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Document and Entity Information - shares	6 Months Ended
Document and Entity Information - shares	Jun. 30, 2015	Aug. 03, 2015
Document and Entity Information
Entity Registrant Name	Essent Group Ltd.
Entity Central Index Key	0001448893
Document Type	10-Q
Document Period End Date	Jun. 30, 2015
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Entity Current Reporting Status	Yes
Entity Filer Category	Large Accelerated Filer
Entity Common Stock, Shares Outstanding		92,655,155
Document Fiscal Year Focus	2015
Document Fiscal Period Focus	Q2

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Jun. 30, 2015	Dec. 31, 2014
Investments available for sale, at fair value
Fixed maturities (amortized cost: 2015 — $1,063,073; 2014 — $840,213)	$ 1,064,013	$ 846,925
Short-term investments (amortized cost: 2015 — $95,366; 2014 — $210,688)	95,366	210,688
Total investments	1,159,379	1,057,613
Cash	25,590	24,411
Accrued investment income	6,943	5,748
Accounts receivable	14,972	15,810
Deferred policy acquisition costs	10,546	9,597
Property and equipment (at cost, less accumulated depreciation of $40,841 in 2015 and $39,260 in 2014)	8,631	5,841
Prepaid federal income tax	95,173	59,673
Other assets	6,254	2,768
Total assets	1,327,488	1,181,461
Liabilities
Reserve for losses and LAE	11,931	8,427
Unearned premium reserve	178,205	156,948
Accrued payroll and bonuses	8,763	14,585
Net deferred tax liability	64,161	37,092
Securities purchases payable	26,897	227
Other accrued liabilities	9,758	8,444
Total liabilities	299,715	225,723
Commitments and contingencies
Stockholders’ Equity
Common Shares, $0.015 par value: Authorized - 233,333; issued - 92,659 shares in 2015 and 92,546 shares in 2014	1,390	1,388
Additional paid-in capital	897,167	893,285
Accumulated other comprehensive income	787	4,667
Retained earnings	128,429	56,398
Total stockholders’ equity	1,027,773	955,738
Total liabilities and stockholders’ equity	$ 1,327,488	$ 1,181,461

Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) shares in Thousands, $ in Thousands	Jun. 30, 2015	Dec. 31, 2014
Investments available for sale
Amortized cost (in dollars)	$ 1,158,439	$ 1,050,901
Property and equipment
Accumulated depreciation (in dollars)	$ 40,841	$ 39,260
Stockholders’ Equity
Common Shares, par value (in dollars per share)	$ 0.015	$ 0.015
Common Shares, authorized	233,333	233,333
Common Shares, issued	92,659	92,546
Fixed maturities
Investments available for sale
Amortized cost (in dollars)	$ 1,063,073	$ 840,213
Short-term investments
Investments available for sale
Amortized cost (in dollars)	$ 95,366	$ 210,688

Condensed Consolidated Statements of Comprehensive Income - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Revenues:
Net premiums written	$ 92,399	$ 63,505	$ 174,656	$ 115,697
Increase in unearned premiums	(14,038)	(13,163)	(21,257)	(20,605)
Net premiums earned	78,361	50,342	153,399	95,092
Net investment income	4,720	3,080	9,000	4,978
Realized investment gains, net	568	68	1,217	468
Other income	418	793	462	1,566
Total revenues	84,067	54,283	164,078	102,104
Losses and expenses:
Provision for losses and LAE	2,314	966	4,313	1,868
Other underwriting and operating expenses	27,148	23,648	54,646	47,107
Total losses and expenses	29,462	24,614	58,959	48,975
Income before income taxes	54,605	29,669	105,119	53,129
Income tax expense	17,412	10,114	33,088	18,568
Net income	$ 37,193	$ 19,555	$ 72,031	$ 34,561
Earnings per share:
Basic (in dollars per share)	$ 0.41	$ 0.23	$ 0.80	$ 0.42
Diluted (in dollars per share)	$ 0.41	$ 0.23	$ 0.79	$ 0.41
Weighted average shares outstanding:
Basic (in shares)	90,344	83,276	90,265	83,071
Diluted (in shares)	91,674	84,706	91,594	84,701
Other comprehensive income (loss):
Net income	$ 37,193	$ 19,555	$ 72,031	$ 34,561
Other comprehensive income (loss):
Change in unrealized (depreciation) appreciation of investments, net of tax (benefit) expense of ($4,002) and $2,095 in the three months ended June 30, 2015 and 2014 and ($1,892) and $2,465 in the six months ended June 30, 2015 and 2014	(8,769)	4,915	(3,880)	5,394
Total other comprehensive income (loss)	(8,769)	4,915	(3,880)	5,394
Comprehensive income	$ 28,424	$ 24,470	$ 68,151	$ 39,955

Condensed Consolidated Statements of Comprehensive Income (Parenthetical) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Statement of Comprehensive Income [Abstract]
Change in unrealized (depreciation) appreciation of investments, tax (benefit) expense	$ (4,002)	$ 2,095	$ (1,892)	$ 2,465

Condensed Consolidated Statements of Changes in Stockholders' Equity - USD ($) $ in Thousands	Total	Public offering	Common Shares	Common Shares Public offering	Additional Paid-In Capital	Additional Paid-In Capital Public offering	Accumulated Other Comprehensive Income (Loss)	Retained Earnings (Accumulated Deficit)	Treasury Stock
Balance at Dec. 31, 2013	$ 722,141		$ 1,297		$ 754,390		$ (1,447)	$ (32,099)
Changes in Stockholders' Equity
Net income	88,497							88,497
Other comprehensive income (loss)	6,114						6,114
Issuance of common shares net of issuance cost of $6,761		$ 126,739		$ 90		$ 126,649
Issuance of management incentive shares	416		2		414
Stock-based compensation expense	12,520				12,520
Excess tax benefits from stock-based compensation expense	1,809				1,809
Treasury stock acquired	(2,498)								$ (2,498)
Cancellation of treasury stock			(1)		(2,497)				2,498
Balance at Dec. 31, 2014	955,738		1,388		893,285		4,667	56,398
Changes in Stockholders' Equity
Net income	72,031							72,031
Other comprehensive income (loss)	(3,880)						(3,880)
Issuance of management incentive shares			6		(6)
Forfeiture of management incentive shares			(1)		1
Stock-based compensation expense	6,596				6,596
Excess tax benefits from stock-based compensation expense	2,332				2,332
Treasury stock acquired	(5,078)								(5,078)
Cancellation of treasury stock			(3)		(5,075)				$ 5,078
Other equity transactions	34				34
Balance at Jun. 30, 2015	$ 1,027,773		$ 1,390		$ 897,167		$ 787	$ 128,429

Condensed Consolidated Statements of Changes in Stockholders' Equity (Parenthetical) $ in Thousands	12 Months Ended
	Dec. 31, 2014 USD ($)
Public offering
Common Shares, issuance cost	$ 6,761

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	3 Months Ended		6 Months Ended		12 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014	Dec. 31, 2014
Operating Activities
Net income	$ 37,193	$ 19,555	$ 72,031	$ 34,561	$ 88,497
Adjustments to reconcile net income to net cash provided by operating activities:
Gain on the sale of investments, net	(568)	(68)	(1,217)	(468)
Depreciation and amortization			1,581	1,217
Amortization of discount on payments due under Asset Purchase Agreement			0	34
Stock-based compensation expense			6,596	6,148
Amortization of premium on investment securities			4,835	2,835
Deferred income tax provision			28,961	17,312
Excess tax benefits from stock-based compensation			(2,332)	(1,683)
Change in:
Accrued investment income			(1,195)	(2,663)
Accounts receivable			(1,162)	(1,743)
Deferred policy acquisition costs			(949)	(1,366)
Prepaid federal income tax			(35,500)	(26,000)
Other assets			(3,486)	825
Reserve for losses and LAE			3,504	1,436
Unearned premium reserve			21,257	20,605
Accrued liabilities			(3,078)	(5,803)
Net cash provided by operating activities			89,846	45,247
Investing Activities
Net change in short-term investments			115,322	(159,089)
Purchase of investments available for sale			(417,541)	(427,964)
Proceeds from maturity of investments available for sale			7,525	16,832
Proceeds from sales of investments available for sale			212,208	67,209
Purchase of property and equipment, net			(2,932)	(1,671)
Net cash used in investing activities			(85,418)	(504,683)
Financing Activities
Treasury stock acquired			(5,078)	(2,385)
Payment of offering costs			(537)	(837)
Excess tax benefits from stock-based compensation			2,332	1,683
Payments under Asset Purchase Agreement			0	(2,500)
Other financing activities			34	0
Net cash used in financing activities			(3,249)	(4,039)
Net increase (decrease) in cash			1,179	(463,475)
Cash at beginning of year			24,411	477,655	477,655
Cash at end of period	$ 25,590	$ 14,180	25,590	14,180	$ 24,411
Supplemental Disclosure of Cash Flow Information
Income tax (payments) refunds			(5,000)	0
Noncash Transactions
Issuance of management incentive shares			$ 0	$ 416

