Essent Group Ltd 8-K, filed Nov 6, 2026

Essent Group Ltd. (ESNT)

8-K 2026-11-06 For: 2026-11-06

Added on November 06, 2026

About this 8-K

Essent Group Ltd filed this 8-K on November 6, 2026.

Essent Group Ltd. reported net income of $163.4 million, or $1.82 per diluted share, for the quarter ended September 30, 2026. Its board declared a $0.35 quarterly cash dividend and approved a $500 million share repurchase authorization through year-end 2028. AI summary

Items reported

Item 2.02: Financial results
Item 9.01: Financial statements and exhibits

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☐			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))




Essent Group Ltd. and Subsidiaries
Financial Results and Supplemental Information (Unaudited)
Quarter Ended September 30, 2026


Exhibit A						Condensed Consolidated Statements of Comprehensive Income (Unaudited)
Exhibit B						Condensed Consolidated Balance Sheets (Unaudited)
Exhibit C						Consolidated Historical Quarterly Data (Unaudited)
Exhibit D						Year-to-Date Segment Results (Unaudited)
Exhibit E						Historical Quarterly Segment Information (Unaudited)
Exhibit F						Mortgage Insurance - Historical Quarterly Data
Exhibit G						Mortgage Insurance - New Insurance Written
Exhibit H						Mortgage Insurance - Insurance in Force and Risk in Force
Exhibit I						Mortgage Insurance - Vintage Data
Exhibit J						Mortgage Insurance - Outward Reinsurance Vintage Data
Exhibit K						Mortgage Insurance - Geographic Data
Exhibit L						Mortgage Insurance - Rollforward of Defaults and Reserve for Losses and LAE
Exhibit M						Mortgage Insurance - Detail of Reserves by Default Delinquency
Exhibit N						U.S. Mortgage Insurance Company Capital
Exhibit O						Reinsurance
Exhibit P						Cash & Investments
Exhibit Q						Book Value Per Share Inclusive of Common Dividends & Reconciliation of Non-GAAP Financial Measures


							Exhibit A

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)	2026		2025		2026		2025
Revenues:
Gross premiums written	$	342,429	$	280,796	$	1,116,059	$	828,062
Ceded premiums	(39,555)		(38,968)		(111,231)		(106,475)
Net premiums written	302,874		241,828		1,004,828		721,587
(Increase) decrease in unearned premiums	(12,202)		4,504		(177,299)		19,402
Net premiums earned	290,672		246,332		827,529		740,989
Net investment income	62,952		59,795		183,819		177,294
Realized investment gains (losses), net	(1,626)		(425)		(1,884)		(735)
Income from other invested assets	10,724		1,770		40,288		13,644
Other income	11,461		4,358		23,189		17,339
Total revenues	374,183		311,830		1,072,941		948,531

Losses and expenses:
Provision for losses and LAE	83,489		44,922		180,666		93,264
Other underwriting and operating expenses	83,490		59,498		231,731		193,387
Interest expense	8,162		8,251		24,458		24,547
Total losses and expenses	175,141		112,671		436,855		311,198

Income before income taxes	199,042		199,159		636,086		637,333
Income tax expense	35,666		34,944		111,197		102,346
Net income	$	163,376	$	164,215	$	524,889	$	534,987


Earnings per share:
Basic	$	1.84	$	1.69	$	5.76	$	5.35
Diluted	1.82		1.67		5.71		5.29

Weighted average shares outstanding:
Basic	88,964		97,400		91,156		100,086
Diluted	89,774		98,519		91,894		101,155

Net income	$	163,376	$	164,215	$	524,889	$	534,987

Other comprehensive income (loss):
Unrealized appreciation (depreciation) of investments	(168,983)		50,241		(207,660)		138,559
Comprehensive income (loss)	$	(5,607)	$	214,456	$	317,229	$	673,546


				Exhibit B

Essent Group Ltd. and Subsidiaries
Condensed Consolidated Balance Sheets (Unaudited)


