0001448893-23-000086 | 10-Q | XBRL Viewer

Investments

9 Months Ended

Sep. 30, 2023

Investments, Debt and Equity Securities [Abstract]

Investments available for sale consist of the following:


September 30, 2023 (In thousands)	Amortized Cost		Unrealized Gains		Unrealized Losses		Fair Value
U.S. Treasury securities	$	909,138	$	24	$	(29,977)	$	879,185
U.S. agency securities	7,198		—		(18)		7,180
U.S. agency mortgage-backed securities	898,677		—		(147,739)		750,938
Municipal debt securities (1)	637,536		64		(75,090)		562,510
Non-U.S. government securities	57,407		—		(8,836)		48,571
Corporate debt securities (2)	1,428,873		144		(148,584)		1,280,433
Residential and commercial mortgage securities	563,358		218		(69,883)		493,693
Asset-backed securities	640,382		154		(25,718)		614,818
Money market funds	360,360		—		—		360,360
Total investments available for sale	$	5,502,929	$	604	$	(505,845)	$	4,997,688


December 31, 2022 (In thousands)	Amortized Cost		Unrealized Gains		Unrealized Losses		Fair Value
U.S. Treasury securities	$	584,173	$	341	$	(28,076)	$	556,438
U.S. agency securities	49,059		7		(8)		49,058
U.S. agency mortgage-backed securities	898,675		258		(115,190)		783,743
Municipal debt securities (1)	661,934		2,010		(61,254)		602,690
Non-U.S. government securities	69,651		—		(7,252)		62,399
Corporate debt securities (2)	1,546,513		1,195		(133,387)		1,414,321
Residential and commercial mortgage securities	577,915		390		(66,481)		511,824
Asset-backed securities	660,345		72		(35,856)		624,561
Money market funds	136,591		—		—		136,591
Total investments available for sale	$	5,184,856	$	4,273	$	(447,504)	$	4,741,625


	September 30,		December 31,
(1) The following table summarizes municipal debt securities as of :	2023		2022
Special revenue bonds	81.1	%	79.0	%
General obligation bonds	18.9		20.9

Tax allocation bonds	—		0.1

Total	100.0	%	100.0	%


	September 30,		December 31,
(2) The following table summarizes corporate debt securities as of :	2023		2022
Financial	43.1	%	40.5	%
Consumer, non-cyclical	15.8		17.9
Consumer, cyclical	6.7		6.8
Industrial	7.8		6.8
Utilities	6.7		6.1
Communications	7.0		8.4
Technology	5.5		4.9
Energy	5.2		6.4
Basic Materials	2.2		2.1
Government	—		0.1
Total	100.0	%	100.0	%

The amortized cost and fair value of investments available for sale at September 30, 2023, by contractual maturity, are shown below. Expected maturities will differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties. Because most U.S. agency mortgage-backed securities, residential and commercial mortgage securities and asset-backed securities provide for periodic payments throughout their lives, they are listed below in separate categories.


(In thousands)	Amortized Cost		Fair Value
U.S. Treasury securities:
Due in 1 year	$	526,416	$	524,639
Due after 1 but within 5 years	305,939		286,589
Due after 5 but within 10 years	62,373		55,799
Due after 10 years	14,410		12,158
Subtotal	909,138		879,185
U.S. agency securities:
Due in 1 year	7,198		7,180

Subtotal	7,198		7,180
Municipal debt securities:
Due in 1 year	2,388		2,347
Due after 1 but within 5 years	101,186		96,172
Due after 5 but within 10 years	168,182		153,099
Due after 10 years	365,780		310,892
Subtotal	637,536		562,510
Non-U.S. government securities:

Due after 1 but within 5 years	32,135		30,496
Due after 5 but within 10 years	5,064		3,945
Due after 10 years	20,208		14,130
Subtotal	57,407		48,571
Corporate debt securities:
Due in 1 year	194,084		190,994
Due after 1 but within 5 years	569,356		534,150
Due after 5 but within 10 years	483,787		415,847
Due after 10 years	181,646		139,442
Subtotal	1,428,873		1,280,433
U.S. agency mortgage-backed securities	898,677		750,938
Residential and commercial mortgage securities	563,358		493,693
Asset-backed securities	640,382		614,818
Money market funds	360,360		360,360
Total investments available for sale	$	5,502,929	$	4,997,688

The components of realized investment (losses) gains, net on the condensed consolidated statements of comprehensive income were as follows:


	Three Months Ended September 30,				Nine Months Ended September 30,
(In thousands)	2023		2022		2023		2022
Realized gross gains	$	113	$	1,650	$	1,005	$	14,397
Realized gross losses	(348)		(1,370)		(3,141)		(14,634)
Impairment loss	—		(105)		(176)		(7,411)

The fair value of investments available for sale in an unrealized loss position and the related unrealized losses for which no allowance for credit loss has been recorded were as follows:


	Less than 12 months				12 months or more				Total
September 30, 2023 (In thousands)	Fair Value		Gross Unrealized Losses		Fair Value		Gross Unrealized Losses		Fair Value		Gross Unrealized Losses
U.S. Treasury securities	$	322,348	$	(4,324)	$	360,082	$	(25,653)	$	682,430	$	(29,977)
U.S. agency securities	7,180		(18)		—		—		7,180		(18)
U.S. agency mortgage-backed securities	114,881		(6,760)		636,057		(140,979)		750,938		(147,739)
Municipal debt securities	254,197		(11,946)		300,187		(63,144)		554,384		(75,090)
Non-U.S. government securities	—		—		48,571		(8,836)		48,571		(8,836)
Corporate debt securities	264,701		(11,767)		991,284		(136,817)		1,255,985		(148,584)
Residential and commercial mortgage securities	36,985		(3,098)		449,512		(66,785)		486,497		(69,883)
Asset-backed securities	88,971		(892)		501,253		(24,826)		590,224		(25,718)

Total	$	1,089,263	$	(38,805)	$	3,286,946	$	(467,040)	$	4,376,209	$	(505,845)


	Less than 12 months				12 months or more				Total
December 31, 2022 (In thousands)	Fair Value		Gross Unrealized Losses		Fair Value		Gross Unrealized Losses		Fair Value		Gross Unrealized Losses
U.S. Treasury securities	$	321,848	$	(12,381)	$	169,795	$	(15,695)	$	491,643	$	(28,076)
U.S. agency securities	7,117		(8)		—		—		7,117		(8)
U.S. agency mortgage-backed securities	351,310		(34,193)		415,743		(80,997)		767,053		(115,190)
Municipal debt securities	335,784		(41,620)		64,766		(19,634)		400,550		(61,254)
Non-U.S. government securities	48,071		(2,914)		14,328		(4,338)		62,399		(7,252)
Corporate debt securities	811,217		(69,415)		421,307		(63,972)		1,232,524		(133,387)
Residential and commercial mortgage securities	265,934		(22,628)		242,366		(43,853)		508,300		(66,481)
Asset-backed securities	333,080		(15,454)		258,572		(20,402)		591,652		(35,856)

Total	$	2,474,361	$	(198,613)	$	1,586,877	$	(248,891)	$	4,061,238	$	(447,504)

At September 30, 2023 and December 31, 2022, we held 2,624 and 2,578 individual investment securities, respectively, that were in an unrealized loss position. We assess our intent to sell these securities and whether we will be required to sell these securities before the recovery of their amortized cost basis when determining whether to record an impairment on the securities in an unrealized loss position. In assessing whether the decline in the fair value at September 30, 2023 of any of these securities resulted from a credit loss or other factors, we made inquiries of our investment managers to determine that each issuer was current on its scheduled interest and principal payments. We reviewed the credit rating of these securities noting that approximately 98% of the securities at September 30, 2023 had investment-grade ratings. We concluded that gross unrealized losses noted above were primarily associated with the changes in interest rates subsequent to purchase rather than due to credit impairment. There were no impairments recorded in the three months ended September 30, 2023. We recorded impairments of $0.2 million in the nine months ended September 30, 2023 and impairments of $0.1 million and $7.4 million in the three and nine months ended September 30, 2022, respectively, due to our intent to sell securities in an unrealized loss position.

The Company's other invested assets at September 30, 2023 and December 31, 2022 totaled $272.6 million and $257.9 million, respectively. Other invested assets are principally comprised of limited partnership interests which are generally accounted for under the equity method or fair value using net asset value (or its equivalent) as a practical expedient. Our proportionate share of earnings or losses or changes in fair value are reported in income from other invested assets on the condensed consolidated statements of comprehensive income. For entities accounted for under the equity method that follow industry-specific guidance for investment companies, our proportionate share of earnings or losses includes changes in the fair

value of the underlying assets of these entities. Due to the timing of receiving financial information from these partnerships, the results are generally reported on a one month or quarter lag.

Other invested assets that are accounted for at fair value using the net asset value (or its equivalent) as a practical expedient totaled $137.4 million as of September 30, 2023. The majority of these investments were in limited partnerships invested in real estate or technology. At September 30, 2023, maximum future funding commitments were $49.0 million. For limited partnership investments that have a contractual expiration date, we expect the liquidation of the underlying assets to occur over the next one to nine years. For certain of these investments, the Company does not have the contractual option to redeem but receives distributions based on the liquidation of the underlying assets. In addition, the Company generally does not have the ability to sell or transfer these investments without the consent from the general partner of individual limited partnerships.

The fair value of investments deposited with insurance regulatory authorities to meet statutory requirements was $9.4 million at September 30, 2023 and $9.1 million at December 31, 2022. In connection with its insurance and reinsurance activities, Essent Re is required to maintain assets in trusts for the benefit of its contractual counterparties. The fair value of the investments on deposit in these trusts was $1.0 billion at September 30, 2023 and $972.4 million at December 31, 2022. Essent Guaranty is required to maintain assets on deposit in connection with its fully collateralized reinsurance agreements (see Note 4). The fair value of the assets on deposit was $5.0 million at September 30, 2023 and $8.6 million at December 31, 2022. Essent Guaranty is also required to maintain assets on deposit for the benefit of the sponsor of a fixed income investment commitment. The fair value of the assets on deposit was $9.0 million at September 30, 2023 and $9.1 million at December 31, 2022.

Net investment income consists of:


	Three Months Ended September 30,				Nine Months Ended September 30,
(In thousands)	2023		2022		2023		2022
Fixed maturities	$	45,373	$	33,948	$	132,623	$	91,245
Short-term investments	3,641		872		8,660		1,132
Gross investment income	49,014		34,820		141,283		92,377
Investment expenses	(1,942)		(2,226)		(5,725)		(5,764)
Net investment income	$	47,072	$	32,594	$	135,558	$	86,613

Earnings per Share (EPS) - Reconciliation of Net Income and Weighted Average Common Shares Outstanding (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Earnings Per Share [Abstract]
Net income	$ 177,959	$ 178,051	$ 521,019	$ 683,987
Basic weighted average shares outstanding (in shares)	105,979	106,870	106,387	107,314
Dilutive effect of nonvested shares (in shares)	1,046	467	845	418
Diluted weighted average shares outstanding (in shares)	107,025	107,337	107,232	107,732
Basic earnings per share (in dollars per share)	$ 1.68	$ 1.67	$ 4.90	$ 6.37
Diluted earnings per share (in dollars per share)	$ 1.66	$ 1.66	$ 4.86	$ 6.35

- Definition

The amount of net income (loss) for the period per each share of common stock or unit outstanding during the reporting period.

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The amount of net income (loss) for the period available to each share of common stock or common unit outstanding during the reporting period and to each share or unit that would have been outstanding assuming the issuance of common shares or units for all dilutive potential common shares or units outstanding during the reporting period.

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- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

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+ Details

Reserve for Losses and Loss Adjustment Expenses - Reconciliation of Reserve Balances for Losses and Loss Adjustment Expense (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022	Dec. 31, 2022	Dec. 31, 2021
Reconciliation of the beginning and ending reserve balances for losses and loss adjustment expenses (LAE)
Reserve for losses and LAE at beginning of period			$ 216,464	$ 407,445
Less: Reinsurance recoverables	$ 20,755	$ 13,244	20,755	13,244	$ 14,618	$ 25,940
Net reserve for losses and LAE at beginning of period			201,846	381,505
Net reserves acquired during the period			14,513	0
Add provision for losses and LAE, net of reinsurance, occurring in:
Current period			101,547	63,236
Prior years			(89,645)	(242,041)
Net incurred losses and LAE during the current period	10,822	4,252	11,902	(178,805)
Deduct payments for losses and LAE, net of reinsurance, occurring in:
Current period			187	111
Prior years			7,496	3,339
Net loss and LAE payments during the current period			7,683	3,450
Net reserve for losses and LAE at end of period	220,578	199,250	220,578	199,250
Plus: Reinsurance recoverables	20,755	13,244	20,755	13,244	$ 14,618	$ 25,940
Reserve for losses and LAE at end of period	$ 241,333	$ 212,494	$ 241,333	$ 212,494

Investments - Summary of Municipal Debt Securities and Corporate Debt Securities (Details)	Sep. 30, 2023	Dec. 31, 2022
Municipal debt securities
Investments available for sale
Percentage of debt securities	100.00%	100.00%
Municipal debt securities \| Special revenue bonds
Investments available for sale
Percentage of debt securities	81.10%	79.00%
Municipal debt securities \| General obligation bonds
Investments available for sale
Percentage of debt securities	18.90%	20.90%
Municipal debt securities \| Tax allocation bonds
Investments available for sale
Percentage of debt securities	0.00%	0.10%
Corporate debt securities
Investments available for sale
Percentage of debt securities	100.00%	100.00%
Corporate debt securities \| Financial
Investments available for sale
Percentage of debt securities	43.10%	40.50%
Corporate debt securities \| Consumer, non-cyclical
Investments available for sale
Percentage of debt securities	15.80%	17.90%
Corporate debt securities \| Consumer, cyclical
Investments available for sale
Percentage of debt securities	6.70%	6.80%
Corporate debt securities \| Industrial
Investments available for sale
Percentage of debt securities	7.80%	6.80%
Corporate debt securities \| Utilities
Investments available for sale
Percentage of debt securities	6.70%	6.10%
Corporate debt securities \| Communications
Investments available for sale
Percentage of debt securities	7.00%	8.40%
Corporate debt securities \| Technology
Investments available for sale
Percentage of debt securities	5.50%	4.90%
Corporate debt securities \| Energy
Investments available for sale
Percentage of debt securities	5.20%	6.40%
Corporate debt securities \| Basic Materials
Investments available for sale
Percentage of debt securities	2.20%	2.10%
Corporate debt securities \| Government
Investments available for sale
Percentage of debt securities	0.00%	0.10%

Reserve for Losses and Loss Adjustment Expenses

9 Months Ended

Sep. 30, 2023

Liability for Future Policy Benefits and Unpaid Claims and Claims Adjustment Expense [Abstract]

Reserve for Losses and Loss Adjustment Expenses

The following table provides a reconciliation of the beginning and ending reserve balances for losses and loss adjustment expenses (“LAE”) for the nine months ended September 30:


(In thousands)	2023		2022
Reserve for losses and LAE at beginning of period	$	216,464	$	407,445
Less: Reinsurance recoverables	14,618		25,940
Net reserve for losses and LAE at beginning of period	201,846		381,505
Net reserves acquired during the period	14,513		—
Add provision for losses and LAE, net of reinsurance, occurring in:
Current period	101,547		63,236
Prior years	(89,645)		(242,041)
Net incurred losses and LAE during the current period	11,902		(178,805)
Deduct payments for losses and LAE, net of reinsurance, occurring in:
Current period	187		111
Prior years	7,496		3,339
Net loss and LAE payments during the current period	7,683		3,450
Net reserve for losses and LAE at end of period	220,578		199,250
Plus: Reinsurance recoverables	20,755		13,244
Reserve for losses and LAE at end of period	$	241,333	$	212,494

For the nine months ended September 30, 2023, $7.5 million was paid for incurred claims and claim adjustment expenses attributable to insured events of prior years. There has been a $89.6 million favorable prior year development during the nine months ended September 30, 2023. Reserves remaining as of September 30, 2023 for prior years are $104.7 million as a result of re-estimation of unpaid losses and loss adjustment expenses. For the nine months ended September 30, 2022, $3.3 million was paid for incurred claims and claim adjustment expenses attributable to insured events of prior years. There was a $242.0 million favorable prior year development during the nine months ended September 30, 2022. Reserves remaining as of September 30, 2022 for prior years were $136.1 million as a result of re-estimation of unpaid losses and loss adjustment expenses. In both periods, the favorable prior years' loss development was the result of a re-estimation of amounts ultimately to be paid on prior year defaults in the default inventory, including the impact of previously identified defaults that cured. Original estimates are increased or decreased as additional information becomes known regarding individual claims. During the nine months ended September 30, 2023, we acquired $14.5 million of reserves, excluding $0.1 million of reinsurance recoverables, in connection with the acquisition of our title insurance operations.

Due to business restrictions, stay-at-home orders and travel restrictions initially implemented in March 2020 as a result of COVID-19, unemployment in the United States increased significantly in the second quarter of 2020, declining during the second half of 2020 through 2022. As unemployment is one of the most common reasons for borrowers to default on their mortgage, the increase in unemployment has increased the number of delinquencies on the mortgages that we insure and has the potential to increase claim frequencies on defaults.

In response to the COVID-19 pandemic, the United States government enacted a number of policies to provide fiscal stimulus to the economy and relief to those affected by this global disaster. Specifically, mortgage forbearance programs and foreclosure moratoriums were instituted by Federal legislation along with actions taken by the Federal Housing Finance Agency (“FHFA”), Fannie Mae and Freddie Mac (collectively the “GSEs”). The mortgage forbearance plans provide for eligible homeowners who were adversely impacted by COVID-19 to temporarily reduce or suspend their mortgage payments for up to 18 months for loans in an active COVID-19-related forbearance program as of February 28, 2021. For borrowers that have the ability to begin to pay their mortgage at the end of the forbearance period, we expect that mortgage servicers will work with them to modify their loans at which time the mortgage will be removed from delinquency status. We believe that the forbearance process could have a favorable effect on the frequency of claims that we ultimately pay.

The defaulted loans reported to us in the second and third quarters of 2020 (“Early COVID Defaults”) had reached the end of their forbearance periods as of March 31, 2022. During the first quarter of 2022, the Early COVID Defaults cured at elevated levels, and the cumulative cure rate for the Early COVID Defaults at March 31, 2022 exceeded our initial estimated cure rate implied by our estimate of ultimate loss for these defaults established at the onset of the pandemic. Based on cure activity through March 31, 2022 and our expectations for future cure activity, as of March 31, 2022, we lowered our estimate of ultimate loss for the Early COVID Defaults from 7% to 4% of the initial risk in force. During the three months ended June 30, 2022, Early COVID Defaults cured at levels that exceeded our estimate as of March 31, 2022, and we further lowered our estimate of loss for these defaults as of June 30, 2022 to 2% of the initial risk in force. These revisions to our estimate of ultimate loss for the Early COVID Defaults resulted in a benefit recorded to the provision for losses of $164.1 million for the six months ended June 30, 2022. Due to the level of Early COVID Defaults remaining in the default inventory, beginning in the third quarter of 2022, we resumed reserving for the Early COVID Defaults using our normal reserve methodology. The transition of defaults to foreclosure or claim has not returned to pre-pandemic levels. As a result, the level of defaults in the default inventory that have missed twelve or more payments is above pre-pandemic levels.

