0001448893-21-000021 | 10-K | XBRL Viewer

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Cover Page - USD ($)	12 Months Ended
Cover Page - USD ($)	Dec. 31, 2020	Feb. 19, 2021	Jun. 30, 2020
Cover [Abstract]
Document Type	10-K
Document Annual Report	true
Document Period End Date	Dec. 31, 2020
Current Fiscal Year End Date	--12-31
Document Transition Report	false
Entity File Number	001-36157
Entity Registrant Name	ESSENT GROUP LTD.
Entity Incorporation, State or Country Code	D0
Entity Address, Address Line One	Clarendon House
Entity Address, Address Line Two	2 Church Street
Entity Address, City or Town	Hamilton
Entity Address, Postal Zip Code	HM11
Entity Address, Country	BM
City Area Code	441
Local Phone Number	297-9901
Title of 12(b) Security	Common Shares, $0.015 par value
Trading Symbol	ESNT
Security Exchange Name	NYSE
Entity Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
ICFR Auditor Attestation Flag	true
Entity Shell Company	false
Entity Public Float			$ 3,976,558,799
Entity Common Stock, Shares Outstanding		112,840,615
Documents Incorporated by Reference	Portions of the registrant's proxy statement for the 2021 Annual General Meeting of Shareholders are incorporated by reference into Part III of this Annual Report on Form 10-K where indicated. Such Proxy Statement will be filed with the Securities and Exchange Commission within 120 days of the registrant's fiscal year ended December 31, 2020.
Entity Central Index Key	0001448893
Amendment Flag	false
Document Fiscal Year Focus	2020
Document Fiscal Period Focus	FY

Consolidated Balance Sheets - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Investments
Total investments available for sale	$ 4,565,373	$ 3,350,747
Other invested assets	88,904	78,873
Total investments	4,654,277	3,429,620
Cash	102,830	71,350
Accrued investment income	19,948	18,535
Accounts receivable	50,140	40,655
Deferred policy acquisition costs	17,005	15,705
Property and equipment (at cost, less accumulated depreciation of $60,967 in 2020 and $57,639 in 2019)	15,095	17,308
Prepaid federal income tax	302,636	261,885
Other assets	40,793	18,367
Total assets	5,202,724	3,873,425
Liabilities
Reserve for losses and LAE	374,941	69,362
Unearned premium reserve	250,436	278,887
Net deferred tax liability	305,109	249,620
Credit facility borrowings (at carrying value, less unamortized deferred costs of $3,280 in 2020 and $763 in 2019)	321,720	224,237
Other accrued liabilities	87,885	66,474
Total liabilities	1,340,091	888,580
Commitments and contingencies (see Note 8)
Stockholders' Equity
Common shares, $0.015 par value: Authorized - 233,333; issued and outstanding - 112,423 shares in 2020 and 98,394 shares in 2019	1,686	1,476
Additional paid-in capital	1,571,163	1,118,655
Accumulated other comprehensive income	138,274	56,187
Retained earnings	2,151,510	1,808,527
Total stockholders' equity	3,862,633	2,984,845
Total liabilities and stockholders' equity	5,202,724	3,873,425
Fixed maturities
Investments
Total investments available for sale	3,838,513	3,035,385
Short-term investments
Investments
Total investments available for sale	$ 726,860	$ 315,362

Consolidated Balance Sheets (Parenthetical) - USD ($) shares in Thousands, $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Investments
Amortized Cost	$ 4,404,690	$ 3,282,585
Property, Plant and Equipment, Net
Accumulated depreciation	60,967	57,639
Credit Facility Borrowings
Unamortized deferred costs	$ 3,280	$ 763
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)	112,423	98,394
Common Shares, outstanding (in shares)	112,423	98,394
Fixed maturities
Investments
Amortized Cost	$ 3,677,815	$ 2,967,225
Short-term investments
Investments
Amortized Cost	$ 726,875	$ 315,360

Consolidated Statements of Comprehensive Income - USD ($) shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Revenues:
Net premiums written	$ 834,113	$ 760,845	$ 685,287
Decrease (increase) in unearned premiums	28,451	16,580	(35,795)
Net premiums earned	862,564	777,425	649,492
Net investment income	80,087	83,542	64,091
Realized investment gains, net	2,697	3,229	1,318
Other income	9,806	3,371	4,452
Total revenues	955,154	867,567	719,353
Losses and expenses:
Provision for losses and LAE	301,293	32,986	11,575
Other underwriting and operating expenses	154,691	165,369	150,900
Interest expense	9,074	10,151	10,179
Total losses and expenses	465,058	208,506	172,654
Income before income taxes	490,096	659,061	546,699
Income tax expense	77,055	103,348	79,336
Net income	$ 413,041	$ 555,713	$ 467,363
Earnings per share:
Basic (in dollars per share)	$ 3.89	$ 5.68	$ 4.80
Diluted (in dollars per share)	$ 3.88	$ 5.66	$ 4.77
Weighted average shares outstanding:
Basic (in shares)	106,098	97,762	97,403
Diluted (in shares)	106,376	98,227	97,974
Net income	$ 413,041	$ 555,713	$ 467,363
Other comprehensive income (loss):
Change in unrealized appreciation (depreciation) of investments, net of tax expense (benefit) of $16,836 in 2020, $17,497 in 2019 and $(5,686) in 2018	82,087	85,180	(25,741)
Total other comprehensive income (loss)	82,087	85,180	(25,741)
Comprehensive income	$ 495,128	$ 640,893	$ 441,622

Consolidated Statements of Changes in Stockholders' Equity - USD ($) $ in Thousands	Total	Common Shares	Additional Paid-In Capital	Accumulated Other Comprehensive Income (Loss)	Retained Earnings	Treasury Stock
Stockholders equity, beginning of period at Dec. 31, 2017		$ 1,476	$ 1,127,137	$ (3,252)	$ 815,075	$ 0
Changes in Stockholders' Equity
Issuance of management incentive shares		6	(6)
Cancellation of treasury stock		(10)	(31,404)			31,414
Stock-based compensation expense			15,073
Other comprehensive income (loss)	$ (25,741)			(25,741)
Net income	467,363				467,363
Treasury stock acquired						(31,414)
Stockholders equity, end of period at Dec. 31, 2018	2,365,717	1,472	1,110,800	(28,993)	1,282,438	0
Changes in Stockholders' Equity
Issuance of management incentive shares		7	(7)
Cancellation of treasury stock		(3)	(9,002)			9,005
Dividends and dividend equivalents declared			276		(29,624)
Stock-based compensation expense			16,588
Other comprehensive income (loss)	85,180			85,180
Net income	555,713				555,713
Treasury stock acquired						(9,005)
Stockholders equity, end of period at Dec. 31, 2019	2,984,845	1,476	1,118,655	56,187	1,808,527	0
Changes in Stockholders' Equity
Issuance of common shares		207	439,755
Issuance of management incentive shares		5	(5)
Cancellation of treasury stock		(2)	(6,352)			6,354
Dividends and dividend equivalents declared			648		(70,058)
Stock-based compensation expense			18,462
Other comprehensive income (loss)	82,087			82,087
Net income	413,041				413,041
Treasury stock acquired						(6,354)
Stockholders equity, end of period at Dec. 31, 2020	$ 3,862,633	$ 1,686	$ 1,571,163	$ 138,274	$ 2,151,510	$ 0

Consolidated Statements of Changes in Stockholders' Equity (Parenthetical) $ in Thousands	12 Months Ended
	Dec. 31, 2020 USD ($)
Statement of Stockholders' Equity [Abstract]
Common stock, issuance cost	$ 18,888

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Operating Activities
Net income	$ 413,041	$ 555,713	$ 467,363
Adjustments to reconcile net income to net cash provided by operating activities:
Gain on the sale of investments, net	(2,697)	(3,229)	(1,318)
Equity in net loss (income) of other invested assets	215	199	(111)
Distribution of income from other invested assets	1,277	648	211
Depreciation and amortization	3,328	3,769	3,404
Stock-based compensation expense	18,462	16,588	15,073
Amortization of premium on investment securities	23,393	15,738	14,220
Deferred income tax provision	38,653	59,481	50,692
Change in:
Accrued investment income	(1,413)	(908)	(4,820)
Accounts receivable	(8,848)	(3,767)	(7,118)
Deferred policy acquisition costs	(1,300)	344	(695)
Prepaid federal income tax	(40,751)	(59,500)	49,772
Other assets	(16,840)	(2,921)	(5,060)
Reserve for losses and LAE	305,579	19,898	2,614
Unearned premium reserve	(28,451)	(16,580)	35,795
Other accrued liabilities	24,283	4,375	5,299
Net cash provided by operating activities	727,931	589,848	625,321
Investing Activities
Net change in short-term investments	(411,498)	(160,962)	158,294
Purchase of investments available for sale	(1,575,082)	(1,044,964)	(1,126,032)
Proceeds from maturity of investments available for sale	262,321	88,025	114,651
Proceeds from sales of investments available for sale	577,409	623,771	340,780
Purchase of other invested assets	(17,012)	(49,789)	(30,860)
Return of investment from other invested assets	11,891	2,252	316
Purchase of property and equipment	(2,446)	(3,409)	(4,054)
Net cash used in investing activities	(1,154,417)	(545,076)	(546,905)
Financing Activities
Issuance of common shares, net of costs	439,962	0	0
Credit facility borrowings	200,000	0	15,000
Credit facility repayments	(100,000)	0	(40,000)
Treasury stock acquired	(6,354)	(9,005)	(31,414)
Payment of issuance costs for credit facility	(6,232)	(15)	(580)
Dividends paid	(69,410)	(29,348)	0
Net cash provided by (used in) financing activities	457,966	(38,368)	(56,994)
Net increase in cash	31,480	6,404	21,422
Cash at beginning of year	71,350	64,946	43,524
Cash at end of year	102,830	71,350	64,946
Supplemental Disclosure of Cash Flow Information
Income tax payments	(38,705)	(41,505)	(29,275)
Interest payments	(8,263)	(9,863)	(9,451)
Noncash Transactions
Repayment of borrowings with term loan proceeds	(325,000)	0	(100,000)
Operating lease liabilities arising from obtaining right-of-use assets	$ 805	$ 1,334	$ 0

Nature of Operations and Basis of Presentation	12 Months Ended
Nature of Operations and Basis of Presentation	Dec. 31, 2020
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Nature of Operations and Basis of Presentation	Nature of Operations and Basis of Presentation Essent Group Ltd. (“Essent Group”) is a Bermuda-based holding company, which, through its wholly-owned subsidiaries, offers private mortgage insurance and reinsurance for mortgages secured by residential properties located in the United States. Mortgage insurance facilitates the sale of low down payment (generally less than 20%) mortgage loans into the secondary mortgage market, primarily to two government-sponsored enterprises ("GSEs"), Fannie Mae and Freddie Mac. The primary mortgage insurance operations are conducted through Essent Guaranty, Inc. ("Essent Guaranty"), which is domiciled in the state of Pennsylvania. Essent Guaranty is headquartered in Radnor, Pennsylvania and maintains operations centers in Winston-Salem, North Carolina and Irvine, California. 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 25% of new insurance written to Essent Reinsurance Ltd. (“Essent Re”), an affiliated Bermuda domiciled Class 3A Insurer licensed pursuant to Section 4 of the Bermuda Insurance Act 1978 that provides insurance and reinsurance coverage of mortgage credit risk. Essent Re also provides insurance and reinsurance to Freddie Mac and Fannie Mae. In 2016, Essent Re formed Essent Agency (Bermuda) Ltd., a wholly-owned subsidiary, which provides underwriting consulting services to third-party reinsurers. In accordance with certain state law requirements, Essent Guaranty also reinsures that portion of the risk that is in excess of 25% of the mortgage balance with respect to any loan insured prior to April 1, 2019, after consideration of other reinsurance, to Essent Guaranty of PA, Inc. (“Essent PA”), an affiliate domiciled in the state of Pennsylvania. In addition to offering mortgage insurance, we provide contract underwriting services on a limited basis through CUW Solutions, LLC ("CUW Solutions"), a Delaware limited liability company, that provides, among other things, mortgage contract underwriting services to lenders and mortgage insurance underwriting services to affiliates. CUW Solutions is headquartered in Radnor, Pennsylvania and it maintains operations centers in Winston-Salem, North Carolina and Irvine, California that are subleased from Essent Guaranty. The Company operates as a single segment for reporting purposes as substantially all business operations, assets and liabilities relate to the private mortgage insurance business and management reviews operating results for the Company as a whole to make operating decisions and assess performance. The consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles ("GAAP") and include the accounts of Essent Group and its consolidated subsidiaries. All intercompany balances and transactions have been eliminated in consolidation.

Summary of Significant Accounting Policies

12 Months Ended

Dec. 31, 2020

Accounting Policies [Abstract]

Summary of Significant Accounting Policies

Use of Estimates

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

Investments

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

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

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

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

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

Long-Lived Assets

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


	2020				2019
(In thousands)	Cost		Accumulated Depreciation/ Amortization		Cost		Accumulated Depreciation/ Amortization
Furniture and fixtures	$	2,220	$	(2,068)	$	2,148	$	(2,017)
Office equipment	848		(772)		848		(700)
Computer hardware	10,282		(8,987)		9,764		(7,728)
Purchased software	38,434		(37,404)		37,909		(36,716)
Costs of internal-use software	10,783		(8,959)		9,595		(8,185)
Leasehold improvements	4,787		(2,777)		4,644		(2,293)
Total	$	67,354	$	(60,967)	$	64,908	$	(57,639)

Deferred Policy Acquisition Costs

We defer certain personnel costs and premium tax expense directly related to the successful acquisition of new insurance policies and amortize these costs over the period the related estimated gross profits are recognized in order to match costs and revenues. We do not defer any underwriting costs associated with our contract underwriting services. Costs related to the acquisition of mortgage insurance business are initially deferred and reported as deferred policy acquisition costs. Consistent with industry accounting practice, amortization of these costs for each underwriting year book of business is recognized in

proportion to estimated gross profits. Estimated gross profits are composed of earned premium, interest income, losses and loss adjustment expenses. The deferred costs are adjusted as appropriate for policy cancellations to be consistent with our revenue recognition policy. We estimate the rate of amortization to reflect actual experience and any changes to persistency or loss development. Deferred policy acquisition costs are reviewed periodically to determine that they do not exceed recoverable amounts, after considering investment income. Policy acquisition costs deferred were $10.1 million, $7.8 million and $7.4 million for the years ended December 31, 2020, 2019 and 2018, respectively. Amortization of deferred policy acquisition costs totaled $8.8 million, $8.1 million and $6.7 million for the years ended December 31, 2020, 2019 and 2018, respectively, and was included in other underwriting and operating expenses on the consolidated statements of comprehensive income.

Insurance Premium Revenue Recognition

Mortgage guaranty insurance policies are contracts that are generally non-cancelable by the insurer, are renewable at a fixed price, and provide for payment of premium on a monthly, annual or single basis. Upon renewal, we are not able to re-underwrite or re-price our policies. Consistent with industry accounting practices, premiums written on a monthly basis are earned as coverage is provided. Monthly policies accounted for 84% of earned premium in 2020. Premiums written on an annual basis are amortized on a pro rata basis over the year of coverage. Primary mortgage insurance written on policies covering more than one year are referred to as single premium policies. A portion of the revenue from single premium policies is recognized in earned premium in the current period, and the remaining portion is deferred as unearned premium and earned over the expected life of the policy. If single premium policies related to insured loans are cancelled due to repayment by the borrower, and the premium is non-refundable, then the remaining unearned premium related to each cancelled policy is recognized as earned premium upon notification of the cancellation. The Company recorded $88.9 million and $42.5 million of earned premium related to policy cancellations for the years ended December 31, 2020 and 2019, respectively. Unearned premium represents the portion of premium written that is applicable to the estimated unexpired risk of insured loans. Rates used to determine the earning of single premium policies are estimates based on an analysis of the expiration of risk.

Reserve for Losses and Loss Adjustment Expenses

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

Premium Deficiency Reserve

We are required to establish a premium deficiency reserve if the net present value of the expected future losses and expenses for a particular group of policies exceeds the net present value of expected future premium, anticipated investment income and existing reserves for that specified group of policies. We reassess our expectations for premium, losses and expenses of our mortgage insurance business periodically and update our premium deficiency analysis accordingly. As of December 31, 2020 and 2019, we concluded that no premium deficiency reserve was required to be recorded in the accompanying consolidated financial statements.

Derivative Instruments

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

Stock-Based Compensation

We measure the cost of employee services received in exchange for awards of equity instruments at the grant date of the award using a fair value based method. Prior to our initial public offering, we estimated the fair value of each nonvested share grant on the date of grant based on management's best estimate using methods further described in Note 10 of our consolidated financial statements. Subsequent to our initial public offering, fair value is determined on the date of grant based on quoted market prices. We recognize compensation expense on nonvested shares over the vesting period of the award. Excess tax benefits and tax deficiencies associated with share-based payments are recognized as income tax expense or benefit in the income statement and treated as discrete items in the reporting period.

Income Taxes

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

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

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

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

Earnings per Share

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

Recently Issued Accounting Standards

Accounting Standards Adopted During 2020

In June 2016, the FASB issued ASU 2016-13, Measurement of Credit Losses on Financial Instruments (Topic 326). This update is intended to provide financial statement users with more information about the expected credit losses on financial instruments and other commitments to extend credit held by a reporting entity at each reporting date. The amendments in this ASU replace the incurred loss impairment methodology in current GAAP with a methodology that reflects expected credit losses and requires consideration of a broader range of reasonable and supportable information to inform credit loss estimates. The new guidance requires financial assets measured at amortized cost to be presented at the net amount expected to be collected through the use of an allowance for credit losses. Credit losses relating to available-for-sale debt securities will also be recorded through an allowance rather than as a write-down of the amortized cost of the securities. The accounting for insurance losses and loss adjustment expenses ("LAE") are not within the scope of this ASU. The provisions of this update were effective for annual and interim periods beginning after December 15, 2019 and we adopted this standard on January 1, 2020 using the modified retrospective approach. The adoption of this ASU did not have a material effect on the Company's consolidated operating results or financial position.

In August 2018, the FASB issued ASU 2018-13, Fair Value Measurement (Topic 820): Disclosure Framework - Changes to the Disclosure Requirements for Fair Value Measurement. The amendments in this update modify the disclosure requirements for fair value measurements by removing, modifying, or adding certain disclosures. The provisions of this update were effective for interim and annual periods beginning after December 15, 2019, with early adoption permitted for the removed disclosures. We adopted this standard on January 1, 2020. The adoption of this ASU did not have a material impact on our condensed consolidated financial statements.

Accounting Standards Not Yet Adopted

In March 2020, the FASB issued ASU No. 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting. The amendments in this update provide temporary optional guidance to ease the potential burden in accounting for (or recognizing the effects of) reference rate reform. It provides optional expedients and exceptions for applying generally accepted accounting principles to contract, hedging relationships and other transactions affected by reference rate reform if certain criteria are met. This standard may be elected and applied prospectively over time from March 12, 2020 through December 31, 2022 as reference rate reform activities occur. The adoption of, and future elections under, this ASU are not expected to have a material impact on our consolidated financial statements as the ASU will ease, if warranted, the requirements for accounting for the future effects of the rate reform. We continue to monitor the impact the discontinuance of LIBOR or another reference rate will have on our contracts and other transactions.

Investments

12 Months Ended

Dec. 31, 2020

Investments, Debt and Equity Securities [Abstract]

Investments

Investments available for sale consist of the following:


December 31, 2020 (In thousands)	Amortized Cost		Unrealized Gains		Unrealized Losses		Fair Value
U.S. Treasury securities	$	259,378	$	9,088	$	(22)	$	268,444
U.S. agency securities	17,930		155		—		18,085
U.S. agency mortgage-backed securities	963,670		33,205		(970)		995,905
Municipal debt securities (1)	513,870		37,662		(15)		551,517
Non-U.S. government securities	56,045		5,562		—		61,607
Corporate debt securities (2)	1,070,027		56,864		(379)		1,126,512
Residential and commercial mortgage securities	391,921		18,641		(1,280)		409,282
Asset-backed securities	452,527		3,246		(1,056)		454,717
Money market funds	679,322		—		(18)		679,304
Total investments available for sale	$	4,404,690	$	164,423	$	(3,740)	$	4,565,373


December 31, 2019 (In thousands)	Amortized Cost		Unrealized Gains		Unrealized Losses		Fair Value
U.S. Treasury securities	$	239,087	$	3,526	$	(407)	$	242,206
U.S. agency securities	33,620		36		(51)		33,605
U.S. agency mortgage-backed securities	836,710		13,956		(2,332)		848,334
Municipal debt securities (1)	339,511		22,245		(118)		361,638
Non-U.S. government securities	52,230		2,812		(47)		54,995
Corporate debt securities (2)	856,638		24,255		(592)		880,301
Residential and commercial mortgage securities	282,840		6,542		(1,101)		288,281
Asset-backed securities	326,589		857		(1,421)		326,025
Money market funds	315,360		2		—		315,362
Total investments available for sale	$	3,282,585	$	74,231	$	(6,069)	$	3,350,747

_______________________________________________________________________________


	December 31,		December 31,
(1) The following table summarizes municipal debt securities as of :	2020		2019
Special revenue bonds	76.8	%	74.5	%
General obligation bonds	20.3		21.3
Certificate of participation bonds	2.3		3.4
Tax allocation bonds	0.6		0.8

Total	100.0	%	100.0	%


	December 31,		December 31,
(2) The following table summarizes corporate debt securities as of :	2020		2019
Financial	34.9	%	34.4	%
Consumer, non-cyclical	19.1		20.1
Communications	9.3		10.3
Energy	8.2		8.3
Consumer, cyclical	8.0		7.6
Technology	6.1		4.8
Utilities	5.9		6.2
Industrial	5.3		4.2
Basic materials	3.1		4.1
Government	0.1		—
Total	100.0	%	100.0	%

The amortized cost and fair value of investments available for sale at December 31, 2020, 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	$	78,956	$	79,335
Due after 1 but within 5 years	130,312		134,802
Due after 5 but within 10 years	49,125		53,165
Due after 10 years	985		1,142
Subtotal	259,378		268,444
U.S. agency securities:
Due in 1 year	8,906		8,958
Due after 1 but within 5 years	9,024		9,127
Subtotal	17,930		18,085
Municipal debt securities:
Due in 1 year	6,881		6,892
Due after 1 but within 5 years	91,122		95,567
Due after 5 but within 10 years	235,030		254,387
Due after 10 years	180,837		194,671
Subtotal	513,870		551,517
Non-U.S. government securities:
Due in 1 year	—		—
Due after 1 but within 5 years	22,710		24,257
Due after 5 but within 10 years	24,246		27,680
Due after 10 years	9,089		9,670
Subtotal	56,045		61,607
Corporate debt securities:
Due in 1 year	148,292		149,617
Due after 1 but within 5 years	576,987		602,286
Due after 5 but within 10 years	322,649		350,632
Due after 10 years	22,099		23,977
Subtotal	1,070,027		1,126,512
U.S. agency mortgage-backed securities	963,670		995,905
Residential and commercial mortgage securities	391,921		409,282
Asset-backed securities	452,527		454,717
Money market funds	679,322		679,304
Total investments available for sale	$	4,404,690	$	4,565,373

Gross gains and losses realized on the sale of investments available for sale were as follows:


	Year Ended December 31,
(In thousands)	2020		2019		2018
Realized gross gains	$	5,608	$	5,238	$	2,201
Realized gross losses	2,482		1,746		883

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


	Less than 12 months				12 months or more				Total
December 31, 2020 (In thousands)	Fair Value		Gross Unrealized Losses		Fair Value		Gross Unrealized Losses		Fair Value		Gross Unrealized Losses
U.S. Treasury securities	$	28,776	$	(22)	$	—	$	—	$	28,776	$	(22)

U.S. agency mortgage-backed securities	152,671		(924)		3,007		(46)		155,678		(970)
Municipal debt securities	3,838		(15)		—		—		3,838		(15)

Corporate debt securities	141,803		(379)		—		—		141,803		(379)
Residential and commercial mortgage securities	63,203		(777)		9,516		(503)		72,719		(1,280)
Asset-backed securities	124,165		(483)		65,897		(573)		190,062		(1,056)
Money market funds	99,995		(18)		—		—		99,995		(18)
Total	$	614,451	$	(2,618)	$	78,420	$	(1,122)	$	692,871	$	(3,740)


	Less than 12 months				12 months or more				Total
December 31, 2019 (In thousands)	Fair Value		Gross Unrealized Losses		Fair Value		Gross Unrealized Losses		Fair Value		Gross Unrealized Losses
U.S. Treasury securities	$	29,013	$	(331)	$	42,981	$	(76)	$	71,994	$	(407)
U.S. agency securities	—		—		25,605		(51)		25,605		(51)
U.S. agency mortgage-backed securities	101,684		(1,042)		113,866		(1,290)		215,550		(2,332)
Municipal debt securities	10,651		(112)		624		(6)		11,275		(118)
Non-U.S. government securities	9,664		(47)		—		—		9,664		(47)
Corporate debt securities	83,013		(576)		14,531		(16)		97,544		(592)
Residential and commercial mortgage securities	59,341		(1,059)		3,442		(42)		62,783		(1,101)
Asset-backed securities	78,813		(202)		109,536		(1,219)		188,349		(1,421)

Total	$	372,179	$	(3,369)	$	310,585	$	(2,700)	$	682,764	$	(6,069)

At December 31, 2020 and 2019, we held 363 and 365 individual investment securities, respectively, that were in an unrealized loss position. We assess our intent to sell these securities and whether we will be required to sell these securities before the recovery of their amortized cost basis when determining whether to record an impairment on the securities in an unrealized loss position. In assessing whether the decline in the fair value at December 31, 2020 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 over 98% of the securities at December 31, 2020 had investment-grade ratings. We concluded that gross unrealized losses noted above are principally associated with the changes in credit spreads subsequent to purchase rather than due to credit impairment. We recorded impairments of $0.4 million in the year ended December 31, 2020 and other-than-temporary impairments of $0.3 million in the year ended December 31, 2019 on securities in an unrealized loss position. The impairments resulted from our intent to sell these securities subsequent to the reporting dates. There were no other-than-temporary impairments in the year ended December 31, 2018.

