News Details

HAMILTON, Bermuda--(BUSINESS WIRE)-- Essent Group Ltd. (NYSE: ESNT) today reported net income for the quarter ended March 31, 2015 of $34.8 million or $0.38 per diluted share, compared to $15.0 million or $0.18 per diluted share for the quarter ended March 31, 2014. As of March 31, 2015, Essent had primary insurance in force of $53.3 billion and consolidated stockholders’ equity of $996.0 million.

“Our strong results reflect our continued execution on building a high credit quality and profitable mortgage insurance portfolio,” said Mark Casale, Chairman and Chief Executive Officer. “Our outlook for the private mortgage insurance sector remains positive. Essent continues to be well positioned and we are optimistic about the future of our franchise.”

Financial Highlights:

• Insurance in force as of March 31, 2015 was $53.3 billion, compared to $50.8 billion as of December 31, 2014 and $34.8 billion as of March 31, 2014.
• New insurance written for the first quarter was $5.3 billion, compared to $6.5 billion in the fourth quarter of 2014 and $3.6 billion in the first quarter of 2014.
• Net premiums earned for the first quarter were $75.0 million, compared to $67.8 million in the fourth quarter of 2014 and $44.8 million in the first quarter of 2014.
• The expense ratio for the first quarter was 36.6%, compared to 37.8% in the fourth quarter of 2014 and 52.4% in the first quarter of 2014.
• The provision for losses and LAE for the first quarter was $2.0 million, compared to $3.0 million in the fourth quarter of 2014 and $0.9 million in the first quarter of 2014.
• The percentage of loans in default as of March 31, 2015 was 0.21%, compared to 0.20% as of December 31, 2014 and 0.12% as of March 31, 2014.
• The combined ratio for the first quarter was 39.3%, compared to 42.3% in the fourth quarter of 2014 and 54.4% in the first quarter of 2014.
• The consolidated balance of cash and investments at March 31, 2015 was $1.1 billion, including cash and investment balances at Essent Group Ltd. of $123.6 million.
• The combined risk to capital ratio of the US mortgage insurance business, which includes statutory capital for both Essent Guaranty, Inc. and Essent Guaranty of PA, Inc., was 15.8:1 as of March 31, 2015.
• Essent Reinsurance Ltd. participated in Freddie Mac’s Agency Credit Insurance Structure (“ACIS”) 2015-2 and 2015-3 transactions and insured a total of $20.7 million of risk that Freddie Mac had retained as part of its STACR 2014-DN3 and STACR 2014-DN4 transactions.

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/investors/webcasts-and-presentations/event-calendar/default.aspx. The call may also be accessed by dialing 877-201-0168 inside the U.S., or 647-788-4901 for international callers, using passcode 23672839 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: 855-859-2056 inside the U.S., or 404-537-3406 for international callers, passcode 23672839.

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/investors/financial-information/quarterly-financial-supplements/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," "plan," "seek," "comfortable with," "will," "expect," "intend," "estimate," "anticipate," "believe" or "continue" 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; 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; deteriorating economic conditions; 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, 2014 filed with the Securities and Exchange Commission on February 27, 2015. 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.

Non-GAAP Financial Measures

In presenting Essent Group Ltd.’s results, management has included financial measures, including adjusted book value per share, that are not calculated under standards or rules that comprise accounting principles generally accepted in the United States (“GAAP”). Such measures are referred to as “non-GAAP measures.” These non-GAAP measures may be defined or calculated differently by other companies. Management believes these measures allow for a more complete understanding of the underlying business. These measures are used to monitor our results and should not be viewed as a substitute for those determined in accordance with GAAP. Reconciliations of such measures to the most comparable GAAP figures are included in the attached financial supplement in accordance with Regulation G.

