0001448893-24-000015 | 10-K | XBRL Viewer

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Debt Obligations (Details) - USD ($)				12 Months Ended
Debt Obligations (Details) - USD ($)	Dec. 31, 2023	Dec. 10, 2021	Oct. 14, 2020	Dec. 31, 2023	Dec. 31, 2022
Credit Facility [Line Items]
Committed capacity	$ 825,000,000			$ 825,000,000
Credit facility expiration period			3 years	5 years
Amount outstanding, gross		$ 425,000,000			$ 425,000,000
Weighted average interest rate during period	7.11%			7.11%	6.02%
Existing term loans
Credit Facility [Line Items]
Repayment		225,000,000
Term Loan \| Essent Holdings
Credit Facility [Line Items]
Repayment		100,000,000
Revolving Credit Facility
Credit Facility [Line Items]
Credit facility, maximum borrowing capacity		400,000,000	$ 300,000,000
Line of credit facility, accordion feature		$ 175,000,000
Credit facility, commitment fee rate	0.25%

Schedule IV - Reinsurance

12 Months Ended

Dec. 31, 2023

SEC Schedule, 12-17, Insurance Companies, Reinsurance [Abstract]

Schedule IV - Reinsurance

Schedule IV—Reinsurance

Insurance Premiums Earned

Years Ended December 31, 2023, 2022 and 2021


($ in thousands)	Gross Amount	Ceded to Other Companies	Assumed from Other Companies	Net Amount	Assumed Premiums as a Percentage of Net Premiums
2023	1,051,405	(134,499)	—	916,906	0.0	%
2022	950,200	(107,673)	—	842,527	0.0	%
2021	983,457	(110,914)	—	872,543	0.0	%

Investments

12 Months Ended

Dec. 31, 2023

Investments, Debt and Equity Securities [Abstract]

Investments

Investments available for sale consist of the following:


December 31, 2023 (In thousands)	Amortized Cost		Unrealized Gains		Unrealized Losses		Fair Value
U.S. Treasury securities	$	1,014,076	$	1,434	$	(19,128)	$	996,382
U.S. agency securities	7,199		—		(4)		7,195
U.S. agency mortgage-backed securities	922,907		438		(101,999)		821,346
Municipal debt securities (1)	585,047		6,660		(44,449)		547,258
Non-U.S. government securities	77,516		—		(10,069)		67,447
Corporate debt securities (2)	1,380,533		4,425		(87,903)		1,297,055
Residential and commercial mortgage securities	571,163		286		(53,509)		517,940
Asset-backed securities	584,168		203		(19,376)		564,995
Money market funds	444,121		—		—		444,121
Total investments available for sale	$	5,586,730	$	13,446	$	(336,437)	$	5,263,739


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

_______________________________________________________________________________


	December 31,		December 31,
(1) The following table summarizes municipal debt securities as of :	2023		2022
Special revenue bonds	81.4	%	79.0	%
General obligation bonds	18.6		20.9

Tax allocation bonds	—		0.1

Total	100.0	%	100.0	%


	December 31,		December 31,
(2) The following table summarizes corporate debt securities as of :	2023		2022
Financial	42.0	%	40.5	%
Consumer, Non-Cyclical	15.9		17.9
Industrial	8.1		6.8
Communications	7.2		8.4
Consumer, Cyclical	7.1		6.8
Utilities	6.3		6.1
Technology	6.2		4.9
Energy	4.7		6.4
Basic Materials	2.5		2.1
Government	—		0.1
Total	100.0	%	100.0	%

The amortized cost and fair value of investments available for sale at December 31, 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	$	646,598	$	645,280
Due after 1 but within 5 years	313,901		301,424
Due after 5 but within 10 years	39,156		36,194
Due after 10 years	14,421		13,484
Subtotal	1,014,076		996,382
U.S. agency securities:
Due in 1 year	7,199		7,195
Due after 1 but within 5 years	—		—
Subtotal	7,199		7,195
Municipal debt securities:
Due in 1 year	2,139		2,121
Due after 1 but within 5 years	82,614		80,349
Due after 5 but within 10 years	138,354		130,186
Due after 10 years	361,940		334,602
Subtotal	585,047		547,258
Non-U.S. government securities:
Due in 1 year	—		—
Due after 1 but within 5 years	36,715		35,362
Due after 5 but within 10 years	5,530		4,520
Due after 10 years	35,271		27,565
Subtotal	77,516		67,447
Corporate debt securities:
Due in 1 year	176,918		175,145
Due after 1 but within 5 years	472,817		453,496
Due after 5 but within 10 years	581,238		543,115
Due after 10 years	149,560		125,299
Subtotal	1,380,533		1,297,055
U.S. agency mortgage-backed securities	922,907		821,346
Residential and commercial mortgage securities	571,163		517,940
Asset-backed securities	584,168		564,995
Money market funds	444,121		444,121
Total investments available for sale	$	5,586,730	$	5,263,739

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


	Year Ended December 31,
(In thousands)	2023		2022		2021
Realized gross gains	$	1,219	$	14,420	$	4,044
Realized gross losses	8,246		14,864		3,626
Impairment loss	177		12,728		—

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
December 31, 2023 (In thousands)	Fair Value		Gross Unrealized Losses		Fair Value		Gross Unrealized Losses		Fair Value		Gross Unrealized Losses
U.S. Treasury securities	$	139,398	$	(1,075)	$	355,921	$	(18,053)	$	495,319	$	(19,128)
U.S. agency securities	5,572		(2)		1,623		(2)		7,195		(4)
U.S. agency mortgage-backed securities	129,359		(1,616)		654,018		(100,383)		783,377		(101,999)
Municipal debt securities	59,301		(987)		297,039		(43,462)		356,340		(44,449)
Non-U.S. government securities	—		—		67,447		(10,069)		67,447		(10,069)
Corporate debt securities	119,764		(733)		905,606		(87,170)		1,025,370		(87,903)
Residential and commercial mortgage securities	31,936		(999)		459,789		(52,510)		491,725		(53,509)
Asset-backed securities	65,195		(347)		459,324		(19,029)		524,519		(19,376)

Total	$	550,525	$	(5,759)	$	3,200,767	$	(330,678)	$	3,751,292	$	(336,437)


	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 December 31, 2023 and 2022, we held 2,256 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 December 31, 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 98% of the securities at December 31, 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. We recorded impairments of $0.2 million and $12.7 million in the years ended December 31, 2023 and 2022, respectively. The impairments resulted from our intent to sell these securities subsequent to a reporting date. There were no impairments in the year ended December 31, 2021.

The Company's other invested assets at December 31, 2023 and December 31, 2022 totaled $277.2 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 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.

Through June 30, 2021, unrealized gains and losses reported by these entities were included in other comprehensive income (“OCI”). Subsequent to June 30, 2021, management concluded that unrealized gains and losses on these investments should be reflected in earnings rather than OCI. Income from other invested assets for the year ended December 31, 2021 includes $7.6 million of net unrealized gains that were accumulated in OCI at December 31, 2020.

Other invested assets that are accounted for at fair value using the net asset value (or its equivalent) as a practical expedient totaled $137.8 million as of December 31, 2023. The majority of these investments were in limited partnerships invested in real estate or consumer credit. At December 31, 2023, maximum future funding commitments were $47.7 million. For limited partnership investments that have a contractual expiration date, we expect the liquidation of the underlying assets to occur over the next two 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 $9.2 million at December 31, 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 $1,060.0 million at December 31, 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 5). The fair value of the assets on deposit was $5.1 million at December 31, 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 $9.2 million at December 31, 2023 and $9.1 million at December 31, 2022.

Net investment income consists of:


	Year Ended December 31,
(In thousands)	2023		2022		2021
Fixed maturities	$	178,829	$	129,530	$	94,117
Short-term investments	13,651		2,319		171
Gross investment income	192,480		131,849		94,288
Investment expenses	(6,341)		(7,440)		(5,523)
Net investment income	$	186,139	$	124,409	$	88,765

Reinsurance - Summary of Total Assets and Maximum Exposure Loss (Details) $ in Thousands	Dec. 31, 2023 USD ($)
Variable Interest Entity [Line Items]
Total VIE Assets	$ 1,164,043
Radnor Re 2020-1 \| Reinsurance Policy, Type [Axis]: Vintage Year Jan 2019 - Aug 2019
Variable Interest Entity [Line Items]
Total VIE Assets	2,350
Radnor Re 2020-1 \| Reinsurance Policy, Type [Axis]: Vintage Year Jan 2019 - Dec 2019
Variable Interest Entity [Line Items]
Total VIE Assets	2,350
Radnor Re 2021-1 \| Reinsurance Policy, Type [Axis]: Vintage Year Aug 2020 - Mar 2021
Variable Interest Entity [Line Items]
Total VIE Assets	309,199
Radnor Re 2021-2 \| Reinsurance Policy, Type [Axis]: Vintage Year Apr 2021 - Sep 2021
Variable Interest Entity [Line Items]
Total VIE Assets	339,890
Radnor Re 2022-1 \| Reinsurance Policy, Type [Axis]: Vintage Year Oct 2021 - Jul 2022
Variable Interest Entity [Line Items]
Total VIE Assets	231,142
Radnor Re 2023-1 \| Reinsurance Policy, Type [Axis]: Vintage August 2022- June 2023
Variable Interest Entity [Line Items]
Total VIE Assets	281,462
VIE
Variable Interest Entity [Line Items]
Maximum Exposure to Loss, On - Balance Sheet	(9,076)
Maximum Exposure to Loss, Off - Balance Sheet	298
Maximum Exposure to Loss, Total	(8,778)
Radnor Re 2020-1 Ltd. \| VIE
Variable Interest Entity [Line Items]
Maximum Exposure to Loss, On - Balance Sheet	13
Maximum Exposure to Loss, Off - Balance Sheet	1
Maximum Exposure to Loss, Total	14
Radnor Re 2021-1 Ltd. \| VIE
Variable Interest Entity [Line Items]
Maximum Exposure to Loss, On - Balance Sheet	(4,955)
Maximum Exposure to Loss, Off - Balance Sheet	53
Maximum Exposure to Loss, Total	(4,902)
Radnor Re 2021-2 \| VIE
Variable Interest Entity [Line Items]
Maximum Exposure to Loss, On - Balance Sheet	(5,212)
Maximum Exposure to Loss, Off - Balance Sheet	84
Maximum Exposure to Loss, Total	(5,128)
Radnor Re 2022-1 \| VIE
Variable Interest Entity [Line Items]
Maximum Exposure to Loss, On - Balance Sheet	600
Maximum Exposure to Loss, Off - Balance Sheet	67
Maximum Exposure to Loss, Total	667
Radnor Re 2023-1 Ltd. \| VIE
Variable Interest Entity [Line Items]
Maximum Exposure to Loss, On - Balance Sheet	478
Maximum Exposure to Loss, Off - Balance Sheet	93
Maximum Exposure to Loss, Total	$ 571

Cover Page - USD ($)	12 Months Ended
Cover Page - USD ($)	Dec. 31, 2023	Feb. 12, 2024	Jun. 30, 2023
Cover [Abstract]
Document Type	10-K
Document Annual Report	true
Document Period End Date	Dec. 31, 2023
Current Fiscal Year End Date	--12-31
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 Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
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
ICFR Auditor Attestation Flag	true
Document Financial Statement Error Correction [Flag]	false
Entity Shell Company	false
Entity Public Float			$ 4,854,460,525
Entity Common Stock, Shares Outstanding		106,872,556
Documents Incorporated by Reference	Portions of the registrant's proxy statement for the 2024 Annual General Meeting of Shareholders are incorporated by reference into Part III of this Annual Report on Form 10-K where indicated. Such Proxy Statement will be filed with the Securities and Exchange Commission within 120 days of the registrant's fiscal year ended December 31, 2023.
Entity Central Index Key	0001448893
Amendment Flag	false
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	FY

Schedule II - Condensed Financial Information of Registrant - Condensed Balance Sheets (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Assets
Total investments available for sale	$ 5,263,739	$ 4,741,625
Other invested assets	277,226	257,941
Cash	141,787	81,240
Other assets	51,051	104,489
Total assets	6,426,673	5,723,797
Liabilities
Credit facility borrowings (at carrying value, less unamortized deferred costs of $3,080 in 2023 and $4,136 in 2022)	421,920	420,864
Other accrued liabilities	139,070	104,463
Total liabilities	1,324,123	1,261,488
Commitments and contingencies
Stockholders' Equity
Common shares	1,599	1,615
Additional paid-in capital	1,299,869	1,350,377
Accumulated other comprehensive income	(280,496)	(382,790)
Retained earnings	4,081,578	3,493,107
Total stockholders' equity	5,102,550	4,462,309	$ 4,236,114
Total liabilities and stockholders' equity	6,426,673	5,723,797
Amortized cost	5,586,730	5,184,856
Unamortized deferred costs	3,080	4,136
Fixed maturities
Assets
Total investments available for sale	4,335,008	4,489,598
Stockholders' Equity
Amortized cost	4,658,168	4,932,574
Short-term investments
Assets
Total investments available for sale	928,731	252,027
Stockholders' Equity
Amortized cost	928,562	252,282
Parent Company
Assets
Total investments available for sale	168,550	294,340
Other invested assets	2,166	2,166
Cash	4,073	6,160
Due from affiliates	1,487	840
Investment in consolidated subsidiaries	5,346,888	4,577,128
Other assets	4,283	5,834
Total assets	5,527,447	4,886,468
Liabilities
Due to affiliates	415	752
Credit facility borrowings (at carrying value, less unamortized deferred costs of $3,080 in 2023 and $4,136 in 2022)	421,920	420,864
Other accrued liabilities	2,562	2,543
Total liabilities	424,897	424,159
Commitments and contingencies
Stockholders' Equity
Common shares	1,599	1,615
Additional paid-in capital	1,299,869	1,350,377
Accumulated other comprehensive income	(280,496)	(382,790)
Retained earnings	4,081,578	3,493,107
Total stockholders' equity	5,102,550	4,462,309
Total liabilities and stockholders' equity	5,527,447	4,886,468
Unamortized deferred costs	3,080	4,136
Parent Company \| Fixed maturities
Assets
Total investments available for sale	86,558	226,718
Stockholders' Equity
Amortized cost	94,221	249,284
Parent Company \| Short-term investments
Assets
Total investments available for sale	81,992	67,622
Stockholders' Equity
Amortized cost	$ 81,993	$ 67,783

Statutory Accounting (Tables)

12 Months Ended

Dec. 31, 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 years ended December 31:


(In thousands)	2023		2022		2021
Essent Guaranty
Statutory net income	$	431,266	$	590,505	$	497,652
Statutory surplus	1,004,104		1,020,034		1,043,866
Contingency reserve liability	2,265,713		2,048,740		1,792,671

Essent PA
Statutory net income	$	(3,055)	$	859	$	3,176
Statutory surplus	54,044		52,609		56,136
Contingency reserve liability	52,244		56,744		57,384

- 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

Reinsurance - Essent Guaranty's Excess of Loss Reinsurance Coverages and Retentions (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2023 USD ($)
SEC Schedule, 12-17, Insurance Companies, Reinsurance [Line Items]
Remaining Reinsurance in Force	$ 1,164,043
Radnor Re, Total
SEC Schedule, 12-17, Insurance Companies, Reinsurance [Line Items]
Remaining Insurance in Force	136,680,377
Remaining Risk in Force	36,669,308
Remaining Reinsurance in Force	1,164,043
Remaining First Layer Retention	$ 1,355,706
Radnor Re 2019-1
SEC Schedule, 12-17, Insurance Companies, Reinsurance [Line Items]
Retired percent	100.00%
Radnor Re 2020-1
SEC Schedule, 12-17, Insurance Companies, Reinsurance [Line Items]
Retired percent	99.00%
OXL
SEC Schedule, 12-17, Insurance Companies, Reinsurance [Line Items]
Remaining Insurance in Force	$ 82,868,070
Remaining Risk in Force	22,297,808
Remaining Reinsurance in Force	254,539
Remaining First Layer Retention	965,220
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	30,639,242
Remaining Risk in Force	8,380,934
Remaining Reinsurance in Force	281,462
Remaining First Layer Retention	281,463
Reinsurance Policy, Type [Axis]: Vintage Year Aug 2020 - Mar 2021 \| Radnor Re 2021-1
SEC Schedule, 12-17, Insurance Companies, Reinsurance [Line Items]
Remaining Insurance in Force	31,673,378
Remaining Risk in Force	8,233,067
Remaining Reinsurance in Force	309,199
Remaining First Layer Retention	278,638
Reinsurance Policy, Type [Axis]: Vintage Year Oct 2021 - Jul 2022 \| Radnor Re 2022-1
SEC Schedule, 12-17, Insurance Companies, Reinsurance [Line Items]
Remaining Insurance in Force	31,520,927
Remaining Risk in Force	8,522,229
Remaining Reinsurance in Force	231,142
Remaining First Layer Retention	303,324
Reinsurance Policy, Type [Axis]: Vintage Year Apr 2021 - Sep 2021 \| Radnor Re 2021-2
SEC Schedule, 12-17, Insurance Companies, Reinsurance [Line Items]
Remaining Insurance in Force	35,958,961
Remaining Risk in Force	9,735,395
Remaining Reinsurance in Force	339,890
Remaining First Layer Retention	279,051
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	5,503,086
Remaining Risk in Force	1,441,695
Remaining Reinsurance in Force	76,144
Remaining First Layer Retention	245,894
Reinsurance Policy, Type [Axis]: Vintage Year Jan 2019 - Aug 2019 \| Radnor Re 2020-1
SEC Schedule, 12-17, Insurance Companies, Reinsurance [Line Items]
Remaining Insurance in Force	6,887,869
Remaining Risk in Force	1,797,683
Remaining Reinsurance in Force	2,350
Remaining First Layer Retention	213,230
Reinsurance Policy, Type [Axis]: Vintage Year Jan 2019 - Dec 2019 \| Radnor Re 2020-1
SEC Schedule, 12-17, Insurance Companies, Reinsurance [Line Items]
Remaining Reinsurance in Force	2,350
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	6,887,869
Remaining Risk in Force	1,797,683
Remaining Reinsurance in Force	36,403
Remaining First Layer Retention	213,143
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	70,477,115
Remaining Risk in Force	19,058,430
Remaining Reinsurance in Force	141,992
Remaining First Layer Retention	$ 506,183

Statutory Accounting - Narrative (Details) - Affiliated Entity - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Essent Guaranty
Dividends Restrictions
Increase in contingency reserve	$ 217,000
Released contingency reserves	56,600	$ 19,400
Statutory net income	431,266	590,505	$ 497,652
Essent PA
Dividends Restrictions
Increase in contingency reserve	(4,500)
Released contingency reserves	5,100	1,500
Statutory net income	(3,055)	859	$ 3,176
Essent Re
Dividends Restrictions
Statutory capital and surplus	1,900,000	1,500,000
Statutory net income	$ 304,800	$ 315,000

Commitments and Contingencies - Narrative (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Loss Contingencies [Line Items]
Renewal term (up to)	15 years
Operating lease right-of-use asset	$ 32,200	$ 13,100
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration]	Property, Plant and Equipment, Net	Property, Plant and Equipment, Net
Operating Lease, Liability, Statement of Financial Position [Extensible List]	Other accrued liabilities	Other accrued liabilities
Operating lease liabilities	$ 37,984	$ 15,000
Lease cost	5,124	3,770	$ 2,566
Minimum sublease rental income, due in 2024	100
Loss contingency accrual	7,700
Indemnifications related to contract underwriting services
Loss Contingencies [Line Items]
Amount paid for remedies (less than)	$ 100	$ 100

Fair Value of Financial Instruments (Tables)

12 Months Ended

Dec. 31, 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.


December 31, 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	$	996,382	$	—	$	—	$	996,382
U.S. agency securities	—		7,195		—		7,195
U.S. agency mortgage-backed securities	—		821,346		—		821,346
Municipal debt securities	—		547,258		—		547,258
Non-U.S. government securities	—		67,447		—		67,447
Corporate debt securities	—		1,297,055		—		1,297,055
Residential and commercial mortgage securities	—		517,940		—		517,940
Asset-backed securities	—		564,995		—		564,995
Money market funds	444,121		—		—		444,121
Total assets at fair value (1) (2)	$	1,440,503	$	3,823,236	$	—	$	5,263,739


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)	$	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 consolidated balance sheet. See Note 5 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.

Commitments and Contingencies- Schedule of Lease Liability Maturity (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Commitments and Contingencies Disclosure [Abstract]
2024	$ 5,303
2025	5,543
2026	4,242
2027	4,166
2028	3,952
2029 and thereafter	25,223
Total lease payments to be paid	48,429
Less: Future interest expense	(10,445)
Present value of lease liabilities	$ 37,984	$ 15,000

Reinsurance

12 Months Ended

Dec. 31, 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 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:


	Year Ended December 31,
(In thousands)	2023		2022		2021
Net premiums written:
Direct	$	1,028,781	$	927,702	$	918,406
Ceded (1)	(134,499)		(107,673)		(110,914)
Net premiums written	$	894,282	$	820,029	$	807,492

Net premiums earned:
Direct	$	1,051,405	$	950,200	$	983,457
Ceded (1)	(134,499)		(107,673)		(110,914)
Net premiums earned	$	916,906	$	842,527	$	872,543

_______________________________________________________________________________

(1)Net of profit commission.

Quota Share Reinsurance

Essent Guaranty has entered into quota share reinsurance agreements with panels of third-party reinsurers ("QSR" agreements). Each of the third-party reinsurers has an insurer minimum 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 a percentage of risk 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, as well as 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 December 31, 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 these QSR agreements was $8.1 billion as of December 31, 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.

Effective June 1, 2022, 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. 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 certain 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.

The following table summarizes Essent Guaranty's excess of loss coverages and retentions provided by insurance linked notes as of December 31, 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 2020-1	Jan. 2019 - Aug. 2019	6,887,869		1,797,683		2,350		213,230		January 25, 2027
Radnor Re 2021-1	Aug. 2020 - Mar. 2021	31,673,378		8,233,067		309,199		278,638		June 26, 2028
Radnor Re 2021-2	Apr. 2021 - Sep. 2021	35,958,961		9,735,395		339,890		279,051		November 25, 2027
Radnor Re 2022-1	Oct. 2021 - Jul. 2022	31,520,927		8,522,229		231,142		303,324		September 25, 2028
Radnor Re 2023-1	Aug. 2022 - Jun. 2023	30,639,242		8,380,934		281,462		281,463		July 25, 2028
Total		$	136,680,377	$	36,669,308	$	1,164,043	$	1,355,706

The following table summarizes Essent Guaranty's excess of loss reinsurance coverages and retentions provided by panels of reinsurers as of December 31, 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 2019-1	Jan. 2018 - Dec. 2018	5,503,086		1,441,695		76,144		245,894			February 25, 2026
XOL 2020-1	Jan. 2019 - Dec. 2019	6,887,869		1,797,683		36,403		213,143		(1)	January 25, 2027
XOL 2022-1	Oct. 2021 - Dec. 2022	70,477,115		19,058,430		141,992		506,183			January 1, 2030
Total		$	82,868,070	$	22,297,808	$	254,539	$	965,220

(1) First layer retention shown is ILN retention level as a result of overlapping coverage within the vintage.

During the year ended December 31, 2023, Radnor Re 2019-1 and Radnor Re 2020-1 retired approximately 100% and 99%, respectively of their outstanding notes through tender offers made by these special purpose insurers. Effective January 1, 2024, Essent Guaranty entered into an excess of loss arrangement with a panel of reinsurers that covers policies issued from July 1, 2023 through December 31, 2023.

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 consolidated balance sheet and the estimated net present value of investment earnings on the assets in the reinsurance trusts, each as of December 31, 2023:


			Maximum Exposure to Loss
(In thousands)	Total VIE Assets		On - Balance Sheet		Off - Balance Sheet		Total



Radnor Re 2020-1 Ltd.	2,350		13		1		14
Radnor Re 2021-1 Ltd.	309,199		(4,955)		53		(4,902)
Radnor Re 2021-2 Ltd.	339,890		(5,212)		84		(5,128)
Radnor Re 2022-1 Ltd.	231,142		600		67		667
Radnor Re 2023-1 Ltd.	281,462		478		93		571
Total	$	1,164,043	$	(9,076)	$	298	$	(8,778)

The assets of Radnor Re are the source of reinsurance claim payments to Essent Guaranty and provide capital relief under the PMIERs financial strength requirements (see Note 16). A decline in the assets available to pay claims would reduce the capital relief available to Essent Guaranty.

