Essent Group Ltd. Announces Launch of Initial Public Offering

October 21, 2013

HAMILTON, Bermuda, Oct. 21, 2013 /PRNewswire/ -- Essent Group Ltd. (the "Company") announced today that it has commenced an initial public offering of 19,710,118 of its common shares pursuant to a registration statement on Form S-1 filed with the U.S. Securities and Exchange Commission (the "SEC"). The Company is offering 17,000,000 common shares and certain selling shareholders are offering 2,710,118 common shares. The Company expects to grant the underwriters a 30-day option to purchase up to an aggregate of 2,956,517 additional common shares.  The estimated initial public offering price is between $13.50 and $15.50 per common share.  The Company intends to use the net proceeds of the offering for general corporate purposes, which may include capital contributions to support the growth of the Company's insurance subsidiaries.  The Company has been approved to list the common shares on the New York Stock Exchange under the ticker symbol "ESNT."

(Logo:  http://photos.prnewswire.com/prnh/20130916/NE80714LOGO )

The book-running managers for the offering are Goldman, Sachs & Co., J.P. Morgan Securities LLC, Barclays Capital Inc. and Credit Suisse Securities (USA) LLCDowling & Partners Securities, LLC, Keefe, Bruyette & Woods, Inc., Macquarie Capital (USA) Inc., Merrill Lynch Pierce, Fenner & Smith Incorporated and Wells Fargo Securities, LLC, are acting as co-managers for the offering.

The offering will be made only by means of a prospectus. When available, copies of the preliminary prospectus relating to the offering may be obtained from the prospectus departments of Goldman, Sachs & Co., Attention: Prospectus Department, 200 West Street, New York, New York 10282, telephone: 1-866-471-2526, facsimile: 1-212-902-9316 or email: prospectus-ny@ny.email.gs.com; J.P. Morgan Securities LLC, c/o Broadridge Financial Solutions, 1155 Long Island Ave., Edgewood, NY 11717, telephone: 1-866-803-9204; Barclays Capital Inc., c/o Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, NY 11717, telephone: 1-888-603-5847 or email: barclaysprospectus@broadridge.com; or Credit Suisse Securities (USA) LLC, Attention: Prospectus Department, One Madison Avenue, 1B, New York, NY 10010, telephone: 1-800-221-1037 or email:  newyork.prospectus@credit-suisse.com.

A registration statement relating to these securities has been filed with the SEC but has not yet become effective. These securities may not be sold nor may offers to buy be accepted prior to the time the registration statement becomes effective.  This press release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful, prior to registration or qualification under the securities laws of any state or jurisdiction.

Forward-Looking Statements

This press release includes "forward-looking statements," including with respect to the proposed initial public offering and the company's proposed use of proceeds. Forward-looking statements are subject to known and unknown risks and uncertainties, many of which may be beyond our control. We caution you that the forward-looking information presented in this press release is not a guarantee of future events, and that actual events may differ materially from those made in or suggested by the forward-looking information contained in this press release. In addition, 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. 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

The Company's wholly owned subsidiary, Essent Guaranty, Inc. ("Essent"), offers private mortgage insurance for single-family mortgage loans in the United States.  The Company, a Bermuda limited liability company, was organized in 2008.  Essent began writing business in May of 2010.

SOURCE Essent Group Ltd.

Janice Daue Walker, JD Walker Communications, LLC, 610.230.0556, media@essent.us