About the Company

Essent Group Ltd. (NYSE: ESNT) is a Bermuda-based holding company which, through its wholly-owned subsidiary Essent Guaranty, Inc., (collectively, “Essent”) offers private mortgage insurance for single-family mortgage loans in the United States. Essent provides private capital to mitigate mortgage credit risk, allowing lenders to make additional mortgage financing available to prospective homeowners. Headquartered in Radnor, Pennsylvania and rated BBB+ by Standard & Poor’s and Baa2 by Moody’s, Essent Guaranty, Inc. is licensed to write mortgage insurance in all 50 states and the District of Columbia, and is approved by Fannie Mae and Freddie Mac. Essent also offers mortgage-related insurance and reinsurance through its Bermuda-based subsidiary, Essent Reinsurance Ltd. 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 March 31, 2015
Exhibit A:		Condensed Consolidated Statements of Comprehensive Income (Unaudited)
Exhibit B:		Condensed Consolidated Balance Sheets (Unaudited)
Exhibit C:		Historical Quarterly Data
Exhibit D:		New Insurance Written
Exhibit E:		Insurance in Force and Risk in Force
Exhibit F:		Other Risk in Force
Exhibit G:		Portfolio Vintage Data
Exhibit H:		Portfolio Geographic Data
Exhibit I:		Defaults, Reserve for Losses and LAE, and Claims
Exhibit J:		Investment Portfolio
Exhibit K:		Insurance Company Capital
Exhibit L:		Reconciliation of Non-GAAP Financial Measure - Adjusted Book Value per Share

						Exhibit A
Essent Group Ltd. and Subsidiaries
Condensed Consolidated Statements of Comprehensive Income (Unaudited)
		Three Months Ended March 31,
(In thousands, except per share amounts)			2015				2014
Revenues:
Net premiums written		$	82,257			$	52,192
Increase in unearned premiums			(7,219	)			(7,442	)
Net premiums earned			75,038				44,750
Net investment income			4,280				1,898
Realized investment gains, net			649				400
Other income			44				773
Total revenues			80,011				47,821
Losses and expenses:
Provision for losses and LAE			1,999				902
Other underwriting and operating expenses			27,498				23,459
Total losses and expenses			29,497				24,361
Income before income taxes			50,514				23,460
Income tax expense			15,676				8,454
Net income		$	34,838			$	15,006
Earnings per share:
Basic		$	0.39			$	0.18
Diluted			0.38				0.18
Weighted average shares outstanding:
Basic			90,185				82,864
Diluted			91,514				84,696
Net income		$	34,838			$	15,006
Other comprehensive income:
Change in unrealized appreciation of investments			4,889				479
Total other comprehensive income			4,889				479
Comprehensive income		$	39,727			$	15,485
Loss ratio			2.7	%			2.0	%
Expense ratio			36.6	%			52.4	%
Combined ratio			39.3	%			54.4	%

					Exhibit B
Essent Group Ltd. and Subsidiaries
Condensed Consolidated Balance Sheets (Unaudited)
		March 31,			December 31,
(In thousands, except per share amounts)		2015			2014
Assets
Investments available for sale, at fair value
Fixed maturities		$	1,008,309		$	846,925
Short-term investments			111,922			210,688
Total investments			1,120,231			1,057,613
Cash			21,902			24,411
Accrued investment income			6,240			5,748
Accounts receivable			15,763			15,810
Deferred policy acquisition costs			9,852			9,597
Property and equipment (at cost, less accumulated depreciation of $39,994 in 2015 and $39,260 in 2014)			8,073			5,841
Prepaid federal income tax			63,673			59,673
Other assets			4,352			2,768
Total assets		$	1,250,086		$	1,181,461
Liabilities and Stockholders' Equity
Liabilities
Reserve for losses and LAE		$	10,065		$	8,427
Unearned premium reserve			164,167			156,948
Accrued payroll and bonuses			5,464			14,585
Net deferred tax liability			53,482			37,092
Other accrued liabilities			20,891			8,671
Total liabilities			254,069			225,723
Commitments and contingencies
Stockholders' Equity
Common shares, $0.015 par value:
Authorized - 233,333; issued - 92,574 shares in 2015 and 92,546 shares in 2014			1,389			1,388
Additional paid-in capital			893,836			893,285
Accumulated other comprehensive income			9,556			4,667
Retained earnings			91,236			56,398
Total stockholders' equity			996,017			955,738
Total liabilities and stockholders' equity		$	1,250,086		$	1,181,461