Stock-Based Compensation - Summary of Compensation Expense, Net of Forfeitures (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Share-Based Payment Arrangement [Abstract]
Compensation expense	$ 18,446	$ 18,381	$ 20,844
Income tax benefit	$ 3,660	$ 3,636	$ 4,088

Commitments and Contingencies

12 Months Ended

Dec. 31, 2023

Commitments and Contingencies Disclosure [Abstract]

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. For each of the years ended December 31, 2023 and 2022, we paid less than $0.1 million related to remedies. As of December 31, 2023, management believes any potential claims for indemnification related to contract underwriting services through December 31, 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 December 31, 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 consolidated balance sheets related to these indemnifications.

Commitments

We lease office space for use in our operations under leases accounted for as operating leases. These leases generally include options to extend them for periods of up to fifteen years. Our option to extend the term of our primary office locations at the greater of existing or prevailing market rates was not recognized in our right-of-use asset and lease liability. When establishing the value of our right-of-use asset and lease liability, we determine the discount rate for the underlying leases using the prevailing market interest rate for a borrowing of the same duration of the lease plus the risk premium inherent in the borrowings under our Credit Facility. Operating lease right-of-use assets of $32.2 million and $13.1 million as of December 31, 2023 and 2022, respectively, are reported on our consolidated balance sheet as property and equipment. Operating lease liabilities of $38.0 million and $15.0 million as of December 31, 2023 and 2022, respectively, are reported on our consolidated balance sheet as other accrued liabilities. Total rent expense was $5.1 million, $3.8 million and $2.6 million for the years ended December 31, 2023, 2022 and 2021, respectively.

The following table presents lease cost and other lease information as of and for the years ended December 31:


	Year Ended December 31,
($ in thousands)	2023			2022			2021
Lease cost:
Operating lease cost	$	5,138		$	3,908		$	2,699
Short-term lease cost	128			—			2
Sublease income	(142)			(138)			(135)
Total lease cost	$	5,124		$	3,770		$	2,566
Other information:
Weighted average remaining lease term - operating leases	10.6 years			6.9 years			2.8 years
Weighted average discount rate - operating leases	4.5		%	3.6		%	4.0		%

The following table presents a maturity analysis of our lease liabilities as follows at December 31, 2023:


Year Ended December 31 (In thousands)
2024	$	5,303
2025	5,543
2026	4,242
2027	4,166
2028	3,952
2029 and thereafter	25,223
Total lease payments to be paid	48,429
Less: Future interest expense	(10,445)
Present value of lease liabilities	$	37,984

The maturity analysis of our lease liabilities shown above have not been reduced by minimum sublease rental income of $0.1 million due in 2024 under the non-cancelable sublease.

Contingencies

Our title operations may occasionally be named as a defendant in claims concerning alleged errors or omissions pertaining to the issuance of title policies or the performance of escrow services. The Company assesses pending and threatened claims to determine whether losses are probable and reasonably estimable in accordance with ASC 450, Contingencies. The Company maintains a claims reserve for potential losses related to title research and the related title policies sold by the Company as the agent. This reserve is subjective and is based on known claims and claims incurred but not yet reported to the Company. The Company monitors the claims reserve for adequacy on a quarterly basis. As of December 31, 2023 the Company had recorded a claims reserve on the Consolidated Balance Sheet of $7.7 million, which is included in other accrued liabilities.

Summary of Significant Accounting Policies

12 Months Ended

Dec. 31, 2023

Accounting Policies [Abstract]

Summary of Significant Accounting Policies

Use of Estimates

The preparation of financial statements in accordance with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting periods. Actual results could differ from those estimates.

Investments

Our fixed maturity and short-term investments are classified as available for sale as we may sell securities from time to time to provide liquidity and in response to changes in the market. Debt securities classified as available for sale are reported at fair value with unrealized gains and losses on these securities reported in other comprehensive income, net of deferred income taxes. See Note 15 for a description of the valuation methods for investments available for sale.

We monitor our fixed maturities for unrealized losses that appear to be other-than-temporary. A fixed maturity security is considered to be other-than-temporarily impaired when the security's fair value is less than its amortized cost basis and 1) we intend to sell the security, 2) it is more likely than not that we will be required to sell the security before recovery of the security's amortized cost basis, or 3) we believe we will be unable to recover the entire amortized cost basis of the security (i.e., a credit loss has occurred). When we determine that a credit loss has been incurred, but we do not intend to sell the security and it is not more likely than not that we will be required to sell the security before recovery of the security's amortized cost basis, the portion of the other-than-temporary impairment that is credit related is recorded as a realized loss in the consolidated statements of comprehensive income, and the portion of the other-than-temporary impairment that is not credit related is included in other comprehensive income. For those fixed maturities for which an other-than-temporary impairment has occurred, we adjust the amortized cost basis of the security and record a realized loss in the consolidated statements of comprehensive income.

We recognize purchase premiums and discounts in interest income using the interest method over the securities' estimated holding periods, until maturity, or call date, if applicable. Gains and losses on the sales of securities are recorded on the trade date and are determined using the specific identification method.

Short-term investments are defined as short-term, highly liquid investments, both readily convertible to cash and having maturities at acquisition of twelve months or less.

Other invested assets are principally comprised of limited partnership interests which are generally accounted for under the equity method of accounting or fair value using net asset value (or its equivalent) as a practical expedient, with changes in value reported in income from other invested assets. In applying the equity method or fair value using net asset value (or its equivalent) as a practical expedient, these investments are initially recorded at cost and are subsequently adjusted based on the Company’s proportionate share of the net income or loss of the partnership or changes in fair value. We have elected to classify distributions received from these investments using the cumulative earnings approach for purposes of classification in the statements of cash flows. Due to the timing of receiving financial information from these partnerships, the results are generally reported on a one month or quarter lag.

Long-Lived Assets

Property and equipment are stated at cost less accumulated depreciation and amortization. Depreciation is calculated using the straight-line method over the estimated useful lives of the assets. Repairs and maintenance are charged to expense as incurred. Estimated useful lives are 5 years for furniture and fixtures and 2 to 3 years for equipment, computer hardware and purchased software. Certain costs associated with the acquisition or development of internal-use software are capitalized. Once the software is ready for its intended use, these costs are amortized on a straight-line basis over the software's expected useful life, which is generally 3 years. We amortize leasehold improvements over the shorter of the lives of the leases or estimated service lives of the leasehold improvements. The balances by type were as follows at December 31:


	2023				2022
(In thousands)	Cost		Accumulated Depreciation/ Amortization		Cost		Accumulated Depreciation/ Amortization
Furniture and fixtures	$	4,244	$	(2,463)	$	2,809	$	(2,249)
Office equipment	1,672		(982)		1,012		(894)
Computer hardware	12,556		(11,273)		11,125		(10,607)
Purchased software	40,266		(39,271)		39,015		(38,358)
Costs of internal-use software	13,785		(12,593)		14,683		(11,332)
Leasehold improvements	7,708		(4,586)		5,171		(3,912)
Total	$	80,231	$	(71,168)	$	73,815	$	(67,352)

Deferred Policy Acquisition Costs

We defer certain personnel costs and premium tax expense directly related to the successful acquisition of new insurance policies and amortize these costs over the period the related estimated gross profits are recognized in order to match costs and revenues. We do not defer any underwriting costs associated with our contract underwriting services. Costs related to the acquisition of mortgage insurance business are initially deferred and reported as deferred policy acquisition costs. Consistent with industry accounting practice, amortization of these costs for each underwriting year book of business is recognized in proportion to estimated gross profits. Estimated gross profits are composed of earned premium, interest income, losses and loss adjustment expenses. The deferred costs are adjusted as appropriate for policy cancellations to be consistent with our revenue recognition policy. We estimate the rate of amortization to reflect actual experience and any changes to persistency or loss development. Deferred policy acquisition costs are reviewed periodically to determine that they do not exceed recoverable amounts, after considering investment income. Policy acquisition costs deferred were $2.6 million, $3.6 million and $5.8 million for the years ended December 31, 2023, 2022 and 2021, respectively. Amortization of deferred policy acquisition costs totaled $4.4 million, $5.8 million and $10.6 million for the years ended December 31, 2023, 2022 and 2021, respectively, and was included in other underwriting and operating expenses on the consolidated statements of comprehensive income.

Insurance Premium Revenue Recognition

Mortgage guaranty insurance policies are contracts that are generally non-cancelable by the insurer, are renewable at a fixed price, and provide for payment of premium on a monthly, annual or single basis. Upon renewal, we are not able to re-underwrite or re-price our policies. Consistent with industry accounting practices, premiums written on a monthly basis are earned as coverage is provided. Monthly policies accounted for 96% of earned premium in 2023. Premiums written on an annual basis are amortized on a pro rata basis over the year of coverage. Primary mortgage insurance written on policies covering more than one year are referred to as single premium policies. A portion of the revenue from single premium policies is recognized in earned premium in the current period, and the remaining portion is deferred as unearned premium and earned over the expected life of the policy. If single premium policies related to insured loans are cancelled due to repayment by the borrower, and the premium is non-refundable, then the remaining unearned premium related to each cancelled policy is recognized as earned premium upon notification of the cancellation. The Company recorded $6.3 million and $20.8 million of earned premium related to policy cancellations for the years ended December 31, 2023 and 2022, respectively. Unearned premium represents the portion of premium written that is applicable to the estimated unexpired risk of insured loans. Rates used to determine the earning of single premium policies are estimates based on an analysis of the expiration of risk.

Revenues from title policies issued by agents are recorded when notice of issuance is received from the agent, which is generally when cash payment is received by the Company.

A significant portion of our premium revenue relates to master policies with certain lending institutions. For the year ended December 31, 2023 one lender represented approximately 15% of our total revenue. The loss of this customer could have a significant impact on our revenues and results of operations.

Reserve for Losses and Loss Adjustment Expenses

We establish mortgage insurance reserves for losses based on our best estimate of ultimate claim costs for defaulted loans using the general principles contained in ASC No. 944, in accordance with industry practice. However, consistent with industry standards for mortgage insurers, we do not establish loss reserves for future claims on insured loans which are not currently in default. Loans are classified as in default when the borrower has missed two consecutive payments. Once we are notified that a borrower has defaulted, we will consider internal and third-party information and models, including the status of the loan as reported by its servicer and the type of loan product to determine the likelihood that a default will reach claim status. In addition, we will project the amount that we will pay if a default becomes a claim (referred to as "claim severity"). Based on this information, at each reporting date we determine our best estimate of loss reserves at a given point in time. Included in loss reserves are reserves for incurred but not reported ("IBNR") claims. IBNR reserves represent our estimated unpaid losses on loans that are in default, but have not yet been reported to us as delinquent by our customers. We will also establish reserves for associated loss adjustment expenses, consisting of the estimated cost of the claims administration process, including legal and other fees and expenses associated with administering the claims process. Establishing reserves is inherently subjective as it requires estimates that are susceptible to significant revision as more information becomes available. Our estimates of claim rates and claim sizes will be strongly influenced by prevailing economic conditions, such as the overall state of the economy, current rates or trends in unemployment, changes in housing values and/or interest rates, and our best judgments as to the future values or trends of these macroeconomic factors. Losses incurred are also generally affected by the characteristics of our insured loans, such as the loan amount, loan-to-value ratio, the percentage of coverage on the insured loan and the credit quality of the borrower.

We provide for title insurance losses through a charge to expense when the related premium revenue is recognized. The amount charged to expense is generally determined by applying a rate (the loss provision rate) to total title insurance premiums and escrow fees. We estimate and reassess the loss provision rate quarterly to ensure that the resulting IBNR loss reserve and known claims reserve included in our consolidated balance sheets together reflect management’s best estimate of the total costs required to settle all IBNR and known claims.

Premium Deficiency Reserve

We are required to establish a premium deficiency reserve if the net present value of the expected future losses and expenses for a particular group of policies exceeds the net present value of expected future premium, anticipated investment income and existing reserves for that specified group of policies. We reassess our expectations for premium, losses and expenses of our mortgage insurance business periodically and update our premium deficiency analysis accordingly. As of December 31, 2023 and 2022, we concluded that no premium deficiency reserve was required to be recorded in the accompanying consolidated financial statements.

Derivative Instruments

Derivative instruments, including embedded derivative instruments, are recognized at fair value in the consolidated balance sheets. The amount of monthly reinsurance premiums ceded under our reinsurance contracts will fluctuate due to changes in one-month SOFR and changes in money market rates. As the reinsurance premium will vary based on changes in these rates, we concluded that these reinsurance agreements contain embedded derivatives that are accounted for separately like freestanding derivatives.

Stock-Based Compensation

We measure the cost of employee services received in exchange for awards of equity instruments at the grant date of the award using a fair value based method. Fair value is determined on the date of grant based on quoted market prices. We recognize compensation expense on nonvested shares over the vesting period of the award. Excess tax benefits and tax deficiencies associated with share-based payments are recognized as income tax expense or benefit in the income statement and treated as discrete items in the reporting period.

Income Taxes

Deferred income tax assets and liabilities are determined using the asset and liability (balance sheet) method. Under this method, we determine the net deferred tax asset or liability based on the tax effects of the temporary differences between the

book and tax bases of the various assets and liabilities and give current recognition to changes in tax rates and laws. Changes in tax laws, rates, regulations and policies, or the final determination of tax audits or examinations, could materially affect our tax estimates. We evaluate the realizability of the deferred tax asset and recognize a valuation allowance if, based on the weight of all available positive and negative evidence, it is more likely than not that some portion or all of the deferred tax asset will not be realized. When evaluating the realizability of the deferred tax asset, we consider estimates of expected future taxable income, existing and projected book/tax differences, carryback and carryforward periods, tax planning strategies available, and the general and industry specific economic outlook. This realizability analysis is inherently subjective, as it requires management to forecast changes in the mortgage market, as well as the related impact on mortgage insurance, and the competitive and general economic environment in future periods. Changes in the estimate of deferred tax asset realizability, if applicable, are included in income tax expense on the consolidated statements of comprehensive income.

ASC No. 740 provides a recognition threshold and measurement attribute for the financial statement recognition and measurement of a tax position taken or expected to be taken in a tax return. In accordance with ASC No. 740, before a tax benefit can be recognized, a tax position is evaluated using a threshold that it is more likely than not that the tax position will be sustained upon examination. When evaluating the more-likely-than-not recognition threshold, ASC No. 740 provides that a company should presume the tax position will be examined by the appropriate taxing authority that has full knowledge of all relevant information. If the tax position meets the more-likely-than-not recognition threshold, it is initially and subsequently measured as the largest amount of benefit that is greater than 50% likely of being realized upon ultimate settlement.

As described in Note 12, we purchase non-interest-bearing United States Mortgage Guaranty Tax and Loss Bonds ("T&L Bonds") issued by the Treasury Department. These assets are carried at cost and are reported as prepaid federal income tax on the consolidated balance sheets.

It is our policy to classify interest and penalties as income tax expense and to use the aggregate portfolio approach to release income tax effects from accumulated other comprehensive income.

Earnings per Share

Basic earnings per common share amounts are calculated based on income available to common stockholders and the weighted average number of common shares outstanding during the reporting period. Diluted earnings per common share amounts are calculated based on income available to common stockholders and the weighted average number of common and potential common shares outstanding during the reporting period. Potential common shares, composed of the incremental common shares issuable upon vesting of unvested common shares and common share units, are included in the earnings per share calculation to the extent that they are dilutive.

Recently Issued Accounting Standards

Accounting Standards Not Yet Adopted

In March 2020, the 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, and future elections under, this ASU are not expected to have a material impact on our consolidated financial statements as the ASU will ease, if warranted, the requirements for accounting for the future effects of the rate reform. We continue to monitor the impact the discontinuance of LIBOR or another reference rate will have on our contracts and other transactions.

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.

In November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures, which requires public entities to disclose information about their reportable segments’ significant expenses on an interim and annual basis. The ASU requires that public entities disclose significant expense categories and amounts for each reportable segment, which are derived from expenses that are 1) regularly reported to an entity’s chief operating decision-maker (CODM) and 2) included in a segment’s reported measures of profit or loss. Public entities must also disclose an amount for “other segment items,” representing the difference between 1) segment revenue less significant segment expenses and 2) the reportable segment’s profit or loss measures. A description of the composition of “other segment items” also is required as well as the title and position of the CODM and entities must explain how the CODM uses the reported measures of profit or loss to assess segment performance. The ASU also requires interim disclosure of certain segment-related disclosures that previously were required only on an annual basis and clarifies that entities with a single reportable segment are subject to both new and existing segment reporting requirements under Topic 280. It also clarifies that an entity is permitted to disclose multiple measures of segment profit or loss, provided that certain criteria are met. The ASU is effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024. Entities must adopt the changes to the segment reporting guidance on a retrospective basis, with early adoption permitted. The Company is currently evaluating the impact that the ASU will have on our consolidated financial statements.

In December 2023, the FASB issued ASU 2023-09, Improvements to Income Tax Disclosures. The standard requires disaggregated information about a reporting entity’s effective tax rate reconciliation as well as information on income taxes paid, including taxes paid by jurisdiction. The ASU will be effective for annual periods beginning after December 15, 2024. The guidance will be applied on a prospective basis with the option to apply the standard retrospectively, with early adoption permitted. The Company is currently evaluating the impact that the ASU will have on our consolidated financial statements.

Fair Value of Financial Instruments

12 Months Ended

Dec. 31, 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


December 31, 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	$	996,382	$	—	$	—	$	996,382
U.S. agency securities	—		7,195		—		7,195
U.S. agency mortgage-backed securities	—		821,346		—		821,346
Municipal debt securities	—		547,258		—		547,258
Non-U.S. government securities	—		67,447		—		67,447
Corporate debt securities	—		1,297,055		—		1,297,055
Residential and commercial mortgage securities	—		517,940		—		517,940
Asset-backed securities	—		564,995		—		564,995
Money market funds	444,121		—		—		444,121
Total assets at fair value (1) (2)	$	1,440,503	$	3,823,236	$	—	$	5,263,739


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)	$	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

Acquisitions - Schedule of Pro forma (Details) - Boston National Title - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Business Acquisition [Line Items]
Revenues	$ 1,153,872	$ 1,131,032
Earnings	$ 690,327	$ 815,730

Accounts Receivable (Details) - USD ($)	12 Months Ended
Accounts Receivable (Details) - USD ($)	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Accounts Receivable
Premiums receivable	$ 51,851,000	$ 46,228,000
Other receivables	11,415,000	11,171,000
Total accounts receivable	63,266,000	57,399,000
Less: Allowance for doubtful accounts	0	0
Accounts receivable, net	63,266,000	57,399,000
Provision for doubtful accounts	$ 0	$ 0	$ 0
Premiums Receivable
Accounts Receivable
Threshold period unpaid for write-off of mortgage insurance premiums (more than)	90 days

Earnings per Share (EPS) (Tables)

12 Months Ended

Dec. 31, 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 for the years ended December 31:


(In thousands, except per share amounts)	2023		2022		2021
Net income	$	696,386	$	831,353	$	681,783

Basic weighted average shares outstanding	106,222		107,205		111,164
Dilutive effect of nonvested shares	907		448		391
Diluted weighted average shares outstanding	107,129		107,653		111,555

Basic earnings per share	$	6.56	$	7.75	$	6.13
Diluted earnings per share	$	6.50	$	7.72	$	6.11

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

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	2019 Performance-Based Grants
As of December 31,	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
2023	200%	100%	200%	100%	133%	66%
2022			131%	66%	100%	50%	100%
2021					100%	50%	100%	100%

Reserve for Losses and Loss Adjustment Expenses - Summary of Average Annual Payout of Losses (Details) - Property Insurance Product Line	Dec. 31, 2023
Average Annual Percentage Payout of Incurred Losses and Allocated LAE by Year
Year 1	9.00%
Year 2	42.00%
Year 3	29.00%
Year 4	11.00%
Year 5	5.00%
Year 6	0.00%
Year 7	1.00%
Year 8	0.00%
Year 9	0.00%
Year 10	0.00%

Consolidated Statements of Comprehensive Income - USD ($) shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Revenues:
Net premiums written	$ 894,282	$ 820,029	$ 807,492
Decrease in unearned premiums	22,624	22,498	65,051
Net premiums earned	916,906	842,527	872,543
Net investment income	186,139	124,409	88,765
Realized investment (losses) gains, net	(7,204)	(13,172)	418
Income (loss) from other invested assets	(11,118)	28,676	56,386
Other income	25,036	18,384	10,398
Total revenues	1,109,759	1,000,824	1,028,510
Losses and expenses:
(Benefit) provision for losses and LAE	31,542	(174,704)	31,057
Other underwriting and operating expenses	200,431	171,733	166,857
Premiums retained by agents	24,650	0	0
Interest expense	30,137	15,608	8,282
Total losses and expenses	286,760	12,637	206,196
Income before income taxes	822,999	988,187	822,314
Income tax expense	126,613	156,834	140,531
Net income	$ 696,386	$ 831,353	$ 681,783
Earnings per share:
Basic (in dollars per share)	$ 6.56	$ 7.75	$ 6.13
Diluted (in dollars per share)	$ 6.50	$ 7.72	$ 6.11
Weighted average shares outstanding:
Basic (in shares)	106,222	107,205	111,164
Diluted (in shares)	107,129	107,653	111,555
Net income	$ 696,386	$ 831,353	$ 681,783
Other comprehensive income (loss):
Change in unrealized (depreciation) appreciation of investments, net of tax (benefit) expense of $17,944 in 2023, $(75,013) in 2022 and $(15,477) in 2021	102,294	(433,497)	(87,567)
Total other comprehensive income (loss)	102,294	(433,497)	(87,567)
Comprehensive income	$ 798,680	$ 397,856	$ 594,216

Accounts Receivable (Tables)

12 Months Ended

Dec. 31, 2023

Receivables [Abstract]

Schedule of Accounts Receivable

Accounts receivable consists of the following at December 31:


(In thousands)	2023		2022
Premiums receivable	$	51,851	$	46,228
Other receivables	11,415		11,171
Total accounts receivable	63,266		57,399
Less: Allowance for doubtful accounts	—		—
Accounts receivable, net	$	63,266	$	57,399

Accumulated Other Comprehensive Income (Loss) (Tables)

12 Months Ended

Dec. 31, 2023

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

Schedule of Rollforward of Accumulated Other Comprehensive Income (loss)

The following table shows the rollforward of accumulated other comprehensive income (loss) for the year ended December 31:


	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 (losses) gains on investments:
Unrealized holding (losses) gains arising during the year	113,034		(16,633)		96,401		(521,682)		75,118		(446,564)
Less: Reclassification adjustment for losses (gains) included in net income (1)	7,204		(1,311)		5,893		13,172		(105)		13,067
Net unrealized (losses) gains on investments	120,238		(17,944)		102,294		(508,510)		75,013		(433,497)
Other comprehensive (loss) gain	120,238		(17,944)		102,294		(508,510)		75,013		(433,497)
Balance at end of year	$	(322,992)	$	42,496	$	(280,496)	$	(443,230)	$	60,440	$	(382,790)

_______________________________________________________________________________

(1)Included in net realized investments gains on our consolidated statements of comprehensive income.

