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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K 
CURRENT REPORT
Pursuant to Section 13 or 15(d)
of the Securities Exchange Act of 1934
Date of report (Date of Earliest Event Reported): November 2, 2023
ESSENT GROUP LTD.
(Exact name of registrant as specified in its charter) 
Bermuda001-36157Not Applicable
(State of Incorporation)(Commission File Number)(I.R.S. Employer Identification No.)
Clarendon House
2 Church Street
Hamilton HM11, Bermuda
(Address of Principal Executive Offices and Zip Code)

(441) 297‑9901
(Registrant’s telephone number, including area code)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
☐Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company        ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition
period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ¨

Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading
Symbol(s)		Name of each exchange on which registered
Common Shares, $0.015 par valueESNTNew York Stock Exchange



Item 2.02.    Results of Operations and Financial Condition
On November 2, 2023, Essent Group Ltd. (the “Company”) issued a press release announcing its financial results for the quarter ended September 30, 2023. A copy of this press release is furnished as Exhibit 99.1 to this report.
The information in this report, including Exhibit 99.1, has been “furnished” and shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to liability under that section. The information in this report shall not be incorporated by reference into any filing or other document under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such filing or document.

Item 9.01.             Financial Statements and Exhibits
(d)Exhibits
Exhibit
 No.		  Description
104Cover Page Interactive Data File - the cover page XBRL tags are embedded within the Inline XBRL document.
Press Release issued by Essent Group Ltd. on November 2, 2023.


SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

Date: November 2, 2023

ESSENT GROUP LTD.


By:    /s/ David B. Weinstock
Name: David B. Weinstock
Title: Senior Vice President and Chief Financial Officer


Exhibit 99.1

Essent Group Ltd. Announces Third Quarter 2023 Results and Declares Quarterly Dividend
HAMILTON, Bermuda--(BUSINESS WIRE)--November 2, 2023--Essent Group Ltd. (NYSE: ESNT) today reported net income for the quarter ended September 30, 2023 of $178.0 million or $1.66 per diluted share, compared to $178.1 million or $1.66 per diluted share for the quarter ended September 30, 2022.
Essent also announced today that its Board of Directors has declared a quarterly cash dividend of $0.25 per common share. The dividend is payable on December 11, 2023, to shareholders of record on December 1, 2023.
“We are pleased with our third quarter 2023 financial results, as we continue to generate high quality earnings and robust returns,” said Mark A. Casale, Chairman and Chief Executive Officer. “The credit quality of our portfolio remains strong. Higher interest rates have translated to higher portfolio persistency and increased investment income, supporting our revenues and growth in book value per share.”
Financial Highlights:
•New insurance written for the third quarter of 2023 was $12.5 billion, compared to $13.5 billion in the second quarter of 2023 and $17.1 billion in the third quarter of 2022.

•Insurance in force as of September 30, 2023 was $238.7 billion, compared to $235.6 billion as of June 30, 2023 and $222.5 billion as of September 30, 2022.

•Net investment income for the third quarter of 2023 was $47.1 million, up 44% from the third quarter of 2022. For the nine months ended September 30, 2023, net investment income was $135.6 million, up 57% from the comparable period in 2022.

•On July 1, 2023, Essent Group Ltd. completed its previously announced acquisition of Agents National Title Holding Company and Boston National Holdings LLC for $92.6 million.

•On August 8, 2023, Essent closed its 9th insurance-linked note transaction, Radnor Re 2023-1, which provides $281.5 million of collateralized reinsurance coverage for NIW from August 2022 through June 2023.

•In October 2023, the Board approved a share repurchase plan that authorizes the Company to repurchase $250 million of common shares in the open market between January 1, 2024 and December 31, 2025.


Conference Call:
Essent management will hold a conference call at 10:00 AM Eastern time today to discuss its results. The conference call will be broadcast live over the Internet at http://ir.essentgroup.com/events-and-presentations/events/default.aspx. The call may also be accessed by dialing 888-330-2384 inside the U.S., or 240-789-2701 for international callers, using passcode 9824537 or by referencing Essent.

A replay of the webcast will be available on the Essent website approximately two hours after the live broadcast ends for a period of one year. A replay of the conference call will be available approximately two hours after the call ends for a period of two weeks, using the following dial-in numbers and passcode: 800-770-2030 inside the U.S., or 647-362-9199 for international callers, passcode 9824537.
In addition to the information provided in the Company's earnings news release, other statistical and financial information, which may be referred to during the conference call, will be available on Essent's website at http://ir.essentgroup.com/financials/quarterly-results/default.aspx.
Forward-Looking Statements:
This press release may include “forward-looking statements” which are subject to known and unknown risks and uncertainties, many of which may be beyond our control. Forward-looking statements generally can be identified by the use of forward-looking terminology such as "may," "will," “should,” “expect,” "plan," "anticipate," "believe," “estimate,” “predict,” or "potential" or the negative thereof or variations thereon or similar terminology. Actual events, results and outcomes may differ materially from our expectations due to a variety of known and unknown risks, uncertainties and other factors. Although it is not possible to identify all of these risks and factors, they include, among others, the following: changes in or to Fannie Mae and Freddie Mac (the “GSEs”), whether through Federal legislation, restructurings or a shift in business practices; failure to continue to meet the mortgage insurer eligibility requirements of the GSEs; competition for customers; lenders or investors seeking alternatives to private mortgage insurance; deteriorating economic conditions (including inflation, rising interest rates and other adverse economic trends); the impact of COVID-19 and related economic conditions; an increase in the number of loans insured through Federal government mortgage insurance programs, including those offered by the Federal Housing Administration; decline in new insurance written and franchise value due to loss of a significant customer; decline in the volume of low down payment mortgage originations; the definition of "Qualified Mortgage" reducing the size of the mortgage origination market or creating incentives to use government mortgage insurance programs; the definition of "Qualified Residential Mortgage" reducing the number of low down payment loans or lenders and investors seeking alternatives to private mortgage insurance; the implementation of the Basel III Capital Accord discouraging the use of private mortgage insurance; a decrease in the length of time that insurance policies are in force; uncertainty of loss reserve estimates; our non-U.S. operations becoming subject to U.S. Federal income taxation; becoming considered a passive foreign investment company for U.S. Federal income tax purposes; and other risks and factors described in Part I, Item 1A “Risk Factors” of our Annual Report on Form 10-K for the year ended December 31, 2022 filed with the Securities and Exchange Commission on February 17, 2023, as subsequently updated through other reports we file with the Securities and Exchange Commission. Any forward-looking information presented herein is made only as of the date of this press release, and we do not undertake any obligation to update or revise any forward-looking information to reflect changes in assumptions, the occurrence of unanticipated events, or otherwise.