																		Exhibit C
Essent Group Ltd. and Subsidiaries
Supplemental Information
Historical Quarterly Data
			2015			2014
Selected Income Statement Data		March 31				December 31				September 30				June 30				March 31
(In thousands, except per share amounts)
Revenues:
Net premiums written		$	82,257			$	83,219			$	77,862			$	63,505			$	52,192
Net premiums earned			75,038				67,814				60,323				50,342				44,750
Other revenues			4,973				4,928				4,298				3,941				3,071
Total revenues			80,011				72,742				64,621				54,283				47,821
Losses and expenses:
Provision for losses and LAE			1,999				3,049				1,391				966				902
Other underwriting and operating expenses			27,498				25,656				24,469				23,648				23,459
Total losses and expenses			29,497				28,705				25,860				24,614				24,361
Income before income taxes			50,514				44,037				38,761				29,669				23,460
Income tax expense			15,676				15,171				13,691				10,114				8,454
Net income		$	34,838			$	28,866			$	25,070			$	19,555			$	15,006
Earnings per share:
Basic		$	0.39			$	0.34			$	0.30			$	0.23			$	0.18
Diluted		$	0.38			$	0.33			$	0.29			$	0.23			$	0.18
Weighted average shares outstanding:
Basic			90,185				86,134				83,640				83,276				82,864
Diluted			91,514				87,950				85,028				84,706				84,696
Other Data:
Loss ratio (1)			2.7	%			4.5	%			2.3	%			1.9	%			2.0	%
Expense ratio (2)			36.6	%			37.8	%			40.6	%			47.0	%			52.4	%
Combined ratio			39.3	%			42.3	%			42.9	%			48.9	%			54.4	%

(1)		Loss ratio is calculated by dividing the provision for loss and loss adjustment expenses by net premiums earned.
(2)		Expense ratio is calculated by dividing other underwriting and operating expenses by net premiums earned.

														Exhibit C, continued
Essent Group Ltd. and Subsidiaries
Supplemental Information
Historical Quarterly Data
			2015			2014
Other Data, continued:		March 31				December 31				September 30				June 30				March 31
($ in thousands)
Flow:
New insurance written		$	5,346,820			$	6,204,821			$	7,283,169			$	5,874,334			$	3,630,573
New risk written			1,302,710				1,523,527				1,802,408				1,477,547				907,257
Bulk:
New insurance written		$	-			$	300,008			$	1,506,529			$	-			$	-
New risk written			-				35,007				30,131				-				-
Consolidated:
Average premium rate (3)			0.58	%			0.56	%			0.55	%			0.54	%			0.54	%
New insurance written		$	5,346,820			$	6,504,829			$	8,789,698			$	5,874,334			$	3,630,573
New risk written		$	1,302,710			$	1,558,534			$	1,832,539			$	1,477,547			$	907,257
Insurance in force (end of period)		$	53,253,632			$	50,762,594			$	46,428,526			$	39,379,879			$	34,778,057
Risk in Force (end of period)		$	12,891,462			$	12,227,270			$	11,152,497			$	9,700,549			$	8,493,862
Policies in force			242,477				229,721				209,841				175,773				154,451
Weighted-average coverage (4)			24.2	%			24.1	%			24.0	%			24.6	%			24.4	%
Annual persistency			82.8	%			86.4	%			88.5	%			89.1	%			87.9	%
Loans in default (count)			505				457				312				235				192
Percentage of loans in default			0.21	%			0.20	%			0.15	%			0.13	%			0.12	%

(3)		Average premium rate is calculated by dividing net premium earned by average insurance in force for the period.
(4)		Weighted average coverage is calculated by dividing end of period risk in force by insurance in force.

