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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 1, 2024
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 1, 2024, Essent Group Ltd. (the “Company”) issued a press release announcing its financial results for the quarter ended September 30, 2024. 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 1, 2024.


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 1, 2024

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 2024 Results and Declares Quarterly Dividend
HAMILTON, Bermuda--(BUSINESS WIRE)--November 1, 2024--Essent Group Ltd. (NYSE: ESNT) today reported net income for the quarter ended September 30, 2024 of $176.2 million or $1.65 per diluted share, compared to $178.0 million or $1.66 per diluted share for the quarter ended September 30, 2023.
Essent also announced today that its Board of Directors has declared a quarterly cash dividend of $0.28 per common share. The dividend is payable on December 11, 2024, to shareholders of record on December 2, 2024.

“We are pleased with our third quarter financial results, as we continue to generate high quality earnings,” said Mark A. Casale, Chairman and Chief Executive Officer. “Our results continue to benefit from the impact of interest rates on persistency and the growth in our investment portfolio. Our performance for the quarter demonstrates the strength of our operating model in producing strong returns and growing book value per share.”
Financial Highlights:
•New insurance written for the third quarter of 2024 was $12.5 billion, consistent with the second quarter of 2024 and the third quarter of 2023.

•Insurance in force as of September 30, 2024 was $243.0 billion, compared to $240.7 billion as of June 30, 2024 and $238.7 billion as of September 30, 2023.

•Net investment income for the nine months ended September 30, 2024 was $165.5 million, up 22% from the comparable period in 2023.

•In September, Essent closed its 10th mortgage insurance-linked note transaction, Radnor Re 2024-1, which provides $363 million of collateralized reinsurance coverage for new insurance written from July 2023 through July 2024.


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 or the loss of a significant customer; lenders or investors seeking alternatives to private mortgage insurance; an increase in the number of loans insured through Federal government mortgage insurance programs; decline in the volume of low down payment mortgage originations; uncertainty of loss reserve estimates; decrease in the length of time our insurance policies are in force; deteriorating economic conditions; 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, 2023 filed with the Securities and Exchange Commission on February 16, 2024, 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”) offering private mortgage insurance, reinsurance, and title insurance and settlement services to serve the housing finance industry. Additional information regarding Essent may be found at www.essentgroup.com.

Source: Essent Group Ltd.

Media Contact
610.230.0556
media@essentgroup.com

Investor Relations Contact
Philip Stefano
Vice President, Investor Relations
855-809-ESNT
ir@essentgroup.com


Essent Group Ltd. and Subsidiaries
Financial Results and Supplemental Information (Unaudited)
Quarter Ended September 30, 2024
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 - U.S. Mortgage Insurance Portfolio
Exhibit LDetail of Reserves by Default Delinquency - U.S. Mortgage Insurance Portfolio
Exhibit MInvestments Available for Sale
Exhibit NU.S. Mortgage Insurance Company Capital
Exhibit ORatios 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)2024202320242023
Revenues:
Direct premiums written$277,754 $270,868 $819,595 $759,526 
Ceded premiums(34,789)(30,294)(92,524)(103,431)
Net premiums written242,965 240,574 727,071 656,095 
Decrease in unearned premiums5,971 6,231 19,346 15,197 
Net premiums earned248,936 246,805 746,417 671,292 
Net investment income57,340 47,072 165,511 135,558 
Realized investment gains (losses), net68 (235)(2,236)(2,312)
Income (loss) from other invested assets2,820 (3,143)486 (10,697)
Other income7,414 5,609 17,699 18,641 
Total revenues316,578 296,108 927,877 812,482 
Losses and expenses:
Provision for losses and LAE30,666 10,822 40,245 11,902 
Other underwriting and operating expenses57,259 54,814 170,595 145,183 
Premiums retained by agents9,622 13,175 29,328 13,175 
Interest expense11,457 7,854 27,168 22,184 
Total losses and expenses109,004 86,665 267,336 192,444 
Income before income taxes207,574 209,443 660,541 620,038 
Income tax expense31,399 31,484 99,038 99,019 
Net income$176,175 $177,959 $561,503 $521,019 
Earnings per share:
Basic$1.67 $1.68 $5.32 $4.90 
Diluted1.65 1.66 5.26 4.86 
Weighted average shares outstanding:
Basic105,266 105,979 105,539 106,387 
Diluted106,554 107,025 106,700 107,232 
Net income$176,175 $177,959 $561,503 $521,019 
Other comprehensive income (loss):
Change in unrealized appreciation (depreciation) of investments117,358 (76,248)90,217 (53,593)
Total other comprehensive income (loss)117,358 (76,248)90,217 (53,593)
Comprehensive income$293,533 $101,711 $651,720 $467,426 