About the Company:
Essent Group Ltd. (NYSE: ESNT) is a Bermuda-based holding company (collectively with its subsidiaries, “Essent”) which serves the housing finance industry by offering private mortgage insurance, reinsurance, risk management products and title insurance and settlement services to mortgage lenders, borrowers, and investors to support homeownership. Additional information regarding Essent may be found at www.essentgroup.com.

Source: Essent Group Ltd.


Essent Group Ltd. and Subsidiaries
Financial Results and Supplemental Information (Unaudited)
Quarter Ended September 30, 2023
Exhibit ACondensed Consolidated Statements of Comprehensive Income (Unaudited)
Exhibit BCondensed Consolidated Balance Sheets (Unaudited)
Exhibit CConsolidated Historical Quarterly Data
Exhibit DU.S Mortgage Insurance Portfolio Historical Quarterly Data
Exhibit ENew Insurance Written - U.S. Mortgage Insurance Portfolio
Exhibit FInsurance in Force and Risk in Force - U.S. Mortgage Insurance Portfolio
Exhibit GOther Risk in Force
Exhibit HU.S. Mortgage Insurance Portfolio Vintage Data
Exhibit IU.S. Mortgage Insurance Portfolio Reinsurance Vintage Data
Exhibit JU.S. Mortgage Insurance Portfolio Geographic Data
Exhibit KRollforward of Defaults and Reserve for Losses and LAE
Exhibit LDetail of Reserves by Default Delinquency
Exhibit MInvestments Available for Sale
Exhibit NU.S. Mortgage Insurance Company Capital
Exhibit OLoss, Expense and Combined Ratios and Reconciliation of Non-GAAP Financial Measures



Exhibit A
Essent Group Ltd. and Subsidiaries
Condensed Consolidated Statements of Comprehensive Income (Unaudited)
Three Months Ended September 30,Nine Months Ended September 30,
(In thousands, except per share amounts)2023202220232022
Revenues:
Direct premiums written$270,868 $239,773 $759,526 $692,687 
Ceded premiums(30,294)(30,543)(103,431)(73,384)
Net premiums written240,574 209,230 656,095 619,303 
Decrease in unearned premiums6,231 (1,296)15,197 15,972 
Net premiums earned246,805 207,934 671,292 635,275 
Net investment income47,072 32,594 135,558 86,613 
Realized investment losses, net(235)175 (2,312)(7,648)
(Loss) income from other invested assets(3,143)9,617 (10,697)36,275 
Other income5,609 11,447 18,641 20,272 
Total revenues296,108 261,767 812,482 770,787 
Losses and expenses:
Provision (benefit) for losses and LAE10,822 4,252 11,902 (178,805)
Other underwriting and operating expenses54,814 42,144 145,183 124,838 
Premiums retained by agents13,175 — 13,175 — 
Interest expense7,854 4,450 22,184 9,563 
Total losses and expenses86,665 50,846 192,444 (44,404)
Income before income taxes209,443 210,921 620,038 815,191 
Income tax expense31,484 32,870 99,019 131,204 
Net income$177,959 $178,051 $521,019 $683,987 
Earnings per share:
Basic$1.68 $1.67 $4.90 $6.37 
Diluted1.66 1.66 4.86 6.35 
Weighted average shares outstanding:
Basic105,979 106,870 106,387 107,314 
Diluted107,025 107,337 107,232 107,732 
Net income$177,959 $178,051 $521,019 $683,987 
Other comprehensive income (loss):
Change in unrealized depreciation of investments(76,248)(137,010)(53,593)(474,284)
Total other comprehensive loss(76,248)(137,010)(53,593)(474,284)
Comprehensive income$101,711 $41,041 $467,426 $209,703 


Exhibit B
Essent Group Ltd. and Subsidiaries
Condensed Consolidated Balance Sheets (Unaudited)
September 30,December 31,
(In thousands, except per share amounts)20232022
Assets
Investments
Fixed maturities available for sale, at fair value$4,241,757 $4,489,598 
Short-term investments available for sale, at fair value755,931 252,027 
Total investments available for sale4,997,688 4,741,625 
Other invested assets272,619 257,941 
Total investments5,270,307 4,999,566 
Cash96,779 81,240 
Accrued investment income36,651 33,162 
Accounts receivable68,332 57,399 
Deferred policy acquisition costs9,375 9,910 
Property and equipment40,710 19,571 
Prepaid federal income tax461,386 418,460 
Goodwill and intangible assets, net64,271 — 
Other assets46,389 104,489 
Total assets$6,094,200 $5,723,797 
Liabilities and Stockholders' Equity
Liabilities
Reserve for losses and LAE$241,333 $216,464 
Unearned premium reserve147,712 162,887 
Net deferred tax liability329,721 356,810 
Credit facility borrowings, net of deferred costs421,656 420,864 
Other accrued liabilities145,771 104,463 
Total liabilities1,286,193 1,261,488 
Commitments and contingencies
Stockholders' Equity
Common shares, $0.015 par value:
Authorized - 233,333; issued and outstanding - 106,887 shares in 2023 and 107,683 shares in 20221,603 1,615 
Additional paid-in capital1,309,717 1,350,377 
Accumulated other comprehensive loss(436,383)(382,790)
Retained earnings3,933,070 3,493,107 
Total stockholders' equity 4,808,007 4,462,309 
Total liabilities and stockholders' equity$6,094,200 $5,723,797 
Return on average equity (1)15.0 %19.1 %
(1) The 2023 return on average equity is calculated by dividing annualized year-to-date 2023 net income by average equity.  The 2022 return on average equity is calculated by dividing full year 2022 net income by average equity.