	September 30,			December 31,
(In thousands, except per share amounts)	2026			2025
Assets
Investments
Fixed maturities available for sale, at fair value	$	5,367,841		$	5,455,593
Short-term investments available for sale, at fair value	504,142			648,492
Total investments available for sale	5,871,983			6,104,085
Other invested assets	451,948			382,513
Total investments	6,323,931			6,486,598
Cash	160,670			123,049
Accrued investment income	46,662			47,371
Accounts receivable	186,991			51,267
Deferred policy acquisition costs	74,010			9,547
Property, equipment and software, net	46,556			49,189
Prepaid federal income tax	488,825			513,425
Goodwill and acquired intangible assets, net	77,101			78,153
Other assets	153,463			82,404
Total assets	$	7,558,209		$	7,441,003

Liabilities and Stockholders' Equity
Liabilities
Reserve for losses and LAE	$	585,478		$	446,822
Unearned premium reserve	269,029			91,730
Net deferred tax liability	422,475			465,351
Senior notes due 2029, net	496,308			495,301
Other accrued liabilities	229,854			185,072
Total liabilities	2,003,144			1,684,276

Commitments and contingencies

Stockholders' Equity
Common shares, $0.015 par value:
Authorized - 233,333; issued and outstanding - 88,769 shares in 2026 and 95,456 shares in 2025	1,332			1,432
Additional paid-in capital	227,604			649,895
Accumulated other comprehensive loss	(359,645)			(151,985)
Retained earnings	5,685,774			5,257,385
Total stockholders' equity	5,555,065			5,756,727

Total liabilities and stockholders' equity	$	7,558,209		$	7,441,003

Return on average equity (1)	12.4		%	12.1		%

(1) The 2026 return on average equity is calculated by dividing annualized year-to-date 2026 net income by average equity. The 2025 return on average equity is calculated by dividing full year 2025 net income by average equity.


													Exhibit C
Essent Group Ltd. and Subsidiaries
Supplemental Information
Consolidated Historical Quarterly Data (Unaudited)

	2026									2025
	September 30			June 30			March 31			December 31			September 30
(In thousands, except per share amounts)
Revenues:






Net premiums earned	$	290,672		$	276,764		$	260,093		$	242,729		$	246,332
Net investment income	62,952			61,612			59,255			59,223			59,795
Realized investment gains (losses), net	(1,626)			(111)			(147)			(188)			(425)
Income from other invested assets	10,724			19,385			10,179			3,942			1,770
Other income (1)	11,461			5,036			6,692			6,698			4,358
Total revenues	374,183			362,686			336,072			312,404			311,830

Losses and expenses:
Provision for losses and LAE	83,489			48,961			48,216			56,073			44,922
Other underwriting and operating expenses	83,490			75,258			72,983			63,653			59,498
Interest expense	8,162			8,148			8,148			8,149			8,251
Total losses and expenses	175,141			132,367			129,347			127,875			112,671

Income before income taxes	199,042			230,319			206,725			184,529			199,159
Income tax expense (2)	35,666			40,605			34,926			29,547			34,944
Net income	$	163,376		$	189,714		$	171,799		$	154,982		$	164,215

Earnings per share:
Basic	$	1.84		$	2.09		$	1.83		$	1.62		$	1.69
Diluted	1.82			2.08			1.82			1.60			1.67

Weighted average shares outstanding:
Basic	88,964			90,740			93,818			95,772			97,400
Diluted	89,774			91,389			94,572			96,664			98,519

Book value per share	$	62.58		$	63.01		$	61.20		$	60.31		$	58.86
Return on average equity (annualized)	11.7		%	13.4		%	12.0		%	10.8		%	11.5		%