Exhibit B
Essent Group Ltd. and Subsidiaries
Condensed Consolidated Balance Sheets (Unaudited)
September 30,December 31,
(In thousands, except per share amounts)20242023
Assets
Investments
Fixed maturities available for sale, at fair value$4,919,868 $4,335,008 
Short-term investments available for sale, at fair value1,030,631 928,731 
Total investments available for sale5,950,499 5,263,739 
Other invested assets294,931 277,226 
Total investments6,245,430 5,540,965 
Cash109,306 141,787 
Accrued investment income40,453 35,689 
Accounts receivable54,394 63,266 
Deferred policy acquisition costs9,491 9,139 
Property and equipment41,221 41,304 
Prepaid federal income tax494,356 470,646 
Goodwill and acquired intangible assets, net69,907 72,826 
Other assets61,981 51,051 
Total assets$7,126,539 $6,426,673 
Liabilities and Stockholders' Equity
Liabilities
Reserve for losses and LAE$288,316 $260,095 
Unearned premium reserve120,939 140,285 
Net deferred tax liability410,761 362,753 
Senior notes due 2029, net493,673 — 
Credit facility borrowings, net — 421,920 
Other accrued liabilities171,865 139,070 
Total liabilities1,485,554 1,324,123 
Commitments and contingencies
Stockholders' Equity
Common shares, $0.015 par value:
Authorized - 233,333; issued and outstanding - 106,204 shares in 2024 and 106,597 shares in 20231,593 1,599 
Additional paid-in capital1,276,572 1,299,869 
Accumulated other comprehensive loss(190,279)(280,496)
Retained earnings4,553,099 4,081,578 
Total stockholders' equity 5,640,985 5,102,550 
Total liabilities and stockholders' equity$7,126,539 $6,426,673 
Return on average equity (1)13.9 %14.6 %
(1) The 2024 return on average equity is calculated by dividing annualized year-to-date 2024 net income by average equity. The 2023 return on average equity is calculated by dividing full year 2023 net income by average equity.



Exhibit C
Essent Group Ltd. and Subsidiaries
Supplemental Information
Consolidated Historical Quarterly Data
20242023
Selected Income Statement DataSeptember 30June 30March 31December 31September 30
(In thousands, except per share amounts)
Revenues:
Net premiums earned:
U.S. Mortgage Insurance Portfolio$214,119 $217,513 $212,479 $211,083 $209,351 
GSE and other risk share17,130 17,745 17,826 17,166 16,850 
Title insurance17,687 16,633 15,285 17,365 20,604 
Net premiums earned248,936 251,891 245,590 245,614 246,805 
Net investment income57,340 56,086 52,085 50,581 47,072 
Realized investment gains (losses), net68 (1,164)(1,140)(4,892)(235)
Income (loss) from other invested assets2,820 (419)(1,915)(421)(3,143)
Other income (1)
7,414 6,548 3,737 6,395 5,609 
Total revenues316,578 312,942 298,357 297,277 296,108 
Losses and expenses:
Provision (benefit) for losses and LAE30,666 (334)9,913 19,640 10,822 
Other underwriting and operating expenses57,259 55,987 57,349 55,248 54,814 
Premiums retained by agents9,622 10,215 9,491 11,475 13,175 
Interest expense11,457 7,849 7,862 7,953 7,854 
Total losses and expenses109,004 73,717 84,615 94,316 86,665 
Income before income taxes207,574 239,225 213,742 202,961 209,443 
Income tax expense (2)
31,399 35,616 32,023 27,594 31,484 
Net income$176,175 $203,609 $181,719 $175,367 $177,959 
Earnings per share:
   Basic$1.67 $1.93 $1.72 $1.66 $1.68 
   Diluted1.65 1.91 1.70 1.64 1.66 
Weighted average shares outstanding:
   Basic105,266 105,657 105,697 105,733 105,979 
   Diluted106,554 106,778 106,770 106,823 107,025 
Book value per share$53.11 $50.58 $48.96 $47.87 $44.98 
Return on average equity (annualized)12.8 %15.4 %14.1 %14.2 %14.9 %
Borrowings outstanding$500,000 $425,000 $425,000 $425,000 $425,000 
Undrawn committed capacity$500,000 $400,000 $400,000 $400,000 $400,000 
Weighted average interest rate (end of period)
6.25 %7.07 %7.06 %7.11 %7.07 %
Debt-to-capital8.14 %7.32 %7.52 %7.69 %8.12 %
(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, 2024, June 30, 2024, March 31, 2024, December 31, 2023, and September 30, 2023, were ($1,173), $732, ($1,902), $412, and ($898), respectively.
(2) Income tax expense for the quarters ended September 30, 2024, June 30, 2024, March 31, 2024, December 31, 2023, and September 30, 2023 includes $475, $556, ($1,041), ($1,132), and ($763), respectively, of discrete tax expense (benefit) associated with realized and unrealized gains and losses. Income tax expense for the quarter ended March 31, 2024 also includes ($616) of excess tax benefits associated with the vesting of common shares and common share units. Income tax expense for the quarter ended December 31, 2023 also includes a $2,731 net benefit associated with the recognition of a deferred tax asset for unrealized losses on the investment portfolios of Essent Group and Essent Re upon the enactment of the Bermuda Corporate Income Tax.


