Welcome to our dedicated page for Essent Group news (Ticker: ESNT), a resource for investors and traders seeking the latest updates and insights on Essent Group stock.
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) reported a net income of $124.5 million or $1.11 per diluted share for Q3 2020, down from $144.6 million or $1.47 per share in Q3 2019. The Board declared a quarterly cash dividend of $0.16 per share, payable on December 10, 2020. Insurance in force increased to $190.8 billion, up from $161.0 billion a year earlier. New insurance written reached $36.7 billion, compared to $18.7 billion in Q3 2019. The percentage of loans in default decreased to 4.54%, while the combined ratio improved to 41.6% from 25.3% in the prior year.
Essent Group Ltd. (NYSE: ESNT) has announced an amendment to its credit facility, increasing the total from $500 million to $625 million. Key changes include an increase in the revolving credit facility from $275 million to $300 million and an additional $100 million non-amortizing term loan, both maturing in October 2023. The funds will be used for working capital and general corporate purposes. The facility will accrue interest based on a floating rate tied to a short-term borrowing index, starting at 1-Month LIBOR plus 2.0%. The facility is secured by certain assets of Essent, excluding its insurance subsidiaries.
Essent Group Ltd. (NYSE: ESNT) will hold a conference call on November 6, 2020, at 10:00 a.m. ET to discuss its third quarter 2020 results, which will be announced prior to the market opening. A live broadcast will be available online, and a recording will be accessible shortly after the call. Essent, through its subsidiary, Essent Guaranty, Inc., offers private mortgage insurance in the U.S., contributing to mortgage credit risk mitigation. The company is licensed in all 50 states and approved by Fannie Mae and Freddie Mac.
Essent Group Ltd. (NYSE: ESNT) announced that its subsidiary, Essent Guaranty, Inc., secured $399.2 million in fully collateralized excess of loss reinsurance coverage for mortgage insurance policies written from September 2019 to July 2020. This coverage was obtained through Radnor Re 2020-2 Ltd., a new Bermuda-based special purpose insurer. The reinsurance obligations were funded via the issuance of five classes of mortgage insurance-linked notes, amounting to $399.2 million, with varied interest rates based on one-month LIBOR.