Essent Group Ltd. serves the housing finance industry through private mortgage insurance and related risk-transfer products for mortgage lenders, borrowers and investors. Its news commonly reports quarterly earnings, new insurance written, insurance in force, investment income, credit trends and the role of reinsurance in managing mortgage credit risk.
Company updates also cover capital management through cash dividends and share repurchases, rating-agency actions tied to Essent Guaranty and Essent Group debt, earnings call schedules and board governance changes.
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.
Essent Group Ltd. (NYSE: ESNT) announced a conference call scheduled for Friday, August 5, 2022, at 10:00 a.m. Eastern Time. The call will discuss the Company’s second quarter 2022 results, which will be released before the market opens that day. Investors can access the live broadcast via the Essent website or by phone. Replay options will also be available for both the webcast and call. Essent provides private mortgage insurance and related services in the U.S.
Essent Group Ltd. (NYSE: ESNT) reported a net income of $274.2 million for Q1 2022, or $2.52 per diluted share, compared to $135.6 million or $1.21 per diluted share in Q1 2021. The company declared a quarterly cash dividend of $0.21 per common share, payable on June 10, 2022. As of March 31, 2022, insurance in force was $206.8 billion, while new insurance written was $12.8 billion. The provision for losses was a benefit of $106.9 million, reflecting improvements in loan defaults.
Essent Group Ltd. (NYSE: ESNT) will hold a conference call on May 6, 2022, at 10:00 a.m. Eastern Time to discuss its Q1 2022 results. The results will be announced prior to the market opening on the same day. The call can be accessed via the internet or by dialing specific numbers provided for U.S. and international callers. A replay of the conference call will be available for two weeks following the event. Essent specializes in private mortgage insurance for single-family loans in the U.S., providing capital to mitigate mortgage credit risk.
Essent Group Ltd. (NYSE: ESNT) reported a net income of $181.0 million or $1.64 per diluted share for Q4 2021, up from $123.6 million or $1.10 per share in Q4 2020. For the full year, net income reached $681.8 million or $6.11 per share, compared to $413.0 million or $3.88 per share in 2020. A quarterly cash dividend of $0.20 per share was declared, payable on March 21, 2022. The company reported insurance in force of $207.2 billion and a 2.16% loan default rate as of December 31, 2021.
Essent Group Ltd. (NYSE: ESNT) announced a conference call for February 11, 2022, at 10:00 a.m. ET to discuss its fourth quarter and full year 2021 results. The earnings report will be released before the market opens on the same day. Investors can access the live call via the company's website or by phone. A replay will be available on the website and through a dedicated dial-in number. Essent, headquartered in Radnor, Pennsylvania, offers private mortgage insurance and related services in the U.S., providing capital to mitigate mortgage credit risk.
Essent Group Ltd. (NYSE: ESNT) has successfully amended its credit facility, increasing the total amount from $625 million to $825 million. The revised terms include raising the revolving credit facility from $300 million to $400 million, and adding a $100 million term loan, both maturing in December 2026. This enhancement reflects the company's strong financial standing, offering improved capital and liquidity. Borrowings can be used for working capital and corporate purposes, secured by certain assets of Essent.
Essent Group Ltd. (NYSE: ESNT) has appointed Christopher G. Curran as the new President of Essent Guaranty, Inc., effective January 1, 2022. Curran, who has over 25 years of experience in mortgage insurance and banking, will oversee all operations, including business development and risk management, while reporting to Mark A. Casale, the current CEO. Casale emphasized Curran's significant contributions over the past decade and highlighted the company's focus on enhancing shareholder value.
Essent Group Ltd. (NYSE: ESNT) has partnered with OpenClose to integrate its mortgage insurance products into OpenClose's LenderAssist™ loan origination system. This collaboration aims to streamline the mortgage insurance process by providing real-time access to Essent's pricing engine, EssentEDGE®. The integration is expected to enhance operational efficiencies for lenders by automating the MI certification workflow and delivering EssentEDGE rates instantly.