0001448893-26-000024 | 10-Q | XBRL Viewer

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Reinsurance - Essent Guaranty's Excess of Loss Reinsurance Coverages and Retentions (Details) $ in Thousands	6 Months Ended
	Jun. 30, 2026 USD ($)
Radnor Re, Total
SEC Schedule, 12-17, Insurance Companies, Reinsurance [Line Items]
Remaining Insurance in Force	$ 105,142,101
Remaining Risk in Force	29,410,471
Remaining Reinsurance in Force	700,529
Remaining First Layer Retention	1,344,847
OXL, Total
SEC Schedule, 12-17, Insurance Companies, Reinsurance [Line Items]
Remaining Insurance in Force	156,445,965
Remaining Risk in Force	42,853,708
Remaining Reinsurance in Force	327,575
Remaining First Layer Retention	1,688,598
Reinsurance Policy, Type [Axis]: Vintage Year Apr 2021 - Sep 2021 \| Radnor Re 2021-2 Ltd.
SEC Schedule, 12-17, Insurance Companies, Reinsurance [Line Items]
Remaining Insurance in Force	22,156,669
Remaining Risk in Force	6,327,178
Remaining Reinsurance in Force	161,600
Remaining First Layer Retention	268,364
Reinsurance Policy, Type [Axis]: Vintage Year Aug 2020 - Mar 2021 \| Radnor Re 2021-1 Ltd.
SEC Schedule, 12-17, Insurance Companies, Reinsurance [Line Items]
Remaining Insurance in Force	15,836,468
Remaining Risk in Force	4,438,234
Remaining Reinsurance in Force	50,256
Remaining First Layer Retention	275,536
Reinsurance Policy, Type [Axis]: Vintage Year August 2022- June 2023 \| Radnor Re 2023-1 Ltd.
SEC Schedule, 12-17, Insurance Companies, Reinsurance [Line Items]
Remaining Insurance in Force	22,822,493
Remaining Risk in Force	6,296,006
Remaining Reinsurance in Force	181,895
Remaining First Layer Retention	264,081
Reinsurance Policy, Type [Axis]: Vintage Year Jan 2019 - Aug 2019 \| XOL 2020-1
SEC Schedule, 12-17, Insurance Companies, Reinsurance [Line Items]
Remaining Insurance in Force	4,244,203
Remaining Risk in Force	1,130,161
Remaining Reinsurance in Force	29,152
Remaining First Layer Retention	209,852
Reinsurance Policy, Type [Axis]: Vintage Year Jan 2023 - Dec 2023 \| XOL 2023-1
SEC Schedule, 12-17, Insurance Companies, Reinsurance [Line Items]
Remaining Insurance in Force	28,813,310
Remaining Risk in Force	8,021,276
Remaining Reinsurance in Force	31,375
Remaining First Layer Retention	350,226
Reinsurance Policy, Type [Axis]: Vintage Year Jan 2024 - Dec 2024 \| XOL 2024-1
SEC Schedule, 12-17, Insurance Companies, Reinsurance [Line Items]
Remaining Insurance in Force	32,088,603
Remaining Risk in Force	8,848,689
Remaining Reinsurance in Force	58,005
Remaining First Layer Retention	327,683
Reinsurance Policy, Type [Axis]: Vintage Year Jan 2025 - Dec 2025 \| XOL 2025-1
SEC Schedule, 12-17, Insurance Companies, Reinsurance [Line Items]
Remaining Insurance in Force	40,096,727
Remaining Risk in Force	10,640,673
Remaining Reinsurance in Force	80,821
Remaining First Layer Retention	343,234
Reinsurance Policy, Type [Axis]: Vintage Year July 2023- July 2024 \| Radnor Re 2024-1 Ltd.
SEC Schedule, 12-17, Insurance Companies, Reinsurance [Line Items]
Remaining Insurance in Force	21,827,253
Remaining Risk in Force	6,054,012
Remaining Reinsurance in Force	192,982
Remaining First Layer Retention	251,896
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	51,203,122
Remaining Risk in Force	14,212,909
Remaining Reinsurance in Force	128,222
Remaining First Layer Retention	457,603
Reinsurance Policy, Type [Axis]: Vintage Year Oct 2021 - Jul 2022 \| Radnor Re 2022-1 Ltd.
SEC Schedule, 12-17, Insurance Companies, Reinsurance [Line Items]
Remaining Insurance in Force	22,499,218
Remaining Risk in Force	6,295,041
Remaining Reinsurance in Force	113,796
Remaining First Layer Retention	$ 284,970

Recently Issued Accounting Standards	6 Months Ended
Recently Issued Accounting Standards	Jun. 30, 2026
Accounting Policies [Abstract]
Recently Issued Accounting Standards	Recently Issued Accounting Standards Accounting Standards Not Yet Adopted In November 2024, the FASB issued ASU No. 2024-03, Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses (“ASU 2024-03”) and in January 2025, the FASB issued ASU No. 2025-01, Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40): Clarifying the Effective Date, which clarified the effective date of ASU 2024-03. ASU 2024-03 will require the Company to disclose the amounts of purchases of inventory, employee compensation, depreciation and intangible asset amortization, as applicable, included in certain expense captions in the Consolidated Statements of Operations, as well as qualitatively describe remaining amounts included in those captions. ASU 2024-03 will also require the Company to disclose both the amount and the Company’s definition of selling expenses. The ASU is effective for annual reporting periods beginning after December 15, 2026 and interim reporting periods within annual reporting periods beginning after December 15, 2027. The Company is currently evaluating the impact that the ASU will have on our consolidated financial statements. In September 2025, the FASB issued Accounting Standard Update No. 2025-06, Intangibles - Goodwill and Other - Internal-Use Software (Subtopic 350-40): Targeted Improvements to the Accounting for Internal-Use Software (“ASU 2025-06”). The amendments in ASU 2025-06 clarify and refine the criteria for capitalizing costs related to internal-use software. Under the new guidance, capitalization is permitted when both of the following conditions are met: (i) management has authorized and committed to funding the software project, and (ii) it is probable that the project will be completed and the software will be used to perform the function intended. ASU 2025-06 is effective for fiscal periods beginning after December 15, 2027, and interim periods thereafter. The Company is currently evaluating the impact that the ASU will have on our consolidated financial statements. In December 2025, the FASB issued ASU 2025-11, “Interim Reporting (Topic 270) Narrow-Scope Improvements.” The amendments in this Update clarify interim disclosure requirements and the applicability of Topic 270. The objective of the update is to provide clarity about current interim requirements. The amendments in this update also include a disclosure principle that requires entities to disclose events since the end of the last annual reporting period that have a material impact on the entity. The amendments in this ASU are required to be adopted for interim periods within annual reporting periods beginning after December 15, 2027. Early adoption is permitted. The Company is currently evaluating the impact that the ASU will have on our consolidated financial statements.

Nature of Operations and Basis of Presentation

6 Months Ended

Jun. 30, 2026

Organization, Consolidation and Presentation of Financial Statements [Abstract]

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. Essent Re also provides insurance and reinsurance to Freddie Mac and Fannie Mae. The following table summarizes the quota share reinsurance coverage that Essent Re has provided to Essent Guaranty for the respective NIW periods:


NIW Period						Ceding Percentage
January 1, 2025 to Present						50%
January 1, 2021 to December 31, 2024						35%
Prior to January 1, 2021						25%

In 2016, Essent Re formed Essent Agency (Bermuda) Ltd., a wholly-owned subsidiary, which provides underwriting consulting services to third-party reinsurers. Effective January 1, 2026, Essent Re began reinsuring certain property and casualty risks.

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.

We also offer title insurance products both directly and through a network of title insurance agents through Essent Title Insurance, Inc. ("Essent Title"), as well as title and settlement services. Our title insurance operations are headquartered in Radnor, Pennsylvania, with additional locations in Columbia, Missouri and Pittsburgh, Pennsylvania.

We have two reportable business segments: Mortgage Insurance and Reinsurance. Our Mortgage Insurance segment offers private mortgage insurance for residential first-lien mortgages secured by residential properties located in the United States through our U.S. mortgage insurance subsidiary, Essent Guaranty, and also offers other credit risk management solutions, including contract underwriting, to our customers. Our Reinsurance segment reinsures U.S. mortgage risk in the GSE credit risk transfer market through our Bermuda-based reinsurance subsidiary, Essent Re, and also provides underwriting consulting services to third-party reinsurers. Effective January 1, 2026, Essent Re began reinsuring certain property and casualty risks.

We have prepared the condensed consolidated financial statements included herein pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”). We have condensed or omitted certain information and footnote disclosures normally included in consolidated financial statements prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) pursuant to such rules and regulations. In the opinion of management, the statements include all adjustments (which include normal recurring adjustments) required for a fair statement of financial position, results of operations and cash flows for the interim periods presented. These statements should be read in conjunction with the consolidated financial statements and notes thereto, including Note 1 and Note 2 to the consolidated financial statements,

included in our Annual Report on Form 10-K for the year ended December 31, 2025, which discloses the principles of consolidation and a summary of significant accounting policies. The results of operations for the interim periods are not necessarily indicative of the results for the full year. We evaluated the need to recognize or disclose events that occurred subsequent to June 30, 2026 prior to the issuance of these condensed consolidated financial statements.

Certain amounts in prior years have been reclassified to conform to the current year presentation.

Fair Value of Financial Instruments - Schedule of Assets and Liabilities Measured at Fair Vale on a Recurring Basis (Details) - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
Financial Assets:
Fair Value	$ 6,038,695	$ 6,104,085
Recurring
Financial Assets:
Total assets at fair value	6,038,695	6,104,085
Recurring \| U.S. Treasury securities
Financial Assets:
Fair Value	274,488	369,712
Recurring \| U.S. agency mortgage-backed securities
Financial Assets:
Fair Value	1,103,830	1,174,895
Recurring \| Municipal debt securities
Financial Assets:
Fair Value	603,771	610,411
Recurring \| Non-U.S. government securities
Financial Assets:
Fair Value	49,271	56,024
Recurring \| Corporate debt securities:
Financial Assets:
Fair Value	1,967,084	1,980,080
Recurring \| Residential and commercial mortgage securities
Financial Assets:
Fair Value	462,142	464,105
Recurring \| Asset-backed securities
Financial Assets:
Fair Value	954,223	800,366
Recurring \| Money market funds
Financial Assets:
Fair Value	623,886	648,492
Recurring \| Quoted Prices in Active Markets for Identical Instruments (Level 1)
Financial Assets:
Total assets at fair value	898,374	1,018,204
Recurring \| Quoted Prices in Active Markets for Identical Instruments (Level 1) \| U.S. Treasury securities
Financial Assets:
Fair Value	274,488	369,712
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	623,886	648,492
Recurring \| Significant Other Observable Inputs (Level 2)
Financial Assets:
Total assets at fair value	5,140,321	5,085,881
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 mortgage-backed securities
Financial Assets:
Fair Value	1,103,830	1,174,895
Recurring \| Significant Other Observable Inputs (Level 2) \| Municipal debt securities
Financial Assets:
Fair Value	603,771	610,411
Recurring \| Significant Other Observable Inputs (Level 2) \| Non-U.S. government securities
Financial Assets:
Fair Value	49,271	56,024
Recurring \| Significant Other Observable Inputs (Level 2) \| Corporate debt securities:
Financial Assets:
Fair Value	1,967,084	1,980,080
Recurring \| Significant Other Observable Inputs (Level 2) \| Residential and commercial mortgage securities
Financial Assets:
Fair Value	462,142	464,105
Recurring \| Significant Other Observable Inputs (Level 2) \| Asset-backed securities
Financial Assets:
Fair Value	954,223	800,366
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 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

Reinsurance - Schedule of Total Assets and Maximum Exposure Loss (Details) $ in Thousands	Jun. 30, 2026 USD ($)
VIE
Variable Interest Entity [Line Items]
Maximum Exposure to Loss, On - Balance Sheet	$ (13,062)
Maximum Exposure to Loss, Off - Balance Sheet	78
Maximum Exposure to Loss, Total	(12,984)
VIE \| Radnor Re 2021-1 Ltd.
Variable Interest Entity [Line Items]
Maximum Exposure to Loss, On - Balance Sheet	(5,560)
Maximum Exposure to Loss, Off - Balance Sheet	0
Maximum Exposure to Loss, Total	(5,560)
VIE \| Radnor Re 2021-2 Ltd.
Variable Interest Entity [Line Items]
Maximum Exposure to Loss, On - Balance Sheet	(6,553)
Maximum Exposure to Loss, Off - Balance Sheet	18
Maximum Exposure to Loss, Total	(6,535)
VIE \| Radnor Re 2022-1 Ltd.
Variable Interest Entity [Line Items]
Maximum Exposure to Loss, On - Balance Sheet	(563)
Maximum Exposure to Loss, Off - Balance Sheet	16
Maximum Exposure to Loss, Total	(547)
VIE \| Radnor Re 2023-1 Ltd.
Variable Interest Entity [Line Items]
Maximum Exposure to Loss, On - Balance Sheet	(128)
Maximum Exposure to Loss, Off - Balance Sheet	26
Maximum Exposure to Loss, Total	(102)
VIE \| Radnor Re 2024-1 Ltd.
Variable Interest Entity [Line Items]
Maximum Exposure to Loss, On - Balance Sheet	(258)
Maximum Exposure to Loss, Off - Balance Sheet	18
Maximum Exposure to Loss, Total	(240)
Radnor Re 2021-1 Ltd. \| Reinsurance Policy, Type [Axis]: Vintage Year Aug 2020 - Mar 2021
Variable Interest Entity [Line Items]
Total VIE Assets	50,256
Radnor Re 2021-2 Ltd. \| Reinsurance Policy, Type [Axis]: Vintage Year Apr 2021 - Sep 2021
Variable Interest Entity [Line Items]
Total VIE Assets	161,600
Radnor Re 2022-1 Ltd. \| Reinsurance Policy, Type [Axis]: Vintage Year Oct 2021 - Jul 2022
Variable Interest Entity [Line Items]
Total VIE Assets	113,796
Radnor Re 2023-1 Ltd. \| Reinsurance Policy, Type [Axis]: Vintage Year August 2022- June 2023
Variable Interest Entity [Line Items]
Total VIE Assets	181,895
Radnor Re 2024-1 Ltd. \| Reinsurance Policy, Type [Axis]: Vintage Year July 2023- July 2024
Variable Interest Entity [Line Items]
Total VIE Assets	$ 192,982

Commitments and Contingencies	6 Months Ended
Commitments and Contingencies	Jun. 30, 2026
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies Obligations under Guarantees Under the terms of CUW Solutions' contract underwriting agreements with lenders and subject to contractual limitations on liability, we agree to indemnify certain lenders against losses incurred in the event that we make an error in determining whether loans processed meet specified underwriting criteria, to the extent that such error materially restricts or impairs the salability of such loan, results in a material reduction in the value of such loan or results in the lender repurchasing the loan. The indemnification may be in the form of monetary or other remedies. There were no payments related to these indemnifications in the six months ended June 30, 2026 and less than $0.1 million in the six months ended June 30, 2025. As of June 30, 2026, management believes any potential claims for indemnification related to contract underwriting services through June 30, 2026 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 June 30, 2026, contingencies triggering material indemnification obligations or payments have not occurred historically and are not expected to occur. The nature of the indemnification provisions in the various types of agreements and relationships described above are believed to be low risk and pervasive, and we consider them to have a remote risk of loss or payment. We have not recorded any provisions on the condensed consolidated balance sheets related to indemnifications.

Nature of Operations and Basis of Presentation (Tables)

6 Months Ended

Jun. 30, 2026

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Schedule of Effects of Reinsurance

The following table summarizes the quota share reinsurance coverage that Essent Re has provided to Essent Guaranty for the respective NIW periods:


NIW Period						Ceding Percentage
January 1, 2025 to Present						50%
January 1, 2021 to December 31, 2024						35%
Prior to January 1, 2021						25%

Premiums written and earned is comprised of the following for the periods presented:


	Three Months Ended June 30,				Six Months Ended June 30,
(In thousands)	2026		2025		2026		2025
Net premiums written:
Direct	$	276,923	$	274,872	$	551,790	$	547,266
Assumed	65,475		—		221,840		—
Ceded (1)	(35,113)		(33,384)		(71,676)		(67,507)
Net premiums written	$	307,285	$	241,488	$	701,954	$	479,759

Net premiums earned:
Direct	$	280,954	$	282,193	$	560,564	$	562,164
Assumed	30,923		—		47,969		—
Ceded (1)	(35,113)		(33,384)		(71,676)		(67,507)
Net premiums earned	$	276,764	$	248,809	$	536,857	$	494,657

(1)Net of profit commission.

The following table summarizes Essent Guaranty's quota share reinsurance agreements as of June 30, 2026:

QSR Agreement

Coverage Period

Ceding Percentage

QSR-2019

September 1, 2019 - December 31, 2020

(1)

QSR-2022

January 1, 2022 - December 31, 2022

20%

QSR-2023

January 1, 2023 - December 31, 2023

17.5%

QSR-2024

January 1, 2024 - December 31, 2024

15%

QSR-2025

January 1, 2025 - December 31, 2025

25%

QSR-2026

January 1, 2026 - December 31, 2026

25%

_______________________________________________________________________________

(1)Under QSR-2019, Essent Guaranty cedes 36% of premiums on singles policies and 18% on all other policies.