Senior debt & credit facility:
Borrowings outstanding	$	500,000		$	500,000		$	500,000		$	500,000		$	500,000
Undrawn committed capacity	$	500,000		$	500,000		$	500,000		$	500,000		$	500,000
Weighted average interest rate (end of period)	6.25		%	6.25		%	6.25		%	6.25		%	6.25		%
Debt-to-capital	8.26		%	8.11		%	8.07		%	7.99		%	8.01		%

Cash and investments available for sale at the holding companies	$	959,062		$	1,108,667		$	1,144,112		$	1,268,579		$	1,038,747

(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, 2026, June 30, 2026, March 31, 2026, December 31, 2025, and September 30, 2025, were $5,693, ($323), $37, ($526), and ($858), respectively.
(2) Income tax expense for the quarters ended September 30, 2026, June 30, 2026, March 31, 2026, December 31, 2025, and September 30, 2025 includes $3,440, $3,954, $2,407, $366, and $493, respectively, of discrete tax expense associated with realized and unrealized gains. Income tax expense for the quarters ended December 31, 2025 and September 30, 2025 also includes ($396) and ($828), respectively, of discrete tax benefits associated with prior year tax returns. Income tax expense for the quarter ended March 31, 2026 also includes ($1,067) of excess tax benefits associated with the vesting of common shares and common share units.


										Exhibit E, continued
Essent Group Ltd. and Subsidiaries
Supplemental Information
Historical Quarterly Segment Information (Unaudited)


	Reinsurance
	2026									2025
	September 30			June 30			March 31			December 31			September 30
($ in thousands)
Revenues:
Net premiums earned	$	64,044		$	43,639		$	29,310		$	14,696		$	16,304
Net investment income	5,541			6,088			4,670			4,913			5,302
Realized investment gains, net	—			—			—			6			—

Other income	2,171			1,345			1,971			2,255			1,591
Total revenues	71,756			51,072			35,951			21,870			23,197

Losses and expenses:
Provision for losses and LAE	31,032			18,723			9,929			206			65

Compensation and benefits	1,702			1,781			2,185			961			1,180
Premium and other taxes	12			14			18			17			8
Acquisition costs, net (3)	19,791			11,849			6,742			763			487
Other underwriting and operating expenses	949			987			980			996			890
Net operating expenses before allocations	22,454			14,631			9,925			2,737			2,565
Corporate expense allocations	758			653			551			516			502
Operating expenses after allocations	23,212			15,284			10,476			3,253			3,067
Income before income taxes	$	17,512		$	17,065		$	15,546		$	18,411		$	20,065

Loss ratio (1)	48.5		%	42.9		%	33.9		%	1.4		%	0.4		%
Expense ratio (2)	36.2		%	35.0		%	35.7		%	22.1		%	18.8		%
Combined ratio	84.7		%	77.9		%	69.6		%	23.5		%	19.2		%

(1) Loss ratio is calculated by dividing the provision for losses and LAE by net premiums earned.
(2) Expense ratio is calculated by dividing operating expenses after allocations by net premiums earned.
(3) Acquisition costs are net of ceding commissions earned on outward reinsurance and include ceding commissions incurred on reinsurance assumed.



	Consolidated
	2026						2025
	September 30		June 30		March 31		December 31		September 30
($ in thousands)
Revenues:
Net premiums earned	$	290,672	$	276,764	$	260,093	$	242,729	$	246,332
Net investment income	62,952		61,612		59,255		59,223		59,795
Realized investment gains (losses), net	(1,626)		(111)		(147)		(188)		(425)
Income from other invested assets	10,724		19,385		10,179		3,942		1,770
Other income	11,461		5,036		6,692		6,698		4,358
Total revenues	374,183		362,686		336,072		312,404		311,830

Losses and expenses:
Provision for losses and LAE	83,489		48,961		48,216		56,073		44,922

Compensation and benefits	31,195		30,504		36,655		30,363		29,176
Premium and other taxes	6,466		6,555		6,446		6,501		5,930
Acquisition costs, net (1)	11,797		4,079		(636)		(6,471)		(6,570)
Other underwriting and operating expenses	34,032		34,120		30,518		33,260		30,962
Total other underwriting and operating expenses	83,490		75,258		72,983		63,653		59,498
Interest expense	8,162		8,148		8,148		8,149		8,251
Income before income taxes	$	199,042	$	230,319	$	206,725	$	184,529	$	199,159

(1) Acquisition costs are net of ceding commissions earned on outward reinsurance and include ceding commissions incurred on reinsurance assumed.