Nature of Operations and Basis of Presentation	6 Months Ended
Nature of Operations and Basis of Presentation	Jun. 30, 2015
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Nature of Operations and Basis of Presentation	Nature of Operations and Basis of Presentation Essent Group Ltd. (“Essent Group”) is a Bermuda-based holding company, which, through its wholly-owned subsidiaries, offers private mortgage insurance and reinsurance for mortgages secured by residential properties located in the United States. Mortgage insurance facilitates the sale of low-down payment (generally less than 20%) mortgage loans into the secondary mortgage market, primarily to two government-sponsored enterprises (“GSEs”), Fannie Mae and Freddie Mac. Essent Group was incorporated in Bermuda in July 2008. In March 2014, Essent Group formed Essent Irish Intermediate Holdings Limited (“Essent Irish Intermediate”) as a wholly-owned subsidiary. In April 2014, Essent Group contributed all of the outstanding stock of Essent US Holdings, Inc. (“Essent Holdings”) to Essent Irish Intermediate. The primary mortgage insurance operations are conducted through Essent Holdings’ regulated and licensed wholly-owned subsidiaries, Essent Guaranty, Inc. (“Essent Guaranty”) and Essent Guaranty of PA, Inc. (“Essent PA”). Essent Group also has a wholly-owned Bermuda domiciled Class 3A Insurer licensed pursuant to Section 4 of the Bermuda Insurance Act 1978, Essent Reinsurance Ltd. (“Essent Re”), which offers mortgage-related insurance and reinsurance. 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, 2014, 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, 2015 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.

Investments Available for Sale

6 Months Ended

Jun. 30, 2015

Investments, Debt and Equity Securities [Abstract]

Investments Available for Sale

Investments available for sale consist of the following:



June 30, 2015 (In thousands)	Amortized Cost		Unrealized Gains		Unrealized Losses			Fair Value
U.S. Treasury securities	$	166,269	$	630	$	(718	)	$	166,181
U.S. agency securities	3,176		20		—			3,196
U.S. agency mortgage-backed securities	103,599		1,028		(391		)	104,236
Municipal debt securities(1)	260,051		2,816		(1,980		)	260,887
Corporate debt securities	363,658		1,361		(1,387		)	363,632
Mortgage-backed securities	51,292		252		(794		)	50,750
Asset-backed securities	130,025		269		(166		)	130,128
Money market funds	80,369		—		—			80,369
Total investments available for sale	$	1,158,439	$	6,376	$	(5,436	)	$	1,159,379



December 31, 2014 (In thousands)	Amortized Cost		Unrealized Gains		Unrealized Losses			Fair Value
U.S. Treasury securities	$	73,432	$	927	$	(143	)	$	74,216
U.S. agency securities	4,491		29		—			4,520
U.S. agency mortgage-backed securities	82,190		1,564		(214		)	83,540
Municipal debt securities(1)	191,723		4,147		(324		)	195,546
Corporate debt securities	295,507		2,123		(801		)	296,829
Mortgage-backed securities	66,396		574		(884		)	66,086
Asset-backed securities	126,474		136		(422		)	126,188
Money market funds	210,688		—		—			210,688
Total investments available for sale	$	1,050,901	$	9,500	$	(2,788	)	$	1,057,613

(1)

At June 30, 2015, approximately 67.6% of municipal debt securities were special revenue bonds, 28.9% were general obligation bonds, 2.4% were certificate of participation bonds and 1.1% were tax allocation bonds. At December 31, 2014, approximately 59.7% of municipal debt securities were special revenue bonds, 37.5% were general obligation bonds, 1.5% were tax allocation bonds, 0.8% were certificate of participation bonds and 0.5% were special assessment bonds.

The amortized cost and fair value of investments available for sale at June 30, 2015, 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 mortgage-backed 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	$	19,853	$	19,879
Due after 1 but within 5 years	66,117		66,250
Due after 5 but within 10 years	80,299		80,052
Subtotal	166,269		166,181
U.S. agency securities:
Due in 1 year	1,155		1,161
Due after 1 but within 5 years	2,021		2,035
Subtotal	3,176		3,196
Municipal debt securities:
Due in 1 year	545		544
Due after 1 but within 5 years	74,765		74,846
Due after 5 but within 10 years	91,891		92,933
Due after 10 years	92,850		92,564
Subtotal	260,051		260,887
Corporate debt securities:
Due in 1 year	8,851		8,874
Due after 1 but within 5 years	253,211		253,397
Due after 5 but within 10 years	101,319		101,075
Due after 10 years	277		286
Subtotal	363,658		363,632
U.S. agency mortgage-backed securities	103,599		104,236
Mortgage-backed securities	51,292		50,750
Asset-backed securities	130,025		130,128
Money market funds	80,369		80,369
Total investments available for sale	$	1,158,439	$	1,159,379

Essent realized gross gains and losses on the sale of investments available for sale as follows:



	Three Months Ended June 30,				Six Months Ended June 30,
(In thousands)	2015		2014		2015		2014
Realized gross gains	$	1,339	$	175	$	2,127	$	840
Realized gross losses	771		107		910		372

The fair value of investments in an unrealized loss position and the related unrealized losses were as follows:



	Less than 12 months					12 months or more					Total
June 30, 2015 (In thousands)	Fair Value		Gross Unrealized Losses			Fair Value		Gross Unrealized Losses			Fair Value		Gross Unrealized Losses
U.S. Treasury securities	$	58,869	$	(718	)	$	—	$	—		$	58,869	$	(718	)
U.S. agency mortgage-backed securities	28,747		(302		)	1,800		(89		)	30,547		(391		)
Municipal debt securities	130,250		(1,924		)	5,138		(56		)	135,388		(1,980		)
Corporate debt securities	163,172		(1,358		)	5,083		(29		)	168,255		(1,387		)
Mortgage-backed securities	13,600		(127		)	21,243		(667		)	34,843		(794		)
Asset-backed securities	59,760		(142		)	6,362		(24		)	66,122		(166		)
Total	$	454,398	$	(4,571	)	$	39,626	$	(865	)	$	494,024	$	(5,436	)



	Less than 12 months					12 months or more					Total
December 31, 2014 (In thousands)	Fair Value		Gross Unrealized Losses			Fair Value		Gross Unrealized Losses			Fair Value		Gross Unrealized Losses
U.S. Treasury securities	$	16,543	$	(34	)	$	5,155	$	(109	)	$	21,698	$	(143	)
U.S. agency mortgage-backed securities	2,334		—			8,566		(214		)	10,900		(214		)
Municipal debt securities	39,902		(229		)	8,684		(95		)	48,586		(324		)
Corporate debt securities	113,717		(701		)	12,659		(100		)	126,376		(801		)
Mortgage-backed securities	28,091		(264		)	16,092		(620		)	44,183		(884		)
Asset-backed securities	100,248		(405		)	2,201		(17		)	102,449		(422		)
Total	$	300,835	$	(1,633	)	$	53,357	$	(1,155	)	$	354,192	$	(2,788	)

The gross unrealized losses on these investment securities are principally associated with the changes in the interest rate environment subsequent to their purchase. Each issuer is current on its scheduled interest and principal payments. 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 an impairment is other-than-temporary. There were no other-than-temporary impairments of investments in the six months ended June 30, 2015 or year ended December 31, 2014.

The fair value of investments deposited with insurance regulatory authorities to meet statutory requirements was $8.5 million as of June 30, 2015 and as of December 31, 2014. 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 required investments on deposit in these trusts were $151.6 million at June 30, 2015 and $66.7 million at December 31, 2014.

Net investment income consists of:



	Three Months Ended June 30,						Six Months Ended June 30,
(In thousands)	2015			2014			2015			2014
Fixed maturities	$	5,115		$	3,322		$	9,768		$	5,378
Short-term investments	17			19			29			31
Gross investment income	5,132			3,341			9,797			5,409
Investment expenses	(412		)	(261		)	(797		)	(431		)
Net investment income	$	4,720		$	3,080		$	9,000		$	4,978

- Definition

The entire disclosure for investments in certain debt and equity securities.