The Company's other invested assets at December 31, 2020 and December 31, 2019 totaled $88.9 million and $78.9 million, respectively. Other invested assets are comprised of limited partnership interests which are accounted for under the equity method of accounting with changes in value reported in other income. Due to the timing of receiving financial information from these partnerships, the results are generally reported on a one month or quarter lag.

The fair value of investments deposited with insurance regulatory authorities to meet statutory requirements was $9.7 million at December 31, 2020 and $9.4 million at December 31, 2019. 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 $1.1 billion at December 31, 2020 and $805.5 million at December 31, 2019. Essent Guaranty is required to maintain assets on deposit in connection with its fully collateralized reinsurance agreements (see Note

5). The fair value of the assets on deposit was $8.5 million at December 31, 2020 and $6.4 million at December 31, 2019. 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 $12.0 million at December 31, 2020 and $6.4 million at December 31, 2019.

Net investment income consists of:


	Year Ended December 31,
(In thousands)	2020		2019		2018
Fixed maturities	$	83,313	$	82,194	$	63,053
Short-term investments	1,669		5,049		3,873
Gross investment income	84,982		87,243		66,926
Investment expenses	(4,895)		(3,701)		(2,835)
Net investment income	$	80,087	$	83,542	$	64,091

Accounts Receivable

12 Months Ended

Dec. 31, 2020

Receivables [Abstract]

Accounts Receivable

Accounts receivable consists of the following at December 31:


(In thousands)	2020		2019
Premiums receivable	$	46,974	$	39,084
Other receivables	3,166		1,571
Total accounts receivable	50,140		40,655
Less: Allowance for doubtful accounts	—		—
Accounts receivable, net	$	50,140	$	40,655

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

Reinsurance

12 Months Ended

Dec. 31, 2020

Reinsurance Disclosures [Abstract]

Reinsurance

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

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


	Year Ended December 31,
(In thousands)	2020		2019		2018
Net premiums written:
Direct	$	922,851	$	796,344	$	696,055
Ceded (1)	(88,738)		(35,499)		(10,768)
Net premiums written	$	834,113	$	760,845	$	685,287

Net premiums earned:
Direct	$	951,302	$	812,924	$	660,260
Ceded (1)	(88,738)		(35,499)		(10,768)
Net premiums earned	$	862,564	$	777,425	$	649,492

_______________________________________________________________________________

(1)Net of profit commission.

Quota Share Reinsurance

Effective September 1, 2019, Essent Guaranty entered into a quota share reinsurance agreement with a panel of third-party reinsurers (the "QSR Agreement"). Each of the third-party reinsurers has an insurer financial strength rating of A or better by S&P Global Ratings, A.M. Best or both. Under the QSR Agreement, Essent Guaranty will cede premiums earned related to 40% of risk on eligible single premium policies and 20% of risk on all other eligible policies written September 1, 2019 through December 31, 2020, in exchange for reimbursement of ceded claims and claims expenses on covered policies, a 20% ceding commission, and a profit commission of up to 60% that varies directly and inversely with ceded claims. The QSR Agreement is scheduled to terminate on December 31, 2030. Essent Guaranty has certain termination rights under the QSR Agreement, including the option to terminate the QSR Agreement with no termination fee on December 31, 2021, and the option, subject to a termination fee, to terminate the QSR Agreement on December 31, 2022, or annually thereafter. Should Essent Guaranty not exercise its option to terminate the QSR Agreement on December 31, 2021, the maximum profit commission that Essent Guaranty could earn would increase to 63% in 2022 and thereafter. RIF ceded under the QSR Agreement was $6.3 billion as of December 31, 2020.

Excess of Loss Reinsurance

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

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

The following tables summarizes Essent Guaranty's excess of loss reinsurance agreements as of December 31, 2020:

Vintage Year

Reinsurer

Effective Date

Optional Termination Date

2015 & 2016

Radnor Re 2019-2 Ltd.

June 20, 2019

June 25, 2024

2017

Radnor Re 2018-1 Ltd.

March 22, 2018

March 25, 2023

(1)

2017

Panel of Reinsurers

November 1, 2018

October 1, 2023

(2)

2018

Radnor Re 2019-1 Ltd.

February 28, 2019

February 25, 2026

2018

Panel of Reinsurers

February 28, 2019

February 25, 2026

2019

Radnor Re 2020-1 Ltd.

January 30, 2020

January 25, 2027

2019

Panel of Reinsurers

January 30, 2020

January 25, 2027

2019 & 2020

Radnor Re 2020-2 Ltd.

October 8, 2020

October 25, 2027

_______________________________________________________________________________

(1)If the reinsurance agreement is not terminated at the optional termination date, the risk margin component of the reinsurance premium increases by 50%.

(2)If the reinsurance agreement is not terminated at the optional termination date, the reinsurance premium increases by 50%.

The following table summarizes Essent Guaranty's excess of loss reinsurance coverages and retentions as of December 31, 2020:


(In thousands)					Remaining Reinsurance in Force
Vintage Year	Remaining Insurance in Force		Remaining Risk in Force		ILN		Other Reinsurance			Total		Remaining First Layer Retention
2015 & 2016	$	16,329,165	$	4,411,094	$	216,480	$	—		$	216,480	$	207,787
2017	15,856,384		4,052,481		242,123		165,167		(5)	407,290		218,838
2018	18,295,450		4,646,734		325,537		76,144		(6)	401,681		251,262
2019 (3)	22,137,416		5,643,954		495,889		55,102		(7)	550,991		215,509
2019 & 2020 (4)	48,570,459		12,141,563		399,159		—			399,159		465,690
Total	$	121,188,874	$	30,895,826	$	1,679,188	$	296,413		$	1,975,601	$	1,359,086

_______________________________________________________________________________

(3)Reinsurance coverage on new insurance written from January 1, 2019 through August 31, 2019.

(4)Reinsurance coverage on new insurance written from September 1, 2019 through July 31, 2020.

(5)Coverage provided immediately above the coverage provided by Radnor Re 2018-1 Ltd.

(6)Coverage provided pari-passu to the coverage provided by Radnor Re 2019-1 Ltd.

(7)Coverage provided pari-passu to the coverage provided by Radnor Re 2020-1 Ltd.

Based on the level of delinquencies reported to us, the ILN transactions entered into prior to March 31, 2020 became subject to a "trigger event" as of June 25, 2020. The amortization of principal of the notes issued by the unaffiliated special purpose insurers in connection with those ILN transactions is suspended and the aggregate excess of loss reinsurance coverage will not amortize during the continuation of a trigger event.

The amount of monthly reinsurance premiums ceded to the Radnor Re entities will fluctuate due to changes in one-month LIBOR 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.

In connection with the Radnor Re Transactions, we concluded that the risk transfer requirements for reinsurance accounting were met as each Radnor Re entity is assuming significant insurance risk and a reasonable possibility of a significant loss. In addition, we assessed whether each Radnor Re entity was a variable interest entity ("VIE") and the appropriate accounting for the Radnor Re entities if they were VIEs. A VIE is a legal entity that does not have sufficient equity at risk to finance its activities without additional subordinated financial support or is structured such that equity investors lack the ability to make significant decisions relating to the entity’s operations through voting rights or do not substantively

participate in the gains and losses of the entity. A VIE is consolidated by its primary beneficiary. The primary beneficiary is the entity that has both (1) the power to direct the activities of the VIE that most significantly affect the entity’s economic performance and (2) the obligation to absorb losses or the right to receive benefits that could be potentially significant to the VIE. While also considering these factors, the consolidation conclusion depends on the breadth of the decision-making ability and ability to influence activities that significantly affect the economic performance of the VIE. We concluded that the Radnor Re entities are VIEs. However, given that Essent Guaranty (1) does not have the unilateral power to direct the activities that most significantly affect their economic performance and (2) does not have the obligation to absorb losses or the right to receive benefits that could be potentially significant to these entities, the Radnor Re entities are not consolidated in these financial statements.

The following table presents total assets of each Radnor Re special purpose insurer as well as our maximum exposure to loss associated with each Radnor Re entity, representing the fair value of the embedded derivatives, using observable inputs in active markets (Level 2), included in other assets (other accrued liabilities) on our consolidated balance sheet and the estimated net present value of investment earnings on the assets in the reinsurance trusts, each as of December 31, 2020:


			Maximum Exposure to Loss
(In thousands)	Total VIE Assets		On - Balance Sheet		Off - Balance Sheet		Total
Radnor Re 2018-1 Ltd.	$	242,123	$	462	$	32	$	494
Radnor Re 2019-1 Ltd.	325,537		(2,071)		56		(2,015)
Radnor Re 2019-2 Ltd.	216,480		(1,509)		26		(1,483)
Radnor Re 2020-1 Ltd.	495,889		(1,046)		123		(923)
Radnor Re 2020-2 Ltd.	399,159		(181)		109		(72)
Total	$	1,679,188	$	(4,345)	$	346	$	(3,999)

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

Reserve for Losses and Loss Adjustment Expenses

12 Months Ended

Dec. 31, 2020

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

Reserve for Losses and Loss Adjustment Expenses

The following table provides a reconciliation of the beginning and ending reserve balances for losses and loss adjustment expenses ("LAE") for the years ended December 31:


($ in thousands)	2020		2019		2018
Reserve for losses and LAE at beginning of year	$	69,362	$	49,464	$	46,850
Less: Reinsurance recoverables	71		—		—
Net reserve for losses and LAE at beginning of year	69,291		49,464		46,850
Add provision for losses and LAE, net of reinsurance, occurring in:
Current year	317,516		50,562		36,438
Prior years	(16,223)		(17,576)		(24,863)
Net incurred losses and LAE during the current year	301,293		32,986		11,575
Deduct payments for losses and LAE, net of reinsurance, occurring in:
Current year	1,018		1,288		1,310
Prior years	13,686		11,871		7,651
Net loss and LAE payments during the current year	14,704		13,159		8,961
Net reserve for losses and LAE at end of year	355,880		69,291		49,464
Plus: Reinsurance recoverables	19,061		71		—
Reserve for losses and LAE at end of year	$	374,941	$	69,362	$	49,464

Loans in default at end of year	31,469		5,947		4,024

For the year ended December 31, 2020, $13.7 million was paid for incurred claims and claim adjustment expenses attributable to insured events of prior years. There has been a $16.2 million favorable prior year development during the year ended December 31, 2020. Reserves remaining as of December 31, 2020 for prior years are $39.4 million as a result of re-estimation of unpaid losses and loss adjustment expenses. For the year ended December 31, 2019, $11.9 million was paid for incurred claims and claim adjustment expenses attributable to insured events of prior years. There was a $17.6 million favorable prior year development during the year ended December 31, 2019. Reserves remaining as of December 31, 2019 for prior years were $20.0 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.

Due to business restrictions, stay-at-home orders and travel restrictions initially implemented in March 2020 as a result of COVID-19, unemployment in the United States increased significantly in the second quarter of 2020 and remained elevated at December 31, 2020. As unemployment is one of the most common reasons for borrowers to default on their mortgage, the increase in unemployment has increased the number of delinquencies on the mortgages that we insure and has the potential to increase claim frequencies on defaults. As of December 31, 2020, insured loans in default totaled 31,469 and included 28,922 defaults classified as COVID-19 defaults. For borrowers that have the ability to begin to pay their mortgage at the end of the forbearance period, we expect that mortgage servicers will work with them to modify their loans at which time the mortgage will be removed from delinquency status. We believe that the forbearance process could have a favorable effect on the frequency of claims that we ultimately pay. Based on the forbearance programs in place and the credit characteristics of the COVID-19 defaulted loans, we expect the ultimate number of COVID-19-related defaults that result in claims will be less than our historical default-to-claim experience. Accordingly, we recorded a reserve equal to approximately 7% of the risk in force for the COVID-19 default notices received in April 2020 through September 2020. The credit characteristics of defaults reported in October 2020 through December 2020 have trended towards those of the pre-pandemic periods and we have observed the normalization of other default patterns during this period. In addition, we observed a normalization during the fourth quarter of 2020 of the proportion of unemployment claims related to permanent layoffs as compared to a higher proportion of temporary layoffs during the second and third quarters of 2020. We believe that while defaults in October 2020 through December 2020 were impacted by the pandemic’s effect on the economy, the underlying credit performance of these defaults may not be the same as the expected performance for default notices received in April 2020 through September 2020 that occurred following the onset of the pandemic and these defaults are more likely to transition like pre-pandemic defaults. Accordingly, although these defaults are classified as COVID-19 defaults, we established reserves for defaults reported in October 2020 through December 2020 using our normal reserve methodology. The reserve for losses and LAE on COVID-19 defaults was $316.3 million at December 31, 2020. It is reasonably possible that our estimate of the losses for the COVID-19 defaults could change in the near term as a result of the continued impact of the pandemic on the economic environment, the results of existing and future governmental programs designed to assist individuals and businesses impacted by the virus and the performance of the COVID-19 defaults in the forbearance programs. A 100 basis point increase or decrease in the reserve rate applied to COVID-19 default notices received in April 2020 through September 2020 would result in a corresponding increase or decrease in our reserve for loss and LAE of approximately $35 million as of December 31, 2020. The impact on our reserves in future periods will be dependent upon the amount of delinquent notices received from loan servicers, the performance of COVID-19 defaults and our expectations for the amount of ultimate losses on these delinquencies.

During the third quarter of 2017, certain regions of the U.S. experienced hurricanes which have impacted our insured portfolio’s performance. Loans in default identified as hurricane-related defaults totaled 2,288 as of December 31, 2017 and in the fourth quarter of 2017, we provided reserves of $11.1 million for losses and LAE on these hurricane-related defaults. In the year ended December 31, 2018, 2,150 of the 2,288 defaults previously identified as hurricane-related cured. In the fourth quarter of 2018, we reduced the reserves on hurricane-related defaults by $9.9 million based on the performance to date and our expectations of the amount of ultimate losses on the remaining delinquencies.

The following table summarizes incurred loss and allocated loss adjustment expense development, IBNR plus expected development on reported defaults and the cumulative number of reported defaults. The information about incurred loss development for the years ended December 31, 2011 to 2019 is presented as supplementary information.


	Incurred Loss and Allocated LAE, For the Years Ended December 31,																				As of December 31, 2020
($ in thousands)																					Total of IBNR plus Expected Development on Reported Defaults		Cumulative Number of Reported Defaults (1)
	Unaudited
Accident Year	2011		2012		2013		2014		2015		2016		2017		2018		2019		2020
2011	$	57	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—	1
2012			1,523		858		814		781		748		809		808		808		808		—		19
2013					2,986		2,461		2,008		1,997		2,060		2,058		2,058		2,058		—		51
2014							6,877		4,312		3,323		2,984		2,930		2,897		2,882		1		92
2015									14,956		9,625		8,893		8,439		8,461		8,323		18		214
2016											21,889		11,890		9,455		9,219		8,972		45		252
2017													38,178		16,261		12,202		11,488		85		365
2018															36,438		23,168		19,536		424		606
2019																	50,562		39,085		2,151		1,551
2020																			317,516		23,023		29,834
Total																			$	410,668

(1) Cumulative number of reported defaults includes cumulative paid claims plus loans in default by accident year as of December 31, 2020.

The following table summarizes cumulative paid losses and allocated loss adjustment expenses, net of reinsurance. The information about paid loss development for the years ended December 31, 2011 through 2019 is presented as supplementary information.


($ in thousands)	Cumulative Paid Losses and Allocated LAE For the Years Ended December 31,
	Unaudited
Accident Year	2011		2012		2013		2014		2015		2016		2017		2018		2019		2020
2011	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—
2012			24		535		659		665		665		808		808		808		808
2013					239		928		1,501		1,775		1,880		2,058		2,058		2,058
2014							138		1,587		2,463		2,787		2,897		2,882		2,867
2015									544		3,610		6,960		7,535		7,961		8,055
2016											927		4,896		6,947		7,864		8,270
2017													633		5,370		9,156		10,257
2018															1,310		8,067		13,406
2019																	1,288		8,049
2020																			1,018
Total																			$	54,788
All outstanding liabilities before 2011, net of reinsurance																			—
Reserve for losses and LAE, net of reinsurance																			$	355,880

The following table provides a reconciliation of the net incurred losses and paid claims development tables above to the reserve for losses and LAE at December 31, 2020:


($ in thousands)	December 31, 2020
Reserve for losses and LAE, net of reinsurance	$	355,880
Reinsurance recoverables on unpaid claims	19,061
Total gross reserve for losses and LAE	$	374,941

For our mortgage insurance portfolio, our average annual payout of losses as of December 31, 2020 is as follows:


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

Average Payout	6	%	40	%	28	%	9	%	4	%	7	%	0	%	0	%	0	%

Debt Obligations	12 Months Ended
Debt Obligations	Dec. 31, 2020
Debt Disclosure [Abstract]
Debt Obligations	Debt Obligations Credit Facility On October 14, 2020, Essent Group and its subsidiaries, Essent Irish Intermediate Holdings Limited and Essent US Holdings, Inc. (collectively, the "Borrowers"), entered into a second amended and restated, three-year secured credit facility with a committed capacity of $625 million (the “Credit Facility”). The Credit Facility amends and restates the three-year, secured revolving credit facility entered into on May 2, 2018, and provides for an increase in the revolving credit facility from $275 million to $300 million. At closing, $325 million of new term loans were issued, with $225 million of the proceeds used to repay the existing term loans outstanding and remaining $100 million along with Essent Group cash were used to pay down all amounts outstanding under the revolving component of the Credit Facility. The Credit Facility also provides an option to increase the capacity to $775 million. Borrowings under the Credit Facility may be used for working capital and general corporate purposes, including, without limitation, capital contributions to Essent’s insurance and reinsurance subsidiaries. Borrowings accrue interest at a floating rate tied to a standard short-term borrowing index, selected at the Company’s option, plus an applicable margin. A commitment fee is due quarterly on the average daily amount of the undrawn revolving commitment. The applicable margin and the commitment fee are based on the senior unsecured debt rating or long-term issuer rating of Essent Group to the extent available, or the insurer financial strength rating of Essent Guaranty. The annual commitment fee rate at December 31, 2020 was 0.35%. The obligations under the Credit Facility are secured by certain assets of the Borrowers, excluding the stock and assets of its insurance and reinsurance subsidiaries. The Credit Facility contains several covenants, including financial covenants relating to minimum net worth, capital and liquidity levels, maximum debt to capitalization level and Essent Guaranty's compliance with the PMIERs (see Note 16). The borrowings under the Credit Facility contractually mature on October 16, 2023. As of December 31, 2020, the Company was in compliance with the covenants and $325 million had been borrowed under the Credit Facility with a weighted average interest rate of 2.19%. As of December 31, 2019, $225 million had been borrowed with a weighted average interest rate of 3.51%.

Commitments and Contingencies

12 Months Ended

Dec. 31, 2020

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingencies

Obligations under Guarantees

Under the terms of CUW Solutions' contract underwriting agreements with lenders and subject to contractual limitations on liability, we agree to indemnify certain lenders against losses incurred in the event that we make an error in determining whether loans processed meet specified underwriting criteria, to the extent that such error materially restricts or impairs the salability of such loan, results in a material reduction in the value of such loan or results in the lender repurchasing the loan. The indemnification may be in the form of monetary or other remedies. For each of the years ended December 31, 2020 and 2019, we paid less than $0.1 million related to remedies. As of December 31, 2020, management believes any potential claims for indemnification related to contract underwriting services through December 31, 2020 are not material to our consolidated financial position or results of operations.