Schedule II - Condensed Financial Information of Registrant - Condensed Statements of Cash Flows (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Operating Activities
Net income	$ 696,386	$ 831,353	$ 681,783
Adjustments to reconcile net income to net cash provided by operating activities:
Loss on the sale of investments, net	7,204	13,172	(418)
Stock-based compensation expense	18,446	18,381	20,844
Amortization of premium on investment securities	14,899	18,347	33,739
Deferred income taxes	(13,246)	58,168	84,022
Changes in assets and liabilities:
Other assets	62,976	(50,333)	(3,948)
Other accrued liabilities	2,872	(2,036)	9,666
Net cash provided by operating activities	763,001	588,817	709,256
Investing Activities
Net change in short-term investments	(655,596)	61,060	413,773
Purchase of investments available for sale	(1,116,120)	(1,378,231)	(2,270,701)
Proceeds from maturities and paydowns of investments available for sale	664,239	247,296	266,930
Proceeds from sales of investments available for sale	707,544	747,883	1,067,882
Purchase of other invested assets	(40,038)	(74,620)	(67,397)
Net cash used in investing activities	(525,569)	(398,872)	(583,167)
Financing Activities
Credit facility borrowings	0	0	225,000
Treasury stock acquired	(70,670)	(97,914)	(163,855)
Payment of issuance costs for credit facility	0	(154)	(5,849)
Dividends paid	(106,215)	(92,128)	(77,724)
Net cash used in financing activities	(176,885)	(190,196)	(147,428)
Net (decrease) increase in cash	60,547	(251)	(21,339)
Supplemental Disclosure of Cash Flow Information
Interest payments	(28,574)	(13,595)	(6,951)
Noncash Transactions
Repayment of borrowings with term loan proceeds	0	0	(225,000)
Parent Company
Operating Activities
Net income	696,386	831,353	681,783
Adjustments to reconcile net income to net cash provided by operating activities:
Equity in net income of subsidiaries	(742,439)	(863,579)	(693,251)
Loss on the sale of investments, net	11,722	12,170	108
Stock-based compensation expense	1,000	927	917
Amortization of premium on investment securities	324	800	1,438
Deferred income taxes	(181)	0	0
Changes in assets and liabilities:
Other assets	816	1,775	312
Other accrued liabilities	18,365	19,232	21,447
Net cash provided by operating activities	45,993	2,678	12,754
Investing Activities
Net change in short-term investments	(14,370)	94,988	189,804
Purchase of investments available for sale	(9,860)	(157,468)	(273,747)
Proceeds from maturities and paydowns of investments available for sale	24,787	81,351	18,384
Proceeds from sales of investments available for sale	128,249	164,733	101,618
Purchase of other invested assets	60,000
Net cash used in investing activities	128,806	183,604	36,059
Financing Activities
Credit facility borrowings	0	0	200,000
Treasury stock acquired	(70,670)	(97,914)	(163,855)
Payment of issuance costs for credit facility	0	(154)	(5,849)
Dividends paid	(106,215)	(92,128)	(77,724)
Net cash used in financing activities	(176,885)	(190,196)	(47,428)
Net (decrease) increase in cash	(2,086)	(3,914)	1,385
Cash at beginning of year	6,159	10,073	8,688
Cash at end of year	4,073	6,159	10,073
Supplemental Disclosure of Cash Flow Information
Interest payments	(28,574)	(13,595)	(4,792)
Noncash Transactions
Repayment of borrowings with term loan proceeds	$ 0	$ 0	$ (225,000)

Income Taxes - Summary of Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Net deferred tax asset
Deferred tax assets	$ 75,864	$ 91,729
Deferred tax liabilities	(438,617)	(448,539)
Net deferred tax liability	(362,753)	(356,810)
Components of the net deferred tax asset
Contingency reserves	(425,360)	(432,265)
Unrealized (gain) loss on investments	45,226	60,439
Unearned premium reserve	11,978	14,099
Investments in limited partnerships	(11,258)	(13,907)
Accrued expenses	6,404	6,257
Fixed assets	4,433	1,197
Unearned ceding commissions	2,066	2,363
Change in fair market value of derivatives	1,972	2,377
Deferred policy acquisition costs	(1,779)	(2,152)
Nonvested shares	1,938	1,640
Loss reserves	1,033	965
Start-up expenditures, net	884	1,233
Impairments on available-for-sale investment securities	38	1,155
Prepaid expenses	(220)	(156)
Other	(108)	(55)
Net deferred tax liability	$ (362,753)	$ (356,810)

Summary of Significant Accounting Policies - Reserve for Losses and Loss Adjustment Expense and Premium Deficiency Reserve (Details)	12 Months Ended
	Dec. 31, 2023 USD ($) payment	Dec. 31, 2022 USD ($)
Reserve for Losses and Loss Adjustment Expenses
Number of consecutive missed loan payments by borrower for classification of insured loan as in default \| payment	2
Premium Deficiency Reserve
Premium deficiency reserve \| $	$ 0	$ 0

Stock-Based Compensation - Summary of Nonvested Common Share and Common Share Unit Activity (Details) - $ / shares	1 Months Ended	12 Months Ended
	Jan. 31, 2023	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Share Awards \| Time and Performance- Based Share Awards
Number of Shares
Outstanding at beginning of year (in shares)	647,000	647,000	500,000	363,000
Granted (in shares)		300,000	308,000	281,000
Vested (in shares)		(103,000)	(139,000)	(113,000)
Forfeited (in shares)		0	(22,000)	(31,000)
Outstanding at end of period (in shares)		844,000	647,000	500,000
Weighted Average Grant Date Fair Value
Outstanding at beginning of year (in dollars per share)	$ 20.99	$ 20.99	$ 31.29	$ 47.09
Granted (in dollars per share)		12.66	14.83	15.64
Vested (in dollars per share)		51.52	45.32	45.02
Forfeited (in dollars per share)		0	15.45	24.33
Outstanding at end of period (in dollars per share)		$ 14.29	$ 20.99	$ 31.29
Share Awards \| Time-Based Share Awards
Number of Shares
Outstanding at beginning of year (in shares)	138,000	138,000	140,000	153,000
Granted (in shares)		75,000	87,000	93,000
Vested (in shares)		(64,000)	(86,000)	(98,000)
Forfeited (in shares)		0	(3,000)	(8,000)
Outstanding at end of period (in shares)		149,000	138,000	140,000
Weighted Average Grant Date Fair Value
Outstanding at beginning of year (in dollars per share)	$ 45.94	$ 45.94	$ 45.31	$ 46.34
Granted (in dollars per share)		43.51	46.15	43.67
Vested (in dollars per share)		46.65	45.07	45.40
Forfeited (in dollars per share)		0	46.91	44.94
Outstanding at end of period (in dollars per share)		$ 44.40	$ 45.94	$ 45.31
Share Units
Number of Shares
Outstanding at beginning of year (in shares)	350,000	350,000	461,000	492,000
Granted (in shares)		567,000	161,000	212,000
Vested (in shares)		(177,000)	(192,000)	(214,000)
Forfeited (in shares)		(16,000)	(80,000)	(29,000)
Outstanding at end of period (in shares)		724,000	350,000	461,000
Weighted Average Grant Date Fair Value
Outstanding at beginning of year (in dollars per share)	$ 45.51	$ 45.51	$ 47.94	$ 46.59
Granted (in dollars per share)		40.81	42.56	46.96
Vested (in dollars per share)		47.43	47.53	43.74
Forfeited (in dollars per share)		39.12	48.73	48.85
Outstanding at end of period (in dollars per share)		$ 41.49	$ 45.51	$ 47.94
Share Units \| Time-Based Share Awards
Number of Shares
Granted (in shares)	46,252
DEU
Number of Shares
Outstanding at beginning of year (in shares)	37,000	37,000	28,000	21,000
Granted (in shares)		37,000	25,000	17,000
Vested (in shares)		(16,000)	(14,000)	(9,000)
Forfeited (in shares)		(1,000)	(2,000)	(1,000)
Outstanding at end of period (in shares)		57,000	37,000	28,000
Weighted Average Grant Date Fair Value
Outstanding at beginning of year (in dollars per share)	$ 40.86	$ 40.86	$ 41.75	$ 37.66
Granted (in dollars per share)		40.55	40.28	44.86
Vested (in dollars per share)		40.38	41.29	38.53
Forfeited (in dollars per share)		42.13	42.70	40.53
Outstanding at end of period (in dollars per share)		$ 44.00	$ 40.86	$ 41.75

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Operating Activities
Net income	$ 696,386	$ 831,353	$ 681,783
Adjustments to reconcile net income to net cash provided by operating activities:
Realized investment losses (gains), net	7,204	13,172	(418)
(Income) loss from other invested assets	11,118	(28,676)	(56,386)
Distribution of income from other invested assets	7,440	14,105	25,730
Depreciation and amortization	4,525	3,024	3,379
Stock-based compensation expense	18,446	18,381	20,844
Amortization of premium on investment securities	14,899	18,347	33,739
Deferred income tax provision (benefit)	(13,246)	58,168	84,022
Change in:
Accrued investment income	(2,527)	(6,616)	(6,598)
Accounts receivable	(2,070)	(11,211)	3,337
Deferred policy acquisition costs	771	2,268	4,827
Prepaid federal income tax	(52,186)	(57,650)	(58,174)
Other assets	62,976	(50,333)	(3,948)
Reserve for losses and LAE	29,017	(190,981)	32,504
Unearned premium reserve	(22,624)	(22,498)	(65,051)
Other accrued liabilities	2,872	(2,036)	9,666
Net cash provided by operating activities	763,001	588,817	709,256
Investing Activities
Net change in short-term investments	(655,596)	61,060	413,773
Purchase of investments available for sale	(1,116,120)	(1,378,231)	(2,270,701)
Proceeds from maturities and paydowns of investments available for sale	664,239	247,296	266,930
Proceeds from sales of investments available for sale	707,544	747,883	1,067,882
Purchase of other invested assets	(40,038)	(74,620)	(67,397)
Return of investment from other invested assets	5,165	1,721	8,844
Net cash paid in acquisition	(86,761)	0	0
Purchase of property and equipment	(4,002)	(3,981)	(2,498)
Net cash used in investing activities	(525,569)	(398,872)	(583,167)
Financing Activities
Credit facility borrowings	0	0	225,000
Credit facility repayments	0	0	(125,000)
Treasury stock acquired	(70,670)	(97,914)	(163,855)
Payment of issuance costs for credit facility	0	(154)	(5,849)
Dividends paid	(106,215)	(92,128)	(77,724)
Net cash used in financing activities	(176,885)	(190,196)	(147,428)
Net (decrease) increase in cash	60,547	(251)	(21,339)
Cash at beginning of year	81,240	81,491	102,830
Cash at end of year	141,787	81,240	81,491
Supplemental Disclosure of Cash Flow Information
Income tax payments	(139,710)	(98,006)	(55,799)
Interest payments	(28,574)	(13,595)	(6,951)
Noncash Transactions
Repayment of borrowings with term loan proceeds	0	0	(225,000)
Operating lease liabilities arising from obtaining right-of-use assets	$ 23,705	$ 10,035	$ 15

Investments - Net Investment Income (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Components of net investment income
Gross investment income	$ 192,480	$ 131,849	$ 94,288
Investment expenses	(6,341)	(7,440)	(5,523)
Net investment income	186,139	124,409	88,765
Fixed maturities
Components of net investment income
Gross investment income	178,829	129,530	94,117
Short-term investments
Components of net investment income
Gross investment income	$ 13,651	$ 2,319	$ 171

Stock-Based Compensation

12 Months Ended

Dec. 31, 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 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 the 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 7.5 million under the 2013 Plan. As of December 31, 2023, there were 3.8 million common shares available for future grant under the 2013 Plan.

In February of each year, 2018 through 2020, 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 vest in three equal yearly installments commencing on March 1 of the year following the grant year. The performance-based share awards vest based upon our compounded annual book value per share growth percentage during a three-year performance period that commences on January 1 of the grant year and vest on March 1 following the end of the performance period.

The portion of the nonvested performance-based share awards that will be earned based upon the achievement of compounded annual book value per share growth is as follows:


	2020 Performance-Based Grants				2019 Performance-Based Grants				2018 Performance-Based Grants
Performance level	Compounded Annual Book Value Per Share Growth		Nonvested Common Shares Earned		Compounded Annual Book Value Per Share Growth		Nonvested Common Shares Earned		Compounded Annual Book Value Per Share Growth		Nonvested Common Shares Earned
	<13	%	0	%	<14	%	0	%	<15	%	0	%
Threshold	13	%	10	%	14	%	10	%	15	%	25	%
	14	%	35	%	15	%	35	%	16	%	50	%
	15	%	60	%	16	%	60	%	17	%	75	%
	16	%	85	%	17	%	85	%
Maximum	≥17	%	100	%	≥18	%	100	%	≥18	%	100	%

In the event that the compounded annual book value per share growth 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. The compounded annual book value per share growth for each of the 2018, 2019 and 2020 performance-based grants exceeded the maximum performance level and have vested at 100%.

In February 2021, February and May 2022, and 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 vest in three equal installments commencing on March 1 of the year following the grant year. The performance-based share awards granted 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, 2021, 2022 and 2023, respectively and vest on March 1, 2024, 2025 and 2026, respectively. 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
2021 Awards		≤25th percentile	50th percentile "Target"	≥75th percentile
Three-Year Book Value Per Share CAGR	14% "Target"	100%	150%	200%
	12%	75%	125%	175%
	10%	50%	100%	150%
	8%	25%	75%	125%
	6%	0%	50%	100%


		Relative Total Shareholder Return vs. S&P 1500 Financial Services Index
2022 Awards		≤25th percentile	50th percentile "Target"	≥75th percentile
Three-Year Book Value Per Share CAGR	13% "Target"	100%	150%	200%
	11%	75%	125%	175%
	9%	50%	100%	150%
	7%	25%	75%	125%
	5%	0%	50%	100%


		Relative Total Shareholder Return vs. S&P 1500 Financial Services Index
2023 Awards		≤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 for the 2023, 2022 or 2021 performance-based share awards, the nonvested common shares earned will be determined on a straight-line basis between the respective levels shown.

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 2023, 2022 and 2021 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 unvested shares subject to the amended 2019 and 2020 awards vested on March 1, 2022 and March 1, 2023, respectively, subject to the continued service requirements and other terms and conditions set forth in the applicable award agreements, without taking into consideration any performance metrics. Total incremental compensation expense related to amending these awards was $4.0 million.

In January 2020, time-based share units were issued to all vice president and staff level employees that vested in three equal installments in January 2021, 2022 and 2023. In January 2023, time-based share units were issued to all vice president and staff level employees that vested in three equal installments in January 2024, 2025 and 2026. In connection with our

incentive program covering bonus awards for performance years 2018 through 2022, in February following each performance year, time-based share units were issued to certain employees that vest in three equal yearly installments commencing on March 1 of the year following the grant year.

In May of each year, 2020 through 2023, time-based share units were granted to non-employee directors that vest one year from the date of grant.

The following tables summarize nonvested common share, nonvested common share unit and DEU activity for the year ended December 31:


	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		567	40.81		37	40.55
Vested	(103)	51.52		(64)	46.65		(177)	47.43		(16)	40.38
Forfeited	—	—		—	—		(16)	39.12		(1)	42.13
Outstanding at end of year	844	$	14.29	149	$	44.40	724	$	41.49	57	$	44.00


	2022
	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	500	$	31.29	140	$	45.31	461	$	47.94	28	$	41.75
Granted	308	14.83		87	46.15		161	42.56		25	40.28
Vested	(139)	45.32		(86)	45.07		(192)	47.53		(14)	41.29
Forfeited	(22)	15.45		(3)	46.91		(80)	48.73		(2)	42.70
Outstanding at end of year	647	$	20.99	138	$	45.94	350	$	45.51	37	$	40.86


	2021
	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	363	$	47.09	153	$	46.34	492	$	46.59	21	$	37.66
Granted	281	15.64		93	43.67		212	46.96		17	$	44.86
Vested	(113)	45.02		(98)	45.40		(214)	43.74		(9)	38.53
Forfeited	(31)	24.33		(8)	44.94		(29)	48.85		(1)	40.53
Outstanding at end of year	500	$	31.29	140	$	45.31	461	$	47.94	28	$	41.75

The total fair value of nonvested shares, share units or DEUs that vested was $15.3 million, $18.4 million and $19.5 million for the years ended December 31, 2023, 2022 and 2021, respectively. As of December 31, 2023, there was $26.9 million of total unrecognized compensation expense related to nonvested shares or share units outstanding at December 31, 2023 and we expect to recognize the expense over a weighted average period of 2.5.

In February 2024, 46,252 nonvested common share units were issued to certain vice president and staff level employees and are subject to time-based vesting. In connection with our incentive program covering bonus awards for performance year 2023, in February 2024, 61,788 nonvested common share units were issued to certain employees and are subject to time-based vesting. In February 2024, 296,670 nonvested common shares and 66,547 nonvested common share units were granted to certain members of senior management and are subject to time-based and performance-based vesting.

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 119,334, 133,011 and 135,616 in 2023, 2022 and 2021, respectively. The tendered shares were recorded at cost and included in treasury stock. All treasury stock has been cancelled as of December 31, 2023 and 2022.

Compensation expense, net of forfeitures, and related tax effects recognized in connection with nonvested shares and share units were as follows for the years ended December 31:


(In thousands)	2023		2022		2021
Compensation expense	$	18,446	$	18,381	$	20,844
Income tax benefit	3,660		3,636		4,088

Consolidated Balance Sheets (Parenthetical) - USD ($) shares in Thousands, $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Investments
Amortized Cost	$ 5,586,730	$ 5,184,856
Property, Plant and Equipment, Net
Accumulated depreciation	71,168	67,352
Credit Facility Borrowings
Unamortized deferred costs	$ 3,080	$ 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)	106,597	107,683
Common shares, outstanding (in shares)	106,597	107,683
Fixed maturities
Investments
Amortized Cost	$ 4,658,168	$ 4,932,574
Short-term investments
Investments
Amortized Cost	$ 928,562	$ 252,282

Commitments and Contingencies (Tables)

12 Months Ended

Dec. 31, 2023

Commitments and Contingencies Disclosure [Abstract]

Schedule of Lease Cost and Other Information

The following table presents lease cost and other lease information as of and for the years ended December 31:


	Year Ended December 31,
($ in thousands)	2023			2022			2021
Lease cost:
Operating lease cost	$	5,138		$	3,908		$	2,699
Short-term lease cost	128			—			2
Sublease income	(142)			(138)			(135)
Total lease cost	$	5,124		$	3,770		$	2,566
Other information:
Weighted average remaining lease term - operating leases	10.6 years			6.9 years			2.8 years
Weighted average discount rate - operating leases	4.5		%	3.6		%	4.0		%

Schedule of Lease Liability Maturity

The following table presents a maturity analysis of our lease liabilities as follows at December 31, 2023:


Year Ended December 31 (In thousands)
2024	$	5,303
2025	5,543
2026	4,242
2027	4,166
2028	3,952
2029 and thereafter	25,223
Total lease payments to be paid	48,429
Less: Future interest expense	(10,445)
Present value of lease liabilities	$	37,984

Reserve for Losses and Loss Adjustment Expenses

12 Months Ended

Dec. 31, 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 years ended December 31:


(In thousands)	2023		2022		2021
Reserve for losses and LAE at beginning of year	$	216,464	$	407,445	$	374,941
Less: Reinsurance recoverables	14,618		25,940		19,061
Net reserve for losses and LAE at beginning of year	201,846		381,505		355,880
Net reserves acquired during the period	14,049		—		—
Add provision for losses and LAE, net of reinsurance, occurring in:
Current year	141,191		99,372		97,256
Prior years	(109,649)		(274,076)		(66,199)
Net incurred losses and LAE during the current year	31,542		(174,704)		31,057
Deduct payments for losses and LAE, net of reinsurance, occurring in:
Current year	694		224		388
Prior years	10,752		4,731		5,044
Net loss and LAE payments during the current year	11,446		4,955		5,432
Net reserve for losses and LAE at end of year	235,991		201,846		381,505
Plus: Reinsurance recoverables	24,104		14,618		25,940
Reserve for losses and LAE at end of year	$	260,095	$	216,464	$	407,445

For the year ended December 31, 2023, $10.8 million was paid for incurred claims and claim adjustment expenses attributable to insured events of prior years. There has been a $109.6 million favorable prior year development during the year ended December 31, 2023. Reserves remaining as of December 31, 2023 for prior years are $81.4 million as a result of re-estimation of unpaid losses and loss adjustment expenses. For the year ended December 31, 2022, $4.7 million was paid for incurred claims and claim adjustment expenses attributable to insured events of prior years. There was a $274.1 million favorable prior year development during the year ended December 31, 2022. Reserves remaining as of December 31, 2022 for prior years were $102.7 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 year ended December 31, 2023, we acquired $14.0 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 and 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.

Based on the fiscal stimulus, forbearance programs and the foreclosure moratoriums put in place and the credit characteristics of the defaulted loans, we expected the ultimate number of Early COVID Defaults that result in claims would be less than our historical default-to-claim experience. Accordingly, we recorded a reserve equal to approximately 7% of the initial risk in force for the Early COVID Defaults. The reserve for the Early COVID Defaults had not been adjusted as of December 31, 2021. As of March 31, 2022, the defaulted loans reported to us in the second and third quarters of 2020 had reached the end of their forbearance periods. 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 7% estimate of ultimate loss for these defaults. Based on cure activity through March 31, 2022 and our expectations for future cure activity, 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 year ended December 31, 2022. As of December 31, 2023, approximately 99% of the Early COVID Defaults had cured. Due to the level of Early COVID Defaults remaining in the default inventory, during 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 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 mortgage interest rates on home sale activity, housing inventory and home prices.

The following table summarizes mortgage insurance incurred loss and allocated loss adjustment expense development, net of reinsurance, IBNR plus expected development on reported defaults and the cumulative number of reported defaults. The

information about incurred loss development for the years ended December 31, 2014 to 2022 is presented as supplementary information.


	Incurred Loss and Allocated LAE, For the Years Ended December 31,																				As of December 31, 2023
(In thousands)																					Total of IBNR plus Expected Development on Reported Defaults		Cumulative Number of Reported Defaults (1)
	Unaudited
Accident Year	2014		2015		2016		2017		2018		2019		2020		2021		2022		2023
2014	$	6,877	$	4,312	$	3,323	$	2,984	$	2,930	$	2,897	$	2,882	$	2,869	$	2,870	$	2,870	$	1	103
2015			14,956		9,625		8,893		8,439		8,461		8,323		8,410		8,434		8,435		7		232
2016					21,889		11,890		9,455		9,219		8,972		8,614		8,861		8,709		12		286
2017							38,178		16,261		12,202		11,488		11,249		11,550		11,196		34		403
2018									36,438		23,168		19,536		17,402		1,724		16,535		123		576
2019											50,562		39,085		23,649		24,223		19,455		370		626
2020													317,516		269,410		53,045		23,297		1,178		551
2021															97,526		38,551		16,567		1,028		415
2022																	99,372		48,593		3,414		1,648
2023																			138,617		10,792		12,342
Total																			$	294,274

(1) Cumulative number of reported defaults includes cumulative paid claims plus loans in default by accident year as of December 31, 2023.

The following table summarizes cumulative paid losses and allocated loss adjustment expenses, net of reinsurance. The information about paid loss development for the years ended December 31, 2014 through 2022 is presented as supplementary information.


(In thousands)	Cumulative Paid Losses and Allocated LAE For the Years Ended December 31,
	Unaudited
Accident Year	2014		2015		2016		2017		2018		2019		2020		2021		2022		2023
2014	$	138	$	1,587	$	2,463	$	2,787	$	2,897	$	2,882	$	2,867	$	2,856	$	2,856	$	2,856
2015			544		3,610		6,960		7,535		7,961		8,055		8,226		8,335		8,337
2016					927		4,896		6,947		7,864		8,270		8,205		8,468		8,542
2017							633		5,370		9,156		10,257		10,536		10,620		10,704
2018									1,310		8,067		13,406		13,927		14,536		14,781
2019											1,288		8,049		10,717		12,392		14,064
2020													1,018		2,499		4,022		6,921
2021															388		856		2,916
2022																	224		3,209
2023																			517
Total																			$	72,847
All outstanding liabilities before 2014, net of reinsurance																			—
Reserve for losses and LAE, net of reinsurance																			$	221,427

The following table provides a reconciliation of the net incurred losses and paid claims development tables above to the mortgage insurance reserve for losses and LAE at December 31, 2023:


(In thousands)	December 31, 2023
Reserve for losses and LAE, net of reinsurance	$	221,427
Reinsurance recoverables on unpaid claims	24,004
Total gross reserve for losses and LAE	$	245,431

For our mortgage insurance portfolio, our average annual payout of losses as of December 31, 2023 is as follows:


Average Annual Percentage Payout of Incurred Losses and Allocated LAE by Year
Year	1		2		3		4		5		6		7		8		9		10

Average Payout	9	%	42	%	29	%	11	%	5	%	0	%	1	%	0	%	0	%	0	%

Capital Stock

12 Months Ended

Dec. 31, 2023

Equity [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 pre-emptive 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		2021
March 31	$	0.25	$	0.20	$	0.16
June 30	0.25		0.21		0.17
September 30	0.25		0.22		0.18
December 31	0.25		0.23		0.19
Total dividends per common share declared and paid	$	1.00	$	0.86	$	0.70

In February 2024, the Board of Directors declared a quarterly cash dividend of $0.28 per common share payable on March 22, 2024, to shareholders of record on March 13, 2024.