+ References + Details

Accounts Receivable

6 Months Ended

Jun. 30, 2015

Receivables [Abstract]

Accounts Receivable

Accounts receivable consist of the following:



	June 30,		December 31,
(In thousands)	2015		2014
Premiums receivable	$	14,278	$	13,210
Other receivables	694		2,600
Total accounts receivable	14,972		15,810
Less: Allowance for doubtful accounts	—		—
Accounts receivable, net	$	14,972	$	15,810

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

- Definition

The entire disclosure for claims held for amounts due a entity, excluding financing receivables. Examples include, but are not limited to, trade accounts receivables, notes receivables, loans receivables. Includes disclosure for allowance for credit losses.

+ References + Details

Reserve for Losses and Loss Adjustment Expenses

6 Months Ended

Jun. 30, 2015

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)	2015			2014
Reserve for losses and LAE at beginning of period	$	8,427		$	3,070
Less: Reinsurance recoverables	—			—
Net reserve for losses and LAE at beginning of period	8,427			3,070
Add provision for losses and LAE, net of reinsurance, occurring in:
Current period	6,079			2,452
Prior years	(1,766		)	(584		)
Net incurred losses during the current period	4,313			1,868
Deduct payments for losses and LAE, net of reinsurance, occurring in:
Current period	140			—
Prior years	669			432
Net loss and LAE payments during the current period	809			432
Net reserve for losses and LAE at end of period	11,931			4,506
Plus: Reinsurance recoverables	—			—
Reserve for losses and LAE at end of period	$	11,931		$	4,506

Loans in default at end of period	605			235

For the six months ended June 30, 2015, $0.7 million was paid for incurred claims and claim adjustment expenses attributable to insured events of prior years. There has been a $1.8 million favorable prior-year development during the six months ended June 30, 2015. Reserves remaining as of June 30, 2015 for prior years are $6.0 million as a result of re-estimation of unpaid losses and loss adjustment expenses. For the six months ended June 30, 2014, $0.4 million was paid for incurred claims and claim adjustment expenses attributable to insured events of prior years. There has been a $0.6 million favorable prior-year development during the six months ended June 30, 2014. Reserves remaining as of June 30, 2014 for prior years were $2.1 million as a result of re-estimation of unpaid losses and loss adjustment expenses. The decreases in both periods are generally the result of ongoing analysis of recent loss development trends. Original estimates are increased or decreased as additional information becomes known regarding individual claims.

Commitments and Contingencies	6 Months Ended
Commitments and Contingencies	Jun. 30, 2015
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies Obligations under Guarantees Under the terms of CUW Solutions LLC’s 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. We paid $13,403 and $4,043 related to remedies for the six months ended June 30, 2015 and 2014, respectively. As of June 30, 2015, management believes any potential claims for indemnification related to contract underwriting services through June 30, 2015 are not material to our 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, 2015, 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.

Stock-Based Compensation

6 Months Ended

Jun. 30, 2015

Disclosure of Compensation Related Costs, Share-based Payments [Abstract]

Stock-Based Compensation

The following table summarizes nonvested common share and nonvested common share unit activity for the six months ended June 30, 2015:



	Time and Performance- Based Share Awards				Time-Based Share Awards				Share Units
(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
Outstanding at beginning of year	1,290		$	14.83	1,472		$	9.04	664		$	18.32
Granted	50		24.58		109		24.51		117		24.45
Vested	—		N/A		(578	)	7.38		(238	)	18.17
Forfeited	(46	)	16.40		(41	)	17.61		(3	)	17.00
Outstanding at June 30, 2015	1,294		$	15.15	962		$	11.43	540		$	19.72

In February 2015, certain members of senior management were granted nonvested common shares under the Essent Group Ltd. 2013 Long-Term Incentive Plan that were subject to time-based and performance-based vesting. The time-based share awards granted in February 2015 vest in three equal installments on March 1, 2016, 2017 and 2018. The performance-based share awards granted in February 2015 vest based upon our compounded annual book value per share growth percentage during a three-year performance period that commenced on January 1, 2015 and vest on March 1, 2018.

In May 2015, nonvested common shares were granted to an employee in connection with an employment agreement that are subject to time-based and performance-based vesting. The time-based share award vests in four equal installments on July 1, 2016, 2017, 2018 and 2019. The performance-based share award vests based upon our compounded annual book value per share growth percentage during a three-year performance period that commenced on January 1, 2015 and vests on July 1, 2019.

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



Performance level	Compounded Annual Book Value Per Share Growth		Nonvested Common Shares Earned
	<11	%	0	%
Threshold	11	%	10	%
	12	%	36	%
	13	%	61	%
	14	%	87	%
Maximum	≥15	%	100	%

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

In connection with our incentive program covering bonus awards for performance year 2014, in February 2015, time-based share awards and share units were issued to certain employees that vest in three equal installments on March 1, 2016, 2017 and 2018. In May 2015, time-based share units were granted to non-employee directors that vest one year from the date of grant.

The total fair value of nonvested shares that vested was $20.6 million and $28.0 million for the six months ended June 30, 2015 and 2014, respectively. As of June 30, 2015, there was $27.5 million of total unrecognized compensation expense related to nonvested shares outstanding at June 30, 2015 and we expect to recognize the expense over a weighted average period of 2.3 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 198,041 in the six months ended June 30, 2015. The tendered shares were recorded at cost, included in treasury stock and have been cancelled as of June 30, 2015.

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



	Three Months Ended June 30,				Six Months Ended June 30,
(In thousands)	2015		2014		2015		2014
Compensation expense	$	3,335	$	3,365	$	6,596	$	6,148
Income tax benefit	984		1,178		2,125		2,152

Earnings per Share (EPS)

6 Months Ended

Jun. 30, 2015

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)	2015		2014		2015		2014
Net income	$	37,193	$	19,555	$	72,031	$	34,561
Less: dividends declared	—		—		—		—
Net income available to common shareholders	$	37,193	$	19,555	$	72,031	$	34,561
Basic earnings per share	$	0.41	$	0.23	$	0.80	$	0.42
Diluted earnings per share	$	0.41	$	0.23	$	0.79	$	0.41
Basic weighted average shares outstanding	90,344		83,276		90,265		83,071
Dilutive effect of nonvested shares	1,330		1,430		1,329		1,630
Diluted weighted average shares outstanding	91,674		84,706		91,594		84,701

There were 50,372 and 151,857 antidilutive shares for the three months ended June 30, 2015 and 2014, respectively and 150,718 and 108,404 antidilutive shares for the six months ended June 30, 2015 and 2014, respectively.

The nonvested performance-based share awards are considered contingently issuable for purposes of the EPS calculation. Based on the compounded annual book value per share growth as of June 30, 2015, 100% of the performance-based share awards would be issuable under the terms of the arrangements if June 30, 2015 was the end of the performance period. Based on the compounded annual book value per share growth as of June 30, 2014, 0% of the performance-based share awards would have been issuable under the terms of the arrangements if June 30, 2014 was the end of the performance period.

Accumulated Other Comprehensive Income (Loss)

6 Months Ended

Jun. 30, 2015

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

Accumulated Other Comprehensive Income (Loss)

The following table presents the rollforward of accumulated other comprehensive income (loss) for the three and six months ended June 30, 2015 and 2014:



	Three Months Ended June 30, 2015
(In thousands)	Before Tax			Tax Effect			Net of Tax
Balance at beginning of period	$	13,711		$	(4,155	)	$	9,556
Other comprehensive income (loss):
Unrealized holding losses arising during the period	(12,203		)	3,888			(8,315		)
Less: Reclassification adjustment for gains included in net income (1)	(568		)	114			(454		)
Net unrealized losses on investments	(12,771		)	4,002			(8,769		)
Other comprehensive income (loss)	(12,771		)	4,002			(8,769		)
Balance at end of period	$	940		$	(153	)	$	787



	Six Months Ended June 30, 2015
(In thousands)	Before Tax			Tax Effect			Net of Tax
Balance at beginning of period	$	6,712		$	(2,045	)	$	4,667
Other comprehensive income (loss):
Unrealized holding losses arising during the period	(4,555		)	1,551			(3,004		)
Less: Reclassification adjustment for gains included in net income (1)	(1,217		)	341			(876		)
Net unrealized losses on investments	(5,772		)	1,892			(3,880		)
Other comprehensive income (loss)	(5,772		)	1,892			(3,880		)
Balance at end of period	$	940		$	(153	)	$	787



	Three Months Ended June 30, 2014
(In thousands)	Before Tax			Tax Effect			Net of Tax
Balance at beginning of period	$	(1,378	)	$	410		$	(968	)
Other comprehensive income (loss):
Unrealized holding gains arising during the period	7,078			(2,118		)	4,960
Less: Reclassification adjustment for gains included in net income (1)	(68		)	23			(45		)
Net unrealized gains on investments	7,010			(2,095		)	4,915
Other comprehensive income (loss)	7,010			(2,095		)	4,915
Balance at end of period	$	5,632		$	(1,685	)	$	3,947