($ in thousands)

Insurance Linked Notes (1)
																Earned Premiums Ceded (3)
Deal Name	Vintage	Remaining 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-Date		Reduction in PMIERs Minimum Required Assets (4)
Radnor Re 2021-2	Apr. 2021 - Sep. 2021	$	20,877,708	$	5,977,329	$	439,407	$	148,357	$	—	$	279,415	$	266,363	$	2,150	$	6,856	$	126,021
Radnor Re 2022-1	Oct. 2021 - Jul. 2022	21,630,695		6,069,846		237,868		103,940		—		303,761		281,216		2,343		7,430		103,940
Radnor Re 2023-1	Aug. 2022 - Jun. 2023	22,010,726		6,079,835		281,462		171,531		—		281,463		258,439		2,543		7,892		171,531
Radnor Re 2024-1	Jul. 2023 - Jul. 2024	21,023,421		5,835,276		363,366		179,151		—		256,495		248,378		2,022		6,581		132,572
Total		$	85,542,550	$	23,962,286	$	1,322,103	$	602,979	$	—	$	1,121,134	$	1,054,396	$	9,058	$	28,759	$	534,064




Excess of Loss Reinsurance (2)
																Earned Premiums Ceded (3)
Deal Name	Vintage	Remaining 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-Date		Reduction in PMIERs Minimum Required Assets (4)
XOL 2020-1	Jan. 2019 - Aug. 2019	$	3,931,249	$	1,049,217	$	55,102	$	29,152	$	—	$	215,605	$	209,436		$	252	$	747	$	—
XOL 2022-1	Oct. 2021 - Dec. 2022	49,283,081		13,714,841		141,992		125,560		—		507,114		446,220			1,255		4,187		121,074
XOL 2023-1	Jan. 2023 - Dec. 2023	27,740,342		7,730,197		36,627		29,762		—		366,270		343,895			322		1,099		28,617
XOL 2024-1	Jan. 2024 - Dec. 2024	31,121,953		8,588,331		58,005		58,005		—		331,456		324,933			630		1,925		55,883
XOL 2025-1	Jan. 2025 - Dec. 2025	39,061,433		10,378,090		80,821		80,821		—		343,234		342,687			725		2,168		77,925
XOL 2026-1	Jan. 2026 - Dec. 2026	35,992,643		9,683,655		67,786		67,786		—		292,776		292,776			658		658		65,194
Total		$	187,130,701	$	51,144,331	$	440,333	$	391,086	$	—	$	2,056,455	$	1,959,947		$	3,842	$	10,784	$	348,693



Quota Share Reinsurance (2)
										Losses Ceded					Ceding Commission			Earned Premiums Ceded
Year	Ceding Percentage	Remaining Insurance in Force		Remaining Risk 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 Assets (4)
Sep. 2019 - Dec. 2020	(5)	$	23,723,294	$	6,666,375	$	4,964,996	$	1,371,811		$	30	$	(131)		$	1,523	$	4,998	$	2,467	$	7,318	$	91,704
Jan. 2022 - Dec. 2022	20%	40,751,991		11,289,862		8,150,398		2,257,972			2,918		6,683			1,480		4,606		5,360		14,596		171,255
Jan. 2023 - Dec. 2023	17.5%	27,665,432		7,711,596		4,841,451		1,349,529			1,545		5,665			1,015		3,179		3,676		12,340		110,238
Jan. 2024 - Dec. 2024	15%	33,409,852		9,203,928		5,011,478		1,380,589			2,624		5,982			1,069		3,329		4,923		13,139		115,158
Jan. 2025 - Dec. 2025	25%	39,085,883		10,384,805		9,771,471		2,596,201			3,759		7,591			1,722		5,321		6,944		17,434		185,801
Jan. 2026 - Dec. 2026	25%	36,022,283		9,691,505		9,005,571		2,422,876			886		1,141			1,254		2,089		3,206		5,006		161,268
Total		$	200,658,735	$	54,948,071	$	41,745,365	$	11,378,978		$	11,762	$	26,931		$	8,063	$	23,522	$	26,576	$	69,833	$	835,424