Exhibit D
Essent Group Ltd. and Subsidiaries
Supplemental Information
U.S. Mortgage Insurance Portfolio Historical Quarterly Data
20242023
Other Data:September 30June 30March 31December 31September 30
($ in thousands)
U.S. Mortgage Insurance Portfolio
New insurance written$12,513,695 $12,503,125 $8,323,544 $8,769,160 $12,505,823 
New risk written3,437,465 3,449,623 2,289,508 2,409,340 3,458,467 
Average insurance in force$242,065,632 $239,538,571 $238,595,268 $239,005,961 $237,270,093 
Insurance in force (end of period)$242,976,043 $240,669,165 $238,477,402 $239,078,262 $238,661,612 
Gross risk in force (end of period) (1)
$66,237,992 $65,269,064 $64,247,810 $64,061,374 $63,605,057 
Risk in force (end of period)$55,915,640 $55,521,538 $54,686,533 $54,591,590 $53,920,308 
Policies in force815,507 814,237 815,752 822,012 825,248 
Weighted average coverage (2)
27.3 %27.1 %26.9 %26.8 %26.7 %
Annual persistency86.6 %86.7 %86.9 %86.9 %86.6 %
Loans in default (count)15,906 13,954 13,992 14,819 13,391 
Percentage of loans in default1.95 %1.71 %1.72 %1.80 %1.62 %
U.S. Mortgage Insurance Portfolio premium rate:
   Base average premium rate (3)
0.41 %0.41 %0.41 %0.40 %0.40 %
   Single premium cancellations (4)
— %— %— %— %— %
  Gross average premium rate0.41 %0.41 %0.41 %0.40 %0.40 %
  Ceded premiums(0.06 %)(0.05 %)(0.05 %)(0.05 %)(0.05 %)
    Net average premium rate0.35 %0.36 %0.36 %0.35 %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, 2024September 30, 2023September 30, 2024September 30, 2023
($ in thousands)
>=760$5,339,574 42.7 %$5,212,343 41.8 %$14,387,356 43.2 %$15,473,191 39.8 %
740-7592,141,817 17.1 2,205,066 17.6 5,717,289 17.1 7,031,821 18.1 
720-7391,764,319 14.1 1,911,320 15.3 4,828,718 14.5 6,310,564 16.2 
700-7191,622,450 13.0 1,867,510 14.9 4,348,047 13.0 5,892,704 15.1 
680-699918,116 7.3 891,471 7.1 2,351,589 7.1 3,024,347 7.8 
<=679727,419 5.8 418,113 3.3 1,707,365 5.1 1,165,065 3.0 
Total$12,513,695 100.0 %$12,505,823 100.0 %$33,340,364 100.0 %$38,897,692 100.0 %
Weighted average credit score747 747 747 746 
NIW by LTV
Three Months EndedNine Months Ended
September 30, 2024September 30, 2023September 30, 2024September 30, 2023
($ in thousands)
85.00% and below$836,186 6.7 %$849,250 6.7 %$2,250,434 6.7 %$2,801,011 7.2 %
85.01% to 90.00%2,415,504 19.3 2,445,924 19.6 6,571,300 19.7 7,951,062 20.4 
90.01% to 95.00%6,616,174 52.9 6,614,050 52.9 18,008,682 54.0 21,383,696 55.0 
95.01% and above2,645,831 21.1 2,596,599 20.8 6,509,948 19.6 6,761,923 17.4 
Total$12,513,695 100.0 %$12,505,823 100.0 %$33,340,364 100.0 %$38,897,692 100.0 %
Weighted average LTV93 %93 %93 %93 %
NIW by Product
Three Months EndedNine Months Ended
