Essent Group Ltd - ESNT STOCK NEWS

Essent Group (NYSE: ESNT) reported Q4 2024 net income of $167.9 million ($1.58 per diluted share), compared to $175.4 million ($1.64 per diluted share) in Q4 2023. Full-year 2024 net income reached $729.4 million ($6.85 per diluted share), up from $696.4 million ($6.50 per diluted share) in 2023.

The company announced a quarterly cash dividend increase to $0.31 per common share, payable March 24, 2025. Q4 2024 new insurance written was $12.2 billion, with insurance in force reaching $243.6 billion. Net investment income for 2024 grew 19% to $222.1 million.

Notable developments include two forward quota share transactions covering 25% of eligible policies for 2025-2026, share repurchases of over 2 million common shares ($118 million), and a new $500 million share repurchase authorization through 2026.

Essent Group (NYSE: ESNT) has scheduled its fourth quarter 2024 earnings conference call for Friday, February 14, 2025, at 10:00 a.m. Eastern Time. The company will release its Q4 2024 results before the market opens on the same day.

The conference call will be accessible via live webcast on the company's investor relations website and through dial-in numbers (888-330-2384 US, 240-789-2701 international) using passcode 9824537. A webcast replay will be available for one year, while the conference call replay will be accessible for two weeks using dedicated numbers (800-770-2030 US, 647-362-9199 international) with the same passcode.

Additional statistical and financial information referenced during the call will be available on Essent's website.

Essent Group reported Q3 2024 net income of $176.2 million ($1.65 per diluted share), compared to $178.0 million ($1.66 per diluted share) in Q3 2023. New insurance written was $12.5 billion, consistent with previous quarters. Insurance in force reached $243.0 billion as of September 30, 2024. Net investment income for the first nine months of 2024 increased 22% to $165.5 million. The company completed its 10th mortgage insurance-linked note transaction, Radnor Re 2024-1, providing $363 million in reinsurance coverage. The Board declared a quarterly dividend of $0.28 per share, payable December 11, 2024.

Essent Group (NYSE: ESNT) has announced its upcoming third quarter 2024 earnings conference call, scheduled for Friday, November 1, 2024, at 10:00 a.m. Eastern Time. The company will release its Q3 2024 results before the market opens on the same day. Investors and interested parties can access the live broadcast via webcast or by dialing in.

The conference call will be available for replay on Essent's website for one year after the live broadcast ends. A telephonic replay will also be accessible for two weeks. Additional statistical and financial information that may be discussed during the call will be available on Essent's website in the Quarterly Results section.

Essent Group (NYSE: ESNT) has announced that its subsidiary, Essent Guaranty, Inc., has secured $363.4 million in fully collateralized excess of loss reinsurance coverage. This coverage applies to mortgage insurance policies written from July 2023 through July 2024. The reinsurance is provided by Radnor Re 2024-1 , a newly formed Bermuda special purpose insurer not affiliated with Essent Group

Radnor Re 2024-1 has funded its reinsurance obligations by issuing five classes of mortgage insurance-linked notes to eligible third-party capital markets investors in an unregistered private offering. These notes have 10-year legal maturities and varying interest rates based on the SOFR Rate plus additional basis points, ranging from 200 to 515 basis points depending on the class.

Essent Group (NYSE: ESNT) has reported on updates to the Private Mortgage Insurer Eligibility Requirements (PMIERs) issued by Fannie Mae and Freddie Mac. The changes affect the calculation of Available Assets and the sunset of the 0.3x Required Asset multiplier for COVID forbearance loans. Key points:

• Implementation will be phased, with no impact on Essent's Available Assets or sufficiency ratio until March 31, 2025
• Full effectiveness on September 30, 2026
• If fully implemented as of June 30, 2024, Essent Guaranty's PMIERs Available Assets would be $3.3 billion with a 161% sufficiency ratio
• CEO Mark Casale expressed confidence in Essent's ability to comply with the updated requirements

Essent Group (NYSE: ESNT) reported net income of $203.6 million or $1.91 per diluted share for Q2 2024, up from $172.2 million or $1.61 per diluted share in Q2 2023. The company declared a quarterly cash dividend of $0.28 per common share, payable on September 10, 2024. New insurance written for Q2 2024 was $12.5 billion, with insurance in force reaching $240.7 billion as of June 30, 2024. Net investment income for H1 2024 increased by 22% year-over-year to $108.2 million. Essent also closed two transactions on July 1, 2024, providing $1 billion in total debt capacity, including $500 million in senior unsecured notes and a $500 million unsecured revolving credit facility.

Essent Group (NYSE: ESNT) will host a conference call on August 2, 2024, at 10:00 a.m. ET to discuss their Q2 2024 financial results. The results will be released before the market opens on the same day.

The call will be live-streamed at their website, with access also available via phone for both U.S. and international callers using passcode 9824537. Replays will be available on the website for one year and by phone for two weeks post-call. Additional statistical and financial data discussed during the call will be accessible on Essent's website.

Essent Group (NYSE: ESNT) has successfully closed two significant financial transactions, securing approximately $1 billion in capital. On July 1, 2024, the company finalized a public offering of $500 million in senior unsecured notes, yielding net proceeds of $495.3 million. These notes will mature on July 1, 2029, with an annual interest rate of 6.250% paid semiannually. Approximately $425 million from this offering was used to repay outstanding borrowings under a previous credit facility, with the remaining funds allocated for general corporate purposes.

Additionally, Essent Group has established a new five-year, $500 million unsecured revolving credit facility with a syndicate of banks, replacing a previous $400 million secured facility. CEO Mark Casale highlighted that these moves enhance the company's capital and liquidity position while maintaining conservative balance sheet management and the lowest debt leverage in the mortgage insurance industry.