Stock-Based Compensation (Tables)

6 Months Ended

Jun. 30, 2026

Share-Based Payment Arrangement [Abstract]

Schedule of Nonvested Common Share and Nonvested Common Share Unit Activity

The following table summarizes nonvested common share, nonvested common share unit and DEU activity for the six months ended June 30, 2026:


	2026
	Time and Performance- Based Share Awards			Time-Based Share Awards			Time and Performance-Based Share Units			Time-Based 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		Number of Share Units	Weighted Average Grant Date Fair Value		Dividend Equivalent Units	Weighted Average Grant Date Fair Value
Outstanding at beginning of year	780	$	18.66	113	$	53.07	103	$	20.92	544	$	49.96	66	$	56.59
Granted	206	24.25		—	—		53	24.25		169	64.70		16	58.23
Vested	(289)	12.66		(60)	50.49		(18)	12.66		(231)	46.62		(34)	54.84
Forfeited	(10)	12.66		—	—		(8)	22.14		(62)	51.93		(4)	57.04
Outstanding at end of period	687	$	22.96	53	$	56.03	130	$	23.36	420	$	57.46	44	$	58.50

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

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


		Relative Total Shareholder Return vs. S&P 1500 Financial Services Index
		≤25th percentile	50th percentile	≥75th percentile
Three-Year Book Value Per Share CAGR	11%	100%	150%	200%
	10%	75%	125%	175%
	9%	50%	100%	150%
	7%	25%	75%	125%
	6%	0%	50%	100%

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

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


	Three Months Ended June 30,				Six Months Ended June 30,
(In thousands)	2026		2025		2026		2025
Compensation expense	$	3,351	$	3,950	$	10,689	$	12,942
Income tax benefit	597		752		2,041		2,569

Investments - Schedule of Net Investment Income (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Components of net investment income
Gross investment income	$ 63,469	$ 61,019	$ 124,300	$ 120,980
Investment expenses	(1,857)	(1,730)	(3,433)	(3,481)
Net investment income	61,612	59,289	120,867	117,499
Fixed maturities
Components of net investment income
Gross investment income	58,220	54,946	112,523	107,432
Short-term investments
Components of net investment income
Gross investment income	$ 5,249	$ 6,073	$ 11,777	$ 13,548

- Definition

Amount, after investment expense, of income earned from investments in securities and real estate. Includes, but is not limited to, real estate investment, policy loans, dividends, and interest. Excludes realized gain (loss) on investments.

+ References + Details

Segment Reporting (Tables)

6 Months Ended

Jun. 30, 2026

Segment Reporting [Abstract]

Schedule of Segment Information

The following table reconciles the components of reportable segment profit and loss to consolidated profit and loss for the periods presented. Within the tables, we have disclosed significant segment expenses at a level of disaggregation that coincides with what is regularly provided to the CODM. Other underwriting and operating expenses in the Mortgage Insurance and Reinsurance segments include software, professional fees, travel, and occupancy costs. The accounting policies of our operating segments are the same as those described in the summary of significant accounting policies in our Form 10-K. We do not have inter-segment transactions.


	Three Months Ended June 30, 2026										Three Months Ended June 30, 2025
(In thousands)	Mortgage Insurance			Reinsurance			Corporate & Other		Consolidated		Mortgage Insurance			Reinsurance			Corporate & Other		Consolidated
Revenues:
Net premiums earned	$	215,662		$	43,639		$	17,463	$	276,764	$	220,262		$	13,875		$	14,672	$	248,809
Net investment income	43,965			6,088			11,559		61,612		43,676			5,216			10,397		59,289
Realized investment gains (losses), net	(94)			—			(17)		(111)		(124)			—			(5)		(129)
Income from other invested assets	12,975			—			6,410		19,385		3,619			—			847		4,466
Other income	1,396			1,345			2,295		5,036		1,614			1,909			3,185		6,708
Total revenues	273,904			51,072			37,710		362,686		269,047			21,000			29,096		319,143

Losses and expenses:
Provision for losses and LAE	29,391			18,723			847		48,961		15,323			36			1,696		17,055

Compensation and benefits	14,898			1,781			13,825		30,504		15,667			1,126			13,926		30,719
Premium and other taxes	5,996			14			545		6,555		5,984			16			495		6,495
Acquisition costs, net (3)	(7,770)			11,849			—		4,079		(6,770)			285			—		(6,485)
Other underwriting and operating expenses	10,695			987			22,438		34,120		9,744			959			21,333		32,036
Net operating expenses before allocations	23,819			14,631			36,808		75,258		24,625			2,386			35,754		62,765
Corporate expense allocations	8,086			653			(8,739)		—		8,979			263			(9,242)		—
Operating expenses after allocations	31,905			15,284			28,069		75,258		33,604			2,649			26,512		62,765
Interest expense	—			—			8,148		8,148		—			—			8,148		8,148
Income (loss) before income taxes	$	212,608		$	17,065		$	646	$	230,319	$	220,120		$	18,315		$	(7,260)	$	231,175

Loss ratio (1)	13.6		%	42.9		%					7.0		%	0.3		%
Expense ratio (2)	14.8		%	35.0		%					15.3		%	19.1		%
Combined ratio	28.4		%	77.9		%					22.3		%	19.4		%

(1) Loss ratio is calculated by dividing the provision (benefit) for losses and LAE by net premiums earned.
(2) Expense ratio is calculated by dividing operating expenses after allocations by net premiums earned.
(3) Acquisition costs are net of ceding commissions earned on outward reinsurance and include ceding commissions incurred on reinsurance assumed.


	Six Months Ended June 30, 2026										Six Months Ended June 30, 2025
(In thousands)	Mortgage Insurance			Reinsurance			Corporate & Other		Consolidated		Mortgage Insurance			Reinsurance			Corporate & Other		Consolidated
Revenues:
Net premiums earned	$	431,325		$	72,949		$	32,583	$	536,857	$	438,386		$	29,609		$	26,662	$	494,657
Net investment income	86,322			10,758			23,787		120,867		86,466			10,056			20,977		117,499
Realized investment gains (losses), net	(282)			—			24		(258)		(225)			—			(85)		(310)
Income from other invested assets	18,737			—			10,827		29,564		6,828			—			5,046		11,874
Other income	3,139			3,316			5,273		11,728		3,162			4,862			4,957		12,981
Total revenues	539,241			87,023			72,494		698,758		534,617			44,527			57,557		636,701

Losses and expenses:
Provision for losses and LAE	67,011			28,652			1,514		97,177		46,043			39			2,260		48,342

Compensation and benefits	31,515			3,966			31,678		67,159		34,277			2,406			33,728		70,411
Premium and other taxes	11,988			32			981		13,001		11,548			27			1,823		13,398
Acquisition costs, net (3)	(15,148)			18,591			—		3,443		(13,200)			642			—		(12,558)
Other underwriting and operating expenses	21,529			1,967			41,142		64,638		20,134			1,768			40,736		62,638
Net operating expenses before allocations	49,884			24,556			73,801		148,241		52,759			4,843			76,287		133,889
Corporate expense allocations	19,628			1,204			(20,832)		—		21,783			473			(22,256)		—
Operating expenses after allocations	69,512			25,760			52,969		148,241		74,542			5,316			54,031		133,889
Interest expense	—			—			16,296		16,296		—			—			16,296		16,296
Income (loss) before income taxes	$	402,718		$	32,611		$	1,715	$	437,044	$	414,032		$	39,172		$	(15,030)	$	438,174

Loss ratio (1)	15.5		%	39.3		%					10.5		%	0.1		%
Expense ratio (2)	16.1		%	35.3		%					17.0		%	18.0		%
Combined ratio	31.6		%	74.6		%					27.5		%	18.1		%

(1) Loss ratio is calculated by dividing the provision for losses and LAE by net premiums earned.
(2) Expense ratio is calculated by dividing operating expenses after allocations by net premiums earned.
(3) Acquisition costs are net of ceding commissions earned on outward reinsurance and include ceding commissions incurred on reinsurance assumed.

- Definition

Tabular disclosure of segment reporting. Includes, but is not limited to, reconciliation of reportable segment amount to corresponding consolidated total.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-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 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 34
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-34

Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-32

Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 30
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-30

Reference 5: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 26C
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-26C

Reference 6: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 26B
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-26B

Reference 7: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 26A
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-26A

Reference 8: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 25
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-25

Reference 9: http://www.xbrl.org/2009/role/commonPracticeRef
-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 10: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 15
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-15

+ Details

Investments - Schedule of Available For Sale Maturity (Details) - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
Amortized Cost
Amortized Cost	$ 6,260,158	$ 6,279,693
Fair Value
Fair Value	6,038,695	6,104,085
U.S. Treasury securities:
Amortized Cost
Due in 1 year	101,928
Due after 1 but within 5 years	148,313
Due after 5 but within 10 years	15,488
Due after 10 years	14,538
Subtotal	280,267
Amortized Cost	280,267	373,567
Fair Value
Due in 1 year	101,543
Due after 1 but within 5 years	145,724
Due after 5 but within 10 years	14,679
Due after 10 years	12,542
Subtotal	274,488
Fair Value	274,488	369,712
Municipal debt securities
Amortized Cost
Due in 1 year	11,586
Due after 1 but within 5 years	95,653
Due after 5 but within 10 years	149,193
Due after 10 years	377,852
Subtotal	634,284
Amortized Cost	634,284	641,153
Fair Value
Due in 1 year	11,543
Due after 1 but within 5 years	92,751
Due after 5 but within 10 years	141,461
Due after 10 years	358,016
Subtotal	603,771
Fair Value	603,771	610,411
Non-U.S. government securities
Amortized Cost
Due in 1 year	14,823
Due after 1 but within 5 years	3,851
Due after 5 but within 10 years	10,082
Due after 10 years	29,446
Subtotal	58,202
Amortized Cost	58,202	64,470
Fair Value
Due in 1 year	14,713
Due after 1 but within 5 years	3,652
Due after 5 but within 10 years	8,802
Due after 10 years	22,104
Subtotal	49,271
Fair Value	49,271	56,024
Corporate debt securities:
Amortized Cost
Due in 1 year	129,538
Due after 1 but within 5 years	616,969
Due after 5 but within 10 years	1,083,138
Due after 10 years	201,231
Subtotal	2,030,876
Amortized Cost	2,030,876	2,017,246
Fair Value
Due in 1 year	128,879
Due after 1 but within 5 years	596,009
Due after 5 but within 10 years	1,068,153
Due after 10 years	174,043
Subtotal	1,967,084
Fair Value	1,967,084	1,980,080
U.S. agency mortgage-backed securities
Amortized Cost
Amortized Cost	1,184,056	1,243,823
Fair Value
Fair Value	1,103,830	1,174,895
Residential and commercial mortgage securities
Amortized Cost
Amortized Cost	485,796	486,441
Fair Value
Fair Value	462,142	464,105
Asset-backed securities
Amortized Cost
Amortized Cost	962,782	804,501
Fair Value
Fair Value	954,223	800,366
Money market funds
Amortized Cost
Amortized Cost	623,895	648,492
Fair Value
Fair Value	$ 623,886	$ 648,492

Nature of Operations and Basis of Presentation - Schedule of Effects of Reinsurance (Details) - Radnor Re	6 Months Ended
	Jun. 30, 2026
Reinsurance Policy, Type [Axis]: January 1, 2021 to December 31, 2024
SEC Schedule, 12-17, Insurance Companies, Reinsurance [Line Items]
Ceding Percentage	35.00%
Reinsurance Policy, Type [Axis]: January 1, 2025 to Present
SEC Schedule, 12-17, Insurance Companies, Reinsurance [Line Items]
Ceding Percentage	50.00%
Reinsurance Policy, Type [Axis]: Prior to January 1, 2021
SEC Schedule, 12-17, Insurance Companies, Reinsurance [Line Items]
Ceding Percentage	25.00%

- References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
-SubTopic 235
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SX 210.12-17)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477965/944-235-S99-2

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
-SubTopic 235
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SX 210.12-17(Column A))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477965/944-235-S99-2

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
-SubTopic 235
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SX 210.12-17(Column B))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477965/944-235-S99-2

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
-SubTopic 235
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SX 210.12-17(Column C))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477965/944-235-S99-2

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
-SubTopic 235
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SX 210.12-17(Column D))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477965/944-235-S99-2

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
-SubTopic 235
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SX 210.12-17(Column E))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477965/944-235-S99-2

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
-SubTopic 235
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SX 210.12-17(Column F))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477965/944-235-S99-2

+ Details

Nature of Operations and Basis of Presentation - Narrative (Details)	6 Months Ended
	Jun. 30, 2026 state segment
Insurance Premium Revenue Recognition
Number of reportable segments \| segment	2
Affiliated Entity \| Essent Guaranty Inc
Insurance Premium Revenue Recognition
Number of states in which the entity is licensed to write mortgage insurance \| state	50
Maximum
Insurance Premium Revenue Recognition
Residential mortgage down payment percentage for which mortgage insurance is generally required (less than)	20.00%

Investments

6 Months Ended

Jun. 30, 2026

Investments, Debt and Equity Securities [Abstract]

Investments

Investments available for sale consist of the following:


June 30, 2026 (In thousands)	Amortized Cost		Unrealized Gains		Unrealized Losses		Fair Value
U.S. Treasury securities	$	280,267	$	157	$	(5,936)	$	274,488

U.S. agency mortgage-backed securities	1,184,056		3,235		(83,461)		1,103,830
Municipal debt securities(1)	634,284		5,346		(35,859)		603,771
Non-U.S. government securities	58,202		—		(8,931)		49,271
Corporate debt securities (2)	2,030,876		4,902		(68,694)		1,967,084
Residential and commercial mortgage securities	485,796		499		(24,153)		462,142
Asset-backed securities	962,782		1,414		(9,973)		954,223
Money market funds	623,895		—		(9)		623,886
Total investments available for sale	$	6,260,158	$	15,553	$	(237,016)	$	6,038,695


December 31, 2025 (In thousands)	Amortized Cost		Unrealized Gains		Unrealized Losses		Fair Value
U.S. Treasury securities	$	373,567	$	2,121	$	(5,976)	$	369,712

U.S. agency mortgage-backed securities	1,243,823		7,822		(76,750)		1,174,895
Municipal debt securities (1)	641,153		5,483		(36,225)		610,411
Non-U.S. government securities	64,470		—		(8,446)		56,024
Corporate debt securities (2)	2,017,246		17,381		(54,547)		1,980,080
Residential and commercial mortgage securities	486,441		1,046		(23,382)		464,105
Asset-backed securities	804,501		3,832		(7,967)		800,366
Money market funds	648,492		—		—		648,492
Total investments available for sale	$	6,279,693	$	37,685	$	(213,293)	$	6,104,085


	June 30,		December 31,
(1) The following table summarizes municipal debt securities as of :	2026		2025
Special revenue bonds	81.5	%	81.2	%
General obligation bonds	18.5		18.8



Total	100.0	%	100.0	%


	June 30,		December 31,
(2) The following table summarizes corporate debt securities as of :	2026		2025
Financial	39.9	%	40.9	%
Consumer, non-cyclical	18.8		18.1
Industrial	8.6		9.0
Utilities	8.3		7.9
Consumer, cyclical	6.4		6.0
Technology	6.1		6.1
Energy	4.9		4.7
Communications	4.4		4.7
Basic Materials	2.6		2.6

Total	100.0	%	100.0	%

The amortized cost and fair value of investments available for sale at June 30, 2026, 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	$	101,928	$	101,543
Due after 1 but within 5 years	148,313		145,724
Due after 5 but within 10 years	15,488		14,679
Due after 10 years	14,538		12,542
Subtotal	280,267		274,488




Municipal debt securities:
Due in 1 year	11,586		11,543
Due after 1 but within 5 years	95,653		92,751
Due after 5 but within 10 years	149,193		141,461
Due after 10 years	377,852		358,016
Subtotal	634,284		603,771
Non-U.S. government securities:
Due in 1 year	14,823		14,713
Due after 1 but within 5 years	3,851		3,652
Due after 5 but within 10 years	10,082		8,802
Due after 10 years	29,446		22,104
Subtotal	58,202		49,271
Corporate debt securities:
Due in 1 year	129,538		128,879
Due after 1 but within 5 years	616,969		596,009
Due after 5 but within 10 years	1,083,138		1,068,153
Due after 10 years	201,231		174,043
Subtotal	2,030,876		1,967,084
U.S. agency mortgage-backed securities	1,184,056		1,103,830
Residential and commercial mortgage securities	485,796		462,142
Asset-backed securities	962,782		954,223
Money market funds	623,895		623,886
Total investments available for sale	$	6,260,158	$	6,038,695

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


	Three Months Ended June 30,				Six Months Ended June 30,
(In thousands)	2026		2025		2026		2025
Realized gross gains	$	330	$	19	$	674	$	19
Realized gross losses	(441)		(148)		(932)		(329)

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
June 30, 2026 (In thousands)	Fair Value		Gross Unrealized Losses		Fair Value		Gross Unrealized Losses		Fair Value		Gross Unrealized Losses
U.S. Treasury securities	$	105,334	$	(720)	$	119,919	$	(5,216)	$	225,253	$	(5,936)

U.S. agency mortgage-backed securities	300,916		(3,739)		513,692		(79,722)		814,608		(83,461)
Municipal debt securities	86,379		(1,207)		280,715		(34,652)		367,094		(35,859)
Non-U.S. government securities	19,083		(3,721)		30,188		(5,210)		49,271		(8,931)
Corporate debt securities	868,067		(11,824)		584,126		(56,870)		1,452,193		(68,694)
Residential and commercial mortgage securities	94,162		(1,096)		323,424		(23,057)		417,586		(24,153)
Asset-backed securities	361,474		(2,511)		129,409		(7,462)		490,883		(9,973)
Money market funds	92,487		(9)		—		—		92,487		(9)
Total	$	1,927,902	$	(24,827)	$	1,981,473	$	(212,189)	$	3,909,375	$	(237,016)


	Less than 12 months				12 months or more				Total
December 31, 2025 (In thousands)	Fair Value		Gross Unrealized Losses		Fair Value		Gross Unrealized Losses		Fair Value		Gross Unrealized Losses
U.S. Treasury securities	$	1,048	$	(8)	$	179,121	$	(5,968)	$	180,169	$	(5,976)

U.S. agency mortgage-backed securities	45,415		(90)		638,729		(76,660)		684,144		(76,750)
Municipal debt securities	74,928		(1,015)		314,515		(35,210)		389,443		(36,225)
Non-U.S. government securities	—		—		56,024		(8,446)		56,024		(8,446)
Corporate debt securities	196,571		(1,106)		706,561		(53,441)		903,132		(54,547)
Residential and commercial mortgage securities	36,552		(240)		364,271		(23,142)		400,823		(23,382)
Asset-backed securities	103,989		(871)		150,158		(7,096)		254,147		(7,967)

Total	$	458,503	$	(3,330)	$	2,409,379	$	(209,963)	$	2,867,882	$	(213,293)

At June 30, 2026 and December 31, 2025, we held 2,298 and 1,763 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 June 30, 2026 of any of these securities resulted from a credit loss or other factors, we made inquiries of our investment managers to determine that each issuer was current on its scheduled interest and principal payments. We reviewed the credit rating of these securities noting that approximately 99% of the securities at June 30, 2026 had investment-grade ratings. We concluded that gross unrealized losses noted above were primarily associated with the changes in interest rates subsequent to purchase rather than due to credit impairment. There were no impairments recorded in the three and six months ended June 30, 2026 or 2025.