In addition to the indemnifications discussed above, in the normal course of business, we enter into agreements or other relationships with third parties pursuant to which we may be obligated under specified circumstances to indemnify the counterparties with respect to certain matters. Our contractual indemnification obligations typically arise in the context of agreements entered into by us to, among other things, purchase or sell services, finance our business and business transactions, lease real property and license intellectual property. The agreements we enter into in the normal course of business generally require us to pay certain amounts to the other party associated with claims or losses if they result from our breach of the agreement, including the inaccuracy of representations or warranties. The agreements we enter into may also contain other indemnification provisions that obligate us to pay amounts upon the occurrence of certain events, such as the negligence or willful misconduct of our employees, infringement of third-party intellectual property rights or claims that performance of the agreement constitutes a violation of law. Generally, payment by us under an indemnification provision is conditioned upon the

other party making a claim, and typically we can challenge the other party's claims. Further, our indemnification obligations may be limited in time and/or amount, and in some instances, we may have recourse against third parties for certain payments made by us under an indemnification agreement or obligation. As of December 31, 2020, contingencies triggering material indemnification obligations or payments have not occurred historically and are not expected to occur. The nature of the indemnification provisions in the various types of agreements and relationships described above are believed to be low risk and pervasive, and we consider them to have a remote risk of loss or payment. We have not recorded any provisions on the consolidated balance sheets related to these indemnifications.

Commitments

We lease office space for use in our operations under leases accounted for as operating leases. These leases generally include options to extend them for periods of up to ten years. Our option to extend the term of our primary office locations at the greater of existing or prevailing market rates was not recognized in our right-of-use asset and lease liability. When establishing the value of our right-of-use asset and lease liability, we determine the discount rate for the underlying leases using the prevailing market interest rate for a borrowing of the same duration of the lease plus the risk premium inherent in the borrowings under our Credit Facility. Operating lease right-of-use assets of $8.7 million and $10.0 million as of December 31, 2020 and 2019, respectively, are reported on our consolidated balance sheet as property and equipment. Operating lease liabilities of $10.9 million and $12.6 million as of December 31, 2020 and 2019, respectively, are reported on our consolidated balance sheet as other accrued liabilities. Total rent expense was $2.4 million, $2.5 million and $2.1 million for the years ended December 31, 2020, 2019 and 2018, respectively.

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


	Year Ended December 31,
($ in thousands)	2020			2019
Lease cost:
Operating lease cost	$	2,532		$	2,479
Short-term lease cost	19			101
Sublease income	(131)			(129)
Total lease cost	$	2,420		$	2,451

Other information:
Weighted average remaining lease term - operating leases	3.8 years			4.8 years
Weighted average discount rate - operating leases	3.9		%	4.0		%

The following table presents a maturity analysis of our lease liabilities as follows at December 31, 2020:


Year Ended December 31 (In thousands)
2021	$	3,261
2022	3,309
2023	3,017
2024	1,334
2025	793
2026 and thereafter	—
Total lease payments to be paid	11,714
Less: Future interest expense	(864)
Present value of lease liabilities	$	10,850

The maturity analysis of our lease liabilities shown above have not been reduced by minimum sublease rental income of $0.1 million due in 2021 under the non-cancelable sublease.

Capital Stock

12 Months Ended

Dec. 31, 2020

Equity [Abstract]

Capital Stock

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

In June 2020, Essent Group completed the sale of 13.8 million common shares in a public offering at a price of $33.25 per share. The total net proceeds from this offering were approximately $440.0 million after deducting underwriting discounts, commissions and other offering expenses.

Dividends

During the third quarter of 2019, the Board of Directors declared Essent's inaugural quarterly cash dividend of $0.15 per common share which was paid in September 2019. In each subsequent quarter, we declared and paid quarterly cash dividends on our common shares. The following table presents the amounts declared and paid per common share each quarter:


Quarter Ended	2020		2019
March 31	$	0.16	$	—
June 30	0.16		—
September 30	0.16		0.15
December 31	0.16		0.15

Total dividends per common share declared and paid	$	0.64	$	0.30

In February 2021, the Board of Directors declared a quarterly cash dividend of $0.16 per common share payable on March 19, 2021, to shareholders of record on March 10, 2021.

Stock-Based Compensation

12 Months Ended

Dec. 31, 2020

Share-based Payment Arrangement [Abstract]

Stock-Based Compensation

In 2013, Essent Group's Board of Directors adopted, and Essent Group's shareholders approved, the Essent Group Ltd. 2013 Long-Term Incentive Plan (the "2013 Plan"), which was effective upon completion of the initial public offering. The types of awards available under the 2013 Plan include nonvested shares, nonvested share units, non-qualified share options, incentive stock options, share appreciation rights, and other share-based or cash-based awards. Nonvested shares and nonvested share units granted under the 2013 Plan have rights to dividends, which entitle the holders to the same dividend value per share as holders of common shares in the form of dividend equivalent units ("DEUs"). DEUs are subject to the same vesting and other terms and conditions as the corresponding nonvested shares and nonvested share units. DEUs vest when the underlying shares or share units vest and are forfeited if the underlying share or share units forfeit prior to vesting. The maximum number of shares and share units available for issuance is 7.5 million under the 2013 Plan. As of December 31, 2020, there were 3.7 million common shares available for future grant under the 2013 Plan.

In September 2013, certain members of senior management were granted nonvested common shares under the 2013 Plan that were subject to time-based and performance-based vesting. The time-based share awards granted in September 2013 vested in four equal installments on January 1, 2015, 2016, 2017 and 2018. The performance-based share awards vested based upon our compounded annual book value per share growth percentage during a three-year performance period that commenced on January 1, 2014. The September 2013 performance-based share awards vested on the one-year anniversary of the completion of the performance period.

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

In February of each year, 2015 through 2020, certain members of senior management were granted nonvested common shares under the 2013 Plan that were subject to time-based and performance-based vesting. The time-based share awards vest in three equal yearly installments commencing on March 1 of the year following the grant year. The performance-based share awards vest based upon our compounded annual book value per share growth percentage during a three-year performance period that commences on January 1 of the grant year and vest on March 1 following the end of the performance period.

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


	2017 Performance-Based Grants				2016 Performance-Based Grants				2013, 2014 and 2015 Performance-Based Grants
Performance level	Compounded Annual Book Value Per Share Growth		Nonvested Common Shares Earned		Compounded Annual Book Value Per Share Growth		Nonvested Common Shares Earned		Compounded Annual Book Value Per Share Growth		Nonvested Common Shares Earned
	<16	%	0	%	<13	%	0	%	<11	%	0	%
Threshold	16	%	25	%	13	%	25	%	11	%	10	%
	17	%	50	%	14	%	50	%	12	%	36	%
	18	%	75	%	15	%	75	%	13	%	61	%
									14	%	87	%
Maximum	≥19	%	100	%	≥16	%	100	%	≥15	%	100	%


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

In the event that the compounded annual book value per share growth falls between the performance levels shown above, the nonvested common shares earned will be determined on a straight-line basis between the respective levels shown. The compounded annual book value per share growth for each of the 2013, 2014, 2015, 2016 and 2017 performance-based grants exceeded the maximum performance level and have vested or will vest at 100%.

In January 2017, time-based share units were issued to all vice president and staff level employees that vested in three equal installments in January 2018, 2019 and 2020. In January 2020, time-based share units were issued to all vice president and staff level employees that vested in three equal installments in January 2021, 2022 and 2023. In connection with our incentive program covering bonus awards for performance years 2014 through 2019, in February following each performance year, time-based share awards and share units were issued to certain employees that vest in three equal yearly installments commencing on March 1 of the year following the grant year.

In May of each year, 2017 through 2020, time-based share units were granted to non-employee directors that vest one year from the date of grant.

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


	2020
	Time and Performance- Based Share Awards			Time-Based Share Awards			Share Units			DEUs
(Shares in thousands)	Number of Shares	Weighted Average Grant Date Fair Value		Number of Shares	Weighted Average Grant Date Fair Value		Number of Share Units	Weighted Average Grant Date Fair Value		Dividend Equivalent Units	Weighted Average Grant Date Fair Value
Outstanding at beginning of year	394	$	42.02	169	$	41.31	351	$	39.78	5	$	51.11
Granted	109	51.52		69	51.52		350	48.75		19	35.42
Vested	(140)	36.29		(85)	40.47		(192)	37.76		(3)	49.79
Forfeited	—	N/A		—	N/A		(17)	50.04		—	33.86
Outstanding at end of year	363	$	47.09	153	$	46.34	492	$	46.59	21	$	37.66


	2019
	Time and Performance- Based Share Awards			Time-Based Share Awards			Share Units			DEUs
(Shares in thousands)	Number of Shares	Weighted Average Grant Date Fair Value		Number of Shares	Weighted Average Grant Date Fair Value		Number of Share Units	Weighted Average Grant Date Fair Value		Dividend Equivalent Units	Weighted Average Grant Date Fair Value
Outstanding at beginning of year	482	$	29.49	207	$	32.82	449	$	34.35	—	N/A
Granted	141	45.32		90	40.98		143	42.08		5	$	51.09
Vested	(229)	17.69		(128)	27.37		(232)	30.85		—	48.63
Forfeited	—	N/A		—	N/A		(9)	35.53		—	49.27
Outstanding at end of year	394	$	42.02	169	$	41.31	351	$	39.78	5	$	51.11


	2018
	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	1,595	$	17.03	410	$	21.12	536	$	29.13
Granted	113	45.02		73	45.02		161	42.19
Vested	(1,226)	14.71		(276)	18.67		(238)	28.02
Forfeited	—	N/A		—	N/A		(10)	31.59
Outstanding at end of year	482	$	29.49	207	$	32.82	449	$	34.35

Quoted market prices are used for the valuation of common shares granted subsequent to our initial public offering. For nonvested common shares granted in September 2013, prior to our IPO, the valuation estimate was based on analysis provided by the underwriters regarding the estimated fair value of Essent and the estimated IPO price range. Factors considered in determining the IPO price range and common share valuation included prevailing market conditions, estimates of the Company's business potential and earnings prospects, the Company's historical operating results, market valuations of companies deemed comparable to the Company and an assessment of risks and opportunities.

The total fair value of nonvested shares, share units or DEUs that vested was $18.5 million, $25.5 million and $75.9 million for the years ended December 31, 2020, 2019 and 2018, respectively. As of December 31, 2020, there was $24.2 million of total unrecognized compensation expense related to nonvested shares or share units outstanding at December 31, 2020 and we expect to recognize the expense over a weighted average period of 1.8 years.

In connection with our incentive program covering bonus awards for performance year 2020, in February 2021, 86,058 nonvested common share units were issued to certain employees and are subject to time-based vesting. In February 2021, 373,552 nonvested common shares were granted to certain members of senior management and are subject to time-based and performance-based vesting. In February 2021, the performance-based share awards granted in 2019 and 2020 to certain members of senior management were amended to provide that such awards will no longer be subject to the achievement of the compounded annual book value per share growth metrics and will be subject to only service-based vesting. As a result, the unvested shares subject to the amended 2019 and 2020 awards will vest on March 1, 2022 and March 1, 2023, respectively, subject to the continued service requirements and other terms and conditions set forth in the applicable award agreements, without taking into consideration any performance metrics. Compensation expense related to amending these awards will be recognized over the remaining vesting period.

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 141,801, 208,947 and 718,726 in 2020, 2019 and 2018, respectively. The tendered shares were recorded at cost and included in treasury stock. All treasury stock has been cancelled as of December 31, 2020 and 2019.

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


(In thousands)	2020		2019		2018
Compensation expense	$	18,462	$	16,588	$	15,073
Income tax benefit	3,511		3,125		2,805

Dividends Restrictions	12 Months Ended
Dividends Restrictions	Dec. 31, 2020
Statutory Accounting Practices, Statutory Amount Available for Dividend Payments [Abstract]
Dividends Restrictions	Dividends Restrictions Our U.S. insurance subsidiaries are subject to certain capital and dividend rules and regulations as prescribed by jurisdictions in which they are authorized to operate. Under the insurance laws of the Commonwealth of Pennsylvania, Essent Guaranty and Essent PA may pay dividends during any 12-month period in an amount equal to the greater of (i) 10% of the preceding year-end statutory policyholders' surplus or (ii) the preceding year's statutory net income. The Pennsylvania statute also specifies that dividends and other distributions can be paid out of positive unassigned surplus without prior approval. At December 31, 2020, Essent Guaranty had unassigned surplus of approximately $343.6 million. Essent Guaranty paid no dividends to Essent Group or any intermediate holding companies in the years ended December 31, 2020 or 2019. During the year ended December 31, 2018, Essent Guaranty paid to its parent, Essent US Holdings, Inc. ("Essent Holdings"), a $40 million dividend which was used to repay the borrowings remaining under the revolving component of the Credit Facility. As a result of PMIERs guidance issued by the GSEs, through June 30, 2021, Essent Guaranty is required to obtain GSE written approval before paying a dividend. Essent PA had unassigned surplus of approximately $15.4 million as of December 31, 2020. Essent PA did not pay a dividend in 2020, 2019 or 2018. Essent Re is subject to certain dividend restrictions as prescribed by the Bermuda Monetary Authority and under certain agreements with counterparties. In connection with the quota share reinsurance agreement with Essent Guaranty, Essent Re has agreed to maintain a minimum total equity of $100 million. As of December 31, 2020, Essent Re had total equity of $1.1 billion. At December 31, 2020, our insurance subsidiaries were in compliance with these rules, regulations and agreements.

Income Taxes

12 Months Ended

Dec. 31, 2020

Income Tax Disclosure [Abstract]

Income Taxes

Income TaxesFor the year ended December 31, 2020, the statutory income tax rates of the countries where the Company does business are 21% in the United States and 0.0% in Bermuda. The statutory income tax rate of each country is applied against the taxable income from each country to calculate the income tax expense.

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


(In thousands)	2020		2019		2018
Current	$	38,402	$	43,867	$	28,644
Deferred	38,653		59,481		50,692

Total income tax expense	$	77,055	$	103,348	$	79,336

For the year ended December 31, 2020, pre-tax income attributable to Bermuda and U.S. operations was $129.3 million and $360.8 million, respectively, as compared to $162.8 million and $496.3 million, respectively, for the year ended December 31, 2019 and $128.5 million and $418.2 million, respectively, for the year ended December 31, 2018.

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


	2020				2019				2018
($ in thousands)	$		% of pretax income		$		% of pretax income		$		% of pretax income
Tax provision at weighted average statutory rates	$	75,763	15.5	%	$	104,213	15.8	%	$	87,815	16.1	%

Non-deductible expenses	2,482		0.5		2,595		0.4		1,483		0.3
Tax exempt interest, net of proration	(1,462)		(0.3)		(1,541)		(0.2)		(1,741)		(0.3)
Excess tax benefits from stock-based compensation	(599)		(0.1)		(1,997)		(0.3)		(9,644)		(1.8)

Other	871		0.1		78		0.0		1,423		0.2
Total income tax expense	$	77,055	15.7	%	$	103,348	15.7	%	$	79,336	14.5	%

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


(In thousands)	2020		2019
Deferred tax assets	$	29,577	$	29,392
Deferred tax liabilities	(334,686)		(279,012)
Net deferred tax liability	$	(305,109)	$	(249,620)

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


(In thousands)	2020		2019
Contingency reserves	$	(300,281)	$	(261,855)
Unrealized (gain) loss on investments	(30,050)		(13,214)
Unearned premium reserve	15,192		16,641
Accrued expenses	4,202		3,391
Deferred policy acquisition costs	(3,571)		(3,298)
Unearned ceding commissions	2,951		3,227
Loss reserves	2,529		416
Nonvested shares	1,767		2,426
Start-up expenditures, net	1,137		1,410
Change in fair market value of derivatives	912		370
Fixed assets	880		1,502
Investments in limited partnerships	(561)		(400)
Prepaid expenses	(129)		(132)
Loss reserves - TCJA transition adjustment	(94)		(113)
Organizational expenditures	7		9

Net deferred tax liability	$	(305,109)	$	(249,620)

As a mortgage guaranty insurer, we are eligible for a tax deduction, subject to certain limitations, under Section 832(e) of the Internal Revenue Code ("IRC") for amounts required by state law or regulation to be set aside in statutory contingency reserves. The deduction is allowed only to the extent that we purchase T&L Bonds in an amount equal to the tax benefit derived from deducting any portion of our statutory contingency reserves. During the year ended December 31, 2020, we had net purchases of T&L Bonds in the amount of $40.8 million and had net purchases of T&L Bonds in the amount of $59.5 million during the year ended December 31, 2019. As of December 31, 2020 and 2019, we held $302.6 million and $261.9 million of T&L Bonds, respectively.

In evaluating our ability to realize the benefit of our deferred tax assets, we consider the relevant impact of all available positive and negative evidence including our past operating results and our forecasts of future taxable income. At December 31, 2020 and 2019, after weighing all the evidence, management concluded that it was more likely than not that our deferred tax assets would be realized.

Under current Bermuda law, the parent company, Essent Group, and its Bermuda subsidiary, Essent Re, are not required to pay any taxes on income and capital gains. In the event that there is a change such that these taxes are imposed, these companies would be exempted from any such tax until March of 2035 pursuant to the Bermuda Exempt Undertakings Tax Protection Act of 1966, and the Exempt Undertakings Tax Protection Amendment Act of 2011.

Essent Holdings and its subsidiaries are subject to income taxes imposed by U.S. law and file a U.S. Consolidated Income Tax Return. Should Essent Holdings pay a dividend to its parent company, Essent Irish Intermediate Holdings Limited, withholding taxes at a rate of 5% under the U.S./Ireland tax treaty would likely apply assuming the Company avails itself of Treaty benefits under the U.S./Ireland tax treaty. Absent treaty benefits, the withholding rate on outbound dividends would be 30%. Currently, however, no withholding taxes are accrued with respect to such unremitted earnings as management has no intention of remitting these earnings. Similarly, no foreign income taxes have been provided on the un-remitted earnings of the Company's U.S. subsidiaries as management has neither the intention of remitting these earnings, nor would any Ireland tax be due, as any Irish tax would be expected to be fully offset by credit for taxes paid to the U.S. An estimate of the cumulative amount of U.S. earnings that would be subject to withholding tax, if distributed outside of the U.S., is approximately $2.1 billion. The associated withholding tax liability under the U.S./Ireland tax treaty would be approximately $103.5 million.

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

At December 31, 2020 and 2019, the Company had no unrecognized tax benefits. As of December 31, 2020, the U.S. federal income tax returns for the tax years 2017 through 2019 remain subject to examination. The Company has not recorded any uncertain tax positions as of December 31, 2020 or December 31, 2019.

- Definition

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

+ References + Details

Earnings per Share (EPS)

12 Months Ended

Dec. 31, 2020

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 for the years ended December 31:


(In thousands, except per share amounts)	2020		2019		2018
Net income	$	413,041	$	555,713	$	467,363

Basic weighted average shares outstanding	106,098		97,762		97,403
Dilutive effect of nonvested shares	278		465		571
Diluted weighted average shares outstanding	106,376		98,227		97,974

Basic earnings per share	$	3.89	$	5.68	$	4.80
Diluted earnings per share	$	3.88	$	5.66	$	4.77

There were 324,813, 39,490 and 128,575 antidilutive shares for the years ended December 31, 2020, 2019 and 2018, 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 December 31, 2020, the following percentages of the performance-based share awards would be issuable under the terms of the arrangements if December 31, 2020 was the end of the contingency period:


2018 Performance-Based Grants	100	%
2019 Performance-Based Grants	100	%
2020 Performance-Based Grants	25	%

Based on the compounded annual book value per share growth as of December 31, 2019 and 2018, 100% of all performance-based share awards would have been issuable under the terms of the arrangements at each date if December 31 was the end of the contingency period.

Accumulated Other Comprehensive Income (Loss)

12 Months Ended

Dec. 31, 2020

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

Accumulated Other Comprehensive Income (Loss)

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


	2020						2019
(In thousands)	Before Tax		Tax Effect		Net of Tax		Before Tax		Tax Effect		Net of Tax
Balance at beginning of year	$	69,401	$	(13,214)	$	56,187	$	(33,276)	$	4,283	$	(28,993)
Other comprehensive income (loss):
Unrealized holding gains (losses) on investments:
Unrealized holding gains arising during the year	101,620		(17,286)		84,334		105,906		(17,995)		87,911
Less: Reclassification adjustment for gains included in net income (1)	(2,697)		450		(2,247)		(3,229)		498		(2,731)
Net unrealized gains on investments	98,923		(16,836)		82,087		102,677		(17,497)		85,180
Other comprehensive gain	98,923		(16,836)		82,087		102,677		(17,497)		85,180
Balance at end of year	$	168,324	$	(30,050)	$	138,274	$	69,401	$	(13,214)	$	56,187

_______________________________________________________________________________

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

Fair Value of Financial Instruments

12 Months Ended

Dec. 31, 2020

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.


December 31, 2020 (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	$	268,444	$	—	$	—	$	268,444
U.S. agency securities	—		18,085		—		18,085
U.S. agency mortgage-backed securities	—		995,905		—		995,905
Municipal debt securities	—		551,517		—		551,517
Non-U.S. government securities	—		61,607		—		61,607
Corporate debt securities	—		1,126,512		—		1,126,512
Residential and commercial mortgage securities	—		409,282		—		409,282
Asset-backed securities	—		454,717		—		454,717
Money market funds	679,304		—		—		679,304
Total assets at fair value (1)	$	947,748	$	3,617,625	$	—	$	4,565,373


December 31, 2019 (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	$	242,206	$	—	$	—	$	242,206
U.S. agency securities	—		33,605		—		33,605
U.S. agency mortgage-backed securities	—		848,334		—		848,334
Municipal debt securities	—		361,638		—		361,638
Non-U.S. government securities	—		54,995		—		54,995
Corporate debt securities	—		880,301		—		880,301
Residential and commercial mortgage securities	—		288,281		—		288,281
Asset-backed securities	—		326,025		—		326,025
Money market funds	315,362		—		—		315,362
Total assets at fair value (1)	$	557,568	$	2,793,179	$	—	$	3,350,747

_______________________________________________________________________________

(1)Does not include the fair value of embedded derivatives, which we have accounted for separately as freestanding derivatives and included in other assets or other accrued liabilities in our consolidated balance sheet. See Note 5 for more information.

- 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

12 Months Ended

Dec. 31, 2020

Insurance [Abstract]

Statutory Accounting

Our U.S. insurance subsidiaries prepare statutory-basis financial statements in accordance with the accounting practices prescribed or permitted by their respective state’s department of insurance, which is a comprehensive basis of accounting other than GAAP. We did not use any prescribed or permitted statutory accounting practices (individually or in the aggregate) that resulted in reported statutory surplus or capital that was significantly different from the statutory surplus or capital that would have been reported had National Association of Insurance Commissioners’ statutory accounting practices been followed. The following table presents Essent Guaranty’s and Essent PA’s statutory net income, statutory surplus and contingency reserve liability as of and for the years ended December 31:


(In thousands)	2020		2019		2018
Essent Guaranty
Statutory net income	$	312,091	$	443,675	$	379,119
Statutory surplus	1,048,878		1,032,416		872,105
Contingency reserve liability	1,499,782		1,197,279		916,568

Essent PA
Statutory net income	$	4,560	$	8,073	$	9,306
Statutory surplus	54,354		52,936		49,336
Contingency reserve liability	56,032		52,957		48,545

Net income determined in accordance with statutory accounting practices differs from GAAP. In 2020 and 2019, the more significant differences between net income determined under statutory accounting practices and GAAP for Essent Guaranty and Essent PA relate to policy acquisition costs and income taxes. Under statutory accounting practices, policy acquisition costs are expensed as incurred while such costs are capitalized and amortized to expense over the life of the policy under GAAP. As discussed in Note 12, we are eligible for a tax deduction, subject to certain limitations for amounts required by state law or regulation to be set aside in statutory contingency reserves when we purchase T&L Bonds. Under statutory accounting practices, this deduction reduces the tax provision recorded by Essent Guaranty and Essent PA and, as a result, increases statutory net income and surplus as compared to net income and equity determined in accordance with GAAP.