Share Repurchase Plan

In May 2021, the Board of Directors approved a share repurchase plan that authorized the Company to repurchase $250 million of its common shares in the open market by the end of 2022. During the year ended December 31, 2021, the Company repurchased 3,469,560 common shares at a cost of $157.8 million leaving $92.2 million remaining unused under the authorized repurchase plan. During the year ended December 31, 2022, the Company repurchased 2,136,961 common shares at a cost of $92.2 million, completing the May 2021 repurchase plan. In May 2022, the Board of Directors approved a new share repurchase plan that authorized the Company to repurchase up to $250 million of its common shares in the open market by the end of 2023. The Company made no share repurchases under the 2022 plan during the year ended December 31, 2022 and repurchased 1,535,368 common shares at a cost of $65.6 million in the year ended December 31, 2023. The shares repurchased were recorded at cost and included in treasury stock. All treasury stock has been cancelled as of December 31, 2023 and 2022. 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

Summary of Significant Accounting Policies (Tables)

12 Months Ended

Dec. 31, 2023

Accounting Policies [Abstract]

Schedule of Balances by Type of Long-Lived Assets

The balances by type were as follows at December 31:


	2023				2022
(In thousands)	Cost		Accumulated Depreciation/ Amortization		Cost		Accumulated Depreciation/ Amortization
Furniture and fixtures	$	4,244	$	(2,463)	$	2,809	$	(2,249)
Office equipment	1,672		(982)		1,012		(894)
Computer hardware	12,556		(11,273)		11,125		(10,607)
Purchased software	40,266		(39,271)		39,015		(38,358)
Costs of internal-use software	13,785		(12,593)		14,683		(11,332)
Leasehold improvements	7,708		(4,586)		5,171		(3,912)
Total	$	80,231	$	(71,168)	$	73,815	$	(67,352)

Earnings per Share (EPS) - Narrative (Details) - shares	12 Months Ended
Earnings per Share (EPS) - Narrative (Details) - shares	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Earnings Per Share [Abstract]
Antidilutive nonvested shares (in shares)	48,087	77,759	186,020

Acquisitions

12 Months Ended

Dec. 31, 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 $43.2 million, principally comprised of $38.0 million of net premiums earned and $3.5 million of settlement services revenues, which is included in other income, and pre-tax net losses of $7.9 million to our results for the year ended December 31, 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
	Year Ended December 31,
(In thousands)	2023		2022
Revenues	$	1,153,872	$	1,131,032
Earnings	690,327		815,730

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 $4.5 million of acquisition-related costs for the year ended December 31, 2023, respectively, as well as $3 million of acquisition-related costs during 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 year ended December 31, 2022 in the table above.

The acquisition of Agents National Title and Boston National Title was accounted for as a business combination using the acquisition method of accounting and, accordingly, the assets acquired, liabilities assumed and consideration transferred were recorded at their estimated fair values as of the acquisition date. The excess of consideration transferred over the fair value of net assets acquired was recorded as goodwill. The Company allocated the goodwill to its Title operating segment.

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, including purchase accounting adjustments that have been recorded by Essent during the measurement period:


	Originally Reported		Measurement Period Adjustments		As Reported
Consideration Paid:
Cash	$	92,625	$	—	$	92,625
Assets Acquired:
Cash and cash equivalents	5,864		—		$	5,864
Short-term investments	21,108		—		$	21,108
Fixed maturities available for sale	9,668		—		$	9,668
Identifiable intangible assets	26,300		(2,800)		$	23,500
Other assets	16,366		(2,829)		$	13,537
Liabilities Assumed:
Reserve for losses	14,613		(464)		$	14,149
Other liabilities	10,399		6,512		$	16,911
Total Identifiable Net Assets	$	54,294	$	(11,677)	$	42,617
Goodwill	$	38,331	$	11,677	$	50,008

Adjustments to Goodwill were primarily related to the fair value of claims reserve liabilities, agency relationship intangible assets and other assets.

While the valuation of acquired assets and liabilities is substantially completed, fair value estimates related to the assets and liabilities from Agents National Title and Boston National Title are subject to adjustment for up to one year after the closing date of the acquisition as additional information becomes available. Valuations subject to adjustment include, but are not limited to, agency relationship and customer list intangibles, reserves, and deferred income taxes as management continues to review the estimated fair values and evaluate the assumed tax position. When the valuation is final, any changes to the preliminary valuation of acquired assets and liabilities could result in adjustments to identified intangibles and goodwill. The fair values of assets acquired and liabilities assumed is expected to be finalized during the remeasurement period, which ends one year from the closing date, or July 1, 2024. In addition, the consideration paid still remains subject to potential purchase price adjustments between Essent and the seller.

The amount of goodwill recorded reflects the increased market share and related synergies that are expected to result from the acquisition, and represents the excess purchase price over the estimated fair value of the net assets acquired from Agents National Title and Boston National Title. As of December 31, 2023, intangible assets were $22.8 million, net of $0.7 million of accumulated amortization.

Acquisitions - Schedule of Preliminary Valuation of Identifiable Assets Acquired and Liabilities Assumed (Details) - Boston National Title - USD ($) $ in Thousands		6 Months Ended
	Jul. 01, 2023	Dec. 31, 2023
Consideration Paid:
Cash	$ 92,625	$ 92,625
Assets Acquired:
Cash and cash equivalents	5,864	5,864
Short-term investments	21,108	21,108
Fixed maturities available for sale	9,668	9,668
Identifiable intangible assets	26,300	23,500
Other assets	16,366	13,537
Measurement Period Adjustments
Identifiable intangible assets	(2,800)
-2829000	(2,829)
Reserve for losses	(464)
Other liabilities	6,512
Total Identifiable Net Assets	(11,677)
Goodwill	11,677
Liabilities Assumed:
Reserve for losses	14,613	14,149
Other liabilities	10,399	16,911
Total Identifiable Net Assets	54,294	42,617
Goodwill	$ 38,331	$ 50,008

Investments - Schedule of Realized Gain and Loss and Investments in Unrealized Loss Position (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Investments, Debt and Equity Securities [Abstract]
Realized gross gains	$ 1,219	$ 14,420	$ 4,044
Realized gross losses	8,246	14,864	3,626
Impairment loss	177	12,728	0
Fair Value
Less than 12 months	550,525	2,474,361
12 months or more	3,200,767	1,586,877
Total	3,751,292	4,061,238
Gross Unrealized Losses
Less than 12 months	(5,759)	(198,613)
12 months or more	(330,678)	(248,891)
Total	(336,437)	(447,504)
Realized gross gains	1,219	14,420	4,044
Realized gross losses	8,246	14,864	3,626
Impairment loss	177	12,728	$ 0
U.S. Treasury securities
Fair Value
Less than 12 months	139,398	321,848
12 months or more	355,921	169,795
Total	495,319	491,643
Gross Unrealized Losses
Less than 12 months	(1,075)	(12,381)
12 months or more	(18,053)	(15,695)
Total	(19,128)	(28,076)
U.S. agency securities
Fair Value
Less than 12 months	5,572	7,117
12 months or more	1,623	0
Total	7,195	7,117
Gross Unrealized Losses
Less than 12 months	(2)	(8)
12 months or more	(2)	0
Total	(4)	(8)
U.S. agency mortgage-backed securities
Fair Value
Less than 12 months	129,359	351,310
12 months or more	654,018	415,743
Total	783,377	767,053
Gross Unrealized Losses
Less than 12 months	(1,616)	(34,193)
12 months or more	(100,383)	(80,997)
Total	(101,999)	(115,190)
Municipal debt securities
Fair Value
Less than 12 months	59,301	335,784
12 months or more	297,039	64,766
Total	356,340	400,550
Gross Unrealized Losses
Less than 12 months	(987)	(41,620)
12 months or more	(43,462)	(19,634)
Total	(44,449)	(61,254)
Non-U.S. government securities
Fair Value
Less than 12 months	0	48,071
12 months or more	67,447	14,328
Total	67,447	62,399
Gross Unrealized Losses
Less than 12 months	0	(2,914)
12 months or more	(10,069)	(4,338)
Total	(10,069)	(7,252)
Corporate debt securities
Fair Value
Less than 12 months	119,764	811,217
12 months or more	905,606	421,307
Total	1,025,370	1,232,524
Gross Unrealized Losses
Less than 12 months	(733)	(69,415)
12 months or more	(87,170)	(63,972)
Total	(87,903)	(133,387)
Residential and commercial mortgage securities
Fair Value
Less than 12 months	31,936	265,934
12 months or more	459,789	242,366
Total	491,725	508,300
Gross Unrealized Losses
Less than 12 months	(999)	(22,628)
12 months or more	(52,510)	(43,853)
Total	(53,509)	(66,481)
Asset-backed securities
Fair Value
Less than 12 months	65,195	333,080
12 months or more	459,324	258,572
Total	524,519	591,652
Gross Unrealized Losses
Less than 12 months	(347)	(15,454)
12 months or more	(19,029)	(20,402)
Total	$ (19,376)	$ (35,856)

Acquisitions (Tables)

12 Months Ended

Dec. 31, 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
	Year Ended December 31,
(In thousands)	2023		2022
Revenues	$	1,153,872	$	1,131,032
Earnings	690,327		815,730

Schedule of Recognized Identified Assets Acquired and Liabilities Assumed


	Originally Reported		Measurement Period Adjustments		As Reported
Consideration Paid:
Cash	$	92,625	$	—	$	92,625
Assets Acquired:
Cash and cash equivalents	5,864		—		$	5,864
Short-term investments	21,108		—		$	21,108
Fixed maturities available for sale	9,668		—		$	9,668
Identifiable intangible assets	26,300		(2,800)		$	23,500
Other assets	16,366		(2,829)		$	13,537
Liabilities Assumed:
Reserve for losses	14,613		(464)		$	14,149
Other liabilities	10,399		6,512		$	16,911
Total Identifiable Net Assets	$	54,294	$	(11,677)	$	42,617
Goodwill	$	38,331	$	11,677	$	50,008

Stock-Based Compensation (Tables)

12 Months Ended

Dec. 31, 2023

Share-Based Payment Arrangement [Abstract]

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

The portion of the nonvested performance-based share awards that will be earned based upon the achievement of compounded annual book value per share growth is as follows:


	2020 Performance-Based Grants				2019 Performance-Based Grants				2018 Performance-Based Grants
Performance level	Compounded Annual Book Value Per Share Growth		Nonvested Common Shares Earned		Compounded Annual Book Value Per Share Growth		Nonvested Common Shares Earned		Compounded Annual Book Value Per Share Growth		Nonvested Common Shares Earned
	<13	%	0	%	<14	%	0	%	<15	%	0	%
Threshold	13	%	10	%	14	%	10	%	15	%	25	%
	14	%	35	%	15	%	35	%	16	%	50	%
	15	%	60	%	16	%	60	%	17	%	75	%
	16	%	85	%	17	%	85	%
Maximum	≥17	%	100	%	≥18	%	100	%	≥18	%	100	%

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
2021 Awards		≤25th percentile	50th percentile "Target"	≥75th percentile
Three-Year Book Value Per Share CAGR	14% "Target"	100%	150%	200%
	12%	75%	125%	175%
	10%	50%	100%	150%
	8%	25%	75%	125%
	6%	0%	50%	100%


		Relative Total Shareholder Return vs. S&P 1500 Financial Services Index
2022 Awards		≤25th percentile	50th percentile "Target"	≥75th percentile
Three-Year Book Value Per Share CAGR	13% "Target"	100%	150%	200%
	11%	75%	125%	175%
	9%	50%	100%	150%
	7%	25%	75%	125%
	5%	0%	50%	100%


		Relative Total Shareholder Return vs. S&P 1500 Financial Services Index
2023 Awards		≤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 Nonvested Common Share and Nonvested Common Share unit activity

The following tables summarize nonvested common share, nonvested common share unit and DEU activity for the year ended December 31:


	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		567	40.81		37	40.55
Vested	(103)	51.52		(64)	46.65		(177)	47.43		(16)	40.38
Forfeited	—	—		—	—		(16)	39.12		(1)	42.13
Outstanding at end of year	844	$	14.29	149	$	44.40	724	$	41.49	57	$	44.00


	2022
	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	500	$	31.29	140	$	45.31	461	$	47.94	28	$	41.75
Granted	308	14.83		87	46.15		161	42.56		25	40.28
Vested	(139)	45.32		(86)	45.07		(192)	47.53		(14)	41.29
Forfeited	(22)	15.45		(3)	46.91		(80)	48.73		(2)	42.70
Outstanding at end of year	647	$	20.99	138	$	45.94	350	$	45.51	37	$	40.86


	2021
	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	363	$	47.09	153	$	46.34	492	$	46.59	21	$	37.66
Granted	281	15.64		93	43.67		212	46.96		17	$	44.86
Vested	(113)	45.02		(98)	45.40		(214)	43.74		(9)	38.53
Forfeited	(31)	24.33		(8)	44.94		(29)	48.85		(1)	40.53
Outstanding at end of year	500	$	31.29	140	$	45.31	461	$	47.94	28	$	41.75

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 and share units were as follows for the years ended December 31:


(In thousands)	2023		2022		2021
Compensation expense	$	18,446	$	18,381	$	20,844
Income tax benefit	3,660		3,636		4,088

Investments - Schedule of Available For Sale Maturity (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Amortized Cost
Amortized Cost	$ 5,586,730	$ 5,184,856
Fair Value
Fair Value	5,263,739	4,741,625
U.S. Treasury securities
Amortized Cost
Due in 1 year	646,598
Due after 1 but within 5 years	313,901
Due after 5 but within 10 years	39,156
Due after 10 years	14,421
Subtotal	1,014,076
Amortized Cost	1,014,076	584,173
Fair Value
Due in 1 year	645,280
Due after 1 but within 5 years	301,424
Due after 5 but within 10 years	36,194
Due after 10 years	13,484
Subtotal	996,382
Fair Value	996,382	556,438
U.S. agency securities
Amortized Cost
Due in 1 year	7,199
Due after 1 but within 5 years	0
Subtotal	7,199
Amortized Cost	7,199	49,059
Fair Value
Due in 1 year	7,195
Due after 1 but within 5 years	0
Subtotal	7,195
Fair Value	7,195	49,058
Municipal debt securities
Amortized Cost
Due in 1 year	2,139
Due after 1 but within 5 years	82,614
Due after 5 but within 10 years	138,354
Due after 10 years	361,940
Subtotal	585,047
Amortized Cost	585,047	661,934
Fair Value
Due in 1 year	2,121
Due after 1 but within 5 years	80,349
Due after 5 but within 10 years	130,186
Due after 10 years	334,602
Subtotal	547,258
Fair Value	547,258	602,690
Non-U.S. government securities
Amortized Cost
Due in 1 year	0
Due after 1 but within 5 years	36,715
Due after 5 but within 10 years	5,530
Due after 10 years	35,271
Subtotal	77,516
Amortized Cost	77,516	69,651
Fair Value
Due in 1 year	0
Due after 1 but within 5 years	35,362
Due after 5 but within 10 years	4,520
Due after 10 years	27,565
Subtotal	67,447
Fair Value	67,447	62,399
Corporate debt securities
Amortized Cost
Due in 1 year	176,918
Due after 1 but within 5 years	472,817
Due after 5 but within 10 years	581,238
Due after 10 years	149,560
Subtotal	1,380,533
Amortized Cost	1,380,533	1,546,513
Fair Value
Due in 1 year	175,145
Due after 1 but within 5 years	453,496
Due after 5 but within 10 years	543,115
Due after 10 years	125,299
Subtotal	1,297,055
Fair Value	1,297,055	1,414,321
U.S. agency mortgage-backed securities
Amortized Cost
Amortized Cost	922,907	898,675
Fair Value
Fair Value	821,346	783,743
Residential and commercial mortgage securities
Amortized Cost
Amortized Cost	571,163	577,915
Fair Value
Fair Value	517,940	511,824
Asset-backed securities
Amortized Cost
Amortized Cost	584,168	660,345
Fair Value
Fair Value	564,995	624,561
Money market funds
Amortized Cost
Amortized Cost	444,121	136,591
Fair Value
Fair Value	$ 444,121	$ 136,591

Schedule I - Summary of Investments-Other Than Investments in Related Parties

12 Months Ended

Dec. 31, 2023

SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Abstract]

Schedule I - Summary of Investments-Other Than Investments in Related Parties

Schedule I—Summary of Investments—Other Than Investments in Related Parties

December 31, 2023


Type of Investment (In thousands)	Amortized Cost		Fair Value		Amount at which shown in the Balance Sheet
Fixed maturities:
Bonds:
United States Government and government agencies and authorities	$	1,459,742	$	1,340,313	$	1,340,313
States, municipalities and political subdivisions	585,047		547,258		547,258
Residential and commercial mortgage securities	571,163		517,940		517,940
Asset-backed securities	584,168		564,995		564,995
Foreign government and agency securities	77,516		67,447		67,447
All other corporate bonds	1,380,533		1,297,055		1,297,055
Total fixed maturities	4,658,169		4,335,008		4,335,008
Short-term investments	928,561		928,731		928,731
Other invested assets	277,228		277,226		277,226
Total investments	$	5,863,958	$	5,540,965	$	5,540,965

Earnings per Share (EPS) - Schedule of Percent of Shares Issuable Under Terms of Agreement (Details)	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
2023 Performance-Based Grants
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items]
Vesting percentile	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]
Vesting percentile	200.00%	131.00%
Percentage of award issuable if current period end were end of contingency period	100.00%	66.00%
2021 Performance-Based Grants
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items]
Vesting percentile	133.00%	100.00%	100.00%
Percentage of award issuable if current period end were end of contingency period	66.00%	50.00%	50.00%
2020 Performance-Based Grants
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items]
Vesting percentile		100.00%	100.00%
2019 Performance-Based Grants
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items]
Vesting percentile			100.00%

Investments - Schedule of Available for Sale (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	$ 5,586,730	$ 5,184,856
Unrealized Gains	13,446	4,273
Unrealized Losses	(336,437)	(447,504)
Fair Value	5,263,739	4,741,625
U.S. Treasury securities
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	1,014,076	584,173
Unrealized Gains	1,434	341
Unrealized Losses	(19,128)	(28,076)
Fair Value	996,382	556,438
U.S. agency securities
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	7,199	49,059
Unrealized Gains	0	7
Unrealized Losses	(4)	(8)
Fair Value	7,195	49,058
U.S. agency mortgage-backed securities
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	922,907	898,675
Unrealized Gains	438	258
Unrealized Losses	(101,999)	(115,190)
Fair Value	821,346	783,743
Municipal debt securities
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	585,047	661,934
Unrealized Gains	6,660	2,010
Unrealized Losses	(44,449)	(61,254)
Fair Value	547,258	602,690
Non-U.S. government securities
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	77,516	69,651
Unrealized Gains	0	0
Unrealized Losses	(10,069)	(7,252)
Fair Value	67,447	62,399
Corporate debt securities
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	1,380,533	1,546,513
Unrealized Gains	4,425	1,195
Unrealized Losses	(87,903)	(133,387)
Fair Value	1,297,055	1,414,321
Residential and commercial mortgage securities
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	571,163	577,915
Unrealized Gains	286	390
Unrealized Losses	(53,509)	(66,481)
Fair Value	517,940	511,824
Asset-backed securities
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	584,168	660,345
Unrealized Gains	203	72
Unrealized Losses	(19,376)	(35,856)
Fair Value	564,995	624,561
Money market funds
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	444,121	136,591
Unrealized Gains	0	0
Unrealized Losses	0	0
Fair Value	$ 444,121	$ 136,591

Earnings per Share (EPS) - Reconciliation of Net Income and Weighted Average Common Shares Outstanding (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Earnings Per Share [Abstract]
Net income	$ 696,386	$ 831,353	$ 681,783
Basic weighted average shares outstanding (in shares)	106,222	107,205	111,164
Dilutive effect of nonvested shares (in shares)	907	448	391
Diluted weighted average shares outstanding (in shares)	107,129	107,653	111,555
Basic earnings per share (in dollars per share)	$ 6.56	$ 7.75	$ 6.13
Diluted earnings per share (in dollars per share)	$ 6.50	$ 7.72	$ 6.11

- 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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+ Details