The Company's other invested assets at June 30, 2026 and December 31, 2025 totaled $441.9 million and $382.5 million, respectively. Other invested assets are principally comprised of limited partnership interests which are generally accounted for under the equity method or fair value using net asset value (or its equivalent) as a practical expedient. Our proportionate share of earnings or losses or changes in fair value are reported in income from other invested assets on the condensed consolidated statements of comprehensive income. For entities accounted for under the equity method that follow industry-specific guidance for investment companies, our proportionate share of earnings or losses includes changes in the fair value of the underlying assets of these entities. Due to the timing of receiving financial information from these partnerships, the results are generally reported on a one month or quarter lag.

Other invested assets that are accounted for at fair value using the net asset value (or its equivalent) as a practical expedient totaled $217.5 million as of June 30, 2026 and $180.0 million as of December 31, 2025. The majority of these

investments were in limited partnerships invested primarily in real estate and technology. At June 30, 2026, maximum future funding commitments were $84.1 million. For limited partnership investments that have a contractual expiration date, we expect the liquidation of the underlying assets to occur within the next one to nine years. For certain of these investments, the Company does not have the contractual option to redeem but receives distributions based on the liquidation of the underlying assets. In addition, the Company generally does not have the ability to sell or transfer these investments without consent from the general partner of individual limited partnerships.

The fair value of investments deposited with insurance regulatory authorities to meet statutory requirements was $8.9 million at June 30, 2026 and $8.7 million at December 31, 2025. In connection with its insurance and reinsurance activities, Essent Re is required to maintain assets in trusts for the benefit of its contractual counterparties. The fair value of the investments on deposit in these trusts was $1.0 billion at both June 30, 2026 and December 31, 2025. 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 $5.2 million at both June 30, 2026 and December 31, 2025.

Net investment income consists of:


	Three Months Ended June 30,				Six Months Ended June 30,
(In thousands)	2026		2025		2026		2025
Fixed maturities	$	58,220	$	54,946	$	112,523	$	107,432
Short-term investments	5,249		6,073		11,777		13,548
Gross investment income	63,469		61,019		124,300		120,980
Investment expenses	(1,857)		(1,730)		(3,433)		(3,481)
Net investment income	$	61,612	$	59,289	$	120,867	$	117,499

Accumulated Other Comprehensive Income (Loss) (Tables)

6 Months Ended

Jun. 30, 2026

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

Schedule of Rollforward of Accumulated Other Comprehensive Loss

The following table presents the rollforward of accumulated other comprehensive loss for the three and six months ended June 30, 2026 and 2025:


	Three Months Ended June 30,
	2026						2025
(In thousands)	Before Tax		Tax Effect		Net of Tax		Before Tax		Tax Effect		Net of Tax
Balance at beginning of period	$	(218,968)	$	31,032	$	(187,936)	$	(271,265)	$	39,019	$	(232,246)
Other comprehensive income (loss):
Unrealized holding gains (losses) on investments:
Unrealized holding gains (losses) arising during the period	(2,606)		(214)		(2,820)		18,521		(2,043)		16,478
Less: Reclassification adjustment for (gains) losses included in net income (1)	111		(17)		94		129		(27)		102
Net unrealized gains (losses) on investments	(2,495)		(231)		(2,726)		18,650		(2,070)		16,580
Other comprehensive income (loss)	(2,495)		(231)		(2,726)		18,650		(2,070)		16,580
Balance at end of period	$	(221,463)	$	30,801	$	(190,662)	$	(252,615)	$	36,949	$	(215,666)

	Six Months Ended June 30,
	2026						2025
(In thousands)	Before Tax		Tax Effect		Net of Tax		Before Tax		Tax Effect		Net of Tax
Balance at beginning of period	$	(175,608)	$	23,623	$	(151,985)	$	(354,298)	$	50,314	$	(303,984)
Other comprehensive income (loss):
Unrealized holding gains (losses) on investments:
Unrealized holding gains (losses) arising during the period	(46,113)		7,233		(38,880)		101,373		(13,303)		88,070
Less: Reclassification adjustment for (gains) losses included in net income (1)	258		(55)		203		310		(62)		248
Net unrealized gains (losses) on investments	(45,855)		7,178		(38,677)		101,683		(13,365)		88,318
Other comprehensive income (loss)	(45,855)		7,178		(38,677)		101,683		(13,365)		88,318
Balance at end of period	$	(221,463)	$	30,801	$	(190,662)	$	(252,615)	$	36,949	$	(215,666)

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

Investments - Schedule of Realized Gain and Loss and Investments in Unrealized Loss Position (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025	Dec. 31, 2025
Investments, Debt and Equity Securities [Abstract]
Realized gross gains	$ 330	$ 19	$ 674	$ 19
Realized gross losses	(441)	$ (148)	(932)	$ (329)
Fair Value
Less than 12 months	1,927,902		1,927,902		$ 458,503
12 months or more	1,981,473		1,981,473		2,409,379
Total	3,909,375		3,909,375		2,867,882
Gross Unrealized Losses
Less than 12 months	(24,827)		(24,827)		(3,330)
12 months or more	(212,189)		(212,189)		(209,963)
Total	(237,016)		(237,016)		(213,293)
U.S. Treasury securities
Fair Value
Less than 12 months	105,334		105,334		1,048
12 months or more	119,919		119,919		179,121
Total	225,253		225,253		180,169
Gross Unrealized Losses
Less than 12 months	(720)		(720)		(8)
12 months or more	(5,216)		(5,216)		(5,968)
Total	(5,936)		(5,936)		(5,976)
U.S. agency mortgage-backed securities
Fair Value
Less than 12 months	300,916		300,916		45,415
12 months or more	513,692		513,692		638,729
Total	814,608		814,608		684,144
Gross Unrealized Losses
Less than 12 months	(3,739)		(3,739)		(90)
12 months or more	(79,722)		(79,722)		(76,660)
Total	(83,461)		(83,461)		(76,750)
Municipal debt securities
Fair Value
Less than 12 months	86,379		86,379		74,928
12 months or more	280,715		280,715		314,515
Total	367,094		367,094		389,443
Gross Unrealized Losses
Less than 12 months	(1,207)		(1,207)		(1,015)
12 months or more	(34,652)		(34,652)		(35,210)
Total	(35,859)		(35,859)		(36,225)
Non-U.S. government securities
Fair Value
Less than 12 months	19,083		19,083		0
12 months or more	30,188		30,188		56,024
Total	49,271		49,271		56,024
Gross Unrealized Losses
Less than 12 months	(3,721)		(3,721)		0
12 months or more	(5,210)		(5,210)		(8,446)
Total	(8,931)		(8,931)		(8,446)
Corporate debt securities:
Fair Value
Less than 12 months	868,067		868,067		196,571
12 months or more	584,126		584,126		706,561
Total	1,452,193		1,452,193		903,132
Gross Unrealized Losses
Less than 12 months	(11,824)		(11,824)		(1,106)
12 months or more	(56,870)		(56,870)		(53,441)
Total	(68,694)		(68,694)		(54,547)
Residential and commercial mortgage securities
Fair Value
Less than 12 months	94,162		94,162		36,552
12 months or more	323,424		323,424		364,271
Total	417,586		417,586		400,823
Gross Unrealized Losses
Less than 12 months	(1,096)		(1,096)		(240)
12 months or more	(23,057)		(23,057)		(23,142)
Total	(24,153)		(24,153)		(23,382)
Asset-backed securities
Fair Value
Less than 12 months	361,474		361,474		103,989
12 months or more	129,409		129,409		150,158
Total	490,883		490,883		254,147
Gross Unrealized Losses
Less than 12 months	(2,511)		(2,511)		(871)
12 months or more	(7,462)		(7,462)		(7,096)
Total	(9,973)		(9,973)		$ (7,967)
Money market funds
Fair Value
Less than 12 months	92,487		92,487
12 months or more	0		0
Total	92,487		92,487
Gross Unrealized Losses
Less than 12 months	(9)		(9)
12 months or more	0		0
Total	$ (9)		$ (9)

Reinsurance - Excess of Loss Reinsurance (Details)	1 Months Ended	6 Months Ended
Reinsurance - Excess of Loss Reinsurance (Details)	Apr. 30, 2025	Jun. 30, 2026
Essent Guaranty Inc \| Reinsurance Policy, Type [Axis]: Calendar Years 2025 And 2026
SEC Schedule, 12-17, Insurance Companies, Reinsurance [Line Items]
Reinsurance percentage	20.00%
VIE \| Reinsurance Policy, Type [Axis]: Mortgage Insurance \| Mortgage Insurance Linked Notes \| Radnor Re
SEC Schedule, 12-17, Insurance Companies, Reinsurance [Line Items]
Reinsurance retention policy, debt issued to cover insurance, term		10 years
VIE \| Radnor Re \| Reinsurance Policy, Type [Axis]: Mortgage Insurance
SEC Schedule, 12-17, Insurance Companies, Reinsurance [Line Items]
Amortization period		10 years

Capital Stock (Tables)

6 Months Ended

Jun. 30, 2026

Equity [Abstract]

Schedule of Dividends Declared and Paid

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


Quarter Ended	2026		2025
March 31	$	0.35	$	0.31
June 30	0.35		0.31
September 30	—		0.31
December 31	—		0.31
Total dividends per common share declared and paid	$	0.70	$	1.24

Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Other comprehensive income (loss):
Other comprehensive income (loss)	$ (2,495)	$ 18,650	$ (45,855)	$ 101,683
Other comprehensive income (loss):
Other comprehensive (loss) income, tax effect	(231)	(2,070)	7,178	(13,365)
Net of Tax
Balance, beginning of period			5,756,727
Other comprehensive income (loss):
Total other comprehensive income (loss)	(2,726)	16,580	(38,677)	88,318
Balance, end of period	5,663,401	5,672,848	5,663,401	5,672,848
Accumulated Other Comprehensive Loss
Before Tax
AOCI before tax, beginning of period	(218,968)	(271,265)	(175,608)	(354,298)
Other comprehensive income (loss):
AOCI before tax, end of period	(221,463)	(252,615)	(221,463)	(252,615)
Tax Effect
AOCI tax effect, beginning of period	31,032	39,019	23,623	50,314
Other comprehensive income (loss):
AOCI tax effect, end of period	30,801	36,949	30,801	36,949
Net of Tax
Balance, beginning of period	(187,936)	(232,246)	(151,985)	(303,984)
Other comprehensive income (loss):
Total other comprehensive income (loss)	(2,726)	16,580	(38,677)	88,318
Balance, end of period	(190,662)	(215,666)	(190,662)	(215,666)
Accumulated Net Investment Gains (Losses) On Investments
Other comprehensive income (loss):
Unrealized holding gains (losses) arising during the period	(2,606)	18,521	(46,113)	101,373
Less: Reclassification adjustment for (gains) losses included in net income	111	129	258	310
Other comprehensive income (loss)	(2,495)	18,650	(45,855)	101,683
Other comprehensive income (loss):
Unrealized holding gains (losses) arising during the period	(214)	(2,043)	7,233	(13,303)
Less: Reclassification adjustment for gains (loss) included in net income	(17)	(27)	(55)	(62)
Other comprehensive (loss) income, tax effect	(231)	(2,070)	7,178	(13,365)
Other comprehensive income (loss):
Unrealized holding gains (losses) arising during the period	(2,820)	16,478	(38,880)	88,070
Less: Reclassification adjustment for (gains) losses included in net income	94	102	203	248
Total other comprehensive income (loss)	$ (2,726)	$ 16,580	$ (38,677)	$ 88,318

Statutory Accounting - Narrative (Details) - Affiliated Entity - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Dec. 31, 2025
Essent Guaranty Inc
Dividends Restrictions
Increased in contingency reserve	$ 131,800	$ 142,300
Released contingency reserve	82,600	70,700
Statutory net income	205,957	248,689
Essent Re
Dividends Restrictions
Statutory capital and surplus	1,600,000		$ 1,700,000
Statutory net income	$ 151,600	$ 161,700

Recently Issued Accounting Standards (Policies)	6 Months Ended
Recently Issued Accounting Standards (Policies)	Jun. 30, 2026
Accounting Policies [Abstract]
Basis of Accounting	We have prepared the condensed consolidated financial statements included herein pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”). We have condensed or omitted certain information and footnote disclosures normally included in consolidated financial statements prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) pursuant to such rules and regulations. In the opinion of management, the statements include all adjustments (which include normal recurring adjustments) required for a fair statement of financial position, results of operations and cash flows for the interim periods presented. These statements should be read in conjunction with the consolidated financial statements and notes thereto, including Note 1 and Note 2 to the consolidated financial statements, included in our Annual Report on Form 10-K for the year ended December 31, 2025, which discloses the principles of consolidation and a summary of significant accounting policies. The results of operations for the interim periods are not necessarily indicative of the results for the full year.
Consolidation	We have prepared the condensed consolidated financial statements included herein pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”). We have condensed or omitted certain information and footnote disclosures normally included in consolidated financial statements prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) pursuant to such rules and regulations. In the opinion of management, the statements include all adjustments (which include normal recurring adjustments) required for a fair statement of financial position, results of operations and cash flows for the interim periods presented. These statements should be read in conjunction with the consolidated financial statements and notes thereto, including Note 1 and Note 2 to the consolidated financial statements, included in our Annual Report on Form 10-K for the year ended December 31, 2025, which discloses the principles of consolidation and a summary of significant accounting policies. The results of operations for the interim periods are not necessarily indicative of the results for the full year.
Accounting Standards Not Yet Adopted	Accounting Standards Not Yet Adopted In November 2024, the FASB issued ASU No. 2024-03, Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses (“ASU 2024-03”) and in January 2025, the FASB issued ASU No. 2025-01, Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40): Clarifying the Effective Date, which clarified the effective date of ASU 2024-03. ASU 2024-03 will require the Company to disclose the amounts of purchases of inventory, employee compensation, depreciation and intangible asset amortization, as applicable, included in certain expense captions in the Consolidated Statements of Operations, as well as qualitatively describe remaining amounts included in those captions. ASU 2024-03 will also require the Company to disclose both the amount and the Company’s definition of selling expenses. The ASU is effective for annual reporting periods beginning after December 15, 2026 and interim reporting periods within annual reporting periods beginning after December 15, 2027. The Company is currently evaluating the impact that the ASU will have on our consolidated financial statements. In September 2025, the FASB issued Accounting Standard Update No. 2025-06, Intangibles - Goodwill and Other - Internal-Use Software (Subtopic 350-40): Targeted Improvements to the Accounting for Internal-Use Software (“ASU 2025-06”). The amendments in ASU 2025-06 clarify and refine the criteria for capitalizing costs related to internal-use software. Under the new guidance, capitalization is permitted when both of the following conditions are met: (i) management has authorized and committed to funding the software project, and (ii) it is probable that the project will be completed and the software will be used to perform the function intended. ASU 2025-06 is effective for fiscal periods beginning after December 15, 2027, and interim periods thereafter. The Company is currently evaluating the impact that the ASU will have on our consolidated financial statements. In December 2025, the FASB issued ASU 2025-11, “Interim Reporting (Topic 270) Narrow-Scope Improvements.” The amendments in this Update clarify interim disclosure requirements and the applicability of Topic 270. The objective of the update is to provide clarity about current interim requirements. The amendments in this update also include a disclosure principle that requires entities to disclose events since the end of the last annual reporting period that have a material impact on the entity. The amendments in this ASU are required to be adopted for interim periods within annual reporting periods beginning after December 15, 2027. Early adoption is 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.

Investments - Schedule of Municipal Debt Securities and Corporate Debt Securities (Details)	Jun. 30, 2026	Dec. 31, 2025
Municipal debt securities
Investments available for sale
Percentage of debt securities	100.00%	100.00%
Municipal debt securities \| Special revenue bonds
Investments available for sale
Percentage of debt securities	81.50%	81.20%
Municipal debt securities \| General obligation bonds
Investments available for sale
Percentage of debt securities	18.50%	18.80%
Corporate debt securities:
Investments available for sale
Percentage of debt securities	100.00%	100.00%
Corporate debt securities: \| Financial
Investments available for sale
Percentage of debt securities	39.90%	40.90%
Corporate debt securities: \| Consumer, non-cyclical
Investments available for sale
Percentage of debt securities	18.80%	18.10%
Corporate debt securities: \| Industrial
Investments available for sale
Percentage of debt securities	8.60%	9.00%
Corporate debt securities: \| Utilities
Investments available for sale
Percentage of debt securities	8.30%	7.90%
Corporate debt securities: \| Consumer, cyclical
Investments available for sale
Percentage of debt securities	6.40%	6.00%
Corporate debt securities: \| Technology
Investments available for sale
Percentage of debt securities	6.10%	6.10%
Corporate debt securities: \| Energy
Investments available for sale
Percentage of debt securities	4.90%	4.70%
Corporate debt securities: \| Communications
Investments available for sale
Percentage of debt securities	4.40%	4.70%
Corporate debt securities: \| Basic Materials
Investments available for sale
Percentage of debt securities	2.60%	2.60%

Fair Value of Financial Instruments - Narrative (Details) - 6.250% Senior Notes due 2029 - Senior Notes - USD ($) $ in Millions	Jun. 30, 2026	Dec. 31, 2025
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Carrying amount	$ 496.0	$ 495.3
Estimated fair value	$ 515.4	$ 522.6

- Definition

Amount, after deduction of unamortized premium (discount) and debt issuance cost, of long-term debt. Excludes lease obligation.