At December 31, 2020 and 2019, the statutory capital of our U.S. insurance subsidiaries, which is defined as the total of statutory surplus and contingency reserves, was in excess of the statutory capital necessary to satisfy their regulatory requirements.

Effective December 31, 2015, Fannie Mae and Freddie Mac, at the direction of the Federal Housing Finance Agency, implemented new coordinated Private Mortgage Insurer Eligibility Requirements, which we refer to as the "PMIERs." The PMIERs represent the standards by which private mortgage insurers are eligible to provide mortgage insurance on loans owned or guaranteed by Fannie Mae and Freddie Mac. The PMIERs include financial strength requirements incorporating a risk-based framework that require approved insurers to have a sufficient level of liquid assets from which to pay claims. The PMIERs also include enhanced operational performance expectations and define remedial actions that apply should an approved insurer fail to comply with these requirements. In 2018, the GSEs released revised PMIERs framework ("PMIERs 2.0") which became effective on March 31, 2019. As of December 31, 2020, Essent Guaranty, our GSE-approved mortgage insurance company, was in compliance with PMIERs 2.0.

Statement of Statutory Accounting Principles No. 58, Mortgage Guaranty Insurance, requires mortgage insurers to establish a special contingency reserve for statutory accounting purposes included in total liabilities equal to 50% of earned premium for that year. During 2020, Essent Guaranty increased its contingency reserve by $302.5 million and Essent PA increased its contingency reserve by $3.1 million. This reserve is required to be maintained for a period of 120 months to protect against the effects of adverse economic cycles. After 120 months, the reserve is released to unassigned funds. In the event an insurer’s loss ratio in any calendar year exceeds 35%, however, the insurer may, after regulatory approval, release from its contingency reserves an amount equal to the excess portion of such losses. During the year ended December 31, 2020, Essent Guaranty and Essent PA released contingency reserves of $0.1 million and less than $0.1 million, respectively, to unassigned funds upon completion of the 120 month holding period. Essent Guaranty and Essent PA did not release any amounts from their contingency reserves in 2019 or 2018.

Under The Insurance Act 1978, as amended, and related regulations of Bermuda (the "Insurance Act"), Essent Re is required to annually prepare statutory financial statements and a statutory financial return in accordance with the financial reporting provisions of the Insurance Act, which is a basis other than GAAP. The Insurance Act also requires that Essent Re maintain minimum share capital of $1 million and must ensure that the value of its general business assets exceeds the amount of its general business liabilities by an amount greater than the prescribed minimum solvency margins and enhanced capital requirement pertaining to its general business. At December 31, 2020 and 2019, all such requirements were met.

Essent Re's statutory capital and surplus was $1.1 billion and $939.2 million as of December 31, 2020 and 2019, respectively, and statutory net income was $143.5 million and $176.4 million, respectively. Statutory capital and surplus and net income determined in accordance with statutory accounting practices were not significantly different than the amounts determined under GAAP.

Capital Maintenance Agreement	12 Months Ended
Capital Maintenance Agreement	Dec. 31, 2020
Insurance Ratios [Abstract]
Capital Maintenance Agreement	Capital Maintenance AgreementEssent Guaranty has a capital maintenance agreement with Essent PA under which Essent Guaranty agreed to contribute funds, under specified conditions, to maintain Essent PA's risk-to-capital ratio at or below 25.0 to 1 in return for a surplus note. As of December 31, 2020, Essent PA's risk-to-capital ratio was 1.7:1 and there were no amounts outstanding related to this agreement.

Quarterly Financial Data (Unaudited)

12 Months Ended

Dec. 31, 2020

Quarterly Financial Information Disclosure [Abstract]

Quarterly Financial Data (Unaudited)

The following table summarizes the unaudited results of operations for each quarter of 2020 and 2019.


	2020
(In thousands, except per share amounts)	December 31		September 30		June 30		March 31
Net premiums earned	$	222,339	$	222,258	$	211,471	$	206,496
Other revenues	24,860		20,780		24,606		22,344
Provision for losses and LAE	62,073		55,280		175,877		8,063
Other underwriting and operating expenses	36,825		37,100		38,819		41,947
Interest expense	2,149		2,227		2,566		2,132
Income before income taxes	146,152		148,431		18,815		176,698
Net income	123,602		124,536		15,380		149,523
Basic earnings per common share	$	1.10	$	1.11	$	0.15	$	1.53
Diluted earnings per common share	$	1.10	$	1.11	$	0.15	$	1.52
Basic weighted average shares outstanding	111,908		111,908		102,500		97,949
Diluted weighted average shares outstanding	112,310		112,134		102,605		98,326


	2019
(In thousands, except per share amounts)	December 31		September 30		June 30		March 31
Net premiums earned	$	207,671	$	203,473	$	188,490	$	177,791
Other revenues	21,091		22,914		23,402		22,735
Provision for losses and LAE	10,929		9,990		4,960		7,107
Other underwriting and operating expenses	41,231		41,588		41,520		41,030
Interest expense	2,218		2,584		2,679		2,670
Income before income taxes	174,384		172,225		162,733		149,719
Net income	146,958		144,630		136,405		127,720
Basic earnings per common share	$	1.50	$	1.48	$	1.39	$	1.31
Diluted earnings per common share	$	1.49	$	1.47	$	1.39	$	1.30
Basic weighted average shares outstanding	97,830		97,822		97,798		97,595
Diluted weighted average shares outstanding	98,376		98,257		98,170		98,104

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

12 Months Ended

Dec. 31, 2020

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

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

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

December 31, 2020


Type of Investment (In thousands)	Amortized Cost		Fair Value		Amount at which shown in the Balance Sheet
Fixed maturities:
Bonds:
United States Government and government agencies and authorities	$	1,212,622	$	1,254,075	$	1,254,075
States, municipalities and political subdivisions	513,870		551,517		551,517
Residential and commercial mortgage securities	391,921		409,282		409,282
Asset-backed securities	452,527		454,717		454,717
Foreign government and agency securities	56,045		61,607		61,607
All other corporate bonds	1,050,830		1,107,315		1,107,315
Total fixed maturities	3,677,815		3,838,513		3,838,513
Short-term investments	726,875		726,860		726,860
Other invested assets	81,263		88,904		88,904
Total investments	$	4,485,953	$	4,654,277	$	4,654,277

Schedule II - Condensed Financial Information of Registrant

12 Months Ended

Dec. 31, 2020

Condensed Financial Information Disclosure [Abstract]

Schedule II - Condensed Financial Information of Registrant

Schedule II—Condensed Financial Information of Registrant

Parent Company Only


	December 31,
(In thousands)	2020		2019
Assets
Investments
Fixed maturities available for sale, at fair value (amortized cost: 2020 — $201,527; 2019 — $0)	$	202,129	$	—
Short-term investments available for sale, at fair value (amortized cost: 2020 — $352,412; 2019 — $96,531)	352,415		96,531
Total investments available for sale	554,544		96,531
Cash	8,688		1,845
Due from affiliates	1,278		875
Investment in consolidated subsidiaries	3,518,029		3,009,447
Other assets	4,512		1,608
Total Assets	$	4,087,051	$	3,110,306

Liabilities and stockholders' equity
Liabilities
Due to affiliates	$	—	$	301
Credit facility borrowings (at carrying value, less unamortized deferred costs of $2,287 in 2020 and $564 in 2019)	222,713		124,436
Other accrued liabilities	1,705		724
Total liabilities	224,418		125,461
Commitments and contingencies
Stockholders' Equity
Common shares	1,686		1,476
Additional paid-in capital	1,571,163		1,118,655
Accumulated other comprehensive income	138,274		56,187
Retained earnings	2,151,510		1,808,527
Total stockholders' equity	3,862,633		2,984,845
Total liabilities and stockholders' equity	$	4,087,051	$	3,110,306

See accompanying supplementary notes to Parent Company condensed

financial information and the consolidated financial statements and notes thereto.

Schedule II—Condensed Financial Information of Registrant

Condensed Statements of Comprehensive Income

Parent Company Only


	Year Ended December 31,
(In thousands)	2020		2019		2018
Revenues:
Net investment income	$	1,181	$	1,601	$	980
Realized investment losses, net	(10)		—		—
Administrative service fees from subsidiaries	872		649		551
Total revenues	2,043		2,250		1,531
Expenses:
Administrative service fees to subsidiaries	3,728		3,053		2,510
Other operating expenses	5,929		6,925		5,076
Interest expense	6,446		5,742		5,462
Total expenses	16,103		15,720		13,048
Loss before income taxes and equity in undistributed net income in subsidiaries	(14,060)		(13,470)		(11,517)
Loss before equity in undistributed net income of subsidiaries	(14,060)		(13,470)		(11,517)
Equity in undistributed net income of subsidiaries	427,101		569,183		478,880
Net income	$	413,041	$	555,713	$	467,363
Other comprehensive income (loss):
Change in unrealized appreciation (depreciation) of investments, net of tax expense (benefit) of $16,836 in 2020, $17,497 in 2019 and $(5,686) in 2018	82,087		85,180		(25,741)
Total other comprehensive income (loss)	82,087		85,180		(25,741)
Comprehensive income	$	495,128	$	640,893	$	441,622

See accompanying supplementary notes to Parent Company condensed

financial information and the consolidated financial statements and notes thereto.

Schedule II—Condensed Financial Information of Registrant

Condensed Statements of Cash Flows

Parent Company Only


	Year Ended December 31,
(In thousands)	2020		2019		2018
Operating Activities
Net income	$	413,041	$	555,713	$	467,363
Adjustments to reconcile net income to net cash provided by operating activities:
Equity in net income of subsidiaries	(427,101)		(569,183)		(478,880)
Loss on the sale of investments, net	10		—		—
Stock-based compensation expense	935		830		843
Amortization of premium on investment securities	435		—		—
Changes in assets and liabilities:
Other assets	(319)		416		911
Other accrued liabilities	18,208		15,562		15,537
Net cash provided by operating activities	5,209		3,338		5,774
Investing Activities
Net change in short-term investments	(255,884)		(24,727)		26,122
Investments in subsidiaries	—		55,001		—
Purchase of investments available for sale	(205,668)		—		—
Proceeds from maturity of investments available for sale	838		—		—
Proceeds from sales of investments available for sale	3,386		—		—
Net cash (used in) provided by investing activities	(457,328)		30,274		26,122
Financing Activities
Issuance of common shares, net of costs	439,962		—		—
Credit facility borrowings	200,000		—		—
Credit facility repayments	(100,000)		—		—
Treasury stock acquired	(6,354)		(9,005)		(31,414)
Payment of issuance costs for credit facility	(5,236)		(15)		(131)

Dividends paid	(69,410)		(29,348)		—
Net cash provided by (used in) financing activities	458,962		(38,368)		(31,545)
Net increase (decrease) in cash	6,843		(4,756)		351
Cash at beginning of year	1,845		6,601		6,250
Cash at end of year	$	8,688	$	1,845	$	6,601

Supplemental Disclosure of Cash Flow Information
Interest payments	$	(5,714)	$	(5,509)	$	(4,984)

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

See accompanying supplementary notes to Parent Company condensed

financial information and the consolidated financial statements and notes thereto.

Schedule II—Condensed Financial Information of Registrant

Parent Company Only

Supplementary Notes

Note A

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

Note B

Under the insurance laws of the Commonwealth of Pennsylvania, the insurance subsidiaries may pay dividends during any 12-month period in an amount equal to the greater of (i) 10% of the preceding year-end statutory policyholders' surplus or (ii) the preceding year's statutory net income. The Pennsylvania statute also requires that dividends and other distributions be paid out of positive unassigned surplus without prior approval. As of December 31, 2020, Essent Guaranty had unassigned surplus of approximately $343.6 million. Essent PA had unassigned surplus of approximately $15.4 million as of December 31, 2020.

During the years ended December 31, 2020 and 2018, the Parent Company did not receive any dividends from its subsidiaries. During the year ended December 31, 2019, the Parent Company received dividends from Essent Re totaling $55.0 million.

Schedule IV - Reinsurance

12 Months Ended

Dec. 31, 2020

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

Schedule IV - Reinsurance

Schedule IV—Reinsurance

Insurance Premiums Earned

Years Ended December 31, 2020, 2019 and 2018


($ in thousands)	Gross Amount	Ceded to Other Companies	Assumed from Other Companies	Net Amount	Assumed Premiums as a Percentage of Net Premiums
2020	951,302	(88,738)	—	862,564	0.0	%
2019	812,924	(35,499)	—	777,425	0.0	%
2018	660,260	(10,768)	—	649,492	0.0	%

Summary of Significant Accounting Policies (Policies)	12 Months Ended
Summary of Significant Accounting Policies (Policies)	Dec. 31, 2020
Accounting Policies [Abstract]
Use of Estimates	Use of Estimates The preparation of financial statements in accordance with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting periods. Actual results could differ from those estimates.
Investments, Available for Sale and Investments	Investments Our fixed maturity and short-term investments are classified as available for sale as we may sell securities from time to time to provide liquidity and in response to changes in the market. Debt securities classified as available for sale are reported at fair value with unrealized gains and losses on these securities reported in other comprehensive income, net of deferred income taxes. See Note 15 for a description of the valuation methods for investments available for sale. We monitor our fixed maturities for unrealized losses that appear to be other-than-temporary. A fixed maturity security is considered to be other-than-temporarily impaired when the security's fair value is less than its amortized cost basis and 1) we intend to sell the security, 2) it is more likely than not that we will be required to sell the security before recovery of the security's amortized cost basis, or 3) we believe we will be unable to recover the entire amortized cost basis of the security (i.e., a credit loss has occurred). When we determine that a credit loss has been incurred, but we do not intend to sell the security and it is not more likely than not that we will be required to sell the security before recovery of the security's amortized cost basis, the portion of the other-than-temporary impairment that is credit related is recorded as a realized loss in the consolidated statements of comprehensive income, and the portion of the other-than-temporary impairment that is not credit related is included in other comprehensive income. For those fixed maturities for which an other-than-temporary impairment has occurred, we adjust the amortized cost basis of the security and record a realized loss in the consolidated statements of comprehensive income. We recognize purchase premiums and discounts in interest income using the interest method over the securities' estimated holding periods, until maturity, or call date, if applicable. Gains and losses on the sales of securities are recorded on the trade date and are determined using the specific identification method. Short-term investments are defined as short-term, highly liquid investments, both readily convertible to cash and having maturities at acquisition of twelve months or less.
Investments, Other Invested Assets	Other invested assets are comprised of limited partnership interests which are accounted for under the equity method of accounting with changes in value reported in other income. In applying the equity method, these investments are initially recorded at cost and are subsequently adjusted based on the Company’s proportionate share of the net income or loss of the partnership. We have elected to classify distributions received from these investments using the cumulative earnings approach. Due to the timing of receiving financial information from these partnerships, the results are generally reported on a one month or quarter lag.
Long-Lived Assets	Long-Lived AssetsProperty and equipment are stated at cost less accumulated depreciation and amortization. Depreciation is calculated using the straight-line method over the estimated useful lives of the assets. Repairs and maintenance are charged to expense as incurred. Estimated useful lives are 5 years for furniture and fixtures and 2 to 3 years for equipment, computer hardware and purchased software. Certain costs associated with the acquisition or development of internal-use software are capitalized. Once the software is ready for its intended use, these costs are amortized on a straight-line basis over the software's expected useful life, which is generally 3 years. We amortize leasehold improvements over the shorter of the lives of the leases or estimated service lives of the leasehold improvements.
Deferred Policy Acquisition Costs	Deferred Policy Acquisition Costs We defer certain personnel costs and premium tax expense directly related to the successful acquisition of new insurance policies and amortize these costs over the period the related estimated gross profits are recognized in order to match costs and revenues. We do not defer any underwriting costs associated with our contract underwriting services. Costs related to the acquisition of mortgage insurance business are initially deferred and reported as deferred policy acquisition costs. Consistent with industry accounting practice, amortization of these costs for each underwriting year book of business is recognized in proportion to estimated gross profits. Estimated gross profits are composed of earned premium, interest income, losses and loss adjustment expenses. The deferred costs are adjusted as appropriate for policy cancellations to be consistent with our revenue recognition policy. We estimate the rate of amortization to reflect actual experience and any changes to persistency or loss development. Deferred policy acquisition costs are reviewed periodically to determine that they do not exceed recoverable amounts, after considering investment income.
Insurance Premium Revenue Recognition	Insurance Premium Revenue Recognition Mortgage guaranty insurance policies are contracts that are generally non-cancelable by the insurer, are renewable at a fixed price, and provide for payment of premium on a monthly, annual or single basis. Upon renewal, we are not able to re-underwrite or re-price our policies. Consistent with industry accounting practices, premiums written on a monthly basis are earned as coverage is provided. Monthly policies accounted for 84% of earned premium in 2020. Premiums written on an annual basis are amortized on a pro rata basis over the year of coverage. Primary mortgage insurance written on policies covering more than one year are referred to as single premium policies. A portion of the revenue from single premium policies is recognized in earned premium in the current period, and the remaining portion is deferred as unearned premium and earned over the expected life of the policy. If single premium policies related to insured loans are cancelled due to repayment by the borrower, and the premium is non-refundable, then the remaining unearned premium related to each cancelled policy is recognized as earned premium upon notification of the cancellation. The Company recorded $88.9 million and $42.5 million of earned premium related to policy cancellations for the years ended December 31, 2020 and 2019, respectively. Unearned premium represents the portion of premium written that is applicable to the estimated unexpired risk of insured loans. Rates used to determine the earning of single premium policies are estimates based on an analysis of the expiration of risk.
Reserve for Losses and Loss Adjustment Expenses	Reserve for Losses and Loss Adjustment Expenses We establish reserves for losses based on our best estimate of ultimate claim costs for defaulted loans using the general principles contained in ASC No. 944, in accordance with industry practice. However, consistent with industry standards for mortgage insurers, we do not establish loss reserves for future claims on insured loans which are not currently in default. Loans are classified as in default when the borrower has missed two consecutive payments. Once we are notified that a borrower has defaulted, we will consider internal and third-party information and models, including the status of the loan as reported by its servicer and the type of loan product to determine the likelihood that a default will reach claim status. In addition, we will project the amount that we will pay if a default becomes a claim (referred to as "claim severity"). Based on this information, at each reporting date we determine our best estimate of loss reserves at a given point in time. Included in loss reserves are reserves for incurred but not reported ("IBNR") claims. IBNR reserves represent our estimated unpaid losses on loans that are in default, but have not yet been reported to us as delinquent by our customers. We will also establish reserves for associated loss adjustment expenses, consisting of the estimated cost of the claims administration process, including legal and other fees and expenses associated with administering the claims process. Establishing reserves is inherently subjective as it requires estimates that are susceptible to significant revision as more information becomes available. Our estimates of claim rates and claim sizes will be strongly influenced by prevailing economic conditions, such as the overall state of the economy, current rates or trends in unemployment, changes in housing values and/or interest rates, and our best judgments as to the future values or trends of these macroeconomic factors. Losses incurred are also generally affected by the characteristics of our insured loans, such as the loan amount, loan-to-value ratio, the percentage of coverage on the insured loan and the credit quality of the borrower.
Premium Deficiency Reserve	Premium Deficiency ReserveWe are required to establish a premium deficiency reserve if the net present value of the expected future losses and expenses for a particular group of policies exceeds the net present value of expected future premium, anticipated investment income and existing reserves for that specified group of policies. We reassess our expectations for premium, losses and expenses of our mortgage insurance business periodically and update our premium deficiency analysis accordingly.
Derivative Instruments	Derivative Instruments Derivative instruments, including embedded derivative instruments, are recognized at fair value in the consolidated balance sheets. The amount of monthly reinsurance premiums ceded under our reinsurance contracts will fluctuate due to changes in one-month LIBOR and changes in money market rates. As the reinsurance premium will vary based on changes in these rates, we concluded that these reinsurance agreements contain embedded derivatives that are accounted for separately like freestanding derivatives.
Stock-Based Compensation	Stock-Based Compensation We measure the cost of employee services received in exchange for awards of equity instruments at the grant date of the award using a fair value based method. Prior to our initial public offering, we estimated the fair value of each nonvested share grant on the date of grant based on management's best estimate using methods further described in Note 10 of our consolidated financial statements. Subsequent to our initial public offering, fair value is determined on the date of grant based on quoted market prices. We recognize compensation expense on nonvested shares over the vesting period of the award. Excess tax benefits and tax deficiencies associated with share-based payments are recognized as income tax expense or benefit in the income statement and treated as discrete items in the reporting period.
Income Taxes	Income Taxes Deferred income tax assets and liabilities are determined using the asset and liability (balance sheet) method. Under this method, we determine the net deferred tax asset or liability based on the tax effects of the temporary differences between the book and tax bases of the various assets and liabilities and give current recognition to changes in tax rates and laws. Changes in tax laws, rates, regulations and policies, or the final determination of tax audits or examinations, could materially affect our tax estimates. We evaluate the realizability of the deferred tax asset and recognize a valuation allowance if, based on the weight of all available positive and negative evidence, it is more likely than not that some portion or all of the deferred tax asset will not be realized. When evaluating the realizability of the deferred tax asset, we consider estimates of expected future taxable income, existing and projected book/tax differences, carryback and carryforward periods, tax planning strategies available, and the general and industry specific economic outlook. This realizability analysis is inherently subjective, as it requires management to forecast changes in the mortgage market, as well as the related impact on mortgage insurance, and the competitive and general economic environment in future periods. Changes in the estimate of deferred tax asset realizability, if applicable, are included in income tax expense on the consolidated statements of comprehensive income. ASC No. 740 provides a recognition threshold and measurement attribute for the financial statement recognition and measurement of a tax position taken or expected to be taken in a tax return. In accordance with ASC No. 740, before a tax benefit can be recognized, a tax position is evaluated using a threshold that it is more likely than not that the tax position will be sustained upon examination. When evaluating the more-likely-than-not recognition threshold, ASC No. 740 provides that a company should presume the tax position will be examined by the appropriate taxing authority that has full knowledge of all relevant information. If the tax position meets the more-likely-than-not recognition threshold, it is initially and subsequently measured as the largest amount of benefit that is greater than 50% likely of being realized upon ultimate settlement. As described in Note 12, we purchase non-interest-bearing United States Mortgage Guaranty Tax and Loss Bonds ("T&L Bonds") issued by the Treasury Department. These assets are carried at cost and are reported as prepaid federal income tax on the consolidated balance sheets. It is our policy to classify interest and penalties as income tax expense and to use the aggregate portfolio approach to release income tax effects from accumulated other comprehensive income.
Earnings per Share	Earnings per Share Basic earnings per common share amounts are calculated based on income available to common stockholders and the weighted average number of common shares outstanding during the reporting period. Diluted earnings per common share amounts are calculated based on income available to common stockholders and the weighted average number of common and potential common shares outstanding during the reporting period. Potential common shares, composed of the incremental common shares issuable upon vesting of unvested common shares and common share units, are included in the earnings per share calculation to the extent that they are dilutive.
Recently Issued Accounting Standards	Recently Issued Accounting Standards Accounting Standards Adopted During 2020 In June 2016, the FASB issued ASU 2016-13, Measurement of Credit Losses on Financial Instruments (Topic 326). This update is intended to provide financial statement users with more information about the expected credit losses on financial instruments and other commitments to extend credit held by a reporting entity at each reporting date. The amendments in this ASU replace the incurred loss impairment methodology in current GAAP with a methodology that reflects expected credit losses and requires consideration of a broader range of reasonable and supportable information to inform credit loss estimates. The new guidance requires financial assets measured at amortized cost to be presented at the net amount expected to be collected through the use of an allowance for credit losses. Credit losses relating to available-for-sale debt securities will also be recorded through an allowance rather than as a write-down of the amortized cost of the securities. The accounting for insurance losses and loss adjustment expenses ("LAE") are not within the scope of this ASU. The provisions of this update were effective for annual and interim periods beginning after December 15, 2019 and we adopted this standard on January 1, 2020 using the modified retrospective approach. The adoption of this ASU did not have a material effect on the Company's consolidated operating results or financial position. In August 2018, the FASB issued ASU 2018-13, Fair Value Measurement (Topic 820): Disclosure Framework - Changes to the Disclosure Requirements for Fair Value Measurement. The amendments in this update modify the disclosure requirements for fair value measurements by removing, modifying, or adding certain disclosures. The provisions of this update were effective for interim and annual periods beginning after December 15, 2019, with early adoption permitted for the removed disclosures. We adopted this standard on January 1, 2020. The adoption of this ASU did not have a material impact on our condensed consolidated financial statements. Accounting Standards Not Yet Adopted In March 2020, the FASB issued ASU No. 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting. The amendments in this update provide temporary optional guidance to ease the potential burden in accounting for (or recognizing the effects of) reference rate reform. It provides optional expedients and exceptions for applying generally accepted accounting principles to contract, hedging relationships and other transactions affected by reference rate reform if certain criteria are met. This standard may be elected and applied prospectively over time from March 12, 2020 through December 31, 2022 as reference rate reform activities occur. The adoption of, and future elections under, this ASU are not expected to have a material impact on our consolidated financial statements as the ASU will ease, if warranted, the requirements for accounting for the future effects of the rate reform. We continue to monitor the impact the discontinuance of LIBOR or another reference rate will have on our contracts and other transactions.
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.