Exhibit C
Essent Group Ltd. and Subsidiaries
Supplemental Information
Consolidated Historical Quarterly Data
20232022
Selected Income Statement DataSeptember 30June 30March 31December 31September 30
(In thousands, except per share amounts)
Revenues:
Net premiums earned:
U.S. Mortgage Insurance Portfolio$209,351 $195,502 $196,565 $192,670 $194,272 
GSE and other risk share16,850 17,727 14,693 14,582 13,662 
Title insurance20,604 — — — — 
Net premiums earned246,805 213,229 211,258 207,252 207,934 
Net investment income47,072 45,250 43,236 37,796 32,594 
Realized investment (losses) gains, net(235)(1,589)(488)(5,524)175 
(Loss) income from other invested assets(3,143)(4,852)(2,702)(7,599)9,617 
Other income (loss) (1)
5,609 8,090 4,942 (1,888)11,447 
Total revenues296,108 260,128 256,246 230,037 261,767 
Losses and expenses:
Provision (benefit) for losses and LAE10,822 1,260 (180)4,101 4,252 
Other underwriting and operating expenses54,814 42,174 48,195 46,895 42,144 
Premiums retained by agents13,175 — — — — 
Interest expense7,854 7,394 6,936 6,045 4,450 
Total losses and expenses86,665 50,828 54,951 57,041 50,846 
Income before income taxes209,443 209,300 201,295 172,996 210,921 
Income tax expense (2)
31,484 37,067 30,468 25,630 32,870 
Net income$177,959 $172,233 $170,827 $147,366 $178,051 
Earnings per share:
   Basic$1.68 $1.62 $1.60 $1.38 $1.67 
   Diluted1.66 1.61 1.59 1.37 1.66 
Weighted average shares outstanding:
   Basic105,979 106,249 106,943 106,881 106,870 
   Diluted107,025 107,093 107,585 107,419 107,337 
Book value per share$44.98 $44.24 $43.18 $41.44 $39.87 
Return on average equity (annualized)14.9 %14.7 %15.0 %13.5 %16.6 %
Credit Facility
Borrowings outstanding$425,000 $425,000 $425,000 $425,000 $425,000 
Undrawn committed capacity$400,000 $400,000 $400,000 $400,000 $400,000 
Weighted average interest rate (end of period)
7.07 %6.87 %6.52 %6.02 %4.39 %
Debt-to-capital8.12 %8.24 %8.38 %8.70 %9.01 %
(1) Other income includes net favorable (unfavorable) changes in the fair value of embedded derivatives associated with certain of our third-party reinsurance agreements, which for the quarters ended September 30, 2023, June 30, 2023, March 31, 2023, December 31, 2022, and September 30, 2022 was ($898), $2,726, ($368), ($6,515), and $5,177, respectively.
(2) Income tax expense for the quarters ended September 30, 2023, June 30, 2023, March 31, 2023, December 31, 2022 and September 30, 2022 includes ($763), $(888), ($368), ($4,122), and $2,925 respectively, of discrete tax (benefit) expense associated with realized and unrealized gains and losses. Income tax expense for the quarter ended June 30, 2023 also includes $5,295 of net discrete tax expense associated with prior year tax returns.


Exhibit D
Essent Group Ltd. and Subsidiaries
Supplemental Information
U.S Mortgage Insurance Portfolio Historical Quarterly Data
20232022
Other Data:September 30June 30March 31December 31September 30
($ in thousands)
U.S. Mortgage Insurance Portfolio
Flow:
New insurance written$12,505,823 $13,498,080 $12,893,789 $13,011,432 $17,112,017 
New risk written3,458,467 3,726,513 3,548,015 3,522,726 4,570,699 
Bulk:
New insurance written$— $— $— $— $— 
New risk written— — — — — 
Total:
New insurance written$12,505,823 $13,498,080 $12,893,789 $13,011,432 $17,112,017 
New risk written$3,458,467 $3,726,513 $3,548,015 $3,522,726 $4,570,669 
Average insurance in force$237,270,093 $233,484,941 $228,885,174 $224,840,675 $219,280,350 
Insurance in force (end of period)$238,661,612 $235,649,884 $231,537,417 $227,062,055 $222,542,569 
Gross risk in force (end of period) (1)
$63,605,057 $62,403,400 $60,879,979 $59,276,489 $57,743,091 
Risk in force (end of period)$53,920,308 $53,290,643 $51,469,312 $49,903,626 $48,690,571 
Policies in force825,248 821,690 815,751 808,596 800,745 
Weighted average coverage (2)
26.7 %26.5 %26.3 %26.1 %25.9 %
Annual persistency86.6 %85.8 %84.4 %82.1 %77.9 %
Loans in default (count)13,391 12,480 12,773 13,433 12,435 
Percentage of loans in default1.62 %1.52 %1.57 %1.66 %1.55 %
U.S. Mortgage Insurance Portfolio premium rate:
   Base average premium rate (3)
0.40 %0.40 %0.40 %0.40 %0.40 %
   Single premium cancellations (4)
— %— %— %— %0.01 %
  Gross average premium rate0.40 %0.40 %0.40 %0.40 %0.41 %
  Ceded premiums(0.05 %)(0.07 %)(0.06 %)(0.06 %)(0.06 %)
    Net average premium rate0.35 %0.33 %0.34 %0.34 %0.35 %
(1) Gross risk in force includes risk ceded under third-party reinsurance.
(2) Weighted average coverage is calculated by dividing end of period gross risk in force by end of period insurance in force.
(3) Base average premium rate is calculated by dividing annualized base premiums earned by average insurance in force for the period.
(4) Single premium cancellations is calculated by dividing annualized premiums on the cancellation of non-refundable single premium policies by average insurance in force for the period.