September 30, 2024September 30, 2023September 30, 2024September 30, 2023
Single Premium policies1.4 %2.8 %1.5 %3.8 %
Monthly Premium policies98.6 97.2 98.5 96.2 
100.0 %100.0 %100.0 %100.0 %
NIW by Purchase vs. Refinance
Three Months EndedNine Months Ended
September 30, 2024September 30, 2023September 30, 2024September 30, 2023
Purchase97.0 %99.0 %97.4 %98.8 %
Refinance3.0 1.0 2.6 1.2 
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, 2024June 30, 2024September 30, 2023
($ in thousands)
>=760$98,553,455 40.6 %$97,668,435 40.6 %$97,027,348 40.7 %
740-75942,377,559 17.4 41,915,598 17.4 41,362,480 17.3 
720-73937,947,254 15.6 37,678,804 15.7 37,297,809 15.6 
700-71932,685,044 13.5 32,331,564 13.4 31,674,346 13.3 
680-69919,890,335 8.2 19,751,956 8.2 19,850,176 8.3 
<=67911,522,396 4.7 11,322,808 4.7 11,449,453 4.8 
Total$242,976,043 100.0 %$240,669,165 100.0 %$238,661,612 100.0 %
Weighted average credit score746 746 746 
Gross RIF by FICO scoreSeptember 30, 2024June 30, 2024September 30, 2023
($ in thousands)
>=760$26,614,399 40.2 %$26,238,140 40.2 %$25,594,262 40.1 %
740-75911,715,485 17.7 11,525,987 17.7 11,165,727 17.6 
720-73910,485,311 15.8 10,362,021 15.9 10,090,889 15.9 
700-7199,044,551 13.7 8,899,342 13.6 8,568,811 13.5 
680-6995,451,406 8.2 5,382,312 8.2 5,327,434 8.4 
<=6792,926,840 4.4 2,861,262 4.4 2,857,934 4.5 
Total$66,237,992 100.0 %$65,269,064 100.0 %$63,605,057 100.0 %
Portfolio by LTV
IIF by LTVSeptember 30, 2024June 30, 2024September 30, 2023
($ in thousands)
85.00% and below$15,555,555 6.4 %$16,927,111 7.0 %$21,226,685 8.9 %
85.01% to 90.00%61,262,960 25.2 61,774,991 25.7 63,374,562 26.6 
90.01% to 95.00%125,919,529 51.8 123,414,332 51.3 118,461,030 49.6 
95.01% and above40,237,999 16.6 38,552,731 16.0 35,599,335 14.9 
Total$242,976,043 100.0 %$240,669,165 100.0 %$238,661,612 100.0 %
Weighted average LTV93 %93 %93 %
Gross RIF by LTVSeptember 30, 2024June 30, 2024September 30, 2023
($ in thousands)
85.00% and below$1,845,584 2.8 %$2,010,864 3.1 %$2,525,753 4.0 %
85.01% to 90.00%15,120,025 22.8 15,238,201 23.3 15,566,095 24.5 
90.01% to 95.00%37,149,222 56.1 36,405,573 55.8 34,848,762 54.8 
95.01% and above12,123,161 18.3 11,614,426 17.8 10,664,447 16.7 
Total$66,237,992 100.0 %$65,269,064 100.0 %$63,605,057 100.0 %
Portfolio by Loan Amortization Period
IIF by Loan Amortization PeriodSeptember 30, 2024June 30, 2024September 30, 2023
($ in thousands)
FRM 30 years and higher$237,628,900 97.8 %$235,138,420 97.7 %$232,186,999 97.3 %
FRM 20-25 years1,199,947 0.5 1,322,021 0.5 1,910,610 0.8 
FRM 15 years1,191,749 0.5 1,276,780 0.5 1,719,467 0.7 
ARM 5 years and higher2,955,447 1.2 2,931,944 1.3 2,844,536 1.2 
Total$242,976,043 100.0 %$240,669,165 100.0 %$238,661,612 100.0 %