Summary of Significant Accounting Policies (Policies)	12 Months Ended
Summary of Significant Accounting Policies (Policies)	Dec. 31, 2023
Accounting Policies [Abstract]
Use of Estimates	Use of Estimates The preparation of financial statements in accordance with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting periods. Actual results could differ from those estimates.
Investments	Investments Our fixed maturity and short-term investments are classified as available for sale as we may sell securities from time to time to provide liquidity and in response to changes in the market. Debt securities classified as available for sale are reported at fair value with unrealized gains and losses on these securities reported in other comprehensive income, net of deferred income taxes. See Note 15 for a description of the valuation methods for investments available for sale. We monitor our fixed maturities for unrealized losses that appear to be other-than-temporary. A fixed maturity security is considered to be other-than-temporarily impaired when the security's fair value is less than its amortized cost basis and 1) we intend to sell the security, 2) it is more likely than not that we will be required to sell the security before recovery of the security's amortized cost basis, or 3) we believe we will be unable to recover the entire amortized cost basis of the security (i.e., a credit loss has occurred). When we determine that a credit loss has been incurred, but we do not intend to sell the security and it is not more likely than not that we will be required to sell the security before recovery of the security's amortized cost basis, the portion of the other-than-temporary impairment that is credit related is recorded as a realized loss in the consolidated statements of comprehensive income, and the portion of the other-than-temporary impairment that is not credit related is included in other comprehensive income. For those fixed maturities for which an other-than-temporary impairment has occurred, we adjust the amortized cost basis of the security and record a realized loss in the consolidated statements of comprehensive income. We recognize purchase premiums and discounts in interest income using the interest method over the securities' estimated holding periods, until maturity, or call date, if applicable. Gains and losses on the sales of securities are recorded on the trade date and are determined using the specific identification method. Short-term investments are defined as short-term, highly liquid investments, both readily convertible to cash and having maturities at acquisition of twelve months or less.
Investments, Other Invested Assets	Other invested assets are principally comprised of limited partnership interests which are generally accounted for under the equity method of accounting or fair value using net asset value (or its equivalent) as a practical expedient, with changes in value reported in income from other invested assets. In applying the equity method or fair value using net asset value (or its equivalent) as a practical expedient, these investments are initially recorded at cost and are subsequently adjusted based on the Company’s proportionate share of the net income or loss of the partnership or changes in fair value. We have elected to classify distributions received from these investments using the cumulative earnings approach for purposes of classification in the statements of cash flows. Due to the timing of receiving financial information from these partnerships, the results are generally reported on a one month or quarter lag.
Long-Lived Assets	Long-Lived Assets Property and equipment are stated at cost less accumulated depreciation and amortization. Depreciation is calculated using the straight-line method over the estimated useful lives of the assets. Repairs and maintenance are charged to expense as incurred. Estimated useful lives are 5 years for furniture and fixtures and 2 to 3 years for equipment, computer hardware and purchased software. Certain costs associated with the acquisition or development of internal-use software are capitalized. Once the software is ready for its intended use, these costs are amortized on a straight-line basis over the software's expected useful life, which is generally 3 years. We amortize leasehold improvements over the shorter of the lives of the leases or estimated service lives of the leasehold improvements.
Deferred Policy Acquisition Costs	Deferred Policy Acquisition Costs We defer certain personnel costs and premium tax expense directly related to the successful acquisition of new insurance policies and amortize these costs over the period the related estimated gross profits are recognized in order to match costs and revenues. We do not defer any underwriting costs associated with our contract underwriting services. Costs related to the acquisition of mortgage insurance business are initially deferred and reported as deferred policy acquisition costs. Consistent with industry accounting practice, amortization of these costs for each underwriting year book of business is recognized in proportion to estimated gross profits. Estimated gross profits are composed of earned premium, interest income, losses and loss adjustment expenses. The deferred costs are adjusted as appropriate for policy cancellations to be consistent with our revenue recognition policy. We estimate the rate of amortization to reflect actual experience and any changes to persistency or loss development. Deferred policy acquisition costs are reviewed periodically to determine that they do not exceed recoverable amounts, after considering investment income.
Insurance Premium Revenue Recognition	Insurance Premium Revenue Recognition Mortgage guaranty insurance policies are contracts that are generally non-cancelable by the insurer, are renewable at a fixed price, and provide for payment of premium on a monthly, annual or single basis. Upon renewal, we are not able to re-underwrite or re-price our policies. Consistent with industry accounting practices, premiums written on a monthly basis are earned as coverage is provided. Monthly policies accounted for 96% of earned premium in 2023. Premiums written on an annual basis are amortized on a pro rata basis over the year of coverage. Primary mortgage insurance written on policies covering more than one year are referred to as single premium policies. A portion of the revenue from single premium policies is recognized in earned premium in the current period, and the remaining portion is deferred as unearned premium and earned over the expected life of the policy. If single premium policies related to insured loans are cancelled due to repayment by the borrower, and the premium is non-refundable, then the remaining unearned premium related to each cancelled policy is recognized as earned premium upon notification of the cancellation. The Company recorded $6.3 million and $20.8 million of earned premium related to policy cancellations for the years ended December 31, 2023 and 2022, respectively. Unearned premium represents the portion of premium written that is applicable to the estimated unexpired risk of insured loans. Rates used to determine the earning of single premium policies are estimates based on an analysis of the expiration of risk. Revenues from title policies issued by agents are recorded when notice of issuance is received from the agent, which is generally when cash payment is received by the Company. A significant portion of our premium revenue relates to master policies with certain lending institutions. For the year ended December 31, 2023 one lender represented approximately 15% of our total revenue. The loss of this customer could have a significant impact on our revenues and results of operations.
Reserve for Losses and Loss Adjustment Expenses	Reserve for Losses and Loss Adjustment Expenses We establish mortgage insurance reserves for losses based on our best estimate of ultimate claim costs for defaulted loans using the general principles contained in ASC No. 944, in accordance with industry practice. However, consistent with industry standards for mortgage insurers, we do not establish loss reserves for future claims on insured loans which are not currently in default. Loans are classified as in default when the borrower has missed two consecutive payments. Once we are notified that a borrower has defaulted, we will consider internal and third-party information and models, including the status of the loan as reported by its servicer and the type of loan product to determine the likelihood that a default will reach claim status. In addition, we will project the amount that we will pay if a default becomes a claim (referred to as "claim severity"). Based on this information, at each reporting date we determine our best estimate of loss reserves at a given point in time. Included in loss reserves are reserves for incurred but not reported ("IBNR") claims. IBNR reserves represent our estimated unpaid losses on loans that are in default, but have not yet been reported to us as delinquent by our customers. We will also establish reserves for associated loss adjustment expenses, consisting of the estimated cost of the claims administration process, including legal and other fees and expenses associated with administering the claims process. Establishing reserves is inherently subjective as it requires estimates that are susceptible to significant revision as more information becomes available. Our estimates of claim rates and claim sizes will be strongly influenced by prevailing economic conditions, such as the overall state of the economy, current rates or trends in unemployment, changes in housing values and/or interest rates, and our best judgments as to the future values or trends of these macroeconomic factors. Losses incurred are also generally affected by the characteristics of our insured loans, such as the loan amount, loan-to-value ratio, the percentage of coverage on the insured loan and the credit quality of the borrower. We provide for title insurance losses through a charge to expense when the related premium revenue is recognized. The amount charged to expense is generally determined by applying a rate (the loss provision rate) to total title insurance premiums and escrow fees. We estimate and reassess the loss provision rate quarterly to ensure that the resulting IBNR loss reserve and known claims reserve included in our consolidated balance sheets together reflect management’s best estimate of the total costs required to settle all IBNR and known claims.
Premium Deficiency Reserve	Premium Deficiency Reserve We are required to establish a premium deficiency reserve if the net present value of the expected future losses and expenses for a particular group of policies exceeds the net present value of expected future premium, anticipated investment income and existing reserves for that specified group of policies. We reassess our expectations for premium, losses and expenses of our mortgage insurance business periodically and update our premium deficiency analysis accordingly.
Derivative Instruments	Derivative Instruments Derivative instruments, including embedded derivative instruments, are recognized at fair value in the consolidated balance sheets. The amount of monthly reinsurance premiums ceded under our reinsurance contracts will fluctuate due to changes in one-month SOFR and changes in money market rates. As the reinsurance premium will vary based on changes in these rates, we concluded that these reinsurance agreements contain embedded derivatives that are accounted for separately like freestanding derivatives.
Stock-Based Compensation	Stock-Based Compensation We measure the cost of employee services received in exchange for awards of equity instruments at the grant date of the award using a fair value based method. Fair value is determined on the date of grant based on quoted market prices. We recognize compensation expense on nonvested shares over the vesting period of the award. Excess tax benefits and tax deficiencies associated with share-based payments are recognized as income tax expense or benefit in the income statement and treated as discrete items in the reporting period.
Income Taxes	Income Taxes Deferred income tax assets and liabilities are determined using the asset and liability (balance sheet) method. Under this method, we determine the net deferred tax asset or liability based on the tax effects of the temporary differences between the book and tax bases of the various assets and liabilities and give current recognition to changes in tax rates and laws. Changes in tax laws, rates, regulations and policies, or the final determination of tax audits or examinations, could materially affect our tax estimates. We evaluate the realizability of the deferred tax asset and recognize a valuation allowance if, based on the weight of all available positive and negative evidence, it is more likely than not that some portion or all of the deferred tax asset will not be realized. When evaluating the realizability of the deferred tax asset, we consider estimates of expected future taxable income, existing and projected book/tax differences, carryback and carryforward periods, tax planning strategies available, and the general and industry specific economic outlook. This realizability analysis is inherently subjective, as it requires management to forecast changes in the mortgage market, as well as the related impact on mortgage insurance, and the competitive and general economic environment in future periods. Changes in the estimate of deferred tax asset realizability, if applicable, are included in income tax expense on the consolidated statements of comprehensive income. ASC No. 740 provides a recognition threshold and measurement attribute for the financial statement recognition and measurement of a tax position taken or expected to be taken in a tax return. In accordance with ASC No. 740, before a tax benefit can be recognized, a tax position is evaluated using a threshold that it is more likely than not that the tax position will be sustained upon examination. When evaluating the more-likely-than-not recognition threshold, ASC No. 740 provides that a company should presume the tax position will be examined by the appropriate taxing authority that has full knowledge of all relevant information. If the tax position meets the more-likely-than-not recognition threshold, it is initially and subsequently measured as the largest amount of benefit that is greater than 50% likely of being realized upon ultimate settlement. As described in Note 12, we purchase non-interest-bearing United States Mortgage Guaranty Tax and Loss Bonds ("T&L Bonds") issued by the Treasury Department. These assets are carried at cost and are reported as prepaid federal income tax on the consolidated balance sheets. It is our policy to classify interest and penalties as income tax expense and to use the aggregate portfolio approach to release income tax effects from accumulated other comprehensive income.
Earnings per Share	Earnings per Share Basic earnings per common share amounts are calculated based on income available to common stockholders and the weighted average number of common shares outstanding during the reporting period. Diluted earnings per common share amounts are calculated based on income available to common stockholders and the weighted average number of common and potential common shares outstanding during the reporting period. Potential common shares, composed of the incremental common shares issuable upon vesting of unvested common shares and common share units, are included in the earnings per share calculation to the extent that they are dilutive.
Recently Issued Accounting Standards	Recently Issued Accounting Standards Accounting Standards Not Yet Adopted In March 2020, the 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, and future elections under, this ASU are not expected to have a material impact on our consolidated financial statements as the ASU will ease, if warranted, the requirements for accounting for the future effects of the rate reform. We continue to monitor the impact the discontinuance of LIBOR or another reference rate will have on our contracts and other transactions. 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. In November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures, which requires public entities to disclose information about their reportable segments’ significant expenses on an interim and annual basis. The ASU requires that public entities disclose significant expense categories and amounts for each reportable segment, which are derived from expenses that are 1) regularly reported to an entity’s chief operating decision-maker (CODM) and 2) included in a segment’s reported measures of profit or loss. Public entities must also disclose an amount for “other segment items,” representing the difference between 1) segment revenue less significant segment expenses and 2) the reportable segment’s profit or loss measures. A description of the composition of “other segment items” also is required as well as the title and position of the CODM and entities must explain how the CODM uses the reported measures of profit or loss to assess segment performance. The ASU also requires interim disclosure of certain segment-related disclosures that previously were required only on an annual basis and clarifies that entities with a single reportable segment are subject to both new and existing segment reporting requirements under Topic 280. It also clarifies that an entity is permitted to disclose multiple measures of segment profit or loss, provided that certain criteria are met. The ASU is effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024. Entities must adopt the changes to the segment reporting guidance on a retrospective basis, with early adoption permitted. The Company is currently evaluating the impact that the ASU will have on our consolidated financial statements. In December 2023, the FASB issued ASU 2023-09, Improvements to Income Tax Disclosures. The standard requires disaggregated information about a reporting entity’s effective tax rate reconciliation as well as information on income taxes paid, including taxes paid by jurisdiction. The ASU will be effective for annual periods beginning after December 15, 2024. The guidance will be applied on a prospective basis with the option to apply the standard retrospectively, with early adoption permitted. The Company is currently evaluating the impact that the ASU will have on our consolidated financial statements.
Fair Value of Financial Instruments	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.

Reserve for Losses and Loss Adjustment Expenses - Summary of Incurred Losses and Allocated Loss Adjustment Expense (Details) $ in Thousands	Dec. 31, 2023 USD ($) loan	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)	Dec. 31, 2020 USD ($)	Dec. 31, 2019 USD ($)	Dec. 31, 2018 USD ($)	Dec. 31, 2017 USD ($)	Dec. 31, 2016 USD ($)	Dec. 31, 2015 USD ($)	Dec. 31, 2014 USD ($)
Liability for Claims and Claims Adjustment Expense [Line Items]
Incurred Loss and Allocated LAE, For the Years Ended December 31,	$ 294,274
Cumulative Paid Losses and Allocated LAE For the Years Ended December 31,	72,847
All outstanding liabilities before 2014, net of reinsurance	0
Reserve for losses and LAE, net of reinsurance	221,427
Reinsurance recoverables on unpaid claims	24,004
Total gross reserve for losses and LAE	245,431
2014 \| Property Insurance Product Line
Liability for Claims and Claims Adjustment Expense [Line Items]
Incurred Loss and Allocated LAE, For the Years Ended December 31,	2,870	$ 2,870	$ 2,869	$ 2,882	$ 2,897	$ 2,930	$ 2,984	$ 3,323	$ 4,312	$ 6,877
Total of IBNR plus Expected Development on Reported Defaults	$ 1
Cumulative Number of Reported Defaults \| loan	103
Cumulative Paid Losses and Allocated LAE For the Years Ended December 31,	$ 2,856	2,856	2,856	2,867	2,882	2,897	2,787	2,463	1,587	$ 138
2015 \| Property Insurance Product Line
Liability for Claims and Claims Adjustment Expense [Line Items]
Incurred Loss and Allocated LAE, For the Years Ended December 31,	8,435	8,434	8,410	8,323	8,461	8,439	8,893	9,625	14,956
Total of IBNR plus Expected Development on Reported Defaults	$ 7
Cumulative Number of Reported Defaults \| loan	232
Cumulative Paid Losses and Allocated LAE For the Years Ended December 31,	$ 8,337	8,335	8,226	8,055	7,961	7,535	6,960	3,610	$ 544
2016 \| Property Insurance Product Line
Liability for Claims and Claims Adjustment Expense [Line Items]
Incurred Loss and Allocated LAE, For the Years Ended December 31,	8,709	8,861	8,614	8,972	9,219	9,455	11,890	21,889
Total of IBNR plus Expected Development on Reported Defaults	$ 12
Cumulative Number of Reported Defaults \| loan	286
Cumulative Paid Losses and Allocated LAE For the Years Ended December 31,	$ 8,542	8,468	8,205	8,270	7,864	6,947	4,896	$ 927
2017 \| Property Insurance Product Line
Liability for Claims and Claims Adjustment Expense [Line Items]
Incurred Loss and Allocated LAE, For the Years Ended December 31,	11,196	11,550	11,249	11,488	12,202	16,261	38,178
Total of IBNR plus Expected Development on Reported Defaults	$ 34
Cumulative Number of Reported Defaults \| loan	403
Cumulative Paid Losses and Allocated LAE For the Years Ended December 31,	$ 10,704	10,620	10,536	10,257	9,156	5,370	$ 633
2018 \| Property Insurance Product Line
Liability for Claims and Claims Adjustment Expense [Line Items]
Incurred Loss and Allocated LAE, For the Years Ended December 31,	16,535	1,724	17,402	19,536	23,168	36,438
Total of IBNR plus Expected Development on Reported Defaults	$ 123
Cumulative Number of Reported Defaults \| loan	576
Cumulative Paid Losses and Allocated LAE For the Years Ended December 31,	$ 14,781	14,536	13,927	13,406	8,067	$ 1,310
2019 \| Property Insurance Product Line
Liability for Claims and Claims Adjustment Expense [Line Items]
Incurred Loss and Allocated LAE, For the Years Ended December 31,	19,455	24,223	23,649	39,085	50,562
Total of IBNR plus Expected Development on Reported Defaults	$ 370
Cumulative Number of Reported Defaults \| loan	626
Cumulative Paid Losses and Allocated LAE For the Years Ended December 31,	$ 14,064	12,392	10,717	8,049	$ 1,288
2020 \| Property Insurance Product Line
Liability for Claims and Claims Adjustment Expense [Line Items]
Incurred Loss and Allocated LAE, For the Years Ended December 31,	23,297	53,045	269,410	317,516
Total of IBNR plus Expected Development on Reported Defaults	$ 1,178
Cumulative Number of Reported Defaults \| loan	551
Cumulative Paid Losses and Allocated LAE For the Years Ended December 31,	$ 6,921	4,022	2,499	$ 1,018
2021 \| Property Insurance Product Line
Liability for Claims and Claims Adjustment Expense [Line Items]
Incurred Loss and Allocated LAE, For the Years Ended December 31,	16,567	38,551	97,526
Total of IBNR plus Expected Development on Reported Defaults	$ 1,028
Cumulative Number of Reported Defaults \| loan	415
Cumulative Paid Losses and Allocated LAE For the Years Ended December 31,	$ 2,916	856	$ 388
2022 \| Property Insurance Product Line
Liability for Claims and Claims Adjustment Expense [Line Items]
Incurred Loss and Allocated LAE, For the Years Ended December 31,	48,593	99,372
Total of IBNR plus Expected Development on Reported Defaults	$ 3,414
Cumulative Number of Reported Defaults \| loan	1,648
Cumulative Paid Losses and Allocated LAE For the Years Ended December 31,	$ 3,209	$ 224
2023 \| Property Insurance Product Line
Liability for Claims and Claims Adjustment Expense [Line Items]
Incurred Loss and Allocated LAE, For the Years Ended December 31,	138,617
Total of IBNR plus Expected Development on Reported Defaults	$ 10,792
Cumulative Number of Reported Defaults \| loan	12,342
Cumulative Paid Losses and Allocated LAE For the Years Ended December 31,	$ 517

Acquisitions - Narrative (Details) - Boston National Title - USD ($) $ in Thousands		6 Months Ended	12 Months Ended
	Jul. 01, 2023	Dec. 31, 2023	Dec. 31, 2023	Dec. 31, 2022
Asset Acquisition [Line Items]
Payments in cash	$ 92,625	$ 92,625
Contributed revenues			$ 43,200
Net losses			7,900
Acquisition related costs			4,500	$ 3,000
Intangible assets		22,800	22,800
Accumulated amortization		$ 700	700
Net Premium Earned
Asset Acquisition [Line Items]
Contributed revenues			38,000
Settlement Services Revenues
Asset Acquisition [Line Items]
Contributed revenues			$ 3,500

Statutory Accounting - Schedule of Statutory Net Income, Statutory Surplus and Contingency Reserve Liability (Details) - Affiliated Entity - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Essent Guaranty
Dividends Restrictions
Statutory net income	$ 431,266	$ 590,505	$ 497,652
Statutory surplus	1,004,104	1,020,034	1,043,866
Contingency reserve liability	2,265,713	2,048,740	1,792,671
Essent PA
Dividends Restrictions
Statutory net income	(3,055)	859	3,176
Statutory surplus	54,044	52,609	56,136
Contingency reserve liability	$ 52,244	$ 56,744	$ 57,384

Schedule I - Summary of Investments-Other Than Investments in Related Parties (Details) $ in Thousands	Dec. 31, 2023 USD ($)
Investments-Other Than Investments in Related Parties
Amortized Cost	$ 5,863,958
Fair Value	5,540,965
Amount at which shown in the Balance Sheet	5,540,965
Fixed maturities
Investments-Other Than Investments in Related Parties
Amortized Cost	4,658,169
Fair Value	4,335,008
Amount at which shown in the Balance Sheet	4,335,008
Fixed maturities \| United States Government and government agencies and authorities
Investments-Other Than Investments in Related Parties
Amortized Cost	1,459,742
Fair Value	1,340,313
Amount at which shown in the Balance Sheet	1,340,313
Fixed maturities \| States, municipalities and political subdivisions
Investments-Other Than Investments in Related Parties
Amortized Cost	585,047
Fair Value	547,258
Amount at which shown in the Balance Sheet	547,258
Fixed maturities \| Residential and commercial mortgage securities
Investments-Other Than Investments in Related Parties
Amortized Cost	571,163
Fair Value	517,940
Amount at which shown in the Balance Sheet	517,940
Fixed maturities \| Asset-backed securities
Investments-Other Than Investments in Related Parties
Amortized Cost	584,168
Fair Value	564,995
Amount at which shown in the Balance Sheet	564,995
Fixed maturities \| Foreign government and agency securities
Investments-Other Than Investments in Related Parties
Amortized Cost	77,516
Fair Value	67,447
Amount at which shown in the Balance Sheet	67,447
Fixed maturities \| All other corporate bonds
Investments-Other Than Investments in Related Parties
Amortized Cost	1,380,533
Fair Value	1,297,055
Amount at which shown in the Balance Sheet	1,297,055
Short-term investments
Investments-Other Than Investments in Related Parties
Amortized Cost	928,561
Fair Value	928,731
Amount at which shown in the Balance Sheet	928,731
Other invested assets
Investments-Other Than Investments in Related Parties
Amortized Cost	277,228
Fair Value	277,226
Amount at which shown in the Balance Sheet	$ 277,226

Reinsurance (Tables)

12 Months Ended

Dec. 31, 2023

Reinsurance Disclosures [Abstract]

Schedule of Effects of Reinsurance

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


	Year Ended December 31,
(In thousands)	2023		2022		2021
Net premiums written:
Direct	$	1,028,781	$	927,702	$	918,406
Ceded (1)	(134,499)		(107,673)		(110,914)
Net premiums written	$	894,282	$	820,029	$	807,492

Net premiums earned:
Direct	$	1,051,405	$	950,200	$	983,457
Ceded (1)	(134,499)		(107,673)		(110,914)
Net premiums earned	$	916,906	$	842,527	$	872,543

_______________________________________________________________________________

(1)Net of profit commission.

The following tables summarizes Essent Guaranty's quota share reinsurance agreements as of December 31, 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 December 31, 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 2020-1	Jan. 2019 - Aug. 2019	6,887,869		1,797,683		2,350		213,230		January 25, 2027
Radnor Re 2021-1	Aug. 2020 - Mar. 2021	31,673,378		8,233,067		309,199		278,638		June 26, 2028
Radnor Re 2021-2	Apr. 2021 - Sep. 2021	35,958,961		9,735,395		339,890		279,051		November 25, 2027
Radnor Re 2022-1	Oct. 2021 - Jul. 2022	31,520,927		8,522,229		231,142		303,324		September 25, 2028
Radnor Re 2023-1	Aug. 2022 - Jun. 2023	30,639,242		8,380,934		281,462		281,463		July 25, 2028
Total		$	136,680,377	$	36,669,308	$	1,164,043	$	1,355,706

The following table summarizes Essent Guaranty's excess of loss reinsurance coverages and retentions provided by panels of reinsurers as of December 31, 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 2019-1	Jan. 2018 - Dec. 2018	5,503,086		1,441,695		76,144		245,894			February 25, 2026
XOL 2020-1	Jan. 2019 - Dec. 2019	6,887,869		1,797,683		36,403		213,143		(1)	January 25, 2027
XOL 2022-1	Oct. 2021 - Dec. 2022	70,477,115		19,058,430		141,992		506,183			January 1, 2030
Total		$	82,868,070	$	22,297,808	$	254,539	$	965,220

(1) First layer retention shown is ILN retention level as a result of overlapping coverage within the vintage.

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 2020-1 Ltd.	2,350		13		1		14
Radnor Re 2021-1 Ltd.	309,199		(4,955)		53		(4,902)
Radnor Re 2021-2 Ltd.	339,890		(5,212)		84		(5,128)
Radnor Re 2022-1 Ltd.	231,142		600		67		667
Radnor Re 2023-1 Ltd.	281,462		478		93		571
Total	$	1,164,043	$	(9,076)	$	298	$	(8,778)

- 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

Schedule II - Condensed Financial Information of Registrant

12 Months Ended

Dec. 31, 2023

Condensed Financial Information Disclosure [Abstract]

Schedule II - Condensed Financial Information of Registrant

Schedule II—Condensed Financial Information of Registrant

Condensed Balance Sheets

Parent Company Only


	December 31,
(In thousands)	2023		2022
Assets
Investments
Fixed maturities available for sale, at fair value (amortized cost: 2023 — $94,221; 2022 — $249,284)	$	86,558	$	226,718
Short-term investments available for sale, at fair value (amortized cost: 2023 — $81,993; 2022 — $67,783)	81,992		67,622
Total investments available for sale	168,550		294,340
Other invested assets	2,166		2,166
Cash	4,073		6,160
Due from affiliates	1,487		840
Investment in consolidated subsidiaries	5,346,888		4,577,128
Other assets	4,283		5,834
Total Assets	$	5,527,447	$	4,886,468

Liabilities and stockholders' equity
Liabilities
Due to affiliates	$	415	$	752
Credit facility borrowings (at carrying value, less unamortized deferred costs of $3,080 in 2023 and $4,136 in 2022)	421,920		420,864
Other accrued liabilities	2,562		2,543
Total liabilities	424,897		424,159
Commitments and contingencies
Stockholders' Equity
Common shares	1,599		1,615
Additional paid-in capital	1,299,869		1,350,377
Accumulated other comprehensive income	(280,496)		(382,790)
Retained earnings	4,081,578		3,493,107
Total stockholders' equity	5,102,550		4,462,309
Total liabilities and stockholders' equity	$	5,527,447	$	4,886,468

See accompanying supplementary notes to Parent Company condensed

financial information and the consolidated financial statements and notes thereto.

Schedule II—Condensed Financial Information of Registrant

Condensed Statements of Comprehensive Income

Parent Company Only


	Year Ended December 31,
(In thousands)	2023		2022		2021
Revenues:
Net investment income	$	5,663	$	6,433	$	5,378
Realized investment losses, net	(11,722)		(12,170)		(108)
Administrative service fees from subsidiaries	710		642		682
Total revenues	(5,349)		(5,095)		5,952
Expenses:
Administrative service fees to subsidiaries	3,738		3,908		4,338
Other operating expenses	7,010		7,614		7,193
Interest expense	30,137		15,609		5,889
Total expenses	40,885		27,131		17,420
Loss before income taxes and equity in undistributed net income in subsidiaries	(46,234)		(32,226)		(11,468)
Income tax expense (benefit)	(181)		—		—
Loss before equity in undistributed net income of subsidiaries	(46,053)		(32,226)		(11,468)
Equity in undistributed net income of subsidiaries	742,439		863,579		693,251
Net income	$	696,386	$	831,353	$	681,783
Other comprehensive income (loss):
Change in unrealized (depreciation) appreciation of investments, net of tax (benefit) expense of $17,944 in 2023, $(75,013) in 2022 and $(15,477) in 2021	102,294		(433,497)		(87,567)
Total other comprehensive income (loss)	102,294		(433,497)		(87,567)
Comprehensive income	$	798,680	$	397,856	$	594,216

See accompanying supplementary notes to Parent Company condensed

financial information and the consolidated financial statements and notes thereto.