(In thousands, except per share amounts)	September 30, 2026			September 30, 2025

Total Stockholders' Equity (Book Value)	$	5,555,065		$	5,738,974
Total Common Shares Outstanding	88,769			97,497
Book Value per Share	$	62.58		$	58.86
12-Month Growth in Book Value per Share	6.3		%



Book Value per Share	$	62.58		$	58.86
Common Dividends Paid per Share 12-Months Ended September 30, 2026	1.36
Book Value Per Share Inclusive of Common Dividends	$	63.94
12-Month Growth in Book Value Per Share Inclusive of Common Dividends	8.6		%


(d)			Exhibits


										Exhibit F
Essent Group Ltd. and Subsidiaries
Supplemental Information
Mortgage Insurance - Historical Quarterly Data


	2026						2025
	September 30			June 30			March 31			December 31			September 30
($ in thousands)
New insurance written	$	12,129,030		$	14,144,104		$	11,076,190		$	11,840,227		$	12,233,252
New risk written	$	3,325,569		$	3,822,560		$	2,893,697		$	3,030,169		$	3,239,497











Average insurance in force	$	249,915,876		$	248,468,781		$	247,838,392		$	248,695,560		$	247,821,046
Insurance in force (end of period)	$	250,062,714		$	249,720,234		$	247,909,417		$	248,356,397		$	248,808,341
Gross risk in force (end of period) (1)	$	68,680,150		$	68,465,872		$	67,916,263		$	68,053,447		$	68,262,577
Risk in force (end of period)	$	56,307,106		$	56,435,078		$	56,271,605		$	56,519,839		$	56,940,929
Policies in force	795,678			801,140			801,394			807,230			812,856
Weighted average coverage (2)	27.5		%	27.4		%	27.4		%	27.4		%	27.4		%
Annual persistency	83.3		%	84.0		%	84.7		%	85.7		%	86.0		%

Loans in default (count)	21,919			20,278			20,332			20,210			18,583
Percentage of loans in default	2.75		%	2.53		%	2.54		%	2.50		%	2.29		%

Base average premium rate (3)	0.40		%	0.40		%	0.41		%	0.41		%	0.41		%
Single premium cancellation (4)	—		%	—		%	—		%	—		%	—		%
Gross average premium rate	0.40		%	0.40		%	0.41		%	0.41		%	0.41		%
Ceded premiums	(0.06		%)	(0.05		%)	(0.06		%)	(0.07		%)	(0.06		%)
Net average premium rate	0.34		%	0.35		%	0.35		%	0.34		%	0.35		%


																			Exhibit G

Essent Group Ltd. and Subsidiaries
Supplemental Information
Mortgage Insurance - New Insurance Written


NIW by Credit Score (1)
	Three Months Ended						Nine Months Ended
	September 30, 2026					September 30, 2025						September 30, 2026						September 30, 2025
($ in thousands)
>=760	$	5,799,145		47.8	%		$	6,356,576		52.0	%		$	18,935,483		50.7	%		$	17,372,805		50.0	%
740-759	1,685,866			13.9			1,889,181			15.4			5,363,112			14.4			5,623,462			16.2
720-739	1,608,936			13.3			1,485,477			12.2			4,618,620			12.4			4,384,395			12.6
700-719	1,525,854			12.6			1,257,054			10.3			4,269,770			11.4			3,742,854			10.8
680-699	850,205			7.0			691,114			5.6			2,335,128			6.2			1,997,765			5.8
<=679	659,024			5.4			553,850			4.5			1,827,211			4.9			1,602,038			4.6
Total	$	12,129,030		100.0	%		$	12,233,252		100.0	%		$	37,349,324		100.0	%		$	34,723,319		100.0	%