Summary of Significant Accounting Policies (Tables)

12 Months Ended

Dec. 31, 2020

Accounting Policies [Abstract]

Schedule of balances by type of long-lived assets

The balances by type were as follows at December 31:


	2020				2019
(In thousands)	Cost		Accumulated Depreciation/ Amortization		Cost		Accumulated Depreciation/ Amortization
Furniture and fixtures	$	2,220	$	(2,068)	$	2,148	$	(2,017)
Office equipment	848		(772)		848		(700)
Computer hardware	10,282		(8,987)		9,764		(7,728)
Purchased software	38,434		(37,404)		37,909		(36,716)
Costs of internal-use software	10,783		(8,959)		9,595		(8,185)
Leasehold improvements	4,787		(2,777)		4,644		(2,293)
Total	$	67,354	$	(60,967)	$	64,908	$	(57,639)

Investments (Tables)

12 Months Ended

Dec. 31, 2020

Investments, Debt and Equity Securities [Abstract]

Schedule of investments available for sale

Investments available for sale consist of the following:


December 31, 2020 (In thousands)	Amortized Cost		Unrealized Gains		Unrealized Losses		Fair Value
U.S. Treasury securities	$	259,378	$	9,088	$	(22)	$	268,444
U.S. agency securities	17,930		155		—		18,085
U.S. agency mortgage-backed securities	963,670		33,205		(970)		995,905
Municipal debt securities (1)	513,870		37,662		(15)		551,517
Non-U.S. government securities	56,045		5,562		—		61,607
Corporate debt securities (2)	1,070,027		56,864		(379)		1,126,512
Residential and commercial mortgage securities	391,921		18,641		(1,280)		409,282
Asset-backed securities	452,527		3,246		(1,056)		454,717
Money market funds	679,322		—		(18)		679,304
Total investments available for sale	$	4,404,690	$	164,423	$	(3,740)	$	4,565,373


December 31, 2019 (In thousands)	Amortized Cost		Unrealized Gains		Unrealized Losses		Fair Value
U.S. Treasury securities	$	239,087	$	3,526	$	(407)	$	242,206
U.S. agency securities	33,620		36		(51)		33,605
U.S. agency mortgage-backed securities	836,710		13,956		(2,332)		848,334
Municipal debt securities (1)	339,511		22,245		(118)		361,638
Non-U.S. government securities	52,230		2,812		(47)		54,995
Corporate debt securities (2)	856,638		24,255		(592)		880,301
Residential and commercial mortgage securities	282,840		6,542		(1,101)		288,281
Asset-backed securities	326,589		857		(1,421)		326,025
Money market funds	315,360		2		—		315,362
Total investments available for sale	$	3,282,585	$	74,231	$	(6,069)	$	3,350,747

_______________________________________________________________________________


	December 31,		December 31,
(1) The following table summarizes municipal debt securities as of :	2020		2019
Special revenue bonds	76.8	%	74.5	%
General obligation bonds	20.3		21.3
Certificate of participation bonds	2.3		3.4
Tax allocation bonds	0.6		0.8

Total	100.0	%	100.0	%


	December 31,		December 31,
(2) The following table summarizes corporate debt securities as of :	2020		2019
Financial	34.9	%	34.4	%
Consumer, non-cyclical	19.1		20.1
Communications	9.3		10.3
Energy	8.2		8.3
Consumer, cyclical	8.0		7.6
Technology	6.1		4.8
Utilities	5.9		6.2
Industrial	5.3		4.2
Basic materials	3.1		4.1
Government	0.1		—
Total	100.0	%	100.0	%

Schedule of amortized cost and fair value of investments available for sale by contractual maturity


(In thousands)	Amortized Cost		Fair Value
U.S. Treasury securities:
Due in 1 year	$	78,956	$	79,335
Due after 1 but within 5 years	130,312		134,802
Due after 5 but within 10 years	49,125		53,165
Due after 10 years	985		1,142
Subtotal	259,378		268,444
U.S. agency securities:
Due in 1 year	8,906		8,958
Due after 1 but within 5 years	9,024		9,127
Subtotal	17,930		18,085
Municipal debt securities:
Due in 1 year	6,881		6,892
Due after 1 but within 5 years	91,122		95,567
Due after 5 but within 10 years	235,030		254,387
Due after 10 years	180,837		194,671
Subtotal	513,870		551,517
Non-U.S. government securities:
Due in 1 year	—		—
Due after 1 but within 5 years	22,710		24,257
Due after 5 but within 10 years	24,246		27,680
Due after 10 years	9,089		9,670
Subtotal	56,045		61,607
Corporate debt securities:
Due in 1 year	148,292		149,617
Due after 1 but within 5 years	576,987		602,286
Due after 5 but within 10 years	322,649		350,632
Due after 10 years	22,099		23,977
Subtotal	1,070,027		1,126,512
U.S. agency mortgage-backed securities	963,670		995,905
Residential and commercial mortgage securities	391,921		409,282
Asset-backed securities	452,527		454,717
Money market funds	679,322		679,304
Total investments available for sale	$	4,404,690	$	4,565,373

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

Gross gains and losses realized on the sale of investments available for sale were as follows:


	Year Ended December 31,
(In thousands)	2020		2019		2018
Realized gross gains	$	5,608	$	5,238	$	2,201
Realized gross losses	2,482		1,746		883

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

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


	Less than 12 months				12 months or more				Total
December 31, 2020 (In thousands)	Fair Value		Gross Unrealized Losses		Fair Value		Gross Unrealized Losses		Fair Value		Gross Unrealized Losses
U.S. Treasury securities	$	28,776	$	(22)	$	—	$	—	$	28,776	$	(22)

U.S. agency mortgage-backed securities	152,671		(924)		3,007		(46)		155,678		(970)
Municipal debt securities	3,838		(15)		—		—		3,838		(15)

Corporate debt securities	141,803		(379)		—		—		141,803		(379)
Residential and commercial mortgage securities	63,203		(777)		9,516		(503)		72,719		(1,280)
Asset-backed securities	124,165		(483)		65,897		(573)		190,062		(1,056)
Money market funds	99,995		(18)		—		—		99,995		(18)
Total	$	614,451	$	(2,618)	$	78,420	$	(1,122)	$	692,871	$	(3,740)


	Less than 12 months				12 months or more				Total
December 31, 2019 (In thousands)	Fair Value		Gross Unrealized Losses		Fair Value		Gross Unrealized Losses		Fair Value		Gross Unrealized Losses
U.S. Treasury securities	$	29,013	$	(331)	$	42,981	$	(76)	$	71,994	$	(407)
U.S. agency securities	—		—		25,605		(51)		25,605		(51)
U.S. agency mortgage-backed securities	101,684		(1,042)		113,866		(1,290)		215,550		(2,332)
Municipal debt securities	10,651		(112)		624		(6)		11,275		(118)
Non-U.S. government securities	9,664		(47)		—		—		9,664		(47)
Corporate debt securities	83,013		(576)		14,531		(16)		97,544		(592)
Residential and commercial mortgage securities	59,341		(1,059)		3,442		(42)		62,783		(1,101)
Asset-backed securities	78,813		(202)		109,536		(1,219)		188,349		(1,421)

Total	$	372,179	$	(3,369)	$	310,585	$	(2,700)	$	682,764	$	(6,069)

Schedule of net investment income

Net investment income consists of:


	Year Ended December 31,
(In thousands)	2020		2019		2018
Fixed maturities	$	83,313	$	82,194	$	63,053
Short-term investments	1,669		5,049		3,873
Gross investment income	84,982		87,243		66,926
Investment expenses	(4,895)		(3,701)		(2,835)
Net investment income	$	80,087	$	83,542	$	64,091

Accounts Receivable (Tables)

12 Months Ended

Dec. 31, 2020

Receivables [Abstract]

Schedule of accounts receivable

Accounts receivable consists of the following at December 31:


(In thousands)	2020		2019
Premiums receivable	$	46,974	$	39,084
Other receivables	3,166		1,571
Total accounts receivable	50,140		40,655
Less: Allowance for doubtful accounts	—		—
Accounts receivable, net	$	50,140	$	40,655

Reinsurance (Tables)

12 Months Ended

Dec. 31, 2020

Reinsurance Disclosures [Abstract]

Schedule of effects of reinsurance

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


	Year Ended December 31,
(In thousands)	2020		2019		2018
Net premiums written:
Direct	$	922,851	$	796,344	$	696,055
Ceded (1)	(88,738)		(35,499)		(10,768)
Net premiums written	$	834,113	$	760,845	$	685,287

Net premiums earned:
Direct	$	951,302	$	812,924	$	660,260
Ceded (1)	(88,738)		(35,499)		(10,768)
Net premiums earned	$	862,564	$	777,425	$	649,492

_______________________________________________________________________________

(1)Net of profit commission.

Schedule of coverages and retentions

The following tables summarizes Essent Guaranty's excess of loss reinsurance agreements as of December 31, 2020:

Vintage Year

Reinsurer

Effective Date

Optional Termination Date

2015 & 2016

Radnor Re 2019-2 Ltd.

June 20, 2019

June 25, 2024

2017

Radnor Re 2018-1 Ltd.

March 22, 2018

March 25, 2023

(1)

2017

Panel of Reinsurers

November 1, 2018

October 1, 2023

(2)

2018

Radnor Re 2019-1 Ltd.

February 28, 2019

February 25, 2026

2018

Panel of Reinsurers

February 28, 2019

February 25, 2026

2019

Radnor Re 2020-1 Ltd.

January 30, 2020

January 25, 2027

2019

Panel of Reinsurers

January 30, 2020

January 25, 2027

2019 & 2020

Radnor Re 2020-2 Ltd.

October 8, 2020

October 25, 2027

_______________________________________________________________________________

(1)If the reinsurance agreement is not terminated at the optional termination date, the risk margin component of the reinsurance premium increases by 50%.

(2)If the reinsurance agreement is not terminated at the optional termination date, the reinsurance premium increases by 50%.

The following table summarizes Essent Guaranty's excess of loss reinsurance coverages and retentions as of December 31, 2020:


(In thousands)					Remaining Reinsurance in Force
Vintage Year	Remaining Insurance in Force		Remaining Risk in Force		ILN		Other Reinsurance			Total		Remaining First Layer Retention
2015 & 2016	$	16,329,165	$	4,411,094	$	216,480	$	—		$	216,480	$	207,787
2017	15,856,384		4,052,481		242,123		165,167		(5)	407,290		218,838
2018	18,295,450		4,646,734		325,537		76,144		(6)	401,681		251,262
2019 (3)	22,137,416		5,643,954		495,889		55,102		(7)	550,991		215,509
2019 & 2020 (4)	48,570,459		12,141,563		399,159		—			399,159		465,690
Total	$	121,188,874	$	30,895,826	$	1,679,188	$	296,413		$	1,975,601	$	1,359,086

_______________________________________________________________________________

(3)Reinsurance coverage on new insurance written from January 1, 2019 through August 31, 2019.

(4)Reinsurance coverage on new insurance written from September 1, 2019 through July 31, 2020.

(5)Coverage provided immediately above the coverage provided by Radnor Re 2018-1 Ltd.

(6)Coverage provided pari-passu to the coverage provided by Radnor Re 2019-1 Ltd.

(7)Coverage provided pari-passu to the coverage provided by Radnor Re 2020-1 Ltd.

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 2018-1 Ltd.	$	242,123	$	462	$	32	$	494
Radnor Re 2019-1 Ltd.	325,537		(2,071)		56		(2,015)
Radnor Re 2019-2 Ltd.	216,480		(1,509)		26		(1,483)
Radnor Re 2020-1 Ltd.	495,889		(1,046)		123		(923)
Radnor Re 2020-2 Ltd.	399,159		(181)		109		(72)
Total	$	1,679,188	$	(4,345)	$	346	$	(3,999)

- 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

Reserve for Losses and Loss Adjustment Expenses (Tables)

12 Months Ended

Dec. 31, 2020

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

Schedule of reconciliation of beginning and ending reserve balances for losses and loss adjustment expenses (LAE)

The following table provides a reconciliation of the beginning and ending reserve balances for losses and loss adjustment expenses ("LAE") for the years ended December 31:


($ in thousands)	2020		2019		2018
Reserve for losses and LAE at beginning of year	$	69,362	$	49,464	$	46,850
Less: Reinsurance recoverables	71		—		—
Net reserve for losses and LAE at beginning of year	69,291		49,464		46,850
Add provision for losses and LAE, net of reinsurance, occurring in:
Current year	317,516		50,562		36,438
Prior years	(16,223)		(17,576)		(24,863)
Net incurred losses and LAE during the current year	301,293		32,986		11,575
Deduct payments for losses and LAE, net of reinsurance, occurring in:
Current year	1,018		1,288		1,310
Prior years	13,686		11,871		7,651
Net loss and LAE payments during the current year	14,704		13,159		8,961
Net reserve for losses and LAE at end of year	355,880		69,291		49,464
Plus: Reinsurance recoverables	19,061		71		—
Reserve for losses and LAE at end of year	$	374,941	$	69,362	$	49,464

Loans in default at end of year	31,469		5,947		4,024


	Incurred Loss and Allocated LAE, For the Years Ended December 31,																				As of December 31, 2020
($ in thousands)																					Total of IBNR plus Expected Development on Reported Defaults		Cumulative Number of Reported Defaults (1)
	Unaudited
Accident Year	2011		2012		2013		2014		2015		2016		2017		2018		2019		2020
2011	$	57	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—	1
2012			1,523		858		814		781		748		809		808		808		808		—		19
2013					2,986		2,461		2,008		1,997		2,060		2,058		2,058		2,058		—		51
2014							6,877		4,312		3,323		2,984		2,930		2,897		2,882		1		92
2015									14,956		9,625		8,893		8,439		8,461		8,323		18		214
2016											21,889		11,890		9,455		9,219		8,972		45		252
2017													38,178		16,261		12,202		11,488		85		365
2018															36,438		23,168		19,536		424		606
2019																	50,562		39,085		2,151		1,551
2020																			317,516		23,023		29,834
Total																			$	410,668

(1) Cumulative number of reported defaults includes cumulative paid claims plus loans in default by accident year as of December 31, 2020.


($ in thousands)	Cumulative Paid Losses and Allocated LAE For the Years Ended December 31,
	Unaudited
Accident Year	2011		2012		2013		2014		2015		2016		2017		2018		2019		2020
2011	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—
2012			24		535		659		665		665		808		808		808		808
2013					239		928		1,501		1,775		1,880		2,058		2,058		2,058
2014							138		1,587		2,463		2,787		2,897		2,882		2,867
2015									544		3,610		6,960		7,535		7,961		8,055
2016											927		4,896		6,947		7,864		8,270
2017													633		5,370		9,156		10,257
2018															1,310		8,067		13,406
2019																	1,288		8,049
2020																			1,018
Total																			$	54,788
All outstanding liabilities before 2011, net of reinsurance																			—
Reserve for losses and LAE, net of reinsurance																			$	355,880

The following table provides a reconciliation of the net incurred losses and paid claims development tables above to the reserve for losses and LAE at December 31, 2020:


($ in thousands)	December 31, 2020
Reserve for losses and LAE, net of reinsurance	$	355,880
Reinsurance recoverables on unpaid claims	19,061
Total gross reserve for losses and LAE	$	374,941

For our mortgage insurance portfolio, our average annual payout of losses as of December 31, 2020 is as follows:


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

Average Payout	6	%	40	%	28	%	9	%	4	%	7	%	0	%	0	%	0	%

Commitments and Contingencies (Tables)

12 Months Ended

Dec. 31, 2020

Commitments and Contingencies Disclosure [Abstract]

Schedule of lease cost and other information

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


	Year Ended December 31,
($ in thousands)	2020			2019
Lease cost:
Operating lease cost	$	2,532		$	2,479
Short-term lease cost	19			101
Sublease income	(131)			(129)
Total lease cost	$	2,420		$	2,451

Other information:
Weighted average remaining lease term - operating leases	3.8 years			4.8 years
Weighted average discount rate - operating leases	3.9		%	4.0		%

Schedule of lease liability maturity

The following table presents a maturity analysis of our lease liabilities as follows at December 31, 2020:


Year Ended December 31 (In thousands)
2021	$	3,261
2022	3,309
2023	3,017
2024	1,334
2025	793
2026 and thereafter	—
Total lease payments to be paid	11,714
Less: Future interest expense	(864)
Present value of lease liabilities	$	10,850

Capital Stock (Tables)

12 Months Ended

Dec. 31, 2020

Equity [Abstract]

Summary of dividends declared and paid

In each subsequent quarter, we declared and paid quarterly cash dividends on our common shares. The following table presents the amounts declared and paid per common share each quarter:


Quarter Ended	2020		2019
March 31	$	0.16	$	—
June 30	0.16		—
September 30	0.16		0.15
December 31	0.16		0.15

Total dividends per common share declared and paid	$	0.64	$	0.30

In February 2021, the Board of Directors declared a quarterly cash dividend of $0.16 per common share payable on March 19, 2021, to shareholders of record on March 10, 2021.

Stock-Based Compensation (Tables)

12 Months Ended

Dec. 31, 2020

Share-based Payment Arrangement [Abstract]

Schedule of portion of nonvested common shares earned based upon achievement of compounded annual book value per share growth

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


	2017 Performance-Based Grants				2016 Performance-Based Grants				2013, 2014 and 2015 Performance-Based Grants
Performance level	Compounded Annual Book Value Per Share Growth		Nonvested Common Shares Earned		Compounded Annual Book Value Per Share Growth		Nonvested Common Shares Earned		Compounded Annual Book Value Per Share Growth		Nonvested Common Shares Earned
	<16	%	0	%	<13	%	0	%	<11	%	0	%
Threshold	16	%	25	%	13	%	25	%	11	%	10	%
	17	%	50	%	14	%	50	%	12	%	36	%
	18	%	75	%	15	%	75	%	13	%	61	%
									14	%	87	%
Maximum	≥19	%	100	%	≥16	%	100	%	≥15	%	100	%


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

Summary of nonvested common share and nonvested common share unit activity

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


	2020
	Time and Performance- Based Share Awards			Time-Based Share Awards			Share Units			DEUs
(Shares in thousands)	Number of Shares	Weighted Average Grant Date Fair Value		Number of Shares	Weighted Average Grant Date Fair Value		Number of Share Units	Weighted Average Grant Date Fair Value		Dividend Equivalent Units	Weighted Average Grant Date Fair Value
Outstanding at beginning of year	394	$	42.02	169	$	41.31	351	$	39.78	5	$	51.11
Granted	109	51.52		69	51.52		350	48.75		19	35.42
Vested	(140)	36.29		(85)	40.47		(192)	37.76		(3)	49.79
Forfeited	—	N/A		—	N/A		(17)	50.04		—	33.86
Outstanding at end of year	363	$	47.09	153	$	46.34	492	$	46.59	21	$	37.66


	2019
	Time and Performance- Based Share Awards			Time-Based Share Awards			Share Units			DEUs
(Shares in thousands)	Number of Shares	Weighted Average Grant Date Fair Value		Number of Shares	Weighted Average Grant Date Fair Value		Number of Share Units	Weighted Average Grant Date Fair Value		Dividend Equivalent Units	Weighted Average Grant Date Fair Value
Outstanding at beginning of year	482	$	29.49	207	$	32.82	449	$	34.35	—	N/A
Granted	141	45.32		90	40.98		143	42.08		5	$	51.09
Vested	(229)	17.69		(128)	27.37		(232)	30.85		—	48.63
Forfeited	—	N/A		—	N/A		(9)	35.53		—	49.27
Outstanding at end of year	394	$	42.02	169	$	41.31	351	$	39.78	5	$	51.11


	2018
	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	1,595	$	17.03	410	$	21.12	536	$	29.13
Granted	113	45.02		73	45.02		161	42.19
Vested	(1,226)	14.71		(276)	18.67		(238)	28.02
Forfeited	—	N/A		—	N/A		(10)	31.59
Outstanding at end of year	482	$	29.49	207	$	32.82	449	$	34.35

Schedule of compensation expense, net of forfeitures, and related tax effects recognized in connection with nonvested shares

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


(In thousands)	2020		2019		2018
Compensation expense	$	18,462	$	16,588	$	15,073
Income tax benefit	3,511		3,125		2,805

Income Taxes (Tables)

12 Months Ended

Dec. 31, 2020

Income Tax Disclosure [Abstract]

Schedule of components of income tax expense

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


(In thousands)	2020		2019		2018
Current	$	38,402	$	43,867	$	28,644
Deferred	38,653		59,481		50,692

Total income tax expense	$	77,055	$	103,348	$	79,336

Schedule of reconciliation of difference between income tax expense and expected tax provision at weighted average tax rate

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


	2020				2019				2018
($ in thousands)	$		% of pretax income		$		% of pretax income		$		% of pretax income
Tax provision at weighted average statutory rates	$	75,763	15.5	%	$	104,213	15.8	%	$	87,815	16.1	%