Exhibit G
Essent Group Ltd. and Subsidiaries
Supplemental Information
Other Risk in Force
20242023
($ in thousands)September 30June 30March 31December 31September 30
GSE and other risk share (1):
Risk in Force$2,254,726 $2,304,885 $2,307,267 $2,244,944 $2,247,393 
Reserve for losses and LAE$37 $33 $32 $29 $54 
Weighted average credit score750 750 750 749 749 
Weighted average LTV82 %82 %82 %82 %82 %
(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, 2024
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 $1,010,190 1.7 %5,566 4.28 %66.0 %49.5 %1.1 %10.1 %49.3 %2.4 %248 4.46 %
201526,193,656 870,740 3.3 5,028 4.2976.8 60.9 5.7 18.1 40.0 2.2 235 4.67 
201634,949,319 2,357,912 6.7 14,050 3.9386.4 78.0 13.7 16.4 41.3 2.1 450 3.20 
201743,858,322 3,784,941 8.6 23,293 4.3090.8 80.4 23.8 21.4 36.4 3.1 1,037 4.45 
201847,508,525 4,857,991 10.2 27,818 4.8095.1 74.0 27.1 21.9 32.3 4.2 1,314 4.72 
201963,569,183 10,717,480 16.9 52,219 4.2489.1 71.7 25.7 18.9 35.1 3.7 1,687 3.23 
2020107,944,065 37,929,239 35.1 150,176 3.2072.1 62.5 14.6 10.8 45.5 2.8 2,452 1.63 
202184,218,250 53,029,350 63.0 177,048 3.1089.0 66.1 16.6 13.8 40.4 6.1 3,420 1.93 
202263,061,262 53,154,263 84.3 153,151 5.0998.1 66.0 11.4 12.6 39.6 17.4 3,091 2.02 
202347,666,852 43,012,414 90.2 121,053 6.6498.8 72.8 18.6 11.0 38.7 18.1 1,732 1.43 
2024 (through September 30)33,340,364 32,251,523 96.7 86,105 6.8497.4 73.8 20.0 12.4 42.4 10.1 240 0.28 
Total$612,978,649 $242,976,043 39.6 815,507 4.7991.2 68.4 16.6 12.9 40.6 4.6 15,906 1.95 
(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, 2024
($ 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 2021-1Aug. 2020 - Mar. 2021$25,750,186 $6,963,249 $557,911 $220,532 $— $278,956 $277,985 $2,091 $6,564 $160,822 
Radnor Re 2021-2Apr. 2021 - Sep. 202131,287,234 8,616,211 439,407 286,439 — 279,415 277,195 3,715 10,952 215,335 
Radnor Re 2022-1Oct. 2021 - Jul. 202228,815,017 7,856,567 237,868 191,938 — 303,761 301,278 3,825 11,478 176,583 
Radnor Re 2023-1Aug. 2022 - Jun. 202328,989,426 7,941,539 281,462 281,462 — 281,463 281,089 3,705 10,657 266,826 
Radnor Re 2024-1Jul. 2023 - Jul. 202430,359,933 8,387,056 363,366 363,366 — 256,495 256,495 472 472 363,366 
Total$145,201,796 $39,764,622 $1,880,014 $1,343,737 $— $1,400,090 $1,394,042 $13,808 $40,123 (5)$1,182,932 
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 2019-1Jan. 2018 - Dec. 2018$4,811,623 $1,266,631 $118,650 $76,144 $— $253,643 $244,294 $641 $1,868 $— 
XOL 2020-1Jan. 2019 - Aug. 20196,026,073 1,591,126 55,102 30,592 — 215,605 212,208 263 809 — 
XOL 2022-1Oct. 2021 - Dec. 202265,149,106 17,727,315 141,992 141,992 — 507,114 500,886 1,611 4,797 138,001 
XOL 2023-1Jan. 2023 - Dec. 202338,402,550 10,637,649 36,627 36,627 — 366,270 366,141 439 1,306 35,232 
XOL 2024-1Jan. 2024 - Dec. 202432,177,995 8,864,366 46,537 46,537 — 265,931 265,931 528 528 44,765 
Total$146,567,347 $40,087,087 $398,908 $331,892 $— $1,608,563 $1,589,460 $3,482 $9,308 $217,998 
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(4)$42,414,942 $11,536,848 $9,585,777 $2,572,717 $645 $(146)$2,719 $7,364 $4,646 $12,450 $141,312 
Jan. 2022 - Dec. 202220%53,084,698 14,433,907 10,616,940 2,886,781 2,261 3,516 1,850 5,634 5,776 14,221 212,195 
Jan. 2023 - Dec. 202317.5%38,282,838 10,608,139 6,699,497 1,856,424 2,031 4,492 1,330 4,045 4,825 12,987 143,807 
Jan. 2024 - Dec. 202415%32,205,363 8,872,008 4,830,804 1,330,801 557 717 793 1,302 2,263 3,515 94,807 
Total$165,987,841 $45,450,902 $31,733,018 $8,646,723 $5,494 $8,579 $6,692 $18,345 $17,510 $43,173 $592,121 
(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) Reinsurance coverage on 40% of eligible single premium policies and 20% of all other eligible policies.
(5) Excludes ($11) and ($80) of benefit in ceded premium on retired ILNs for the three and nine months ended September 30, 2024, respectively.