	Six Months Ended June 30, 2014
(In thousands)	Before Tax			Tax Effect			Net of Tax
Balance at beginning of period	$	(2,227	)	$	780		$	(1,447	)
Other comprehensive income (loss):
Unrealized holding gains arising during the period	8,327			(2,627		)	5,700
Less: Reclassification adjustment for gains included in net income (1)	(468		)	162			(306		)
Net unrealized gains on investments	7,859			(2,465		)	5,394
Other comprehensive income (loss)	7,859			(2,465		)	5,394
Balance at end of period	$	5,632		$	(1,685	)	$	3,947


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

- Definition

The entire disclosure for comprehensive income, which includes, but is not limited to, 1) the amount of income tax expense or benefit allocated to each component of other comprehensive income, including reclassification adjustments, 2) the reclassification adjustments for each classification of other comprehensive income and 3) the ending accumulated balances for each component of comprehensive income.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 220
-SubTopic 10
-Section 45
-Paragraph 15
-URI http://asc.fasb.org/extlink&oid=36458714&loc=d3e689-108580

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 220
-SubTopic 10
-Section 45
-Paragraph 1A
-URI http://asc.fasb.org/extlink&oid=36458714&loc=SL7669619-108580

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 220
-SubTopic 10
-Section 45
-Paragraph 12
-URI http://asc.fasb.org/extlink&oid=36458714&loc=d3e640-108580

Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 220
-SubTopic 10
-Section 45
-Paragraph 17
-URI http://asc.fasb.org/extlink&oid=36458714&loc=d3e716-108580

Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 220
-SubTopic 10
-Section 45
-Paragraph 16
-URI http://asc.fasb.org/extlink&oid=36458714&loc=d3e709-108580

Reference 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.3-04)
-URI http://asc.fasb.org/extlink&oid=27012166&loc=d3e187085-122770

Reference 7: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 220
-SubTopic 10
-Section 45
-Paragraph 11
-URI http://asc.fasb.org/extlink&oid=36458714&loc=d3e637-108580

Reference 8: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 220
-SubTopic 10
-Section 45
-Paragraph 14
-URI http://asc.fasb.org/extlink&oid=36458714&loc=d3e681-108580

Reference 9: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Glossary Reclassification Adjustments
-URI http://asc.fasb.org/extlink&oid=6522872

+ Details

Fair Value of Financial Instruments

6 Months Ended

Jun. 30, 2015

Fair Value Disclosures [Abstract]

Fair Value of Financial Instruments

The estimated fair values and related carrying amounts of our financial instruments were as follows:



June 30, 2015 (In thousands)	Carrying Amount		Fair Value
Financial Assets:
U.S. Treasury securities	$	166,181	$	166,181
U.S. agency securities	3,196		3,196
U.S. agency mortgage-backed securities	104,236		104,236
Municipal debt securities	260,887		260,887
Corporate debt securities	363,632		363,632
Mortgage-backed securities	50,750		50,750
Asset-backed securities	130,128		130,128
Money market funds	80,369		80,369
Total investments	$	1,159,379	$	1,159,379
Financial Liabilities:
Derivative liabilities	$	2,720	$	2,720



December 31, 2014 (In thousands)	Carrying Amount		Fair Value
Financial Assets:
U.S. Treasury securities	$	74,216	$	74,216
U.S. agency securities	4,520		4,520
U.S. agency mortgage-backed securities	83,540		83,540
Municipal debt securities	195,546		195,546
Corporate debt securities	296,829		296,829
Mortgage-backed securities	66,086		66,086
Asset-backed securities	126,188		126,188
Money market funds	210,688		210,688
Total investments	$	1,057,613	$	1,057,613
Financial Liabilities:
Derivative liabilities	$	661	$	661

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, U.S. agency securities, U.S. agency mortgage-backed securities, certain mortgage-backed 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. Municipal debt securities, corporate debt securities, certain mortgage-backed 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. 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.

•

Derivative liabilities — 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. Certain of our Freddie Mac Agency Credit Insurance Structure ("ACIS") contracts are accounted for as derivatives. In determining an exit market, we consider the fact that there is not a principal market for these contracts. In the absence of a principal market, we value these ACIS contracts in a hypothetical market where market participants, and potential counterparties, include other mortgage guaranty insurers or reinsurers with similar credit quality to us. We believe that in the absence of a principal market, this hypothetical market provides the most relevant information with respect to fair value estimates. These ACIS contracts are classified as Level 3 of the fair value hierarchy.

We determine the fair value of our derivative instruments primarily using internally-generated models. We utilize market observable inputs, such as the performance of the underlying pool of mortgages, mortgage prepayment speeds and pricing spreads on the reference STACR notes, whenever they are available. There is a high degree of uncertainty about our fair value estimates since our contracts are not traded or exchanged, which makes external validation and corroboration of our estimates difficult. Considerable judgment is required to interpret market data to develop the estimates of fair value. Accordingly, the estimates may not be indicative of amounts we could realize in a current market exchange or negotiated termination. The use of different market assumptions or estimation methodologies may have a material effect on the estimated fair value amounts.

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, 2015 (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	$	166,181	$	—	$	—	$	166,181
U.S. agency securities	3,196		—		—		3,196
U.S. agency mortgage-backed securities	104,236		—		—		104,236
Municipal debt securities	—		260,887		—		260,887
Corporate debt securities	—		363,632		—		363,632
Mortgage-backed securities	4,649		46,101		—		50,750
Asset-backed securities	—		130,128		—		130,128
Money market funds	80,369		—		—		80,369
Total assets at fair value	$	358,631	$	800,748	$	—	$	1,159,379
Financial Liabilities:
Derivative liabilities	$	—	$	—	$	2,720	$	2,720
Total liabilities at fair value	$	—	$	—	$	2,720	$	2,720



December 31, 2014 (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	$	74,216	$	—	$	—	$	74,216
U.S. agency securities	4,520		—		—		4,520
U.S. agency mortgage-backed securities	83,540		—		—		83,540
Municipal debt securities	—		195,546		—		195,546
Corporate debt securities	—		296,829		—		296,829
Mortgage-backed securities	4,882		61,204		—		66,086
Asset-backed securities	—		126,188		—		126,188
Money market funds	210,688		—		—		210,688
Total assets at fair value	$	377,846	$	679,767	$	—	$	1,057,613
Financial Liabilities:
Derivative liabilities	$	—	$	—	$	661	$	661
Total liabilities at fair value	$	—	$	—	$	661	$	661

Changes in Level 3 Recurring Fair Value Measurements

The following tables presents changes during the three and six months ended June 30, 2015 in Level 3 liabilities measured at fair value on a recurring basis, and the realized and unrealized gains (losses) related to the Level 3 liabilities in the condensed consolidated balance sheets at June 30, 2015. For the six months ended June 30, 2014, we had no Level 3 liabilities. During the six months ended June 30, 2015, and in the year ended December 31, 2014, we had no Level 3 assets.



Three Months Ended June 30, 2015 (In thousands)	Fair Value Beginning of Period		Net Realized and Unrealized Gains (Losses) Included in Income			Other Comprehensive Income (Loss)		Purchases, Sales, Issues and Settlements, Net		Gross Transfers In		Gross Transfers Out		Fair Value End of Period		Changes in Unrealized Gains (Losses) Included in Income on Instruments Held at End of Period
Derivative Liabilities	$	1,959	$	(391	)	$	—	$	370	$	—	$	—	$	2,720	$	(391	)

Total Level 3 Liabilities	$	1,959	$	(391	)	$	—	$	370	$	—	$	—	$	2,720	$	(391	)



Six Months Ended June 30, 2015 (In thousands)	Fair Value Beginning of Year		Net Realized and Unrealized Gains (Losses) Included in Income			Other Comprehensive Income (Loss)		Purchases, Sales, Issues and Settlements, Net		Gross Transfers In		Gross Transfers Out		Fair Value End of Period		Changes in Unrealized Gains (Losses) Included in Income on Instruments Held at End of Period
Derivative Liabilities	$	661	$	(1,140	)	$	—	$	919	$	—	$	—	$	2,720	$	(1,140	)

Total Level 3 Liabilities	$	661	$	(1,140	)	$	—	$	919	$	—	$	—	$	2,720	$	(1,140	)

The following table summarizes the significant unobservable inputs used in our recurring Level 3 fair value measurements as of June 30, 2015 and December 31, 2014:



June 30, 2015	Fair Value		Valuation Technique	Unobservable Input	Weighted Average
Derivative Liabilities	$	2,720	Discounted cash flows	Constant prepayment rate	17.48	%
				Default rate	0.92	%
				Reference STACR credit spread	3.29	%



December 31, 2014	Fair Value		Valuation Technique	Unobservable Input	Weighted Average
Derivative Liabilities	$	661	Discounted cash flows	Constant prepayment rate	5.40	%
				Default rate	1.85	%
				Reference STACR credit spread	3.72	%

The significant unobservable inputs used for derivative liabilities are constant prepayment rates (“CPR”) and default rates on the reference pool of mortgages and the credit spreads on the reference STACR notes. An increase in the CPR, default rate or reference STACR credit spread will increase the fair value of the liability.