Non-deductible expenses	2,482		0.5		2,595		0.4		1,483		0.3
Tax exempt interest, net of proration	(1,462)		(0.3)		(1,541)		(0.2)		(1,741)		(0.3)
Excess tax benefits from stock-based compensation	(599)		(0.1)		(1,997)		(0.3)		(9,644)		(1.8)

Other	871		0.1		78		0.0		1,423		0.2
Total income tax expense	$	77,055	15.7	%	$	103,348	15.7	%	$	79,336	14.5	%

Schedule of net deferred tax (liability) asset and components

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


(In thousands)	2020		2019
Deferred tax assets	$	29,577	$	29,392
Deferred tax liabilities	(334,686)		(279,012)
Net deferred tax liability	$	(305,109)	$	(249,620)

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


(In thousands)	2020		2019
Contingency reserves	$	(300,281)	$	(261,855)
Unrealized (gain) loss on investments	(30,050)		(13,214)
Unearned premium reserve	15,192		16,641
Accrued expenses	4,202		3,391
Deferred policy acquisition costs	(3,571)		(3,298)
Unearned ceding commissions	2,951		3,227
Loss reserves	2,529		416
Nonvested shares	1,767		2,426
Start-up expenditures, net	1,137		1,410
Change in fair market value of derivatives	912		370
Fixed assets	880		1,502
Investments in limited partnerships	(561)		(400)
Prepaid expenses	(129)		(132)
Loss reserves - TCJA transition adjustment	(94)		(113)
Organizational expenditures	7		9

Net deferred tax liability	$	(305,109)	$	(249,620)

Earnings per Share (EPS) (Tables)

12 Months Ended

Dec. 31, 2020

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


(In thousands, except per share amounts)	2020		2019		2018
Net income	$	413,041	$	555,713	$	467,363

Basic weighted average shares outstanding	106,098		97,762		97,403
Dilutive effect of nonvested shares	278		465		571
Diluted weighted average shares outstanding	106,376		98,227		97,974

Basic earnings per share	$	3.89	$	5.68	$	4.80
Diluted earnings per share	$	3.88	$	5.66	$	4.77

Disclosure of share-based compensation arrangements by share-based payment award

Based on the compounded annual book value per share growth as of December 31, 2020, the following percentages of the performance-based share awards would be issuable under the terms of the arrangements if December 31, 2020 was the end of the contingency period:


2018 Performance-Based Grants	100	%
2019 Performance-Based Grants	100	%
2020 Performance-Based Grants	25	%

Accumulated Other Comprehensive Income (Loss) (Tables)

12 Months Ended

Dec. 31, 2020

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

Rollforward of accumulated other comprehensive income (loss)

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


	2020						2019
(In thousands)	Before Tax		Tax Effect		Net of Tax		Before Tax		Tax Effect		Net of Tax
Balance at beginning of year	$	69,401	$	(13,214)	$	56,187	$	(33,276)	$	4,283	$	(28,993)
Other comprehensive income (loss):
Unrealized holding gains (losses) on investments:
Unrealized holding gains arising during the year	101,620		(17,286)		84,334		105,906		(17,995)		87,911
Less: Reclassification adjustment for gains included in net income (1)	(2,697)		450		(2,247)		(3,229)		498		(2,731)
Net unrealized gains on investments	98,923		(16,836)		82,087		102,677		(17,497)		85,180
Other comprehensive gain	98,923		(16,836)		82,087		102,677		(17,497)		85,180
Balance at end of year	$	168,324	$	(30,050)	$	138,274	$	69,401	$	(13,214)	$	56,187

_______________________________________________________________________________

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

Fair Value of Financial Instruments (Tables)

12 Months Ended

Dec. 31, 2020

Fair Value Disclosures [Abstract]

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


December 31, 2020 (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	$	268,444	$	—	$	—	$	268,444
U.S. agency securities	—		18,085		—		18,085
U.S. agency mortgage-backed securities	—		995,905		—		995,905
Municipal debt securities	—		551,517		—		551,517
Non-U.S. government securities	—		61,607		—		61,607
Corporate debt securities	—		1,126,512		—		1,126,512
Residential and commercial mortgage securities	—		409,282		—		409,282
Asset-backed securities	—		454,717		—		454,717
Money market funds	679,304		—		—		679,304
Total assets at fair value (1)	$	947,748	$	3,617,625	$	—	$	4,565,373


December 31, 2019 (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	$	242,206	$	—	$	—	$	242,206
U.S. agency securities	—		33,605		—		33,605
U.S. agency mortgage-backed securities	—		848,334		—		848,334
Municipal debt securities	—		361,638		—		361,638
Non-U.S. government securities	—		54,995		—		54,995
Corporate debt securities	—		880,301		—		880,301
Residential and commercial mortgage securities	—		288,281		—		288,281
Asset-backed securities	—		326,025		—		326,025
Money market funds	315,362		—		—		315,362
Total assets at fair value (1)	$	557,568	$	2,793,179	$	—	$	3,350,747

_______________________________________________________________________________

Statutory Accounting (Tables)

12 Months Ended

Dec. 31, 2020

Insurance [Abstract]

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

The following table presents Essent Guaranty’s and Essent PA’s statutory net income, statutory surplus and contingency reserve liability as of and for the years ended December 31:


(In thousands)	2020		2019		2018
Essent Guaranty
Statutory net income	$	312,091	$	443,675	$	379,119
Statutory surplus	1,048,878		1,032,416		872,105
Contingency reserve liability	1,499,782		1,197,279		916,568

Essent PA
Statutory net income	$	4,560	$	8,073	$	9,306
Statutory surplus	54,354		52,936		49,336
Contingency reserve liability	56,032		52,957		48,545

- 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

Quarterly Financial Data (Unaudited) (Tables)

12 Months Ended

Dec. 31, 2020

Quarterly Financial Information Disclosure [Abstract]

Summary of unaudited quarterly results of operations

The following table summarizes the unaudited results of operations for each quarter of 2020 and 2019.


	2020
(In thousands, except per share amounts)	December 31		September 30		June 30		March 31
Net premiums earned	$	222,339	$	222,258	$	211,471	$	206,496
Other revenues	24,860		20,780		24,606		22,344
Provision for losses and LAE	62,073		55,280		175,877		8,063
Other underwriting and operating expenses	36,825		37,100		38,819		41,947
Interest expense	2,149		2,227		2,566		2,132
Income before income taxes	146,152		148,431		18,815		176,698
Net income	123,602		124,536		15,380		149,523
Basic earnings per common share	$	1.10	$	1.11	$	0.15	$	1.53
Diluted earnings per common share	$	1.10	$	1.11	$	0.15	$	1.52
Basic weighted average shares outstanding	111,908		111,908		102,500		97,949
Diluted weighted average shares outstanding	112,310		112,134		102,605		98,326


	2019
(In thousands, except per share amounts)	December 31		September 30		June 30		March 31
Net premiums earned	$	207,671	$	203,473	$	188,490	$	177,791
Other revenues	21,091		22,914		23,402		22,735
Provision for losses and LAE	10,929		9,990		4,960		7,107
Other underwriting and operating expenses	41,231		41,588		41,520		41,030
Interest expense	2,218		2,584		2,679		2,670
Income before income taxes	174,384		172,225		162,733		149,719
Net income	146,958		144,630		136,405		127,720
Basic earnings per common share	$	1.50	$	1.48	$	1.39	$	1.31
Diluted earnings per common share	$	1.49	$	1.47	$	1.39	$	1.30
Basic weighted average shares outstanding	97,830		97,822		97,798		97,595
Diluted weighted average shares outstanding	98,376		98,257		98,170		98,104

Nature of Operations and Basis of Presentation (Details) - state	3 Months Ended	12 Months Ended
	Mar. 31, 2019	Dec. 31, 2020
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Residential mortgage down payment percentage for which mortgage insurance is generally required (less than)		20.00%
Essent Guaranty
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Number of states in which the entity is licensed to write mortgage insurance		50
Affiliated Entity \| Essent Re \| Quota share reinsurance
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Reinsurance percentage		25.00%
Affiliated Entity \| Essent PA \| Reinsurance for mortgage insurance coverage in excess of 25%
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Reinsurance for mortgage insurance coverage threshold	25.00%

Summary of Significant Accounting Policies - Long-Lived Assets (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Long-Lived Assets
Cost	$ 67,354	$ 64,908
Accumulated Depreciation/ Amortization	$ (60,967)	(57,639)
Furniture and fixtures
Long-Lived Assets
Estimated useful lives	5 years
Cost	$ 2,220	2,148
Accumulated Depreciation/ Amortization	$ (2,068)	(2,017)
Equipment, computer hardware and purchased software \| Minimum
Long-Lived Assets
Estimated useful lives	2 years
Equipment, computer hardware and purchased software \| Maximum
Long-Lived Assets
Estimated useful lives	3 years
Office equipment
Long-Lived Assets
Cost	$ 848	848
Accumulated Depreciation/ Amortization	(772)	(700)
Computer hardware
Long-Lived Assets
Cost	10,282	9,764
Accumulated Depreciation/ Amortization	(8,987)	(7,728)
Purchased software
Long-Lived Assets
Cost	38,434	37,909
Accumulated Depreciation/ Amortization	$ (37,404)	(36,716)
Costs of internal-use software
Long-Lived Assets
Estimated useful lives	3 years
Cost	$ 10,783	9,595
Accumulated Depreciation/ Amortization	(8,959)	(8,185)
Leasehold improvements
Long-Lived Assets
Cost	4,787	4,644
Accumulated Depreciation/ Amortization	$ (2,777)	$ (2,293)

Summary of Significant Accounting Policies - Deferred Policy Acquisition Costs (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Deferred Policy Acquisition Costs
Policy acquisition costs deferred	$ 10.1	$ 7.8	$ 7.4
Other underwriting and operating expenses
Deferred Policy Acquisition Costs
Amortization of deferred policy acquisition costs	$ 8.8	$ 8.1	$ 6.7

- Definition

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

+ References + Details

Summary of Significant Accounting Policies - Insurance Premium Revenue Recognition (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Accounting Policies [Abstract]
Earned premiums from mortgage guaranty insurance monthly policies as a percentage of total earned premiums	84.00%
Threshold coverage period for single premium primary mortgage insurance policies (more than)	1 year
Unearned single premium recognized as earned upon notice of policy cancellation due to repayment of insured loan by borrower	$ 88.9	$ 42.5

Summary of Significant Accounting Policies - Reserve for Losses and Loss Adjustment Expense and Premium Deficiency Reserve (Details)	12 Months Ended
	Dec. 31, 2020 USD ($) payment	Dec. 31, 2019 USD ($)
Reserve for Losses and Loss Adjustment Expenses
Number of consecutive missed loan payments by borrower for classification of insured loan as in default \| payment	2
Premium Deficiency Reserve
Premium deficiency reserve \| $	$ 0	$ 0

Investments - Summary of Available for Sale (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	$ 4,404,690	$ 3,282,585
Unrealized Gains	164,423	74,231
Unrealized Losses	(3,740)	(6,069)
Fair Value	4,565,373	3,350,747
U.S. Treasury securities
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	259,378	239,087
Unrealized Gains	9,088	3,526
Unrealized Losses	(22)	(407)
Fair Value	268,444	242,206
U.S. agency securities
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	17,930	33,620
Unrealized Gains	155	36
Unrealized Losses	0	(51)
Fair Value	18,085	33,605
U.S. agency mortgage-backed securities
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	963,670	836,710
Unrealized Gains	33,205	13,956
Unrealized Losses	(970)	(2,332)
Fair Value	995,905	848,334
Municipal debt securities
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	513,870	339,511
Unrealized Gains	37,662	22,245
Unrealized Losses	(15)	(118)
Fair Value	551,517	361,638
Non-U.S. government securities
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	56,045	52,230
Unrealized Gains	5,562	2,812
Unrealized Losses	0	(47)
Fair Value	61,607	54,995
Corporate debt securities
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	1,070,027	856,638
Unrealized Gains	56,864	24,255
Unrealized Losses	(379)	(592)
Fair Value	1,126,512	880,301
Residential and commercial mortgage securities
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	391,921	282,840
Unrealized Gains	18,641	6,542
Unrealized Losses	(1,280)	(1,101)
Fair Value	409,282	288,281
Asset-backed securities
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	452,527	326,589
Unrealized Gains	3,246	857
Unrealized Losses	(1,056)	(1,421)
Fair Value	454,717	326,025
Money market funds
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	679,322	315,360
Unrealized Gains	0	2
Unrealized Losses	(18)	0
Fair Value	$ 679,304	$ 315,362

Investments - Summary of Municipal Debt Securities and Corporate Debt Securities (Details)	Dec. 31, 2020	Dec. 31, 2019
Municipal debt securities
Debt Securities, Available-for-sale [Line Items]
Percentage of debt securities	100.00%	100.00%
Corporate debt securities
Debt Securities, Available-for-sale [Line Items]
Percentage of debt securities	100.00%	100.00%
Special revenue bonds \| Municipal debt securities
Debt Securities, Available-for-sale [Line Items]
Percentage of debt securities	76.80%	74.50%
General obligation bonds \| Municipal debt securities
Debt Securities, Available-for-sale [Line Items]
Percentage of debt securities	20.30%	21.30%
Certificate of participation bonds \| Municipal debt securities
Debt Securities, Available-for-sale [Line Items]
Percentage of debt securities	2.30%	3.40%
Tax allocation bonds \| Municipal debt securities
Debt Securities, Available-for-sale [Line Items]
Percentage of debt securities	0.60%	0.80%
Financial \| Corporate debt securities
Debt Securities, Available-for-sale [Line Items]
Percentage of debt securities	34.90%	34.40%
Consumer, non-cyclical \| Corporate debt securities
Debt Securities, Available-for-sale [Line Items]
Percentage of debt securities	19.10%	20.10%
Communications \| Corporate debt securities
Debt Securities, Available-for-sale [Line Items]
Percentage of debt securities	9.30%	10.30%
Energy \| Corporate debt securities
Debt Securities, Available-for-sale [Line Items]
Percentage of debt securities	8.20%	8.30%
Consumer, cyclical \| Corporate debt securities
Debt Securities, Available-for-sale [Line Items]
Percentage of debt securities	8.00%	7.60%
Technology \| Corporate debt securities
Debt Securities, Available-for-sale [Line Items]
Percentage of debt securities	6.10%	4.80%
Utilities \| Corporate debt securities
Debt Securities, Available-for-sale [Line Items]
Percentage of debt securities	5.90%	6.20%
Industrial \| Corporate debt securities
Debt Securities, Available-for-sale [Line Items]
Percentage of debt securities	5.30%	4.20%
Basic materials \| Corporate debt securities
Debt Securities, Available-for-sale [Line Items]
Percentage of debt securities	3.10%	4.10%
Government \| Corporate debt securities
Debt Securities, Available-for-sale [Line Items]
Percentage of debt securities	0.10%	0.00%

Investments - Summary of Available For Sale Maturity (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Amortized Cost
Amortized Cost	$ 4,404,690	$ 3,282,585
Fair Value
Fair Value	4,565,373	3,350,747
U.S. Treasury securities
Amortized Cost
Due in 1 year	78,956
Due after 1 but within 5 years	130,312
Due after 5 but within 10 years	49,125
Due after 10 years	985
Subtotal	259,378
Amortized Cost	259,378	239,087
Fair Value
Due in 1 year	79,335
Due after 1 but within 5 years	134,802
Due after 5 but within 10 years	53,165
Due after 10 years	1,142
Subtotal	268,444
Fair Value	268,444	242,206
U.S. agency securities
Amortized Cost
Due in 1 year	8,906
Due after 1 but within 5 years	9,024
Subtotal	17,930
Amortized Cost	17,930	33,620
Fair Value
Due in 1 year	8,958
Due after 1 but within 5 years	9,127
Subtotal	18,085
Fair Value	18,085	33,605
Municipal debt securities
Amortized Cost
Due in 1 year	6,881
Due after 1 but within 5 years	91,122
Due after 5 but within 10 years	235,030
Due after 10 years	180,837
Subtotal	513,870
Amortized Cost	513,870	339,511
Fair Value
Due in 1 year	6,892
Due after 1 but within 5 years	95,567
Due after 5 but within 10 years	254,387
Due after 10 years	194,671
Subtotal	551,517
Fair Value	551,517	361,638
Non-U.S. government securities
Amortized Cost
Due in 1 year	0
Due after 1 but within 5 years	22,710
Due after 5 but within 10 years	24,246
Due after 10 years	9,089
Subtotal	56,045
Amortized Cost	56,045	52,230
Fair Value
Due in 1 year	0
Due after 1 but within 5 years	24,257
Due after 5 but within 10 years	27,680
Due after 10 years	9,670
Subtotal	61,607
Fair Value	61,607	54,995
Corporate debt securities
Amortized Cost
Due in 1 year	148,292
Due after 1 but within 5 years	576,987
Due after 5 but within 10 years	322,649
Due after 10 years	22,099
Subtotal	1,070,027
Amortized Cost	1,070,027	856,638
Fair Value
Due in 1 year	149,617
Due after 1 but within 5 years	602,286
Due after 5 but within 10 years	350,632
Due after 10 years	23,977
Subtotal	1,126,512
Fair Value	1,126,512	880,301
U.S. agency mortgage-backed securities
Amortized Cost
Amortized Cost	963,670	836,710
Fair Value
Fair Value	995,905	848,334
Residential and commercial mortgage securities
Amortized Cost
Amortized Cost	391,921	282,840
Fair Value
Fair Value	409,282	288,281
Asset-backed securities
Amortized Cost
Amortized Cost	452,527	326,589
Fair Value
Fair Value	454,717	326,025
Money market funds
Amortized Cost
Amortized Cost	679,322	315,360
Fair Value
Fair Value	$ 679,304	$ 315,362

Investments - Summary of Realized Gain and Loss and Investments in Unrealized Loss Position (Details)	12 Months Ended
	Dec. 31, 2020 USD ($) security	Dec. 31, 2019 USD ($) security	Dec. 31, 2018 USD ($)
Debt Securities, Available-for-sale [Line Items]
Realized gross gains	$ 5,608,000	$ 5,238,000	$ 2,201,000
Realized gross losses	2,482,000	1,746,000	883,000
Fair Value
Less than 12 months	614,451,000	372,179,000
12 months or more	78,420,000	310,585,000
Total	692,871,000	682,764,000
Gross Unrealized Losses
Less than 12 months	(2,618,000)	(3,369,000)
12 months or more	(1,122,000)	(2,700,000)
Total	$ (3,740,000)	$ (6,069,000)
Other Information
Number of investment securities in unrealized loss position \| security	363	365
Other-than-temporary impairment	$ 400,000	$ 300,000	$ 0
Other invested assets	88,904,000	78,873,000
Fair value of investments deposited with insurance regulatory authorities to meet statutory requirements	$ 9,700,000	9,400,000
Internal Investment Grade \| Securities \| Credit Concentration Risk
Other Information
Concentration risk, percentage	98.00%
Essent Re
Other Information
Fair value of the required investments on deposit in trusts	$ 1,100,000,000	805,500,000
Essent Guaranty
Other Information
Assets on deposit under reinsurance agreement	8,500,000	6,400,000
Assets on deposit for the benefit of the sponsor	12,000,000.0	6,400,000
U.S. Treasury securities
Fair Value
Less than 12 months	28,776,000	29,013,000
12 months or more	0	42,981,000
Total	28,776,000	71,994,000
Gross Unrealized Losses
Less than 12 months	(22,000)	(331,000)
12 months or more	0	(76,000)
Total	(22,000)	(407,000)
U.S. agency securities
Fair Value
Less than 12 months		0
12 months or more		25,605,000
Total		25,605,000
Gross Unrealized Losses
Less than 12 months		0
12 months or more		(51,000)
Total		(51,000)
U.S. agency mortgage-backed securities
Fair Value
Less than 12 months	152,671,000	101,684,000
12 months or more	3,007,000	113,866,000
Total	155,678,000	215,550,000
Gross Unrealized Losses
Less than 12 months	(924,000)	(1,042,000)
12 months or more	(46,000)	(1,290,000)
Total	(970,000)	(2,332,000)
Municipal debt securities
Fair Value
Less than 12 months	3,838,000	10,651,000
12 months or more	0	624,000
Total	3,838,000	11,275,000
Gross Unrealized Losses
Less than 12 months	(15,000)	(112,000)
12 months or more	0	(6,000)
Total	(15,000)	(118,000)
Non-U.S. government securities
Fair Value
Less than 12 months		9,664,000
12 months or more		0
Total		9,664,000
Gross Unrealized Losses
Less than 12 months		(47,000)
12 months or more		0
Total		(47,000)
Corporate debt securities
Fair Value
Less than 12 months	141,803,000	83,013,000
12 months or more	0	14,531,000
Total	141,803,000	97,544,000
Gross Unrealized Losses
Less than 12 months	(379,000)	(576,000)
12 months or more	0	(16,000)
Total	(379,000)	(592,000)
Residential and commercial mortgage securities
Fair Value
Less than 12 months	63,203,000	59,341,000
12 months or more	9,516,000	3,442,000
Total	72,719,000	62,783,000
Gross Unrealized Losses
Less than 12 months	(777,000)	(1,059,000)
12 months or more	(503,000)	(42,000)
Total	(1,280,000)	(1,101,000)
Asset-backed securities
Fair Value
Less than 12 months	124,165,000	78,813,000
12 months or more	65,897,000	109,536,000
Total	190,062,000	188,349,000
Gross Unrealized Losses
Less than 12 months	(483,000)	(202,000)
12 months or more	(573,000)	(1,219,000)
Total	(1,056,000)	$ (1,421,000)
Money market funds
Fair Value
Less than 12 months	99,995,000
12 months or more	0
Total	99,995,000
Gross Unrealized Losses
Less than 12 months	(18,000)
12 months or more	0
Total	$ (18,000)

Investments - Net Investment Income (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Components of net investment income
Gross investment income	$ 84,982	$ 87,243	$ 66,926
Investment expenses	(4,895)	(3,701)	(2,835)
Net investment income	80,087	83,542	64,091
Fixed maturities
Components of net investment income
Gross investment income	83,313	82,194	63,053
Short-term investments
Components of net investment income
Gross investment income	$ 1,669	$ 5,049	$ 3,873

Accounts Receivable (Details) - USD ($)	12 Months Ended
Accounts Receivable (Details) - USD ($)	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Accounts Receivable
Premiums receivable	$ 46,974,000	$ 39,084,000
Other receivables	3,166,000	1,571,000
Total accounts receivable	50,140,000	40,655,000
Less: Allowance for doubtful accounts	0	0
Accounts receivable, net	50,140,000	40,655,000
Provision for doubtful accounts	$ 0	$ 0	$ 0
Premiums receivable
Accounts Receivable
Threshold period unpaid for write-off of mortgage insurance premiums (more than)	90 days