+ References

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

- Definition

The fair value amount of long-term debt whether such amount is presented as a separate caption or as a parenthetical disclosure. Additionally, this element may be used in connection with the fair value disclosures required in the footnote disclosures to the financial statements. The element may be used in both the balance sheet and disclosure in the same submission.

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-Section 50
-Paragraph 2
-Subparagraph (bbb)(1)
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-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

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-Topic 825
-SubTopic 10
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-Section 50
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-URI https://asc.fasb.org/1943274/2147482907/825-10-50-28

+ Details

Reserve for Losses and Loss Adjustment Expenses - Narrative (Details) $ in Thousands	6 Months Ended		12 Months Ended
	Jun. 30, 2026 USD ($)	Jun. 30, 2025 USD ($)	Dec. 31, 2024 loan
Ceded Credit Risk [Line Items]
Incurred claims and claim adjustment expenses	$ 33,178	$ 17,403
Favorable prior year development	54,407	48,061
Reserve for losses and LAE, for prior years	$ 303,000	$ 226,600
Number of loans increased in default \| loan			3,620
Hurricane
Ceded Credit Risk [Line Items]
Number of loans increased in default \| loan			2,119

Dividends Restrictions	6 Months Ended
Dividends Restrictions	Jun. 30, 2026
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, an insurance company 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 June 30, 2026, Essent Guaranty had unassigned surplus of approximately $301.9 million. As of June 30, 2026, Essent Guaranty could pay additional ordinary dividends in 2026 of $301.9 million. In the three and six months ended June 30, 2026, Essent Guaranty paid dividends of $115 million to its parent, Essent US Holdings, Inc. In the three and six months ended June 30, 2025, Essent Guaranty paid dividends of $65 million and $130 million, respectively, to its parent, Essent US Holdings, Inc. 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 June 30, 2026, Essent Re had total equity of $1.6 billion. In the three and six months ended June 30, 2026, Essent Re paid dividends of $100 million and $200 million, respectively, to its parent, Essent Group Ltd. In the three and six months ended June 30, 2025, Essent Re paid dividends of $120 million and $220 million, respectively, to its parent, Essent Group Ltd. At June 30, 2026, our insurance subsidiaries were in compliance with these rules, regulations and agreements.

- Definition

The entire disclosure of restriction on payment of dividend. Includes, but is not limited to, statutory restriction as prescribed by National Association of Insurance Commissioners or state regulatory authority.

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+ Details

Reinsurance - Effect on Net Premiums Written and Earned (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Net premiums written:
Direct	$ 276,923	$ 274,872	$ 551,790	$ 547,266
Assumed	65,475	0	221,840	0
Ceded	(35,113)	(33,384)	(71,676)	(67,507)
Net premiums written	307,285	241,488	701,954	479,759
Net premiums earned:
Direct	280,954	282,193	560,564	562,164
Assumed	30,923	0	47,969	0
Ceded	(35,113)	(33,384)	(71,676)	(67,507)
Net premiums earned	$ 276,764	$ 248,809	$ 536,857	$ 494,657

Earnings per Share (EPS) - Schedule of Reconciliation of Net Income and Weighted Average Common Shares Outstanding (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Earnings Per Share [Abstract]
Net income	$ 189,714	$ 195,339	$ 361,513	$ 370,772
Basic weighted average shares outstanding (in shares)	90,740	100,037	92,271	101,451
Dilutive effect of nonvested shares (in shares)	649	1,022	701	1,044
Diluted weighted average shares outstanding (in shares)	91,389	101,059	92,972	102,495
Basic earnings per share (in dollars per share)	$ 2.09	$ 1.95	$ 3.92	$ 3.65
Diluted earnings per share (in dollars per share)	$ 2.08	$ 1.93	$ 3.89	$ 3.62

- 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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- Definition

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

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- Definition

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

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+ Details

Capital Stock - Schedule of Dividends (Details) - $ / shares	3 Months Ended						6 Months Ended	12 Months Ended
	Jun. 30, 2026	Mar. 31, 2026	Dec. 31, 2025	Sep. 30, 2025	Jun. 30, 2025	Mar. 31, 2025	Jun. 30, 2026	Dec. 31, 2025
Equity [Abstract]
Quarterly cash dividends paid (in dollars per share)	$ 0.35	$ 0.35	$ 0.31	$ 0.31	$ 0.31	$ 0.31	$ 0.70	$ 1.24
Quarterly cash dividends declared (in dollars per share)	$ 0.35	$ 0.35	$ 0.31	$ 0.31	$ 0.31	$ 0.31	$ 0.70	$ 1.24

Stock-Based Compensation - Schedule of Compensation Expense, Net of Forfeitures (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Share-Based Payment Arrangement [Abstract]
Compensation expense	$ 3,351	$ 3,950	$ 10,689	$ 12,942
Income tax benefit	$ 597	$ 752	$ 2,041	$ 2,569

Commitments and Contingencies - (Details) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025
Commitments and Contingencies Disclosure [Abstract]
Amount paid for remedies (less than)	$ 0.0	$ 0.1

Stock-Based Compensation

6 Months Ended

Jun. 30, 2026

Share-Based Payment Arrangement [Abstract]

Stock-Based Compensation

In 2013, Essent Group's Board of Directors adopted, and Essent Group's shareholders approved, the Essent Group Ltd. 2013 Long-Term Incentive Plan (the "2013 Plan"), which was effective upon completion of the initial public offering. The 2013 Plan was most recently amended effective upon shareholder approval in May 2023 to increase the number of shares available for issuance under the 2013 Plan by 2 million shares. The types of awards available under the 2013 Plan include nonvested shares, nonvested share units, non-qualified share options, incentive stock options, share appreciation rights, and other share-based or cash-based awards. Nonvested shares and nonvested share units granted under the 2013 Plan have rights to dividends, which entitle holders to the same dividend value per share as holders of common shares in the form of dividend equivalent units ("DEUs"). DEUs are subject to the same vesting and other terms and conditions as the corresponding nonvested shares and nonvested share units. DEUs vest when the underlying shares or share units vest and are forfeited if the underlying share or share units forfeit prior to vesting. The maximum number of shares and share units available for issuance is 7.5 million under the 2013 Plan, as amended. As of June 30, 2026, there were 2.6 million common shares available for future grant under the 2013 Plan.

The following table summarizes nonvested common share, nonvested common share unit and DEU activity for the six months ended June 30, 2026:


	2026
	Time and Performance- Based Share Awards			Time-Based Share Awards			Time and Performance-Based Share Units			Time-Based 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		Number of Share Units	Weighted Average Grant Date Fair Value		Dividend Equivalent Units	Weighted Average Grant Date Fair Value
Outstanding at beginning of year	780	$	18.66	113	$	53.07	103	$	20.92	544	$	49.96	66	$	56.59
Granted	206	24.25		—	—		53	24.25		169	64.70		16	58.23
Vested	(289)	12.66		(60)	50.49		(18)	12.66		(231)	46.62		(34)	54.84
Forfeited	(10)	12.66		—	—		(8)	22.14		(62)	51.93		(4)	57.04
Outstanding at end of period	687	$	22.96	53	$	56.03	130	$	23.36	420	$	57.46	44	$	58.50

In February 2026, certain members of senior management were granted nonvested common shares under the 2013 Plan that are subject to performance-based vesting and common share units subject to time-based vesting. The time-based share units granted in February 2026 vest annually in three equal installments commencing on March 1 of the year following the grant year. The performance-based share awards granted in February 2026 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, 2026, and they vest on March 1, 2029. Shares were issued at the maximum 200% of target. The portion of these nonvested performance-based share awards that will be earned is as follows:


		Relative Total Shareholder Return vs. S&P 1500 Financial Services Index
		≤25th percentile	50th percentile	≥75th percentile
Three-Year Book Value Per Share CAGR	11%	100%	150%	200%
	10%	75%	125%	175%
	9%	50%	100%	150%
	7%	25%	75%	125%
	6%	0%	50%	100%

Certain time-and-performance based share awards and units include retirement provisions under which the service requirements are considered satisfied when the employee with a required minimum years of continuous service reaches the eligible retirement age. Under these provisions, stock-based compensation is expensed from the grant date through the date that the employee will satisfy these conditions.

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

In connection with our incentive program covering bonus awards for performance year 2025, in February 2026, time-based share units were issued to certain employees that vest in three equal installments on March 1, 2027, 2028 and 2029.

Quoted market prices are used for the valuation of common shares granted that do not contain a market condition under ASC 718. The performance-based share awards granted in February 2024, 2025 and 2026 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.

The total fair value on the vesting date of nonvested shares, share units or DEUs that vested was $38.9 million and $32.8 million for the six months ended June 30, 2026 and 2025, respectively. As of June 30, 2026, there was $20.2 million of total unrecognized compensation expense related to nonvested shares or share units outstanding at June 30, 2026 and we expect to recognize the expense over a weighted average period of 2.11 years.

Employees have the option to tender shares to Essent Group to pay the minimum employee statutory withholding taxes associated with shares upon vesting. Common shares tendered by employees to pay employee withholding taxes totaled 232,965 in the six months ended June 30, 2026. The tendered shares were recorded at cost and included in treasury stock. All treasury stock has been cancelled as of June 30, 2026.

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


	Three Months Ended June 30,				Six Months Ended June 30,
(In thousands)	2026		2025		2026		2025
Compensation expense	$	3,351	$	3,950	$	10,689	$	12,942
Income tax benefit	597		752		2,041		2,569

Cover Page - shares	6 Months Ended
Cover Page - shares	Jun. 30, 2026	Jul. 31, 2026
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 2026
Document Transition Report	false
Entity File Number	001-36157
Entity Registrant Name	ESSENT GROUP LTD.
Entity Incorporation, State or Country Code	D0
Entity Address, Address Line One	Clarendon House
Entity Address, Address Line Two	2 Church Street
Entity Address, City or Town	Hamilton
Entity Address, Postal Zip Code	HM11
Entity Address, Country	BM
City Area Code	441
Local Phone Number	297-9901
Title of 12(b) Security	Common Shares, $0.015 par value
Trading Symbol	ESNT
Security Exchange Name	NYSE
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		89,876,493
Entity Central Index Key	0001448893
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2026
Document Fiscal Period Focus	Q2

Reserve for Losses and Loss Adjustment Expenses - Reconciliation of Reserve Balances for Losses and Loss Adjustment Expense (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025	Dec. 31, 2025	Dec. 31, 2024
Reconciliation of the beginning and ending reserve balances for losses and loss adjustment expenses (LAE)
Reserve for losses and LAE at beginning of period			$ 446,822	$ 328,866
Less: Reinsurance recoverables	$ 64,545	$ 42,065	64,545	42,065	$ 56,219	$ 36,754
Net reserve for losses and LAE at beginning of period			390,603	292,112
Add provision for losses and LAE, net of reinsurance, occurring in:
Current period			151,584	96,403
Prior years			(54,407)	(48,061)
Net incurred losses and LAE during the current period	48,961	17,055	97,177	48,342
Deduct payments for losses and LAE, net of reinsurance, occurring in:
Current period			348	367
Prior years			33,178	17,403
Net loss and LAE payments during the current period			33,526	17,770
Net reserve for losses and LAE at end of period	454,254	322,684	454,254	322,684
Plus: Reinsurance recoverables, net of unpaid claims	64,545	42,065	64,545	42,065	$ 56,219	$ 36,754
Reserve for losses and LAE at end of period	$ 518,799	$ 364,749	$ 518,799	$ 364,749

Accumulated Other Comprehensive Income (Loss)

6 Months Ended

Jun. 30, 2026

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

Accumulated Other Comprehensive Income (Loss)

The following table presents the rollforward of accumulated other comprehensive loss for the three and six months ended June 30, 2026 and 2025:


	Three Months Ended June 30,
	2026						2025
(In thousands)	Before Tax		Tax Effect		Net of Tax		Before Tax		Tax Effect		Net of Tax
Balance at beginning of period	$	(218,968)	$	31,032	$	(187,936)	$	(271,265)	$	39,019	$	(232,246)
Other comprehensive income (loss):
Unrealized holding gains (losses) on investments:
Unrealized holding gains (losses) arising during the period	(2,606)		(214)		(2,820)		18,521		(2,043)		16,478
Less: Reclassification adjustment for (gains) losses included in net income (1)	111		(17)		94		129		(27)		102
Net unrealized gains (losses) on investments	(2,495)		(231)		(2,726)		18,650		(2,070)		16,580
Other comprehensive income (loss)	(2,495)		(231)		(2,726)		18,650		(2,070)		16,580
Balance at end of period	$	(221,463)	$	30,801	$	(190,662)	$	(252,615)	$	36,949	$	(215,666)

	Six Months Ended June 30,
	2026						2025
(In thousands)	Before Tax		Tax Effect		Net of Tax		Before Tax		Tax Effect		Net of Tax
Balance at beginning of period	$	(175,608)	$	23,623	$	(151,985)	$	(354,298)	$	50,314	$	(303,984)
Other comprehensive income (loss):
Unrealized holding gains (losses) on investments:
Unrealized holding gains (losses) arising during the period	(46,113)		7,233		(38,880)		101,373		(13,303)		88,070
Less: Reclassification adjustment for (gains) losses included in net income (1)	258		(55)		203		310		(62)		248
Net unrealized gains (losses) on investments	(45,855)		7,178		(38,677)		101,683		(13,365)		88,318
Other comprehensive income (loss)	(45,855)		7,178		(38,677)		101,683		(13,365)		88,318
Balance at end of period	$	(221,463)	$	30,801	$	(190,662)	$	(252,615)	$	36,949	$	(215,666)

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

Debt Obligations (Details) - USD ($)	6 Months Ended
Debt Obligations (Details) - USD ($)	Jun. 30, 2026	Jun. 30, 2025	Dec. 31, 2025
6.250% Senior Notes due 2029 \| Senior Notes
Credit Facility [Line Items]
Principal amount	$ 500,000,000
Debt instrument, interest rate, stated percentage	6.25%
Debt instrument, unamortized discount	$ 1,100,000		$ 1,300,000
Debt issuance costs, net	$ 2,900,000		$ 3,400,000
Revolving Credit Facility
Credit Facility [Line Items]
Credit facility, commitment fee rate	0.175%	0.225%
Revolving Credit Facility \| Line of Credit
Credit Facility [Line Items]
Credit facility, maximum borrowing capacity	$ 500,000,000
Line of credit facility, accordion feature	$ 250,000,000

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Jun. 30, 2026 shares
Trading Arrangements, by Individual
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false
Roy Kasmar [Member]
Trading Arrangements, by Individual
Material Terms of Trading Arrangement	On June 15, 2026, Roy Kasmar, a member of the Company’s board of directors, entered into a 10b5-1 sales plan (the “Plan”) intended to satisfy the affirmative defense of Rule 10b5-1(c) under the Exchange Act. The Plan provides for the sale of up to an aggregate of 2,337 shares of the Company’s common stock beneficially owned by Mr. Kasmar during the term of the Plan and will be in effect until the earlier of (1) June 15, 2027, and (2) the date on which an aggregate of 2,337 shares of the Company’s common shares have been sold under the Plan.
Name	Roy Kasmar
Title	board of directors
Rule 10b5-1 Arrangement Adopted	true
Adoption Date	June 15, 2026
Expiration Date	June 15, 2027
Arrangement Duration	365 days
Aggregate Available	2,337

Investments - Narrative (Details)	6 Months Ended
Investments - Narrative (Details)	Jun. 30, 2026 USD ($) security	Jun. 30, 2025 USD ($)	Dec. 31, 2025 USD ($) security
Investments available for sale
Number of investment securities in an unrealized loss position \| security	2,298		1,763
Impairment loss	$ 0	$ 0
Other invested assets	441,852,000		$ 382,513,000
Fair value of investments deposited with insurance regulatory authorities	8,900,000		8,700,000
Essent Re
Investments available for sale
Fair value of the required investments on deposit in trusts	1,000,000,000.0
Essent Guaranty Inc
Investments available for sale
Assets on deposit for the benefit of the sponsor	5,200,000		5,200,000
Limited Partnership Investment
Investments available for sale
Other assets, fair value	217,500,000		$ 180,000,000.0
Investment company, committed capital	$ 84,100,000
Minimum \| Limited Partnership Investment
Investments available for sale
Investment company, asset liquidation period	1 year
Maximum \| Limited Partnership Investment
Investments available for sale
Investment company, asset liquidation period	9 years
Securities \| Credit Concentration Risk \| Internal Investment Grade
Investments available for sale
Concentration risk, percentage	99.00%

Reinsurance - Quota Share Reinsurance (Details) - Reinsurance Policy, Type [Axis]: Quota Share Reinsurance - USD ($) $ in Billions	3 Months Ended	6 Months Ended
	Dec. 31, 2025	Jun. 30, 2026
QSR-2022
SEC Schedule, 12-17, Insurance Companies, Reinsurance [Line Items]
Ceding Percentage		20.00%
QSR-2023
SEC Schedule, 12-17, Insurance Companies, Reinsurance [Line Items]
Ceding Percentage		17.50%
QSR-2024
SEC Schedule, 12-17, Insurance Companies, Reinsurance [Line Items]
Ceding Percentage		15.00%
QSR-2025
SEC Schedule, 12-17, Insurance Companies, Reinsurance [Line Items]
Ceding Percentage	20.00%	25.00%
QSR-2026
SEC Schedule, 12-17, Insurance Companies, Reinsurance [Line Items]
Ceding Percentage		25.00%
QSR-2019
SEC Schedule, 12-17, Insurance Companies, Reinsurance [Line Items]
Ceding Percentage		18.00%
Ceded premiums earned related to percent of risk on eligible single premium policies		36.00%
QSR
SEC Schedule, 12-17, Insurance Companies, Reinsurance [Line Items]
RIF ceded		$ 11.0

Fair Value of Financial Instruments

6 Months Ended

Jun. 30, 2026

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

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.