The economy in the United States is currently experiencing elevated levels of consumer price inflation. The Federal Reserve has increased the target federal funds rate several times during 2022 and 2023 in an effort to reduce consumer price inflation. These rate increases have resulted in higher mortgage interest rates which may lower home sale activity and affect the options available to delinquent borrowers. It is reasonably possible that our estimate of losses could change in the near term as a result of changes in the economic environment, the impact of elevated levels of consumer price inflation on home sale activity, housing inventory, and home prices. The impact on our reserves in future periods will be dependent upon the amount of delinquent notices received from loan servicers and our expectations for the amount of ultimate losses on these delinquencies.

Stock-Based Compensation - Summary of Compensation Expense, Net of Forfeitures (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Share-Based Payment Arrangement [Abstract]
Compensation expense	$ 4,479	$ 4,702	$ 13,939	$ 13,707
Income tax benefit	$ 888	$ 930	$ 2,767	$ 2,715

Recently Issued Accounting Standards	9 Months Ended
Recently Issued Accounting Standards	Sep. 30, 2023
Accounting Policies [Abstract]
Recently Issued Accounting Standards	Recently Issued Accounting Standards Accounting Standards Adopted in 2023 In March 2020, the Financial Accounting Standards Board ("FASB") issued ASU No. 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting. The amendments in this update provide temporary optional guidance to ease the potential burden in accounting for (or recognizing the effects of) reference rate reform. It provides optional expedients and exceptions for applying generally accepted accounting principles to contract, hedging relationships and other transactions affected by reference rate reform if certain criteria are met. This standard may be elected and applied prospectively over time from March 12, 2020 through December 31, 2024, as amended by ASU 2022-06, as reference rate reform activities occur. The adoption of this ASU did not have a material impact on our consolidated financial statements. Accounting Standards Not Yet Adopted In June 2022, the FASB issued ASU No. 2022-03, Fair Value Measurement (Topic 820): Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions. This update clarifies the guidance in ASC 820 on the fair value measurement of an equity security that is subject to a contractual sale restriction and requires specific disclosures related to such an equity security. The update clarifies that a contractual sale restriction prohibiting the sale of an equity security is a characteristic of the reporting entity holding the equity security and is not included in the equity security's unit of account. Accordingly, an entity should not consider the contractual sale restriction when measuring the equity security’s fair value. The update also requires specific disclosures related to equity securities that are subject to contractual sale restrictions, including (1) the fair value of such equity securities reflected in the balance sheet, (2) the nature and remaining duration of the corresponding restrictions, and (3) any circumstances that could cause a lapse in the restrictions. The ASU is effective for fiscal years beginning after December 15, 2023, and interim periods within those fiscal years, with early adoption permitted. The adoption of this ASU is not expected to have a material effect on the Company's consolidated operating results or financial position.

Investments - Summary of Realized Gain and Loss and Investments in Unrealized Loss Position (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022	Dec. 31, 2022
Investments, Debt and Equity Securities [Abstract]
Realized gross gains	$ 113	$ 1,650	$ 1,005	$ 14,397
Realized gross losses	(348)	(1,370)	(3,141)	(14,634)
Impairment loss	0	$ (105)	(176)	$ (7,411)
Fair Value
Less than 12 months	1,089,263		1,089,263		$ 2,474,361
12 months or more	3,286,946		3,286,946		1,586,877
Total	4,376,209		4,376,209		4,061,238
Gross Unrealized Losses
Less than 12 months	(38,805)		(38,805)		(198,613)
12 months or more	(467,040)		(467,040)		(248,891)
Total	(505,845)		(505,845)		(447,504)
U.S. Treasury securities
Fair Value
Less than 12 months	322,348		322,348		321,848
12 months or more	360,082		360,082		169,795
Total	682,430		682,430		491,643
Gross Unrealized Losses
Less than 12 months	(4,324)		(4,324)		(12,381)
12 months or more	(25,653)		(25,653)		(15,695)
Total	(29,977)		(29,977)		(28,076)
U.S. agency securities
Fair Value
Less than 12 months	7,180		7,180		7,117
12 months or more	0		0		0
Total	7,180		7,180		7,117
Gross Unrealized Losses
Less than 12 months	(18)		(18)		(8)
12 months or more	0		0		0
Total	(18)		(18)		(8)
U.S. agency mortgage-backed securities
Fair Value
Less than 12 months	114,881		114,881		351,310
12 months or more	636,057		636,057		415,743
Total	750,938		750,938		767,053
Gross Unrealized Losses
Less than 12 months	(6,760)		(6,760)		(34,193)
12 months or more	(140,979)		(140,979)		(80,997)
Total	(147,739)		(147,739)		(115,190)
Municipal debt securities
Fair Value
Less than 12 months	254,197		254,197		335,784
12 months or more	300,187		300,187		64,766
Total	554,384		554,384		400,550
Gross Unrealized Losses
Less than 12 months	(11,946)		(11,946)		(41,620)
12 months or more	(63,144)		(63,144)		(19,634)
Total	(75,090)		(75,090)		(61,254)
Non-U.S. government securities:
Fair Value
Less than 12 months	0		0		48,071
12 months or more	48,571		48,571		14,328
Total	48,571		48,571		62,399
Gross Unrealized Losses
Less than 12 months	0		0		(2,914)
12 months or more	(8,836)		(8,836)		(4,338)
Total	(8,836)		(8,836)		(7,252)
Corporate debt securities
Fair Value
Less than 12 months	264,701		264,701		811,217
12 months or more	991,284		991,284		421,307
Total	1,255,985		1,255,985		1,232,524
Gross Unrealized Losses
Less than 12 months	(11,767)		(11,767)		(69,415)
12 months or more	(136,817)		(136,817)		(63,972)
Total	(148,584)		(148,584)		(133,387)
Residential and commercial mortgage securities
Fair Value
Less than 12 months	36,985		36,985		265,934
12 months or more	449,512		449,512		242,366
Total	486,497		486,497		508,300
Gross Unrealized Losses
Less than 12 months	(3,098)		(3,098)		(22,628)
12 months or more	(66,785)		(66,785)		(43,853)
Total	(69,883)		(69,883)		(66,481)
Asset-backed securities
Fair Value
Less than 12 months	88,971		88,971		333,080
12 months or more	501,253		501,253		258,572
Total	590,224		590,224		591,652
Gross Unrealized Losses
Less than 12 months	(892)		(892)		(15,454)
12 months or more	(24,826)		(24,826)		(20,402)
Total	$ (25,718)		$ (25,718)		$ (35,856)

Condensed Consolidated Statements of Changes in Stockholders' Equity (Unaudited) - USD ($) $ in Thousands	Total	Common Shares	Additional Paid-In Capital	Accumulated Other Comprehensive (Loss) Income	Retained Earnings	Treasury Stock
Balance, beginning of period at Dec. 31, 2021		$ 1,641	$ 1,428,952	$ 50,707	$ 2,754,814	$ 0
Changes in Stockholders' Equity
Issuance of management incentive shares		9	(9)
Cancellation of treasury stock		(35)	(97,735)			97,770
Dividends and dividend equivalents declared			683		(68,229)
Stock-based compensation expense			13,707
Other comprehensive income (loss)	$ (474,284)			(474,284)
Net income	683,987				683,987
Treasury stock acquired						(97,770)
Balance, end of period at Sep. 30, 2022	4,294,208	1,615	1,345,598	(423,577)	3,370,572	0
Balance, beginning of period at Jun. 30, 2022		1,615	1,340,650	(286,567)	3,216,297	0
Changes in Stockholders' Equity
Issuance of management incentive shares		0	0
Cancellation of treasury stock		0	(18)			18
Dividends and dividend equivalents declared			264		(23,776)
Stock-based compensation expense			4,702
Other comprehensive income (loss)	(137,010)			(137,010)
Net income	178,051				178,051
Treasury stock acquired						(18)
Balance, end of period at Sep. 30, 2022	4,294,208	1,615	1,345,598	(423,577)	3,370,572	0
Balance, beginning of period at Dec. 31, 2022	4,462,309	1,615	1,350,377	(382,790)	3,493,107	0
Changes in Stockholders' Equity
Issuance of management incentive shares		8	(8)
Cancellation of treasury stock		(20)	(55,850)			55,870
Dividends and dividend equivalents declared			1,259		(81,056)
Stock-based compensation expense			13,939
Other comprehensive income (loss)	(53,593)			(53,593)
Net income	521,019				521,019
Treasury stock acquired						(55,870)
Balance, end of period at Sep. 30, 2023	4,808,007	1,603	1,309,717	(436,383)	3,933,070	0
Balance, beginning of period at Jun. 30, 2023		1,605	1,309,834	(360,135)	3,782,048	0
Changes in Stockholders' Equity
Issuance of management incentive shares		0	0
Cancellation of treasury stock		(2)	(5,037)			5,039
Dividends and dividend equivalents declared			441		(26,937)
Stock-based compensation expense			4,479
Other comprehensive income (loss)	(76,248)			(76,248)
Net income	177,959				177,959
Treasury stock acquired						(5,039)
Balance, end of period at Sep. 30, 2023	$ 4,808,007	$ 1,603	$ 1,309,717	$ (436,383)	$ 3,933,070	$ 0

- Definition

Amount, after deduction of tax, noncontrolling interests, dividends on preferred stock and participating securities; of income (loss) available to common shareholders.

+ References

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+ Details

- Definition

Amount of equity (deficit) attributable to parent. Excludes temporary equity and equity attributable to noncontrolling interest.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
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+ Details

Acquisitions - Narrative (Details) - USD ($) $ in Thousands		3 Months Ended		9 Months Ended
Acquisitions - Narrative (Details) - USD ($) $ in Thousands	Jul. 01, 2023	Sep. 30, 2023	Dec. 31, 2022	Sep. 30, 2023
Business Acquisition [Line Items]
Net losses		$ 4,000		$ 4,000
Boston National Title
Business Acquisition [Line Items]
Payments in cash	$ 92,625
Contributed revenues		23,500		23,500
Acquisition related costs		200	$ 3,000	4,400
Identifiable intangible assets	$ 26,300
Goodwill, expected tax deductible amount		11,600		11,600
Boston National Title \| Net Premium Earned
Business Acquisition [Line Items]
Contributed revenues				20,600
Boston National Title \| Settlement Services Revenues
Business Acquisition [Line Items]
Contributed revenues				2,000
Boston National Title \| Customer Relationships
Business Acquisition [Line Items]
Identifiable intangible assets		20,600		20,600
Boston National Title \| Customer Lists
Business Acquisition [Line Items]
Identifiable intangible assets		$ 5,700		$ 5,700

Stock-Based Compensation - Summary of Nonvested Performance-based Share Awards (Details) - Nonvested Shares - Forecast	36 Months Ended
	Dec. 31, 2025
10% "Target"
Stock-based compensation
Compounded annual growth rate, three year book value	1000.00%
10% "Target" \| Less than or Equal to, 25th percentile
Stock-based compensation
Vesting percentile	100.00%
10% "Target" \| 50th percentile "Target"
Stock-based compensation
Vesting percentile	150.00%
10% "Target" \| Greater than or Equal to, 75th percentile
Stock-based compensation
Vesting percentile	200.00%
9%
Stock-based compensation
Compounded annual growth rate, three year book value	9.00%
9% \| Less than or Equal to, 25th percentile
Stock-based compensation
Vesting percentile	75.00%
9% \| 50th percentile "Target"
Stock-based compensation
Vesting percentile	125.00%
9% \| Greater than or Equal to, 75th percentile
Stock-based compensation
Vesting percentile	175.00%
8%
Stock-based compensation
Compounded annual growth rate, three year book value	8.00%
8% \| Less than or Equal to, 25th percentile
Stock-based compensation
Vesting percentile	50.00%
8% \| 50th percentile "Target"
Stock-based compensation
Vesting percentile	100.00%
8% \| Greater than or Equal to, 75th percentile
Stock-based compensation
Vesting percentile	150.00%
6%
Stock-based compensation
Compounded annual growth rate, three year book value	6.00%
6% \| Less than or Equal to, 25th percentile
Stock-based compensation
Vesting percentile	25.00%
6% \| 50th percentile "Target"
Stock-based compensation
Vesting percentile	75.00%
6% \| Greater than or Equal to, 75th percentile
Stock-based compensation
Vesting percentile	125.00%
5%
Stock-based compensation
Compounded annual growth rate, three year book value	5.00%
5% \| Less than or Equal to, 25th percentile
Stock-based compensation
Vesting percentile	0.00%
5% \| 50th percentile "Target"
Stock-based compensation
Vesting percentile	50.00%
5% \| Greater than or Equal to, 75th percentile
Stock-based compensation
Vesting percentile	100.00%

Reinsurance

9 Months Ended

Sep. 30, 2023

Reinsurance Disclosures [Abstract]

Reinsurance

In the ordinary course of business, our insurance subsidiaries may use reinsurance to provide protection against adverse loss experience and to expand our capital sources. Reinsurance recoverables are recorded as assets and included in other assets on our condensed consolidated balance sheets, predicated on a reinsurer's ability to meet their obligations under the reinsurance agreements. If the reinsurers are unable to satisfy their obligations under the agreements, our insurance subsidiaries would be liable for such defaulted amounts.

The effect of reinsurance on net premiums written and earned is as follows:


	Three Months Ended September 30,				Nine Months Ended September 30,
(In thousands)	2023		2022		2023		2022
Net premiums written:
Direct	$	270,868	$	239,773	$	759,526	$	692,687
Ceded (1)	(30,294)		(30,543)		(103,431)		(73,384)
Net premiums written	$	240,574	$	209,230	$	656,095	$	619,303

Net premiums earned:
Direct	$	277,099	$	238,477	$	774,723	$	708,659
Ceded (1)	(30,294)		(30,543)		(103,431)		(73,384)
Net premiums earned	$	246,805	$	207,934	$	671,292	$	635,275

(1)Net of profit commission.

Quota Share Reinsurance

Essent Guaranty has entered into quota share reinsurance agreements with a panels of third-party reinsurers ("QSR" agreements). Each of the third-party reinsurers has an insurer financial strength rating of A- or better by S&P Global Ratings, A.M. Best or both. Under each QSR agreement, Essent Guaranty will cede premiums earned on all eligible policies written during a specified period, in exchange for reimbursement of ceded claims and claims expenses on covered policies, a specified ceding commission, and a profit commission that varies directly and inversely with ceded claims. Essent Guaranty has certain termination rights under each QSR agreement, including the option to terminate each QSR agreement subject to a termination fee.

The following tables summarizes Essent Guaranty's quota share reinsurance agreements as of September 30, 2023:


QSR Agreement	Coverage Period	Ceding Percentage	Ceding Commission	Profit Commission
QSR-2019	September 1, 2019 - December 31, 2020	(1)	20%	63%	(2)
QSR-2022	January 1, 2022 - December 31, 2022	20%	20%	62%
QSR-2023	January 1, 2023 - December 31, 2023	17.5%	20%	58%

_______________________________________________________________________________

(1)Under QSR-2019, Essent Guaranty cedes 40% of premiums on singles policies and 20% on all other policies.

(2)The original profit commission on QSR-2019 was up to 60%; however because Essent Guaranty did not exercise its option to terminate the QSR Agreement on December 31, 2021, the maximum profit commission that Essent Guaranty could earn increased to 63% in 2022 and thereafter.

Total RIF ceded under the QSR agreements was $8.1 billion as of September 30, 2023.

Excess of Loss Reinsurance

Essent Guaranty has entered into fully collateralized reinsurance agreements ("Radnor Re Transactions") with unaffiliated special purpose insurers domiciled in Bermuda. For the reinsurance coverage periods, Essent Guaranty and its affiliates retain the first layer of the respective aggregate losses, and a Radnor Re special purpose insurer will then provide second layer coverage up to the outstanding reinsurance coverage amount. Essent Guaranty and its affiliates retain losses in excess of the outstanding reinsurance coverage amount. The reinsurance premium due to each Radnor Re special purpose insurer is calculated by multiplying the outstanding reinsurance coverage amount at the beginning of a period by a coupon rate, which is the sum of one-month SOFR plus a risk margin, and then subtracting actual investment income collected on the assets in the related reinsurance trust during that period. The aggregate excess of loss reinsurance coverage decreases over a ten-year period as the underlying covered mortgages amortize. Essent Guaranty has rights to terminate the Radnor Re Transactions. The

Radnor Re entities collateralized the coverage by issuing mortgage insurance-linked notes ("ILNs") in an aggregate amount equal to the initial coverage to unaffiliated investors. The notes have ten-year legal maturities and are non-recourse to any assets of Essent Guaranty or its affiliates. The proceeds of the notes were deposited into reinsurance trusts for the benefit of Essent Guaranty and will be the source of reinsurance claim payments to Essent Guaranty and principal repayments on the ILNs.

Essent Guaranty has also entered into reinsurance agreements with panels of reinsurers that provide aggregate excess of loss coverage immediately above or pari-passu to the coverage provided by the Radnor Re Transactions. The aggregate excess of loss reinsurance coverage decreases over a ten-year period as the underlying covered mortgages amortize. Essent Guaranty has rights to terminate these reinsurance agreements.

Essent Guaranty entered into a reinsurance agreement with a panel of reinsurers that provides excess of loss coverage on new insurance written from October 1, 2021 through December 31, 2022. For the reinsurance coverage period, Essent Guaranty and its affiliates retain the first layer of the respective aggregate losses, and the reinsurance panel will then provide second layer coverage up to the outstanding reinsurance coverage amount. Essent Guaranty and its affiliates retain losses in excess of the outstanding reinsurance coverage amount.