Schedule II—Condensed Financial Information of Registrant

Condensed Statements of Cash Flows

Parent Company Only


	Year Ended December 31,
(In thousands)	2023		2022		2021
Operating Activities
Net income	$	696,386	$	831,353	$	681,783
Adjustments to reconcile net income to net cash (used in) provided by operating activities:
Equity in net income of subsidiaries	(742,439)		(863,579)		(693,251)
Loss on the sale of investments, net	11,722		12,170		108
Dividends from subsidiaries	60,000
Stock-based compensation expense	1,000		927		917
Amortization of premium on investment securities	324		800		1,438
Deferred income taxes	(181)		—		—
Changes in assets and liabilities:
Other assets	816		1,775		312
Other accrued liabilities	18,365		19,232		21,447
Net cash (used in) provided by operating activities	45,993		2,678		12,754
Investing Activities
Net change in short-term investments	(14,370)		94,988		189,804
Purchase of investments available for sale	(9,860)		(157,468)		(273,747)
Proceeds from maturities and paydowns of investments available for sale	24,787		81,351		18,384
Proceeds from sales of investments available for sale	128,249		164,733		101,618
Net cash provided by investing activities	128,806		183,604		36,059
Financing Activities

Credit facility borrowings	—		—		200,000

Treasury stock acquired	(70,670)		(97,914)		(163,855)
Payment of issuance costs for credit facility	—		(154)		(5,849)

Dividends paid	(106,215)		(92,128)		(77,724)
Net cash used in financing activities	(176,885)		(190,196)		(47,428)
Net (decrease) increase in cash	(2,086)		(3,914)		1,385
Cash at beginning of year	6,159		10,073		8,688
Cash at end of year	$	4,073	$	6,159	$	10,073

Supplemental Disclosure of Cash Flow Information
Interest payments	$	(28,574)	$	(13,595)	$	(4,792)

Noncash Transactions
Repayment of borrowings with term loan proceeds	$	—	$	—	$	(225,000)

See accompanying supplementary notes to Parent Company condensed

financial information and the consolidated financial statements and notes thereto.

Schedule II—Condensed Financial Information of Registrant

Parent Company Only

Supplementary Notes

Note A

The accompanying Parent Company financial statements should be read in conjunction with the consolidated financial statements and notes to consolidated financial statements. These financial statements have been prepared on the same basis and using the same accounting policies as described in the consolidated financial statements included herein, except that the Parent Company uses the equity method of accounting for its majority-owned subsidiaries.

Note B

Under the insurance laws of the Commonwealth of Pennsylvania, the insurance subsidiaries 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 requires that dividends and other distributions be paid out of positive unassigned surplus without prior approval. As of December 31, 2023, Essent Guaranty had unassigned surplus of approximately $298.8 million. Essent PA had unassigned surplus of approximately $15.0 million as of December 31, 2023. As of January 1, 2024, Essent Guaranty has dividend capacity of $298.8 million and Essent PA has dividend capacity of $5.4 million.

During the year ended December 31, 2023, the Parent Company received dividends from Essent Re totaling $60.0 million. During the years ended December 31, 2022 and 2021, the Parent Company did not receive any dividends from its subsidiaries.

Accumulated Other Comprehensive Income (Loss)

12 Months Ended

Dec. 31, 2023

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

Accumulated Other Comprehensive Income (Loss)

The following table shows the rollforward of accumulated other comprehensive income (loss) for the year ended December 31:


	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 (losses) gains on investments:
Unrealized holding (losses) gains arising during the year	113,034		(16,633)		96,401		(521,682)		75,118		(446,564)
Less: Reclassification adjustment for losses (gains) included in net income (1)	7,204		(1,311)		5,893		13,172		(105)		13,067
Net unrealized (losses) gains on investments	120,238		(17,944)		102,294		(508,510)		75,013		(433,497)
Other comprehensive (loss) gain	120,238		(17,944)		102,294		(508,510)		75,013		(433,497)
Balance at end of year	$	(322,992)	$	42,496	$	(280,496)	$	(443,230)	$	60,440	$	(382,790)

_______________________________________________________________________________

(1)Included in net realized investments gains on our consolidated statements of comprehensive income.

Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Other comprehensive income (loss):
Other comprehensive (losses) gain, before tax	$ 120,238	$ (508,510)
Other comprehensive income (loss):
Other comprehensive (losses) gain, tax effect	(17,944)	75,013
Net of Tax
Balance, beginning of year	4,462,309	4,236,114
Other comprehensive income (loss):
Total other comprehensive income (loss)	102,294	(433,497)	$ (87,567)
Balance, end of year	5,102,550	4,462,309	4,236,114
Accumulated Other Comprehensive Income (Loss)
Before Tax
AOCI before tax, beginning of year	(443,230)	65,280
Other comprehensive income (loss):
AOCI before tax, end of year	(322,992)	(443,230)	65,280
Tax Effect
AOCI tax effect, beginning of year	60,440	(14,573)
Other comprehensive income (loss):
AOCI tax effect, end of year	42,496	60,440	(14,573)
Net of Tax
Balance, beginning of year	(382,790)	50,707	138,274
Other comprehensive income (loss):
Total other comprehensive income (loss)	102,294	(433,497)	(87,567)
Balance, end of year	(280,496)	(382,790)	$ 50,707
Accumulated Net Investment Gains (Losses) On Investments
Other comprehensive income (loss):
Unrealized holding (losses) gains arising during the year, before tax	113,034	(521,682)
Less: Reclassification adjustment for losses (gains) included in net income	7,204	13,172
Other comprehensive (losses) gain, before tax	120,238	(508,510)
Other comprehensive income (loss):
Unrealized holding (losses) gains arising during the year, tax effect	(16,633)	75,118
Less: Reclassification adjustment for losses (gains) included in net income	(1,311)	(105)
Other comprehensive (losses) gain, tax effect	(17,944)	75,013
Other comprehensive income (loss):
Unrealized holding (losses) gains arising during the year, net of tax	96,401	(446,564)
Less: Reclassification adjustment for losses (gains) included in net income	5,893	13,067
Total other comprehensive income (loss)	$ 102,294	$ (433,497)

Schedule II - Condensed Financial Information of Registrant - Supplementary Notes (Details) - USD ($)	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Jan. 01, 2023
Related Party
Condensed Financial Information of Registrant
Dividends paid to parent company	$ 60,000,000	$ 0	$ 0
Essent Guaranty \| Affiliated Entity
Condensed Financial Information of Registrant
Dividends paid to parent company	295,000,000	315,000,000	247,200,000
Essent Guaranty \| Related Party
Condensed Financial Information of Registrant
Unassigned surplus	298,800,000
Amount available for dividend distribution				$ 298,800,000
Essent PA \| Affiliated Entity
Condensed Financial Information of Registrant
Dividends paid to parent company	0	$ 5,000,000	$ 0
Essent PA \| Related Party
Condensed Financial Information of Registrant
Unassigned surplus	$ 15,000,000
Amount available for dividend distribution				$ 5,400,000

Fair Value of Financial Instruments (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Financial Assets:
Fair Value	$ 5,263,739	$ 4,741,625
Recurring
Financial Assets:
Total assets at fair value	5,263,739	4,741,625
Recurring \| U.S. Treasury securities
Financial Assets:
Fair Value	996,382	556,438
Recurring \| U.S. agency securities
Financial Assets:
Fair Value	7,195	49,058
Recurring \| U.S. agency mortgage-backed securities
Financial Assets:
Fair Value	821,346	783,743
Recurring \| Municipal debt securities
Financial Assets:
Fair Value	547,258	602,690
Recurring \| Non-U.S. government securities
Financial Assets:
Fair Value	67,447	62,399
Recurring \| Corporate debt securities
Financial Assets:
Fair Value	1,297,055	1,414,321
Recurring \| Residential and commercial mortgage securities
Financial Assets:
Fair Value	517,940	511,824
Recurring \| Asset-backed securities
Financial Assets:
Fair Value	564,995	624,561
Recurring \| Money market funds
Financial Assets:
Fair Value	444,121	136,591
Recurring \| Quoted Prices in Active Markets for Identical Instruments (Level 1)
Financial Assets:
Total assets at fair value	1,440,503	693,029
Recurring \| Quoted Prices in Active Markets for Identical Instruments (Level 1) \| U.S. Treasury securities
Financial Assets:
Fair Value	996,382	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	444,121	136,591
Recurring \| Significant Other Observable Inputs (Level 2)
Financial Assets:
Total assets at fair value	3,823,236	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	7,195	49,058
Recurring \| Significant Other Observable Inputs (Level 2) \| U.S. agency mortgage-backed securities
Financial Assets:
Fair Value	821,346	783,743
Recurring \| Significant Other Observable Inputs (Level 2) \| Municipal debt securities
Financial Assets:
Fair Value	547,258	602,690
Recurring \| Significant Other Observable Inputs (Level 2) \| Non-U.S. government securities
Financial Assets:
Fair Value	67,447	62,399
Recurring \| Significant Other Observable Inputs (Level 2) \| Corporate debt securities
Financial Assets:
Fair Value	1,297,055	1,414,321
Recurring \| Significant Other Observable Inputs (Level 2) \| Residential and commercial mortgage securities
Financial Assets:
Fair Value	517,940	511,824
Recurring \| Significant Other Observable Inputs (Level 2) \| Asset-backed securities
Financial Assets:
Fair Value	564,995	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

Statutory Accounting

12 Months Ended

Dec. 31, 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 years ended December 31:


(In thousands)	2023		2022		2021
Essent Guaranty
Statutory net income	$	431,266	$	590,505	$	497,652
Statutory surplus	1,004,104		1,020,034		1,043,866
Contingency reserve liability	2,265,713		2,048,740		1,792,671

Essent PA
Statutory net income	$	(3,055)	$	859	$	3,176
Statutory surplus	54,044		52,609		56,136
Contingency reserve liability	52,244		56,744		57,384

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. As discussed in Note 12, 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 T&L Bonds. 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 December 31, 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 December 31, 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. During 2023, Essent Guaranty increased its contingency reserve by $217.0 million and Essent PA decreased its contingency reserve by $4.5 million. 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 years ended December 31, 2023 and 2022, Essent Guaranty released contingency reserves of $56.6 million and $19.4 million, respectively, and Essent PA released contingency reserves of $5.1 million and less than $1.5 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, 2023 and 2022, all such requirements were met.

Essent Re's statutory capital and surplus was $1.9 billion and $1.5 billion as of December 31, 2023 and 2022, respectively, and statutory net income was $304.8 million and $315.0 million, respectively. Statutory capital and surplus and net income determined in accordance with statutory accounting practices were not significantly different than the amounts determined under GAAP.

Consolidated Statements of Comprehensive Income (Parenthetical) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Statement of Comprehensive Income [Abstract]
Change in unrealized (depreciation) appreciation of investments, tax (benefit) expense	$ 17,944	$ (75,013)	$ (15,477)

Capital Stock - Narrative (Details)		1 Months Ended	3 Months Ended												12 Months Ended
Capital Stock - Narrative (Details)	Mar. 22, 2024 $ / shares	Feb. 28, 2024 $ / shares	Dec. 31, 2023 vote $ / shares shares	Sep. 30, 2023 $ / 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	Dec. 31, 2021 USD ($) $ / shares	Sep. 30, 2021 $ / shares	Jun. 30, 2021 $ / shares	Mar. 31, 2021 $ / shares	Dec. 31, 2023 USD ($) vote $ / shares shares	Dec. 31, 2022 USD ($) $ / shares shares	Dec. 31, 2021 USD ($) $ / shares shares	Oct. 31, 2023 USD ($)	May 31, 2022 USD ($)	May 31, 2021 USD ($)
Dividends Payable [Line Items]
Authorized share capital (in shares) \| shares			233,333,000				233,333,000								233,333,000	233,333,000
Number of votes per share \| vote			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
Minimum number of votes per share for other shareholders under 9.5% shareholder provision \| vote			1												1
Quarterly cash dividends declared (in dollars per share) \| $ / shares			$ 0.25	$ 0.25	$ 0.25	$ 0.25	$ 0.23	$ 0.22	$ 0.21	$ 0.20	$ 0.19	$ 0.18	$ 0.17	$ 0.16	$ 1.00	$ 0.86	$ 0.70
Quarterly cash dividends paid (in dollars per share) \| $ / shares			$ 0.25	$ 0.25	$ 0.25	$ 0.25	$ 0.23	$ 0.22	$ 0.21	$ 0.20	$ 0.19	$ 0.18	$ 0.17	$ 0.16	$ 1.00	$ 0.86	$ 0.70
Share repurchase approved amount																		$ 250,000,000
Forecast
Dividends Payable [Line Items]
Quarterly cash dividends paid (in dollars per share) \| $ / shares	$ 0.28
Subsequent Event
Dividends Payable [Line Items]
Quarterly cash dividends declared (in dollars per share) \| $ / shares		$ 0.28
Share Repurchase Plan 2021
Dividends Payable [Line Items]
Share repurchase approved amount																				$ 250,000,000
Stock repurchased (in shares) \| shares																2,136,961	3,469,560
Stock repurchased, value																$ 92,200,000	$ 157,800,000
Remaining authorized repurchase amount											$ 92,200,000						$ 92,200,000
Share Repurchase Plan 2022
Dividends Payable [Line Items]
Share repurchase approved amount																			$ 250,000,000
Stock repurchased (in shares) \| shares															1,535,368	0
Stock repurchased, value															$ 65,600,000

Consolidated Balance Sheets - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Investments
Total investments available for sale	$ 5,263,739	$ 4,741,625
Other invested assets	277,226	257,941
Total investments	5,540,965	4,999,566
Cash	141,787	81,240
Accrued investment income	35,689	33,162
Accounts receivable	63,266	57,399
Deferred policy acquisition costs	9,139	9,910
Property and equipment (at cost, less accumulated depreciation of $71,168 in 2023 and $67,352 in 2022)	41,304	19,571
Prepaid federal income tax	470,646	418,460
Goodwill and intangible assets, net	72,826	0
Other assets	51,051	104,489
Total assets	6,426,673	5,723,797
Liabilities
Reserve for losses and LAE	260,095	216,464
Unearned premium reserve	140,285	162,887
Net deferred tax liability	362,753	356,810
Credit facility borrowings (at carrying value, less unamortized deferred costs of $3,080 in 2023 and $4,136 in 2022)	421,920	420,864
Other accrued liabilities	139,070	104,463
Total liabilities	1,324,123	1,261,488
Commitments and contingencies (see Note 8)
Stockholders' Equity
Common shares, $0.015 par value: Authorized - 233,333; issued and outstanding - 106,597 shares in 2023 and 109,377 shares in 2022	1,599	1,615
Additional paid-in capital	1,299,869	1,350,377
Accumulated other comprehensive income (loss)	(280,496)	(382,790)
Retained earnings	4,081,578	3,493,107
Total stockholders' equity	5,102,550	4,462,309
Total liabilities and stockholders' equity	6,426,673	5,723,797
Fixed maturities
Investments
Total investments available for sale	4,335,008	4,489,598
Short-term investments
Investments
Total investments available for sale	$ 928,731	$ 252,027

Dividends Restrictions	12 Months Ended
Dividends Restrictions	Dec. 31, 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 December 31, 2023, Essent Guaranty had unassigned surplus of approximately $298.8 million and Essent PA had unassigned surplus of approximately $15.0 million. As of January 1, 2024, Essent Guaranty has dividend capacity of $298.8 million and Essent PA has dividend capacity of $5.4 million. Under PMIERs guidance issued by the GSEs effective June 30, 2020 through June 30, 2021, Essent Guaranty was required to obtain GSE written approval before paying a dividend. As a result of PMIERs guidance issued by the GSEs on June 30, 2021, Essent Guaranty could pay a dividend without prior GSE approval in the three months ended September 30, 2021 as long as the dividend payment would not cause its Available Assets to fall below 150% of its Minimum Required Assets. In addition, the guidance specified that Essent Guaranty could pay a dividend without prior GSE approval in the three months ended December 31, 2021 as long as the dividend payment would not cause its Available Assets to fall below 115% of its Minimum Required Assets. During the year ended December 31, 2023, 2022 and 2021, Essent Guaranty paid to its parent, Essent Holdings, dividends totaling $295.0 million, $315.0 million and $247.2 million, respectively. During the year ended December 31, 2022, Essent PA paid to its parent, Essent Holdings, dividends totaling $5 million, Essent PA did not pay a dividend in 2023 or 2021. 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 December 31, 2023, Essent Re had total equity of $1.8 billion. During the year ended December 31, 2023, Essent Re paid to its parent, Essent Group, dividends totaling $60 million. During the year ended December 31, 2023 Essent Holdings contributed $38.1 million of capital to its Title insurance subsidiary. At December 31, 2023, our insurance subsidiaries were in compliance with these rules, regulations and agreements.

Schedule II - Condensed Financial Information of Registrant - Condensed Statements of Comprehensive Income (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Revenues:
Net investment income	$ 186,139	$ 124,409	$ 88,765
Realized investment losses, net	(7,204)	(13,172)	418
Total revenues	1,109,759	1,000,824	1,028,510
Expenses:
Interest expense	30,137	15,608	8,282
Income tax expense (benefit)	(126,613)	(156,834)	(140,531)
Net income	696,386	831,353	681,783
Other comprehensive income (loss):
Change in unrealized (depreciation) appreciation of investments, net of tax (benefit) expense of $17,944 in 2023, $(75,013) in 2022 and $(15,477) in 2021	102,294	(433,497)	(87,567)
Total other comprehensive income (loss)	102,294	(433,497)	(87,567)
Comprehensive income	798,680	397,856	594,216
Change in unrealized (depreciation) appreciation of investments, tax (benefit) expense	17,944	(75,013)	(15,477)
Parent Company
Revenues:
Net investment income	5,663	6,433	5,378
Realized investment losses, net	(11,722)	(12,170)	(108)
Administrative service fees from subsidiaries	710	642	682
Total revenues	(5,349)	(5,095)	5,952
Expenses:
Administrative service fees to subsidiaries	3,738	3,908	4,338
Other operating expenses	7,010	7,614	7,193
Interest expense	30,137	15,609	5,889
Total expenses	40,885	27,131	17,420
Income before income taxes	(46,234)	(32,226)	(11,468)
Loss before equity in undistributed net income of subsidiaries	(46,053)	(32,226)	(11,468)
Income tax expense (benefit)	(181)	0	0
Equity in undistributed net income of subsidiaries	742,439	863,579	693,251
Net income	696,386	831,353	681,783
Other comprehensive income (loss):
Change in unrealized (depreciation) appreciation of investments, net of tax (benefit) expense of $17,944 in 2023, $(75,013) in 2022 and $(15,477) in 2021	102,294	(433,497)	(87,567)
Total other comprehensive income (loss)	102,294	(433,497)	(87,567)
Comprehensive income	798,680	397,856	594,216
Change in unrealized (depreciation) appreciation of investments, tax (benefit) expense	$ 17,944	$ (75,013)	$ (15,477)

Debt Obligations	12 Months Ended
Debt Obligations	Dec. 31, 2023
Debt Disclosure [Abstract]
Debt Obligations	Debt Obligations Credit Facility On December 10, 2021, Essent Group and its subsidiaries, Essent Irish Intermediate Holdings Limited and Essent US Holdings, Inc. (collectively, the "Borrowers"), entered into a third amended and restated, five-year secured credit facility with a committed capacity of $825 million (the “Credit Facility”). The Credit Facility amends and restates the three-year, secured credit facility entered into on October 14, 2020, and provides for an increase in the revolving credit facility from $300 million to $400 million. At closing, $425 million of new term loans were issued, with $225 million of the proceeds used to repay the existing term loan outstanding at Essent Group. Essent US Holdings, Inc. ("Essent Holdings") used cash to repay its $100 million existing term loan outstanding. 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 December 31, 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 16). The borrowings under the Credit Facility contractually mature on December 10, 2026. As of December 31, 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 7.11%. 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
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-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

Audit Information	12 Months Ended
Audit Information	Dec. 31, 2023
Audit Information [Abstract]
Auditor Name	PricewaterhouseCoopers LLP
Auditor Location	Philadelphia, Pennsylvania
Auditor Firm ID	238

Stock-Based Compensation - Narrative (Details) - USD ($) $ in Millions				1 Months Ended														12 Months Ended
	Jan. 01, 2023	Jan. 01, 2022	Jan. 01, 2021	Feb. 28, 2024	May 31, 2023	Feb. 28, 2023	Jan. 31, 2023	May 31, 2022	Feb. 28, 2022	May 31, 2021	Feb. 28, 2021	May 31, 2020	Feb. 29, 2020	Jan. 31, 2020	Feb. 28, 2019	Feb. 28, 2018	Feb. 28, 2017	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2013
Stock-based compensation
Shares tendered by employees to pay employee withholding taxes (in shares)																		119,334	133,011	135,616
Performance-based share awards
Stock-based compensation
Vesting period																		3 years	3 years	3 years
Nonvested Share Units
Stock-based compensation
Granted (in shares)																		567,000	161,000	212,000
Nonvested shares, share units or DEU
Stock-based compensation
Total fair value of shares vested																		$ 15.3	$ 18.4	$ 19.5
Nonvested shares or share units outstanding
Stock-based compensation
Total unrecognized compensation expense																		$ 26.9
Expected weighted average period for recognition of expense																		2 years 6 months
Certain Senior Management \| Performance-based share awards
Stock-based compensation
Incremental cost																		$ 4.0
Time-Based Share Awards \| Nonvested Shares
Stock-based compensation
Granted (in shares)																		75,000	87,000	93,000
Time-Based Share Awards \| Nonvested Share Units
Stock-based compensation
Granted (in shares)							46,252
Time-Based Share Awards \| Employee \| Nonvested Share Units \| Incentive Program Bonus Award Fiscal Year Performance
Stock-based compensation
Vesting period						3 years			3 years		3 years		3 years	3 years	3 years	3 years
Time-Based Share Awards \| Employee \| Nonvested Share Units \| Incentive Program Bonus Award Fiscal Year Performance \| First Vesting Date
Stock-based compensation
Vesting percentage							33.33%							33.33%
Time-Based Share Awards \| Employee \| Nonvested Share Units \| Incentive Program Bonus Award Fiscal Year Performance \| Second Vesting Date
Stock-based compensation
Vesting percentage							33.33%							33.33%
Time-Based Share Awards \| Employee \| Nonvested Share Units \| Incentive Program Bonus Award Fiscal Year Performance \| Third Vesting Date
Stock-based compensation
Vesting percentage							33.33%							33.33%
Time-Based Share Awards \| Director \| Nonvested Share Units \| Maximum
Stock-based compensation
Vesting period					1 year			1 year		1 year		1 year
Time-Based Share Awards \| Certain Employees \| Nonvested Share Units \| Subsequent Event
Stock-based compensation
Granted (in shares)				61,788
Compounded Annual Book Value Per Share Growth \| Nonvested Shares \| Performance Based Grants 2018, 2019 and 2020
Stock-based compensation
Vesting percentage																		100.00%
Time and Performance- Based Share Awards \| Nonvested Shares
Stock-based compensation
Granted (in shares)																		300,000	308,000	281,000
Time and Performance- Based Share Awards \| Certain Senior Management \| Nonvested Shares \| Subsequent Event
Stock-based compensation
Granted (in shares)				296,670
Time and Performance- Based Share Awards \| Certain Senior Management \| Nonvested Share Units \| Subsequent Event
Stock-based compensation
Granted (in shares)				66,547
2013 Plan
Stock-based compensation
Shares authorized (in shares)																					7,500,000
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		3 years	3 years		3 years		3 years		3 years	3 years	3 years
2013 Plan \| Time-Based Share Awards \| Certain Senior Management \| Nonvested Shares \| First Vesting Date
Stock-based compensation
Vesting percentage						33.33%		33.33%	33.33%		33.33%
2013 Plan \| Time-Based Share Awards \| Certain Senior Management \| Nonvested Shares \| Second Vesting Date
Stock-based compensation
Vesting percentage						33.33%		33.33%	33.33%		33.33%
2013 Plan \| Time-Based Share Awards \| Certain Senior Management \| Nonvested Shares \| Third Vesting Date
Stock-based compensation
Vesting percentage						33.33%		33.33%	33.33%		33.33%
2013 Plan \| Vesting Based On Performance \| Certain Senior Management \| Nonvested Shares
Stock-based compensation
Performance period	3 years	3 years	3 years										3 years		3 years	3 years	3 years
2013 Plan \| Vesting Based On Performance \| Certain Senior Management \| Nonvested Shares \| Maximum
Stock-based compensation
Vesting percent																		200.00%