June 30, 2026 (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	$	274,488	$	—	$	—	$	274,488

U.S. agency mortgage-backed securities	—		1,103,830		—		1,103,830
Municipal debt securities	—		603,771		—		603,771
Non-U.S. government securities	—		49,271		—		49,271
Corporate debt securities	—		1,967,084		—		1,967,084
Residential and commercial mortgage securities	—		462,142		—		462,142
Asset-backed securities	—		954,223		—		954,223
Money market funds	623,886		—		—		623,886
Total assets at fair value (1) (2)	$	898,374	$	5,140,321	$	—	$	6,038,695


December 31, 2025 (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	$	369,712	$	—	$	—	$	369,712

U.S. agency mortgage-backed securities	—		1,174,895		—		1,174,895
Municipal debt securities	—		610,411		—		610,411
Non-U.S. government securities	—		56,024		—		56,024
Corporate debt securities	—		1,980,080		—		1,980,080
Residential and commercial mortgage securities	—		464,105		—		464,105
Asset-backed securities	—		800,366		—		800,366
Money market funds	648,492		—		—		648,492
Total assets at fair value (1) (2)	$	1,018,204	$	5,085,881	$	—	$	6,104,085

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

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

Assets and Liabilities Not Carried at Fair Value

Our senior notes are carried at amortized cost, net of issuance costs, on our condensed consolidated balance sheets. The carrying amount and estimated fair value of our senior notes was $496.0 million and $515.4 million, respectively, as of June 30, 2026. The carrying amount and estimated fair value of our senior notes was $495.3 million and $522.6 million, respectively, as of December 31, 2025. The fair value of our senior notes is estimated based on quoted market prices.

- 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

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (bbb)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 820
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-Name Accounting Standards Codification
-Section 55
-Paragraph 107
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482078/820-10-55-107

Reference 3: http://www.xbrl.org/2003/role/exampleRef
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-URI https://asc.fasb.org/1943274/2147482078/820-10-55-100

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
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-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2E

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
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-Name Accounting Standards Codification
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-Paragraph 6A
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
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-Section 50
-Paragraph 6A
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
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Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 940
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-Name Accounting Standards Codification
-Section 50
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-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478119/940-820-50-1

+ Details

Earnings per Share (EPS) (Tables)

6 Months Ended

Jun. 30, 2026

Earnings Per Share [Abstract]

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

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


	Three Months Ended June 30,				Six Months Ended June 30,
(In thousands, except per share amounts)	2026		2025		2026		2025
Net income	$	189,714	$	195,339	$	361,513	$	370,772

Basic weighted average shares outstanding	90,740		100,037		92,271		101,451
Dilutive effect of nonvested shares	649		1,022		701		1,044
Diluted weighted average shares outstanding	91,389		101,059		92,972		102,495

Basic earnings per share	$	2.09	$	1.95	$	3.92	$	3.65
Diluted earnings per share	$	2.08	$	1.93	$	3.89	$	3.62

Schedule of 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 2026, 2025 and 2024 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 following table summarizes the performance-based shares issuable if the reporting date was the end of the contingency period:


	2026 Performance-Based Grants		2025 Performance-Based Grants		2024 Performance-Based Grants		2023 Performance-Based Grants
Reporting Date	Percent Issuable Relative to Target	As a Percent of Shares Issued	Percent Issuable Relative to Target	As a Percent of Shares Issued	Percent Issuable Relative to Target	As a Percent of Shares Issued	Percent Issuable Relative to Target	As a Percent of Shares Issued
June 30, 2026	105%	52.5%	153%	76.5%	110%	55%	(1)	(1)
June 30, 2025			200%	100%	128%	64%	195%	97.5%

(1) The 2023 performance based awards vested at 193% relative to target on March 1, 2026.

Reserve for Losses and Loss Adjustment Expenses

6 Months Ended

Jun. 30, 2026

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 six months ended June 30:


(In thousands)	2026		2025
Reserve for losses and LAE at beginning of period	$	446,822	$	328,866
Less: Reinsurance recoverables	56,219		36,754
Net reserve for losses and LAE at beginning of period	390,603		292,112
Add provision for losses and LAE, net of reinsurance, occurring in:
Current period	151,584		96,403
Prior years	(54,407)		(48,061)
Net incurred losses and LAE during the current period	97,177		48,342
Deduct payments for losses and LAE, net of reinsurance, occurring in:
Current period	348		367
Prior years	33,178		17,403
Net loss and LAE payments during the current period	33,526		17,770
Net reserve for losses and LAE at end of period	454,254		322,684
Plus: Reinsurance recoverables, net of unpaid claims	64,545		42,065
Reserve for losses and LAE at end of period	$	518,799	$	364,749

For the six months ended June 30, 2026, $33.2 million was paid for incurred claims and claim adjustment expenses attributable to insured events of prior years. There has been $54.4 million of favorable prior year development during the six months ended June 30, 2026. Net reserves remaining as of June 30, 2026 for prior years are $303.0 million as a result of re-estimation of unpaid losses and loss adjustment expenses. For the six months ended June 30, 2025, $17.4 million was paid for incurred claims and claim adjustment expenses attributable to insured events of prior years. There was $48.1 million of favorable prior year development during the six months ended June 30, 2025. Net reserves remaining as of June 30, 2025 for prior years were $226.6 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.

On September 26, 2024, Hurricane Helene made landfall and caused property damage in certain counties in Florida, Georgia, South Carolina, North Carolina, Tennessee and Virginia. On October 9, 2024, Hurricane Milton made landfall, causing damage in certain counties in Florida. Loans in default increased by 3,620 in the year ended December 31, 2024, including 2,119 defaults we identified as hurricane-related defaults. Based on prior industry experience, we expected the ultimate number of hurricane-related defaults that result in claims would be less than the default-to-claim experience of non-hurricane-related defaults. In addition, under our master policy, our exposure may be limited on hurricane-related claims. For example, we are permitted to exclude a claim entirely where damage to the property underlying a mortgage was the proximate cause of the default and adjust a claim where the property underlying a mortgage in default is subject to unrestored physical damage. Accordingly, when establishing our loss reserves as of December 31, 2024, we applied a lower estimated claim rate to new default notices received in the fourth quarter of 2024 from the affected areas than the claim rate we apply to other notices in our default inventory.

During 2025 and through the second quarter of 2026, we observed a decline in the number of defaults associated with hurricanes Helene and Milton. In the second quarter of 2026, we began reserving for the remaining hurricane-related defaults consistently with the standard methodology used for our default inventory, which did not have a significant impact on our provision for losses and loss adjustment expenses in the three and six months ended June 30, 2026 or the reserve balance at June 30, 2026.

The Federal Reserve increased the target federal funds rate several times during 2022 and 2023 in an effort to reduce consumer price inflation. As a result of progress on inflation, the Federal Reserve reduced the target federal funds rate by 100 basis points in 2024 and by another 75 basis points during 2025. Mortgage interest rates remain elevated which has reduced home sale activity and may 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.

Statutory Accounting - Schedule of Statutory Net Income, Statutory Surplus and Contingency Reserve Liability (Details) - Affiliated Entity - Essent Guaranty Inc - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Dec. 31, 2025
Dividends Restrictions
Statutory net income	$ 205,957	$ 248,689
Statutory surplus	1,007,192		$ 951,100
Contingency reserve liability	$ 2,671,010		$ 2,621,787

Capital Stock - Narrative (Details) $ / shares in Units, $ in Millions	3 Months Ended							6 Months Ended	12 Months Ended
	Sep. 30, 2026 $ / shares	Jun. 30, 2026 vote $ / shares shares	Mar. 31, 2026 $ / shares	Dec. 31, 2025 $ / shares shares	Sep. 30, 2025 $ / shares	Jun. 30, 2025 $ / shares	Mar. 31, 2025 $ / shares	Jun. 30, 2026 USD ($) vote $ / shares shares	Dec. 31, 2025 $ / shares shares	Nov. 30, 2025 USD ($)	Feb. 28, 2025 USD ($)
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		1						1
Shareholder ownership threshold for voting rights								9.50%
Maximum number of votes per share for certain shareholders under 9.5% shareholder provision		1						1
Minimum number of votes per share for other shareholders under 9.5% shareholder provision		1						1
Quarterly cash dividends declared (in dollars per share) \| $ / shares		$ 0.35	$ 0.35	$ 0.31	$ 0.31	$ 0.31	$ 0.31	$ 0.70	$ 1.24
Share repurchase program, additional shares authorized \| $										$ 500.0	$ 500.0
Stock repurchased (in shares) \| shares								5,826,799
Stock repurchased, value \| $								$ 348.4
Forecast
Dividends Payable [Line Items]
Quarterly cash dividends declared (in dollars per share) \| $ / shares	$ 0.35

Segment Reporting - Narrative (Details) $ in Millions	6 Months Ended
Segment Reporting - Narrative (Details) $ in Millions	Jun. 30, 2026 USD ($) segment	Dec. 31, 2025 USD ($)
Segment Reporting [Line Items]
Number of reportable segments \| segment	2
Deferred policy acquisition cost, capitalization	$ 75.9
Deferred policy acquisition costs, amortization expense	16.7
Corporate & Other \| Operating Segments
Segment Reporting [Line Items]
Goodwill	$ 48.8	$ 48.8

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 230
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 28
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482740/230-10-45-28

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 944
-SubTopic 605
-Name Accounting Standards Codification
-Section 55
-Paragraph 14
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477548/944-605-55-14

Reference 3: http://www.xbrl.org/2003/role/exampleRef
-Topic 944
-SubTopic 605
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+ Details

- Definition

Amount, after accumulated impairment loss, of asset representing future economic benefit arising from other asset acquired in business combination or from joint venture formation or both, that is not individually identified and separately recognized.

+ References

+ Details

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

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+ Details

Stock-Based Compensation - Narrative (Details) - USD ($) $ in Millions	1 Months Ended			6 Months Ended
	Feb. 28, 2026	Feb. 28, 2025	May 31, 2023	Jun. 30, 2026	Jun. 30, 2025	Dec. 31, 2014
Stock-based compensation
Shares tendered by employees to pay employee withholding taxes (in shares)				232,965
Nonvested Shares, Share Units or DEU
Stock-based compensation
Total fair value of shares vested				$ 38.9	$ 32.8
Nonvested Shares or Share Units Outstanding
Stock-based compensation
Total unrecognized compensation expense				$ 20.2
Expected weighted average period for recognition of expense				2 years 1 month 9 days
Vesting Based On Service \| Employee \| Nonvested Share Units \| Incentive Program Bonus Award Fiscal Year Performance
Stock-based compensation
Vesting period		3 years
Vesting Based On Service \| Employee \| Nonvested Share Units \| Incentive Program Bonus Award Fiscal Year Performance \| First Vesting Date
Stock-based compensation
Vesting percentage		33.33%
Vesting Based On Service \| Employee \| Nonvested Share Units \| Incentive Program Bonus Award Fiscal Year Performance \| Second Vesting Date
Stock-based compensation
Vesting percentage		33.33%
Vesting Based On Service \| Employee \| Nonvested Share Units \| Incentive Program Bonus Award Fiscal Year Performance \| Third Vesting Date
Stock-based compensation
Vesting percentage		33.33%
2013 Plan
Stock-based compensation
Increase in number of shares authorized (in shares)			2,000,000
Shares authorized (in shares)						7,500,000
Number of share available for future grant (in shares)				2,600,000
2013 Plan \| Vesting Based On Service \| Certain Senior Management \| Nonvested Shares
Stock-based compensation
Performance period	3 years
2013 Plan \| Vesting Based On Service \| Certain Senior Management \| Nonvested Shares \| First Vesting Date
Stock-based compensation
Vesting percentage		33.33%
2013 Plan \| Vesting Based On Service \| Certain Senior Management \| Nonvested Shares \| Second Vesting Date
Stock-based compensation
Vesting percentage		33.33%
2013 Plan \| Vesting Based On Service \| Certain Senior Management \| Nonvested Shares \| Third Vesting Date
Stock-based compensation
Vesting percentage		33.33%
2013 Plan \| Vesting Based On Performance \| Certain Senior Management \| Nonvested Shares
Stock-based compensation
Performance period	3 years
2013 Plan \| Vesting Based On Performance \| Certain Senior Management \| Nonvested Shares \| Maximum
Stock-based compensation
Vesting percent	200.00%

Stock-Based Compensation - Schedule of Nonvested Common Share and Common Share Unit Activity (Details) shares in Thousands	6 Months Ended
	Jun. 30, 2026 $ / shares shares
Nonvested Shares \| Vesting Based On Service And Performance
Number of Shares
Outstanding at beginning of year (in shares) \| shares	780
Granted (in shares) \| shares	206
Vested (in shares) \| shares	(289)
Forfeited (in shares) \| shares	(10)
Outstanding at end of period (in shares) \| shares	687
Weighted Average Grant Date Fair Value
Outstanding at beginning of year (in dollars per share) \| $ / shares	$ 18.66
Granted (in dollars per share) \| $ / shares	24.25
Vested (in dollars per share) \| $ / shares	12.66
Forfeited (in dollars per share) \| $ / shares	12.66
Outstanding at end of period (in dollars per share) \| $ / shares	$ 22.96
Nonvested Shares \| Vesting Based On Service
Number of Shares
Outstanding at beginning of year (in shares) \| shares	113
Granted (in shares) \| shares	0
Vested (in shares) \| shares	(60)
Forfeited (in shares) \| shares	0
Outstanding at end of period (in shares) \| shares	53
Weighted Average Grant Date Fair Value
Outstanding at beginning of year (in dollars per share) \| $ / shares	$ 53.07
Granted (in dollars per share) \| $ / shares	0
Vested (in dollars per share) \| $ / shares	50.49
Forfeited (in dollars per share) \| $ / shares	0
Outstanding at end of period (in dollars per share) \| $ / shares	$ 56.03
Time and Performance-Based Share Units
Number of Shares
Outstanding at beginning of year (in shares) \| shares	103
Granted (in shares) \| shares	53
Vested (in shares) \| shares	(18)
Forfeited (in shares) \| shares	(8)
Outstanding at end of period (in shares) \| shares	130
Weighted Average Grant Date Fair Value
Outstanding at beginning of year (in dollars per share) \| $ / shares	$ 20.92
Granted (in dollars per share) \| $ / shares	24.25
Vested (in dollars per share) \| $ / shares	12.66
Forfeited (in dollars per share) \| $ / shares	22.14
Outstanding at end of period (in dollars per share) \| $ / shares	$ 23.36
Time-Based Share Units
Number of Shares
Outstanding at beginning of year (in shares) \| shares	544
Granted (in shares) \| shares	169
Vested (in shares) \| shares	(231)
Forfeited (in shares) \| shares	(62)
Outstanding at end of period (in shares) \| shares	420
Weighted Average Grant Date Fair Value
Outstanding at beginning of year (in dollars per share) \| $ / shares	$ 49.96
Granted (in dollars per share) \| $ / shares	64.70
Vested (in dollars per share) \| $ / shares	46.62
Forfeited (in dollars per share) \| $ / shares	51.93
Outstanding at end of period (in dollars per share) \| $ / shares	$ 57.46
DEUs
Number of Shares
Outstanding at beginning of year (in shares) \| shares	66
Granted (in shares) \| shares	16
Vested (in shares) \| shares	(34)
Forfeited (in shares) \| shares	(4)
Outstanding at end of period (in shares) \| shares	44
Weighted Average Grant Date Fair Value
Outstanding at beginning of year (in dollars per share) \| $ / shares	$ 56.59
Granted (in dollars per share) \| $ / shares	58.23
Vested (in dollars per share) \| $ / shares	54.84
Forfeited (in dollars per share) \| $ / shares	57.04
Outstanding at end of period (in dollars per share) \| $ / shares	$ 58.50

Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
Investments
Total investments available for sale	$ 6,038,695	$ 6,104,085
Other invested assets	441,852	382,513
Total investments	6,480,547	6,486,598
Cash	74,333	123,049
Accrued investment income	48,306	47,371
Accounts receivable	169,772	51,267
Deferred policy acquisition costs	68,857	9,547
Property, equipment and software (at cost, less accumulated depreciation of $73,197 in 2026 and $71,466 in 2025)	47,753	49,189
Prepaid federal income tax	496,325	513,425
Goodwill and acquired intangible assets, net	77,451	78,153
Other assets	128,538	82,404
Total assets	7,591,882	7,441,003
Liabilities
Reserve for losses and LAE	518,799	446,822
Unearned premium reserve	256,827	91,730
Net deferred tax liability	449,738	465,351
Senior Notes due 2029, net	495,972	495,301
Other liabilities	207,145	185,072
Total liabilities	1,928,481	1,684,276
Commitments and contingencies (see Note 7)
Stockholders’ Equity
Common shares, $0.015 par value: Authorized - 233,333; issued and outstanding - 92,153 shares in 2026 and 95,456 shares in 2025	1,348	1,432
Additional paid-in capital	298,724	649,895
Accumulated other comprehensive loss	(190,662)	(151,985)
Retained earnings	5,553,991	5,257,385
Total stockholders’ equity	5,663,401	5,756,727
Total liabilities and stockholders’ equity	7,591,882	7,441,003
Fixed maturities
Investments
Total investments available for sale	5,414,809	5,455,593
Short-term investments
Investments
Total investments available for sale	$ 623,886	$ 648,492