The following table summarizes Essent Guaranty's excess of loss coverages and retentions provided by insurance linked notes as of September 30, 2023:


(In thousands)
Deal Name	Vintage	Remaining Insurance in Force		Remaining Risk in Force		Remaining Reinsurance in Force		Remaining First Layer Retention		Optional Termination Date
Radnor Re 2019-1	Jan. 2018 - Dec. 2018	$	5,730,888	$	1,496,891	$	21,467	$	246,939	February 25, 2026
Radnor Re 2020-1	Jan. 2019 - Aug. 2019	7,185,440		1,864,143		50,596		213,798		January 25, 2027
Radnor Re 2021-1	Aug. 2020 - Mar. 2021	33,594,368		8,642,916		339,120		278,796		June 26, 2028
Radnor Re 2021-2	Apr. 2021 - Sep. 2021	37,420,329		10,079,502		361,449		279,231		November 25, 2027
Radnor Re 2022-1	Oct. 2021 - Jul. 2022	32,132,944		8,669,748		237,868		303,660		September 25, 2028
Radnor Re 2023-1	Aug. 2022 - Jun. 2023	31,014,596		8,478,658		281,462		281,462		July 25, 2028
Total		$	147,078,565	$	39,231,858	$	1,291,962	$	1,603,887

The following table summarizes Essent Guaranty's excess of loss reinsurance coverages and retentions provided by panels of reinsurers as of September 30, 2023:


(In thousands)
Deal Name	Vintage	Remaining Insurance in Force		Remaining Risk in Force		Remaining Reinsurance in Force		Remaining First Layer Retention			Optional Termination Date
XOL 2018-1	Jan. 2017 - Dec. 2017	$	4,920,622	$	1,297,126	$	57,250	$	421,003		October 1, 2023	(2)
XOL 2019-1	Jan. 2018 - Dec. 2018	5,730,888		1,496,891		76,144		246,939		(1)	February 25, 2026
XOL 2020-1	Jan. 2019 - Dec. 2019	7,185,440		1,864,143		38,579		213,798		(1)	January 25, 2027
XOL 2022-1	Oct. 2021 - Dec. 2022	71,671,369		19,351,146		141,992		506,301			January 1, 2030
Total		$	89,508,319	$	24,009,306	$	313,965	$	1,388,041

(1) First layer retentions shown are ILN retention levels as a result of overlapping coverage within the vintage.

(2) This reinsurance agreement was terminated on the optional termination date.

Based on the level of delinquencies reported to us, the ILN transactions entered into prior to March 31, 2020 became subject to a "trigger event" as of June 25, 2020. The amortization of principal of the notes issued by the unaffiliated special purpose insurers in connection with those ILN transactions is suspended and the aggregate excess of loss reinsurance coverage will not amortize during the continuation of a trigger event. Radnor Re 2020-1 was no longer subject to a trigger event as of July 25, 2022. During the second quarter of 2023, Radnor Re 2019-1 and Radnor Re 2020-1 retired approximately 90% of their outstanding notes though a tender offer made by these special purpose insurers.

The amount of monthly reinsurance premiums ceded to the Radnor Re entities will fluctuate due to changes in one-month SOFR and changes in money market rates that affect investment income collected on the assets in the reinsurance trusts. As the reinsurance premium will vary based on changes in these rates, we concluded that the Radnor Re Transactions contain embedded derivatives that will be accounted for separately like freestanding derivatives. The change in the fair value of the embedded derivatives is reported in earnings and included in other income.

In connection with the Radnor Re Transactions, we concluded that the risk transfer requirements for reinsurance accounting were met as each Radnor Re entity is assuming significant insurance risk and a reasonable possibility of a significant loss. In addition, we assessed whether each Radnor Re entity was a variable interest entity ("VIE") and the appropriate accounting for the Radnor Re entities if they were VIEs. A VIE is a legal entity that does not have sufficient equity at risk to finance its activities without additional subordinated financial support or is structured such that equity investors lack the ability to make significant decisions relating to the entity’s operations through voting rights or do not substantively participate in the gains and losses of the entity. A VIE is consolidated by its primary beneficiary. The primary beneficiary is the entity that has both (1) the power to direct the activities of the VIE that most significantly affect the entity’s economic performance and (2) the obligation to absorb losses or the right to receive benefits that could be potentially significant to the VIE. While also considering these factors, the consolidation conclusion depends on the breadth of the decision-making ability and ability to influence activities that significantly affect the economic performance of the VIE. We concluded that the Radnor Re entities are VIEs. However, given that Essent Guaranty (1) does not have the unilateral power to direct the activities that most significantly affect their economic performance and (2) does not have the obligation to absorb losses or the right to receive benefits that could be potentially significant to these entities, the Radnor Re entities are not consolidated in these financial statements.

The following table presents total assets of each Radnor Re special purpose insurer as well as our maximum exposure to loss associated with each Radnor Re entity, representing the fair value of the embedded derivatives, using observable inputs in active markets (Level 2), included in other assets (other accrued liabilities) on our condensed consolidated balance sheet and the estimated net present value of investment earnings on the assets in the reinsurance trusts, each as of September 30, 2023:


			Maximum Exposure to Loss
(In thousands)	Total VIE Assets		On - Balance Sheet		Off - Balance Sheet		Total
Radnor Re 2019-1 Ltd.	$	21,467	$	69	$	3	$	72
Radnor Re 2020-1 Ltd.	50,596		(245)		12		(233)
Radnor Re 2021-1 Ltd.	339,120		(4,874)		60		(4,814)
Radnor Re 2021-2 Ltd.	361,449		(5,231)		92		(5,139)
Radnor Re 2022-1 Ltd.	237,868		574		72		646
Radnor Re 2023-1 Ltd.	281,462		220		87		307
Total	$	1,291,962	$	(9,487)	$	326	$	(9,161)

Debt Obligations	9 Months Ended
Debt Obligations	Sep. 30, 2023
Debt Disclosure [Abstract]
Debt Obligations	Debt Obligations Credit Facility Essent Group and its subsidiaries, Essent Irish Intermediate Holdings Limited and Essent US Holdings, Inc. (collectively, the "Borrowers"), are parties to a five-year secured credit facility with a committed capacity of $825 million (the Credit Facility"). The Credit Facility also provides for up to $175 million aggregate principal amount of uncommitted incremental term loan and/or revolving credit facilities that may be exercised at the Borrowers’ option so long as the Borrowers receive commitments from the lenders. Borrowings under the Credit Facility may be used for working capital and general corporate purposes, including, without limitation, capital contributions to Essent’s insurance and reinsurance subsidiaries. Borrowings accrue interest at a floating rate tied to a standard short-term borrowing index, selected at the Company’s option, plus an applicable margin. A commitment fee is due quarterly on the average daily amount of the undrawn revolving commitment. The applicable margin and the commitment fee are based on the senior unsecured debt rating or long-term issuer rating of Essent Group to the extent available, or the insurer financial strength rating of Essent Guaranty. The annual commitment fee rate at September 30, 2023 was 0.25%. The obligations under the Credit Facility are secured by certain assets of the Borrowers, excluding the stock and assets of its insurance and reinsurance subsidiaries. The Credit Facility contains several covenants, including financial covenants relating to minimum net worth, capital and liquidity levels, maximum debt to capitalization level and Essent Guaranty's compliance with the PMIERs (see Note 14). The borrowings under the Credit Facility contractually mature on December 10, 2026. As of September 30, 2023, the Company was in compliance with the covenants and $425 million had been borrowed under the term loan portion of the Credit Facility with a weighted average interest rate of 7.07%. As of December 31, 2022, $425 million had been borrowed with a weighted average interest rate of 6.02%.

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(c))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1

Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 470
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org//470/tableOfContent

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (i)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1C
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1C

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1C
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1C

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1C
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1C

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1E
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1E

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1I

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1I

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1I

+ Details

Condensed Consolidated Balance Sheets (Unaudited) (Parenthetical) - USD ($) shares in Thousands, $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Investment available for sale
Amortized cost	$ 5,502,929	$ 5,184,856
Property and equipment
Accumulated depreciation	70,011	67,352
Credit facility borrowings
Unamortized deferred costs	$ 3,344	$ 4,136
Stockholders’ equity
Common shares, par value (in dollars per share)	$ 0.015	$ 0.015
Common shares, authorized (in shares)	233,333	233,333
Common shares, issued (in shares)	106,887	107,683
Common shares, outstanding (in shares)	106,887	107,683
Fixed maturities
Investment available for sale
Amortized cost	$ 4,746,829	$ 4,932,574
Short-term investments
Investment available for sale
Amortized cost	$ 756,100	$ 252,282

Earnings per Share (EPS) (Tables)

9 Months Ended

Sep. 30, 2023

Earnings Per Share [Abstract]

Schedule of Reconciliation of Net Income and Weighted Average Common Shares Outstanding used in Computations of Basic and Diluted Earnings per Common Share

The following table reconciles the net income and the weighted average common shares outstanding used in the computations of basic and diluted earnings per common share:


	Three Months Ended September 30,				Nine Months Ended September 30,
(In thousands, except per share amounts)	2023		2022		2023		2022
Net income	$	177,959	$	178,051	$	521,019	$	683,987

Basic weighted average shares outstanding	105,979		106,870		106,387		107,314
Dilutive effect of nonvested shares	1,046		467		845		418
Diluted weighted average shares outstanding	107,025		107,337		107,232		107,732

Basic earnings per share	$	1.68	$	1.67	$	4.90	$	6.37
Diluted earnings per share	$	1.66	$	1.66	$	4.86	$	6.35

Disclosure of Share-based Compensation Arrangements by Share-based Payment Award

The following table summarizes the performance-based shares issuable if the reporting date was the end of the contingency period.


	2023 Performance-Based Grants		2022 Performance-Based Grants		2021 Performance-Based Grants		2020 Performance-Based Grants
Reporting Date	Percent Issuable Relative to Target	As a Percent of Shares Issued	Percent Issuable Relative to Target	As a Percent of Shares Issued	Percent Issuable Relative to Target	As a Percent of Shares Issued	Percent Issuable Relative to Target and Shares Issued
September 30, 2023	200%	100%	200%	100%	157%	78.5%
September 30, 2022			146%	73%	100%	50%	100%

Statutory Accounting (Tables)

9 Months Ended

Sep. 30, 2023

Insurance [Abstract]

Schedule of Statutory Net Income, Statutory Surplus and Contingency Reserve Liability

The following table presents Essent Guaranty’s and Essent PA’s statutory net income, statutory surplus and contingency reserve liability as of and for the nine months ended September 30:


(In thousands)	2023		2022
Essent Guaranty
Statutory net income	$	312,583	$	479,389
Statutory surplus	989,933		1,023,440
Contingency reserve liability	2,213,400		1,990,536

Essent PA
Statutory net (loss) income	$	(3,174)	$	1,179
Statutory surplus	52,292		57,489
Contingency reserve liability	53,883		57,189

- Definition

Tabular disclosure of how the entity's reporting under GAAP as of the balance sheet date differs from the results based on prescribed and permitted accounting practices of the state or country of domicile in which a relevant statutory filing is made, or differences in results based on the National Association of Insurance Commissioners (NAIC) prescribed practices, or a combination thereof. Describes the accounting practices used and the related monetary effect on statutory surplus, net income, and risk-based capital. If an insurance enterprise's risk-based capital would have triggered a regulatory event had it not used a permitted practice, that fact is disclosed in the financial statements. Permitted statutory accounting practices include practices not prescribed but allowed by the domiciliary state insurance department regulatory authority.

+ References + Details

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022
Operating Activities
Net income	$ 521,019	$ 683,987
Adjustments to reconcile net income to net cash provided by operating activities:
Loss on the sale of investments, net	2,312	7,648
Loss (income) from other invested assets	10,697	(36,275)
Distribution of income from other invested assets	3,797	11,149
Depreciation and amortization	3,183	2,230
Stock-based compensation expense	13,939	13,707
Amortization of premium on investment securities	10,442	14,654
Deferred income tax provision	(19,583)	49,106
Change in:
Accrued investment income	(3,489)	(3,052)
Accounts receivable	(6,664)	(11,811)
Deferred policy acquisition costs	535	1,770
Prepaid federal income tax	(42,926)	(45,100)
Other assets	66,599	(50,722)
Reserve for losses and LAE	10,256	(194,951)
Unearned premium reserve	(15,197)	(15,972)
Other accrued liabilities	(7,372)	(9,912)
Net cash provided by operating activities	547,548	416,456
Investing Activities
Net change in short-term investments	(482,796)	(18,052)
Purchase of investments available for sale	(858,678)	(1,022,095)
Proceeds from maturity of investments available for sale	591,403	183,232
Proceeds from sales of investments available for sale	468,537	673,945
Purchase of other invested assets	(28,987)	(69,019)
Return of investment from other invested assets	2,783	1,490
Net cash paid for acquisitions	(86,761)	0
Purchase of property and equipment	(1,843)	(2,511)
Net cash used in investing activities	(396,342)	(253,010)
Financing Activities
Treasury stock acquired	(55,870)	(97,770)
Payment of issuance costs for credit facility	0	(154)
Dividends paid	(79,797)	(67,546)
Net cash used in financing activities	(135,667)	(165,470)
Net increase (decrease) in cash	15,539	(2,024)
Cash at beginning of year	81,240	81,491
Cash at end of period	96,779	79,467
Supplemental Disclosure of Cash Flow Information
Income tax payments	(53,337)	(73,226)
Interest payments	(21,229)	(8,044)
Noncash Transactions
Lease liabilities arising from obtaining right-of-use assets	$ 25,117	$ 10,096

Stock-Based Compensation

9 Months Ended

Sep. 30, 2023

Share-Based Payment Arrangement [Abstract]

Stock-Based Compensation

In 2013, Essent Group's Board of Directors adopted, and Essent Group's shareholders approved, the Essent Group Ltd. 2013 Long-Term Incentive Plan (the "2013 Plan"), which was effective upon completion of the initial public offering. The 2013 Plan was most recently amended effective upon shareholder approval in May 2023 to increase the number of shares available for issuance under the 2013 Plan by 2 million shares. The types of awards available under the 2013 Plan include nonvested shares, nonvested share units, non-qualified share options, incentive stock options, share appreciation rights, and other share-based or cash-based awards. Nonvested shares and nonvested share units granted under the 2013 Plan have rights to dividends, which entitle holders to the same dividend value per share as holders of common shares in the form of dividend equivalent units ("DEUs"). DEUs are subject to the same vesting and other terms and conditions as the corresponding nonvested shares and nonvested share units. DEUs vest when the underlying shares or share units vest and are forfeited if the underlying share or share units forfeit prior to vesting. The maximum number of shares and share units available for issuance is 5.6 million under the 2013 Plan, as amended. As of September 30, 2023, there were 3.8 million common shares available for future grant under the 2013 Plan.

The following table summarizes nonvested common share, nonvested common share unit and DEU activity for the nine months ended September 30, 2023:


	Time and Performance- Based Share Awards			Time-Based Share Awards			Share Units			DEUs
(Shares in thousands)	Number of Shares	Weighted Average Grant Date Fair Value		Number of Shares	Weighted Average Grant Date Fair Value		Number of Share Units	Weighted Average Grant Date Fair Value		Dividend Equivalent Units	Weighted Average Grant Date Fair Value
Outstanding at beginning of year	647	$	20.99	138	$	45.94	350	$	45.51	37	$	40.86
Granted	300	12.66		75	43.51		561	40.74		29	44.18
Vested	(103)	51.52		(64)	46.65		(162)	47.83		(15)	40.29
Forfeited	—	—		—	—		(15)	39.19		—	41.30
Outstanding at September 30, 2023	844	$	14.29	149	$	44.40	734	$	41.47	51	$	42.92

In February 2023, certain members of senior management were granted nonvested common shares under the 2013 Plan that were subject to time-based and performance-based vesting. The time-based share awards granted in February 2023 vest in three equal installments commencing on March 1 of the year following the grant year. The performance-based share awards granted in February 2023 vest based upon our compounded annual book value per share growth percentage and relative total shareholder return during a three-year performance period that commenced on January 1, 2023 and vest on March 1, 2026. Shares were issued at the maximum 200% of target. The portion of these nonvested performance-based share awards that will be earned is as follows:


		Relative Total Shareholder Return vs. S&P 1500 Financial Services Index
		≤25th percentile		50th percentile "Target"		≥75th percentile
Three-Year Book Value Per Share CAGR	10% "Target"	100	%	150	%	200	%
	9%	75	%	125	%	175	%
	8%	50	%	100	%	150	%
	6%	25	%	75	%	125	%
	5%	0	%	50	%	100	%

In the event that the compounded annual book value per share growth or the relative total shareholder return falls between the performance levels shown above, the nonvested common shares earned will be determined on a straight-line basis between the respective levels shown.

In January 2023, nonvested common share units were issued to all vice president and staff level employees and are subject to time-based vesting in three equal installments on January 6, 2024, 2025 and 2026. In connection with our incentive program covering bonus awards for performance year 2022, in February 2023, time-based share units were issued to certain employees that vest in three equal installments on March 1, 2024, 2025 and 2026. In August 2023, time-based share units were granted to certain members of senior management that vest in three equal installments on October 1, 2026, 2027 and 2028.

Quoted market prices are used for the valuation of common shares granted that do not contain a market condition under ASC 718. The performance-based share awards granted in February 2021, 2022 and 2023 contain a market condition and were valued based on analysis provided by a third-party valuation firm using a risk neutral simulation taking into effect the vesting conditions of the grant.

In February 2021, the performance-based share awards granted in 2019 and 2020 to certain members of senior management were amended to provide that such awards will no longer be subject to the achievement of the compounded annual book value per share growth metrics and will be subject to only service-based vesting. As a result, the shares subject to the amended 2019 and 2020 awards vested on March 1, 2022 and March 1, 2023, respectively.

The total fair value on the vesting date of nonvested shares, share units or DEUs that vested was $14.6 million and $17.3 million for the nine months ended September 30, 2023 and 2022, respectively. As of September 30, 2023, there was $31.2 million of total unrecognized compensation expense related to nonvested shares or share units outstanding at September 30, 2023 and we expect to recognize the expense over a weighted average period of 2.6 years.

Employees have the option to tender shares to Essent Group to pay the minimum employee statutory withholding taxes associated with shares upon vesting. Common shares tendered by employees to pay employee withholding taxes totaled 114,471 in the nine months ended September 30, 2023. The tendered shares were recorded at cost and included in treasury stock. All treasury stock has been cancelled as of September 30, 2023.

Compensation expense, net of forfeitures, and related tax effects recognized in connection with nonvested shares was as follows:


	Three Months Ended September 30,				Nine Months Ended September 30,
(In thousands)	2023		2022		2023		2022
Compensation expense	$	4,479	$	4,702	$	13,939	$	13,707
Income tax benefit	888		930		2,767		2,715

Accumulated Other Comprehensive Income (Loss) (Tables)

9 Months Ended

Sep. 30, 2023

Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract]

Schedule of Rollforward of Accumulated Other Comprehensive Loss

The following table presents the rollforward of accumulated other comprehensive loss for the three and nine months ended September 30, 2023 and 2022:


	Three Months Ended September 30,
	2023						2022
(In thousands)	Before Tax		Tax Effect		Net of Tax		Before Tax		Tax Effect		Net of Tax
Balance at beginning of period	$	(416,193)	$	56,058	$	(360,135)	$	(332,126)	$	45,559	$	(286,567)
Other comprehensive income (loss):
Unrealized holding gains (losses) on investments:
Unrealized holding (losses) gains arising during the period	(89,283)		12,851		(76,432)		(158,835)		21,899		(136,936)
Less: Reclassification adjustment for gains included in net income (1)	235		(51)		184		(175)		101		(74)
Net unrealized (losses) gains on investments	(89,048)		12,800		(76,248)		(159,010)		22,000		(137,010)
Other comprehensive (loss) income	(89,048)		12,800		(76,248)		(159,010)		22,000		(137,010)
Balance at end of period	$	(505,241)	$	68,858	$	(436,383)	$	(491,136)	$	67,559	$	(423,577)

	Nine Months Ended September 30,
	2023						2022
(In thousands)	Before Tax		Tax Effect		Net of Tax		Before Tax		Tax Effect		Net of Tax
Balance at beginning of year	$	(443,230)	$	60,440	$	(382,790)	$	65,280	$	(14,573)	$	50,707
Other comprehensive income (loss):
Unrealized holding gains (losses) on investments:
Unrealized holding gains (losses) arising during the period	(64,323)		8,760		(55,563)		(564,064)		81,051		(483,013)
Less: Reclassification adjustment for losses included in net income (1)	2,312		(342)		1,970		7,648		1,081		8,729
Net unrealized gains (losses) on investments	(62,011)		8,418		(53,593)		(556,416)		82,132		(474,284)
Other comprehensive income (loss)	(62,011)		8,418		(53,593)		(556,416)		82,132		(474,284)
Balance at end of period	$	(505,241)	$	68,858	$	(436,383)	$	(491,136)	$	67,559	$	(423,577)

(1)Included in net realized investment losses on our condensed consolidated statements of comprehensive income.