Exhibit E
Essent Group Ltd. and Subsidiaries
Supplemental Information - U.S. Mortgage Insurance Portfolio
New Insurance Written: Flow
NIW by Credit Score
Three Months EndedNine Months Ended
September 30, 2023September 30, 2022September 30, 2023September 30, 2022
($ in thousands)
>=760$5,212,343 41.8 %$6,976,123 40.8 %$15,473,191 39.8 %$20,942,108 41.8 %
740-7592,205,066 17.6 2,965,115 17.3 7,031,821 18.1 8,499,739 17.0 
720-7391,911,320 15.3 2,788,573 16.3 6,310,564 16.2 7,885,166 15.8 
700-7191,867,510 14.9 2,277,251 13.3 5,892,704 15.1 6,452,721 12.9 
680-699891,471 7.1 1,476,982 8.6 3,024,347 7.8 4,409,944 8.8 
<=679418,113 3.3 627,973 3.7 1,165,065 3.0 1,859,956 3.7 
Total$12,505,823 100.0 %$17,112,017 100.0 %$38,897,692 100.0 %$50,049,634 100.0 %
Weighted average credit score747 746 746 747 
NIW by LTV
Three Months EndedNine Months Ended
September 30, 2023September 30, 2022September 30, 2023September 30, 2022
($ in thousands)
85.00% and below$849,250 6.7 %$1,618,912 9.5 %$2,801,011 7.2 %$4,556,205 9.1 %
85.01% to 90.00%2,445,924 19.6 4,753,686 27.8 7,951,062 20.4 13,657,345 27.3 
90.01% to 95.00%6,614,050 52.9 9,171,095 53.5 21,383,696 55.0 26,461,665 52.9 
95.01% and above2,596,599 20.8 1,568,324 9.2 6,761,923 17.4 5,374,419 10.7 
Total$12,505,823 100.0 %$17,112,017 100.0 %$38,897,692 100.0 %$50,049,634 100.0 %
Weighted average LTV93 %93 %93 %93 %
NIW by Product
Three Months EndedNine Months Ended
September 30, 2023September 30, 2022September 30, 2023September 30, 2022
Single Premium policies2.8 %8.2 %3.8 %5.9 %
Monthly Premium policies97.2 91.8 96.2 94.1 
100.0 %100.0 %100.0 %100.0 %
NIW by Purchase vs. Refinance
Three Months EndedNine Months Ended
September 30, 2023September 30, 2022September 30, 2023September 30, 2022
Purchase99.0 %98.7 %98.8 %97.2 %
Refinance1.01.3 1.22.8 
100.0 %100.0 %100.0 %100.0 %


Exhibit F
Essent Group Ltd. and Subsidiaries
Supplemental Information
Insurance in Force and Risk in Force - U.S. Mortgage Insurance Portfolio
Portfolio by Credit Score
IIF by FICO scoreSeptember 30, 2023June 30, 2023September 30, 2022
($ in thousands)
>=760$97,027,348 40.7 %$95,925,520 40.8 %$92,309,692 41.5 %
740-75941,362,480 17.3 40,733,799 17.3 37,821,201 17.0 
720-73937,297,809 15.6 36,791,104 15.6 33,910,646 15.2 
700-71931,674,346 13.3 30,970,132 13.1 28,263,518 12.7 
680-69919,850,176 8.3 19,667,866 8.3 18,351,570 8.2 
<=67911,449,453 4.8 11,561,463 4.9 11,885,942 5.4 
Total$238,661,612 100.0 %$235,649,884 100.0 %$222,542,569 100.0 %
Weighted average credit score746 746 746 
Gross RIF by FICO scoreSeptember 30, 2023June 30, 2023September 30, 2022
($ in thousands)
>=760$25,594,262 40.1 %$25,138,762 40.3 %$23,743,335 41.1 %
740-75911,165,727 17.6 10,922,780 17.5 9,920,331 17.2 
720-73910,090,889 15.9 9,896,425 15.9 8,934,327 15.5 
700-7198,568,811 13.5 8,319,353 13.3 7,412,542 12.8 
680-6995,327,434 8.4 5,248,349 8.4 4,801,986 8.3 
<=6792,857,934 4.5 2,877,731 4.6 2,930,570 5.1 
Total$63,605,057 100.0 %$62,403,400 100.0 %$57,743,091 100.0 %
Portfolio by LTV
IIF by LTVSeptember 30, 2023June 30, 2023September 30, 2022
($ in thousands)
85.00% and below$21,226,685 8.9 %$22,427,649 9.5 %$25,121,995 11.3 %
85.01% to 90.00%63,374,562 26.6 63,562,258 27.0 62,963,331 28.3 
90.01% to 95.00%118,461,030 49.6 115,768,826 49.1 103,794,020 46.6 
95.01% and above35,599,335 14.9 33,891,151 14.4 30,663,223 13.8 
Total$238,661,612 100.0 %$235,649,884 100.0 %$222,542,569 100.0 %
Weighted average LTV93 %93 %92 %
Gross RIF by LTVSeptember 30, 2023June 30, 2023September 30, 2022
($ in thousands)
85.00% and below$2,525,753 4.0 %$2,667,981 4.3 %$2,975,898 5.2 %
85.01% to 90.00%15,566,095 24.5 15,583,198 25.0 15,317,449 26.5 
90.01% to 95.00%34,848,762 54.8 34,026,320 54.5 30,388,328 52.6 
95.01% and above10,664,447 16.7 10,125,901 16.2 9,061,416 15.7 
Total$63,605,057 100.0 %$62,403,400 100.0 %$57,743,091 100.0 %
Portfolio by Loan Amortization Period
IIF by Loan Amortization PeriodSeptember 30, 2023June 30, 2023September 30, 2022
($ in thousands)
FRM 30 years and higher$232,186,999 97.3 %$228,745,641 97.1 %$214,688,363 96.5 %
FRM 20-25 years1,910,610 0.8 2,124,690 0.9 2,859,734 1.3 
FRM 15 years1,719,467 0.7 1,953,448 0.8 2,903,355 1.3 
ARM 5 years and higher2,844,536 1.2 2,826,105 1.2 2,091,117 0.9 
Total$238,661,612 100.0 %$235,649,884 100.0 %$222,542,569 100.0 %