Dividends Restrictions (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
Dividends Restrictions (Details) - USD ($) $ in Thousands	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025	Dec. 31, 2025
Dividends Restrictions
Total equity	$ 5,663,401	$ 5,672,848	$ 5,663,401	$ 5,672,848	$ 5,756,727
Related Party \| Essent Guaranty Inc
Dividends Restrictions
Unassigned surplus	301,900		301,900
Amount available for dividend distribution	301,900		301,900
Affiliated Entity \| Essent Guaranty Inc
Dividends Restrictions
Dividends paid to parent company	115,000	65,000	115,000	130,000
Affiliated Entity \| Essent Re
Dividends Restrictions
Dividends paid to parent company	100,000	$ 120,000	200,000	$ 220,000
Total equity	1,600,000		1,600,000
Affiliated Entity \| Essent Re \| Minimum \| Quota share reinsurance
Dividends Restrictions
Total equity	$ 100,000		$ 100,000

Condensed Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Revenues:
Net premiums written	$ 307,285	$ 241,488	$ 701,954	$ 479,759
(Increase) decrease in unearned premiums	(30,521)	7,321	(165,097)	14,898
Net premiums earned	276,764	248,809	536,857	494,657
Net investment income	61,612	59,289	120,867	117,499
Realized investment gains (losses), net	(111)	(129)	(258)	(310)
Income from other invested assets	19,385	4,466	29,564	11,874
Other income	5,036	6,708	11,728	12,981
Total revenues	362,686	319,143	698,758	636,701
Losses and expenses:
Provision for losses and LAE	48,961	17,055	97,177	48,342
Other underwriting and operating expenses	75,258	62,765	148,241	133,889
Interest expense	8,148	8,148	16,296	16,296
Total losses and expenses	132,367	87,968	261,714	198,527
Income before income taxes	230,319	231,175	437,044	438,174
Income tax expense	40,605	35,836	75,531	67,402
Net income	$ 189,714	$ 195,339	$ 361,513	$ 370,772
Earnings per share:
Basic (in dollars per share)	$ 2.09	$ 1.95	$ 3.92	$ 3.65
Diluted (in dollars per share)	$ 2.08	$ 1.93	$ 3.89	$ 3.62
Weighted average shares outstanding:
Basic (in shares)	90,740	100,037	92,271	101,451
Diluted (in shares)	91,389	101,059	92,972	102,495
Other comprehensive income (loss):
Unrealized (depreciation) appreciation of investments, net of tax (benefit) expense of $231 and $2,070 in the three months ended June 30, 2026 and 2025, and ($7,178) and $13,365 in the six months ended June 30, 2026 and 2025, respectively.	$ (2,726)	$ 16,580	$ (38,677)	$ 88,318
Total other comprehensive income (loss)	(2,726)	16,580	(38,677)	88,318
Comprehensive income	$ 186,988	$ 211,919	$ 322,836	$ 459,090

Capital Stock

6 Months Ended

Jun. 30, 2026

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

Dividends

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


Quarter Ended	2026		2025
March 31	$	0.35	$	0.31
June 30	0.35		0.31
September 30	—		0.31
December 31	—		0.31
Total dividends per common share declared and paid	$	0.70	$	1.24

In August 2026, the Board of Directors declared a quarterly cash dividend of $0.35 per common share payable on September 10, 2026 to shareholders of record on August 31, 2026.

Share Repurchase Plan

In February 2025, the Board of Directors approved a share repurchase plan that authorized the Company to repurchase $500 million of common shares in the open market through December 31, 2026. In November 2025, the Board of Directors approved a share repurchase plan that authorizes the Company to repurchase an additional $500 million of common shares in the open market through December 31, 2027. From January 1, 2026 through June 30, 2026 the Company purchased 5,826,799 common shares at a cost of $348.4 million. The shares repurchased were recorded at cost and included in treasury stock. All treasury stock has been cancelled as of June 30, 2026.

- Definition

The entire disclosure for equity.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 20
-Name Accounting Standards Codification
-Section S50
-Paragraph 1
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-URI https://asc.fasb.org/1943274/2147479951/505-20-S50-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Debt Obligations	6 Months Ended
Debt Obligations	Jun. 30, 2026
Debt Disclosure [Abstract]
Debt Obligations	Debt Obligations Essent Group has $500 million of 6.25% publicly issued senior notes (the “Senior Notes") that mature on July 1, 2029. Interest on the Senior Notes is payable semi-annually in arrears on January 1 and July 1 of each year. The Senior Notes are presented on the consolidated balance sheets net of an unamortized issuance discount of $1.1 million and $1.3 million and deferred issuance costs of $2.9 million and $3.4 million as of June 30, 2026 and December 31, 2025, respectively. The Company has a revolving credit facility of up to $500 million of senior unsecured revolving loans (the “Revolving Credit Facility”) that mature on July 1, 2029. There were no borrowings on the Revolving Credit Facility in the three and six months ended June 30, 2026 or in the year ended December 31, 2025. A commitment fee is due quarterly on the average daily amount of the undrawn revolving commitment. The annual commitment fee rate as of June 30, 2026 was 0.175%, down from 0.225% as of June 30, 2025 due to the upgrade to our senior unsecured debt rating by Moody’s in August 2025. The Revolving Credit Facility also provides for an aggregate principal amount of up to $250 million in uncommitted incremental revolving credit facilities that may be exercised at the Company’s option, so long as the Company receives sufficient commitments from the bank lenders. The Revolving Credit Facility contains several covenants, including financial covenants relating to minimum net worth, maximum debt to capitalization level and Essent Guaranty's compliance with the PMIERs. The Company was in compliance with all financial covenants as of June 30, 2026.

- 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

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+ Details

Segment Reporting

6 Months Ended

Jun. 30, 2026

Segment Reporting [Abstract]

Segment Reporting

We have two reportable business segments: Mortgage Insurance and Reinsurance. Our Mortgage Insurance segment offers private mortgage insurance for mortgages secured by residential properties located in the United States. We provide private mortgage insurance on residential first-lien mortgage loans (“mortgage insurance”) through our mortgage insurance subsidiary, Essent Guaranty, Inc., which we refer to as "Essent Guaranty", and also offer other credit risk management solutions, including contract underwriting, to our customers.

Our Reinsurance segment reinsures U.S. mortgage risk in the GSE credit risk transfer market and provides underwriting consulting services to third-party reinsurers ("GSE and other risk share") through our wholly owned, Bermuda-based subsidiary, Essent Reinsurance Ltd., which we refer to as "Essent Re". Effective January 1, 2026, Essent Re began reinsuring certain property and casualty risks.

In addition, our "Corporate & Other" category is used to reconcile our reportable segment to consolidated results and includes business activities associated with our title insurance operations, income and losses from holding company treasury operations and general corporate operating expenses not attributable to our operating segments. Our title insurance operations are an operating segment that does not meet the quantitative thresholds of a separate reportable segment.

We allocate corporate management and support expenses to operating segments based on their percentage of total operating segment revenues, which approximates the estimated percentage of management time and resources spent on each operating segment. We view our borrowings as holding company capital and liquidity and as such, all interest expense is included in Corporate & Other.

Our senior management team, including our President & Chief Executive Officer (Essent's chief operating decision maker or "CODM"), uses income (loss) before income taxes as the primary measure to evaluate the financial performance of the operating segments and to allocate resources to those segments, including capital allocations and assessing headcount. The CODM also assesses the profitability of our Mortgage Insurance and Reinsurance segments through analysis of the loss ratio, expense ratio and combined ratio. We do not manage our segments by assets.

As of June 30, 2026 and December 31, 2025, all goodwill is assigned to our title operating segment, which is included in our Corporate & Other category. Goodwill was $48.8 million at both June 30, 2026 and December 31, 2025.

In connection with the reinsurance of certain property and casualty risks, acquisition costs deferred in our Reinsurance segment were $75.9 million during the six months ended June 30, 2026 and the amortization of those deferred acquisition costs in our Reinsurance segment was $16.7 million for the six months ended June 30, 2026.

Segment Information: Profit & Loss


	Three Months Ended June 30, 2026										Three Months Ended June 30, 2025
(In thousands)	Mortgage Insurance			Reinsurance			Corporate & Other		Consolidated		Mortgage Insurance			Reinsurance			Corporate & Other		Consolidated
Revenues:
Net premiums earned	$	215,662		$	43,639		$	17,463	$	276,764	$	220,262		$	13,875		$	14,672	$	248,809
Net investment income	43,965			6,088			11,559		61,612		43,676			5,216			10,397		59,289
Realized investment gains (losses), net	(94)			—			(17)		(111)		(124)			—			(5)		(129)
Income from other invested assets	12,975			—			6,410		19,385		3,619			—			847		4,466
Other income	1,396			1,345			2,295		5,036		1,614			1,909			3,185		6,708
Total revenues	273,904			51,072			37,710		362,686		269,047			21,000			29,096		319,143

Losses and expenses:
Provision for losses and LAE	29,391			18,723			847		48,961		15,323			36			1,696		17,055

Compensation and benefits	14,898			1,781			13,825		30,504		15,667			1,126			13,926		30,719
Premium and other taxes	5,996			14			545		6,555		5,984			16			495		6,495
Acquisition costs, net (3)	(7,770)			11,849			—		4,079		(6,770)			285			—		(6,485)
Other underwriting and operating expenses	10,695			987			22,438		34,120		9,744			959			21,333		32,036
Net operating expenses before allocations	23,819			14,631			36,808		75,258		24,625			2,386			35,754		62,765
Corporate expense allocations	8,086			653			(8,739)		—		8,979			263			(9,242)		—
Operating expenses after allocations	31,905			15,284			28,069		75,258		33,604			2,649			26,512		62,765
Interest expense	—			—			8,148		8,148		—			—			8,148		8,148
Income (loss) before income taxes	$	212,608		$	17,065		$	646	$	230,319	$	220,120		$	18,315		$	(7,260)	$	231,175

Loss ratio (1)	13.6		%	42.9		%					7.0		%	0.3		%
Expense ratio (2)	14.8		%	35.0		%					15.3		%	19.1		%
Combined ratio	28.4		%	77.9		%					22.3		%	19.4		%

(1) Loss ratio is calculated by dividing the provision (benefit) for losses and LAE by net premiums earned.
(2) Expense ratio is calculated by dividing operating expenses after allocations by net premiums earned.
(3) Acquisition costs are net of ceding commissions earned on outward reinsurance and include ceding commissions incurred on reinsurance assumed.


	Six Months Ended June 30, 2026										Six Months Ended June 30, 2025
(In thousands)	Mortgage Insurance			Reinsurance			Corporate & Other		Consolidated		Mortgage Insurance			Reinsurance			Corporate & Other		Consolidated
Revenues:
Net premiums earned	$	431,325		$	72,949		$	32,583	$	536,857	$	438,386		$	29,609		$	26,662	$	494,657
Net investment income	86,322			10,758			23,787		120,867		86,466			10,056			20,977		117,499
Realized investment gains (losses), net	(282)			—			24		(258)		(225)			—			(85)		(310)
Income from other invested assets	18,737			—			10,827		29,564		6,828			—			5,046		11,874
Other income	3,139			3,316			5,273		11,728		3,162			4,862			4,957		12,981
Total revenues	539,241			87,023			72,494		698,758		534,617			44,527			57,557		636,701

Losses and expenses:
Provision for losses and LAE	67,011			28,652			1,514		97,177		46,043			39			2,260		48,342

Compensation and benefits	31,515			3,966			31,678		67,159		34,277			2,406			33,728		70,411
Premium and other taxes	11,988			32			981		13,001		11,548			27			1,823		13,398
Acquisition costs, net (3)	(15,148)			18,591			—		3,443		(13,200)			642			—		(12,558)
Other underwriting and operating expenses	21,529			1,967			41,142		64,638		20,134			1,768			40,736		62,638
Net operating expenses before allocations	49,884			24,556			73,801		148,241		52,759			4,843			76,287		133,889
Corporate expense allocations	19,628			1,204			(20,832)		—		21,783			473			(22,256)		—
Operating expenses after allocations	69,512			25,760			52,969		148,241		74,542			5,316			54,031		133,889
Interest expense	—			—			16,296		16,296		—			—			16,296		16,296
Income (loss) before income taxes	$	402,718		$	32,611		$	1,715	$	437,044	$	414,032		$	39,172		$	(15,030)	$	438,174

Loss ratio (1)	15.5		%	39.3		%					10.5		%	0.1		%
Expense ratio (2)	16.1		%	35.3		%					17.0		%	18.0		%
Combined ratio	31.6		%	74.6		%					27.5		%	18.1		%

(1) Loss ratio is calculated by dividing the provision for losses and LAE by net premiums earned.
(2) Expense ratio is calculated by dividing operating expenses after allocations by net premiums earned.
(3) Acquisition costs are net of ceding commissions earned on outward reinsurance and include ceding commissions incurred on reinsurance assumed.

- Definition

The entire disclosure for segment reporting.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Earnings per Share (EPS) - Schedule of Percent of Shares Issuable Under Terms of Agreement (Details)	6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025
2026 Performance-Based Grants
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items]
Vesting percentile	105.00%
Percentage of award issuable if current period end were end of contingency period	52.50%
2025 Performance-Based Grants
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items]
Vesting percentile	153.00%	200.00%
Percentage of award issuable if current period end were end of contingency period	76.50%	100.00%
2024 Performance-Based Grants
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items]
Vesting percentile	110.00%	128.00%
Percentage of award issuable if current period end were end of contingency period	55.00%	64.00%
2023 Performance-Based Grants
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items]
Vesting percentile	193.00%	195.00%
Percentage of award issuable if current period end were end of contingency period		97.50%

Investments - Schedule of Available for Sale (Details) - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
Investments available for sale
Amortized Cost	$ 6,260,158	$ 6,279,693
Unrealized Gains	15,553	37,685
Unrealized Losses	(237,016)	(213,293)
Fair Value	6,038,695	6,104,085
U.S. Treasury securities
Investments available for sale
Amortized Cost	280,267	373,567
Unrealized Gains	157	2,121
Unrealized Losses	(5,936)	(5,976)
Fair Value	274,488	369,712
U.S. agency mortgage-backed securities
Investments available for sale
Amortized Cost	1,184,056	1,243,823
Unrealized Gains	3,235	7,822
Unrealized Losses	(83,461)	(76,750)
Fair Value	1,103,830	1,174,895
Municipal debt securities
Investments available for sale
Amortized Cost	634,284	641,153
Unrealized Gains	5,346	5,483
Unrealized Losses	(35,859)	(36,225)
Fair Value	603,771	610,411
Non-U.S. government securities
Investments available for sale
Amortized Cost	58,202	64,470
Unrealized Gains	0	0
Unrealized Losses	(8,931)	(8,446)
Fair Value	49,271	56,024
Corporate debt securities
Investments available for sale
Amortized Cost	2,030,876	2,017,246
Unrealized Gains	4,902	17,381
Unrealized Losses	(68,694)	(54,547)
Fair Value	1,967,084	1,980,080
Residential and commercial mortgage securities
Investments available for sale
Amortized Cost	485,796	486,441
Unrealized Gains	499	1,046
Unrealized Losses	(24,153)	(23,382)
Fair Value	462,142	464,105
Asset-backed securities
Investments available for sale
Amortized Cost	962,782	804,501
Unrealized Gains	1,414	3,832
Unrealized Losses	(9,973)	(7,967)
Fair Value	954,223	800,366
Money market funds
Investments available for sale
Amortized Cost	623,895	648,492
Unrealized Gains	0	0
Unrealized Losses	(9)	0
Fair Value	$ 623,886	$ 648,492

Statutory Accounting (Tables)

6 Months Ended

Jun. 30, 2026

Insurance [Abstract]

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

The following tables present Essent Guaranty’s statutory net income for the six months ended June 30, 2026 and 2025 as well as statutory surplus and contingency reserve liability at June 30, 2026 and December 31, 2025:


	Six Months Ended June 30,
(In thousands)	2026		2025
Statutory net income	$	205,957	$	248,689


	June 30,		December 31,
(In thousands)	2026		2025
Statutory surplus	$	1,007,192	$	951,100
Contingency reserve liability	2,671,010		2,621,787

- 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

Earnings per Share (EPS) - Narrative (Details) - shares	3 Months Ended		6 Months Ended		12 Months Ended
Earnings per Share (EPS) - Narrative (Details) - shares	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025	Dec. 31, 2025	Dec. 31, 2024
Stock-based compensation
Antidilutive nonvested shares (in shares)	16,900	24,270	49,393	68,254
Performance-based share awards
Stock-based compensation
Vesting period			3 years		3 years	3 years

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

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

Reinsurance

6 Months Ended

Jun. 30, 2026

Reinsurance Disclosures [Abstract]

Reinsurance

In the ordinary course of business, our mortgage insurance subsidiary uses reinsurance to provide protection against adverse loss experience and to expand our capital sources. Reinsurance recoverables are recorded as assets and included in other assets on our condensed consolidated balance sheets, predicated on a reinsurer's ability to meet their obligations under the reinsurance agreements. If the reinsurers are unable to satisfy their obligations under the agreements, our insurance subsidiaries would be liable for such defaulted amounts. Our reinsurance subsidiary reinsures certain property and casualty risks and assumes premium from the ceding insurers for the reinsurance coverage provided.

Premiums written and earned is comprised of the following for the periods presented:


	Three Months Ended June 30,				Six Months Ended June 30,
(In thousands)	2026		2025		2026		2025
Net premiums written:
Direct	$	276,923	$	274,872	$	551,790	$	547,266
Assumed	65,475		—		221,840		—
Ceded (1)	(35,113)		(33,384)		(71,676)		(67,507)
Net premiums written	$	307,285	$	241,488	$	701,954	$	479,759

Net premiums earned:
Direct	$	280,954	$	282,193	$	560,564	$	562,164
Assumed	30,923		—		47,969		—
Ceded (1)	(35,113)		(33,384)		(71,676)		(67,507)
Net premiums earned	$	276,764	$	248,809	$	536,857	$	494,657

(1)Net of profit commission.