Acquisitions (Tables)

9 Months Ended

Sep. 30, 2023

Business Combination and Asset Acquisition [Abstract]

Schedule of Business Acquisition, Pro Forma Information

The following unaudited pro forma summary presents consolidated information for Essent as if the business combination had occurred on January 1, 2022.


	Pro Forma
	Three Months Ended September 30,				Nine Months Ended September 30,
(In thousands)	2023		2022		2023		2022
Revenues	$	296,108	$	286,512	$	856,595	$	880,321
Earnings	178,139		172,799		514,823		675,684

Schedule of Recognized Identified Assets Acquired and Liabilities Assumed

The following table summarizes the consideration transferred to acquire Agents National Title and Boston National Title and the amounts of identified assets acquired and liabilities assumed at the acquisition date:


Consideration Paid:
Cash	$	92,625

Assets Acquired:
Cash and cash equivalents	5,864
Short-term investments	21,108
Fixed maturities available for sale	9,668
Identifiable intangible assets	26,300
Other assets	16,366
Liabilities Assumed:
Reserve for losses	14,613
Other liabilities	10,399
Total Identifiable Net Assets	$	54,294
Goodwill	$	38,331

Cover Page - shares	9 Months Ended
Cover Page - shares	Sep. 30, 2023	Nov. 03, 2023
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 2023
Document Transition Report	false
Entity File Number	001-36157
Entity Registrant Name	ESSENT GROUP LTD.
Entity Incorporation, State or Country Code	D0
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
Title of 12(b) Security	Common Shares, $0.015 par value
Trading Symbol	ESNT
Security Exchange Name	NYSE
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		106,759,974
Entity Central Index Key	0001448893
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	Q3

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Thousands	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Pay vs Performance Disclosure
Net income	$ 177,959	$ 178,051	$ 521,019	$ 683,987

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References

+ Details

Investments - Schedule of Amortized Cost and Fair Value of Investments Available for Sale by Contractual Maturity (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Amortized Cost
Amortized Cost	$ 5,502,929	$ 5,184,856
Fair Value
Fair Value	4,997,688	4,741,625
U.S. Treasury securities
Amortized Cost
Due in 1 year	526,416
Due after 1 but within 5 years	305,939
Due after 5 but within 10 years	62,373
Due after 10 years	14,410
Subtotal	909,138
Amortized Cost	909,138	584,173
Fair Value
Due in 1 year	524,639
Due after 1 but within 5 years	286,589
Due after 5 but within 10 years	55,799
Due after 10 years	12,158
Subtotal	879,185
U.S. agency securities
Amortized Cost
Due in 1 year	7,198
Subtotal	7,198
Amortized Cost	7,198	49,059
Fair Value
Due in 1 year	7,180
Subtotal	7,180
Municipal debt securities
Amortized Cost
Due in 1 year	2,388
Due after 1 but within 5 years	101,186
Due after 5 but within 10 years	168,182
Due after 10 years	365,780
Subtotal	637,536
Amortized Cost	637,536	661,934
Fair Value
Due in 1 year	2,347
Due after 1 but within 5 years	96,172
Due after 5 but within 10 years	153,099
Due after 10 years	310,892
Subtotal	562,510
Non-U.S. government securities:
Amortized Cost
Due after 1 but within 5 years	32,135
Due after 5 but within 10 years	5,064
Due after 10 years	20,208
Subtotal	57,407
Amortized Cost	57,407	69,651
Fair Value
Due after 1 but within 5 years	30,496
Due after 5 but within 10 years	3,945
Due after 10 years	14,130
Subtotal	48,571
Corporate debt securities
Amortized Cost
Due in 1 year	194,084
Due after 1 but within 5 years	569,356
Due after 5 but within 10 years	483,787
Due after 10 years	181,646
Subtotal	1,428,873
Amortized Cost	1,428,873	1,546,513
Fair Value
Due in 1 year	190,994
Due after 1 but within 5 years	534,150
Due after 5 but within 10 years	415,847
Due after 10 years	139,442
Subtotal	1,280,433
U.S. agency mortgage-backed securities
Amortized Cost
Without single maturity date	898,677
Amortized Cost	898,677	898,675
Fair Value
Without single maturity date	750,938
Residential and commercial mortgage securities
Amortized Cost
Without single maturity date	563,358
Amortized Cost	563,358	577,915
Fair Value
Without single maturity date	493,693
Asset-backed securities
Amortized Cost
Without single maturity date	640,382
Amortized Cost	640,382	660,345
Fair Value
Without single maturity date	614,818
Money market funds
Amortized Cost
Without single maturity date	360,360
Amortized Cost	360,360	$ 136,591
Fair Value
Without single maturity date	$ 360,360

Acquisitions - Schedule of Pro forma (Details) - Boston National Title - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Business Acquisition [Line Items]
Revenues	$ 296,108	$ 286,512	$ 856,595	$ 880,321
Earnings	$ 178,139	$ 172,799	$ 514,823	$ 675,684

Dividends Restrictions	9 Months Ended
Dividends Restrictions	Sep. 30, 2023
Statutory Accounting Practices, Statutory Amount Available for Dividend Payments [Abstract]
Dividends Restrictions	Dividends Restrictions Our U.S. insurance subsidiaries are subject to certain capital and dividend rules and regulations as prescribed by jurisdictions in which they are authorized to operate. Under the insurance laws of the Commonwealth of Pennsylvania, Essent Guaranty and Essent PA may pay dividends during any 12-month period in an amount equal to the greater of (i) 10% of the preceding year-end statutory policyholders' surplus or (ii) the preceding year's statutory net income. The Pennsylvania statute also specifies that dividends and other distributions can be paid out of positive unassigned surplus without prior approval. At September 30, 2023, Essent Guaranty had unassigned surplus of approximately $284.6 million and Essent PA had unassigned surplus of approximately $13.3 million. In three and nine months ended September 30, 2023, Essent Guaranty paid dividends of $60 million and $240 million, respectively, to its parent, Essent US Holdings, Inc. In three and nine months ended September 30, 2022, Essent Guaranty paid dividends of $60 million and $260 million, respectively, to its parent, Essent US Holdings, Inc. Essent PA did not pay a dividend in the three and nine months ended September 30, 2023 or 2022. As of September 30, 2023, Essent Guaranty and Essent PA could pay additional ordinary dividends in 2023 of $284.6 million and $5.3 million, respectively.Essent Re is subject to certain dividend restrictions as prescribed by the Bermuda Monetary Authority and under certain agreements with counterparties. In connection with the quota share reinsurance agreement with Essent Guaranty, Essent Re has agreed to maintain a minimum total equity of $100 million. As of September 30, 2023, Essent Re had total equity of $1.7 billion. At September 30, 2023, our insurance subsidiaries were in compliance with these rules, regulations and agreements.

Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Other comprehensive income (loss):
Other comprehensive (loss) income	$ (89,048)	$ (159,010)	$ (62,011)	$ (556,416)
Other comprehensive income (loss):
Other comprehensive income, tax effect	12,800	22,000	8,418	82,132
Net of Tax
Balance, beginning of period			4,462,309
Other comprehensive income (loss):
Total other comprehensive income loss	(76,248)	(137,010)	(53,593)	(474,284)
Balance, end of period	4,808,007	4,294,208	4,808,007	4,294,208
Accumulated Other Comprehensive Loss
Before Tax
AOCI before tax, beginning of period	(416,193)	(332,126)	(443,230)	65,280
Other comprehensive income (loss):
AOCI before tax, end of period	(505,241)	(491,136)	(505,241)	(491,136)
Tax Effect
AOCI tax effect, beginning of period	56,058	45,559	60,440	(14,573)
Other comprehensive income (loss):
AOCI tax effect, end of period	68,858	67,559	68,858	67,559
Net of Tax
Balance, beginning of period	(360,135)	(286,567)	(382,790)	50,707
Other comprehensive income (loss):
Total other comprehensive income loss	(76,248)	(137,010)	(53,593)	(474,284)
Balance, end of period	(436,383)	(423,577)	(436,383)	(423,577)
Accumulated Net Investment Gains (Losses) On Investments
Other comprehensive income (loss):
Unrealized holding gains (losses) arising during the period, before tax	(89,283)	(158,835)	(64,323)	(564,064)
Less: Reclassification adjustment for (gains) losses included in net income, before tax	235	(175)	2,312	7,648
Other comprehensive (loss) income	(89,048)	(159,010)	(62,011)	(556,416)
Other comprehensive income (loss):
Unrealized holding gains (losses) arising during the period, tax effect	12,851	21,899	8,760	81,051
Less: Reclassification adjustment for losses (gains) included in net income, tax effect	(51)	101	(342)	1,081
Other comprehensive income, tax effect	12,800	22,000	8,418	82,132
Other comprehensive income (loss):
Unrealized holding gains (losses) arising during the period, net of tax	(76,432)	(136,936)	(55,563)	(483,013)
Less: Reclassification adjustment for losses (gains) included in net income, net of tax	184	(74)	1,970	8,729
Total other comprehensive income loss	$ (76,248)	$ (137,010)	$ (53,593)	$ (474,284)

Accumulated Other Comprehensive Income (Loss)

9 Months Ended

Sep. 30, 2023

Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract]

Accumulated Other Comprehensive Income (Loss)

The following table presents the rollforward of accumulated other comprehensive loss for the three and nine months ended September 30, 2023 and 2022:


	Three Months Ended September 30,
	2023						2022
(In thousands)	Before Tax		Tax Effect		Net of Tax		Before Tax		Tax Effect		Net of Tax
Balance at beginning of period	$	(416,193)	$	56,058	$	(360,135)	$	(332,126)	$	45,559	$	(286,567)
Other comprehensive income (loss):
Unrealized holding gains (losses) on investments:
Unrealized holding (losses) gains arising during the period	(89,283)		12,851		(76,432)		(158,835)		21,899		(136,936)
Less: Reclassification adjustment for gains included in net income (1)	235		(51)		184		(175)		101		(74)
Net unrealized (losses) gains on investments	(89,048)		12,800		(76,248)		(159,010)		22,000		(137,010)
Other comprehensive (loss) income	(89,048)		12,800		(76,248)		(159,010)		22,000		(137,010)
Balance at end of period	$	(505,241)	$	68,858	$	(436,383)	$	(491,136)	$	67,559	$	(423,577)

	Nine Months Ended September 30,
	2023						2022
(In thousands)	Before Tax		Tax Effect		Net of Tax		Before Tax		Tax Effect		Net of Tax
Balance at beginning of year	$	(443,230)	$	60,440	$	(382,790)	$	65,280	$	(14,573)	$	50,707
Other comprehensive income (loss):
Unrealized holding gains (losses) on investments:
Unrealized holding gains (losses) arising during the period	(64,323)		8,760		(55,563)		(564,064)		81,051		(483,013)
Less: Reclassification adjustment for losses included in net income (1)	2,312		(342)		1,970		7,648		1,081		8,729
Net unrealized gains (losses) on investments	(62,011)		8,418		(53,593)		(556,416)		82,132		(474,284)
Other comprehensive income (loss)	(62,011)		8,418		(53,593)		(556,416)		82,132		(474,284)
Balance at end of period	$	(505,241)	$	68,858	$	(436,383)	$	(491,136)	$	67,559	$	(423,577)

(1)Included in net realized investment losses on our condensed consolidated statements of comprehensive income.

Fair Value of Financial Instruments (Tables)

9 Months Ended

Sep. 30, 2023

Fair Value Disclosures [Abstract]

Schedule of Assets and Liabilities Measured at Fair Vale on a Recurring Basis

All assets measured at fair value are categorized in the table below based upon the lowest level of significant input to the valuations. All fair value measurements at the reporting date were on a recurring basis.


September 30, 2023 (In thousands)	Quoted Prices in Active Markets for Identical Instruments (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Total
Recurring fair value measurements
Financial Assets:
U.S. Treasury securities	$	879,185	$	—	$	—	$	879,185
U.S. agency securities	—		7,180		—		7,180
U.S. agency mortgage-backed securities	—		750,938		—		750,938
Municipal debt securities	—		562,510		—		562,510
Non-U.S. government securities	—		48,571		—		48,571
Corporate debt securities	—		1,280,433		—		1,280,433
Residential and commercial mortgage securities	—		493,693		—		493,693
Asset-backed securities	—		614,818		—		614,818
Money market funds	360,360		—		—		360,360
Total assets at fair value (1) (2)	$	1,239,545	$	3,758,143	$	—	$	4,997,688


December 31, 2022 (In thousands)	Quoted Prices in Active Markets for Identical Instruments (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Total
Recurring fair value measurements
Financial Assets:
U.S. Treasury securities	$	556,438	$	—	$	—	$	556,438
U.S. agency securities	—		49,058		—		49,058
U.S. agency mortgage-backed securities	—		783,743		—		783,743
Municipal debt securities	—		602,690		—		602,690
Non-U.S. government securities	—		62,399		—		62,399
Corporate debt securities	—		1,414,321		—		1,414,321
Residential and commercial mortgage securities	—		511,824		—		511,824
Asset-backed securities	—		624,561		—		624,561
Money market funds	136,591		—		—		136,591
Total assets at fair value (1) (2)	$	693,029	$	4,048,596	$	—	$	4,741,625

(1)Does not include the fair value of embedded derivatives, which we have accounted for separately as freestanding derivatives and included in other assets or other accrued liabilities in our condensed consolidated balance sheet. See Note 4 for more information.

(2)Does not include certain other invested assets that are measured at fair value using the net asset value per share (or its equivalent) as a practical expedient, as applicable accounting standards do not provide for classification within the fair value hierarchy.

Investments (Tables)

9 Months Ended

Sep. 30, 2023

Investments, Debt and Equity Securities [Abstract]

Schedule of Investments Available for Sale

Investments available for sale consist of the following:


September 30, 2023 (In thousands)	Amortized Cost		Unrealized Gains		Unrealized Losses		Fair Value
U.S. Treasury securities	$	909,138	$	24	$	(29,977)	$	879,185
U.S. agency securities	7,198		—		(18)		7,180
U.S. agency mortgage-backed securities	898,677		—		(147,739)		750,938
Municipal debt securities (1)	637,536		64		(75,090)		562,510
Non-U.S. government securities	57,407		—		(8,836)		48,571
Corporate debt securities (2)	1,428,873		144		(148,584)		1,280,433
Residential and commercial mortgage securities	563,358		218		(69,883)		493,693
Asset-backed securities	640,382		154		(25,718)		614,818
Money market funds	360,360		—		—		360,360
Total investments available for sale	$	5,502,929	$	604	$	(505,845)	$	4,997,688


December 31, 2022 (In thousands)	Amortized Cost		Unrealized Gains		Unrealized Losses		Fair Value
U.S. Treasury securities	$	584,173	$	341	$	(28,076)	$	556,438
U.S. agency securities	49,059		7		(8)		49,058
U.S. agency mortgage-backed securities	898,675		258		(115,190)		783,743
Municipal debt securities (1)	661,934		2,010		(61,254)		602,690
Non-U.S. government securities	69,651		—		(7,252)		62,399
Corporate debt securities (2)	1,546,513		1,195		(133,387)		1,414,321
Residential and commercial mortgage securities	577,915		390		(66,481)		511,824
Asset-backed securities	660,345		72		(35,856)		624,561
Money market funds	136,591		—		—		136,591
Total investments available for sale	$	5,184,856	$	4,273	$	(447,504)	$	4,741,625


	September 30,		December 31,
(1) The following table summarizes municipal debt securities as of :	2023		2022
Special revenue bonds	81.1	%	79.0	%
General obligation bonds	18.9		20.9

Tax allocation bonds	—		0.1

Total	100.0	%	100.0	%


	September 30,		December 31,
(2) The following table summarizes corporate debt securities as of :	2023		2022
Financial	43.1	%	40.5	%
Consumer, non-cyclical	15.8		17.9
Consumer, cyclical	6.7		6.8
Industrial	7.8		6.8
Utilities	6.7		6.1
Communications	7.0		8.4
Technology	5.5		4.9
Energy	5.2		6.4
Basic Materials	2.2		2.1
Government	—		0.1
Total	100.0	%	100.0	%

Schedule of Amortized Cost and Fair Value of Investments Available for Sale by Contractual Maturity


(In thousands)	Amortized Cost		Fair Value
U.S. Treasury securities:
Due in 1 year	$	526,416	$	524,639
Due after 1 but within 5 years	305,939		286,589
Due after 5 but within 10 years	62,373		55,799
Due after 10 years	14,410		12,158
Subtotal	909,138		879,185
U.S. agency securities:
Due in 1 year	7,198		7,180

Subtotal	7,198		7,180
Municipal debt securities:
Due in 1 year	2,388		2,347
Due after 1 but within 5 years	101,186		96,172
Due after 5 but within 10 years	168,182		153,099
Due after 10 years	365,780		310,892
Subtotal	637,536		562,510
Non-U.S. government securities:

Due after 1 but within 5 years	32,135		30,496
Due after 5 but within 10 years	5,064		3,945
Due after 10 years	20,208		14,130
Subtotal	57,407		48,571
Corporate debt securities:
Due in 1 year	194,084		190,994
Due after 1 but within 5 years	569,356		534,150
Due after 5 but within 10 years	483,787		415,847
Due after 10 years	181,646		139,442
Subtotal	1,428,873		1,280,433
U.S. agency mortgage-backed securities	898,677		750,938
Residential and commercial mortgage securities	563,358		493,693
Asset-backed securities	640,382		614,818
Money market funds	360,360		360,360
Total investments available for sale	$	5,502,929	$	4,997,688

Schedule of Realized Gross Gains and Losses on Sale of Investments Available for Sale

The components of realized investment (losses) gains, net on the condensed consolidated statements of comprehensive income were as follows:


	Three Months Ended September 30,				Nine Months Ended September 30,
(In thousands)	2023		2022		2023		2022
Realized gross gains	$	113	$	1,650	$	1,005	$	14,397
Realized gross losses	(348)		(1,370)		(3,141)		(14,634)
Impairment loss	—		(105)		(176)		(7,411)

Schedule of Fair Value of Investments in an Unrealized Loss Position and Related Unrealized Losses