- Definition

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

+ References + Details

Statutory Accounting

6 Months Ended

Jun. 30, 2015

Statutory Accounting

Statutory Accounting

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



(In thousands)	2015		2014
Essent Guaranty
Statutory net income	$	84,386	$	47,536
Statutory surplus	502,997		422,944
Contingency reserve liability	244,320		123,142

Essent PA
Statutory net income	$	8,090	$	5,341
Statutory surplus	45,087		40,565
Contingency reserve liability	22,469		11,183

Net income determined in accordance with statutory accounting practices differs from GAAP. In 2015 and 2014, the more significant differences between net income determined under statutory accounting practices and GAAP for Essent Guaranty and Essent PA relate to policy acquisition costs and income taxes. Under statutory accounting practices, policy acquisition costs are expensed as incurred while such costs are capitalized and amortized to expense over the life of the policy under GAAP. We are eligible for a tax deduction, subject to certain limitations for amounts required by state law or regulation to be set aside in statutory contingency reserves when we purchase non-interest-bearing United States Mortgage Guaranty Tax and Loss Bonds (“T&L Bonds”) issued by the Treasury Department. Under statutory accounting practices, this deduction reduces the tax provision recorded by Essent Guaranty and Essent PA and, as a result, increases statutory net income and surplus as compared to net income and equity determined in accordance with GAAP.

At June 30, 2015 and 2014, the statutory capital of our insurance subsidiaries, which is defined as the total of statutory surplus and contingency reserves, was in excess of the statutory capital necessary to satisfy their regulatory requirements.

In the second quarter of 2015, at the direction of the Federal Housing Finance Agency ("FHFA"), Fannie Mae and Freddie Mac finalized the Private Mortgage Insurer Eligibility Requirements ("PMIERs"), which become effective on December 31, 2015. 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 new financial strength requirements incorporating a risk-based framework that will 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 will apply should an approved insurer fail to comply with the new requirements. As of June 30, 2015, Essent had sufficient assets in its insurance companies to meet the total risk-based required asset amount of 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. During the six months ended June 30, 2015, Essent Guaranty increased its contingency reserve by $65.1 million and Essent PA increased its contingency reserve by $5.6 million. This reserve is required to be maintained for a period of 120 months to protect against the effects of adverse economic cycles. After 120 months, the reserve is released to unassigned funds. In the event an insurer’s loss ratio in any calendar year exceeds 35%, however, the insurer may, after regulatory approval, release from its contingency reserves an amount equal to the excess portion of such losses. Essent Guaranty and Essent PA did not release any amounts from their contingency reserves in the six months ended June 30, 2015 or 2014.

Investments Available for Sale (Tables)

6 Months Ended

Jun. 30, 2015

Investments, Debt and Equity Securities [Abstract]

Schedule of investments available for sale

Investments available for sale consist of the following:



June 30, 2015 (In thousands)	Amortized Cost		Unrealized Gains		Unrealized Losses			Fair Value
U.S. Treasury securities	$	166,269	$	630	$	(718	)	$	166,181
U.S. agency securities	3,176		20		—			3,196
U.S. agency mortgage-backed securities	103,599		1,028		(391		)	104,236
Municipal debt securities(1)	260,051		2,816		(1,980		)	260,887
Corporate debt securities	363,658		1,361		(1,387		)	363,632
Mortgage-backed securities	51,292		252		(794		)	50,750
Asset-backed securities	130,025		269		(166		)	130,128
Money market funds	80,369		—		—			80,369
Total investments available for sale	$	1,158,439	$	6,376	$	(5,436	)	$	1,159,379



December 31, 2014 (In thousands)	Amortized Cost		Unrealized Gains		Unrealized Losses			Fair Value
U.S. Treasury securities	$	73,432	$	927	$	(143	)	$	74,216
U.S. agency securities	4,491		29		—			4,520
U.S. agency mortgage-backed securities	82,190		1,564		(214		)	83,540
Municipal debt securities(1)	191,723		4,147		(324		)	195,546
Corporate debt securities	295,507		2,123		(801		)	296,829
Mortgage-backed securities	66,396		574		(884		)	66,086
Asset-backed securities	126,474		136		(422		)	126,188
Money market funds	210,688		—		—			210,688
Total investments available for sale	$	1,050,901	$	9,500	$	(2,788	)	$	1,057,613

(1)

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	$	19,853	$	19,879
Due after 1 but within 5 years	66,117		66,250
Due after 5 but within 10 years	80,299		80,052
Subtotal	166,269		166,181
U.S. agency securities:
Due in 1 year	1,155		1,161
Due after 1 but within 5 years	2,021		2,035
Subtotal	3,176		3,196
Municipal debt securities:
Due in 1 year	545		544
Due after 1 but within 5 years	74,765		74,846
Due after 5 but within 10 years	91,891		92,933
Due after 10 years	92,850		92,564
Subtotal	260,051		260,887
Corporate debt securities:
Due in 1 year	8,851		8,874
Due after 1 but within 5 years	253,211		253,397
Due after 5 but within 10 years	101,319		101,075
Due after 10 years	277		286
Subtotal	363,658		363,632
U.S. agency mortgage-backed securities	103,599		104,236
Mortgage-backed securities	51,292		50,750
Asset-backed securities	130,025		130,128
Money market funds	80,369		80,369
Total investments available for sale	$	1,158,439	$	1,159,379

Schedule of realized gross gains and losses on sale of investments available for sale

Essent realized gross gains and losses on the sale of investments available for sale as follows:



	Three Months Ended June 30,				Six Months Ended June 30,
(In thousands)	2015		2014		2015		2014
Realized gross gains	$	1,339	$	175	$	2,127	$	840
Realized gross losses	771		107		910		372

Schedule of fair value of investments in an unrealized loss position and related unrealized losses

The fair value of investments in an unrealized loss position and the related unrealized losses were as follows:



	Less than 12 months					12 months or more					Total
June 30, 2015 (In thousands)	Fair Value		Gross Unrealized Losses			Fair Value		Gross Unrealized Losses			Fair Value		Gross Unrealized Losses
U.S. Treasury securities	$	58,869	$	(718	)	$	—	$	—		$	58,869	$	(718	)
U.S. agency mortgage-backed securities	28,747		(302		)	1,800		(89		)	30,547		(391		)
Municipal debt securities	130,250		(1,924		)	5,138		(56		)	135,388		(1,980		)
Corporate debt securities	163,172		(1,358		)	5,083		(29		)	168,255		(1,387		)
Mortgage-backed securities	13,600		(127		)	21,243		(667		)	34,843		(794		)
Asset-backed securities	59,760		(142		)	6,362		(24		)	66,122		(166		)
Total	$	454,398	$	(4,571	)	$	39,626	$	(865	)	$	494,024	$	(5,436	)



	Less than 12 months					12 months or more					Total
December 31, 2014 (In thousands)	Fair Value		Gross Unrealized Losses			Fair Value		Gross Unrealized Losses			Fair Value		Gross Unrealized Losses
U.S. Treasury securities	$	16,543	$	(34	)	$	5,155	$	(109	)	$	21,698	$	(143	)
U.S. agency mortgage-backed securities	2,334		—			8,566		(214		)	10,900		(214		)
Municipal debt securities	39,902		(229		)	8,684		(95		)	48,586		(324		)
Corporate debt securities	113,717		(701		)	12,659		(100		)	126,376		(801		)
Mortgage-backed securities	28,091		(264		)	16,092		(620		)	44,183		(884		)
Asset-backed securities	100,248		(405		)	2,201		(17		)	102,449		(422		)
Total	$	300,835	$	(1,633	)	$	53,357	$	(1,155	)	$	354,192	$	(2,788	)

Schedule of net investment income

Net investment income consists of:



	Three Months Ended June 30,						Six Months Ended June 30,
(In thousands)	2015			2014			2015			2014
Fixed maturities	$	5,115		$	3,322		$	9,768		$	5,378
Short-term investments	17			19			29			31
Gross investment income	5,132			3,341			9,797			5,409
Investment expenses	(412		)	(261		)	(797		)	(431		)
Net investment income	$	4,720		$	3,080		$	9,000		$	4,978

