Essent Group Ltd Stock Price, News & Analysis

Essent Group Ltd. (NYSE: ESNT) reported a net income of $147.4 million or $1.37 per diluted share for Q4 2022, down from $181.0 million or $1.64 per diluted share in Q4 2021. Full year net income reached $831.4 million or $7.72 per diluted share, up from $681.8 million or $6.11 per diluted share in 2021. The company declared a quarterly cash dividend of $0.25 per share, payable on March 20, 2023. New insurance written for Q4 was $13.0 billion, compared to $17.1 billion in Q3 2022. The combined ratio rose to 24.6% in Q4 2022 from 17.4% in Q4 2021.

Essent Group Ltd. (NYSE: ESNT) announced a strategic acquisition of Agents National Title Holding Company and Boston National Holdings LLC from Incenter LLC for $100 million. This acquisition aims to enhance Essent's offerings by incorporating title insurance and settlement services into its operations. Agents National Title, licensed in 44 states, and Boston National Title, with licenses in 40 states and the District of Columbia, will bring experienced professionals to Essent. The deal is subject to regulatory approvals.

Finance of America Companies Inc. (NYSE: FOA) announces the sale of its title insurance business, Incenter, to a subsidiary of Essent Group Ltd. (NYSE: ESNT). Interim CEO Graham A. Fleming emphasized that this move aligns with FOA's strategic focus on enhancing retirement solutions through home equity. The decision comes alongside plans to discontinue forward mortgage originations and a commitment to acquiring assets from AAG. Credit Suisse acted as the financial advisor for this transaction, which awaits regulatory approval. FOA is known for its innovative finance solutions targeted at consumers seeking flexible lending options.

Essent Group Ltd. (NYSE: ESNT) will hold a conference call on February 10, 2023, at 10:00 a.m. Eastern Time to discuss its fourth quarter 2022 results, which will be released prior to market open. Investors can access the call via a live Internet broadcast or by phone at 888-330-2384 in the U.S. and 240-789-2701 internationally, using passcode 9824537. A replay will be available for two weeks after the call. The company provides private mortgage insurance and related services in the U.S., and aims to mitigate mortgage credit risk for lenders. Further financial details will be available on Essent's website.

Essent Group Ltd. (NYSE: ESNT) reported a net income of $178.1 million or $1.66 per diluted share for Q3 2022, down from $205.4 million or $1.84 per diluted share a year ago. The company announced a quarterly cash dividend of $0.23 per share, payable on December 12, 2022. New insurance written reached $17.1 billion, a decline from both the previous quarter and the same period last year. The combined ratio was 22.3%, compared to negative 16.2% in Q2 2022. A.M. Best affirmed an “A (Excellent)” financial strength rating for Essent Guaranty, Inc.

Essent Group Ltd. (NYSE: ESNT) will hold a conference call on November 4, 2022, at 10:00 a.m. ET to discuss its third-quarter results, which will be released before the market opens. The call will be accessible via internet and phone, and a replay will be available for up to two weeks. Essent, based in Bermuda, offers private mortgage insurance and risk mitigation through its subsidiary, Essent Guaranty, Inc., licensed in all 50 states. More detailed financial information will be available on Essent's website.

Essent Group Ltd. (NYSE: ESNT) has announced that its subsidiary, Essent Guaranty, Inc., secured $237.9 million in fully collateralized excess of loss reinsurance coverage for mortgage insurance policies written between October 2021 and July 2022. This coverage comes from Radnor Re 2022-1 Ltd., a special purpose insurer based in Bermuda. The reinsurance was funded through the issuance of four classes of mortgage insurance-linked notes, with 10-year maturities, targeting capital markets investors.

These securities are unregistered under the U.S. Securities Act of 1933.

Essent Group Ltd. (NYSE: ESNT) has appointed Anu (Henna) A. Karna to its Board of Directors. Mark Casale, Chairman and CEO, expressed confidence in Karna's extensive experience in innovation, data, and technology within the insurance sector. Karna boasts over 25 years in leadership roles at prominent companies including Google Cloud and AXA XL. Her expertise is expected to enhance Essent's data utilization and innovation strategies.

Essent Group Ltd. (NYSE: ESNT) reported a net income of $231.8 million ($2.16 per diluted share) for Q2 2022, an increase from $159.8 million ($1.42 per diluted share) in Q2 2021. The company declared a quarterly cash dividend of $0.22 per share, payable on September 12, 2022, to shareholders of record on September 1, 2022. The second quarter saw new insurance written at $20.1 billion and insurance in force rising to $215.9 billion. The combined ratio was negative at (16.2%), indicating strong credit performance despite some near-term headwinds.