Exhibit G
Essent Group Ltd. and Subsidiaries
Supplemental Information
Other Risk in Force
20232022
($ in thousands)September 30June 30March 31December 31September 30
GSE and other risk share (1):
Risk in Force$2,247,393 $2,276,702 $2,098,033 $2,030,571 $2,026,895 
Reserve for losses and LAE$54 $55 $65 $74 $102 
Weighted average credit score749 749 749 749 748 
Weighted average LTV82 %83 %83 %83 %84 %
(1) GSE and other risk share includes GSE risk share and other reinsurance transactions. Essent Reinsurance Ltd. ("Essent Re") provides insurance or reinsurance relating to the risk in force on loans in reference pools acquired by Freddie Mac and Fannie Mae.



Exhibit H
Essent Group Ltd. and Subsidiaries
Supplemental Information
U.S. Mortgage Insurance Portfolio Vintage Data
September 30, 2023
Insurance in Force
YearOriginal
Insurance
Written
($ in thousands)		Remaining
Insurance
in Force
($ in thousands)		% Remaining of Original
Insurance		Number of Policies in ForceWeighted Average Coupon% Purchase>90% LTV>95% LTVFICO < 700FICO >= 760Incurred Loss Ratio (Inception to Date) (1)Number of Loans in DefaultPercentage of Loans in Default
2010 - 2014$60,668,851 $1,598,284 2.6 %9,938 4.32 %73.3 %62.4 %7.0 %15.1 %43.4 %2.5 %392 3.94 %
201526,193,656 1,521,374 5.8 9,232 4.21 84.2 74.8 4.6 17.7 39.6 2.5 327 3.54 
201634,949,319 3,234,730 9.3 18,705 3.89 87.8 80.6 12.0 15.9 42.4 2.3 560 2.99 
201743,858,322 5,031,656 11.5 29,934 4.27 91.3 71.7 20.7 20.4 37.8 3.5 1,176 3.93 
201847,508,525 5,805,471 12.2 32,505 4.79 94.7 71.3 26.0 21.7 32.6 4.6 1,484 4.57 
201963,569,183 12,907,957 20.3 61,266 4.22 88.1 68.1 24.5 18.8 35.5 4.4 1,813 2.96 
2020107,944,065 49,162,995 45.5 187,990 3.19 68.0 56.5 13.0 10.8 45.6 3.3 2,373 1.26 
202184,218,250 64,048,451 76.1 208,074 3.08 86.3 62.6 15.3 13.9 40.5 7.1 3,038 1.46 
202263,061,262 57,742,660 91.6 163,804 5.07 97.8 65.2 11.2 12.7 39.7 19.9 1,962 1.20 
2023 (through September 30)38,897,692 37,608,034 96.7 103,800 6.51 98.8 72.6 17.8 10.9 39.1 11.3 266 0.26 
Total$570,869,125 $238,661,612 41.8 825,248 4.28 87.6 64.6 14.9 13.1 40.7 4.3 13,391 1.62 
(1) Incurred loss ratio is calculated by dividing the sum of case reserves and cumulative amount paid for claims by cumulative net premiums earned.



Exhibit I
Essent Group Ltd. and Subsidiaries
Supplemental Information
U.S. Mortgage Insurance Portfolio Reinsurance Vintage Data
September 30, 2023
($ in thousands)
Insurance Linked Notes (1)
Earned Premiums Ceded
Deal NameVintageRemaining
Insurance
in Force		Remaining
Risk
in Force		Original
Reinsurance in Force		Remaining
Reinsurance in Force		Losses
Ceded
to Date		Original
First Layer
Retention		Remaining
First Layer
Retention		Quarter-to-Date Year-to-DateReduction in PMIERs Minimum Required
Assets (3)
Radnor Re 2018-1Jan. 2017 - Dec. 2017$— $— $— $— $— $— $— $— $1,781 $— 
Radnor Re 2019-1Jan. 2018 - Dec. 20185,730,888 1,496,891 473,184 21,467 — 253,643 246,939 (40)13,407 — 
Radnor Re 2019-2Jan. 2015 - Dec. 2016— — — — — — — — 220 — 
Radnor Re 2020-1Jan. 2019 - Aug. 20197,185,440 1,864,143 495,889 50,596 — 215,605 213,798 (82)5,788 — 
Radnor Re 2021-1Aug. 2020 - Mar. 202133,594,368 8,642,916 557,911 339,120 — 278,956 278,796 2,615 8,794 261,926 
Radnor Re 2021-2Apr. 2021 - Sep. 202137,420,329 10,079,502 439,407 361,449 — 279,415 279,231 3,887 12,161 285,689 
Radnor Re 2022-1Oct. 2021 - Jul. 202232,132,944 8,669,748 237,868 237,868 — 303,761 303,660 4,260 12,781 218,839 
Radnor Re 2023-1Aug. 2022 - Jun. 202331,014,596 8,478,658 281,462 281,462 — 281,463 281,463 3,118 3,118 266,826 
Total$147,078,565 $39,231,858 $2,485,721 $1,291,962 $— $1,612,843 $1,603,887 $13,758 $58,050 $1,033,280 
Excess of Loss Reinsurance (2)
Earned Premiums Ceded
Deal NameVintageRemaining
Insurance
in Force		Remaining
Risk
in Force		Original
Reinsurance in Force		Remaining
Reinsurance in Force		Losses
Ceded
to Date		Original
First Layer
Retention		Remaining
First Layer
Retention		Quarter-to-Date Year-to-DateReduction in PMIERs Minimum Required
Assets (3)
XOL 2018-1Jan. 2017 - Dec. 2017$4,920,622 $1,297,126 $165,167 $57,250 $— $678,283 $421,003 $291 $955 $— 
XOL 2019-1Jan. 2018 - Dec. 20185,730,888 1,496,891 118,650 76,144 — 253,643 246,939 (4)627 1,861 — 
XOL 2020-1Jan. 2019 - Dec. 20197,185,440 1,864,143 55,102 38,579 — 215,605 213,798 (4)303 931 — 
XOL 2022-1Oct. 2021 - Dec. 202271,671,369 19,351,146 141,992 141,992 — 507,114 506,301 1,611 4,779 137,913 
Total$89,508,319 $24,009,306 $480,911 $313,965 $— $1,654,645 $1,388,041 $2,832 $8,526 $137,913 
Quota Share Reinsurance (2)
Losses CededCeding CommissionEarned Premiums Ceded
YearCeding PercentageRemaining
Insurance
in Force		Remaining
Risk
in Force		Remaining Ceded Insurance in ForceRemaining Ceded Risk in ForceQuarter-to-DateYear-to-DateQuarter-to-DateYear-to-DateQuarter-to-DateYear-to-DateReduction in PMIERs Minimum Required
Assets (3)
Sep. 2019 - Dec. 2020(5)$54,596,089 $14,208,745 $12,218,215 $3,142,000 $(464)$(2,208)$2,631 $8,343 $4,403 $13,227 $187,406 
Jan. 2022 - Dec. 202320%57,688,314 15,600,877 11,537,663 3,120,175 2,592 7,473 1,942 5,880 6,282 18,645 229,964 
Jan. 2023 - Dec. 202317.5%37,561,195 10,380,842 6,573,209 1,816,647 791 1,123 1,061 1,837 3,019 4,981 129,422 
Total$149,845,598 $40,190,464 $30,329,087 $8,078,822 $2,919 $6,388 $5,634 $16,060 $13,704 $36,853 $546,792 
(1) Reinsurance provided by unaffiliated special purpose insurers through the issuance of mortgage insurance-linked notes ("ILNs").
(2) Reinsurance provided by panels of reinsurers.
(3) Represents the reduction in Essent Guaranty, Inc.'s Minimum Required Assets based on our interpretation of the PMIERs.
(4) First layer retentions shown are ILN retention levels as a result of overlapping coverage within the vintage.
(5) Reinsurance coverage on 40% of eligible single premium policies and 20% of all other eligible policies.


