HAMILTON, Bermuda--(BUSINESS WIRE)--
Essent Group Ltd. (NYSE: ESNT) announced today that A.M. Best has
assigned Financial Strength Ratings of A (Excellent) to Essent Guaranty,
Inc., Essent Guaranty of PA, Inc. and Essent Reinsurance Ltd.
(collectively, “Essent”). The outlooks assigned to these credit ratings
are stable, and are effective as of September 5, 2018.
“We are very pleased to have been assigned an A.M. Best Financial
Strength Rating of A (Excellent) pertaining to our primary operating
subsidiaries,” said Mark Casale, Chairman and Chief Executive Officer.
“A.M. Best’s Financial Strength Rating is a significant achievement for
our franchise as it reflects our strong balance sheet, operating
performance and risk management expertise. Additionally, the A.M. Best
Financial Strength Rating provides independent assessment and
transparency for counterparties relying on our financial strength and
the value of our mortgage insurance and reinsurance products offered
across our platforms.”
A.M. Best also assigned a Long-Term Issuer Credit Rating of “a” to
Essent Guaranty, Inc., Essent Guaranty of PA, Inc. and Essent
Reinsurance Ltd. with outlooks that are stable. The Long-Term Issuer
Credit Rating reflects A.M. Best’s view of an issuer/entity's ability to
meet its ongoing financial obligations.
According to A.M. Best:
-
Essent’s risk-adjusted capital, as measured by the Best Capital
Adequacy Ratio (BCAR), is currently at the strongest level on a
stressed and unstressed basis.
-
Essent’s operating performance is assessed as strong based on positive
underwriting performance results as reflected in loss and combined
ratios over the past five years.
-
Essent’s business profile is assessed as limited, as the company is a
monoline (re)insurer.
-
Essent’s overall Enterprise Risk Management (ERM) assessment is
appropriate, as the company employs a robust ERM framework and
infrastructure embedded across the company.
About the Company
Essent Group Ltd. (NYSE: ESNT) is a Bermuda-based holding company which,
through its wholly-owned subsidiary Essent Guaranty, Inc., 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, 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 Group Ltd. also offers
mortgage-related insurance, reinsurance and advisory services through
its Bermuda-based subsidiary, Essent Reinsurance Ltd. Additional
information regarding Essent may be found at www.essentgroup.com
and www.essent.us.
Source: Essent Group Ltd.
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Essent Group Ltd.
Media Contact
610-230-0556
media@essentgroup.com
or
Investor
Relations Contact
Christopher G. Curran
Senior Vice
President - Investor Relations
855-809-ESNT
ir@essentgroup.com
Source: Essent Group Ltd.