																				Exhibit D
Essent Group Ltd. and Subsidiaries
Supplemental Information
New Insurance Written: Flow
NIW by Credit Score
		Three Months Ended
		March 31, 2015							December 31, 2014							March 31, 2014
($ in thousands)
>=760		$	2,346,791			43.9	%		$	2,618,070			42.2	%		$	1,614,436			44.5	%
740-759			894,376			16.7				1,017,384			16.4				636,859			17.5
720-739			779,412			14.6				868,254			14.0				536,471			14.8
700-719			539,076			10.1				692,036			11.2				375,500			10.3
680-699			452,446			8.5				576,830			9.3				315,267			8.7
<=679			334,719			6.2				432,247			6.9				152,040			4.2
Total		$	5,346,820			100.0	%		$	6,204,821			100.0	%		$	3,630,573			100.0	%
Weighted-average credit score			747							745							749
NIW by LTV
		Three Months Ended
		March 31, 2015							December 31, 2014							March 31, 2014
($ in thousands)
85.00% and below		$	809,238			15.1	%		$	931,067			15.0	%		$	435,733			12.0	%
85.01% to 90.00%			1,818,771			34.0				2,057,770			33.2				1,240,528			34.2
90.01% to 95.00%			2,633,051			49.3				3,176,124			51.2				1,925,763			53.0
95.01% and above			85,760			1.6				39,860			0.6				28,549			0.8
		$	5,346,820			100.0	%		$	6,204,821			100.0	%		$	3,630,573			100.0	%
Weighted-average LTV			91	%						91	%						92	%
NIW by Product
		Three Months Ended
		March 31, 2015							December 31, 2014							March 31, 2014
Single Premium policies						23.7	%						22.8	%						18.2	%
Monthly Premium policies						76.3							77.2							81.8
						100.0	%						100.0	%						100.0	%
NIW by Purchase vs. Refinance
		Three Months Ended
		March 31, 2015							December 31, 2014							March 31, 2014
Purchase						69.3	%						77.7	%						84.9	%
Refinance						30.7							22.3							15.1
						100.0	%						100.0	%						100.0	%

											Exhibit D, continued
Essent Group Ltd. and Subsidiaries
Supplemental Information
New Insurance Written: Bulk
NIW by Credit Score
		Three Months Ended
		March 31, 2015					December 31, 2014							March 31, 2014
($ in thousands)
>=760		$	-		-		$	203,901			68.0	%		$	-		-
740-759			-		-			51,590			17.2				-		-
720-739			-		-			34,077			11.4				-		-
700-719			-		-			10,440			3.4				-		-
680-699			-		-			-			-				-		-
<=679			-		-			-			-				-		-
Total		$	-		-		$	300,008			100.0	%		$	-		-
Weighted-average credit score			N/A					771							N/A
NIW by LTV
		Three Months Ended
		March 31, 2015					December 31, 2014							March 31, 2014
($ in thousands)
85.00% and below		$	-		-		$	10,706			3.6	%		$	-		-
85.01% to 90.00%			-		-			151,608			50.5				-		-
90.01% to 95.00%			-		-			137,694			45.9				-		-
95.01% and above			-		-			-			-				-		-
		$	-		-		$	300,008			100.0	%		$	-		-
Weighted-average LTV			N/A					91	%						N/A
NIW by Product
		Three Months Ended
		March 31, 2015					December 31, 2014							March 31, 2014
Single Premium policies					-						100.0	%					-
Monthly Premium policies					-						-						-
					-						100.0	%					-
NIW by Purchase vs. Refinance
		Three Months Ended
		March 31, 2015					December 31, 2014							March 31, 2014
Purchase					-						90.0	%					-
Refinance					-						10.0						-
					-						100.0	%					-

