,845 42,414 170,595 39,564 131,031
Premiums retained by agents 9,622 — 29,328 29,328 —
Interest expense — 11,457 27,168 — 27,168
Total losses and expenses 25,317 83,687 267,336 71,209 196,127
Loss ratio (1) % 4.1 % 12.9 % 5.3 % 4.2 % 5.4 %
Expense ratio (2) % 116.9 % 18.3 % 26.6 % 123.7 % 18.8 %
Combined ratio % 121.0 % 31.2 % 31.9 % 127.9 % 24.2 %
Underwriting Margin (3) % (21.0 %) 68.8 % 68.1 % (27.9 %) 75.8 %
(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) Calculated as the inverse of the combined ratio.
(4) Settlement services revenue is included in "Other income" within Exhibit A and Exhibit C.
(5) Title expenses reflect only direct expenses of Title operations and do not include corporate or centralized support expense allocations.

All values are in US Dollars.

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