Quota Share Reinsurance

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

The following table summarizes Essent Guaranty's quota share reinsurance agreements as of June 30, 2026:

QSR Agreement

Coverage Period

Ceding Percentage

QSR-2019

September 1, 2019 - December 31, 2020

(1)

QSR-2022

January 1, 2022 - December 31, 2022

20%

QSR-2023

January 1, 2023 - December 31, 2023

17.5%

QSR-2024

January 1, 2024 - December 31, 2024

15%

QSR-2025

January 1, 2025 - December 31, 2025

25%

QSR-2026

January 1, 2026 - December 31, 2026

25%

_______________________________________________________________________________

(1)Under QSR-2019, Essent Guaranty cedes 36% of premiums on singles policies and 18% on all other policies.

Total risk in force (RIF) ceded under the QSR agreements was $11.0 billion as of June 30, 2026. During the fourth quarter of 2025, Essent also entered into a forward quota share transaction covering 20% of the risk of all eligible policies written by Essent Guaranty, Inc. in calendar year 2027.

Excess of Loss Reinsurance

Essent Guaranty has entered into fully collateralized outward reinsurance agreements ("Radnor Re Transactions") with unaffiliated special purpose insurers domiciled in Bermuda. For the reinsurance coverage periods, Essent Guaranty and its affiliates retain the first layer of the respective aggregate losses, and a Radnor Re special purpose insurer will then provide second layer coverage up to the outstanding reinsurance coverage amount. Essent Guaranty and its affiliates retain losses in excess of the outstanding reinsurance coverage amount. The reinsurance premium due to each Radnor Re special purpose insurer is calculated by multiplying the outstanding reinsurance coverage amount at the beginning of a period by a coupon rate, which is the sum of one-month SOFR plus a risk margin, and then subtracting actual investment income collected on the assets in the related reinsurance trust during that period. The aggregate excess of loss reinsurance coverage decreases over a ten-year period as the underlying covered mortgages amortize. Essent Guaranty has rights to terminate the Radnor Re Transactions. The Radnor Re entities collateralized the coverage by issuing mortgage insurance-linked notes ("ILNs") in an aggregate amount equal to the initial coverage to unaffiliated investors. The notes have ten-year legal maturities and are non-recourse to any assets of Essent Guaranty or its affiliates. The proceeds of the notes were deposited into reinsurance trusts for the benefit of Essent Guaranty and will be the source of reinsurance claim payments to Essent Guaranty and principal repayments on the ILNs.

Essent Guaranty has also entered into outward reinsurance agreements with panels of reinsurers that provide excess of loss coverage on new insurance written from January 1, 2019 through August 31, 2019 and from October 1, 2021 through December 31, 2025. For the reinsurance coverage periods, Essent Guaranty and its affiliates retain the first layer of the respective aggregate losses, and the reinsurance panels will then provide second layer coverage up to the outstanding reinsurance coverage amounts. Essent Guaranty and its affiliates retain losses in excess of the outstanding reinsurance coverage amounts. 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 June 30, 2026:



(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 2021-1	Aug. 2020 - Mar. 2021	$	15,836,468	$	4,438,234	$	50,256	$	275,536	June 26, 2028
Radnor Re 2021-2	Apr. 2021 - Sep. 2021	22,156,669		6,327,178		161,600		268,364		November 25, 2027
Radnor Re 2022-1	Oct. 2021 - Jul. 2022	22,499,218		6,295,041		113,796		284,970		September 25, 2028
Radnor Re 2023-1	Aug. 2022 - Jun. 2023	22,822,493		6,296,006		181,895		264,081		July 25, 2028
Radnor Re 2024-1	Jul. 2023 - Jul. 2024	21,827,253		6,054,012		192,982		251,896		September 25, 2029
Total		$	105,142,101	$	29,410,471	$	700,529	$	1,344,847

The following table summarizes Essent Guaranty's excess of loss reinsurance coverages and retentions provided by panels of reinsurers as of June 30, 2026:


(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 2020-1	Jan. 2019 - Aug. 2019	$	4,244,203	$	1,130,161	$	29,152	$	209,852	January 25, 2027
XOL 2022-1	Oct. 2021 - Dec. 2022	51,203,122		14,212,909		128,222		457,603		January 1, 2030
XOL 2023-1	Jan. 2023 - Dec. 2023	28,813,310		8,021,276		31,375		350,226		January 1, 2029
XOL 2024-1	Jan. 2024 - Dec. 2024	32,088,603		8,848,689		58,005		327,683		January 1, 2030
XOL 2025-1	Jan. 2025 - Dec. 2025	40,096,727		10,640,673		80,821		343,234		January 1, 2031
Total		$	156,445,965	$	42,853,708	$	327,575	$	1,688,598

In April 2025, Essent entered into an excess of loss transaction effective July 1, 2026 with a panel of highly rated third-party reinsurers covering 20% of all eligible policies written by Essent Guaranty, Inc. in calendar year 2026.

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 accrued liabilities on our condensed consolidated balance sheet and the estimated net present value of investment earnings on the assets in the reinsurance trusts, each as of June 30, 2026:


			Maximum Exposure to Loss
(In thousands)	Total VIE Assets		On - Balance Sheet		Off - Balance Sheet		Total
Radnor Re 2021-1 Ltd.	$	50,256	$	(5,560)	$	—	$	(5,560)
Radnor Re 2021-2 Ltd.	161,600		(6,553)		18		(6,535)
Radnor Re 2022-1 Ltd.	113,796		(563)		16		(547)
Radnor Re 2023-1 Ltd.	181,895		(128)		26		(102)
Radnor Re 2024-1 Ltd.	192,982		(258)		18		(240)
Total	$	700,529	$	(13,062)	$	78	$	(12,984)

The assets of the Radnor Re entities are the source of reinsurance claim payments to Essent Guaranty and provide capital relief under the PMIERs financial strength requirements (see Note 14). A decline in the assets available to pay claims would reduce the capital relief available to Essent Guaranty.

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025
Operating Activities
Net income	$ 361,513	$ 370,772
Adjustments to reconcile net income to net cash provided by operating activities:
Realized investment losses, net	258	310
Income from other invested assets	(29,564)	(11,874)
Distribution of income from other invested assets	6,513	3,327
Depreciation and amortization	2,433	2,714
Stock-based compensation expense	10,689	12,942
Amortization of premium on investment securities	6,247	7,007
Deferred income tax provision (benefit)	(8,253)	21,409
Change in:
Accrued investment income	(935)	(2,208)
Accounts receivable	(118,433)	3,786
Deferred policy acquisition costs	(59,310)	416
Prepaid federal income tax	17,100	(7,756)
Other assets	(45,015)	(2,147)
Reserve for losses and LAE	71,977	35,883
Unearned premium reserve	165,097	(13,601)
Other accrued liabilities	8,817	(9,876)
Net cash provided by operating activities	389,134	411,104
Investing Activities
Net change in short-term investments	24,597	180,990
Purchase of investments available for sale	(535,774)	(602,313)
Proceeds from maturity and paydowns of investments available for sale	463,945	414,860
Proceeds from sales of investments available for sale	74,313	6,226
Purchase of other invested assets	(39,976)	(48,617)
Return of investment from other invested assets	3,686	1,241
Purchase of property and equipment and capitalization of internal-use software	(1,790)	(963)
Net cash used in investing activities	(10,999)	(48,576)
Financing Activities
Treasury stock acquired	(362,665)	(339,362)
Dividends paid	(64,186)	(62,530)
Net cash used in financing activities	(426,851)	(401,892)
Net decrease in cash	(48,716)	(39,364)
Cash at beginning of year	123,049	131,480
Cash at end of period	74,333	92,116
Supplemental Disclosure of Cash Flow Information
Income tax payments	(73,525)	(53,737)
Interest payments	(15,625)	(15,625)
Noncash Transactions
Excise taxes payable for share repurchases	0	950
Property, equipment, and capitalized internal-use software costs included in other liabilities	98	0
Lease liabilities arising from obtaining right-of-use assets	$ 292	$ 4,294

Condensed Consolidated Statements of Changes in Stockholders' Equity (Unaudited) - USD ($) $ in Thousands	Total	Common Shares	Additional Paid-In Capital	Accumulated Other Comprehensive Loss	Retained Earnings	Treasury Stock
Balance, beginning of period at Dec. 31, 2024		$ 1,575	$ 1,214,956	$ (303,984)	$ 4,691,111	$ 0
Changes in Stockholders' Equity
Issuance of management incentive shares		8	(8)
Forfeiture of management incentive shares		(1)	1
Cancellation of treasury stock		(89)	(340,223)			340,312
Dividends and dividend equivalents declared			669		(63,199)
Stock-based compensation expense			12,942
Other comprehensive income (loss)	$ 88,318			88,318
Net income	370,772				370,772
Treasury stock acquired						(340,312)
Balance, end of period at Jun. 30, 2025	5,672,848	1,493	888,337	(215,666)	4,998,684	0
Balance, beginning of period at Mar. 31, 2025		1,537	1,055,340	(232,246)	4,834,675	0
Changes in Stockholders' Equity
Issuance of management incentive shares		0	0
Forfeiture of management incentive shares		0	0
Cancellation of treasury stock		(44)	(171,417)			171,461
Dividends and dividend equivalents declared			464		(31,330)
Stock-based compensation expense			3,950
Other comprehensive income (loss)	16,580			16,580
Net income	195,339				195,339
Treasury stock acquired						(171,461)
Balance, end of period at Jun. 30, 2025	5,672,848	1,493	888,337	(215,666)	4,998,684	0
Balance, beginning of period at Dec. 31, 2025	5,756,727	1,432	649,895	(151,985)	5,257,385	0
Changes in Stockholders' Equity
Issuance of management incentive shares		7	(7)
Forfeiture of management incentive shares		0	0
Cancellation of treasury stock		(91)	(362,574)			362,665
Dividends and dividend equivalents declared			721		(64,907)
Stock-based compensation expense			10,689
Other comprehensive income (loss)	(38,677)			(38,677)
Net income	361,513				361,513
Treasury stock acquired						(362,665)
Balance, end of period at Jun. 30, 2026	5,663,401	1,348	298,724	(190,662)	5,553,991	0
Balance, beginning of period at Mar. 31, 2026		1,396	486,672	(187,936)	5,396,370	0
Changes in Stockholders' Equity
Issuance of management incentive shares		0	0
Forfeiture of management incentive shares		0	0
Cancellation of treasury stock		(48)	(191,757)			191,805
Dividends and dividend equivalents declared			458		(32,093)
Stock-based compensation expense			3,351
Other comprehensive income (loss)	(2,726)			(2,726)
Net income	189,714				189,714
Treasury stock acquired						(191,805)
Balance, end of period at Jun. 30, 2026	$ 5,663,401	$ 1,348	$ 298,724	$ (190,662)	$ 5,553,991	$ 0

Condensed Consolidated Balance Sheets (Unaudited) (Parenthetical) - USD ($) shares in Thousands, $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
Investments
Amortized cost	$ 6,260,158	$ 6,279,693
Property, Plant, and Equipment, after Accumulated Depreciation, Depletion, and Amortization
Credit facility borrowings	$ 73,197	$ 71,466
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)	89,876	95,456
Common shares, outstanding (in shares)	89,876	95,456
Fixed maturities
Investments
Amortized cost	$ 5,636,263	$ 5,631,201
Short-term investments
Investments
Amortized cost	$ 623,895	$ 648,492

Reserve for Losses and Loss Adjustment Expenses (Tables)

6 Months Ended

Jun. 30, 2026

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 six months ended June 30:


(In thousands)	2026		2025
Reserve for losses and LAE at beginning of period	$	446,822	$	328,866
Less: Reinsurance recoverables	56,219		36,754
Net reserve for losses and LAE at beginning of period	390,603		292,112
Add provision for losses and LAE, net of reinsurance, occurring in:
Current period	151,584		96,403
Prior years	(54,407)		(48,061)
Net incurred losses and LAE during the current period	97,177		48,342
Deduct payments for losses and LAE, net of reinsurance, occurring in:
Current period	348		367
Prior years	33,178		17,403
Net loss and LAE payments during the current period	33,526		17,770
Net reserve for losses and LAE at end of period	454,254		322,684
Plus: Reinsurance recoverables, net of unpaid claims	64,545		42,065
Reserve for losses and LAE at end of period	$	518,799	$	364,749

Investments (Tables)

6 Months Ended

Jun. 30, 2026

Investments, Debt and Equity Securities [Abstract]

Schedule of Investments Available for Sale

Investments available for sale consist of the following:


June 30, 2026 (In thousands)	Amortized Cost		Unrealized Gains		Unrealized Losses		Fair Value
U.S. Treasury securities	$	280,267	$	157	$	(5,936)	$	274,488

U.S. agency mortgage-backed securities	1,184,056		3,235		(83,461)		1,103,830
Municipal debt securities(1)	634,284		5,346		(35,859)		603,771
Non-U.S. government securities	58,202		—		(8,931)		49,271
Corporate debt securities (2)	2,030,876		4,902		(68,694)		1,967,084
Residential and commercial mortgage securities	485,796		499		(24,153)		462,142
Asset-backed securities	962,782		1,414		(9,973)		954,223
Money market funds	623,895		—		(9)		623,886
Total investments available for sale	$	6,260,158	$	15,553	$	(237,016)	$	6,038,695


December 31, 2025 (In thousands)	Amortized Cost		Unrealized Gains		Unrealized Losses		Fair Value
U.S. Treasury securities	$	373,567	$	2,121	$	(5,976)	$	369,712

U.S. agency mortgage-backed securities	1,243,823		7,822		(76,750)		1,174,895
Municipal debt securities (1)	641,153		5,483		(36,225)		610,411
Non-U.S. government securities	64,470		—		(8,446)		56,024
Corporate debt securities (2)	2,017,246		17,381		(54,547)		1,980,080
Residential and commercial mortgage securities	486,441		1,046		(23,382)		464,105
Asset-backed securities	804,501		3,832		(7,967)		800,366
Money market funds	648,492		—		—		648,492
Total investments available for sale	$	6,279,693	$	37,685	$	(213,293)	$	6,104,085


	June 30,		December 31,
(1) The following table summarizes municipal debt securities as of :	2026		2025
Special revenue bonds	81.5	%	81.2	%
General obligation bonds	18.5		18.8



Total	100.0	%	100.0	%


	June 30,		December 31,
(2) The following table summarizes corporate debt securities as of :	2026		2025
Financial	39.9	%	40.9	%
Consumer, non-cyclical	18.8		18.1
Industrial	8.6		9.0
Utilities	8.3		7.9
Consumer, cyclical	6.4		6.0
Technology	6.1		6.1
Energy	4.9		4.7
Communications	4.4		4.7
Basic Materials	2.6		2.6

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	$	101,928	$	101,543
Due after 1 but within 5 years	148,313		145,724
Due after 5 but within 10 years	15,488		14,679
Due after 10 years	14,538		12,542
Subtotal	280,267		274,488




Municipal debt securities:
Due in 1 year	11,586		11,543
Due after 1 but within 5 years	95,653		92,751
Due after 5 but within 10 years	149,193		141,461
Due after 10 years	377,852		358,016
Subtotal	634,284		603,771
Non-U.S. government securities:
Due in 1 year	14,823		14,713
Due after 1 but within 5 years	3,851		3,652
Due after 5 but within 10 years	10,082		8,802
Due after 10 years	29,446		22,104
Subtotal	58,202		49,271
Corporate debt securities:
Due in 1 year	129,538		128,879
Due after 1 but within 5 years	616,969		596,009
Due after 5 but within 10 years	1,083,138		1,068,153
Due after 10 years	201,231		174,043
Subtotal	2,030,876		1,967,084
U.S. agency mortgage-backed securities	1,184,056		1,103,830
Residential and commercial mortgage securities	485,796		462,142
Asset-backed securities	962,782		954,223
Money market funds	623,895		623,886
Total investments available for sale	$	6,260,158	$	6,038,695

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

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


	Three Months Ended June 30,				Six Months Ended June 30,
(In thousands)	2026		2025		2026		2025
Realized gross gains	$	330	$	19	$	674	$	19
Realized gross losses	(441)		(148)		(932)		(329)

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
June 30, 2026 (In thousands)	Fair Value		Gross Unrealized Losses		Fair Value		Gross Unrealized Losses		Fair Value		Gross Unrealized Losses
U.S. Treasury securities	$	105,334	$	(720)	$	119,919	$	(5,216)	$	225,253	$	(5,936)

U.S. agency mortgage-backed securities	300,916		(3,739)		513,692		(79,722)		814,608		(83,461)
Municipal debt securities	86,379		(1,207)		280,715		(34,652)		367,094		(35,859)
Non-U.S. government securities	19,083		(3,721)		30,188		(5,210)		49,271		(8,931)
Corporate debt securities	868,067		(11,824)		584,126		(56,870)		1,452,193		(68,694)
Residential and commercial mortgage securities	94,162		(1,096)		323,424		(23,057)		417,586		(24,153)
Asset-backed securities	361,474		(2,511)		129,409		(7,462)		490,883		(9,973)
Money market funds	92,487		(9)		—		—		92,487		(9)
Total	$	1,927,902	$	(24,827)	$	1,981,473	$	(212,189)	$	3,909,375	$	(237,016)


	Less than 12 months				12 months or more				Total
December 31, 2025 (In thousands)	Fair Value		Gross Unrealized Losses		Fair Value		Gross Unrealized Losses		Fair Value		Gross Unrealized Losses
U.S. Treasury securities	$	1,048	$	(8)	$	179,121	$	(5,968)	$	180,169	$	(5,976)

U.S. agency mortgage-backed securities	45,415		(90)		638,729		(76,660)		684,144		(76,750)
Municipal debt securities	74,928		(1,015)		314,515		(35,210)		389,443		(36,225)
Non-U.S. government securities	—		—		56,024		(8,446)		56,024		(8,446)
Corporate debt securities	196,571		(1,106)		706,561		(53,441)		903,132		(54,547)
Residential and commercial mortgage securities	36,552		(240)		364,271		(23,142)		400,823		(23,382)
Asset-backed securities	103,989		(871)		150,158		(7,096)		254,147		(7,967)

Total	$	458,503	$	(3,330)	$	2,409,379	$	(209,963)	$	2,867,882	$	(213,293)

Schedule of Net Investment Income

Net investment income consists of:


	Three Months Ended June 30,				Six Months Ended June 30,
(In thousands)	2026		2025		2026		2025
Fixed maturities	$	58,220	$	54,946	$	112,523	$	107,432
Short-term investments	5,249		6,073		11,777		13,548
Gross investment income	63,469		61,019		124,300		120,980
Investment expenses	(1,857)		(1,730)		(3,433)		(3,481)
Net investment income	$	61,612	$	59,289	$	120,867	$	117,499

Earnings per Share (EPS)

6 Months Ended

Jun. 30, 2026

Earnings Per Share [Abstract]

Earnings per Share (EPS)

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


	Three Months Ended June 30,				Six Months Ended June 30,
(In thousands, except per share amounts)	2026		2025		2026		2025
Net income	$	189,714	$	195,339	$	361,513	$	370,772

Basic weighted average shares outstanding	90,740		100,037		92,271		101,451
Dilutive effect of nonvested shares	649		1,022		701		1,044
Diluted weighted average shares outstanding	91,389		101,059		92,972		102,495

Basic earnings per share	$	2.09	$	1.95	$	3.92	$	3.65
Diluted earnings per share	$	2.08	$	1.93	$	3.89	$	3.62

There were 16,900 and 24,270 antidilutive shares for the three months ended June 30, 2026 and 2025, respectively, and 49,393 and 68,254 antidilutive shares for the six months ended June 30, 2026 and 2025, respectively.