The fair value of investments available for sale in an unrealized loss position and the related unrealized losses for which no allowance for credit loss has been recorded were as follows:


	Less than 12 months				12 months or more				Total
September 30, 2023 (In thousands)	Fair Value		Gross Unrealized Losses		Fair Value		Gross Unrealized Losses		Fair Value		Gross Unrealized Losses
U.S. Treasury securities	$	322,348	$	(4,324)	$	360,082	$	(25,653)	$	682,430	$	(29,977)
U.S. agency securities	7,180		(18)		—		—		7,180		(18)
U.S. agency mortgage-backed securities	114,881		(6,760)		636,057		(140,979)		750,938		(147,739)
Municipal debt securities	254,197		(11,946)		300,187		(63,144)		554,384		(75,090)
Non-U.S. government securities	—		—		48,571		(8,836)		48,571		(8,836)
Corporate debt securities	264,701		(11,767)		991,284		(136,817)		1,255,985		(148,584)
Residential and commercial mortgage securities	36,985		(3,098)		449,512		(66,785)		486,497		(69,883)
Asset-backed securities	88,971		(892)		501,253		(24,826)		590,224		(25,718)

Total	$	1,089,263	$	(38,805)	$	3,286,946	$	(467,040)	$	4,376,209	$	(505,845)


	Less than 12 months				12 months or more				Total
December 31, 2022 (In thousands)	Fair Value		Gross Unrealized Losses		Fair Value		Gross Unrealized Losses		Fair Value		Gross Unrealized Losses
U.S. Treasury securities	$	321,848	$	(12,381)	$	169,795	$	(15,695)	$	491,643	$	(28,076)
U.S. agency securities	7,117		(8)		—		—		7,117		(8)
U.S. agency mortgage-backed securities	351,310		(34,193)		415,743		(80,997)		767,053		(115,190)
Municipal debt securities	335,784		(41,620)		64,766		(19,634)		400,550		(61,254)
Non-U.S. government securities	48,071		(2,914)		14,328		(4,338)		62,399		(7,252)
Corporate debt securities	811,217		(69,415)		421,307		(63,972)		1,232,524		(133,387)
Residential and commercial mortgage securities	265,934		(22,628)		242,366		(43,853)		508,300		(66,481)
Asset-backed securities	333,080		(15,454)		258,572		(20,402)		591,652		(35,856)

Total	$	2,474,361	$	(198,613)	$	1,586,877	$	(248,891)	$	4,061,238	$	(447,504)

Schedule of Net Investment Income

Net investment income consists of:


	Three Months Ended September 30,				Nine Months Ended September 30,
(In thousands)	2023		2022		2023		2022
Fixed maturities	$	45,373	$	33,948	$	132,623	$	91,245
Short-term investments	3,641		872		8,660		1,132
Gross investment income	49,014		34,820		141,283		92,377
Investment expenses	(1,942)		(2,226)		(5,725)		(5,764)
Net investment income	$	47,072	$	32,594	$	135,558	$	86,613

Reinsurance (Tables)

9 Months Ended

Sep. 30, 2023

Reinsurance Disclosures [Abstract]

Schedule of Effects of Reinsurance

The effect of reinsurance on net premiums written and earned is as follows:


	Three Months Ended September 30,				Nine Months Ended September 30,
(In thousands)	2023		2022		2023		2022
Net premiums written:
Direct	$	270,868	$	239,773	$	759,526	$	692,687
Ceded (1)	(30,294)		(30,543)		(103,431)		(73,384)
Net premiums written	$	240,574	$	209,230	$	656,095	$	619,303

Net premiums earned:
Direct	$	277,099	$	238,477	$	774,723	$	708,659
Ceded (1)	(30,294)		(30,543)		(103,431)		(73,384)
Net premiums earned	$	246,805	$	207,934	$	671,292	$	635,275

(1)Net of profit commission.

The following tables summarizes Essent Guaranty's quota share reinsurance agreements as of September 30, 2023:


QSR Agreement	Coverage Period	Ceding Percentage	Ceding Commission	Profit Commission
QSR-2019	September 1, 2019 - December 31, 2020	(1)	20%	63%	(2)
QSR-2022	January 1, 2022 - December 31, 2022	20%	20%	62%
QSR-2023	January 1, 2023 - December 31, 2023	17.5%	20%	58%

_______________________________________________________________________________

(1)Under QSR-2019, Essent Guaranty cedes 40% of premiums on singles policies and 20% on all other policies.

Schedule of Coverages and Retentions

The following table summarizes Essent Guaranty's excess of loss coverages and retentions provided by insurance linked notes as of September 30, 2023:


(In thousands)
Deal Name	Vintage	Remaining Insurance in Force		Remaining Risk in Force		Remaining Reinsurance in Force		Remaining First Layer Retention		Optional Termination Date
Radnor Re 2019-1	Jan. 2018 - Dec. 2018	$	5,730,888	$	1,496,891	$	21,467	$	246,939	February 25, 2026
Radnor Re 2020-1	Jan. 2019 - Aug. 2019	7,185,440		1,864,143		50,596		213,798		January 25, 2027
Radnor Re 2021-1	Aug. 2020 - Mar. 2021	33,594,368		8,642,916		339,120		278,796		June 26, 2028
Radnor Re 2021-2	Apr. 2021 - Sep. 2021	37,420,329		10,079,502		361,449		279,231		November 25, 2027
Radnor Re 2022-1	Oct. 2021 - Jul. 2022	32,132,944		8,669,748		237,868		303,660		September 25, 2028
Radnor Re 2023-1	Aug. 2022 - Jun. 2023	31,014,596		8,478,658		281,462		281,462		July 25, 2028
Total		$	147,078,565	$	39,231,858	$	1,291,962	$	1,603,887

The following table summarizes Essent Guaranty's excess of loss reinsurance coverages and retentions provided by panels of reinsurers as of September 30, 2023:


(In thousands)
Deal Name	Vintage	Remaining Insurance in Force		Remaining Risk in Force		Remaining Reinsurance in Force		Remaining First Layer Retention			Optional Termination Date
XOL 2018-1	Jan. 2017 - Dec. 2017	$	4,920,622	$	1,297,126	$	57,250	$	421,003		October 1, 2023	(2)
XOL 2019-1	Jan. 2018 - Dec. 2018	5,730,888		1,496,891		76,144		246,939		(1)	February 25, 2026
XOL 2020-1	Jan. 2019 - Dec. 2019	7,185,440		1,864,143		38,579		213,798		(1)	January 25, 2027
XOL 2022-1	Oct. 2021 - Dec. 2022	71,671,369		19,351,146		141,992		506,301			January 1, 2030
Total		$	89,508,319	$	24,009,306	$	313,965	$	1,388,041

(1) First layer retentions shown are ILN retention levels as a result of overlapping coverage within the vintage.

(2) This reinsurance agreement was terminated on the optional termination date.

Schedule of VIE Assets and Total Maximum Exposure to Loss


			Maximum Exposure to Loss
(In thousands)	Total VIE Assets		On - Balance Sheet		Off - Balance Sheet		Total
Radnor Re 2019-1 Ltd.	$	21,467	$	69	$	3	$	72
Radnor Re 2020-1 Ltd.	50,596		(245)		12		(233)
Radnor Re 2021-1 Ltd.	339,120		(4,874)		60		(4,814)
Radnor Re 2021-2 Ltd.	361,449		(5,231)		92		(5,139)
Radnor Re 2022-1 Ltd.	237,868		574		72		646
Radnor Re 2023-1 Ltd.	281,462		220		87		307
Total	$	1,291,962	$	(9,487)	$	326	$	(9,161)

- Definition

Tabular disclosure of the significant judgments and assumptions made in determining whether a variable interest (as defined) held by the entity requires the variable interest entity (VIE) (as defined) to be consolidated and (or) disclose information about its involvement with the VIE, individually or in aggregate (as applicable); the nature of restrictions, if any, on the consolidated VIE's assets and on the settlement of its liabilities reported by an entity in its statement of financial position, including the carrying amounts of such assets and liabilities; the nature of, and changes in, the risks associated with involvement in the VIE; how involvement with the VIE affects the entity's financial position, financial performance, and cash flows; the lack of recourse if creditors (or beneficial interest holders) of the consolidated VIE have no recourse to the general credit of the primary beneficiary (if applicable); the terms of arrangements, giving consideration to both explicit arrangements and implicit variable interests, if any, that could require the entity to provide financial support to the VIE, including events or circumstances that could expose the entity to a loss; the methodology used by the entity for determining whether or not it is the primary beneficiary of the variable interest entity; the significant factors considered and judgments made in determining that the power to direct the activities of a VIE that most significantly impact the VIE's economic performance are shared (as defined); the carrying amounts and classification of assets and liabilities of the VIE included in the statement of financial position; the entity's maximum exposure to loss, if any, as a result of its involvement with the VIE, including how the maximum exposure is determined and significant sources of the entity's exposure to the VIE; a comparison of the carrying amounts of the assets and liabilities and the entity's maximum exposure to loss; information about any liquidity arrangements, guarantees, and (or) other commitments by third parties that may affect the fair value or risk of the entity's variable interest in the VIE; whether or not the entity has provided financial support or other support (explicitly or implicitly) to the VIE that it was not previously contractually required to provide or whether the entity intends to provide that support, including the type and amount of the support and the primary reasons for providing the support; and supplemental information the entity determines necessary to provide.

+ References + Details

Capital Stock

9 Months Ended

Sep. 30, 2023

Banking Regulation, Total Capital [Abstract]

Capital Stock

Our authorized share capital consists of 233.3 million shares of a single class of common shares. The common shares have no preemptive rights or other rights to subscribe for additional shares, and no rights of redemption, conversion or exchange. Under certain circumstances and subject to the provisions of Bermuda law and our bye-laws, we may be required to make an offer to repurchase shares held by members. The common shares rank pari passu with one another in all respects as to rights of payment and distribution. In general, holders of common shares will have one vote for each common share held by them and will be entitled to vote, on a non-cumulative basis, at all meetings of shareholders. In the event that a shareholder is considered a 9.5% Shareholder under our bye-laws, such shareholder's votes will be reduced by whatever amount is necessary so that after any such reduction the votes of such shareholder will not result in any other person being treated as a 9.5% Shareholder with respect to the vote on such matter. Under these provisions certain shareholders may have their voting rights limited to less than one vote per share, while other shareholders may have voting rights in excess of one vote per share.

Dividends

The following table presents the amounts declared and paid per common share each quarter:


Quarter Ended	2023		2022
March 31	$	0.25	$	0.20
June 30	0.25		0.21
September 30	0.25		0.22
December 31	—		0.23
Total dividends per common share declared and paid	$	0.75	$	0.86

In October 2023, the Board of Directors declared a quarterly cash dividend of $0.25 per common share payable on December 11, 2023 to shareholders of record on December 1, 2023.

Share Repurchase Plan

In May 2022, the Board of Directors approved a share repurchase plan that authorizes the Company to repurchase up to $250 million of its common shares in the open market by the end of 2023. Through September 30, 2023, the Company repurchased 1,233,638 common shares at a cost of $51.0 million under the 2022 plan, leaving $199.0 million remaining unused under the authorized repurchase plan as of September 30, 2023. In October 2023, the Board of Directors approved a share

repurchase plan that authorizes the Company to repurchase $250 million of common shares in the open market between January 1, 2024 and December 31, 2025.

- Definition

The entire disclosure for equity.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-13

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-13

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-14

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 235
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481062/946-235-50-2

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 235
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481062/946-235-50-2

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 505
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481004/946-505-50-6

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480237/815-40-50-6

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.3-04)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480008/505-10-S99-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(e)(1))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1

Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 505
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org//505/tableOfContent

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-13

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-13

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (i)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-13

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-14

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-14

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 16
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-16

Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 18
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-18

Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 18
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-18

Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 18
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-18

+ Details

Nature of Operations and Basis of Presentation	9 Months Ended
Nature of Operations and Basis of Presentation	Sep. 30, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Nature of Operations and Basis of Presentation	Nature of Operations and Basis of Presentation Essent Group Ltd. (“Essent Group”) is a Bermuda-based holding company, which, through its wholly-owned subsidiaries, offers private mortgage insurance and reinsurance for mortgages secured by residential properties located in the United States. Mortgage insurance facilitates the sale of low down payment (generally less than 20%) mortgage loans into the secondary mortgage market, primarily to two government-sponsored enterprises (“GSEs”), Fannie Mae and Freddie Mac. The primary mortgage insurance operations are conducted through Essent Guaranty, Inc. (“Essent Guaranty”), which is domiciled in the state of Pennsylvania. Essent Guaranty is headquartered in Radnor, Pennsylvania and maintains an operations center in Winston-Salem, North Carolina. Essent Guaranty is approved as a qualified mortgage insurer by the GSEs and is licensed to write mortgage insurance in all 50 states and the District of Columbia. Essent Guaranty reinsures new insurance written ("NIW") to Essent Reinsurance Ltd. (“Essent Re”), an affiliated Bermuda domiciled Class 3A Insurer licensed pursuant to Section 4 of the Bermuda Insurance Act 1978 that provides insurance and reinsurance coverage of mortgage credit risk. In April 2021, Essent Guaranty and Essent Re agreed to increase the quota share reinsurance coverage provided by Essent Re from 25% to 35% effective January 1, 2021. The quota share reinsurance coverage provided for Essent Guaranty’s NIW prior to January 1, 2021 will continue to be 25%, the quota share percentage in effect at the time NIW was first ceded. Essent Re also provides insurance and reinsurance to Freddie Mac and Fannie Mae. In 2016, Essent Re formed Essent Agency (Bermuda) Ltd., a wholly-owned subsidiary, which provides underwriting consulting services to third-party reinsurers. In accordance with certain state law requirements, Essent Guaranty also reinsures that portion of the risk that is in excess of 25% of the mortgage balance with respect to any loan insured prior to April 1, 2019, after consideration of other reinsurance, to Essent Guaranty of PA, Inc. (“Essent PA”), an affiliate domiciled in the state of Pennsylvania. In addition to offering mortgage insurance, we provide contract underwriting services on a limited basis through CUW Solutions, LLC ("CUW Solutions"), a Delaware limited liability company, that provides, among other things, mortgage contract underwriting services to lenders and mortgage insurance underwriting services to affiliates. CUW Solutions is headquartered in Radnor, Pennsylvania and it maintains an operations center in Winston-Salem, North Carolina that is subleased from Essent Guaranty. As a result of our acquisitions of Agents National Title Insurance Company and Boston National Holdings LLC on July 1, 2023, we now offer title insurance products and title and settlement services. Our title insurance operations are headquartered in Columbia, Missouri, and we operate our title agency operations in Charlotte, North Carolina and Pittsburgh, Pennsylvania. We have prepared the condensed consolidated financial statements included herein pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”). We have condensed or omitted certain information and footnote disclosures normally included in consolidated financial statements prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) pursuant to such rules and regulations. In the opinion of management, the statements include all adjustments (which include normal recurring adjustments) required for a fair statement of financial position, results of operations and cash flows for the interim periods presented. These statements should be read in conjunction with the consolidated financial statements and notes thereto, including Note 1 and Note 2 to the consolidated financial statements, included in our Annual Report on Form 10-K for the year ended December 31, 2022, which discloses the principles of consolidation and a summary of significant accounting policies. The results of operations for the interim periods are not necessarily indicative of the results for the full year. We evaluated the need to recognize or disclose events that occurred subsequent to September 30, 2023 prior to the issuance of these condensed consolidated financial statements.

Capital Stock - Narrative (Details)			1 Months Ended	3 Months Ended								9 Months Ended	12 Months Ended
Capital Stock - Narrative (Details)	Dec. 11, 2023 $ / shares	Sep. 30, 2023 USD ($) vote shares	Oct. 31, 2023 USD ($) $ / shares	Dec. 31, 2023 $ / shares	Sep. 30, 2023 USD ($) vote $ / shares shares	Jun. 30, 2023 $ / shares	Mar. 31, 2023 $ / shares	Dec. 31, 2022 $ / shares shares	Sep. 30, 2022 $ / shares	Jun. 30, 2022 $ / shares	Mar. 31, 2022 $ / shares	Sep. 30, 2023 USD ($) vote shares	Dec. 31, 2023 $ / shares	Dec. 31, 2022 $ / shares shares	May 31, 2022 USD ($)
Dividends Payable [Line Items]
Authorized share capital (in shares) \| shares		233,333,000			233,333,000			233,333,000				233,333,000		233,333,000
Number of votes per share \| vote		1			1							1
Shareholder ownership threshold for voting rights												9.50%
Maximum number of votes per share for certain shareholders under 9.5% shareholder provision \| vote		1			1							1
Minimum number of votes per share for other shareholders under 9.5% shareholder provision \| vote		1			1							1
Quarterly cash dividends declared (in dollars per share)					$ 0.25	$ 0.25	$ 0.25	$ 0.23	$ 0.22	$ 0.21	$ 0.20			$ 0.86
Quarterly cash dividends paid (in dollars per share)					$ 0.25	$ 0.25	$ 0.25	$ 0.23	$ 0.22	$ 0.21	$ 0.20			$ 0.86
Subsequent Event
Dividends Payable [Line Items]
Quarterly cash dividends declared (in dollars per share)			$ 0.25
Forecast
Dividends Payable [Line Items]
Quarterly cash dividends declared (in dollars per share)				$ 0									$ 0.75
Quarterly cash dividends paid (in dollars per share)	$ 0.25			$ 0									$ 0.75
Share Repurchase Plan 2022
Dividends Payable [Line Items]
Share repurchase approved amount \| $															$ 250,000,000
Treasury stock acquired (in shares) \| shares		1,233,638
Shares acquired \| $		$ 51,000,000
Remaining authorized repurchase amount \| $		$ 199,000,000			$ 199,000,000							$ 199,000,000
Share Repurchase Plan 2023
Dividends Payable [Line Items]
Share repurchase approved amount \| $			$ 250,000,000

Reinsurance - Quota Share Reinsurance (Details) - Reinsurance Policy, Type [Axis]: Quota Share Reinsurance - USD ($) $ in Billions		9 Months Ended
	Dec. 31, 2021	Sep. 30, 2023
QSR-2019
SEC Schedule, 12-17, Insurance Companies, Reinsurance [Line Items]
Ceding Percentage		20.00%
Ceding Commission		20.00%
Profit Commission	60.00%	63.00%
Ceded premiums earned related to percent of risk on eligible single premium policies		40.00%
QSR-2022
SEC Schedule, 12-17, Insurance Companies, Reinsurance [Line Items]
Ceding Percentage		20.00%
Ceding Commission		20.00%
Profit Commission		62.00%
RIF ceded		$ 8.1
QSR-2023
SEC Schedule, 12-17, Insurance Companies, Reinsurance [Line Items]
Ceding Percentage		17.50%
Ceding Commission		20.00%
Profit Commission		58.00%