Accounts Receivable (Tables)

6 Months Ended

Jun. 30, 2015

Receivables [Abstract]

Schedule of accounts receivable

Accounts receivable consist of the following:



	June 30,		December 31,
(In thousands)	2015		2014
Premiums receivable	$	14,278	$	13,210
Other receivables	694		2,600
Total accounts receivable	14,972		15,810
Less: Allowance for doubtful accounts	—		—
Accounts receivable, net	$	14,972	$	15,810

Reserve for Losses and Loss Adjustment Expenses (Tables)

6 Months Ended

Jun. 30, 2015

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)	2015			2014
Reserve for losses and LAE at beginning of period	$	8,427		$	3,070
Less: Reinsurance recoverables	—			—
Net reserve for losses and LAE at beginning of period	8,427			3,070
Add provision for losses and LAE, net of reinsurance, occurring in:
Current period	6,079			2,452
Prior years	(1,766		)	(584		)
Net incurred losses during the current period	4,313			1,868
Deduct payments for losses and LAE, net of reinsurance, occurring in:
Current period	140			—
Prior years	669			432
Net loss and LAE payments during the current period	809			432
Net reserve for losses and LAE at end of period	11,931			4,506
Plus: Reinsurance recoverables	—			—
Reserve for losses and LAE at end of period	$	11,931		$	4,506

Loans in default at end of period	605			235

Stock-Based Compensation (Tables)

6 Months Ended

Jun. 30, 2015

Disclosure of Compensation Related Costs, Share-based Payments [Abstract]

Summary of nonvested Common Share and nonvested Common Share unit activity

The following table summarizes nonvested common share and nonvested common share unit activity for the six months ended June 30, 2015:



	Time and Performance- Based Share Awards				Time-Based Share Awards				Share Units
(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
Outstanding at beginning of year	1,290		$	14.83	1,472		$	9.04	664		$	18.32
Granted	50		24.58		109		24.51		117		24.45
Vested	—		N/A		(578	)	7.38		(238	)	18.17
Forfeited	(46	)	16.40		(41	)	17.61		(3	)	17.00
Outstanding at June 30, 2015	1,294		$	15.15	962		$	11.43	540		$	19.72

Schedule of portion of nonvested Common Shares earned based upon achievement of compounded annual book value per share growth

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



Performance level	Compounded Annual Book Value Per Share Growth		Nonvested Common Shares Earned
	<11	%	0	%
Threshold	11	%	10	%
	12	%	36	%
	13	%	61	%
	14	%	87	%
Maximum	≥15	%	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 were as follows:



	Three Months Ended June 30,				Six Months Ended June 30,
(In thousands)	2015		2014		2015		2014
Compensation expense	$	3,335	$	3,365	$	6,596	$	6,148
Income tax benefit	984		1,178		2,125		2,152

Earnings per Share (EPS) (Tables)

6 Months Ended

Jun. 30, 2015

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)	2015		2014		2015		2014
Net income	$	37,193	$	19,555	$	72,031	$	34,561
Less: dividends declared	—		—		—		—
Net income available to common shareholders	$	37,193	$	19,555	$	72,031	$	34,561
Basic earnings per share	$	0.41	$	0.23	$	0.80	$	0.42
Diluted earnings per share	$	0.41	$	0.23	$	0.79	$	0.41
Basic weighted average shares outstanding	90,344		83,276		90,265		83,071
Dilutive effect of nonvested shares	1,330		1,430		1,329		1,630
Diluted weighted average shares outstanding	91,674		84,706		91,594		84,701

Accumulated Other Comprehensive Income (Loss) (Tables)

6 Months Ended

Jun. 30, 2015

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

Rollforward of accumulated other comprehensive income (loss)

The following table presents the rollforward of accumulated other comprehensive income (loss) for the three and six months ended June 30, 2015 and 2014:



	Three Months Ended June 30, 2015
(In thousands)	Before Tax			Tax Effect			Net of Tax
Balance at beginning of period	$	13,711		$	(4,155	)	$	9,556
Other comprehensive income (loss):
Unrealized holding losses arising during the period	(12,203		)	3,888			(8,315		)
Less: Reclassification adjustment for gains included in net income (1)	(568		)	114			(454		)
Net unrealized losses on investments	(12,771		)	4,002			(8,769		)
Other comprehensive income (loss)	(12,771		)	4,002			(8,769		)
Balance at end of period	$	940		$	(153	)	$	787



	Six Months Ended June 30, 2015
(In thousands)	Before Tax			Tax Effect			Net of Tax
Balance at beginning of period	$	6,712		$	(2,045	)	$	4,667
Other comprehensive income (loss):
Unrealized holding losses arising during the period	(4,555		)	1,551			(3,004		)
Less: Reclassification adjustment for gains included in net income (1)	(1,217		)	341			(876		)
Net unrealized losses on investments	(5,772		)	1,892			(3,880		)
Other comprehensive income (loss)	(5,772		)	1,892			(3,880		)
Balance at end of period	$	940		$	(153	)	$	787



	Three Months Ended June 30, 2014
(In thousands)	Before Tax			Tax Effect			Net of Tax
Balance at beginning of period	$	(1,378	)	$	410		$	(968	)
Other comprehensive income (loss):
Unrealized holding gains arising during the period	7,078			(2,118		)	4,960
Less: Reclassification adjustment for gains included in net income (1)	(68		)	23			(45		)
Net unrealized gains on investments	7,010			(2,095		)	4,915
Other comprehensive income (loss)	7,010			(2,095		)	4,915
Balance at end of period	$	5,632		$	(1,685	)	$	3,947



	Six Months Ended June 30, 2014
(In thousands)	Before Tax			Tax Effect			Net of Tax
Balance at beginning of period	$	(2,227	)	$	780		$	(1,447	)
Other comprehensive income (loss):
Unrealized holding gains arising during the period	8,327			(2,627		)	5,700
Less: Reclassification adjustment for gains included in net income (1)	(468		)	162			(306		)
Net unrealized gains on investments	7,859			(2,465		)	5,394
Other comprehensive income (loss)	7,859			(2,465		)	5,394
Balance at end of period	$	5,632		$	(1,685	)	$	3,947


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

Fair Value of Financial Instruments (Tables)

6 Months Ended

Jun. 30, 2015

Fair Value Disclosures [Abstract]

Schedule of estimated fair values and related carrying amounts of financial instruments

The estimated fair values and related carrying amounts of our financial instruments were as follows:



June 30, 2015 (In thousands)	Carrying Amount		Fair Value
Financial Assets:
U.S. Treasury securities	$	166,181	$	166,181
U.S. agency securities	3,196		3,196
U.S. agency mortgage-backed securities	104,236		104,236
Municipal debt securities	260,887		260,887
Corporate debt securities	363,632		363,632
Mortgage-backed securities	50,750		50,750
Asset-backed securities	130,128		130,128
Money market funds	80,369		80,369
Total investments	$	1,159,379	$	1,159,379
Financial Liabilities:
Derivative liabilities	$	2,720	$	2,720



December 31, 2014 (In thousands)	Carrying Amount		Fair Value
Financial Assets:
U.S. Treasury securities	$	74,216	$	74,216
U.S. agency securities	4,520		4,520
U.S. agency mortgage-backed securities	83,540		83,540
Municipal debt securities	195,546		195,546
Corporate debt securities	296,829		296,829
Mortgage-backed securities	66,086		66,086
Asset-backed securities	126,188		126,188
Money market funds	210,688		210,688
Total investments	$	1,057,613	$	1,057,613
Financial Liabilities:
Derivative liabilities	$	661	$	661

Schedule of assets and liabilities measured at fair vale on a recurring basis



June 30, 2015 (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	$	166,181	$	—	$	—	$	166,181
U.S. agency securities	3,196		—		—		3,196
U.S. agency mortgage-backed securities	104,236		—		—		104,236
Municipal debt securities	—		260,887		—		260,887
Corporate debt securities	—		363,632		—		363,632
Mortgage-backed securities	4,649		46,101		—		50,750
Asset-backed securities	—		130,128		—		130,128
Money market funds	80,369		—		—		80,369
Total assets at fair value	$	358,631	$	800,748	$	—	$	1,159,379
Financial Liabilities:
Derivative liabilities	$	—	$	—	$	2,720	$	2,720
Total liabilities at fair value	$	—	$	—	$	2,720	$	2,720