	2026 Performance-Based Grants		2025 Performance-Based Grants		2024 Performance-Based Grants		2023 Performance-Based Grants
Reporting Date	Percent Issuable Relative to Target	As a Percent of Shares Issued	Percent Issuable Relative to Target	As a Percent of Shares Issued	Percent Issuable Relative to Target	As a Percent of Shares Issued	Percent Issuable Relative to Target	As a Percent of Shares Issued
June 30, 2026	105%	52.5%	153%	76.5%	110%	55%	(1)	(1)
June 30, 2025			200%	100%	128%	64%	195%	97.5%

(1) The 2023 performance based awards vested at 193% relative to target on March 1, 2026.

Reinsurance (Tables)

6 Months Ended

Jun. 30, 2026

Reinsurance Disclosures [Abstract]

Schedule of Effects of Reinsurance

The following table summarizes the quota share reinsurance coverage that Essent Re has provided to Essent Guaranty for the respective NIW periods:


NIW Period						Ceding Percentage
January 1, 2025 to Present						50%
January 1, 2021 to December 31, 2024						35%
Prior to January 1, 2021						25%

Premiums written and earned is comprised of the following for the periods presented:


	Three Months Ended June 30,				Six Months Ended June 30,
(In thousands)	2026		2025		2026		2025
Net premiums written:
Direct	$	276,923	$	274,872	$	551,790	$	547,266
Assumed	65,475		—		221,840		—
Ceded (1)	(35,113)		(33,384)		(71,676)		(67,507)
Net premiums written	$	307,285	$	241,488	$	701,954	$	479,759

Net premiums earned:
Direct	$	280,954	$	282,193	$	560,564	$	562,164
Assumed	30,923		—		47,969		—
Ceded (1)	(35,113)		(33,384)		(71,676)		(67,507)
Net premiums earned	$	276,764	$	248,809	$	536,857	$	494,657

(1)Net of profit commission.

The following table summarizes Essent Guaranty's quota share reinsurance agreements as of June 30, 2026:

QSR Agreement

Coverage Period

Ceding Percentage

QSR-2019

September 1, 2019 - December 31, 2020

(1)

QSR-2022

January 1, 2022 - December 31, 2022

20%

QSR-2023

January 1, 2023 - December 31, 2023

17.5%

QSR-2024

January 1, 2024 - December 31, 2024

15%

QSR-2025

January 1, 2025 - December 31, 2025

25%

QSR-2026

January 1, 2026 - December 31, 2026

25%

_______________________________________________________________________________

(1)Under QSR-2019, Essent Guaranty cedes 36% of premiums on singles policies and 18% 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 June 30, 2026:



(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 2021-1	Aug. 2020 - Mar. 2021	$	15,836,468	$	4,438,234	$	50,256	$	275,536	June 26, 2028
Radnor Re 2021-2	Apr. 2021 - Sep. 2021	22,156,669		6,327,178		161,600		268,364		November 25, 2027
Radnor Re 2022-1	Oct. 2021 - Jul. 2022	22,499,218		6,295,041		113,796		284,970		September 25, 2028
Radnor Re 2023-1	Aug. 2022 - Jun. 2023	22,822,493		6,296,006		181,895		264,081		July 25, 2028
Radnor Re 2024-1	Jul. 2023 - Jul. 2024	21,827,253		6,054,012		192,982		251,896		September 25, 2029
Total		$	105,142,101	$	29,410,471	$	700,529	$	1,344,847

The following table summarizes Essent Guaranty's excess of loss reinsurance coverages and retentions provided by panels of reinsurers as of June 30, 2026:


(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 2020-1	Jan. 2019 - Aug. 2019	$	4,244,203	$	1,130,161	$	29,152	$	209,852	January 25, 2027
XOL 2022-1	Oct. 2021 - Dec. 2022	51,203,122		14,212,909		128,222		457,603		January 1, 2030
XOL 2023-1	Jan. 2023 - Dec. 2023	28,813,310		8,021,276		31,375		350,226		January 1, 2029
XOL 2024-1	Jan. 2024 - Dec. 2024	32,088,603		8,848,689		58,005		327,683		January 1, 2030
XOL 2025-1	Jan. 2025 - Dec. 2025	40,096,727		10,640,673		80,821		343,234		January 1, 2031
Total		$	156,445,965	$	42,853,708	$	327,575	$	1,688,598

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 2021-1 Ltd.	$	50,256	$	(5,560)	$	—	$	(5,560)
Radnor Re 2021-2 Ltd.	161,600		(6,553)		18		(6,535)
Radnor Re 2022-1 Ltd.	113,796		(563)		16		(547)
Radnor Re 2023-1 Ltd.	181,895		(128)		26		(102)
Radnor Re 2024-1 Ltd.	192,982		(258)		18		(240)
Total	$	700,529	$	(13,062)	$	78	$	(12,984)

- 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

Condensed Consolidated Statements of Comprehensive Income (Unaudited) (Parenthetical) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Statement of Comprehensive Income [Abstract]
Change in unrealized appreciation of investments, net of tax expense	$ 231	$ 2,070	$ (7,178)	$ 13,365

Fair Value of Financial Instruments (Tables)

6 Months Ended

Jun. 30, 2026

Fair Value Disclosures [Abstract]

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


June 30, 2026 (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	$	274,488	$	—	$	—	$	274,488

U.S. agency mortgage-backed securities	—		1,103,830		—		1,103,830
Municipal debt securities	—		603,771		—		603,771
Non-U.S. government securities	—		49,271		—		49,271
Corporate debt securities	—		1,967,084		—		1,967,084
Residential and commercial mortgage securities	—		462,142		—		462,142
Asset-backed securities	—		954,223		—		954,223
Money market funds	623,886		—		—		623,886
Total assets at fair value (1) (2)	$	898,374	$	5,140,321	$	—	$	6,038,695


December 31, 2025 (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	$	369,712	$	—	$	—	$	369,712

U.S. agency mortgage-backed securities	—		1,174,895		—		1,174,895
Municipal debt securities	—		610,411		—		610,411
Non-U.S. government securities	—		56,024		—		56,024
Corporate debt securities	—		1,980,080		—		1,980,080
Residential and commercial mortgage securities	—		464,105		—		464,105
Asset-backed securities	—		800,366		—		800,366
Money market funds	648,492		—		—		648,492
Total assets at fair value (1) (2)	$	1,018,204	$	5,085,881	$	—	$	6,104,085

Stock-Based Compensation - Schedule of Nonvested Performance-based Share Awards (Details) - Nonvested Shares - Forecast	36 Months Ended
	Dec. 31, 2027
11%
Stock-based compensation
Three-Year Book Value Per Share CAGR	11.00%
11% \| ≤25th percentile
Stock-based compensation
Vesting percentile	100.00%
11% \| 50th percentile
Stock-based compensation
Vesting percentile	150.00%
11% \| ≥75th percentile
Stock-based compensation
Vesting percentile	200.00%
10%
Stock-based compensation
Three-Year Book Value Per Share CAGR	10.00%
10% \| ≤25th percentile
Stock-based compensation
Vesting percentile	75.00%
10% \| 50th percentile
Stock-based compensation
Vesting percentile	125.00%
10% \| ≥75th percentile
Stock-based compensation
Vesting percentile	175.00%
9%
Stock-based compensation
Three-Year Book Value Per Share CAGR	9.00%
9% \| ≤25th percentile
Stock-based compensation
Vesting percentile	50.00%
9% \| 50th percentile
Stock-based compensation
Vesting percentile	100.00%
9% \| ≥75th percentile
Stock-based compensation
Vesting percentile	150.00%
7%
Stock-based compensation
Three-Year Book Value Per Share CAGR	7.00%
7% \| ≤25th percentile
Stock-based compensation
Vesting percentile	25.00%
7% \| 50th percentile
Stock-based compensation
Vesting percentile	75.00%
7% \| ≥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
Stock-based compensation
Vesting percentile	50.00%
6% \| ≥75th percentile
Stock-based compensation
Vesting percentile	100.00%

Segment Reporting - Schedule of Segment Reporting (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Revenues:
Net premiums earned	$ 276,764	$ 248,809	$ 536,857	$ 494,657
Net investment income	61,612	59,289	120,867	117,499
Realized investment gains (losses), net	(111)	(129)	(258)	(310)
Income from other invested assets	19,385	4,466	29,564	11,874
Other income	5,036	6,708	11,728	12,981
Total revenues	362,686	319,143	698,758	636,701
Losses and expenses:
Provision for losses and LAE	48,961	17,055	97,177	48,342
Compensation and benefits	30,504	30,719	67,159	70,411
Premium and other taxes	6,555	6,495	13,001	13,398
Acquisition costs, net	4,079	(6,485)	3,443	(12,558)
Other underwriting and operating expenses	34,120	32,036	64,638	62,638
Net operating expenses before allocations	75,258	62,765	148,241	133,889
Operating expenses after allocations	75,258	62,765	148,241	133,889
Interest expense	8,148	8,148	16,296	16,296
Income before income taxes	230,319	231,175	437,044	438,174
Corporate expense allocations
Losses and expenses:
Net operating expenses before allocations	(8,739)	(9,242)	(20,832)	(22,256)
Corporate & Other
Revenues:
Net premiums earned	17,463	14,672	32,583	26,662
Net investment income	11,559	10,397	23,787	20,977
Realized investment gains (losses), net	(17)	(5)	24	(85)
Income from other invested assets	6,410	847	10,827	5,046
Other income	2,295	3,185	5,273	4,957
Total revenues	37,710	29,096	72,494	57,557
Losses and expenses:
Provision for losses and LAE	847	1,696	1,514	2,260
Compensation and benefits	13,825	13,926	31,678	33,728
Premium and other taxes	545	495	981	1,823
Acquisition costs, net	0	0	0	0
Other underwriting and operating expenses	22,438	21,333	41,142	40,736
Net operating expenses before allocations	36,808	35,754	73,801	76,287
Operating expenses after allocations	28,069	26,512	52,969	54,031
Interest expense	8,148	8,148	16,296	16,296
Income before income taxes	646	(7,260)	1,715	(15,030)
Mortgage Insurance \| Operating Segments
Revenues:
Net premiums earned	215,662	220,262	431,325	438,386
Net investment income	43,965	43,676	86,322	86,466
Realized investment gains (losses), net	(94)	(124)	(282)	(225)
Income from other invested assets	12,975	3,619	18,737	6,828
Other income	1,396	1,614	3,139	3,162
Total revenues	273,904	269,047	539,241	534,617
Losses and expenses:
Provision for losses and LAE	29,391	15,323	67,011	46,043
Compensation and benefits	14,898	15,667	31,515	34,277
Premium and other taxes	5,996	5,984	11,988	11,548
Acquisition costs, net	(7,770)	(6,770)	(15,148)	(13,200)
Other underwriting and operating expenses	10,695	9,744	21,529	20,134
Net operating expenses before allocations	23,819	24,625	49,884	52,759
Operating expenses after allocations	31,905	33,604	69,512	74,542
Interest expense	0	0	0	0
Income before income taxes	$ 212,608	$ 220,120	$ 402,718	$ 414,032
Loss ratio	13.60%	7.00%	15.50%	10.50%
Expense ratio	14.80%	15.30%	16.10%	17.00%
Combined ratio	28.40%	22.30%	31.60%	27.50%
Mortgage Insurance \| Corporate expense allocations
Losses and expenses:
Net operating expenses before allocations	$ 8,086	$ 8,979	$ 19,628	$ 21,783
Reinsurance \| Operating Segments
Revenues:
Net premiums earned	43,639	13,875	72,949	29,609
Net investment income	6,088	5,216	10,758	10,056
Realized investment gains (losses), net	0	0	0	0
Income from other invested assets	0	0	0	0
Other income	1,345	1,909	3,316	4,862
Total revenues	51,072	21,000	87,023	44,527
Losses and expenses:
Provision for losses and LAE	18,723	36	28,652	39
Compensation and benefits	1,781	1,126	3,966	2,406
Premium and other taxes	14	16	32	27
Acquisition costs, net	11,849	285	18,591	642
Other underwriting and operating expenses	987	959	1,967	1,768
Net operating expenses before allocations	14,631	2,386	24,556	4,843
Operating expenses after allocations	15,284	2,649	25,760	5,316
Interest expense	0	0	0	0
Income before income taxes	$ 17,065	$ 18,315	$ 32,611	$ 39,172
Loss ratio	42.90%	0.30%	39.30%	0.10%
Expense ratio	35.00%	19.10%	35.30%	18.00%
Combined ratio	77.90%	19.40%	74.60%	18.10%
Reinsurance \| Corporate expense allocations
Losses and expenses:
Net operating expenses before allocations	$ 653	$ 263	$ 1,204	$ 473

Statutory Accounting

6 Months Ended

Jun. 30, 2026

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 tables present Essent Guaranty’s statutory net income for the six months ended June 30, 2026 and 2025 as well as statutory surplus and contingency reserve liability at June 30, 2026 and December 31, 2025:


	Six Months Ended June 30,
(In thousands)	2026		2025
Statutory net income	$	205,957	$	248,689


	June 30,		December 31,
(In thousands)	2026		2025
Statutory surplus	$	1,007,192	$	951,100
Contingency reserve liability	2,671,010		2,621,787

Net income determined in accordance with statutory accounting practices differs from GAAP. In 2026 and 2025, the more significant differences between net income determined under statutory accounting practices and GAAP for Essent Guaranty relate to policy acquisition costs and income taxes. Under statutory accounting practices, policy acquisition costs are expensed as incurred while such costs are capitalized and amortized to expense over the life of the policy under GAAP. We are eligible for a tax deduction, subject to certain limitations for amounts required by state law or regulation to be set aside in statutory contingency reserves when we purchase non-interest-bearing United States Mortgage Guaranty Tax and Loss Bonds (“T&L Bonds”) issued by the Treasury Department. Under statutory accounting practices, this deduction reduces the tax provision recorded by Essent Guaranty and, as a result, increases statutory net income and surplus as compared to net income and equity determined in accordance with GAAP.

At June 30, 2026 and December 31, 2025, the statutory capital of Essent Guaranty, which is defined as the total of statutory surplus and contingency reserves, was in excess of the statutory capital necessary to satisfy its regulatory requirements.

Fannie Mae and Freddie Mac, at the direction of the Federal Housing Finance Agency, maintain 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 August 2024, the GSEs issued updates to the PMIERs calculation of Available Assets. The updated PMIERs Available Asset requirements are subject to a phased-in implementation beginning with the quarter ended March 31, 2025, and will become fully effective on September 30, 2026. As of June 30, 2026, Essent Guaranty, our GSE-approved mortgage insurance company, was in compliance with the PMIERs.

Statement of Statutory Accounting Principles No. 58, Mortgage Guaranty Insurance, requires mortgage insurers to establish a special contingency reserve for statutory accounting purposes included in total liabilities equal to 50% of earned premium for that year. This reserve is required to be maintained for a period of 120 months to protect against the effects of

adverse economic cycles. After 120 months, the reserve is released to unassigned funds. In the event an insurer’s loss ratio in any calendar year exceeds 35%, however, the insurer may, after regulatory approval, release from its contingency reserves an amount equal to the excess portion of such losses. During the six months ended June 30, 2026 and 2025, Essent Guaranty increased its contingency reserve by $131.8 million and $142.3 million, respectively. During the six months ended June 30, 2026 and 2025, Essent Guaranty released contingency reserves of $82.6 million and $70.7 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 June 30, 2026, all such requirements were met.

Essent Re's statutory capital and surplus was $1.6 billion and $1.7 billion as of June 30, 2026 and December 31, 2025. Essent Re's statutory net income was $151.6 million and $161.7 million for the six months ended June 30, 2026 and 2025, respectively. Statutory capital and surplus as of June 30, 2026 and December 31, 2025 and statutory net income in the six months ended June 30, 2026 and 2025 determined in accordance with statutory accounting practices were not significantly different than the amounts determined under GAAP.