Investments - Narrative (Details) $ in Thousands	3 Months Ended		9 Months Ended
Investments - Narrative (Details) $ in Thousands	Sep. 30, 2023 USD ($) security	Sep. 30, 2022 USD ($)	Sep. 30, 2023 USD ($) security	Sep. 30, 2022 USD ($)	Dec. 31, 2022 USD ($) security
Investments available for sale
Number of investment securities in an unrealized loss position \| security	2,624		2,624		2,578
Impairment loss	$ 0	$ 105	$ 176	$ 7,411
Other invested assets	272,619		272,619		$ 257,941
Fair value of investments deposited with insurance regulatory authorities	9,400		9,400		9,100
Essent Re
Investments available for sale
Fair value of the required investments on deposit in trusts	1,000,000		1,000,000		972,400
Essent Guaranty
Investments available for sale
Assets on deposit under reinsurance agreement	5,000		5,000		8,600
Assets on deposit for the benefit of the sponsor	9,000		9,000		$ 9,100
Limited Partnership Investments
Investments available for sale
Other assets, fair value	$ 137,400		137,400
Funding commitments			$ 49,000
Limited Partnership Investments \| Minimum
Investments available for sale
Asset liquidation period			1 year
Limited Partnership Investments \| Maximum
Investments available for sale
Asset liquidation period			9 years
Securities \| Credit Concentration Risk \| Internal Investment Grade
Investments available for sale
Concentration risk, percentage			98.00%

Reserve for Losses and Loss Adjustment Expenses - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended	9 Months Ended		21 Months Ended
	Jun. 30, 2022	Mar. 31, 2022	Jun. 30, 2022	Sep. 30, 2023	Sep. 30, 2022	Dec. 31, 2021
Liability for Claims and Claims Adjustment Expense [Line Items]
Incurred claims and claim adjustment expenses				$ 7,496	$ 3,339
Favorable prior year development				(89,645)	(242,041)
Reserve for losses and LAE, for prior years				104,700	136,100
Net reserves acquired during the period				14,513	$ 0
Reduction of reserves on hurricane-related defaults			$ 164,100
Agents National Title
Liability for Claims and Claims Adjustment Expense [Line Items]
Net reserves acquired during the period				14,500
Reinsurance recoverables				$ 100
COVID-19
Liability for Claims and Claims Adjustment Expense [Line Items]
Reserve rate	2.00%	4.00%				7.00%

Debt Obligations (Details) - USD ($)		9 Months Ended
Debt Obligations (Details) - USD ($)	Sep. 30, 2023	Sep. 30, 2023	Dec. 31, 2022
Credit Facility [Line Items]
Credit facility expiration period		5 years
Committed capacity	$ 825,000,000	$ 825,000,000
Amount outstanding, gross	$ 425,000,000	$ 425,000,000	$ 425,000,000
Weighted average interest rate during period	7.07%	7.07%	6.02%
Revolving Credit Facility
Credit Facility [Line Items]
Line of credit facility, accordion feature	$ 175,000,000	$ 175,000,000
Credit facility, commitment fee rate	0.25%

Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Investments
Total investments available for sale	$ 4,997,688	$ 4,741,625
Other invested assets	272,619	257,941
Total investments	5,270,307	4,999,566
Cash	96,779	81,240
Accrued investment income	36,651	33,162
Accounts receivable	68,332	57,399
Deferred policy acquisition costs	9,375	9,910
Property and equipment (at cost, less accumulated depreciation of $70,011 in 2023 and $67,352 in 2022)	40,710	19,571
Prepaid federal income tax	461,386	418,460
Goodwill and intangible assets, net	64,271	0
Other assets	46,389	104,489
Total assets	6,094,200	5,723,797
Liabilities
Reserve for losses and LAE	241,333	216,464
Unearned premium reserve	147,712	162,887
Net deferred tax liability	329,721	356,810
Credit facility borrowings (at carrying value, less unamortized deferred costs of $3,344 in 2023 and $4,136 in 2022)	421,656	420,864
Other accrued liabilities	145,771	104,463
Total liabilities	1,286,193	1,261,488
Commitments and contingencies (see Note 7)
Stockholders’ Equity
Common shares, $0.015 par value: Authorized - 233,333; issued and outstanding - 106,887 shares in 2023 and 107,683 shares in 2022	1,603	1,615
Additional paid-in capital	1,309,717	1,350,377
Accumulated other comprehensive loss	(436,383)	(382,790)
Retained earnings	3,933,070	3,493,107
Total stockholders’ equity	4,808,007	4,462,309
Total liabilities and stockholders’ equity	6,094,200	5,723,797
Fixed maturities
Investments
Total investments available for sale	4,241,757	4,489,598
Short-term investments
Investments
Total investments available for sale	$ 755,931	$ 252,027

Reinsurance - Effect on Net Premiums Written and Earned (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Net premiums written:
Direct	$ 270,868	$ 239,773	$ 759,526	$ 692,687
Ceded	(30,294)	(30,543)	(103,431)	(73,384)
Net premiums written	240,574	209,230	656,095	619,303
Net premiums earned:
Direct	277,099	238,477	774,723	708,659
Ceded	(30,294)	(30,543)	(103,431)	(73,384)
Net premiums earned	$ 246,805	$ 207,934	$ 671,292	$ 635,275

Statutory Accounting

9 Months Ended

Sep. 30, 2023

Insurance [Abstract]

Statutory Accounting

Our U.S. insurance subsidiaries prepare statutory-basis financial statements in accordance with the accounting practices prescribed or permitted by their respective state’s department of insurance, which is a comprehensive basis of accounting other than GAAP. We did not use any prescribed or permitted statutory accounting practices (individually or in the aggregate) that resulted in reported statutory surplus or capital that was significantly different from the statutory surplus or capital that would have been reported had National Association of Insurance Commissioners’ statutory accounting practices been followed. The following table presents Essent Guaranty’s and Essent PA’s statutory net income, statutory surplus and contingency reserve liability as of and for the nine months ended September 30:


(In thousands)	2023		2022
Essent Guaranty
Statutory net income	$	312,583	$	479,389
Statutory surplus	989,933		1,023,440
Contingency reserve liability	2,213,400		1,990,536

Essent PA
Statutory net (loss) income	$	(3,174)	$	1,179
Statutory surplus	52,292		57,489
Contingency reserve liability	53,883		57,189

Net income determined in accordance with statutory accounting practices differs from GAAP. In 2023 and 2022, the more significant differences between net income determined under statutory accounting practices and GAAP for Essent Guaranty and Essent PA relate to policy acquisition costs and income taxes. Under statutory accounting practices, policy acquisition costs are expensed as incurred while such costs are capitalized and amortized to expense over the life of the policy under GAAP. We are eligible for a tax deduction, subject to certain limitations for amounts required by state law or regulation to be set aside in statutory contingency reserves when we purchase non-interest-bearing United States Mortgage Guaranty Tax and Loss Bonds (“T&L Bonds”) issued by the Treasury Department. Under statutory accounting practices, this deduction reduces the tax provision recorded by Essent Guaranty and Essent PA and, as a result, increases statutory net income and surplus as compared to net income and equity determined in accordance with GAAP.

At September 30, 2023 and 2022, the statutory capital of our U.S. insurance subsidiaries, which is defined as the total of statutory surplus and contingency reserves, was in excess of the statutory capital necessary to satisfy their regulatory requirements.

Effective December 31, 2015, Fannie Mae and Freddie Mac, at the direction of the Federal Housing Finance Agency, implemented new coordinated Private Mortgage Insurer Eligibility Requirements, which we refer to as the "PMIERs." The PMIERs represent the standards by which private mortgage insurers are eligible to provide mortgage insurance on loans owned or guaranteed by Fannie Mae and Freddie Mac. The PMIERs include financial strength requirements incorporating a risk-based framework that require approved insurers to have a sufficient level of liquid assets from which to pay claims. The PMIERs also include enhanced operational performance expectations and define remedial actions that apply should an approved insurer fail to comply with these requirements. In 2018, the GSEs released revised PMIERs framework ("PMIERs 2.0") which became effective on March 31, 2019. As of September 30, 2023, Essent Guaranty, our GSE-approved mortgage insurance company, was in compliance with PMIERs 2.0.

Statement of Statutory Accounting Principles No. 58, Mortgage Guaranty Insurance, requires mortgage insurers to establish a special contingency reserve for statutory accounting purposes included in total liabilities equal to 50% of earned premium for that year. This reserve is required to be maintained for a period of 120 months to protect against the effects of adverse economic cycles. After 120 months, the reserve is released to unassigned funds. In the event an insurer’s loss ratio in any calendar year exceeds 35%, however, the insurer may, after regulatory approval, release from its contingency reserves an amount equal to the excess portion of such losses. During the nine months ended September 30, 2023, Essent Guaranty increased its contingency reserve by $164.7 million and Essent PA decreased its contingency reserve by $2.9 million. During the nine months ended September 30, 2023 and 2022, Essent Guaranty released contingency reserves of $38.2 million and

$11.8 million, respectively, and Essent PA released contingency reserves of $3.3 million and $0.9 million, respectively, to unassigned funds upon completion of the 120 month holding period.

Under The Insurance Act 1978, as amended, and related regulations of Bermuda (the "Insurance Act"), Essent Re is required to annually prepare statutory financial statements and a statutory financial return in accordance with the financial reporting provisions of the Insurance Act, which is a basis other than GAAP. The Insurance Act also requires that Essent Re maintain minimum share capital of $1 million and must ensure that the value of its general business assets exceeds the amount of its general business liabilities by an amount greater than the prescribed minimum solvency margins and enhanced capital requirement pertaining to its general business. At December 31, 2022, all such requirements were met.

Essent Re's statutory capital and surplus was $1.7 billion as of September 30, 2023 and $1.5 billion as of December 31, 2022. Essent Re's statutory net income was $227.5 million and $178.5 million for the nine months ended September 30, 2023 and 2022, respectively. Statutory capital and surplus as of September 30, 2023 and December 31, 2022 and statutory net income in the nine months ended September 30, 2023 and 2022 determined in accordance with statutory accounting practices were not significantly different than the amounts determined under GAAP.

Statutory Accounting - Schedule of Statutory Net Income, Statutory Surplus and Contingency Reserve Liability (Details) - Affiliated Entity - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022
Essent Guaranty
Dividends Restrictions
Statutory net income (loss)	$ 312,583	$ 479,389
Statutory surplus	989,933	1,023,440
Contingency reserve liability	2,213,400	1,990,536
Essent PA
Dividends Restrictions
Statutory net income (loss)	(3,174)	1,179
Statutory surplus	52,292	57,489
Contingency reserve liability	$ 53,883	$ 57,189

Condensed Consolidated Statements of Comprehensive Income (Unaudited) (Parenthetical) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Statement of Comprehensive Income [Abstract]
Change in unrealized appreciation (depreciation) of investments, tax expense (benefit)	$ (12,800)	$ (22,000)	$ (8,418)	$ (82,132)

Fair Value of Financial Instruments

9 Months Ended

Sep. 30, 2023

Fair Value Disclosures [Abstract]

Fair Value of Financial Instruments

We carry certain of our financial instruments at fair value. We define fair value as the current amount that would be exchanged to sell an asset or transfer a liability, other than in a forced liquidation.

Fair Value Hierarchy

ASC No. 820 specifies a hierarchy of valuation techniques based on whether the inputs to those valuation techniques are observable or unobservable. Observable inputs reflect market data obtained from independent sources, while unobservable inputs reflect our market assumptions. The level within the fair value hierarchy to measure the financial instrument shall be determined based on the lowest level input that is significant to the fair value measurement. The three levels of the fair value hierarchy are as follows:

•Level 1 — Quoted prices for identical instruments in active markets accessible at the measurement date.

•Level 2 — Quoted prices for similar instruments in active markets; quoted prices for identical or similar instruments in markets that are not active; and valuations in which all significant inputs are observable in active markets. Inputs are observable for substantially the full term of the financial instrument.

•Level 3 — Valuations derived from one or more significant inputs that are unobservable.

Determination of Fair Value

When available, we generally use quoted market prices to determine fair value and classify the financial instrument in Level 1. In cases where quoted market prices for similar financial instruments are available, we utilize these inputs for valuation techniques and classify the financial instrument in Level 2. In cases where quoted market prices are not available, fair values are based on estimates using discounted cash flows, present value or other valuation techniques. Those techniques are significantly affected by the assumptions used, including the discount rates and estimates of future cash flows and we classify the financial instrument in Level 3. Accordingly, the fair value estimates may not be realized in an immediate settlement of the instrument.

We used the following methods and assumptions in estimating fair values of financial instruments:

•Investments available for sale — Investments available for sale are valued using quoted market prices in active markets, when available, and those investments are classified as Level 1 of the fair value hierarchy. Level 1 investments available for sale include investments such as U.S. Treasury securities and money market funds. Investments available for sale are classified as Level 2 of the fair value hierarchy if quoted market prices are not available and fair values are estimated using quoted prices of similar securities or recently executed transactions for the securities. U.S. agency securities, U.S. agency mortgage-backed securities, municipal debt securities, non-U.S. government securities, corporate debt securities, residential and commercial mortgage securities and asset-backed securities are classified as Level 2 investments.

We use independent pricing sources to determine the fair value of securities available for sale in Level 1 and Level 2 of the fair value hierarchy. We use one primary pricing service to provide individual security pricing based on observable market data and receive one quote per security. To ensure securities are appropriately classified in the fair value hierarchy, we review the pricing techniques and methodologies of the independent pricing service and believe that their policies adequately consider market activity, either based on specific transactions for the issue valued or based on modeling of securities with similar credit quality, duration, yield and structure that were recently traded. U.S. agency securities, U.S. agency mortgage-backed securities, municipal debt securities, non-U.S. government securities and corporate debt securities are valued by our primary vendor using recently executed transactions and proprietary models based on observable inputs, such as interest rate spreads, yield curves and credit risk. Residential and commercial mortgage securities and asset-backed securities are valued by our primary vendor using proprietary models based on observable inputs, such as interest rate spreads, prepayment speeds and credit risk. As part of our evaluation of investment prices provided by our primary pricing service, we obtained and reviewed their pricing methodologies which include a description of how each security type is evaluated and priced. We review the reasonableness of prices received from our primary pricing service by comparison to prices obtained from additional pricing sources. We have not made any adjustments to the prices obtained from our primary pricing service.

Assets and Liabilities Measured at Fair Value


September 30, 2023 (In thousands)	Quoted Prices in Active Markets for Identical Instruments (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Total
Recurring fair value measurements
Financial Assets:
U.S. Treasury securities	$	879,185	$	—	$	—	$	879,185
U.S. agency securities	—		7,180		—		7,180
U.S. agency mortgage-backed securities	—		750,938		—		750,938
Municipal debt securities	—		562,510		—		562,510
Non-U.S. government securities	—		48,571		—		48,571
Corporate debt securities	—		1,280,433		—		1,280,433
Residential and commercial mortgage securities	—		493,693		—		493,693
Asset-backed securities	—		614,818		—		614,818
Money market funds	360,360		—		—		360,360
Total assets at fair value (1) (2)	$	1,239,545	$	3,758,143	$	—	$	4,997,688


December 31, 2022 (In thousands)	Quoted Prices in Active Markets for Identical Instruments (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Total
Recurring fair value measurements
Financial Assets:
U.S. Treasury securities	$	556,438	$	—	$	—	$	556,438
U.S. agency securities	—		49,058		—		49,058
U.S. agency mortgage-backed securities	—		783,743		—		783,743
Municipal debt securities	—		602,690		—		602,690
Non-U.S. government securities	—		62,399		—		62,399
Corporate debt securities	—		1,414,321		—		1,414,321
Residential and commercial mortgage securities	—		511,824		—		511,824
Asset-backed securities	—		624,561		—		624,561
Money market funds	136,591		—		—		136,591
Total assets at fair value (1) (2)	$	693,029	$	4,048,596	$	—	$	4,741,625

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References + Details

Fair Value of Financial Instruments (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Financial Assets:
Fair Value	$ 4,997,688	$ 4,741,625
Recurring
Financial Assets:
Total assets at fair value	4,997,688	4,741,625
Recurring \| U.S. Treasury securities
Financial Assets:
Fair Value	879,185	556,438
Recurring \| U.S. agency securities
Financial Assets:
Fair Value	7,180	49,058
Recurring \| U.S. agency mortgage-backed securities
Financial Assets:
Fair Value	750,938	783,743
Recurring \| Municipal debt securities
Financial Assets:
Fair Value	562,510	602,690
Recurring \| Non-U.S. government securities:
Financial Assets:
Fair Value	48,571	62,399
Recurring \| Corporate debt securities
Financial Assets:
Fair Value	1,280,433	1,414,321
Recurring \| Residential and commercial mortgage securities
Financial Assets:
Fair Value	493,693	511,824
Recurring \| Asset-backed securities
Financial Assets:
Fair Value	614,818	624,561
Recurring \| Money market funds
Financial Assets:
Fair Value	360,360	136,591
Recurring \| Quoted Prices in Active Markets for Identical Instruments (Level 1)
Financial Assets:
Total assets at fair value	1,239,545	693,029
Recurring \| Quoted Prices in Active Markets for Identical Instruments (Level 1) \| U.S. Treasury securities
Financial Assets:
Fair Value	879,185	556,438
Recurring \| Quoted Prices in Active Markets for Identical Instruments (Level 1) \| U.S. agency securities
Financial Assets:
Fair Value	0	0
Recurring \| Quoted Prices in Active Markets for Identical Instruments (Level 1) \| U.S. agency mortgage-backed securities
Financial Assets:
Fair Value	0	0
Recurring \| Quoted Prices in Active Markets for Identical Instruments (Level 1) \| Municipal debt securities
Financial Assets:
Fair Value	0	0
Recurring \| Quoted Prices in Active Markets for Identical Instruments (Level 1) \| Non-U.S. government securities:
Financial Assets:
Fair Value	0	0
Recurring \| Quoted Prices in Active Markets for Identical Instruments (Level 1) \| Corporate debt securities
Financial Assets:
Fair Value	0	0
Recurring \| Quoted Prices in Active Markets for Identical Instruments (Level 1) \| Residential and commercial mortgage securities
Financial Assets:
Fair Value	0	0
Recurring \| Quoted Prices in Active Markets for Identical Instruments (Level 1) \| Asset-backed securities
Financial Assets:
Fair Value	0	0
Recurring \| Quoted Prices in Active Markets for Identical Instruments (Level 1) \| Money market funds
Financial Assets:
Fair Value	360,360	136,591
Recurring \| Significant Other Observable Inputs (Level 2)
Financial Assets:
Total assets at fair value	3,758,143	4,048,596
Recurring \| Significant Other Observable Inputs (Level 2) \| U.S. Treasury securities
Financial Assets:
Fair Value	0	0
Recurring \| Significant Other Observable Inputs (Level 2) \| U.S. agency securities
Financial Assets:
Fair Value	7,180	49,058
Recurring \| Significant Other Observable Inputs (Level 2) \| U.S. agency mortgage-backed securities
Financial Assets:
Fair Value	750,938	783,743
Recurring \| Significant Other Observable Inputs (Level 2) \| Municipal debt securities
Financial Assets:
Fair Value	562,510	602,690
Recurring \| Significant Other Observable Inputs (Level 2) \| Non-U.S. government securities:
Financial Assets:
Fair Value	48,571	62,399
Recurring \| Significant Other Observable Inputs (Level 2) \| Corporate debt securities
Financial Assets:
Fair Value	1,280,433	1,414,321
Recurring \| Significant Other Observable Inputs (Level 2) \| Residential and commercial mortgage securities
Financial Assets:
Fair Value	493,693	511,824
Recurring \| Significant Other Observable Inputs (Level 2) \| Asset-backed securities
Financial Assets:
Fair Value	614,818	624,561
Recurring \| Significant Other Observable Inputs (Level 2) \| Money market funds
Financial Assets:
Fair Value	0	0
Recurring \| Significant Unobservable Inputs (Level 3)
Financial Assets:
Total assets at fair value	0	0
Recurring \| Significant Unobservable Inputs (Level 3) \| U.S. Treasury securities
Financial Assets:
Fair Value	0	0
Recurring \| Significant Unobservable Inputs (Level 3) \| U.S. agency securities
Financial Assets:
Fair Value	0	0
Recurring \| Significant Unobservable Inputs (Level 3) \| U.S. agency mortgage-backed securities
Financial Assets:
Fair Value	0	0
Recurring \| Significant Unobservable Inputs (Level 3) \| Municipal debt securities
Financial Assets:
Fair Value	0	0
Recurring \| Significant Unobservable Inputs (Level 3) \| Non-U.S. government securities:
Financial Assets:
Fair Value	0	0
Recurring \| Significant Unobservable Inputs (Level 3) \| Corporate debt securities
Financial Assets:
Fair Value	0	0
Recurring \| Significant Unobservable Inputs (Level 3) \| Residential and commercial mortgage securities
Financial Assets:
Fair Value	0	0
Recurring \| Significant Unobservable Inputs (Level 3) \| Asset-backed securities
Financial Assets:
Fair Value	0	0
Recurring \| Significant Unobservable Inputs (Level 3) \| Money market funds
Financial Assets:
Fair Value	$ 0	$ 0