Exhibit J
Essent Group Ltd. and Subsidiaries
Supplemental Information
U.S. Mortgage Insurance Portfolio Geographic Data
IIF by State
September 30, 2024June 30, 2024September 30, 2023
CA12.5 %12.7 %13.0 %
FL11.8 11.6 11.0 
TX10.9 10.8 10.5 
CO4.1 4.1 4.1 
AZ3.8 3.8 3.7 
GA3.7 3.6 3.4 
WA3.4 3.4 3.4 
NC3.0 3.0 2.8 
OH2.6 2.6 2.6 
IL2.6 2.7 2.8 
All Others41.6 41.7 42.7 
Total100.0 %100.0 %100.0 %
Gross RIF by State
September 30, 2024June 30, 2024September 30, 2023
CA12.5 %12.6 %12.9 %
FL12.0 11.8 11.3 
TX11.2 11.1 10.8 
CO4.0 4.1 4.0 
AZ3.9 3.8 3.8 
GA3.8 3.7 3.5 
WA3.4 3.4 3.4 
NC3.0 3.0 2.9 
OH2.6 2.5 2.6 
IL2.5 2.6 2.8 
All Others41.1 41.4 42.0 
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
20242023
September 30June 30March 31December 31September 30
Beginning default inventory13,954 13,992 14,819 13,391 12,480 
Plus: new defaults (A)
9,984 8,119 8,260 9,007 7,953 
Less: cures(7,819)(7,956)(8,951)(7,418)(6,902)
Less: claims paid(182)(183)(123)(148)(129)
Less: rescissions and denials, net(31)(18)(13)(13)(11)
Ending default inventory15,906 13,954 13,992 14,819 13,391 
(A) New defaults remaining as of September 30, 2024
7,189 3,198 1,665 1,309 806 
        Cure rate (1)
28 %61 %80 %85 %90 %
Total amount paid for claims (in thousands)$5,749 $5,566 $3,605 $3,411 $2,956 
Average amount paid per claim (in thousands)$32 $30 $29 $22 $23 
Severity58 %60 %65 %62 %66 %
Rollforward of Reserve for Losses and LAE
Three Months Ended
20242023
($ in thousands)September 30June 30March 31December 31September 30
Reserve for losses and LAE at beginning of period$246,107 $253,565 $245,402 $226,617 $216,888 
Less: Reinsurance recoverables26,022 26,570 24,005 20,656 17,958 
Net reserve for losses and LAE at beginning of period220,085 226,995 221,397 205,961 198,930 
Add provision for losses and LAE occurring in:
Current period51,649 30,653 39,396 38,922 35,609 
Prior years(21,836)(31,880)(30,062)(19,912)(25,533)
Incurred losses and LAE during the period29,813 (1,227)9,334 19,010 10,076 
Deduct payments for losses and LAE occurring in:
Current period637 478 1 330 156 
Prior years5,202 5,205 3,735 3,244 2,889 
Loss and LAE payments during the period5,839 5,683 3,736 3,574 3,045 
Net reserve for losses and LAE at end of period244,059 220,085 226,995 221,397 205,961 
Plus: Reinsurance recoverables30,867 26,022 26,570 24,005 20,656 
Reserve for losses and LAE at end of period$274,926 $246,107 $253,565 $245,402 $226,617 
(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, 2024
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 less8,293 52 %$53,849 21 %$627,505 9 %
Four to eleven payments5,498 35 104,223 41 437,515 24 
Twelve or more payments1,980 12 86,821 35 144,396 60 
Pending claims135 1 8,620 3 9,692 89 
Total case reserves15,906 100 %253,513 100 %$1,219,108 21 %
IBNR19,013 
LAE2,400 
Total reserves for losses and LAE$274,926 
Average reserve per default:
Case$15.9 
Total$17.3 
Default Rate1.95%
December 31, 2023
Number of
Policies in
Default		Percentage of
Policies in
Default		 Amount of ReservesPercentage of Reserves Defaulted RIFReserves as a Percentage of
Defaulted RIF
($ in thousands)
Missed Payments:
Three payments or less7,288 49 %$44,607 20 %$527,419 8 %
Four to eleven payments5,421 37 97,424 43 417,876 23 
Twelve or more payments1,984 13 78,540 35 132,257 59 
Pending claims126 1 5,550 2 6,302 88 
Total case reserves14,819 100 %226,121 100 %$1,083,854 21 %
IBNR16,959 
LAE2,322 
Total reserves for losses and LAE$245,402 
Average reserve per default:
Case$15.3 
Total$16.6 
Default Rate1.80%
September 30, 2023
Number of
Policies in
Default		Percentage of
Policies in
Default		 Amount of ReservesPercentage of Reserves Defaulted RIFReserves as a Percentage of
Defaulted RIF
($ in thousands)
Missed Payments:
Three payments or less6,383 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%