December 31, 2014 (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	$	74,216	$	—	$	—	$	74,216
U.S. agency securities	4,520		—		—		4,520
U.S. agency mortgage-backed securities	83,540		—		—		83,540
Municipal debt securities	—		195,546		—		195,546
Corporate debt securities	—		296,829		—		296,829
Mortgage-backed securities	4,882		61,204		—		66,086
Asset-backed securities	—		126,188		—		126,188
Money market funds	210,688		—		—		210,688
Total assets at fair value	$	377,846	$	679,767	$	—	$	1,057,613
Financial Liabilities:
Derivative liabilities	$	—	$	—	$	661	$	661
Total liabilities at fair value	$	—	$	—	$	661	$	661

Schedule of changes during period in Level 3 liabilities measured at fair value on a recurring basis, and realized and unrealized gains (losses) related to Level 3 liabilities



Three Months Ended June 30, 2015 (In thousands)	Fair Value Beginning of Period		Net Realized and Unrealized Gains (Losses) Included in Income			Other Comprehensive Income (Loss)		Purchases, Sales, Issues and Settlements, Net		Gross Transfers In		Gross Transfers Out		Fair Value End of Period		Changes in Unrealized Gains (Losses) Included in Income on Instruments Held at End of Period
Derivative Liabilities	$	1,959	$	(391	)	$	—	$	370	$	—	$	—	$	2,720	$	(391	)

Total Level 3 Liabilities	$	1,959	$	(391	)	$	—	$	370	$	—	$	—	$	2,720	$	(391	)



Six Months Ended June 30, 2015 (In thousands)	Fair Value Beginning of Year		Net Realized and Unrealized Gains (Losses) Included in Income			Other Comprehensive Income (Loss)		Purchases, Sales, Issues and Settlements, Net		Gross Transfers In		Gross Transfers Out		Fair Value End of Period		Changes in Unrealized Gains (Losses) Included in Income on Instruments Held at End of Period
Derivative Liabilities	$	661	$	(1,140	)	$	—	$	919	$	—	$	—	$	2,720	$	(1,140	)

Total Level 3 Liabilities	$	661	$	(1,140	)	$	—	$	919	$	—	$	—	$	2,720	$	(1,140	)

Summary of significant unobservable inputs used in recurring Level 3 fair value measurements

The following table summarizes the significant unobservable inputs used in our recurring Level 3 fair value measurements as of June 30, 2015 and December 31, 2014:



June 30, 2015	Fair Value		Valuation Technique	Unobservable Input	Weighted Average
Derivative Liabilities	$	2,720	Discounted cash flows	Constant prepayment rate	17.48	%
				Default rate	0.92	%
				Reference STACR credit spread	3.29	%



December 31, 2014	Fair Value		Valuation Technique	Unobservable Input	Weighted Average
Derivative Liabilities	$	661	Discounted cash flows	Constant prepayment rate	5.40	%
				Default rate	1.85	%
				Reference STACR credit spread	3.72	%

Statutory Accounting (Tables)

6 Months Ended

Jun. 30, 2015

Statutory Accounting

Schedule of statutory net income, statutory surplus and contingency reserve liability

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



(In thousands)	2015		2014
Essent Guaranty
Statutory net income	$	84,386	$	47,536
Statutory surplus	502,997		422,944
Contingency reserve liability	244,320		123,142

Essent PA
Statutory net income	$	8,090	$	5,341
Statutory surplus	45,087		40,565
Contingency reserve liability	22,469		11,183

- 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

Nature of Operations and Basis of Presentation (Details)	6 Months Ended
	Jun. 30, 2015
Maximum
Nature of operations and basis of presentation
Residential mortgage down payment percentage for which mortgage insurance is generally required	20.00%

Investments Available for Sale (Details) - USD ($)
$ in Thousands

Jun. 30, 2015

Dec. 31, 2014

Investments available for sale

Amortized Cost

$ 1,158,439

$ 1,050,901

Unrealized Gains

6,376

9,500

Unrealized Losses

(5,436)

(2,788)

Fair Value

1,159,379

1,057,613

U.S. Treasury securities

Investments available for sale

Amortized Cost

166,269

73,432

Unrealized Gains

630

927

Unrealized Losses

(718)

(143)

Fair Value

166,181

74,216

U.S. agency securities

Investments available for sale

Amortized Cost

3,176

4,491

Unrealized Gains

Fair Value

3,196

4,520

Municipal debt securities

Investments available for sale

Amortized Cost

^[1]

260,051

191,723

Unrealized Gains

^[1]

2,816

4,147

Unrealized Losses

^[1]

(1,980)

(324)

Fair Value

^[1]

$ 260,887

$ 195,546

Municipal debt securities | Special revenue bonds

Investments available for sale

Percentage of total investments

67.60%

59.70%

Municipal debt securities | General obligation bonds

Investments available for sale

Percentage of total investments

28.90%

37.50%

Municipal debt securities | Tax allocation bonds

Investments available for sale

Percentage of total investments

1.10%

1.50%

Municipal debt securities | Certificate of participation bonds

Investments available for sale

Percentage of total investments

2.40%

0.80%

Municipal debt securities | Special assessment bonds

Investments available for sale

Percentage of total investments

0.50%

Corporate debt securities

Investments available for sale

Amortized Cost

$ 363,658

$ 295,507

Unrealized Gains

1,361

2,123

Unrealized Losses

(1,387)

(801)

Fair Value

363,632

296,829

Mortgage-backed securities

Investments available for sale

Amortized Cost

51,292

66,396

Unrealized Gains

252

574

Unrealized Losses

(794)

(884)

Fair Value

50,750

66,086

Asset-backed securities

Investments available for sale

Amortized Cost

130,025

126,474

Unrealized Gains

269

136

Unrealized Losses

(166)

(422)

Fair Value

130,128

126,188

Money market funds

Investments available for sale

Amortized Cost

80,369

210,688

Fair Value

80,369

210,688

U.S. Agency | Mortgage backed securities

Investments available for sale

Amortized Cost

103,599

82,190

Unrealized Gains

1,028

1,564

Unrealized Losses

(391)

(214)

Fair Value

$ 104,236

$ 83,540

[1]

Investments Available for Sale (Details 2) - USD ($)
$ in Thousands

Jun. 30, 2015

Dec. 31, 2014

Amortized Cost

Periodic payments throughout

$ 1,158,439

$ 1,050,901

Accounts Receivable (Details) - USD ($)	6 Months Ended
Accounts Receivable (Details) - USD ($)	Jun. 30, 2015	Jun. 30, 2014	Dec. 31, 2014
Accounts Receivable
Premiums receivable	$ 14,278,000		$ 13,210,000
Other receivables	694,000		2,600,000
Total accounts receivable	14,972,000		15,810,000
Accounts receivable, net	14,972,000		$ 15,810,000
Provision for doubtful accounts	$ 0	$ 0
Premiums receivable
Accounts Receivable
Threshold period unpaid for write-off of mortgage insurance premiums	90 days

Reserve for Losses and Loss Adjustment Expenses (Details) $ in Thousands	6 Months Ended
	Jun. 30, 2015 USD ($) loan	Jun. 30, 2014 USD ($) loan
Reconciliation of the beginning and ending reserve balances for losses and loss adjustment expenses (LAE)
Reserve for losses and LAE at beginning of period	$ 8,427	$ 3,070
Net reserve for losses and LAE at beginning of period	8,427	3,070
Add provision for losses and LAE, net of reinsurance, occurring in:
Current period	6,079	2,452
Prior years	(1,766)	(584)
Net incurred losses during the current period	4,313	1,868
Deduct payments for losses and LAE, net of reinsurance, occurring in:
Current period	140	0
Prior years	669	432
Net loss and LAE payments during the current period	809	432
Net reserve for losses and LAE at end of period	11,931	4,506
Reserve for losses and LAE at end of period	$ 11,931	$ 4,506
Loans in default at end of period \| loan	605	235
Reserve for losses and LAE, for prior years	$ 6,000	$ 2,100

Commitments and Contingencies (Details) - USD ($)	6 Months Ended
Commitments and Contingencies (Details) - USD ($)	Jun. 30, 2015	Jun. 30, 2014
Indemnifications related to contract underwriting services
Loss Contingencies [Line Items]
Amount paid for remedies	$ 13,403	$ 4,043