Commitments and Contingencies - (Details) - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022
Indemnifications Related to Contract Underwriting Services
Loss Contingencies [Line Items]
Amount paid for remedies (less than nine months ended September 30, 2023)	$ 0.0	$ 0.1

Acquisitions

9 Months Ended

Sep. 30, 2023

Business Combination and Asset Acquisition [Abstract]

Acquisitions

Effective July 1, 2023, Essent Holdings acquired all of the issued and outstanding shares of capital stock of Agents National Title Holding Company (“Agents National Title”) and the issued and outstanding membership interests of Boston National Holdings LLC (“Boston National Title”) for $92.6 million in cash in a single settlement with the seller. The purchase price is subject to further customary post-closing adjustments as described in a securities purchase agreement among the parties to the transaction. The acquisition provides complementary products and services to our mortgage insurance business, adding a team of seasoned title professionals to Essent and providing a platform to leverage our capital, lender network and operational expertise in a well-established, adjacent real estate sector.

The acquired businesses contributed revenues of $23.5 million, principally comprised of $20.6 million of net premiums earned and $2.0 million of settlement services revenues, which are included in other income, and pre-tax net losses of $4.0 million to our results for the three and nine months ended September 30, 2023. The following unaudited pro forma summary presents consolidated information for Essent as if the business combination had occurred on January 1, 2022.


	Pro Forma
	Three Months Ended September 30,				Nine Months Ended September 30,
(In thousands)	2023		2022		2023		2022
Revenues	$	296,108	$	286,512	$	856,595	$	880,321
Earnings	178,139		172,799		514,823		675,684

We did not have any material, nonrecurring pro forma adjustments directly attributable to the business combination included in the reported pro forma revenue and earnings. These pro forma amounts have been calculated after applying our accounting policies and adjusting the results of Agents National Title and Boston National Title to reflect the additional amortization that would have been charged to earnings assuming the fair value adjustments for the intangible assets acquired had been applied from January 1, 2022, including consequential income tax effects.

We incurred $0.2 million and $4.4 million of acquisition-related costs for the three and nine months ended September 30, 2023, respectively, as well as $3 million of acquisition-related costs during the fourth quarter of 2022. These expenses are included in other underwriting and operating expenses on our condensed consolidated income statement and are reflected in pro forma earnings for the three and nine months ended September 30, 2022 in the table above.


Consideration Paid:
Cash	$	92,625

Assets Acquired:
Cash and cash equivalents	5,864
Short-term investments	21,108
Fixed maturities available for sale	9,668
Identifiable intangible assets	26,300
Other assets	16,366
Liabilities Assumed:
Reserve for losses	14,613
Other liabilities	10,399
Total Identifiable Net Assets	$	54,294
Goodwill	$	38,331

The intangible assets acquired relate to agency relationships and customer lists, valued at $20.6 million and $5.7 million, respectively. The goodwill is primarily attributable to the workforce and state regulatory licenses associated with the acquired businesses, and $11.6 million of the goodwill is tax deductible. The carrying amount of goodwill was unchanged from July 1, 2023 through September 30, 2023. The fair value of the intangible assets and goodwill is provisional subject to post-closing adjustments and completion of the final valuation.

Stock-Based Compensation (Tables)

9 Months Ended

Sep. 30, 2023

Share-Based Payment Arrangement [Abstract]

Schedule of Nonvested Common Share and Nonvested Common Share Unit Activity

The following table summarizes nonvested common share, nonvested common share unit and DEU activity for the nine months ended September 30, 2023:


	Time and Performance- Based Share Awards			Time-Based Share Awards			Share Units			DEUs
(Shares in thousands)	Number of Shares	Weighted Average Grant Date Fair Value		Number of Shares	Weighted Average Grant Date Fair Value		Number of Share Units	Weighted Average Grant Date Fair Value		Dividend Equivalent Units	Weighted Average Grant Date Fair Value
Outstanding at beginning of year	647	$	20.99	138	$	45.94	350	$	45.51	37	$	40.86
Granted	300	12.66		75	43.51		561	40.74		29	44.18
Vested	(103)	51.52		(64)	46.65		(162)	47.83		(15)	40.29
Forfeited	—	—		—	—		(15)	39.19		—	41.30
Outstanding at September 30, 2023	844	$	14.29	149	$	44.40	734	$	41.47	51	$	42.92

Schedule of Portion of Nonvested Common Shares Earned based upon Achievement of Compounded Annual Book Value per share Growth

The portion of these nonvested performance-based share awards that will be earned is as follows:


		Relative Total Shareholder Return vs. S&P 1500 Financial Services Index
		≤25th percentile		50th percentile "Target"		≥75th percentile
Three-Year Book Value Per Share CAGR	10% "Target"	100	%	150	%	200	%
	9%	75	%	125	%	175	%
	8%	50	%	100	%	150	%
	6%	25	%	75	%	125	%
	5%	0	%	50	%	100	%

Schedule of Compensation Expense, Net of Forfeitures, and Related Tax Effects Recognized in Connection with Nonvested shares

Compensation expense, net of forfeitures, and related tax effects recognized in connection with nonvested shares was as follows:


	Three Months Ended September 30,				Nine Months Ended September 30,
(In thousands)	2023		2022		2023		2022
Compensation expense	$	4,479	$	4,702	$	13,939	$	13,707
Income tax benefit	888		930		2,767		2,715

Earnings per Share (EPS) - Narrative (Details) - shares	3 Months Ended		9 Months Ended
Earnings per Share (EPS) - Narrative (Details) - shares	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Earnings Per Share [Abstract]
Antidilutive nonvested shares (in shares)	65,435	10,417	64,108	90,413

Dividends Restrictions (Details) - USD ($)	3 Months Ended		9 Months Ended
Dividends Restrictions (Details) - USD ($)	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022	Dec. 31, 2022
Dividends Restrictions
Total equity	$ 4,808,007,000	$ 4,294,208,000	$ 4,808,007,000	$ 4,294,208,000	$ 4,462,309,000
Affiliated Entity \| Essent Guaranty
Dividends Restrictions
Unassigned surplus	284,600,000		284,600,000
Dividends paid to parent company	60,000,000	60,000,000	240,000,000	260,000,000
Amount available for dividend distribution	284,600,000		284,600,000
Affiliated Entity \| Essent PA
Dividends Restrictions
Unassigned surplus	13,300,000		13,300,000
Dividends paid to parent company	0	$ 0	0	$ 0
Amount available for dividend distribution	5,300,000		5,300,000
Affiliated Entity \| Essent Re
Dividends Restrictions
Total equity	1,700,000,000		1,700,000,000
Affiliated Entity \| Essent Re \| Minimum \| Quota Share Reinsurance
Dividends Restrictions
Total equity	$ 100,000,000		$ 100,000,000

Earnings per Share (EPS)

9 Months Ended

Sep. 30, 2023

Earnings Per Share [Abstract]

Earnings per Share (EPS)

The following table reconciles the net income and the weighted average common shares outstanding used in the computations of basic and diluted earnings per common share:


	Three Months Ended September 30,				Nine Months Ended September 30,
(In thousands, except per share amounts)	2023		2022		2023		2022
Net income	$	177,959	$	178,051	$	521,019	$	683,987

Basic weighted average shares outstanding	105,979		106,870		106,387		107,314
Dilutive effect of nonvested shares	1,046		467		845		418
Diluted weighted average shares outstanding	107,025		107,337		107,232		107,732

Basic earnings per share	$	1.68	$	1.67	$	4.90	$	6.37
Diluted earnings per share	$	1.66	$	1.66	$	4.86	$	6.35

There were 65,435 and 10,417 antidilutive shares for the three months ended September 30, 2023 and 2022, respectively, and 64,108 and 90,413 antidilutive shares for the nine months ended September 30, 2023 and 2022, respectively.

Nonvested performance-based share awards are considered contingently issuable for purposes of the EPS calculation. The 2023, 2022 and 2021 performance-based share awards vest based upon our compounded annual book value per share growth percentage and relative total shareholder return during a three-year performance period. The performance-based share awards granted in years before 2021 vest based upon our compounded annual book value per share growth percentage during a three-year performance period. The following table summarizes the performance-based shares issuable if the reporting date was the end of the contingency period.


	2023 Performance-Based Grants		2022 Performance-Based Grants		2021 Performance-Based Grants		2020 Performance-Based Grants
Reporting Date	Percent Issuable Relative to Target	As a Percent of Shares Issued	Percent Issuable Relative to Target	As a Percent of Shares Issued	Percent Issuable Relative to Target	As a Percent of Shares Issued	Percent Issuable Relative to Target and Shares Issued
September 30, 2023	200%	100%	200%	100%	157%	78.5%
September 30, 2022			146%	73%	100%	50%	100%

Reserve for Losses and Loss Adjustment Expenses (Tables)

9 Months Ended

Sep. 30, 2023

Liability for Future Policy Benefits and Unpaid Claims and Claims Adjustment Expense [Abstract]

Schedule of Reconciliation of Beginning and Ending Reserve Balances for Losses and Loss Adjustment Expenses (LAE)

The following table provides a reconciliation of the beginning and ending reserve balances for losses and loss adjustment expenses (“LAE”) for the nine months ended September 30:


(In thousands)	2023		2022
Reserve for losses and LAE at beginning of period	$	216,464	$	407,445
Less: Reinsurance recoverables	14,618		25,940
Net reserve for losses and LAE at beginning of period	201,846		381,505
Net reserves acquired during the period	14,513		—
Add provision for losses and LAE, net of reinsurance, occurring in:
Current period	101,547		63,236
Prior years	(89,645)		(242,041)
Net incurred losses and LAE during the current period	11,902		(178,805)
Deduct payments for losses and LAE, net of reinsurance, occurring in:
Current period	187		111
Prior years	7,496		3,339
Net loss and LAE payments during the current period	7,683		3,450
Net reserve for losses and LAE at end of period	220,578		199,250
Plus: Reinsurance recoverables	20,755		13,244
Reserve for losses and LAE at end of period	$	241,333	$	212,494

Reinsurance - Essent Guaranty's Excess of Insurance Linked Note and Loss Reinsurance Coverages and Retentions (Details) $ in Thousands	9 Months Ended
	Sep. 30, 2023 USD ($)
Radnor Re, Total
SEC Schedule, 12-17, Insurance Companies, Reinsurance [Line Items]
Remaining Insurance in Force	$ 147,078,565
Remaining Risk in Force	39,231,858
Remaining Reinsurance in Force	1,291,962
Remaining First Layer Retention	1,603,887
OXL, Total
SEC Schedule, 12-17, Insurance Companies, Reinsurance [Line Items]
Remaining Insurance in Force	89,508,319
Remaining Risk in Force	24,009,306
Remaining Reinsurance in Force	313,965
Remaining First Layer Retention	1,388,041
Reinsurance Policy, Type [Axis]: Vintage August 2022- June 2023 \| Radnor Re 2023-1
SEC Schedule, 12-17, Insurance Companies, Reinsurance [Line Items]
Remaining Insurance in Force	31,014,596
Remaining Risk in Force	8,478,658
Remaining Reinsurance in Force	281,462
Remaining First Layer Retention	281,462
Reinsurance Policy, Type [Axis]: Vintage Year Aug 2020 - Mar 2021 \| Radnor Re 2021-1 Ltd.
SEC Schedule, 12-17, Insurance Companies, Reinsurance [Line Items]
Remaining Insurance in Force	33,594,368
Remaining Risk in Force	8,642,916
Remaining Reinsurance in Force	339,120
Remaining First Layer Retention	278,796
Reinsurance Policy, Type [Axis]: Vintage Year Oct 2021 - Jul 2022 \| Radnor Re 2022-1 Ltd.
SEC Schedule, 12-17, Insurance Companies, Reinsurance [Line Items]
Remaining Insurance in Force	32,132,944
Remaining Risk in Force	8,669,748
Remaining Reinsurance in Force	237,868
Remaining First Layer Retention	303,660
Reinsurance Policy, Type [Axis]: Vintage Year Apr 2021 - Sep 2021 \| Radnor Re 2021-2 Ltd.
SEC Schedule, 12-17, Insurance Companies, Reinsurance [Line Items]
Remaining Insurance in Force	37,420,329
Remaining Risk in Force	10,079,502
Remaining Reinsurance in Force	361,449
Remaining First Layer Retention	279,231
Reinsurance Policy, Type [Axis]: Vintage Year Jan 2017 - Dec 2017 \| XOL 2018-1
SEC Schedule, 12-17, Insurance Companies, Reinsurance [Line Items]
Remaining Insurance in Force	4,920,622
Remaining Risk in Force	1,297,126
Remaining Reinsurance in Force	57,250
Remaining First Layer Retention	421,003
Reinsurance Policy, Type [Axis]: Vintage Year Jan 2018 - Dec 2018 \| Radnor Re 2019-1 Ltd.
SEC Schedule, 12-17, Insurance Companies, Reinsurance [Line Items]
Remaining Insurance in Force	5,730,888
Remaining Risk in Force	1,496,891
Remaining Reinsurance in Force	21,467
Remaining First Layer Retention	246,939
Reinsurance Policy, Type [Axis]: Vintage Year Jan 2018 - Dec 2018 \| XOL 2019-1
SEC Schedule, 12-17, Insurance Companies, Reinsurance [Line Items]
Remaining Insurance in Force	5,730,888
Remaining Risk in Force	1,496,891
Remaining Reinsurance in Force	76,144
Remaining First Layer Retention	246,939
Reinsurance Policy, Type [Axis]: Vintage Year Jan 2019 - Dec 2019 \| Radnor Re 2020-1 Ltd.
SEC Schedule, 12-17, Insurance Companies, Reinsurance [Line Items]
Remaining Insurance in Force	7,185,440
Remaining Risk in Force	1,864,143
Remaining Reinsurance in Force	50,596
Remaining First Layer Retention	213,798
Reinsurance Policy, Type [Axis]: Vintage Year Jan 2019 - Dec 2019 \| XOL 2020-1
SEC Schedule, 12-17, Insurance Companies, Reinsurance [Line Items]
Remaining Insurance in Force	7,185,440
Remaining Risk in Force	1,864,143
Remaining Reinsurance in Force	38,579
Remaining First Layer Retention	213,798
Reinsurance Policy, Type [Axis]: Vintage Year Oct 2021 - Dec 2022 \| XOL 2022-1
SEC Schedule, 12-17, Insurance Companies, Reinsurance [Line Items]
Remaining Insurance in Force	71,671,369
Remaining Risk in Force	19,351,146
Remaining Reinsurance in Force	141,992
Remaining First Layer Retention	$ 506,301

Capital Stock (Tables)

9 Months Ended

Sep. 30, 2023

Banking Regulation, Total Capital [Abstract]

Schedule of Dividends Declared and Paid

The following table presents the amounts declared and paid per common share each quarter:


Quarter Ended	2023		2022
March 31	$	0.25	$	0.20
June 30	0.25		0.21
September 30	0.25		0.22
December 31	—		0.23
Total dividends per common share declared and paid	$	0.75	$	0.86

Stock-Based Compensation - Narrative (Details) - USD ($) $ in Millions	1 Months Ended			9 Months Ended
	May 31, 2023	Feb. 28, 2023	Jan. 31, 2023	Sep. 30, 2023	Sep. 30, 2022
Stock-based compensation
Shares tendered by employees to pay employee withholding taxes (in shares)				114,471
Nonvested Shares, Share Units or DEU
Stock-based compensation
Total fair value of shares vested				$ 14.6	$ 17.3
Nonvested Shares or Share Units Outstanding
Stock-based compensation
Total unrecognized compensation expense				$ 31.2
Expected weighted average period for recognition of expense				2 years 7 months 6 days
Time-Based Share Awards \| Employee \| Share Units \| Incentive Program Bonus Award Fiscal Year Performance
Stock-based compensation
Vesting period			3 years
Time-Based Share Awards \| Employee \| Share Units \| Incentive Program Bonus Award Fiscal Year Performance \| First Vesting Date
Stock-based compensation
Vesting percentage		33.33%
Time-Based Share Awards \| Employee \| Share Units \| Incentive Program Bonus Award Fiscal Year Performance \| Second Vesting Date
Stock-based compensation
Vesting percentage		33.33%
Time-Based Share Awards \| Employee \| Share Units \| Incentive Program Bonus Award Fiscal Year Performance \| Third Vesting Date
Stock-based compensation
Vesting percentage		33.33%
2013 Plan
Stock-based compensation
Increase in number of shares authorized (in shares)	2,000,000
Shares authorized (in shares)				5,600,000
Number of share available for future grant (in shares)				3,800,000
2013 Plan \| Time-Based Share Awards \| Certain Senior Management \| Nonvested Shares
Stock-based compensation
Performance period		3 years
2013 Plan \| Time-Based Share Awards \| Certain Senior Management \| Nonvested Shares \| First Vesting Date
Stock-based compensation
Vesting percentage		33.33%
2013 Plan \| Time-Based Share Awards \| Certain Senior Management \| Nonvested Shares \| Second Vesting Date
Stock-based compensation
Vesting percentage		33.33%
2013 Plan \| Time-Based Share Awards \| Certain Senior Management \| Nonvested Shares \| Third Vesting Date
Stock-based compensation
Vesting percentage		33.33%
2013 Plan \| Vesting Based On Performance \| Certain Senior Management \| Nonvested Shares
Stock-based compensation
Performance period		3 years
2013 Plan \| Vesting Based On Performance \| Certain Senior Management \| Nonvested Shares \| Maximum
Stock-based compensation
Vesting percentile		200.00%