																				Exhibit E
Essent Group Ltd. and Subsidiaries
Supplemental Information
Insurance in Force and Risk in Force: Consolidated
Portfolio by Credit Score
Total IIF by FICO score		March 31, 2015							December 31, 2014							March 31, 2014
($ in thousands)
>=760		$	25,345,630			47.6	%		$	24,546,571			48.4	%		$	18,212,476			52.3	%
740-759			9,204,965			17.3				8,804,454			17.3				6,218,225			17.9
720-739			7,613,387			14.3				7,185,175			14.2				4,804,322			13.8
700-719			5,143,705			9.6				4,849,412			9.6				2,955,696			8.5
680-699			3,842,342			7.2				3,540,811			7.0				1,940,162			5.6
<=679			2,103,603			4.0				1,836,171			3.5				647,176			1.9
Total		$	53,253,632			100.0	%		$	50,762,594			100.0	%		$	34,778,057			100.0	%
Weighted-average credit score			752							753							757
Total RIF by FICO score		March 31, 2015							December 31, 2014							March 31, 2014
($ in thousands)
>=760		$	6,112,309			47.4	%		$	5,900,373			48.3	%		$	4,403,362			51.9	%
740-759			2,244,474			17.4				2,135,891			17.4				1,527,784			18.0
720-739			1,865,939			14.5				1,750,232			14.3				1,192,630			14.0
700-719			1,224,580			9.5				1,145,431			9.4				717,501			8.4
680-699			939,792			7.3				859,436			7.0				488,405			5.8
<=679			504,368			3.9				435,907			3.6				164,180			1.9
Total		$	12,891,462			100.0	%		$	12,227,270			100.0	%		$	8,493,862			100.0	%
Portfolio by LTV
Total IIF by LTV		March 31, 2015							December 31, 2014							March 31, 2014
($ in thousands)
85.00% and below		$	6,382,552			12.0	%		$	6,100,274			12.0	%		$	4,540,795			13.1	%
85.01% to 90.00%			18,422,873			34.6				17,719,816			34.9				13,054,922			37.5
90.01% to 95.00%			27,288,976			51.2				25,832,106			50.9				16,748,932			48.2
95.01% and above			1,159,231			2.2				1,110,398			2.2				433,408			1.2
		$	53,253,632			100.0	%		$	50,762,594			100.0	%		$	34,778,057			100.0	%
Weighted-average LTV			92	%						92	%						91	%
Total RIF by LTV		March 31, 2015							December 31, 2014							March 31, 2014
($ in thousands)
85.00% and below		$	716,057			5.6	%		$	681,908			5.6	%		$	503,315			5.9	%
85.01% to 90.00%			4,350,761			33.7				4,174,743			34.1				3,074,541			36.2
90.01% to 95.00%			7,644,265			59.3				7,203,270			58.9				4,770,413			56.2
95.01% and above			180,379			1.4				167,349			1.4				145,593			1.7
		$	12,891,462			100.0	%		$	12,227,270			100.0	%		$	8,493,862			100.0	%
Portfolio by Loan Amortization Period
Total IIF by Loan Amortization Period		March 31, 2015							December 31, 2014							March 31, 2014
($ in thousands)
FRM 30 years and higher		$	46,922,016			88.1	%		$	44,503,607			87.7	%		$	29,906,738			85.9	%
FRM 20-25 years			1,336,976			2.5				1,273,086			2.5				1,105,372			3.2
FRM 15 years			2,619,532			4.9				2,637,970			5.2				2,383,315			6.9
ARM 5 years and higher			2,375,108			4.5				2,347,931			4.6				1,382,632			4.0
Total		$	53,253,632			100.0	%		$	50,762,594			100.0	%		$	34,778,057			100.0	%

								Exhibit F
Essent Group Ltd. and Subsidiaries
Supplemental Information
Other Risk in Force
($ in thousands)		March 31, 2015			December 31, 2014			March 31, 2014
ACIS (A)		$	63,533		$	43,733		$	-

(A)		Essent Reinsurance Ltd. provides insurance or reinsurance in connection with Freddie Mac's Agency Credit Insurance Structure ("ACIS") program, and covers the risk in force on the loans in the reference pools associated with STACR notes issued by Freddie Mac.

