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) announced that its subsidiary, Essent Guaranty, Inc., secured $439.4 million in fully collateralized excess of loss reinsurance coverage for mortgage insurance policies underwritten between April and September 2021. This coverage is from Radnor Re 2021-2 Ltd., a Bermuda-based special purpose insurer. The funding was achieved through the issuance of four classes of mortgage insurance-linked notes totaling over $439 million, with varying interest rates linked to the SOFR. The securities remain unregistered under U.S. law.
Essent Group Ltd. (NYSE: ESNT) reported a net income of $205.4 million or $1.84 per diluted share for Q3 2021, up from $124.5 million or $1.11 a year ago. The Board declared a quarterly cash dividend of $0.19 per share, payable on December 10, 2021. Insurance in force reached $208.2 billion, new insurance written was $23.6 billion, and net premiums earned were $218.7 million. The percentage of loans in default decreased to 2.47%, indicating improved credit performance. The combined ratio improved to 15.9%.
Essent Group Ltd. (NYSE: ESNT) will hold a conference call on November 5, 2021, at 10:00 a.m. ET to discuss its third quarter 2021 results, which will be released before the market opens on the same day. The call can be accessed via the Essent website or by calling specific numbers for U.S. and international participants. A replay will be available shortly after the call. Essent is a provider of private mortgage insurance in the U.S., enhancing mortgage financing for homeowners.
Essent Group Ltd. (NYSE: ESNT) has launched an upgraded risk-based pricing engine, EssentEDGE, designed to refine mortgage insurance pricing for lenders. This next-generation platform combines proprietary risk metrics and advanced analytics with traditional credit factors, enhancing access to mortgage credit for qualified borrowers. CEO Mark A. Casale emphasized the platform's cloud-based machine learning capabilities, which processes larger datasets efficiently. The updated EssentEDGE is now available via the Online Rate Finder tool and other pricing engines.
Essent Group Ltd. (NYSE: ESNT) reported a remarkable net income of $159.8 million or $1.42 per diluted share for Q2 2021, significantly higher than $15.4 million or $0.15 in Q2 2020. The Board declared a $0.18 quarterly cash dividend, payable on September 10, 2021. Key figures include $203.6 billion in insurance in force, $25.0 billion in new insurance written, and a 23.3% combined ratio. The percentage of loans in default decreased to 2.96%. Management expressed confidence in the favorable operating environment and strong earnings performance.
Essent Group Ltd. (NYSE: ESNT) has appointed Adolfo Marzol as Special Advisor to the Chairman and CEO. Mark A. Casale, Chairman, expressed confidence in Marzol's experience in housing finance, emphasizing his significant role in the company's founding. Marzol, who has held senior positions at Essent, Fannie Mae, and Chase Manhattan Mortgage, aims to leverage his expertise to influence company strategy and growth. Essent provides private mortgage insurance in the U.S. and is committed to ESG initiatives.
Essent Group Ltd. (NYSE: ESNT) will hold a conference call on August 6, 2021, at 10:00 a.m. ET to discuss its Q2 2021 results, released prior to market opening. The call will be accessible via the company's website and through dial-in options for both U.S. and international callers. A replay will be available shortly after for two weeks. Essent Group provides private mortgage insurance in the U.S. and is licensed in all 50 states, highlighting its broad market reach.
Essent Group Ltd. (NYSE: ESNT) has secured $557.9 million in fully collateralized excess of loss reinsurance coverage for mortgage insurance policies from Radnor Re 2021-1 Ltd., a new Bermuda special purpose insurer, covering policies written between August 2020 and March 2021.
This coverage is funded through five classes of mortgage insurance-linked notes with varying interest rates, targeting third-party capital markets investors. The notes are not registered under U.S. Securities Act, and this announcement does not constitute an offer or solicitation.
Essent Group Ltd. (NYSE: ESNT) reported net income of $135.6 million, or $1.21 per diluted share, for Q1 2021, down from $149.5 million or $1.52 per share in Q1 2020. The company announced a $250 million share repurchase plan and declared a quarterly dividend of $0.17 per share, payable on June 10, 2021. As of March 31, 2021, insurance in force was $197.1 billion, with new insurance written at $19.3 billion. The percentage of loans in default decreased to 3.70% from 3.93% in the previous quarter.
Essent Group Ltd. (NYSE: ESNT) has announced a conference call on May 7, 2021, at 10:00 a.m. Eastern Time to discuss its first quarter 2021 results, which will be released before the market opens. The call will be accessible via a live internet broadcast and telephone dial-in options for U.S. and international participants. A replay will be available after the call for two weeks. Essent Group provides private mortgage insurance through its subsidiary, Essent Guaranty, Inc., and is committed to ESG initiatives.