Reinsurance - Effect on Net Premiums Written and Earned (Details) - USD ($) $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2020	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Net premiums written:
Direct									$ 922,851	$ 796,344	$ 696,055
Ceded									(88,738)	(35,499)	(10,768)
Net premiums written									834,113	760,845	685,287
Net premiums earned:
Direct									951,302	812,924	660,260
Ceded									(88,738)	(35,499)	(10,768)
Net premiums earned	$ 222,339	$ 222,258	$ 211,471	$ 206,496	$ 207,671	$ 203,473	$ 188,490	$ 177,791	$ 862,564	$ 777,425	$ 649,492

Reinsurance - Quota Share Reinsurance (Details) - Quota Share Reinsurance - USD ($) $ in Billions		12 Months Ended
	Sep. 01, 2019	Dec. 31, 2022	Dec. 31, 2020
SEC Schedule, 12-17, Insurance Companies, Reinsurance, Net [Abstract]
Ceded premiums earned related to percent of risk on eligible single premium policies	40.00%
Ceded premiums earned related to percent of risk on all other eligible policies written	20.00%
Ceding commission	20.00%
Profit commission, maximum	60.00%
Risk In force, ceded			$ 6.3
Forecast
SEC Schedule, 12-17, Insurance Companies, Reinsurance, Net [Abstract]
Profit commission, maximum		63.00%

Reinsurance - Excess of Loss Reinsurance (Details) - Mortgage Insurance	12 Months Ended
	Dec. 31, 2020
Essent Guaranty \| Radnor Re \| Variable Interest Entity
SEC Schedule, 12-17, Insurance Companies, Reinsurance [Line Items]
Amortization period	10 years
Essent Guaranty \| Other Reinsurance
SEC Schedule, 12-17, Insurance Companies, Reinsurance [Line Items]
Amortization period	10 years
Radnor Re \| Variable Interest Entity \| Mortgage Insurance Linked Notes
SEC Schedule, 12-17, Insurance Companies, Reinsurance [Line Items]
Reinsurance debt issued to cover insurance term	10 years

Reinsurance - Premium Details (Details) - 2017	Dec. 31, 2020
Radnor Re 2018-1 Ltd.
Effects of Reinsurance [Line Items]
Risk margin increase after optional termination date	50.00%
Panel of Reinsurers
Effects of Reinsurance [Line Items]
Reinsurance premium increase after options termination date	50.00%

Reinsurance - Essent Guaranty's Excess of Loss Reinsurance Coverages and Retentions (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2020 USD ($)
SEC Schedule, 12-17, Insurance Companies, Reinsurance [Line Items]
Remaining Insurance in Force	$ 121,188,874
Remaining Risk in Force	30,895,826
Remaining Reinsurance in Force	1,975,601
Remaining First Layer Retention	1,359,086
Radnor Entities
SEC Schedule, 12-17, Insurance Companies, Reinsurance [Line Items]
Remaining Reinsurance in Force	1,679,188
Other Reinsurance
SEC Schedule, 12-17, Insurance Companies, Reinsurance [Line Items]
Remaining Reinsurance in Force	296,413
2015 & 2016
SEC Schedule, 12-17, Insurance Companies, Reinsurance [Line Items]
Remaining Insurance in Force	16,329,165
Remaining Risk in Force	4,411,094
Remaining Reinsurance in Force	216,480
Remaining First Layer Retention	207,787
2015 & 2016 \| Radnor Re 2019-2 Ltd.
SEC Schedule, 12-17, Insurance Companies, Reinsurance [Line Items]
Remaining Reinsurance in Force	216,480
2015 & 2016 \| Other Reinsurance
SEC Schedule, 12-17, Insurance Companies, Reinsurance [Line Items]
Remaining Reinsurance in Force	0
2017
SEC Schedule, 12-17, Insurance Companies, Reinsurance [Line Items]
Remaining Insurance in Force	15,856,384
Remaining Risk in Force	4,052,481
Remaining Reinsurance in Force	407,290
Remaining First Layer Retention	218,838
2017 \| Radnor Re 2018-1 Ltd.
SEC Schedule, 12-17, Insurance Companies, Reinsurance [Line Items]
Remaining Reinsurance in Force	242,123
2017 \| Other Reinsurance
SEC Schedule, 12-17, Insurance Companies, Reinsurance [Line Items]
Remaining Reinsurance in Force	165,167
2018
SEC Schedule, 12-17, Insurance Companies, Reinsurance [Line Items]
Remaining Insurance in Force	18,295,450
Remaining Risk in Force	4,646,734
Remaining Reinsurance in Force	401,681
Remaining First Layer Retention	251,262
2018 \| Radnor Re 2019-1 Ltd.
SEC Schedule, 12-17, Insurance Companies, Reinsurance [Line Items]
Remaining Reinsurance in Force	325,537
2018 \| Other Reinsurance
SEC Schedule, 12-17, Insurance Companies, Reinsurance [Line Items]
Remaining Reinsurance in Force	76,144
2019
SEC Schedule, 12-17, Insurance Companies, Reinsurance [Line Items]
Remaining Insurance in Force	22,137,416
Remaining Risk in Force	5,643,954
Remaining Reinsurance in Force	550,991
Remaining First Layer Retention	215,509
2019 \| Radnor Re 2020-1 Ltd.
SEC Schedule, 12-17, Insurance Companies, Reinsurance [Line Items]
Remaining Reinsurance in Force	495,889
2019 \| Other Reinsurance
SEC Schedule, 12-17, Insurance Companies, Reinsurance [Line Items]
Remaining Reinsurance in Force	55,102
2019 & 2020
SEC Schedule, 12-17, Insurance Companies, Reinsurance [Line Items]
Remaining Insurance in Force	48,570,459
Remaining Risk in Force	12,141,563
Remaining Reinsurance in Force	399,159
Remaining First Layer Retention	465,690
2019 & 2020 \| Radnor Re 2020-2 Ltd.
SEC Schedule, 12-17, Insurance Companies, Reinsurance [Line Items]
Remaining Reinsurance in Force	399,159
2019 & 2020 \| Other Reinsurance
SEC Schedule, 12-17, Insurance Companies, Reinsurance [Line Items]
Remaining Reinsurance in Force	$ 0

Reinsurance - Summary of Total Assets and Maximum Exposure Loss (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Variable Interest Entity [Line Items]
Total VIE Assets	$ 5,202,724	$ 3,873,425
Variable Interest Entity
Variable Interest Entity [Line Items]
Total VIE Assets	1,679,188
Maximum exposure to loss, on - balance sheet	(4,345)
Maximum exposure to loss, off - balance sheet	346
Maximum exposure to loss, total	(3,999)
Radnor Re 2018-1 Ltd. \| Variable Interest Entity
Variable Interest Entity [Line Items]
Total VIE Assets	242,123
Maximum exposure to loss, on - balance sheet	462
Maximum exposure to loss, off - balance sheet	32
Maximum exposure to loss, total	494
Radnor Re 2019-1 Ltd. \| Variable Interest Entity
Variable Interest Entity [Line Items]
Total VIE Assets	325,537
Maximum exposure to loss, on - balance sheet	(2,071)
Maximum exposure to loss, off - balance sheet	56
Maximum exposure to loss, total	(2,015)
Radnor Re 2019-2 Ltd. \| Variable Interest Entity
Variable Interest Entity [Line Items]
Total VIE Assets	216,480
Maximum exposure to loss, on - balance sheet	(1,509)
Maximum exposure to loss, off - balance sheet	26
Maximum exposure to loss, total	(1,483)
Radnor Re 2020-1 Ltd. \| Variable Interest Entity
Variable Interest Entity [Line Items]
Total VIE Assets	495,889
Maximum exposure to loss, on - balance sheet	(1,046)
Maximum exposure to loss, off - balance sheet	123
Maximum exposure to loss, total	(923)
Radnor Re 2020-2 Ltd. \| Variable Interest Entity
Variable Interest Entity [Line Items]
Total VIE Assets	399,159
Maximum exposure to loss, on - balance sheet	(181)
Maximum exposure to loss, off - balance sheet	109
Maximum exposure to loss, total	$ (72)

Reserve for Losses and Loss Adjustment Expenses - Reconciliation of Reserve Balances for Losses and Loss Adjustment Expense (Details) $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2020 USD ($) loan	Sep. 30, 2020 USD ($)	Jun. 30, 2020 USD ($)	Mar. 31, 2020 USD ($)	Dec. 31, 2019 USD ($) loan	Sep. 30, 2019 USD ($)	Jun. 30, 2019 USD ($)	Mar. 31, 2019 USD ($)	Dec. 31, 2020 USD ($) loan	Dec. 31, 2019 USD ($) loan	Dec. 31, 2018 USD ($) loan	Dec. 31, 2017 USD ($)
Reconciliation of the beginning and ending reserve balances for losses and loss adjustment expenses (LAE)
Reserve for losses and LAE at beginning of year				$ 69,362				$ 49,464	$ 69,362	$ 49,464	$ 46,850
Less: Reinsurance recoverables	$ 19,061				$ 71				19,061	71	0	$ 0
Net reserve for losses and LAE at beginning of year				69,291				49,464	69,291	49,464	46,850
Add provision for losses and LAE, net of reinsurance, occurring in:
Current year									317,516	50,562	36,438
Prior years									(16,223)	(17,576)	(24,863)
Net incurred losses and LAE during the current year	62,073	$ 55,280	$ 175,877	$ 8,063	10,929	$ 9,990	$ 4,960	$ 7,107	301,293	32,986	11,575
Deduct payments for losses and LAE, net of reinsurance, occurring in:
Current year									1,018	1,288	1,310
Prior years									13,686	11,871	7,651
Net loss and LAE payments during the current year									14,704	13,159	8,961
Net reserve for losses and LAE at end of year	355,880				69,291				355,880	69,291	49,464
Plus: Reinsurance recoverables	19,061				71				19,061	71	0	$ 0
Reserve for losses and LAE at end of year	$ 374,941				$ 69,362				$ 374,941	$ 69,362	$ 49,464
Loans in default at end of year \| loan	31,469				5,947				31,469	5,947	4,024

Reserve for Losses and Loss Adjustment Expenses - Narrative (Details) $ in Thousands	3 Months Ended	6 Months Ended	12 Months Ended
	Dec. 31, 2018 USD ($) loan	Sep. 30, 2020	Dec. 31, 2020 USD ($) loan	Dec. 31, 2019 USD ($) loan	Dec. 31, 2018 USD ($) loan	Dec. 31, 2017 USD ($) loan
Liability for Claims and Claims Adjustment Expense [Line Items]
Incurred claims and claim adjustment expenses			$ 13,686	$ 11,871	$ 7,651
Favorable prior year development			16,223	17,576	$ 24,863
Reserve for losses and LAE, for prior years			$ 39,400	$ 20,000
Loans in default at end of year \| loan	4,024		31,469	5,947	4,024
Reserve for losses and LAE	$ 49,464		$ 374,941	$ 69,362	$ 49,464	$ 46,850
Hurricane
Liability for Claims and Claims Adjustment Expense [Line Items]
Reserve for losses and LAE						$ 11,100
Number of loans in hurricane impacted areas in default \| loan	2,288				2,288	2,288
Number of loans in hurricane impacted areas cured \| loan					2,150
Reduction of reserves on hurricane-related defaults	$ 9,900
COVID-19
Liability for Claims and Claims Adjustment Expense [Line Items]
Loans in default at end of year \| loan			28,922
Reserve rate		7.00%
Reserve for losses and LAE			$ 316,300
Percent change used in calculation of expense			1.00%
Effect of percentage point decrease on liability claim and claim expense adjustment expense			$ 35,000

Reserve for Losses and Loss Adjustment Expenses - Summary of Incurred Losses and Allocated Loss Adjustment Expense (Details) $ in Thousands	Dec. 31, 2020 USD ($) loan	Dec. 31, 2019 USD ($)	Dec. 31, 2018 USD ($)	Dec. 31, 2017 USD ($)	Dec. 31, 2016 USD ($)	Dec. 31, 2015 USD ($)	Dec. 31, 2014 USD ($)	Dec. 31, 2013 USD ($)	Dec. 31, 2012 USD ($)	Dec. 31, 2011 USD ($)
Liability for Claims and Claims Adjustment Expense [Line Items]
Cumulative paid losses and allocated LAE for the years ended December 31	$ 54,788
All outstanding liabilities before 2011, net of reinsurance	0
Reserve for losses and LAE, net of reinsurance	355,880	$ 69,291	$ 49,464	$ 46,850
Less: Reinsurance recoverables	19,061	71	0	0
Total gross reserve for losses and LAE	374,941	69,362	49,464	46,850
Property Insurance Product Line
Liability for Claims and Claims Adjustment Expense [Line Items]
Incurred loss and allocated LAE, for the years ended December 31	410,668
2011 \| Property Insurance Product Line
Liability for Claims and Claims Adjustment Expense [Line Items]
Incurred loss and allocated LAE, for the years ended December 31	0	0	0	0	$ 0	$ 0	$ 0	$ 0	$ 0	$ 57
Total of IBNR plus expected development on reported defaults	$ 0
Cumulative number of reported defaults \| loan	1
Cumulative paid losses and allocated LAE for the years ended December 31	$ 0	0	0	0	0	0	0	0	0	$ 0
2012 \| Property Insurance Product Line
Liability for Claims and Claims Adjustment Expense [Line Items]
Incurred loss and allocated LAE, for the years ended December 31	808	808	808	809	748	781	814	858	1,523
Total of IBNR plus expected development on reported defaults	$ 0
Cumulative number of reported defaults \| loan	19
Cumulative paid losses and allocated LAE for the years ended December 31	$ 808	808	808	808	665	665	659	535	$ 24
2013 \| Property Insurance Product Line
Liability for Claims and Claims Adjustment Expense [Line Items]
Incurred loss and allocated LAE, for the years ended December 31	2,058	2,058	2,058	2,060	1,997	2,008	2,461	2,986
Total of IBNR plus expected development on reported defaults	$ 0
Cumulative number of reported defaults \| loan	51
Cumulative paid losses and allocated LAE for the years ended December 31	$ 2,058	2,058	2,058	1,880	1,775	1,501	928	$ 239
2014 \| Property Insurance Product Line
Liability for Claims and Claims Adjustment Expense [Line Items]
Incurred loss and allocated LAE, for the years ended December 31	2,882	2,897	2,930	2,984	3,323	4,312	6,877
Total of IBNR plus expected development on reported defaults	$ 1
Cumulative number of reported defaults \| loan	92
Cumulative paid losses and allocated LAE for the years ended December 31	$ 2,867	2,882	2,897	2,787	2,463	1,587	$ 138
2015 \| Property Insurance Product Line
Liability for Claims and Claims Adjustment Expense [Line Items]
Incurred loss and allocated LAE, for the years ended December 31	8,323	8,461	8,439	8,893	9,625	14,956
Total of IBNR plus expected development on reported defaults	$ 18
Cumulative number of reported defaults \| loan	214
Cumulative paid losses and allocated LAE for the years ended December 31	$ 8,055	7,961	7,535	6,960	3,610	$ 544
2016 \| Property Insurance Product Line
Liability for Claims and Claims Adjustment Expense [Line Items]
Incurred loss and allocated LAE, for the years ended December 31	8,972	9,219	9,455	11,890	21,889
Total of IBNR plus expected development on reported defaults	$ 45
Cumulative number of reported defaults \| loan	252
Cumulative paid losses and allocated LAE for the years ended December 31	$ 8,270	7,864	6,947	4,896	$ 927
2017 \| Property Insurance Product Line
Liability for Claims and Claims Adjustment Expense [Line Items]
Incurred loss and allocated LAE, for the years ended December 31	11,488	12,202	16,261	38,178
Total of IBNR plus expected development on reported defaults	$ 85
Cumulative number of reported defaults \| loan	365
Cumulative paid losses and allocated LAE for the years ended December 31	$ 10,257	9,156	5,370	$ 633
2018 \| Property Insurance Product Line
Liability for Claims and Claims Adjustment Expense [Line Items]
Incurred loss and allocated LAE, for the years ended December 31	19,536	23,168	36,438
Total of IBNR plus expected development on reported defaults	$ 424
Cumulative number of reported defaults \| loan	606
Cumulative paid losses and allocated LAE for the years ended December 31	$ 13,406	8,067	$ 1,310
2019 \| Property Insurance Product Line
Liability for Claims and Claims Adjustment Expense [Line Items]
Incurred loss and allocated LAE, for the years ended December 31	39,085	50,562
Total of IBNR plus expected development on reported defaults	$ 2,151
Cumulative number of reported defaults \| loan	1,551
Cumulative paid losses and allocated LAE for the years ended December 31	$ 8,049	$ 1,288
2020 \| Property Insurance Product Line
Liability for Claims and Claims Adjustment Expense [Line Items]
Incurred loss and allocated LAE, for the years ended December 31	317,516
Total of IBNR plus expected development on reported defaults	$ 23,023
Cumulative number of reported defaults \| loan	29,834
Cumulative paid losses and allocated LAE for the years ended December 31	$ 1,018

Reserve for Losses and Loss Adjustment Expenses - Summary of Average Annual Payout of Losses (Details) - Property Insurance Product Line	Dec. 31, 2020
Average Annual Percentage Payout of Incurred Losses and Allocated LAE by Year
Year 1	6.00%
Year 2	40.00%
Year 3	28.00%
Year 4	9.00%
Year 5	4.00%
Year 6	7.00%
Year 7	0.00%
Year 8	0.00%
Year 9	0.00%

Debt Obligations (Details) - USD ($) $ in Millions				3 Months Ended
Debt Obligations (Details) - USD ($) $ in Millions	Dec. 31, 2020	Oct. 14, 2020	May 02, 2018	Dec. 31, 2020	Oct. 13, 2020	Dec. 31, 2019
Credit Facility [Line Items]
Credit facility expiration period			3 years
Credit facility, maximum borrowing capacity		$ 775
Amount outstanding, gross	$ 325			$ 325		$ 225
Weighted average interest rate during period	2.19%			2.19%		3.51%
Existing term loans
Credit Facility [Line Items]
Repayment				$ 225
Revolving Credit Facility
Credit Facility [Line Items]
Repayment				$ 100
Credit Facility
Credit Facility [Line Items]
Credit facility expiration period		3 years
Committed capacity		$ 625
Revolving Credit Facility
Credit Facility [Line Items]
Credit facility, maximum borrowing capacity		$ 300			$ 275
Credit facility, commitment fee rate	0.35%

Commitments and Contingencies - Narrative (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Loss Contingencies [Line Items]
Renewal term (up to)	10 years
Operating lease right-of-use asset	$ 8,700	$ 10,000
Operating lease liabilities	$ 10,850	$ 12,600
Operating Lease, Liability, Statement of Financial Position [Extensible List]	us-gaap:OtherAccruedLiabilitiesCurrentAndNoncurrent	us-gaap:OtherAccruedLiabilitiesCurrentAndNoncurrent
Lease cost	$ 2,420	$ 2,451
Rent expense			$ 2,100
Minimum sublease rental income, due in 2021	100
Indemnifications related to contract underwriting services
Loss Contingencies [Line Items]
Amount paid for remedies (less than)	$ 100	$ 100

Commitments and Contingencies - Schedule of Lease Cost and Other Lease Information (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Lease cost:
Operating lease cost	$ 2,532	$ 2,479
Short-term lease cost	19	101
Sublease income	(131)	(129)
Total lease cost	$ 2,420	$ 2,451
Other information:
Weighted average remaining lease term - operating leases	3 years 9 months 18 days	4 years 9 months 18 days
Weighted average discount rate - operating leases	3.90%	4.00%

Commitments and Contingencies- Schedule of Lease Liability Maturity (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Commitments and Contingencies Disclosure [Abstract]
2021	$ 3,261
2022	3,309
2023	3,017
2024	1,334
2025	793
2026 and thereafter	0
Total lease payments to be paid	11,714
Less: Future interest expense	(864)
Present value of lease liabilities	$ 10,850	$ 12,600

Capital Stock (Details) $ / shares in Units, shares in Thousands, $ in Thousands	1 Months Ended	12 Months Ended
	Jun. 30, 2020 USD ($) $ / shares shares	Dec. 31, 2020 USD ($) vote shares	Dec. 31, 2019 USD ($) shares	Dec. 31, 2018 USD ($)
Equity [Abstract]
Authorized share capital (in shares) \| shares		233,333	233,333
Number of votes per share		1
Shareholder ownership threshold for voting rights		9.50%
Maximum number of votes per share for certain shareholders under 9.5% shareholder provision		1
Minimum number of votes per share for other shareholders under 9.5% shareholder provision		1
Common shares, issued (in shares) \| shares	13,800	112,423	98,394
Share price (in dollars per share) \| $ / shares	$ 33.25
Net proceeds from sale of stock \| $	$ 440,000	$ 439,962	$ 0	$ 0

Capital Stock - Dividends (Details) - $ / shares	1 Months Ended		3 Months Ended								12 Months Ended
Capital Stock - Dividends (Details) - $ / shares	Feb. 26, 2021	Sep. 30, 2019	Dec. 31, 2020	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2020	Dec. 31, 2019
Class of Stock [Line Items]
Quarterly cash dividends declared (in dollars per share)			$ 0.16	$ 0.16	$ 0.16	$ 0.16	$ 0.15	$ 0.15	$ 0	$ 0	$ 0.64	$ 0.30
Quarterly cash dividends paid (in dollars per share)		$ 0.15	$ 0.16	$ 0.16	$ 0.16	$ 0.16	$ 0.15	$ 0.15	$ 0	$ 0	$ 0.64	$ 0.30
Subsequent Event
Class of Stock [Line Items]
Quarterly cash dividends declared (in dollars per share)	$ 0.16

Stock-Based Compensation - Narrative (Details) - USD ($) $ in Millions	1 Months Ended					12 Months Ended			37 Months Ended	61 Months Ended
	Feb. 26, 2021	Jan. 31, 2020	Jan. 31, 2017	May 31, 2015	Sep. 30, 2013	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018	May 31, 2020	Feb. 29, 2020	Dec. 31, 2013
Stock-based compensation
Shares tendered by employees to pay employee withholding taxes (in shares)						141,801	208,947	718,726
Nonvested share units
Stock-based compensation
Granted (in shares)						350,000	143,000	161,000
Nonvested shares, share units or DEU
Stock-based compensation
Total fair value of shares vested						$ 18.5	$ 25.5	$ 75.9
Nonvested shares or share units outstanding
Stock-based compensation
Total unrecognized compensation expense						$ 24.2
Expected weighted average period for recognition of expense						1 year 9 months 18 days
Time-Based Share Awards \| Nonvested shares
Stock-based compensation
Granted (in shares)						69,000	90,000	73,000
Certain Senior Management \| Nonvested shares \| Subsequent Event
Stock-based compensation
Granted (in shares)	373,552
Employee \| Time-Based Share Awards \| Nonvested share units \| Incentive Program Bonus Award Fiscal Year Performance
Stock-based compensation
Vesting period		3 years	3 years							3 years
Director \| Time-Based Share Awards \| Nonvested share units \| Maximum
Stock-based compensation
Vesting period									1 year
Certain Employees \| Nonvested share units \| Subsequent Event
Stock-based compensation
Granted (in shares)	86,058
2013 Plan
Stock-based compensation
Shares authorized (in shares)											7,500,000
Number of share available for future grant (in shares)						3,700,000
2013 Plan \| Certain Senior Management \| Time-Based Share Awards \| Nonvested shares
Stock-based compensation
Vesting period					4 years					3 years
2013 Plan \| Certain Senior Management \| Vesting Based On Performance \| Nonvested shares
Stock-based compensation
Vesting period					3 years
Performance period										3 years
2013 Plan \| Employee \| Time-Based Share Awards \| Nonvested shares
Stock-based compensation
Vesting period				4 years
2013 Plan \| Employee \| Vesting Based On Performance \| Nonvested shares
Stock-based compensation
Vesting period				3 years