Exhibit M
Essent Group Ltd. and Subsidiaries
Supplemental Information
Investments Available for Sale
Investments Available for Sale by Asset Class
Asset ClassSeptember 30, 2024December 31, 2023
($ in thousands)Fair ValuePercentFair ValuePercent
U.S. Treasury securities$709,807 11.9 %$996,382 18.9 %
U.S. agency securities— — 7,195 0.1 
U.S. agency mortgage-backed securities1,051,308 17.7 821,346 15.6 
Municipal debt securities577,647 9.8 547,258 10.5 
Non-U.S. government securities72,971 1.2 67,447 1.3 
Corporate debt securities1,704,388 28.6 1,297,055 24.7 
Residential and commercial mortgage securities503,980 8.5 517,940 9.8 
Asset-backed securities548,076 9.2 564,995 10.7 
Money market funds782,322 13.1 444,121 8.4 
Total investments available for sale$5,950,499 100.0 %$5,263,739 100.0 %
Investments Available for Sale by Credit Rating
Rating (1)
September 30, 2024December 31, 2023
($ in thousands)Fair ValuePercentFair ValuePercent
Aaa$2,541,407 49.2 %$2,561,363 53.2 %
Aa1103,522 2.0 104,474 2.2 
Aa2286,304 5.5 291,501 6.0 
Aa3247,669 4.7 208,882 4.3 
A1510,486 9.9 377,188 7.8 
A2391,018 7.6 329,423 6.8 
A3424,218 8.2 253,081 5.3 
Baa1227,741 4.4 220,901 4.6 
Baa2200,539 3.9 226,449 4.7 
Baa3158,288 3.1 166,121 3.4 
Below Baa376,985 1.5 80,235 1.7 
Total (2)
$5,168,177 100.0 %$4,819,618 100.0 %
(1) Based on ratings issued by Moody's, if available. S&P or Fitch rating utilized if Moody's not available.
(2) Excludes $782,322 and $444,121 of money market funds at September 30, 2024 and December 31, 2023, respectively.
Investments Available for Sale by Duration and Book Yield
Effective DurationSeptember 30, 2024December 31, 2023
($ in thousands)Fair ValuePercentFair ValuePercent
< 1 Year$1,829,657 30.7 %$1,892,074 35.9 %
1 to < 2 Years501,569 8.4 371,583 7.1 
2 to < 3 Years506,047 8.5 538,775 10.2 
3 to < 4 Years499,816 8.4 402,668 7.6 
4 to < 5 Years417,500 7.0 376,722 7.2 
5 or more Years2,195,910 37.0 1,681,917 32.0 
Total investments available for sale$5,950,499 100.0 %$5,263,739 100.0 %
Pre-tax investment income yield:
Three months ended3.81 %
Nine months ended September 30, 20243.77 %
Holding company net cash and investments available for sale:
($ in thousands)
As of September 30, 2024$991,151 
As of December 31, 2023$693,507 