																										Exhibit G
Essent Group Ltd. and Subsidiaries
Supplemental Information
Portfolio Vintage Data: Consolidated
		Original			Remaining
		Insurance			Insurance			% Remaining of			Insurance in Force as of March 31, 2015
Origination year		Written ($ in thousands)			in Force ($ in thousands)			Original Insurance			% Purchase			>90% LTV			>95% LTV			FICO < 700			FICO >= 760			% FRM
2010		$	245,898		$	71,538		29.1	%		73.6	%		39.0	%		0.0	%		2.9	%		62.2	%		97.9	%
2011			3,229,720			1,183,725		36.7			72.9			40.5			0.2			4.5			57.1			93.7
2012			11,241,161			7,189,946		64.0			70.5			49.6			0.5			5.2			55.8			96.9
2013			21,152,638			16,775,870		79.3			74.8			52.6			1.8			7.8			51.2			96.5
2014			24,799,434			22,714,231		91.6			84.0			56.6			3.3			15.1			42.6			94.1
2015 (through March 31)			5,346,820			5,318,322		99.5			69.3			50.9			1.6			14.7			43.8			97.2
Total		$	66,015,671		$	53,253,632		80.7			77.5			53.4			2.2			11.2			47.6			95.5

								Exhibit H
Essent Group Ltd. and Subsidiaries
Supplemental Information
Portfolio Geographic Data: Consolidated
IIF by State
		As of March 31, 2015			As of December 31, 2014			As of March 31, 2014
CA		10.0	%		10.2	%		11.2	%
TX		8.4			8.3			8.3
FL		5.6			5.3			4.9
WA		4.5			4.3			3.7
NC		4.0			4.0			4.3
IL		3.9			3.9			3.9
MA		3.7			3.9			2.7
PA		3.4			3.4			3.5
NJ		3.4			3.4			3.7
GA		3.3			3.3			3.5
All Others		49.8			50.0			50.3
TOTAL		100.0	%		100.0	%		100.0	%
RIF by State
		As of March 31, 2015			As of December 31, 2014			As of March 31, 2014
CA		9.6	%		9.8	%		10.6	%
TX		8.6			8.5			8.1
FL		5.9			5.6			5.0
WA		4.6			4.4			3.8
NC		4.2			4.2			4.4
IL		4.0			4.0			3.9
GA		3.5			3.5			3.7
NJ		3.4			3.4			3.6
AZ		3.2			3.2			3.3
PA		3.2			3.2			3.5
All Others		49.8			50.2			50.1
TOTAL		100.0	%		100.0	%		100.0	%

										Exhibit I
Essent Group Ltd. and Subsidiaries
Supplemental Information
Defaults, Reserve for Losses and LAE, and Claims
Rollforward of Insured Loans in Default
		Three Months Ended
		March 31,				December 31,				March 31,
			2015				2014				2014
Beginning default inventory			457				312				159
Plus: new defaults			381				349				167
Less: cures			(320	)			(196	)			(128	)
Less: claims paid			(13	)			(8	)			(6	)
Ending default inventory			505				457				192
Rollforward of Reserve for Losses and LAE
		Three Months Ended
		March 31,				December 31,				March 31,
($ in thousands)			2015				2014				2014
Reserve for losses and LAE at beginning of period		$	8,427			$	5,682			$	3,070
Add provision for losses and LAE occurring in:
Current year			2,705				2,923				1,286
Prior years			(706	)			126				(384	)
Incurred losses during the period			1,999				3,049				902
Deduct payments for losses and LAE occurring in:
Current year			-				137				-
Prior years			361				167				168
Loss and LAE payments during the period			361				304				168
Reserve for losses and LAE at end of period		$	10,065			$	8,427			$	3,804
Claims
		Three Months Ended
		March 31,				December 31,				March 31,
			2015				2014				2014
Number of claims paid			13				8				6
Total amount paid for claims (in thousands)		$	349			$	292			$	159
Average amount paid per claim (in thousands)		$	27			$	37			$	27
Severity			72	%			98	%			84	%

