Essent Group Ltd. Files 10-Q for Q2 2024

TL;DR

**Essent Group Ltd. Q2 2024 10-Q filed. Financials and operations detailed.**

AI Summary

Essent Group Ltd. filed its 10-Q for the period ending June 30, 2024. The filing covers financial performance and operational details for the second quarter of 2024. Key financial data and disclosures relevant to investors and stakeholders are presented.

Why It Matters

This 10-Q filing provides crucial financial and operational insights into Essent Group Ltd.'s performance during the second quarter of 2024, impacting investor decisions.

Risk Assessment

Risk Level: medium — The filing is a standard quarterly report, but the insurance industry can be subject to various economic and regulatory risks.

Key Players & Entities

• Essent Group Ltd. (company) — Filer of the 10-Q
• 20240630 (date) — End of reporting period
• 20240806 (date) — Filing date

FAQ

Key Financial Figures

• $0.015 — nge on which registered Common Shares, $0.015 par value ESNT New York Stock Exchange

Filing Documents

• esnt-20240630.htm (10-Q) — 2025KB
• a63024ex311.htm (EX-31.1) — 14KB
• a63024ex312.htm (EX-31.2) — 14KB
• a63024ex321.htm (EX-32.1) — 8KB
• 0001448893-24-000061.txt ( ) — 9895KB
• esnt-20240630.xsd (EX-101.SCH) — 62KB
• esnt-20240630_cal.xml (EX-101.CAL) — 94KB
• esnt-20240630_def.xml (EX-101.DEF) — 416KB
• esnt-20240630_lab.xml (EX-101.LAB) — 681KB
• esnt-20240630_pre.xml (EX-101.PRE) — 520KB
• esnt-20240630_htm.xml (XML) — 1743KB

Financial Statements (Unaudited)

Financial Statements (Unaudited) 1 Condensed Consolidated Balance Sheets (Unaudited) 1 Condensed Consolidated Statements of Comprehensive Income (Unaudited) 2 Condensed Consolidated Statements of Changes in Stockholders' Equity (Unaudited) 3 Condensed Consolidated Statements of Cash Flows (Unaudited) 4 Notes to Condensed Consolidated Financial Statements (Unaudited) 5 Item 2.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 25 Item 3.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 48 Item 4.

Controls and Procedures

Controls and Procedures 48 PART II. OTHER INFORMATION 50 Item 1.

Legal Proceedings

Legal Proceedings 50 Item 1A.

Risk Factors

Risk Factors 50 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 50 Item 6. Exhibits 51

SIGNATURES

SIGNATURES 52 i Table of Contents Unless the context otherwise indicates or requires, the terms "we," "our," "us," "Essent," and the "Company," as used in this Quarterly Report on Form 10-Q, refer to Essent Group Ltd. and its directly and indirectly owned subsidiaries, including our primary operating subsidiaries, Essent Guaranty, Inc. and Essent Reinsurance Ltd., as a combined entity, except where otherwise stated or where it is clear that the terms mean only Essent Group Ltd. exclusive of its subsidiaries. SPECIAL NOTE REGARDING FORWARD-LOOKING STATEMENTS This Quarterly Report on Form 10-Q, or Quarterly Report, includes forward-looking statements pursuant to the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements relate to expectations, beliefs, projections, future plans and strategies, anticipated events or trends and similar expressions concerning matters that are not historical facts or present facts or conditions, such as statements regarding our future financial condition or results of operations, our prospects and strategies for future growth, the introduction of new products and services, and the implementation of our marketing and branding strategies. In many cases, you can identify forward-looking statements by terms such as "may," "will," "should," "expects," "plans," "anticipates," "believes," "estimates," "predicts," "potential" or the negative of these terms or other comparable terminology. The forward-looking statements contained in this Quarterly Report reflect our views as of the date of this Quarterly Report about future events and are subject to risks, uncertainties, assumptions and changes in circumstances that may cause events or our actual activities or results to differ significantly from those expressed in any forward-looking statement. Although we believe that the expectations reflected in the forward-looking statements are reasonable, we cannot guarantee future events, r

— FINANCIAL INFORMATION

PART I — FINANCIAL INFORMATION

Financial Statements (Unaudited)

Item 1. Financial Statements (Unaudited) Essent Group Ltd. and Subsidiaries Condensed Consolidated Balance Sheets (Unaudited) June 30, December 31, (In thousands, except per share amounts) 2024 2023 Assets Investments Fixed maturities available for sale, at fair value (amortized cost: 2024 — $ 4,286,271 ; 2023 — $ 4,658,168 ) $ 3,931,471 $ 4,335,008 Short-term investments available for sale, at fair value (amortized cost: 2024 — $ 1,523,558 ; 2023 — $ 928,562 ) 1,523,512 928,731 Total investments available for sale 5,454,983 5,263,739 Other invested assets 282,781 277,226 Total investments 5,737,764 5,540,965 Cash 197,402 141,787 Accrued investment income 35,534 35,689 Accounts receivable 56,974 63,266 Deferred policy acquisition costs 9,199 9,139 Property and equipment (at cost, less accumulated depreciation of $ 72,911 in 2024 and $ 71,168 in 2023) 42,905 41,304 Prepaid federal income tax 487,456 470,646 Goodwill and intangible assets, net 70,258 72,826 Other assets 55,253 51,051 Total assets $ 6,692,745 $ 6,426,673 Liabilities and Stockholders' Equity Liabilities Reserve for losses and LAE $ 260,688 $ 260,095 Unearned premium reserve 126,938 140,285 Net deferred tax liability 381,393 362,753 Credit facility borrowings (at carrying value, less unamortized deferred costs of $ 2,552 in 2024 and $ 3,080 in 2023) 422,448 421,920 Other accrued liabilities 121,488 139,070 Total liabilities 1,312,955 1,324,123 Commitments and contingencies (see Note 7) Stockholders' Equity Common shares, $ 0.015 par value: Authorized - 233,333 ; issued and outstanding - 106,372 shares in 2024 and 106,597 shares in 2023 1,596 1,599 Additional paid-in capital 1,278,918 1,299,869 Accumulated other comprehensive loss ( 307,637 ) ( 280,496 ) Retained earnings 4,406,913 4,081,578 Total stockholders' equity 5,379,790 5,102,550 Total liabilities and stockholders' equity $ 6,692,745 $ 6,426,673 See accompanying notes to condensed consolidated

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View this 10-Q filing on SEC EDGAR