Exhibit N
Essent Group Ltd. and Subsidiaries
Supplemental Information
U.S. Mortgage Insurance Company Capital
20242023
September 30June 30March 31December 31September 30
($ in thousands)
U.S. Mortgage Insurance Subsidiaries:
Combined statutory capital (1)
$3,584,580 $3,530,462 $3,453,553 $3,376,117 $3,309,522 
Combined net risk in force (2)
$34,893,957 $34,812,227 $34,463,082 $34,549,500 $34,203,678 
Risk-to-capital ratios: (3)
Essent Guaranty, Inc.10.0:110.2:110.3:110.6:110.7:1
Essent Guaranty of PA, Inc.0.3:10.3:10.4:10.4:10.5:1
Combined (4)
9.7:19.9:110.0:110.2:110.3:1
Essent Guaranty, Inc. PMIERs Data (5):
Available Assets$3,598,725 $3,513,609 $3,464,119 $3,379,936 $3,318,179 
Minimum Required Assets1,903,473 2,052,135 1,999,928 1,985,545 1,910,659 
PMIERs excess Available Assets$1,695,252 $1,461,474 $1,464,191 $1,394,391 $1,407,520 
PMIERs sufficiency ratio (6)
189 %171 %173 %170 %174 %
Essent Reinsurance Ltd.:
Stockholder's equity (GAAP basis)$1,826,901 $1,793,777 $1,793,005 $1,758,665 $1,684,122 
Net risk in force (2)
$23,003,846 $22,770,165 $22,271,316 $22,043,926 $21,739,419 
(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
Ratios and Reconciliation of Non-GAAP Financial Measures
20242023
September 30June 30March 31December 31September 30
Loss Ratio (1)12.2 %(0.1)%4.0 %7.9 %4.4 %
Expense Ratio (2)26.5 %26.1 %27.1 %27.0 %27.3 %
Combined Ratio38.7 %26.0 %31.1 %34.9 %31.7 %
Underwriting Margin (3)61.3 %74.0 %68.9 %65.1 %68.3 %
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 nine months ended September 30, 2024 lack comparability with periods prior to the acquisition. In order to provide investors with more comparative information to prior periods, Essent has prepared the table below to reconcile the Consolidated Ratios to ratios excluding Title, as shown below. 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. 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 ratios excluding Title to the most comparable GAAP amount for the three and nine months ended September 30, 2024 in accordance with Regulation G:
Three Months Ended
September 30, 2024		Nine Months Ended
September 30, 2024
ConsolidatedTitleExcluding TitleConsolidatedTitleExcluding Title
($ in thousands)
Revenues:
Net premiums earned$248,936 $17,687 $231,249 $746,417 $49,604 $696,813 
Net investment income57,340 809 56,531 165,511 2,365 163,146 
Realized investment gains (losses), net68 — 68 (2,236)— (2,236)
Income from other invested assets2,820 — 2,820 486 — 486 
Settlement services (4)
3,237 3,237 — 6,074 6,074 — 
Other income4,177 473 3,704 11,625 1,354 10,271 
Total revenues316,578 22,206 294,372 927,877 59,397 868,480 
Losses and expenses:
Provision for losses and LAE30,666 850 29,816 40,245 2,317 37,928 
Other underwriting and operating expenses (5)
57,259 14,845 42,414 170,595 39,564 131,031 
Premiums retained by agents9,622 9,622 — 29,328 29,328 — 
Interest expense11,457 — 11,457 27,168 — 27,168 
Total losses and expenses109,004 25,317 83,687 267,336 71,209 196,127 
Loss ratio (1)12.2 %4.1 %12.9 %5.3 %4.2 %5.4 %
Expense ratio (2)26.5 %116.9 %18.3 %26.6 %123.7 %18.8 %
Combined ratio38.7 %121.0 %31.2 %31.9 %127.9 %24.2 %
Underwriting Margin (3)61.3 %(21.0 %)68.8 %68.1 %(27.9 %)75.8 %
(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) Calculated as the inverse of the combined ratio.
(4) Settlement services revenue is included in "Other income" within Exhibit A and Exhibit C.
(5) Title expenses reflect only direct expenses of Title operations and do not include corporate or centralized support expense allocations.

v3.24.3
Cover Page Cover Page
Nov. 01, 2024
Cover [Abstract]  
Document Type 8-K
Document Period End Date Nov. 01, 2024
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
Essent (NYSE:ESNT)
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