																	Exhibit I, continued
Essent Group Ltd. and Subsidiaries
Supplemental Information
Defaults, Reserve for Losses and LAE, and Claims
		As of March 31, 2015
		Number of Policies in Default			Percentage of Policies in Default			Amount of Reserves			Percentage of Reserves			Defaulted RIF			Reserves as a Percentage of RIF
($ in thousands)
Missed Payments:
Three payments or less		230			46	%		$	2,246		24	%		$	12,782		18	%
Four to eleven payments		216			43				5,045		55				11,195		45
Twelve or more payments		52			10				1,658		18				2,241		74
Pending claims		7			1				261		3				257		102
TOTAL		505			100	%			9,210		100	%		$	26,475		35
IBNR									691
LAE									164
TOTAL								$	10,065
Average reserve per default:
Case								$	18.2
Total								$	19.9
Default Rate		0.21	%
		As of December 31, 2014
		Number of Policies in Default			Percentage of Policies in Default			Amount of Reserves			Percentage of Reserves			Defaulted RIF			Reserves as a Percentage of RIF
($ in thousands)
Missed Payments:
Three payments or less		247			54	%		$	2,381		31	%		$	13,059		18	%
Four to eleven payments		167			37				3,748		49				8,132		46
Twelve or more payments		34			7				1,147		15				1,510		76
Pending claims		9			2				424		5				419		101
TOTAL		457			100	%			7,700		100	%		$	23,120		33
IBNR									578
LAE									149
TOTAL								$	8,427
Average reserve per default:
Case								$	16.8
Total								$	18.4
Default Rate		0.20	%
		As of March 31, 2014
		Number of Policies in Default			Percentage of Policies in Default			Amount of Reserves			Percentage of Reserves			Defaulted RIF			Reserves as a Percentage of RIF
($ in thousands)
Missed Payments:
Three payments or less		95			49	%		$	936		27	%		$	4,309		22	%
Four to eleven payments		76			40				1,636		47				3,406		48
Twelve or more payments		15			8				561		16				867		65
Pending claims		6			3				348		10				360		97
TOTAL		192			100	%			3,481		100	%		$	8,942		39
IBNR									261
LAE									62
TOTAL								$	3,804
Average reserve per default:
Case								$	18.1
Total								$	19.8
Default Rate		0.12	%

													Exhibit J
Essent Group Ltd. and Subsidiaries
Supplemental Information
Investment Portfolio
Investment Portfolio by Asset Class
Asset Class		March 31, 2015								December 31, 2014
($ in thousands)		Fair Value				Percent				Fair Value			Percent
U.S. Treasury securities		$	126,093				11.2	%		$	74,216		7.0	%
U.S. agency securities			3,208				0.3				4,520		0.4
U.S. agency mortgage-backed securities			85,958				7.7				83,540		7.9
Municipal debt securities			246,271				22.0				195,546		18.5
Corporate debt securities			345,081				30.8				296,829		28.1
Mortgage-backed securities			64,159				5.7				66,086		6.3
Asset-backed securities			137,539				12.3				126,188		11.9
Money market funds			111,922				10.0				210,688		19.9
Total Investments		$	1,120,231				100.0	%		$	1,057,613		100.0	%
Investment Portfolio by Credit Rating
Rating (1)		March 31, 2015								December 31, 2014
($ in thousands)		Fair Value				Percent				Fair Value			Percent
Aaa		$	518,358				46.3	%		$	545,807		51.6	%
Aa1			46,102				4.1				47,792		4.5
Aa2			73,769				6.6				51,958		4.9
Aa3			67,658				6.0				48,261		4.6
A1			91,362				8.2				74,161		7.0
A2			86,326				7.7				67,413		6.4
A3			78,110				7.0				71,964		6.8
Baa1			65,536				5.8				60,399		5.7
Baa2			83,382				7.4				79,727		7.5
Baa3			9,628				0.9				10,131		1.0
Below Baa3			-				-				-		-
Total Investments		$	1,120,231				100.0	%		$	1,057,613		100.0	%
(1) Based on ratings issued by Moody's, if available. S&P rating utilized if Moody's not available.
Portfolio by Duration and Book Yield
Effective Duration		March 31, 2015								December 31, 2014
($ in thousands)		Fair Value				Percent				Fair Value			Percent
< 1 Year		$	267,998				23.9	%		$	332,399		31.4	%
1 to < 2 Years			138,388				12.4				85,971		8.1
2 to < 3 Years			168,187				15.0				167,504		15.8
3 to < 4 Years			136,313				12.2				106,432		10.1
4 to < 5 Years			59,834				5.3				80,300		7.6
5 or more Years			349,511				31.2				285,007		27.0
Total Investments		$	1,120,231				100.0	%		$	1,057,613		100.0	%
Pre-tax investment income yield:
Three months ended March 31, 2015			1.70	%
Net cash and investments at holding company, Essent Group Ltd. ($ in thousands):
As of March 31, 2015						$	123,572
As of December 31, 2014						$	126,327

