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Essent Group Ltd. - ESNT STOCK NEWS

Welcome to our dedicated page for Essent Group Ltd. news (Ticker: ESNT), a resource for investors and traders seeking the latest updates and insights on Essent Group Ltd. stock.

Essent Group Ltd (symbol: ESNT), founded in 2008 and headquartered in Hamilton, Bermuda, is a key player in the United States housing finance industry. Through its subsidiaries, Essent offers private mortgage insurance and reinsurance services for residential properties. These services include primary, pool, and master policy products that provide extensive credit protection to lenders and mortgage investors.

Essent's mortgage insurance products are designed to cover a portion of the unpaid principal balance of a mortgage and certain related expenses in the event of a default. This coverage helps mitigate mortgage credit risk and supports lenders in extending more mortgage financing to prospective homeowners.

The company also offers related services, including information technology maintenance and development, customer support, and contract underwriting services. These services primarily cater to the originators of residential mortgage loans, such as regulated depository institutions, mortgage banks, credit unions, and other lenders.

Essent operates across all 50 states and the District of Columbia, providing mortgage guaranty coverage that enhances the liquidity and stability of the housing finance market. By delivering essential risk management products and title insurance and settlement services, Essent plays a vital role in promoting homeownership in the United States.

Recent achievements and ongoing projects underscore Essent's continued commitment to innovation and customer service. The company's robust financial condition, strategic partnerships, and comprehensive product offerings position it as a trusted partner for mortgage lenders, borrowers, and investors.

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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.

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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.

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Essent Group (NYSE: ESNT) has announced the pricing of its $500 million senior unsecured notes offering. The notes will have a 6.250% interest rate, payable semiannually, and will mature on July 1, 2029. The offering is expected to close on July 1, 2024, subject to customary conditions.

The company plans to use approximately $425 million of the proceeds to repay existing term borrowings, with the remaining funds allocated for general corporate purposes. J.P. Morgan, BofA Securities, and Goldman Sachs are among the joint book-running managers for the offering.

Prospective investors can access the prospectus through the SEC's website or by contacting J.P. Morgan or BofA Securities directly. This announcement does not constitute an offer to sell or buy securities.

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Essent Guaranty, a provider of mortgage insurance and subsidiary of Essent Group (NYSE: ESNT), announced an enhanced integration with PMI Rate Pro, a leader in MI pricing platforms. This collaboration now includes the ability to order mortgage insurance directly through PMI Rate Pro's platform, significantly improving efficiency and accessibility for customers. Essent's SVP of Operations, Kendra Placek, highlighted that this integration supports EssentEDGE, Essent's proprietary risk assessment and pricing engine. This enhancement builds on a partnership that began in 2020, offering direct user access and seamless API integration with loan origination systems and pricing engines.

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Essent Group reported net income of $181.7 million or $1.70 per diluted share for the first quarter of 2024, up from $170.8 million or $1.59 per diluted share in the same period last year. The Board of Directors declared a quarterly cash dividend of $0.28 per common share payable on June 10, 2024. The company highlighted strong credit performance, investment income growth, and the successful integration of the title business. Essent also entered into a quota share reinsurance transaction and received positive ratings from major agencies.

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Essent Group (NYSE: ESNT) will hold a conference call on May 3, 2024, to discuss its first quarter 2024 results. The call will be broadcast live over the Internet and can be accessed via phone. A replay will be available on the company's website.
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Essent Group Ltd. (NYSE: ESNT) reported net income of $175.4 million for Q4 2023, up from $147.4 million in Q4 2022. Full-year net income was $696.4 million for 2023, down from $831.4 million in 2022. The Board declared a quarterly dividend of $0.28 per share. New insurance written for Q4 2023 was $8.8 billion. S&P upgraded Essent's ratings to 'A-'.
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Essent Group Ltd. (NYSE: ESNT) will hold a conference call on February 9, 2024, to discuss its fourth quarter 2023 results. The call will be broadcast live over the Internet and can be accessed via dial-in numbers for both U.S. and international callers. A webcast replay will be available for one year, and a conference call replay will be available for two weeks. Additional statistical and financial information will be available on Essent's website.
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Essent Group Ltd. (NYSE: ESNT) announced that S&P Global Ratings raised its long-term insurer financial strength and issuer credit ratings on its wholly owned subsidiaries, Essent Guaranty, Inc. and Essent Reinsurance Ltd., to 'A-' from 'BBB+', with a stable outlook. The upgrade reflects an improved view of Essent's capital adequacy, solid underwriting earnings, strong underwriting quality in its mortgage insurance portfolio, and substantial reinsurance protection.
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Essent Group Ltd. (NYSE: ESNT) reported net income of $178.0 million or $1.66 per diluted share for Q3 2023, compared to $178.1 million or $1.66 per diluted share for Q3 2022. The company declared a quarterly cash dividend of $0.25 per common share, payable on December 11, 2023. New insurance written for Q3 2023 was $12.5 billion. Net investment income for Q3 2023 was $47.1 million, up 44% from Q3 2022.
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FAQ

What services does Essent Group Ltd provide?

Essent Group Ltd provides private mortgage insurance, reinsurance, risk management products, title insurance, and settlement services.

Where is Essent Group Ltd headquartered?

Essent Group Ltd is headquartered in Hamilton, Bermuda.

When was Essent Group Ltd founded?

Essent Group Ltd was founded in 2008.

Who are the primary customers of Essent Group Ltd?

Essent Group Ltd primarily serves regulated depository institutions, mortgage banks, credit unions, and other mortgage lenders.

What geographic areas does Essent Group Ltd operate in?

Essent Group Ltd operates in all 50 states in the United States and the District of Columbia.

How does Essent Group Ltd support homeownership?

Essent Group Ltd supports homeownership by providing mortgage insurance that mitigates credit risk, allowing lenders to offer more mortgage financing.

What types of mortgage insurance products does Essent Group Ltd offer?

Essent Group Ltd offers primary, pool, and master policy mortgage insurance products.

What additional services are provided by Essent Group Ltd?

Besides mortgage insurance, Essent Group Ltd offers IT maintenance and development, customer support, and contract underwriting services.

How does Essent Group Ltd enhance the stability of the housing finance market?

Essent Group Ltd enhances market stability by providing credit protection and risk management that supports liquidity in the housing finance sector.

What is the role of Essent Group Ltd in the mortgage finance industry?

Essent Group Ltd plays a crucial role by providing insurance and financial products that help mitigate risk and support lenders and homeowners.

Essent Group Ltd.

NYSE:ESNT

ESNT Rankings

ESNT Stock Data

6.46B
106.67M
3.2%
96.31%
0.86%
Savings Institutions
Finance and Insurance
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United States of America
HAMILTON