Exhibit J
Essent Group Ltd. and Subsidiaries
Supplemental Information
U.S. Mortgage Insurance Portfolio Geographic Data
IIF by State
September 30, 2023June 30, 2023September 30, 2022
CA13.0 %13.1 %13.2 %
FL11.0 10.8 10.1 
TX10.5 10.5 10.3 
CO4.1 4.1 4.1 
AZ3.7 3.7 3.5 
WA3.4 3.4 3.4 
GA3.4 3.3 3.1 
NC2.8 2.8 2.7 
IL2.8 2.9 3.1 
VA2.8 2.9 3.1 
All Others42.5 42.5 43.4 
Total100.0 %100.0 %100.0 %
Gross RIF by State
September 30, 2023June 30, 2023September 30, 2022
CA12.9 %13.0 %13.0 %
FL11.3 11.1 10.5 
TX10.8 10.8 10.6 
CO4.0 4.1 4.1 
AZ3.8 3.8 3.5 
GA3.5 3.4 3.2 
WA3.4 3.4 3.3 
NC2.9 2.8 2.7 
IL2.8 2.8 3.1 
VA2.8 2.8 3.0 
All Others41.8 42.0 43.0 
Total100.0 %100.0 %100.0 %



Exhibit K
Essent Group Ltd. and Subsidiaries
Supplemental Information
Rollforward of Defaults and Reserve for Losses and LAE
U.S. Mortgage Insurance Portfolio
Rollforward of Insured Loans in Default
Three Months Ended
20232022
September 30June 30March 31December 31September 30
Beginning default inventory12,480 12,773 13,433 12,435 12,707 
Plus: new defaults (A)
7,953 6,575 7,015 7,505 6,448 
Less: cures(6,902)(6,761)(7,574)(6,425)(6,642)
Less: claims paid(129)(96)(94)(73)(68)
Less: rescissions and denials, net(11)(11)(7)(9)(10)
Ending default inventory13,391 12,480 12,773 13,433 12,435 
(A) New defaults remaining as of September 30, 2023
5,664 2,630 1,520 1,199 672 
        Cure rate (1)
29 %60 %78 %84 %90 %
Total amount paid for claims (in thousands)$2,956 $1,890 $1,959 $1,441 $1,261 
Average amount paid per claim (in thousands)$23 $20 $21 $20 $19 
Severity66 %58 %59 %46 %47 %
Rollforward of Reserve for Losses and LAE
Three Months Ended
20232022
($ in thousands)September 30June 30March 31December 31September 30
Reserve for losses and LAE at beginning of period$216,888 $215,957 $216,390 $212,392 $209,829 
Less: Reinsurance recoverables17,958 16,357 14,618 13,244 13,657 
Net reserve for losses and LAE at beginning of period198,930 199,600 201,772 199,148 196,172 
Add provision for losses and LAE occurring in:
Current period35,609 31,377 32,693 36,141 20,144 
Prior years(25,533)(30,107)(32,864)(32,012)(15,850)
Incurred losses and LAE during the period10,076 1,270 (171)4,129 4,294 
Deduct payments for losses and LAE occurring in:
Current period156 31 — 113 30 
Prior years2,889 1,909 2,001 1,392 1,288 
Loss and LAE payments during the period3,045 1,940 2,001 1,505 1,318 
Net reserve for losses and LAE at end of period205,961 198,930 199,600 201,772 199,148 
Plus: Reinsurance recoverables20,656 17,958 16,357 14,618 13,244 
Reserve for losses and LAE at end of period$226,617 $216,888 $215,957 $216,390 $212,392 
(1) The cure rate is calculated by dividing new defaults remaining as of the reporting date by the original number of new defaults reported in the quarterly period and subtracting that percentage from 100%.