Stock-Based Compensation (Details) shares in Thousands	6 Months Ended
Stock-Based Compensation (Details) shares in Thousands	Jun. 30, 2015 $ / shares shares
Nonvested share units
Number of Shares
Outstanding at beginning of year (in shares) \| shares	664
Granted (in shares) \| shares	117
Vested (in shares) \| shares	(238)
Forfeited (in shares) \| shares	(3)
Outstanding at end of period (in shares) \| shares	540
Weighted Average Grant Date Fair Value
Outstanding at beginning of year (in dollars per share) \| $ / shares	$ 18.32
Granted (in dollars per share) \| $ / shares	24.45
Vested (in dollars per share) \| $ / shares	18.17
Forfeited (in dollars per share) \| $ / shares	17.00
Outstanding at end of period (in dollars per share) \| $ / shares	$ 19.72
Time and Performance-Based \| Nonvested shares
Number of Shares
Outstanding at beginning of year (in shares) \| shares	1,290
Granted (in shares) \| shares	50
Forfeited (in shares) \| shares	(46)
Outstanding at end of period (in shares) \| shares	1,294
Weighted Average Grant Date Fair Value
Outstanding at beginning of year (in dollars per share) \| $ / shares	$ 14.83
Granted (in dollars per share) \| $ / shares	24.58
Forfeited (in dollars per share) \| $ / shares	16.40
Outstanding at end of period (in dollars per share) \| $ / shares	$ 15.15
Time-Based \| Nonvested shares
Number of Shares
Outstanding at beginning of year (in shares) \| shares	1,472
Granted (in shares) \| shares	109
Vested (in shares) \| shares	(578)
Forfeited (in shares) \| shares	(41)
Outstanding at end of period (in shares) \| shares	962
Weighted Average Grant Date Fair Value
Outstanding at beginning of year (in dollars per share) \| $ / shares	$ 9.04
Granted (in dollars per share) \| $ / shares	24.51
Vested (in dollars per share) \| $ / shares	7.38
Forfeited (in dollars per share) \| $ / shares	17.61
Outstanding at end of period (in dollars per share) \| $ / shares	$ 11.43

Stock-Based Compensation (Details 2) - Nonvested shares	1 Months Ended
Stock-Based Compensation (Details 2) - Nonvested shares	May 31, 2015	Feb. 28, 2015
Time-Based \| Employee [Member]
Stock-based compensation
Performance period	3 years
2013 Plan \| Performance-Based \| Certain members of senior management
Stock-based compensation
Performance period		3 years
First Vesting Period \| Time-Based \| Employee [Member]
Stock-based compensation
Vesting (as a percent)	25.00%
First Vesting Period \| 2013 Plan \| Time-Based \| Certain members of senior management
Stock-based compensation
Vesting (as a percent)		33.00%
Second Vesting Period \| Time-Based \| Employee [Member]
Stock-based compensation
Vesting (as a percent)	25.00%
Second Vesting Period \| 2013 Plan \| Time-Based \| Certain members of senior management
Stock-based compensation
Vesting (as a percent)		33.00%
Third Vesting Period \| Time-Based \| Employee [Member]
Stock-based compensation
Vesting (as a percent)	25.00%
Third Vesting Period \| 2013 Plan \| Time-Based \| Certain members of senior management
Stock-based compensation
Vesting (as a percent)		33.00%
Fourth Vesting Period \| Time-Based \| Employee [Member]
Stock-based compensation
Vesting (as a percent)	25.00%

Stock-Based Compensation (Details 3) - Nonvested shares	6 Months Ended
Stock-Based Compensation (Details 3) - Nonvested shares	Jun. 30, 2015
Compounded Annual Book Value Per Share Growth 11%
Stock-based compensation
Compounded Annual Book Value Per Share Growth (as a percent)	11.00%
Nonvested Common Shares Earned (as a percent)	10.00%
Compounded Annual Book Value Per Share Growth 11% \| Maximum
Stock-based compensation
Compounded Annual Book Value Per Share Growth (as a percent)	11.00%
Nonvested Common Shares Earned (as a percent)	0.00%
Compounded Annual Book Value Per Share Growth 12%
Stock-based compensation
Compounded Annual Book Value Per Share Growth (as a percent)	12.00%
Nonvested Common Shares Earned (as a percent)	36.00%
Compounded Annual Book Value Per Share Growth 13%
Stock-based compensation
Compounded Annual Book Value Per Share Growth (as a percent)	13.00%
Nonvested Common Shares Earned (as a percent)	61.00%
Compounded Annual Book Value Per Share Growth 14%
Stock-based compensation
Compounded Annual Book Value Per Share Growth (as a percent)	14.00%
Nonvested Common Shares Earned (as a percent)	87.00%
Compounded Annual Book Value Per Share Growth 15% \| Minimum
Stock-based compensation
Compounded Annual Book Value Per Share Growth (as a percent)	15.00%
Nonvested Common Shares Earned (as a percent)	100.00%

Stock-Based Compensation (Details 4)	1 Months Ended
Stock-Based Compensation (Details 4)	May 31, 2015	Feb. 28, 2015
First Vesting Period \| Incentive Program Bonus Award Fiscal Year Performance [Member] \| Time-Based \| Nonvested shares
Stock-based compensation
Vesting (as a percent)		33.00%
First Vesting Period \| Incentive Program Bonus Award Fiscal Year Performance [Member] \| Time-Based \| Nonvested share units
Stock-based compensation
Vesting (as a percent)		33.00%
Second Vesting Period \| Incentive Program Bonus Award Fiscal Year Performance [Member] \| Time-Based \| Nonvested shares
Stock-based compensation
Vesting (as a percent)		33.00%
Second Vesting Period \| Incentive Program Bonus Award Fiscal Year Performance [Member] \| Time-Based \| Nonvested share units
Stock-based compensation
Vesting (as a percent)		33.00%
Third Vesting Period \| Incentive Program Bonus Award Fiscal Year Performance [Member] \| Time-Based \| Nonvested shares
Stock-based compensation
Vesting (as a percent)		33.00%
Third Vesting Period \| Incentive Program Bonus Award Fiscal Year Performance [Member] \| Time-Based \| Nonvested share units
Stock-based compensation
Vesting (as a percent)		33.00%
Director \| Nonvested shares
Stock-based compensation
Vesting period	1 year

Earnings per Share (EPS) (Details 2) - shares	3 Months Ended		6 Months Ended
Earnings per Share (EPS) (Details 2) - shares	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Contingently issuable awards
Antidilutive nonvested shares	50,372	151,857	150,718	108,404
Performance-based share awards
Contingently issuable awards
Percentage of award issuable if current period end were end of contingency period	100.00%	0.00%	100.00%	0.00%

Fair Value of Financial Instruments (Details 3) - USD ($) $ in Thousands	3 Months Ended	6 Months Ended
	Jun. 30, 2015	Jun. 30, 2015
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Fair Value Beginning of Period	$ 1,959	$ 661
Net Realized and Unrealized Gains (Losses) Included in Income	(391)	(1,140)
Purchases, Sales, Issues and Settlements, Net	370	919
Fair Value End of Period	2,720	2,720
Changes in Unrealized Gains (Losses) Included in Income on Instruments Held at End of Period	(391)	(1,140)
Derivative Liabilities
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Fair Value Beginning of Period	1,959	661
Net Realized and Unrealized Gains (Losses) Included in Income	(391)	(1,140)
Purchases, Sales, Issues and Settlements, Net	370	919
Fair Value End of Period	2,720	2,720
Changes in Unrealized Gains (Losses) Included in Income on Instruments Held at End of Period	$ (391)	$ (1,140)

Fair Value of Financial Instruments (Details 4) - Recurring basis - USD ($) $ in Thousands	6 Months Ended	12 Months Ended
	Jun. 30, 2015	Dec. 31, 2014
Significant unobservable inputs used in our recurring Level 3 fair value measurements
Derivative liabilities	$ 2,720	$ 661
Significant Unobservable Inputs (Level 3) \| Derivative Liabilities
Significant unobservable inputs used in our recurring Level 3 fair value measurements
Derivative liabilities	$ 2,720	$ 661
Significant Unobservable Inputs (Level 3) \| Derivative Liabilities \| Discounted cash flows \| Weighted average
Significant unobservable inputs used in our recurring Level 3 fair value measurements
Constant prepayment rate	17.48%	5.40%
Default rate	0.92%	1.85%
Reference STACR credit spread	3.29%	3.72%

Statutory Accounting (Details) - USD ($) $ in Thousands	6 Months Ended
Statutory Accounting (Details) - USD ($) $ in Thousands	Jun. 30, 2015	Jun. 30, 2014
Essent Guaranty
Dividends Restrictions
Statutory net income	$ 84,386	$ 47,536
Statutory surplus	502,997	422,944
Contingency reserve liability	244,320	123,142
Increase in contingency reserve	65,100
Essent PA
Dividends Restrictions
Statutory net income	8,090	5,341
Statutory surplus	45,087	40,565
Contingency reserve liability	22,469	$ 11,183
Increase in contingency reserve	$ 5,600