Investments - Schedule of Investments Available for Sale (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Investments available for sale
Amortized Cost	$ 5,502,929	$ 5,184,856
Unrealized Gains	604	4,273
Unrealized Losses	(505,845)	(447,504)
Fair Value	4,997,688	4,741,625
U.S. Treasury securities
Investments available for sale
Amortized Cost	909,138	584,173
Unrealized Gains	24	341
Unrealized Losses	(29,977)	(28,076)
Fair Value	879,185	556,438
U.S. agency securities
Investments available for sale
Amortized Cost	7,198	49,059
Unrealized Gains	0	7
Unrealized Losses	(18)	(8)
Fair Value	7,180	49,058
U.S. agency mortgage-backed securities
Investments available for sale
Amortized Cost	898,677	898,675
Unrealized Gains	0	258
Unrealized Losses	(147,739)	(115,190)
Fair Value	750,938	783,743
Municipal debt securities
Investments available for sale
Amortized Cost	637,536	661,934
Unrealized Gains	64	2,010
Unrealized Losses	(75,090)	(61,254)
Fair Value	562,510	602,690
Non-U.S. government securities
Investments available for sale
Amortized Cost	57,407	69,651
Unrealized Gains	0	0
Unrealized Losses	(8,836)	(7,252)
Fair Value	48,571	62,399
Corporate debt securities
Investments available for sale
Amortized Cost	1,428,873	1,546,513
Unrealized Gains	144	1,195
Unrealized Losses	(148,584)	(133,387)
Fair Value	1,280,433	1,414,321
Residential and commercial mortgage securities
Investments available for sale
Amortized Cost	563,358	577,915
Unrealized Gains	218	390
Unrealized Losses	(69,883)	(66,481)
Fair Value	493,693	511,824
Asset-backed securities
Investments available for sale
Amortized Cost	640,382	660,345
Unrealized Gains	154	72
Unrealized Losses	(25,718)	(35,856)
Fair Value	614,818	624,561
Money market funds
Investments available for sale
Amortized Cost	360,360	136,591
Unrealized Gains	0	0
Unrealized Losses	0	0
Fair Value	$ 360,360	$ 136,591

Earnings per Share (EPS) - Schedule of Percent of Shares Issuable Under Terms of Agreement (Details)	9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022
2023 Performance-Based Grants
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items]
Vesting percent	200.00%
Percentage of award issuable if current period end were end of contingency period	100.00%
2022 Performance-Based Grants
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items]
Performance period	3 years
Vesting percent	200.00%	146.00%
Percentage of award issuable if current period end were end of contingency period	100.00%	73.00%
2021 Performance-Based Grants
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items]
Performance period	3 years
Vesting percent	157.00%	100.00%
Percentage of award issuable if current period end were end of contingency period	78.50%	50.00%
2020 Performance-Based Grants
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items]
Vesting percent		100.00%

Stock-Based Compensation - Summary of Nonvested Common Share and Common Share Unit Activity (Details) shares in Thousands	9 Months Ended
	Sep. 30, 2023 $ / shares shares
Nonvested Shares \| Time and Performance- Based Share Awards
Number of Shares
Outstanding at beginning of year (in shares) \| shares	647
Granted (in shares) \| shares	300
Vested (in shares) \| shares	(103)
Forfeited (in shares) \| shares	0
Outstanding at end of period (in shares) \| shares	844
Weighted Average Grant Date Fair Value
Outstanding at beginning of year (in dollars per share) \| $ / shares	$ 20.99
Granted (in dollars per share) \| $ / shares	12.66
Vested (in dollars per share) \| $ / shares	51.52
Forfeited (in dollars per share) \| $ / shares	0
Outstanding at end of period (in dollars per share) \| $ / shares	$ 14.29
Nonvested Shares \| Time-Based Share Awards
Number of Shares
Outstanding at beginning of year (in shares) \| shares	138
Granted (in shares) \| shares	75
Vested (in shares) \| shares	(64)
Forfeited (in shares) \| shares	0
Outstanding at end of period (in shares) \| shares	149
Weighted Average Grant Date Fair Value
Outstanding at beginning of year (in dollars per share) \| $ / shares	$ 45.94
Granted (in dollars per share) \| $ / shares	43.51
Vested (in dollars per share) \| $ / shares	46.65
Forfeited (in dollars per share) \| $ / shares	0
Outstanding at end of period (in dollars per share) \| $ / shares	$ 44.40
Share Units
Number of Shares
Outstanding at beginning of year (in shares) \| shares	350
Granted (in shares) \| shares	561
Vested (in shares) \| shares	(162)
Forfeited (in shares) \| shares	(15)
Outstanding at end of period (in shares) \| shares	734
Weighted Average Grant Date Fair Value
Outstanding at beginning of year (in dollars per share) \| $ / shares	$ 45.51
Granted (in dollars per share) \| $ / shares	40.74
Vested (in dollars per share) \| $ / shares	47.83
Forfeited (in dollars per share) \| $ / shares	39.19
Outstanding at end of period (in dollars per share) \| $ / shares	$ 41.47
DEUs
Number of Shares
Outstanding at beginning of year (in shares) \| shares	37
Granted (in shares) \| shares	29
Vested (in shares) \| shares	(15)
Forfeited (in shares) \| shares	0
Outstanding at end of period (in shares) \| shares	51
Weighted Average Grant Date Fair Value
Outstanding at beginning of year (in dollars per share) \| $ / shares	$ 40.86
Granted (in dollars per share) \| $ / shares	44.18
Vested (in dollars per share) \| $ / shares	40.29
Forfeited (in dollars per share) \| $ / shares	41.30
Outstanding at end of period (in dollars per share) \| $ / shares	$ 42.92

Reinsurance - Excess of Loss Reinsurance Narrative (Details)	3 Months Ended	9 Months Ended
	Jun. 30, 2023	Sep. 30, 2023
Radnor Re 2019-1 Ltd.
SEC Schedule, 12-17, Insurance Companies, Reinsurance [Line Items]
Retired percent	90.00%
Radnor Re 2020-1 Ltd.
SEC Schedule, 12-17, Insurance Companies, Reinsurance [Line Items]
Retired percent	90.00%
Reinsurance Policy, Type [Axis]: Mortgage Insurance \| Other Reinsurance \| Essent Guaranty
SEC Schedule, 12-17, Insurance Companies, Reinsurance [Line Items]
Amortization period		10 years
Reinsurance Policy, Type [Axis]: Mortgage Insurance \| VIE \| Mortgage Insurance Linked Notes \| Radnor Re
SEC Schedule, 12-17, Insurance Companies, Reinsurance [Line Items]
Reinsurance retention policy, debt issued to cover insurance, term		10 years
Reinsurance Policy, Type [Axis]: Mortgage Insurance \| VIE \| Radnor Re
SEC Schedule, 12-17, Insurance Companies, Reinsurance [Line Items]
Amortization period		10 years

Recently Issued Accounting Standards (Policies)	9 Months Ended
Recently Issued Accounting Standards (Policies)	Sep. 30, 2023
Accounting Policies [Abstract]
Accounting Standards Adopted and Not Yet Adopted	Accounting Standards Adopted in 2023 In March 2020, the Financial Accounting Standards Board ("FASB") issued ASU No. 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting. The amendments in this update provide temporary optional guidance to ease the potential burden in accounting for (or recognizing the effects of) reference rate reform. It provides optional expedients and exceptions for applying generally accepted accounting principles to contract, hedging relationships and other transactions affected by reference rate reform if certain criteria are met. This standard may be elected and applied prospectively over time from March 12, 2020 through December 31, 2024, as amended by ASU 2022-06, as reference rate reform activities occur. The adoption of this ASU did not have a material impact on our consolidated financial statements. Accounting Standards Not Yet Adopted In June 2022, the FASB issued ASU No. 2022-03, Fair Value Measurement (Topic 820): Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions. This update clarifies the guidance in ASC 820 on the fair value measurement of an equity security that is subject to a contractual sale restriction and requires specific disclosures related to such an equity security. The update clarifies that a contractual sale restriction prohibiting the sale of an equity security is a characteristic of the reporting entity holding the equity security and is not included in the equity security's unit of account. Accordingly, an entity should not consider the contractual sale restriction when measuring the equity security’s fair value. The update also requires specific disclosures related to equity securities that are subject to contractual sale restrictions, including (1) the fair value of such equity securities reflected in the balance sheet, (2) the nature and remaining duration of the corresponding restrictions, and (3) any circumstances that could cause a lapse in the restrictions. The ASU is effective for fiscal years beginning after December 15, 2023, and interim periods within those fiscal years, with early adoption permitted. The adoption of this ASU is not expected to have a material effect on the Company's consolidated operating results or financial position.

Reinsurance - Summary of Total Assets and Maximum Exposure Loss (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Variable Interest Entity [Line Items]
Total VIE Assets	$ 6,094,200	$ 5,723,797
Radnor Re 2022-1 Ltd. \| Reinsurance Policy, Type [Axis]: Vintage Year Oct 2021 - Jul 2022
Variable Interest Entity [Line Items]
Reinsurance, Remaining Reinsurance In Force	237,868
VIE
Variable Interest Entity [Line Items]
Maximum Exposure to Loss, On - Balance Sheet	(9,487)
Maximum Exposure to Loss, Off - Balance Sheet	326
Maximum Exposure to Loss	(9,161)
VIE \| Radnor Re 2019-1 Ltd.
Variable Interest Entity [Line Items]
Maximum Exposure to Loss, On - Balance Sheet	69
Maximum Exposure to Loss, Off - Balance Sheet	3
Maximum Exposure to Loss	72
VIE \| Radnor Re 2020-1 Ltd.
Variable Interest Entity [Line Items]
Maximum Exposure to Loss, On - Balance Sheet	(245)
Maximum Exposure to Loss, Off - Balance Sheet	12
Maximum Exposure to Loss	(233)
VIE \| Radnor Re 2021-1 Ltd.
Variable Interest Entity [Line Items]
Maximum Exposure to Loss, On - Balance Sheet	(4,874)
Maximum Exposure to Loss, Off - Balance Sheet	60
Maximum Exposure to Loss	(4,814)
VIE \| Radnor Re 2021-2 Ltd.
Variable Interest Entity [Line Items]
Maximum Exposure to Loss, On - Balance Sheet	(5,231)
Maximum Exposure to Loss, Off - Balance Sheet	92
Maximum Exposure to Loss	(5,139)
VIE \| Radnor Re 2022-1 Ltd.
Variable Interest Entity [Line Items]
Maximum Exposure to Loss, On - Balance Sheet	574
Maximum Exposure to Loss, Off - Balance Sheet	72
Maximum Exposure to Loss	646
VIE \| Radnor Re 2023-1 Ltd.
Variable Interest Entity [Line Items]
Maximum Exposure to Loss, On - Balance Sheet	220
Maximum Exposure to Loss, Off - Balance Sheet	87
Maximum Exposure to Loss	$ 307

Condensed Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Revenues:
Net premiums written	$ 240,574	$ 209,230	$ 656,095	$ 619,303
Decrease in unearned premiums	6,231	(1,296)	15,197	15,972
Net premiums earned	246,805	207,934	671,292	635,275
Net investment income	47,072	32,594	135,558	86,613
Realized investment losses, net	(235)	175	(2,312)	(7,648)
(Loss) income from other invested assets	(3,143)	9,617	(10,697)	36,275
Other income	5,609	11,447	18,641	20,272
Total revenues	296,108	261,767	812,482	770,787
Losses and expenses:
Provision (benefit) for losses and LAE	10,822	4,252	11,902	(178,805)
Other underwriting and operating expenses	54,814	42,144	145,183	124,838
Premiums retained by agents	13,175	0	13,175	0
Interest expense	7,854	4,450	22,184	9,563
Total losses and expenses	86,665	50,846	192,444	(44,404)
Income before income taxes	209,443	210,921	620,038	815,191
Income tax expense	31,484	32,870	99,019	131,204
Net income	$ 177,959	$ 178,051	$ 521,019	$ 683,987
Earnings per share:
Basic (in dollars per share)	$ 1.68	$ 1.67	$ 4.90	$ 6.37
Diluted (in dollars per share)	$ 1.66	$ 1.66	$ 4.86	$ 6.35
Weighted average shares outstanding:
Basic (in shares)	105,979	106,870	106,387	107,314
Diluted (in shares)	107,025	107,337	107,232	107,732
Net income	$ 177,959	$ 178,051	$ 521,019	$ 683,987
Other comprehensive income loss:
Change in unrealized appreciation (depreciation) of investments, net of tax expense (benefit) of ($12,800) and ($22,000) in the three months ended September 30, 2023 and 2022 and $(8,418) and ($82,132) in the nine months ended September 30, 2023 and 2022.	(76,248)	(137,010)	(53,593)	(474,284)
Total other comprehensive income loss	(76,248)	(137,010)	(53,593)	(474,284)
Comprehensive income	$ 101,711	$ 41,041	$ 467,426	$ 209,703

Investments - Net Investment Income (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Components of net investment income
Gross investment income	$ 49,014	$ 34,820	$ 141,283	$ 92,377
Investment expenses	(1,942)	(2,226)	(5,725)	(5,764)
Net investment income	47,072	32,594	135,558	86,613
Fixed maturities
Components of net investment income
Gross investment income	45,373	33,948	132,623	91,245
Short-term investments
Components of net investment income
Gross investment income	$ 3,641	$ 872	$ 8,660	$ 1,132

Commitments and Contingencies	9 Months Ended
Commitments and Contingencies	Sep. 30, 2023
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies Obligations under Guarantees Under the terms of CUW Solutions' contract underwriting agreements with lenders and subject to contractual limitations on liability, we agree to indemnify certain lenders against losses incurred in the event that we make an error in determining whether loans processed meet specified underwriting criteria, to the extent that such error materially restricts or impairs the salability of such loan, results in a material reduction in the value of such loan or results in the lender repurchasing the loan. The indemnification may be in the form of monetary or other remedies. No remedy payments were made in the nine months ended September 30, 2023, and we paid less than $0.1 million related to remedies in the nine months ended September 30, 2022. As of September 30, 2023, management believes any potential claims for indemnification related to contract underwriting services through September 30, 2023 are not material to our consolidated financial position or results of operations. In addition to the indemnifications discussed above, in the normal course of business, we enter into agreements or other relationships with third parties pursuant to which we may be obligated under specified circumstances to indemnify the counterparties with respect to certain matters. Our contractual indemnification obligations typically arise in the context of agreements entered into by us to, among other things, purchase or sell services, finance our business and business transactions, lease real property and license intellectual property. The agreements we enter into in the normal course of business generally require us to pay certain amounts to the other party associated with claims or losses if they result from our breach of the agreement, including the inaccuracy of representations or warranties. The agreements we enter into may also contain other indemnification provisions that obligate us to pay amounts upon the occurrence of certain events, such as the negligence or willful misconduct of our employees, infringement of third-party intellectual property rights or claims that performance of the agreement constitutes a violation of law. Generally, payment by us under an indemnification provision is conditioned upon the other party making a claim, and typically we can challenge the other party’s claims. Further, our indemnification obligations may be limited in time and/or amount, and in some instances, we may have recourse against third parties for certain payments made by us under an indemnification agreement or obligation. As of September 30, 2023, contingencies triggering material indemnification obligations or payments have not occurred historically and are not expected to occur. The nature of the indemnification provisions in the various types of agreements and relationships described above are believed to be low risk and pervasive, and we consider them to have a remote risk of loss or payment. We have not recorded any provisions on the condensed consolidated balance sheets related to indemnifications.

Nature of Operations and Basis of Presentation (Details) - state				9 Months Ended
	Jan. 01, 2021	Dec. 31, 2020	Mar. 31, 2019	Sep. 30, 2023
Affiliated Entity \| Essent Guaranty
Insurance Premium Revenue Recognition
Number of states in which the entity is licensed to write mortgage insurance				50
Affiliated Entity \| Essent Re \| Quota Share Reinsurance
Insurance Premium Revenue Recognition
Reinsurance percentage	35.00%	25.00%
Affiliated Entity \| Essent PA \| Reinsurance for Mortgage Insurance Coverage in Excess of 25%
Insurance Premium Revenue Recognition
Reinsurance for mortgage insurance coverage threshold (in excess of)			25.00%
Maximum
Insurance Premium Revenue Recognition
Residential mortgage down payment percentage for which mortgage insurance is generally required (less than)				20.00%

Statutory Accounting - Narrative (Details) - Affiliated Entity - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Dec. 31, 2022
Essent Guaranty
Dividends Restrictions
Increase in contingency reserve	$ 164,700
Released contingency reserve	38,200	$ 11,800
Statutory net income	312,583	479,389
Essent PA
Dividends Restrictions
Increase in contingency reserve	(2,900)
Released contingency reserve	3,300	900
Statutory net income	(3,174)	1,179
Essent Re
Dividends Restrictions
Statutory capital and surplus	1,700,000		$ 1,500,000
Statutory net income	$ 227,500	$ 178,500

Acquisitions - Schedule of Preliminary Valuation of Identifiable Assets Acquired and Liabilities Assumed (Details) - Boston National Title - USD ($) $ in Thousands	Jul. 01, 2023	Sep. 30, 2023
Consideration Paid:
Cash	$ 92,625
Assets Acquired:
Cash and cash equivalents	5,864
Short-term investments	21,108
Fixed maturities available for sale	9,668
Identifiable intangible assets	26,300
Other assets	16,366
Liabilities Assumed:
Reserve for losses	14,613
Other liabilities	10,399
Total Identifiable Net Assets	54,294
Goodwill	$ 38,331
Customer Relationships
Assets Acquired:
Identifiable intangible assets		$ 20,600
Customer Lists
Assets Acquired:
Identifiable intangible assets		$ 5,700

Capital Stock - Dividends (Details) - $ / shares		3 Months Ended								12 Months Ended
Capital Stock - Dividends (Details) - $ / shares	Dec. 11, 2023	Dec. 31, 2023	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Dec. 31, 2022	Sep. 30, 2022	Jun. 30, 2022	Mar. 31, 2022	Dec. 31, 2023	Dec. 31, 2022
Dividends Payable [Line Items]
Quarterly cash dividends declared (in dollars per share)			$ 0.25	$ 0.25	$ 0.25	$ 0.23	$ 0.22	$ 0.21	$ 0.20		$ 0.86
Quarterly cash dividends paid (in dollars per share)			$ 0.25	$ 0.25	$ 0.25	$ 0.23	$ 0.22	$ 0.21	$ 0.20		$ 0.86
Forecast
Dividends Payable [Line Items]
Quarterly cash dividends declared (in dollars per share)		$ 0								$ 0.75
Quarterly cash dividends paid (in dollars per share)	$ 0.25	$ 0								$ 0.75