Investments - Schedule of Municipal Debt Securities and Corporate Debt Securities (Details)	Dec. 31, 2023	Dec. 31, 2022
Municipal debt securities
Debt Securities, Available-for-sale [Line Items]
Percentage of debt securities	100.00%	100.00%
Municipal debt securities \| Special revenue bonds
Debt Securities, Available-for-sale [Line Items]
Percentage of debt securities	81.40%	79.00%
Municipal debt securities \| General obligation bonds
Debt Securities, Available-for-sale [Line Items]
Percentage of debt securities	18.60%	20.90%
Municipal debt securities \| Tax allocation bonds
Debt Securities, Available-for-sale [Line Items]
Percentage of debt securities	0.00%	0.10%
Corporate debt securities
Debt Securities, Available-for-sale [Line Items]
Percentage of debt securities	100.00%	100.00%
Corporate debt securities \| Financial
Debt Securities, Available-for-sale [Line Items]
Percentage of debt securities	42.00%	40.50%
Corporate debt securities \| Consumer, Non-Cyclical
Debt Securities, Available-for-sale [Line Items]
Percentage of debt securities	15.90%	17.90%
Corporate debt securities \| Industrial
Debt Securities, Available-for-sale [Line Items]
Percentage of debt securities	8.10%	6.80%
Corporate debt securities \| Communications
Debt Securities, Available-for-sale [Line Items]
Percentage of debt securities	7.20%	8.40%
Corporate debt securities \| Consumer, Cyclical
Debt Securities, Available-for-sale [Line Items]
Percentage of debt securities	7.10%	6.80%
Corporate debt securities \| Utilities
Debt Securities, Available-for-sale [Line Items]
Percentage of debt securities	6.30%	6.10%
Corporate debt securities \| Technology
Debt Securities, Available-for-sale [Line Items]
Percentage of debt securities	6.20%	4.90%
Corporate debt securities \| Energy
Debt Securities, Available-for-sale [Line Items]
Percentage of debt securities	4.70%	6.40%
Corporate debt securities \| Basic Materials
Debt Securities, Available-for-sale [Line Items]
Percentage of debt securities	2.50%	2.10%
Corporate debt securities \| Government
Debt Securities, Available-for-sale [Line Items]
Percentage of debt securities	0.00%	0.10%

Reinsurance - Effect on Net Premiums Written and Earned (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Net premiums written:
Direct	$ 1,028,781	$ 927,702	$ 918,406
Ceded	(134,499)	(107,673)	(110,914)
Net premiums written	894,282	820,029	807,492
Net premiums earned:
Direct	1,051,405	950,200	983,457
Ceded	(134,499)	(107,673)	(110,914)
Net premiums earned	$ 916,906	$ 842,527	$ 872,543

Income Taxes - Narrative (Details) - USD ($)	12 Months Ended
Income Taxes - Narrative (Details) - USD ($)	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Operating Loss Carryforwards [Line Items]
Net purchases of T&L Bonds	$ 52,186,000	$ 57,650,000	$ 58,174,000
Prepaid federal income tax	470,646,000	418,460,000
Deferred tax assets, investments	2,700,000
Unrecognized tax benefits	0	0
U.S.
Operating Loss Carryforwards [Line Items]
Taxes provided on un-remitted earnings	0
Cumulative amount of earnings that would be subject to withholding tax, if distributed outside of the U.S.	4,000,000,000
Essent Holdings \| Essent Irish Intermediate
Operating Loss Carryforwards [Line Items]
Withholding taxes accrued with respect to un-remitted earnings	0
Bermuda \| Bermuda
Operating Loss Carryforwards [Line Items]
Income before income taxes	268,800,000	282,500,000	217,300,000
U.S. \| US
Operating Loss Carryforwards [Line Items]
Income before income taxes	554,200,000	$ 705,600,000	$ 605,000,000
United States Ireland Tax Treaty Benefits Availed \| U.S.
Operating Loss Carryforwards [Line Items]
Associated withholding tax liability on cumulative amount of earnings that would be subject to withholding tax, if distributed outside of the U.S.	$ 197,900,000
United States Ireland Tax Treaty Benefits Availed \| Essent Holdings \| Essent Irish Intermediate
Operating Loss Carryforwards [Line Items]
Withholding tax rate on dividends paid	5.00%
Absent Benefits Of United States Ireland Tax Treaty \| Essent Holdings \| Essent Irish Intermediate
Operating Loss Carryforwards [Line Items]
Withholding tax rate on dividends paid	30.00%

Summary of Significant Accounting Policies - Deferred Policy Acquisition Costs (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Deferred Policy Acquisition Costs
Policy acquisition costs deferred	$ 2.6	$ 3.6	$ 5.8
Other Underwriting and Operating Expenses
Deferred Policy Acquisition Costs
Amortization of deferred policy acquisition costs	$ 4.4	$ 5.8	$ 10.6

- Definition

Amount of amortization expense (reversal of expense) for deferred policy acquisition costs.

+ References + Details

Accounts Receivable

12 Months Ended

Dec. 31, 2023

Receivables [Abstract]

Accounts Receivable

Accounts receivable consists of the following at December 31:


(In thousands)	2023		2022
Premiums receivable	$	51,851	$	46,228
Other receivables	11,415		11,171
Total accounts receivable	63,266		57,399
Less: Allowance for doubtful accounts	—		—
Accounts receivable, net	$	63,266	$	57,399

Premiums receivable consists of premiums due on our mortgage insurance policies. If mortgage insurance premiums are unpaid for more than 90 days, the receivable is written off against earned premium and the related insurance policy is cancelled. For all periods presented, no provision or allowance for doubtful accounts was required.

Nature of Operations and Basis of Presentation	12 Months Ended
Nature of Operations and Basis of Presentation	Dec. 31, 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 3B 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. The Company operates as a single segment for reporting purposes as substantially all business operations, assets and liabilities relate to the private mortgage insurance business. The acquired Title operations represent an operating segment that does not meet the quantitative thresholds to be considered a reportable segment as of December 31, 2023. The consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles ("GAAP") and include the accounts of Essent Group and its consolidated subsidiaries. All intercompany balances and transactions have been eliminated in consolidation. Certain amounts in prior years have been reclassified to conform to the current year presentation.

Income Taxes - Income Tax Expense (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Components of income tax expense
Current	$ 139,859	$ 98,666	$ 56,509
Deferred	(13,246)	58,168	84,022
Total income tax expense	126,613	156,834	140,531
Effective Income Tax Rate Reconciliation, Amount
Tax provision at weighted average statutory rates	116,389	148,176	127,046
State taxes, net of federal benefit	4,872	6,306	11,295
Non-deductible expenses	4,501	4,041	3,652
Tax exempt interest, net of proration	(1,551)	(1,463)	(1,606)
Excess tax (benefit) deficit from stock-based compensation	145	75	61
Other	2,257	(301)	83
Total income tax expense	$ 126,613	$ 156,834	$ 140,531
% of pretax income
Tax provision at weighted average statutory rates	14.10%	15.00%	15.50%
State taxes, net of federal benefit	0.60%	0.60%	1.40%
Non-deductible expenses	0.50%	0.40%	0.40%
Tax exempt interest, net of proration	(0.20%)	(0.10%)	(0.20%)
Excess tax (benefit) deficit from stock-based compensation	0.00%	0.00%	0.00%
Other	0.40%	0.00%	0.00%
Total income tax expense	15.40%	15.90%	17.10%

Earnings per Share (EPS)

12 Months Ended

Dec. 31, 2023

Earnings Per Share [Abstract]

Earnings per Share (EPS)


(In thousands, except per share amounts)	2023		2022		2021
Net income	$	696,386	$	831,353	$	681,783

Basic weighted average shares outstanding	106,222		107,205		111,164
Dilutive effect of nonvested shares	907		448		391
Diluted weighted average shares outstanding	107,129		107,653		111,555

Basic earnings per share	$	6.56	$	7.75	$	6.13
Diluted earnings per share	$	6.50	$	7.72	$	6.11

There were 48,087, 77,759 and 186,020 antidilutive shares for the years ended December 31, 2023, 2022 and 2021, respectively.


	2023 Performance-Based Grants		2022 Performance-Based Grants		2021 Performance-Based Grants		2020 Performance-Based Grants	2019 Performance-Based Grants
As of December 31,	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
2023	200%	100%	200%	100%	133%	66%
2022			131%	66%	100%	50%	100%
2021					100%	50%	100%	100%

Nature of Operations and Basis of Presentation (Details) - state				12 Months Ended
	Jan. 01, 2021	Dec. 31, 2020	Mar. 31, 2019	Dec. 31, 2023
Maximum
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Residential mortgage down payment percentage for which mortgage insurance is generally required (less than)				20.00%
Affiliated Entity \| Essent Guaranty
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Number of states in which the entity is licensed to write mortgage insurance				50
Affiliated Entity \| Essent Re \| Quota share reinsurance
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Reinsurance percentage	35.00%	25.00%
Affiliated Entity \| Essent PA \| Reinsurance for mortgage insurance coverage in excess of 25%
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Reinsurance for mortgage insurance coverage threshold (in excess of)			25.00%

Summary of Significant Accounting Policies - Insurance Premium Revenue Recognition (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Accounting Policies [Abstract]
Earned premiums from mortgage guaranty insurance monthly policies as a percentage of total earned premiums	96.00%
Threshold coverage period for single premium primary mortgage insurance policies (more than)	1 year
Unearned single premium recognized as earned upon notice of policy cancellation due to repayment of insured loan by borrower	$ 6.3	$ 20.8
Total revenue \| Customer Concentration Risk \| One Lender
Accounting Policies [Abstract]
Concentration risk, percentage	15.00%
Concentration Risk [Line Items]
Concentration risk, percentage	15.00%

Stock-Based Compensation - Summary of Nonvested Performance-based Share Awards (Details) - Nonvested Shares	36 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
13% \| Forecast
Stock-based compensation
Three-Year Book Value Per Share CAGR	10.00%	13.00%
13% \| ≤25th percentile \| Forecast
Stock-based compensation
Vesting percentile	100.00%	100.00%
13% \| 50th percentile "Target" \| Forecast
Stock-based compensation
Vesting percentile	150.00%	150.00%
13% \| ≥75th percentile \| Forecast
Stock-based compensation
Vesting percentile	200.00%	200.00%
14%
Stock-based compensation
Three-Year Book Value Per Share CAGR			14.00%
14% \| ≤25th percentile
Stock-based compensation
Vesting percentile			100.00%
14% \| 50th percentile "Target"
Stock-based compensation
Vesting percentile			150.00%
14% \| ≥75th percentile
Stock-based compensation
Vesting percentile			200.00%
12%
Stock-based compensation
Three-Year Book Value Per Share CAGR			12.00%
12% \| ≤25th percentile
Stock-based compensation
Vesting percentile			75.00%
12% \| 50th percentile "Target"
Stock-based compensation
Vesting percentile			125.00%
12% \| ≥75th percentile
Stock-based compensation
Vesting percentile			175.00%
10%
Stock-based compensation
Three-Year Book Value Per Share CAGR			10.00%
10% \| ≤25th percentile
Stock-based compensation
Vesting percentile			50.00%
10% \| 50th percentile "Target"
Stock-based compensation
Vesting percentile			100.00%
10% \| ≥75th percentile
Stock-based compensation
Vesting percentile			150.00%
8%
Stock-based compensation
Three-Year Book Value Per Share CAGR			8.00%
8% \| ≤25th percentile
Stock-based compensation
Vesting percentile			25.00%
8% \| 50th percentile "Target"
Stock-based compensation
Vesting percentile			75.00%
8% \| ≥75th percentile
Stock-based compensation
Vesting percentile			125.00%
6%
Stock-based compensation
Three-Year Book Value Per Share CAGR			6.00%
6% \| ≤25th percentile
Stock-based compensation
Vesting percentile			0.00%
6% \| 50th percentile "Target"
Stock-based compensation
Vesting percentile			50.00%
6% \| ≥75th percentile
Stock-based compensation
Vesting percentile			100.00%
11% \| Forecast
Stock-based compensation
Three-Year Book Value Per Share CAGR	9.00%	11.00%
11% \| ≤25th percentile \| Forecast
Stock-based compensation
Vesting percentile	75.00%	75.00%
11% \| 50th percentile "Target" \| Forecast
Stock-based compensation
Vesting percentile	125.00%	125.00%
11% \| ≥75th percentile \| Forecast
Stock-based compensation
Vesting percentile	175.00%	175.00%
9% \| Forecast
Stock-based compensation
Three-Year Book Value Per Share CAGR	8.00%	9.00%
9% \| ≤25th percentile \| Forecast
Stock-based compensation
Vesting percentile	50.00%	50.00%
9% \| 50th percentile "Target" \| Forecast
Stock-based compensation
Vesting percentile	100.00%	100.00%
9% \| ≥75th percentile \| Forecast
Stock-based compensation
Vesting percentile	150.00%	150.00%
7% \| Forecast
Stock-based compensation
Three-Year Book Value Per Share CAGR	6.00%	7.00%
7% \| ≤25th percentile \| Forecast
Stock-based compensation
Vesting percentile	25.00%	25.00%
7% \| 50th percentile "Target" \| Forecast
Stock-based compensation
Vesting percentile	75.00%	75.00%
7% \| ≥75th percentile \| Forecast
Stock-based compensation
Vesting percentile	125.00%	125.00%
5% \| Forecast
Stock-based compensation
Three-Year Book Value Per Share CAGR	5.00%	5.00%
5% \| ≤25th percentile \| Forecast
Stock-based compensation
Vesting percentile	0.00%	0.00%
5% \| 50th percentile "Target" \| Forecast
Stock-based compensation
Vesting percentile	50.00%	50.00%
5% \| ≥75th percentile \| Forecast
Stock-based compensation
Vesting percentile	100.00%	100.00%
2020 Performance-Based Grants \| 13%
Stock-based compensation
Compounded Annual Book Value Per Share Growth				13.00%
Nonvested Common Shares Earned				10.00%
2020 Performance-Based Grants \| 14%
Stock-based compensation
Compounded Annual Book Value Per Share Growth				14.00%
Nonvested Common Shares Earned				35.00%
2020 Performance-Based Grants \| 15%
Stock-based compensation
Compounded Annual Book Value Per Share Growth				15.00%
Nonvested Common Shares Earned				60.00%
2020 Performance-Based Grants \| 16%
Stock-based compensation
Compounded Annual Book Value Per Share Growth				16.00%
Nonvested Common Shares Earned				85.00%
2020 Performance-Based Grants \| Maximum \| 13%
Stock-based compensation
Compounded Annual Book Value Per Share Growth				13.00%
Nonvested Common Shares Earned				0.00%
2020 Performance-Based Grants \| Minimum \| 17%
Stock-based compensation
Compounded Annual Book Value Per Share Growth				17.00%
Nonvested Common Shares Earned				100.00%
2019 Performance-Based Grants \| 14%
Stock-based compensation
Compounded Annual Book Value Per Share Growth					14.00%
Nonvested Common Shares Earned					10.00%
2019 Performance-Based Grants \| 15%
Stock-based compensation
Compounded Annual Book Value Per Share Growth					15.00%
Nonvested Common Shares Earned					35.00%
2019 Performance-Based Grants \| 16%
Stock-based compensation
Compounded Annual Book Value Per Share Growth					16.00%
Nonvested Common Shares Earned					60.00%
2019 Performance-Based Grants \| 17%
Stock-based compensation
Compounded Annual Book Value Per Share Growth					17.00%
Nonvested Common Shares Earned					85.00%
2019 Performance-Based Grants \| Maximum \| 14%
Stock-based compensation
Compounded Annual Book Value Per Share Growth					14.00%
Nonvested Common Shares Earned					0.00%
2019 Performance-Based Grants \| Minimum \| 18%
Stock-based compensation
Compounded Annual Book Value Per Share Growth					18.00%
Nonvested Common Shares Earned					100.00%
2018 Performance-Based Grants \| 15%
Stock-based compensation
Compounded Annual Book Value Per Share Growth						15.00%
Nonvested Common Shares Earned						25.00%
2018 Performance-Based Grants \| 16%
Stock-based compensation
Compounded Annual Book Value Per Share Growth						16.00%
Nonvested Common Shares Earned						50.00%
2018 Performance-Based Grants \| 17%
Stock-based compensation
Compounded Annual Book Value Per Share Growth						17.00%
Nonvested Common Shares Earned						75.00%
2018 Performance-Based Grants \| Maximum \| 15%
Stock-based compensation
Compounded Annual Book Value Per Share Growth						15.00%
Nonvested Common Shares Earned						0.00%
2018 Performance-Based Grants \| Minimum \| 18%
Stock-based compensation
Compounded Annual Book Value Per Share Growth						18.00%
Nonvested Common Shares Earned						100.00%

Schedule IV - Reinsurance (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
SEC Schedule, 12-17, Insurance Companies, Reinsurance [Abstract]
Gross Amount	$ 1,051,405	$ 950,200	$ 983,457
Ceded to Other Companies	(134,499)	(107,673)	(110,914)
Assumed from Other Companies	0	0	0
Net premiums earned	$ 916,906	$ 842,527	$ 872,543
Assumed Premiums as a Percentage of Net Premiums	0.00%	0.00%	0.00%

Consolidated Statements of Changes in Stockholders' Equity - USD ($) $ in Thousands	Total	Common Shares	Additional Paid-In Capital	Accumulated Other Comprehensive Income (Loss)	Retained Earnings	Treasury Stock
Balance, beginning of year at Dec. 31, 2020		$ 1,686	$ 1,571,163	$ 138,274	$ 2,151,510	$ 0
Changes in Stockholders' Equity
Issuance of management incentive shares		9	(9)
Cancellation of treasury stock		(54)	(163,801)			163,855
Dividends and dividend equivalents declared			755		(78,479)
Stock-based compensation expense			20,844
Other comprehensive (loss) income	$ (87,567)			(87,567)
Net income	681,783				681,783
Treasury stock acquired						(163,855)
Balance, end of year at Dec. 31, 2021	4,236,114	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)	(97,879)			97,914
Dividends and dividend equivalents declared			932		(93,060)
Stock-based compensation expense			18,381
Other comprehensive (loss) income	(433,497)			(433,497)
Net income	831,353				831,353
Treasury stock acquired						(97,914)
Balance, end of year 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		9	(9)
Cancellation of treasury stock		(25)	(70,645)			70,670
Dividends and dividend equivalents declared			1,700		(107,915)
Stock-based compensation expense			18,446
Other comprehensive (loss) income	102,294			102,294
Net income	696,386				696,386
Treasury stock acquired						(70,670)
Balance, end of year at Dec. 31, 2023	$ 5,102,550	$ 1,599	$ 1,299,869	$ (280,496)	$ 4,081,578	$ 0

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483443/250-10-50-3

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 11
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483443/250-10-50-11

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 11
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483443/250-10-50-11

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 4
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483443/250-10-50-4

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 5
-Subparagraph (SAB Topic 6.B)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483621/220-10-S99-5

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-22

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 260
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
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-Paragraph 30
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 260
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 10
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482689/260-10-45-10

Reference 11: http://www.xbrl.org/2003/role/exampleRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 31
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-31

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 260
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 11
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-Section 45
-Paragraph 60B
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482689/260-10-45-60B

+ 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

Investments (Tables)

12 Months Ended

Dec. 31, 2023

Investments, Debt and Equity Securities [Abstract]

Schedule of Investments Available for Sale

Investments available for sale consist of the following:


December 31, 2023 (In thousands)	Amortized Cost		Unrealized Gains		Unrealized Losses		Fair Value
U.S. Treasury securities	$	1,014,076	$	1,434	$	(19,128)	$	996,382
U.S. agency securities	7,199		—		(4)		7,195
U.S. agency mortgage-backed securities	922,907		438		(101,999)		821,346
Municipal debt securities (1)	585,047		6,660		(44,449)		547,258
Non-U.S. government securities	77,516		—		(10,069)		67,447
Corporate debt securities (2)	1,380,533		4,425		(87,903)		1,297,055
Residential and commercial mortgage securities	571,163		286		(53,509)		517,940
Asset-backed securities	584,168		203		(19,376)		564,995
Money market funds	444,121		—		—		444,121
Total investments available for sale	$	5,586,730	$	13,446	$	(336,437)	$	5,263,739


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

_______________________________________________________________________________


	December 31,		December 31,
(1) The following table summarizes municipal debt securities as of :	2023		2022
Special revenue bonds	81.4	%	79.0	%
General obligation bonds	18.6		20.9

Tax allocation bonds	—		0.1

Total	100.0	%	100.0	%


	December 31,		December 31,
(2) The following table summarizes corporate debt securities as of :	2023		2022
Financial	42.0	%	40.5	%
Consumer, Non-Cyclical	15.9		17.9
Industrial	8.1		6.8
Communications	7.2		8.4
Consumer, Cyclical	7.1		6.8
Utilities	6.3		6.1
Technology	6.2		4.9
Energy	4.7		6.4
Basic Materials	2.5		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	$	646,598	$	645,280
Due after 1 but within 5 years	313,901		301,424
Due after 5 but within 10 years	39,156		36,194
Due after 10 years	14,421		13,484
Subtotal	1,014,076		996,382
U.S. agency securities:
Due in 1 year	7,199		7,195
Due after 1 but within 5 years	—		—
Subtotal	7,199		7,195
Municipal debt securities:
Due in 1 year	2,139		2,121
Due after 1 but within 5 years	82,614		80,349
Due after 5 but within 10 years	138,354		130,186
Due after 10 years	361,940		334,602
Subtotal	585,047		547,258
Non-U.S. government securities:
Due in 1 year	—		—
Due after 1 but within 5 years	36,715		35,362
Due after 5 but within 10 years	5,530		4,520
Due after 10 years	35,271		27,565
Subtotal	77,516		67,447
Corporate debt securities:
Due in 1 year	176,918		175,145
Due after 1 but within 5 years	472,817		453,496
Due after 5 but within 10 years	581,238		543,115
Due after 10 years	149,560		125,299
Subtotal	1,380,533		1,297,055
U.S. agency mortgage-backed securities	922,907		821,346
Residential and commercial mortgage securities	571,163		517,940
Asset-backed securities	584,168		564,995
Money market funds	444,121		444,121
Total investments available for sale	$	5,586,730	$	5,263,739

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

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


	Year Ended December 31,
(In thousands)	2023		2022		2021
Realized gross gains	$	1,219	$	14,420	$	4,044
Realized gross losses	8,246		14,864		3,626
Impairment loss	177		12,728		—

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
December 31, 2023 (In thousands)	Fair Value		Gross Unrealized Losses		Fair Value		Gross Unrealized Losses		Fair Value		Gross Unrealized Losses
U.S. Treasury securities	$	139,398	$	(1,075)	$	355,921	$	(18,053)	$	495,319	$	(19,128)
U.S. agency securities	5,572		(2)		1,623		(2)		7,195		(4)
U.S. agency mortgage-backed securities	129,359		(1,616)		654,018		(100,383)		783,377		(101,999)
Municipal debt securities	59,301		(987)		297,039		(43,462)		356,340		(44,449)
Non-U.S. government securities	—		—		67,447		(10,069)		67,447		(10,069)
Corporate debt securities	119,764		(733)		905,606		(87,170)		1,025,370		(87,903)
Residential and commercial mortgage securities	31,936		(999)		459,789		(52,510)		491,725		(53,509)
Asset-backed securities	65,195		(347)		459,324		(19,029)		524,519		(19,376)

Total	$	550,525	$	(5,759)	$	3,200,767	$	(330,678)	$	3,751,292	$	(336,437)


	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:


	Year Ended December 31,
(In thousands)	2023		2022		2021
Fixed maturities	$	178,829	$	129,530	$	94,117
Short-term investments	13,651		2,319		171
Gross investment income	192,480		131,849		94,288
Investment expenses	(6,341)		(7,440)		(5,523)
Net investment income	$	186,139	$	124,409	$	88,765

Reserve for Losses and Loss Adjustment Expenses - Reconciliation of Reserve Balances for Losses and Loss Adjustment Expense (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Reconciliation of the beginning and ending reserve balances for losses and loss adjustment expenses (LAE)
Reserve for losses and LAE at beginning of year	$ 216,464	$ 407,445	$ 374,941
Less: Reinsurance recoverables	24,104	14,618	25,940	$ 19,061
Net reserve for losses and LAE at beginning of year	201,846	381,505	355,880
Net reserves acquired during the period	14,049	0	0
Add provision for losses and LAE, net of reinsurance, occurring in:
Current year	141,191	99,372	97,256
Prior years	(109,649)	(274,076)	(66,199)
Net incurred losses and LAE during the current year	31,542	(174,704)	31,057
Deduct payments for losses and LAE, net of reinsurance, occurring in:
Current year	694	224	388
Prior years	10,752	4,731	5,044
Net loss and LAE payments during the current year	11,446	4,955	5,432
Net reserve for losses and LAE at end of year	235,991	201,846	381,505
Plus: Reinsurance recoverables	24,104	14,618	25,940	$ 19,061
Reserve for losses and LAE at end of year	$ 260,095	$ 216,464	$ 407,445

Reinsurance - Excess of Loss Reinsurance (Details) - Reinsurance Policy, Type [Axis]: Mortgage Insurance	12 Months Ended
	Dec. 31, 2023
Other Reinsurance \| Essent Guaranty
SEC Schedule, 12-17, Insurance Companies, Reinsurance [Line Items]
Amortization period	10 years
VIE \| Mortgage Insurance Linked Notes \| Radnor Re
SEC Schedule, 12-17, Insurance Companies, Reinsurance [Line Items]
Reinsurance debt issued to cover insurance term	10 years
VIE \| Radnor Re
SEC Schedule, 12-17, Insurance Companies, Reinsurance [Line Items]
Amortization period	10 years

Income Taxes

12 Months Ended

Dec. 31, 2023

Income Tax Disclosure [Abstract]

Income Taxes

For the year ended December 31, 2023, the statutory income tax rates of the countries where the Company does business are 21% in the United States and 0.0% in Bermuda. The statutory income tax rate of each country is applied against the taxable income from each country to calculate the income tax expense.

