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 $123.6 million or $1.10 per diluted share for Q4 2020, down from $147.0 million or $1.49 per share in Q4 2019. For the full year, net income decreased to $413.0 million or $3.88 per diluted share, compared to $555.7 million or $5.66 per diluted share in 2019. The Board declared a quarterly cash dividend of $0.16 per share, payable on March 19, 2021. The company reported insurance in force of $198.9 billion and a combined ratio of 44.5% for Q4 2020. The percentage of loans in default also improved to 3.93%.
Essent Group Ltd. (NYSE: ESNT) will hold a conference call on February 19, 2021, at 10:00 a.m. ET to discuss Q4 and full year 2020 results, which will be released prior to market open. The call will be streamed live on their website, with dial-in options available for participants. A replay of the call will be accessible shortly after the event for two weeks. Essent Group, based in Bermuda, specializes in private mortgage insurance and offers a range of related services across the U.S., aiming to support home financing and mitigate credit risk.
Essent Group Ltd. (NYSE: ESNT) has made a replay of its participation in the MKM Partners Virtual Conference available on its website. The replay features Mark A. Casale, CEO, discussing various topics related to Essent's current trends and future outlook. This session was open to the public and aims to provide insights into the company's strategic direction.
Essent offers private mortgage insurance and is dedicated to supporting ESG initiatives that positively impact communities.
Essent Group Ltd. (NYSE: ESNT) announced that its Chairman and CEO, Mark A. Casale, will participate in the MKM Partners Virtual Conference on December 16, 2020, at 9:10 a.m. ET. The discussion will be accessible via a live webcast on Essent's website, with a replay available afterward. Essent Group specializes in private mortgage insurance through its subsidiary, Essent Guaranty, Inc., supporting lenders and homeowners across the U.S. The company is committed to environmental, social, and governance initiatives, enhancing its role as a responsible corporate citizen.
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.