Exhibit L
Essent Group Ltd. and Subsidiaries
Supplemental Information
Detail of Reserves by Default Delinquency
U.S. Mortgage Insurance Portfolio
September 30, 2023
Number of
Policies in
Default		Percentage of
Policies in
Default		 Amount of Reserves Percentage of Reserves Defaulted RIF Reserves as a Percentage of
Defaulted RIF
($ in thousands)
Missed Payments:
Three payments or less6,383 48 %$38,412 18 %$448,039 9 %
Four to eleven payments4,877 36 87,025 42 369,711 24 
Twelve or more payments1,989 15 77,369 37 126,317 61 
Pending claims142 1 6,076 3 6,924 88 
Total case reserves13,391 100 %208,882 100 %$950,991 22 %
IBNR15,666 
LAE2,069 
Total reserves for losses and LAE$226,617 
Average reserve per default:
Case$15.6 
Total$16.9 
Default Rate1.62%
December 31, 2022
Number of
Policies in
Default		Percentage of
Policies in
Default		 Amount of ReservesPercentage of Reserves Defaulted RIFReserves as a Percentage of
Defaulted RIF
($ in thousands)
Missed Payments:
Three payments or less6,154 46 %$32,242 16 %$411,624 8 %
Four to eleven payments4,684 35 65,071 33 317,417 21 
Twelve or more payments2,474 18 98,291 49 147,247 67 
Pending claims121 1 3,815 2 4,860 78 
Total case reserves13,433 100 %199,419 100 %$881,148 23 %
IBNR14,956 
LAE2,015 
Total reserves for losses and LAE$216,390 
Average reserve per default:
Case$14.8 
Total$16.1 
Default Rate1.66%
September 30, 2022
Number of
Policies in
Default		Percentage of
Policies in
Default		 Amount of ReservesPercentage of Reserves Defaulted RIFReserves as a Percentage of
Defaulted RIF
($ in thousands)
Missed Payments:
Three payments or less4,971 40 %$22,279 12 %$313,531 7 %
Four to eleven payments4,443 36 55,431 28 292,644 19 
Twelve or more payments2,923 23 114,250 58 174,589 65 
Pending claims98 1 3,879 2 4,611 84 
Total case reserves12,435 100 %195,839 100 %$785,375 25 %
IBNR14,688 
LAE1,865 
Total reserves for losses and LAE$212,392 
Average reserve per default:
Case$15.7 
Total$17.1 
Default Rate1.55%




Exhibit M
Essent Group Ltd. and Subsidiaries
Supplemental Information
Investments Available for Sale
Investments Available for Sale by Asset Class
Asset ClassSeptember 30, 2023December 31, 2022
($ in thousands)Fair ValuePercentFair ValuePercent
U.S. Treasury securities$879,185 17.6 %$556,438 11.7 %
U.S. agency securities7,180 0.1 49,058 1.0 
U.S. agency mortgage-backed securities750,938 15.0 783,743 16.5 
Municipal debt securities562,510 11.3 602,690 12.8 
Non-U.S. government securities48,571 1.0 62,399 1.3 
Corporate debt securities1,280,433 25.6 1,414,321 29.8 
Residential and commercial mortgage securities493,693 9.9 511,824 10.8 
Asset-backed securities614,818 12.3 624,561 13.2 
Money market funds360,360 7.2 136,591 2.9 
Total investments available for sale$4,997,688 100.0 %$4,741,625 100.0 %
Investments Available for Sale by Credit Rating
Rating (1)
September 30, 2023December 31, 2022
($ in thousands)Fair ValuePercentFair ValuePercent
Aaa$2,393,047 51.6 %$2,122,599 46.2 %
Aa1108,593 2.3 111,262 2.4 
Aa2300,510 6.5 325,241 7.1 
Aa3210,967 4.5 232,500 5.0 
A1381,479 8.2 396,095 8.6 
A2314,587 6.8 410,163 8.9 
A3235,490 5.1 268,928 5.8 
Baa1227,543 4.9 236,793 5.1 
Baa2231,612 5.0 221,308 4.8 
Baa3151,078 3.3 187,117 4.1 
Below Baa382,422 1.8 93,028 2.0 
Total (2)
$4,637,328 100.0 %$4,605,034 100.0 %
(1) Based on ratings issued by Moody's, if available. S&P or Fitch rating utilized if Moody's not available.
(2) Excludes $360,360 and $136,591 of money market funds at September 30, 2023 and December 31, 2022, respectively.
Investments Available for Sale by Duration and Book Yield
Effective DurationSeptember 30, 2023December 31, 2022
($ in thousands)Fair ValuePercentFair ValuePercent
< 1 Year$1,713,199 34.3 %$1,245,839 26.3 %
1 to < 2 Years484,032 9.7 534,038 11.3 
2 to < 3 Years456,987 9.1 511,701 10.8 
3 to < 4 Years418,831 8.4 525,683 11.1 
4 to < 5 Years389,441 7.8 400,540 8.4 
5 or more Years1,535,198 30.7 1,523,824 32.1 
Total investments available for sale$4,997,688 100.0 %$4,741,625 100.0 %
Pre-tax investment income yield:
Three months ended3.55 %3.03 %
Nine months ended September 30, 20233.47 %
Holding company net cash and investments available for sale:
($ in thousands)
As of September 30, 2023$648,658 
As of December 31, 2022$685,178 