Income tax expense which is generated in the U.S. consists of the following components for the years ended December 31:


(In thousands)	2023		2022		2021
Current	$	139,859	$	98,666	$	56,509
Deferred	(13,246)		58,168		84,022

Total income tax expense	$	126,613	$	156,834	$	140,531

For the year ended December 31, 2023, pre-tax income attributable to Bermuda and U.S. operations was $268.8 million and $554.2 million, respectively, as compared to $282.5 million and $705.6 million, respectively, for the year ended December 31, 2022 and $217.3 million and $605.0 million, respectively, for the year ended December 31, 2021.

Income tax expense is different from that which would be obtained by applying the applicable statutory income tax rates to income before taxes by jurisdiction as of December 31, 2023 (i.e. U.S. 21%; Bermuda 0.0%). The reconciliation of the difference between income tax expense and the expected tax provision at the weighted average tax rate was as follows for the years ended December 31:


	2023				2022				2021
($ in thousands)	$		% of pretax income		$		% of pretax income		$		% of pretax income
Tax provision at weighted average statutory rates	$	116,389	14.1	%	$	148,176	15.0	%	$	127,046	15.5	%
State taxes, net of federal benefit	4,872		0.6		6,306		0.6		11,295		1.4

Non-deductible expenses	4,501		0.5		4,041		0.4		3,652		0.4
Tax exempt interest, net of proration	(1,551)		(0.2)		(1,463)		(0.1)		(1,606)		(0.2)
Excess tax (benefit) deficit from stock-based compensation	145		0.0		75		—		61		—

Other	2,257		0.4		(301)		0.0		83		0.0
Total income tax expense	$	126,613	15.4	%	$	156,834	15.9	%	$	140,531	17.1	%

We provide deferred taxes to reflect the estimated future tax effects of the differences between the financial statement and tax bases of assets and liabilities using currently enacted tax laws. The net deferred tax liability was comprised of the following at December 31:


(In thousands)	2023		2022
Deferred tax assets	$	75,864	$	91,729
Deferred tax liabilities	(438,617)		(448,539)
Net deferred tax liability	$	(362,753)	$	(356,810)

The components of the net deferred tax liability were as follows at December 31:


(In thousands)	2023		2022
Contingency reserves	$	(425,360)	$	(432,265)
Unrealized (gain) loss on investments	45,226		60,439
Unearned premium reserve	11,978		14,099
Investments in limited partnerships	(11,258)		(13,907)
Accrued expenses	6,404		6,257
Fixed assets	4,433		1,197
Unearned ceding commissions	2,066		2,363
Change in fair market value of derivatives	1,972		2,377
Deferred policy acquisition costs	(1,779)		(2,152)
Nonvested shares	1,938		1,640
Loss reserves	1,033		965
Start-up expenditures, net	884		1,233
Impairments on available-for-sale investment securities	38		1,155
Prepaid expenses	(220)		(156)

Other	(108)		(55)
Net deferred tax liability	$	(362,753)	$	(356,810)

As a mortgage guaranty insurer, we are eligible for a tax deduction, subject to certain limitations, under Section 832(e) of the Internal Revenue Code ("IRC") for amounts required by state law or regulation to be set aside in statutory contingency reserves. The deduction is allowed only to the extent that we purchase T&L Bonds in an amount equal to the tax benefit derived from deducting any portion of our statutory contingency reserves. During the year ended December 31, 2023, we had net purchases of T&L Bonds in the amount of $52.2 million and had net purchases of T&L Bonds in the amount of $57.7 million during the year ended December 31, 2022. As of December 31, 2023 and 2022, we held $470.6 million and $418.5 million of T&L Bonds, respectively.

In evaluating our ability to realize the benefit of our deferred tax assets, we consider the relevant impact of all available positive and negative evidence including our past operating results and our forecasts of future taxable income. For the year ended December 31, 2023, the Company had unrealized losses attributable to its available-for-sale investment securities that if sold would result in capital losses. Accordingly, management considered the ability and intent to hold such available-for-sale securities until recovery. At December 31, 2023 and 2022, after weighing all the evidence, management concluded that it was more likely than not that our ordinary and capital deferred tax assets would be realized.

Under current Bermuda law, the parent company, Essent Group, and its Bermuda subsidiary, Essent Re, are not required to pay any taxes on income and capital gains as of December 31, 2023. On December 27, 2023, the Government of Bermuda enacted the Corporate Income Tax Act 2023 ("CIT"). Starting January 1, 2025, the CIT will result in a new 15% corporate income tax on in-scope entities that are resident in Bermuda or that have a Bermuda permanent establishment, without regard to any assurances that had previously been given pursuant to the Exempted Undertakings Tax Protection Act 1966. The CIT also includes various transitional provisions and elections that we are in the process of evaluating. In particular, we believe that, based on their current structure and operations, our Bermuda companies will be eligible to elect a five-year “limited international presence” exemption under the CIT. We intend to make this election within the timeframe required under Bermuda law, and therefore do not expect the CIT to have a material impact on Essent's effective tax rate until we no longer meet the exemption criteria, or January 1, 2030, the fifth anniversary of the inception date of the tax, whichever may occur sooner. The exemption criteria are subject to interpretation of existing Bermuda law, as well any related new regulations that may be issued by the Government of Bermuda. No assurances can be made that we will continue meeting such criteria for the entire five-year period. The Company recorded a deferred tax asset in the amount of $2.7 million upon enactment of the CIT for unrealized losses on the investment portfolios of Essent Group and Essent Re.

Essent Holdings and its subsidiaries are subject to income taxes imposed by U.S. law and file a U.S. Consolidated Income Tax Return. Should Essent Holdings pay a dividend to its parent company, Essent Irish Intermediate Holdings Limited, withholding taxes at a rate of 5% under the U.S./Ireland tax treaty would likely apply assuming the Company avails itself of

Treaty benefits under the U.S./Ireland tax treaty. Absent treaty benefits, the withholding rate on outbound dividends would be 30%. Currently, however, no withholding taxes are accrued with respect to such unremitted earnings as management has no intention of remitting these earnings. Similarly, no foreign income taxes have been provided on the unremitted earnings of the Company's U.S. subsidiaries as management has neither the intention of remitting these earnings, nor would any Ireland tax be due, as any Irish tax would be expected to be fully offset by credit for taxes paid to the U.S. An estimate of the cumulative amount of U.S. earnings that would be subject to withholding tax, if distributed outside of the U.S., is approximately $4.0 billion. The associated withholding tax liability under the U.S./Ireland tax treaty would be approximately $197.9 million.

Essent is not subject to income taxation other than as stated above. There can be no assurance that there will not be changes in applicable laws, regulations, or treaties which might require Essent to change the way it operates or becomes subject to taxation.

At December 31, 2023 and 2022, the Company had no unrecognized tax benefits. As of December 31, 2023, the U.S. federal income tax returns for the tax years 2019 through 2022 remain subject to examination. The Company has not recorded any uncertain tax positions as of December 31, 2023 or December 31, 2022.

- Definition

The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
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-URI https://asc.fasb.org//1943274/2147480990/946-20-50-13

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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-Section S99
-Paragraph 2
-Subparagraph (SAB Topic 11.C)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479360/740-10-S99-2

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482603/740-30-50-2

+ Details

Reinsurance - Quota Share Reinsurance (Details) - Reinsurance Policy, Type [Axis]: Quota Share Reinsurance - USD ($) $ in Billions		12 Months Ended
	Dec. 31, 2021	Dec. 31, 2023	Dec. 31, 2022
QSR-2019
SEC Schedule, 12-17, Insurance Companies, Reinsurance, Net [Abstract]
Ceded premiums earned related to percent of risk on all other eligible policies written		20.00%
Ceding commission		20.00%
Profit commission, maximum	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, Net [Abstract]
Ceded premiums earned related to percent of risk on all other eligible policies written		20.00%
Ceding commission		20.00%
Profit commission, maximum		62.00%	63.00%
RIF ceded		$ 8.1
QSR-2023
SEC Schedule, 12-17, Insurance Companies, Reinsurance, Net [Abstract]
Ceded premiums earned related to percent of risk on all other eligible policies written		17.50%
Ceding commission		20.00%
Profit commission, maximum		58.00%

Income Taxes (Tables)

12 Months Ended

Dec. 31, 2023

Income Tax Disclosure [Abstract]

Schedule of Components of Income Tax Expense

Income tax expense which is generated in the U.S. consists of the following components for the years ended December 31:


(In thousands)	2023		2022		2021
Current	$	139,859	$	98,666	$	56,509
Deferred	(13,246)		58,168		84,022

Total income tax expense	$	126,613	$	156,834	$	140,531

Schedule of Reconciliation of Difference between Income Tax Expense and Expected Tax Provision at Weighted Average Tax Rate

The reconciliation of the difference between income tax expense and the expected tax provision at the weighted average tax rate was as follows for the years ended December 31:


	2023				2022				2021
($ in thousands)	$		% of pretax income		$		% of pretax income		$		% of pretax income
Tax provision at weighted average statutory rates	$	116,389	14.1	%	$	148,176	15.0	%	$	127,046	15.5	%
State taxes, net of federal benefit	4,872		0.6		6,306		0.6		11,295		1.4

Non-deductible expenses	4,501		0.5		4,041		0.4		3,652		0.4
Tax exempt interest, net of proration	(1,551)		(0.2)		(1,463)		(0.1)		(1,606)		(0.2)
Excess tax (benefit) deficit from stock-based compensation	145		0.0		75		—		61		—

Other	2,257		0.4		(301)		0.0		83		0.0
Total income tax expense	$	126,613	15.4	%	$	156,834	15.9	%	$	140,531	17.1	%

Schedule of Net Deferred Tax (Liability) Asset and Components

The net deferred tax liability was comprised of the following at December 31:


(In thousands)	2023		2022
Deferred tax assets	$	75,864	$	91,729
Deferred tax liabilities	(438,617)		(448,539)
Net deferred tax liability	$	(362,753)	$	(356,810)

The components of the net deferred tax liability were as follows at December 31:


(In thousands)	2023		2022
Contingency reserves	$	(425,360)	$	(432,265)
Unrealized (gain) loss on investments	45,226		60,439
Unearned premium reserve	11,978		14,099
Investments in limited partnerships	(11,258)		(13,907)
Accrued expenses	6,404		6,257
Fixed assets	4,433		1,197
Unearned ceding commissions	2,066		2,363
Change in fair market value of derivatives	1,972		2,377
Deferred policy acquisition costs	(1,779)		(2,152)
Nonvested shares	1,938		1,640
Loss reserves	1,033		965
Start-up expenditures, net	884		1,233
Impairments on available-for-sale investment securities	38		1,155
Prepaid expenses	(220)		(156)

Other	(108)		(55)
Net deferred tax liability	$	(362,753)	$	(356,810)

Reserve for Losses and Loss Adjustment Expenses - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended		12 Months Ended			21 Months Ended
	Jun. 30, 2022	Mar. 31, 2022	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2021
Liability for Claims and Claims Adjustment Expense [Line Items]
Incurred claims and claim adjustment expenses			$ 10,752	$ 4,731	$ 5,044
Favorable prior year development			109,649	274,076	66,199
Reserve for losses and LAE, for prior years			81,400	102,700
Net reserves acquired during the period			$ 14,049	0	$ 0
Reduction of reserves on hurricane-related defaults				$ 164,100
Percent of defaults cured			99.00%
Agents National Title
Liability for Claims and Claims Adjustment Expense [Line Items]
Reinsurance recoverables			$ 100
COVID-19
Liability for Claims and Claims Adjustment Expense [Line Items]
Reserve rate	2.00%	4.00%				7.00%

Commitments and Contingencies - Schedule of Lease Cost and Other Lease Information (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Lease cost:
Operating lease cost	$ 5,138	$ 3,908	$ 2,699
Short-term lease cost	128	0	2
Sublease income	(142)	(138)	(135)
Total lease cost	$ 5,124	$ 3,770	$ 2,566
Other information:
Weighted average remaining lease term - operating leases	10 years 7 months 6 days	6 years 10 months 24 days	2 years 9 months 18 days
Weighted average discount rate - operating leases	4.50%	3.60%	4.00%

Capital Stock (Tables)

12 Months Ended

Dec. 31, 2023

Equity [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		2021
March 31	$	0.25	$	0.20	$	0.16
June 30	0.25		0.21		0.17
September 30	0.25		0.22		0.18
December 31	0.25		0.23		0.19
Total dividends per common share declared and paid	$	1.00	$	0.86	$	0.70

Capital Stock - Dividends (Details) - $ / shares	3 Months Ended												12 Months Ended
Capital Stock - Dividends (Details) - $ / shares	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, 2021	Sep. 30, 2021	Jun. 30, 2021	Mar. 31, 2021	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Equity [Abstract]
Quarterly cash dividends paid (in dollars per share)	$ 0.25	$ 0.25	$ 0.25	$ 0.25	$ 0.23	$ 0.22	$ 0.21	$ 0.20	$ 0.19	$ 0.18	$ 0.17	$ 0.16	$ 1.00	$ 0.86	$ 0.70
Quarterly cash dividends declared (in dollars per share)	$ 0.25	$ 0.25	$ 0.25	$ 0.25	$ 0.23	$ 0.22	$ 0.21	$ 0.20	$ 0.19	$ 0.18	$ 0.17	$ 0.16	$ 1.00	$ 0.86	$ 0.70

Dividends Restrictions (Details) - USD ($)	12 Months Ended
Dividends Restrictions (Details) - USD ($)	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Jan. 01, 2023
Dividends Restrictions
Total equity	$ 5,102,550,000	$ 4,462,309,000	$ 4,236,114,000
Contribution	40,038,000	74,620,000	67,397,000
Tile Insurance Subsidiary
Dividends Restrictions
Contribution	38,100,000
Related Party
Dividends Restrictions
Dividends paid to parent company	60,000,000	0	0
Essent Guaranty \| Related Party
Dividends Restrictions
Unassigned surplus	298,800,000
Amount available for dividend distribution				$ 298,800,000
Essent Guaranty \| Affiliated Entity
Dividends Restrictions
Dividends paid to parent company	295,000,000	315,000,000	247,200,000
Essent PA \| Related Party
Dividends Restrictions
Unassigned surplus	15,000,000
Amount available for dividend distribution				$ 5,400,000
Essent PA \| Affiliated Entity
Dividends Restrictions
Dividends paid to parent company	0	$ 5,000,000	$ 0
Essent Re \| Affiliated Entity
Dividends Restrictions
Dividends paid to parent company	60,000,000
Total equity	1,800,000,000
Essent Re \| Affiliated Entity \| Minimum \| Quota share reinsurance
Dividends Restrictions
Total equity	$ 100,000,000

Investments - Narrative (Details) $ in Thousands	12 Months Ended
Investments - Narrative (Details) $ in Thousands	Dec. 31, 2023 USD ($) security	Dec. 31, 2022 USD ($) security	Dec. 31, 2021 USD ($)	Dec. 31, 2020 USD ($)
Debt Securities, Available-for-sale [Line Items]
Number of investment securities in unrealized loss position \| security	2,256	2,578
Impairment loss	$ 177	$ 12,728	$ 0
Other invested assets	277,226	257,941
Income from other invested assets	(11,118)	28,676	$ 56,386
Fair value of investments deposited with insurance regulatory authorities to meet statutory requirements	9,200	9,100
Limited Partnership Investment
Debt Securities, Available-for-sale [Line Items]
Other assets, fair value	137,800
Investment company, committed capital	47,700
Essent Re
Debt Securities, Available-for-sale [Line Items]
Fair value of the required investments on deposit in trusts	1,060,000	972,400
Essent Guaranty
Debt Securities, Available-for-sale [Line Items]
Assets on deposit under reinsurance agreement	5,100	8,600
Assets on deposit for the benefit of the sponsor	$ 9,200	$ 9,100
Minimum \| Limited Partnership Investment
Debt Securities, Available-for-sale [Line Items]
Investment company, asset liquidation period	2 years
Maximum \| Limited Partnership Investment
Debt Securities, Available-for-sale [Line Items]
Investment company, asset liquidation period	9 years
Revision adjustment \| Limited Partnership Investment
Debt Securities, Available-for-sale [Line Items]
Income from other invested assets				$ 7,600
Securities \| Credit Concentration Risk \| Internal Investment Grade
Debt Securities, Available-for-sale [Line Items]
Concentration risk, percentage	98.00%

Reserve for Losses and Loss Adjustment Expenses (Tables)

12 Months Ended

Dec. 31, 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 years ended December 31:


(In thousands)	2023		2022		2021
Reserve for losses and LAE at beginning of year	$	216,464	$	407,445	$	374,941
Less: Reinsurance recoverables	14,618		25,940		19,061
Net reserve for losses and LAE at beginning of year	201,846		381,505		355,880
Net reserves acquired during the period	14,049		—		—
Add provision for losses and LAE, net of reinsurance, occurring in:
Current year	141,191		99,372		97,256
Prior years	(109,649)		(274,076)		(66,199)
Net incurred losses and LAE during the current year	31,542		(174,704)		31,057
Deduct payments for losses and LAE, net of reinsurance, occurring in:
Current year	694		224		388
Prior years	10,752		4,731		5,044
Net loss and LAE payments during the current year	11,446		4,955		5,432
Net reserve for losses and LAE at end of year	235,991		201,846		381,505
Plus: Reinsurance recoverables	24,104		14,618		25,940
Reserve for losses and LAE at end of year	$	260,095	$	216,464	$	407,445

information about incurred loss development for the years ended December 31, 2014 to 2022 is presented as supplementary information.


	Incurred Loss and Allocated LAE, For the Years Ended December 31,																				As of December 31, 2023
(In thousands)																					Total of IBNR plus Expected Development on Reported Defaults		Cumulative Number of Reported Defaults (1)
	Unaudited
Accident Year	2014		2015		2016		2017		2018		2019		2020		2021		2022		2023
2014	$	6,877	$	4,312	$	3,323	$	2,984	$	2,930	$	2,897	$	2,882	$	2,869	$	2,870	$	2,870	$	1	103
2015			14,956		9,625		8,893		8,439		8,461		8,323		8,410		8,434		8,435		7		232
2016					21,889		11,890		9,455		9,219		8,972		8,614		8,861		8,709		12		286
2017							38,178		16,261		12,202		11,488		11,249		11,550		11,196		34		403
2018									36,438		23,168		19,536		17,402		1,724		16,535		123		576
2019											50,562		39,085		23,649		24,223		19,455		370		626
2020													317,516		269,410		53,045		23,297		1,178		551
2021															97,526		38,551		16,567		1,028		415
2022																	99,372		48,593		3,414		1,648
2023																			138,617		10,792		12,342
Total																			$	294,274

(1) Cumulative number of reported defaults includes cumulative paid claims plus loans in default by accident year as of December 31, 2023.


(In thousands)	Cumulative Paid Losses and Allocated LAE For the Years Ended December 31,
	Unaudited
Accident Year	2014		2015		2016		2017		2018		2019		2020		2021		2022		2023
2014	$	138	$	1,587	$	2,463	$	2,787	$	2,897	$	2,882	$	2,867	$	2,856	$	2,856	$	2,856
2015			544		3,610		6,960		7,535		7,961		8,055		8,226		8,335		8,337
2016					927		4,896		6,947		7,864		8,270		8,205		8,468		8,542
2017							633		5,370		9,156		10,257		10,536		10,620		10,704
2018									1,310		8,067		13,406		13,927		14,536		14,781
2019											1,288		8,049		10,717		12,392		14,064
2020													1,018		2,499		4,022		6,921
2021															388		856		2,916
2022																	224		3,209
2023																			517
Total																			$	72,847
All outstanding liabilities before 2014, net of reinsurance																			—
Reserve for losses and LAE, net of reinsurance																			$	221,427

The following table provides a reconciliation of the net incurred losses and paid claims development tables above to the mortgage insurance reserve for losses and LAE at December 31, 2023:


(In thousands)	December 31, 2023
Reserve for losses and LAE, net of reinsurance	$	221,427
Reinsurance recoverables on unpaid claims	24,004
Total gross reserve for losses and LAE	$	245,431

For our mortgage insurance portfolio, our average annual payout of losses as of December 31, 2023 is as follows:


Average Annual Percentage Payout of Incurred Losses and Allocated LAE by Year
Year	1		2		3		4		5		6		7		8		9		10

Average Payout	9	%	42	%	29	%	11	%	5	%	0	%	1	%	0	%	0	%	0	%

Summary of Significant Accounting Policies - Long-Lived Assets (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Long-Lived Assets
Cost	$ 80,231	$ 73,815
Accumulated Depreciation/ Amortization	$ (71,168)	(67,352)
Furniture and fixtures
Long-Lived Assets
Estimated useful lives	5 years
Cost	$ 4,244	2,809
Accumulated Depreciation/ Amortization	$ (2,463)	(2,249)
Equipment, computer hardware and purchased software \| Minimum
Long-Lived Assets
Estimated useful lives	2 years
Equipment, computer hardware and purchased software \| Maximum
Long-Lived Assets
Estimated useful lives	3 years
Costs of internal-use software
Long-Lived Assets
Estimated useful lives	3 years
Cost	$ 13,785	14,683
Accumulated Depreciation/ Amortization	(12,593)	(11,332)
Office equipment
Long-Lived Assets
Cost	1,672	1,012
Accumulated Depreciation/ Amortization	(982)	(894)
Computer hardware
Long-Lived Assets
Cost	12,556	11,125
Accumulated Depreciation/ Amortization	(11,273)	(10,607)
Purchased software
Long-Lived Assets
Cost	40,266	39,015
Accumulated Depreciation/ Amortization	(39,271)	(38,358)
Leasehold improvements
Long-Lived Assets
Cost	7,708	5,171
Accumulated Depreciation/ Amortization	$ (4,586)	$ (3,912)