					Exhibit K
Essent Group Ltd. and Subsidiaries
Supplemental Information
Insurance Company Capital
		As of
		March 31, 2015			December 31, 2014
($ in thousands)
US Mortgage Insurance Business:
Combined statutory capital (A)		$	747,924		$	705,890
Combined net risk in force (B)		$	11,798,777		$	11,426,748
Risk to capital ratios: (C)
Essent Guaranty, Inc.			16.1:1			16.4:1
Essent Guaranty of PA, Inc.			13.1:1			14.6:1
Combined (D)			15.8:1			16.2:1
Essent Reinsurance Ltd. Mortgage Insurance Business:
Stockholder's equity (GAAP basis)		$	159,021		$	155,123
Net risk in force (B)		$	1,146,317		$	835,976

(A) 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.

(B) 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.

(C) The risk to capital ratio is calculated as the ratio of net risk in force to statutory capital.

(D) 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.

						Exhibit L
Essent Group Ltd. and Subsidiaries
Supplemental Information
Reconciliation of Non-GAAP Financial Measure - Adjusted Book Value per Share
We believe that long-term growth in Adjusted Book Value per Share is an important measure of our financial performance and is a measure used to determine vesting on certain restricted stock granted to senior management under the Company’s long-term incentive plan. Adjusted Book Value per Share is a financial measure that is not calculated under standards or rules that comprise accounting principles generally accepted in the United States (GAAP) and is referred to as a non-GAAP measure. Adjusted Book Value per Share may be defined or calculated differently by other companies. Adjusted Book Value per Share is one measure used to monitor our results and should not be viewed as a substitute for those measures determined in accordance with GAAP.
Adjusted Book Value per Share is calculated by dividing Adjusted Book Value by Common Shares and Share Units Outstanding. Adjusted Book Value is defined as consolidated stockholders’ equity of the Company, excluding accumulated other comprehensive income (loss) plus the proceeds, if any, from the assumed exercise of all "in-the-money" options, warrants and similar instruments. Common Shares and Share Units Outstanding is defined as total common shares outstanding plus all equity instruments (including restricted share units) issued to management and the Board of Directors and any "in-the-money" options, warrants and similar instruments. Accumulated other comprehensive income (loss) includes unrealized gains and losses that arise from changes in the market value of the Company’s investments that are classified as available for sale. The Company does not view these unrealized gains and losses to be indicative of our fundamental operating performance. As of March 31, 2015 and December 31, 2014, the Company does not have any options, warrants and similar instruments outstanding.
The following table sets forth the reconciliation of Adjusted Book Value to the most comparable GAAP amount as of March 31, 2015 and December 31, 2014 in accordance with Regulation G:

(In thousands, except per share amounts)		March 31, 2015			December 31, 2014
Numerator:
Total Stockholders' Equity (Book Value)		$	996,017		$	955,738
Subtract: Accumulated Other Comprehensive Income			9,556			4,667
Adjusted Book Value		$	986,461		$	951,071
Denominator:
Total Common Shares Outstanding			92,574			92,546
Add: Restricted Share Units Outstanding			548			664
Total Common Shares and Share Units Outstanding			93,122			93,210
Adjusted Book Value per Share		$	10.59		$	10.20

Source: Essent Group Ltd.