Exhibit N
Essent Group Ltd. and Subsidiaries
Supplemental Information
U.S. Mortgage Insurance Company Capital
20232022
September 30June 30March 31December 31September 30
($ in thousands)
U.S. Mortgage Insurance Subsidiaries:
Combined statutory capital (1)
$3,309,522 $3,243,086 $3,207,102 $3,178,151 $3,128,681 
Combined net risk in force (2)
$34,203,678 $34,019,643 $33,038,825 $32,265,701 $31,736,095 
Risk-to-capital ratios: (3)
Essent Guaranty, Inc.10.7:110.8:110.6:110.5:110.5:1
Essent Guaranty of PA, Inc.0.5:10.5:10.5:10.6:10.6:1
Combined (4)
10.3:110.5:110.3:110.2:110.1:1
Essent Guaranty, Inc. PMIERs Data (5):
Available Assets$3,318,179 $3,245,481 $3,226,436 $3,191,047 $3,147,545 
Minimum Required Assets1,910,659 1,991,741 1,917,769 1,832,363 1,759,182 
PMIERs excess Available Assets$1,407,520 $1,253,740 $1,308,667 $1,358,684 $1,388,363 
PMIERs sufficiency ratio (6)
174 %163 %168 %174 %179 %
Essent Reinsurance Ltd.:
Stockholder's equity (GAAP basis)$1,684,122 $1,633,763 $1,573,013 $1,478,772 $1,397,287 
Net risk in force (2)
$21,739,419 $21,327,762 $20,305,111 $19,454,046 $18,694,500 
(1) Combined statutory capital equals the sum of statutory capital of Essent Guaranty, Inc. plus Essent Guaranty of PA, Inc., after eliminating the impact of intercompany transactions. Statutory capital is computed based on accounting practices prescribed or permitted by the Pennsylvania Insurance Department and the National Association of Insurance Commissioners Accounting Practices and Procedures Manual.
(2) Net risk in force represents total risk in force, net of reinsurance ceded and net of exposures on policies for which loss reserves have been established.
(3) The risk-to-capital ratio is calculated as the ratio of net risk in force to statutory capital.
(4) The combined risk-to-capital ratio equals the sum of the net risk in force of Essent Guaranty, Inc. and Essent Guaranty of PA, Inc. divided by the combined statutory capital.
(5) Data is based on our interpretation of the PMIERs as of the dates indicated.
(6) PMIERs sufficiency ratio is calculated by dividing Available Assets by Minimum Required Assets.



Exhibit O
Essent Group Ltd. and Subsidiaries
Supplemental Information
Loss, Expense and Combined Ratios and Reconciliation of Non-GAAP Financial Measures
20232022
September 30June 30March 31December 31September 30
Loss Ratio (1)4.4 %0.6 %(0.1)%2.0 %2.0 %
Expense Ratio (2)27.3 %19.8 %22.8 %22.6 %20.3 %
Combined Ratio31.7 %20.4 %22.7 %24.6 %22.3 %
We believe that loss, expense and combined ratios are important measures of our financial performance. As a result of the July 1, 2023 acquisition of Agents National Title and Boston National Title (collectively "Title"), the consolidated loss, expense and combined ratios ("Consolidated Ratios") for the three and nine months ended September 30, 2023 lack comparability with prior periods. In order to provide investors with more comparative information to prior periods, Essent has prepared the table below to reconcile the Consolidated Ratios to Consolidated Ratios Excluding Title, as shown below. Consolidated Ratios Excluding Title are financial measures that are not calculated under standards or rules that comprise accounting principles generally accepted in the United States (GAAP) and are referred to as non-GAAP measures. Consolidated Ratios Excluding Title are measures used to monitor our results and should not be viewed as a substitute for those measures determined in accordance with GAAP.

The following table sets forth the reconciliation of the loss, expense and combined Consolidated Ratios Excluding Title to the most comparable GAAP amount for the three and nine months ended September 30, 2023, in accordance with Regulation G:
Three Months Ended
September 30, 2023		Nine Months Ended
September 30, 2023
ConsolidatedAcquired TitleConsolidated Excluding TitleConsolidatedAcquired TitleConsolidated Excluding Title
($ in thousands)
Revenues:
Net premiums earned$246,805 $20,604 $226,201 $671,292 $20,604 $650,688 
Net investment income47,072 405 46,667 135,558 405 135,153 
Realized investment losses, net(235)— (235)(2,312)— (2,312)
(Loss) income from other invested assets(3,143)— (3,143)(10,697)— (10,697)
Settlement services (3)
2,037 2,037 — 2,037 2,037 — 
Other income3,572 404 3,168 16,604 404 16,200 
Total revenues296,108 23,450 272,658 812,482 23,450 789,032 
Losses and expenses:
Provision (benefit) for losses and LAE10,822 768 10,054 11,902 768 11,134 
Other underwriting and operating expenses54,814 13,466 41,348 145,183 13,466 131,717 
Premiums retained by agents13,175 13,175 — 13,175 13,175 — 
Interest expense7,854 — 7,854 22,184 — 22,184 
Total losses and expenses86,665 27,409 59,256 192,444 27,409 165,035 
Loss ratio (1)4.4 %3.4 %4.4 %1.8 %3.4 %1.7 %
Expense ratio (2)27.3 %117.7 %18.3 %23.5 %117.7 %20.2 %
Combined ratio31.7 %121.1 %22.7 %25.3 %121.1 %21.9 %
(1) Loss ratio is calculated by dividing the provision for losses and LAE by the sum of net premiums earned and settlement services revenue, if applicable.
(2) Expense ratio is calculated by dividing the sum of other underwriting and operating expenses and premiums retained by agents by the sum of net premiums earned and settlement services revenue, if applicable.
(3) Settlement services revenue is included in "Other income" within Exhibit A and Exhibit C.

v3.23.3
Cover Page Cover Page
Nov. 02, 2023
Cover [Abstract]  
Document Type 8-K
Document Period End Date Nov. 02, 2023
Entity Registrant Name ESSENT GROUP LTD.
Entity Incorporation, State or Country Code D0
Entity File Number 001-36157
Entity Address, Address Line One Clarendon House
Entity Address, Address Line Two 2 Church Street
Entity Address, City or Town Hamilton
Entity Address, Postal Zip Code HM11
Entity Address, Country BM
City Area Code 441
Local Phone Number 297‑9901
Written Communications false
Soliciting Material false
Pre-commencement Tender Offer false
Pre-commencement Issuer Tender Offer false
Entity Emerging Growth Company false
Title of 12(b) Security Common Shares, $0.015 par value
Trading Symbol ESNT
Security Exchange Name NYSE
Entity Central Index Key 0001448893
Amendment Flag false
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