Weighted average credit score	750						754						752						753



NIW by LTV
	Three Months Ended						Nine Months Ended
	September 30, 2026					September 30, 2025						September 30, 2026						September 30, 2025
($ in thousands)
85.00% and below	$	819,368		6.8	%		$	1,129,090		9.2	%		$	3,206,238		8.6	%		$	2,992,346		8.6	%
85.01% to 90.00%	2,977,826			24.6			3,099,275			25.3			9,617,572			25.7			8,335,451			24.0
90.01% to 95.00%	6,355,555			52.3			6,200,624			50.8			18,706,492			50.1			17,870,142			51.5
95.01% and above	1,976,281			16.3			1,804,263			14.7			5,819,022			15.6			5,525,380			15.9
Total	$	12,129,030		100.0	%		$	12,233,252		100.0	%		$	37,349,324		100.0	%		$	34,723,319		100.0	%

Weighted average LTV	93		%				93		%				93		%				93		%



NIW by Product
	Three Months Ended						Nine Months Ended


																							Exhibit H
Essent Group Ltd. and Subsidiaries
Supplemental Information
Mortgage Insurance - Insurance in Force and Risk in Force

Portfolio by Credit Score (1)
Insurance in Force	September 30, 2026								June 30, 2026								September 30, 2025
($ in thousands)
>=760				$	106,260,390		42.5	%				$	105,982,606		42.4	%				$	103,261,791		41.5	%
740-759				42,594,167			17.0					42,848,263			17.2					43,372,715			17.4
720-739				37,316,885			14.9					37,328,645			14.9					38,113,923			15.3
700-719				32,675,313			13.1					32,515,464			13.1					32,834,985			13.2
680-699				19,306,409			7.7					19,282,243			7.7					19,625,586			7.9
<=679				11,909,550			4.8					11,763,013			4.7					11,599,341			4.7
Total	$	250,062,714		100.0		%			$	249,720,234		100.0		%			$	248,808,341		100.0		%

Weighted average credit score	747								747								746

Risk in Force	September 30, 2026								June 30, 2026								September 30, 2025
($ in thousands)
>=760				$	28,898,331		42.1	%				$	28,763,509		42.1	%				$	28,056,444		41.0	%
740-759				11,849,960			17.3					11,895,196			17.4					12,054,702			17.7
720-739				10,389,729			15.1					10,371,860			15.1					10,587,116			15.5
700-719				9,125,308			13.3					9,068,601			13.2					9,155,794			13.4
680-699				5,363,366			7.8					5,347,877			7.8					5,429,039			8.0
<=679				3,053,456			4.4					3,018,829			4.4					2,979,482			4.4
Total	$	68,680,150		100.0		%			$	68,465,872		100.0		%			$	68,262,577		100.0		%

Portfolio by LTV
Insurance in Force	September 30, 2026								June 30, 2026								September 30, 2025
($ in thousands)
85.00% and below				$	15,375,886		6.1	%				$	15,285,556		6.1	%				$	14,398,904		5.8	%
85.01% to 90.00%				54,278,721			21.7					56,279,141			22.5					58,982,107			23.7
90.01% to 95.00%				134,922,918			54.0					133,466,114			53.5					131,889,655			53.0
95.01% and above				45,485,189			18.2					44,689,423			17.9					43,537,675			17.5
Total	$	250,062,714		100.0		%			$	249,720,234		100.0		%			$	248,808,341		100.0		%

Weighted average LTV	93		%						93		%						93		%