Stock-Based Compensation - Summary of Nonvested Common Share and Common Share Unit Activity (Details) - $ / shares shares in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Nonvested shares \| Time and Performance- Based Share Awards
Number of Shares
Outstanding at beginning of year (in shares)	394	482	1,595
Granted (in shares)	109	141	113
Vested (in shares)	(140)	(229)	(1,226)
Forfeited (in shares)	0	0	0
Outstanding at end of period (in shares)	363	394	482
Weighted Average Grant Date Fair Value
Outstanding at beginning of year (in dollars per share)	$ 42.02	$ 29.49	$ 17.03
Granted (in dollars per share)	51.52	45.32	45.02
Vested (in dollars per share)	36.29	17.69	14.71
Outstanding at end of period (in dollars per share)	$ 47.09	$ 42.02	$ 29.49
Nonvested shares \| Time-Based Share Awards
Number of Shares
Outstanding at beginning of year (in shares)	169	207	410
Granted (in shares)	69	90	73
Vested (in shares)	(85)	(128)	(276)
Forfeited (in shares)	0	0	0
Outstanding at end of period (in shares)	153	169	207
Weighted Average Grant Date Fair Value
Outstanding at beginning of year (in dollars per share)	$ 41.31	$ 32.82	$ 21.12
Granted (in dollars per share)	51.52	40.98	45.02
Vested (in dollars per share)	40.47	27.37	18.67
Outstanding at end of period (in dollars per share)	$ 46.34	$ 41.31	$ 32.82
Nonvested share units
Number of Shares
Outstanding at beginning of year (in shares)	351	449	536
Granted (in shares)	350	143	161
Vested (in shares)	(192)	(232)	(238)
Forfeited (in shares)	(17)	(9)	(10)
Outstanding at end of period (in shares)	492	351	449
Weighted Average Grant Date Fair Value
Outstanding at beginning of year (in dollars per share)	$ 39.78	$ 34.35	$ 29.13
Granted (in dollars per share)	48.75	42.08	42.19
Vested (in dollars per share)	37.76	30.85	28.02
Forfeited (in dollars per share)	50.04	35.53	31.59
Outstanding at end of period (in dollars per share)	$ 46.59	$ 39.78	$ 34.35
DEU
Number of Shares
Outstanding at beginning of year (in shares)	5	0
Granted (in shares)	19	5
Vested (in shares)	(3)	0
Forfeited (in shares)	0	0
Outstanding at end of period (in shares)	21	5	0
Weighted Average Grant Date Fair Value
Outstanding at beginning of year (in dollars per share)	$ 51.11
Granted (in dollars per share)	35.42	$ 51.09
Vested (in dollars per share)	49.79	48.63
Forfeited (in dollars per share)	33.86	49.27
Outstanding at end of period (in dollars per share)	$ 37.66	$ 51.11

Stock-Based Compensation - Summary of Compensation Expense, Net of Forfeitures (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Share-based Payment Arrangement [Abstract]
Compensation expense	$ 18,462	$ 16,588	$ 15,073
Income tax benefit	$ 3,511	$ 3,125	$ 2,805

Dividends Restrictions (Details) - USD ($)	12 Months Ended
Dividends Restrictions (Details) - USD ($)	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Dividends Restrictions
Dividends paid to parent company	$ 0	$ 55,000,000.0	$ 0
Total equity	3,862,633,000	2,984,845,000	2,365,717,000
Essent Guaranty
Dividends Restrictions
Unassigned surplus	343,600,000
Dividends paid to parent company	0	0	40,000,000
Essent PA
Dividends Restrictions
Unassigned surplus	15,400,000
Dividends paid to parent company	0	$ 0	$ 0
Essent Re
Dividends Restrictions
Total equity	1,100,000,000
Essent Re \| Essent Guaranty \| Minimum \| Quota share reinsurance
Dividends Restrictions
Total equity	$ 100,000,000

Income Taxes - Income Tax Expense (Details) - USD ($) $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2020	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Components of income tax expense
Current									$ 38,402	$ 43,867	$ 28,644
Deferred									38,653	59,481	50,692
Total income tax expense									77,055	103,348	79,336
Income before income taxes	$ 146,152	$ 148,431	$ 18,815	$ 176,698	$ 174,384	$ 172,225	$ 162,733	$ 149,719	490,096	659,061	546,699
Effective Income Tax Rate Reconciliation, Amount
Tax provision at weighted average statutory rates									75,763	104,213	87,815
Non-deductible expenses									2,482	2,595	1,483
Tax exempt interest, net of proration									(1,462)	(1,541)	(1,741)
Excess tax benefits from stock-based compensation									(599)	(1,997)	(9,644)
Other									871	78	1,423
Total income tax expense									$ 77,055	$ 103,348	$ 79,336
% of pretax income
Tax provision at weighted average statutory rates									15.50%	15.80%	16.10%
Non-deductible expenses									0.50%	0.40%	0.30%
Tax exempt interest, net of proration									(0.30%)	(0.20%)	(0.30%)
Excess tax benefits from stock-based compensation									(0.10%)	(0.30%)	(1.80%)
Other									0.10%	0.00%	0.20%
Total income tax expense									15.70%	15.70%	14.50%
Bermuda \| Bermuda
Components of income tax expense
Income before income taxes									$ 129,300	$ 162,800	$ 128,500
US \| U.S.
Components of income tax expense
Income before income taxes									$ 360,800	$ 496,300	$ 418,200

Income Taxes - Summary of Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Net deferred tax asset
Deferred tax assets	$ 29,577	$ 29,392
Deferred tax liabilities	(334,686)	(279,012)
Net deferred tax liability	(305,109)	(249,620)
Components of the net deferred tax asset
Contingency reserves	(300,281)	(261,855)
Unrealized (gain) loss on investments	(30,050)	(13,214)
Unearned premium reserve	15,192	16,641
Accrued expenses	4,202	3,391
Deferred policy acquisition costs	(3,571)	(3,298)
Unearned ceding commissions	2,951	3,227
Loss reserves	2,529	416
Nonvested shares	1,767	2,426
Start-up expenditures, net	1,137	1,410
Change in fair market value of derivatives	912	370
Fixed assets	880	1,502
Investments in limited partnerships	(561)	(400)
Prepaid expenses	(129)	(132)
Loss reserves - TCJA transition adjustment	(94)	(113)
Organizational expenditures	7	9
Net deferred tax liability	$ (305,109)	$ (249,620)

Income Taxes - Tax Deductions (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Income Tax Disclosure [Abstract]
Net purchases of T&L Bonds	$ 40,751	$ 59,500	$ (49,772)
T&L Bonds held as of end of year	$ 302,636	$ 261,885

Income Taxes - Essent Holdings Income Taxes and Unrecognized Tax Benefits (Details) - USD ($)	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Operating Loss Carryforwards [Line Items]
Unrecognized tax benefits	$ 0	$ 0
U.S.
Operating Loss Carryforwards [Line Items]
Taxes provided on un-remitted earnings	0
Cumulative amount of earnings that would be subject to withholding tax, if distributed outside of the U.S.	2,100,000,000
United States Ireland Tax Treaty Benefits Availed \| U.S.
Operating Loss Carryforwards [Line Items]
Associated withholding tax liability on cumulative amount of earnings that would be subject to withholding tax, if distributed outside of the U.S.	103,500,000
Essent Holdings \| Essent Irish Intermediate
Operating Loss Carryforwards [Line Items]
Withholding taxes accrued with respect to un-remitted earnings	$ 0
Essent Holdings \| United States Ireland Tax Treaty Benefits Availed \| Essent Irish Intermediate
Operating Loss Carryforwards [Line Items]
Withholding tax rate on dividends paid	5.00%
Essent Holdings \| Absent Benefits Of United States Ireland Tax Treaty \| Essent Irish Intermediate
Operating Loss Carryforwards [Line Items]
Withholding tax rate on dividends paid	30.00%

Earnings per Share (EPS) - Reconciliation of Net Income and Weighted Average Common Shares Outstanding (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2020	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Earnings Per Share [Abstract]
Net income	$ 123,602	$ 124,536	$ 15,380	$ 149,523	$ 146,958	$ 144,630	$ 136,405	$ 127,720	$ 413,041	$ 555,713	$ 467,363
Basic weighted average shares outstanding (in shares)	111,908	111,908	102,500	97,949	97,830	97,822	97,798	97,595	106,098	97,762	97,403
Dilutive effect of nonvested shares (in shares)									278	465	571
Diluted weighted average shares outstanding (in shares)	112,310	112,134	102,605	98,326	98,376	98,257	98,170	98,104	106,376	98,227	97,974
Basic earnings per share (in dollars per share)	$ 1.10	$ 1.11	$ 0.15	$ 1.53	$ 1.50	$ 1.48	$ 1.39	$ 1.31	$ 3.89	$ 5.68	$ 4.80
Diluted earnings per share (in dollars per share)	$ 1.10	$ 1.11	$ 0.15	$ 1.52	$ 1.49	$ 1.47	$ 1.39	$ 1.30	$ 3.88	$ 5.66	$ 4.77

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=109234566&loc=d3e22583-107794

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section 50
-Paragraph 11
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=109234566&loc=d3e22694-107794

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 260
-SubTopic 10
-Section 45
-Paragraph 10
-URI http://asc.fasb.org/extlink&oid=121326447&loc=d3e1448-109256

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section 50
-Paragraph 4
-URI http://asc.fasb.org/extlink&oid=109234566&loc=d3e22595-107794

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section 50
-Paragraph 11
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=109234566&loc=d3e22694-107794

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 260
-SubTopic 10
-Section 45
-Paragraph 7
-URI http://asc.fasb.org/extlink&oid=121326447&loc=d3e1337-109256

Reference 7: http://www.xbrl.org/2003/role/exampleRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 260
-SubTopic 10
-Section 55
-Paragraph 52
-URI http://asc.fasb.org/extlink&oid=120380238&loc=d3e4984-109258

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 944
-SubTopic 220
-Section S99
-Paragraph 1
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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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The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

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+ Details

Earnings per Share (EPS) - Narrative (Details) - shares	12 Months Ended
Earnings per Share (EPS) - Narrative (Details) - shares	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Contingently issuable awards
Antidilutive nonvested shares (in shares)	324,813	39,490	128,575
Performance-based share awards
Contingently issuable awards
Percentage of award issuable if current period end were end of contingency period		100.00%	100.00%

Earnings per Share (EPS) (Details)	Dec. 31, 2020
2018 Performance-Based Grants
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items]
Percentage of award issuable if current period end were end of contingency period	100.00%
2019 Performance-Based Grants
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items]
Percentage of award issuable if current period end were end of contingency period	100.00%
2020 Performance-Based Grants
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items]
Percentage of award issuable if current period end were end of contingency period	25.00%

Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Other comprehensive income (loss):
Other comprehensive gains (losses), before tax	$ 98,923	$ 102,677
Other comprehensive income (loss):
Other comprehensive gains (losses), tax effect	(16,836)	(17,497)
Net of Tax
Stockholders equity, beginning of period	2,984,845	2,365,717
Other comprehensive income (loss):
Total other comprehensive income (loss)	82,087	85,180	$ (25,741)
Stockholders equity, end of period	3,862,633	2,984,845	2,365,717
Accumulated Other Comprehensive Income (Loss)
Before Tax
AOCI before tax, beginning of period	69,401	(33,276)
Other comprehensive income (loss):
AOCI before tax, end of period	168,324	69,401	(33,276)
Tax Effect
AOCI tax effect, beginning of period	(13,214)	4,283
Other comprehensive income (loss):
AOCI tax effect, end of period	(30,050)	(13,214)	4,283
Net of Tax
Stockholders equity, beginning of period	56,187	(28,993)	(3,252)
Other comprehensive income (loss):
Total other comprehensive income (loss)	82,087	85,180	(25,741)
Stockholders equity, end of period	138,274	56,187	$ (28,993)
Accumulated Net Investment Gain (Loss) Attributable to Parent
Other comprehensive income (loss):
Unrealized holding gains (losses) arising during the period, before tax	101,620	105,906
Less: Reclassification adjustment for gains included in net income, before tax	(2,697)	(3,229)
Other comprehensive gains (losses), before tax	98,923	102,677
Other comprehensive income (loss):
Unrealized holding gains (losses) arising during the period, tax effect	(17,286)	(17,995)
Less: Reclassification adjustment for gains included in net income, tax effect	450	498
Other comprehensive gains (losses), tax effect	(16,836)	(17,497)
Other comprehensive income (loss):
Unrealized holding gains (losses) arising during the period, net of tax	84,334	87,911
Less: Reclassification adjustment for gains included in net income, net of tax	(2,247)	(2,731)
Total other comprehensive income (loss)	$ 82,087	$ 85,180

Statutory Accounting (Details) - USD ($) $ in Thousands	12 Months Ended
Statutory Accounting (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Essent Guaranty
Dividends Restrictions
Statutory net income	$ 312,091	$ 443,675	$ 379,119
Statutory surplus	1,048,878	1,032,416	872,105
Contingency reserve liability	1,499,782	1,197,279	916,568
Increase in contingency reserve	302,500
Released contingency reserves	100
Essent PA
Dividends Restrictions
Statutory net income	4,560	8,073	9,306
Statutory surplus	54,354	52,936	49,336
Contingency reserve liability	56,032	52,957	$ 48,545
Increase in contingency reserve	3,100
Released contingency reserves	100
Essent Re
Dividends Restrictions
Statutory net income	143,500	176,400
Statutory capital and surplus	$ 1,100,000	$ 939,200

Capital Maintenance Agreement (Details)	Dec. 31, 2020 USD ($)
Essent Guaranty \| Capital maintenance agreement \| Essent PA
Capital Maintenance Agreement
Amounts outstanding	$ 0
Essent Guaranty \| Capital maintenance agreement \| Essent PA \| Maximum
Capital Maintenance Agreement
Risk to capital ratio	25.0
Essent PA
Capital Maintenance Agreement
Risk to capital ratio	1.7

Quarterly Financial Data (Unaudited) (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2020	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Quarterly Financial Information Disclosure [Abstract]
Net premiums earned	$ 222,339	$ 222,258	$ 211,471	$ 206,496	$ 207,671	$ 203,473	$ 188,490	$ 177,791	$ 862,564	$ 777,425	$ 649,492
Other revenues	24,860	20,780	24,606	22,344	21,091	22,914	23,402	22,735
Provision for losses and LAE	62,073	55,280	175,877	8,063	10,929	9,990	4,960	7,107	301,293	32,986	11,575
Other underwriting and operating expenses	36,825	37,100	38,819	41,947	41,231	41,588	41,520	41,030	154,691	165,369	150,900
Interest expense	2,149	2,227	2,566	2,132	2,218	2,584	2,679	2,670	9,074	10,151	10,179
Income before income taxes	146,152	148,431	18,815	176,698	174,384	172,225	162,733	149,719	490,096	659,061	546,699
Net income	$ 123,602	$ 124,536	$ 15,380	$ 149,523	$ 146,958	$ 144,630	$ 136,405	$ 127,720	$ 413,041	$ 555,713	$ 467,363
Basic earnings per common share (in dollars per share)	$ 1.10	$ 1.11	$ 0.15	$ 1.53	$ 1.50	$ 1.48	$ 1.39	$ 1.31	$ 3.89	$ 5.68	$ 4.80
Diluted earnings per common share (in dollars per share)	$ 1.10	$ 1.11	$ 0.15	$ 1.52	$ 1.49	$ 1.47	$ 1.39	$ 1.30	$ 3.88	$ 5.66	$ 4.77
Basic weighted average shares outstanding (in shares)	111,908	111,908	102,500	97,949	97,830	97,822	97,798	97,595	106,098	97,762	97,403
Diluted weighted average shares outstanding (in shares)	112,310	112,134	102,605	98,326	98,376	98,257	98,170	98,104	106,376	98,227	97,974

Schedule I - Summary of Investments-Other Than Investments in Related Parties (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Investments-Other Than Investments in Related Parties
Amortized Cost	$ 4,485,953
Fair Value	4,654,277	$ 3,429,620
Amount at which shown in the Balance Sheet	4,654,277
Fixed maturities
Investments-Other Than Investments in Related Parties
Amortized Cost	3,677,815
Fair Value	3,838,513
Amount at which shown in the Balance Sheet	3,838,513
Fixed maturities \| United States Government and government agencies and authorities
Investments-Other Than Investments in Related Parties
Amortized Cost	1,212,622
Fair Value	1,254,075
Amount at which shown in the Balance Sheet	1,254,075
Fixed maturities \| States, municipalities and political subdivisions
Investments-Other Than Investments in Related Parties
Amortized Cost	513,870
Fair Value	551,517
Amount at which shown in the Balance Sheet	551,517
Fixed maturities \| Residential and commercial mortgage securities
Investments-Other Than Investments in Related Parties
Amortized Cost	391,921
Fair Value	409,282
Amount at which shown in the Balance Sheet	409,282
Fixed maturities \| Asset-backed securities
Investments-Other Than Investments in Related Parties
Amortized Cost	452,527
Fair Value	454,717
Amount at which shown in the Balance Sheet	454,717
Fixed maturities \| Foreign government and agency securities
Investments-Other Than Investments in Related Parties
Amortized Cost	56,045
Fair Value	61,607
Amount at which shown in the Balance Sheet	61,607
Fixed maturities \| All other corporate bonds
Investments-Other Than Investments in Related Parties
Amortized Cost	1,050,830
Fair Value	1,107,315
Amount at which shown in the Balance Sheet	1,107,315
Short-term investments
Investments-Other Than Investments in Related Parties
Amortized Cost	726,875
Fair Value	726,860
Amount at which shown in the Balance Sheet	726,860
Other invested assets
Investments-Other Than Investments in Related Parties
Amortized Cost	81,263
Fair Value	88,904
Amount at which shown in the Balance Sheet	$ 88,904

Schedule II - Condensed Financial Information of Registrant - Balance Sheet Information (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Assets
Total investments available for sale	$ 4,565,373	$ 3,350,747
Cash	102,830	71,350
Other assets	40,793	18,367
Total assets	5,202,724	3,873,425
Liabilities
Credit facility borrowings (at carrying value, less unamortized deferred costs of $2,287 in 2020 and $564 in 2019)	321,720	224,237
Other accrued liabilities	87,885	66,474
Total liabilities	1,340,091	888,580
Commitments and contingencies
Stockholders' Equity
Common shares	1,686	1,476
Additional paid-in capital	1,571,163	1,118,655
Accumulated other comprehensive income	138,274	56,187
Retained earnings	2,151,510	1,808,527
Total stockholders' equity	3,862,633	2,984,845	$ 2,365,717
Total liabilities and stockholders' equity	5,202,724	3,873,425
Amortized Cost	4,404,690	3,282,585
Unamortized deferred costs	3,280	763
Fixed maturities
Assets
Total investments available for sale	3,838,513	3,035,385
Stockholders' Equity
Amortized Cost	3,677,815	2,967,225
Short-term investments
Assets
Total investments available for sale	726,860	315,362
Stockholders' Equity
Amortized Cost	726,875	315,360
Parent Company
Assets
Total investments available for sale	554,544	96,531
Cash	8,688	1,845
Due from affiliates	1,278	875
Investment in consolidated subsidiaries	3,518,029	3,009,447
Other assets	4,512	1,608
Total assets	4,087,051	3,110,306
Liabilities
Due to affiliates	0	301
Credit facility borrowings (at carrying value, less unamortized deferred costs of $2,287 in 2020 and $564 in 2019)	222,713	124,436
Other accrued liabilities	1,705	724
Total liabilities	224,418	125,461
Commitments and contingencies
Stockholders' Equity
Common shares	1,686	1,476
Additional paid-in capital	1,571,163	1,118,655
Accumulated other comprehensive income	138,274	56,187
Retained earnings	2,151,510	1,808,527
Total stockholders' equity	3,862,633	2,984,845
Total liabilities and stockholders' equity	4,087,051	3,110,306
Unamortized deferred costs	2,287	564
Parent Company \| Fixed maturities
Assets
Total investments available for sale	202,129	0
Stockholders' Equity
Amortized Cost	201,527	0
Parent Company \| Short-term investments
Assets
Total investments available for sale	352,415	96,531
Stockholders' Equity
Amortized Cost	$ 352,412	$ 96,531

Schedule II - Condensed Financial Information of Registrant - Comprehensive Income Information (Details) - USD ($) $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2020	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Revenues:
Net investment income									$ 80,087	$ 83,542	$ 64,091
Realized investment losses, net									2,697	3,229	1,318
Total revenues									955,154	867,567	719,353
Expenses:
Interest expense	$ 2,149	$ 2,227	$ 2,566	$ 2,132	$ 2,218	$ 2,584	$ 2,679	$ 2,670	9,074	10,151	10,179
Income before income taxes	146,152	148,431	18,815	176,698	174,384	172,225	162,733	149,719	490,096	659,061	546,699
Net income	$ 123,602	$ 124,536	$ 15,380	$ 149,523	$ 146,958	$ 144,630	$ 136,405	$ 127,720	413,041	555,713	467,363
Other comprehensive income (loss):
Change in unrealized appreciation (depreciation) of investments, net of tax expense (benefit) of $16,836 in 2020, $17,497 in 2019 and $(5,686) in 2018									82,087	85,180	(25,741)
Total other comprehensive income (loss)									82,087	85,180	(25,741)
Comprehensive income									495,128	640,893	441,622
Parent Company
Revenues:
Net investment income									1,181	1,601	980
Realized investment losses, net									(10)	0	0
Administrative service fees from subsidiaries									872	649	551
Total revenues									2,043	2,250	1,531
Expenses:
Administrative service fees to subsidiaries									3,728	3,053	2,510
Other operating expenses									5,929	6,925	5,076
Interest expense									6,446	5,742	5,462
Total expenses									16,103	15,720	13,048
Income before income taxes									(14,060)	(13,470)	(11,517)
Loss before equity in undistributed net income of subsidiaries									(14,060)	(13,470)	(11,517)
Equity in undistributed net income of subsidiaries									427,101	569,183	478,880
Net income									413,041	555,713	467,363
Other comprehensive income (loss):
Change in unrealized appreciation (depreciation) of investments, net of tax expense (benefit) of $16,836 in 2020, $17,497 in 2019 and $(5,686) in 2018									82,087	85,180	(25,741)
Total other comprehensive income (loss)									82,087	85,180	(25,741)
Comprehensive income									495,128	640,893	441,622
Change in unrealized appreciation (depreciation) of investments, (benefit) tax expense									$ 16,836	$ 17,497	$ (5,686)

Schedule II - Condensed Financial Information of Registrant - Cash Flow Information (Details) - USD ($) $ in Thousands	1 Months Ended	3 Months Ended								12 Months Ended
	Jun. 30, 2020	Dec. 31, 2020	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Operating Activities
Net income		$ 123,602	$ 124,536	$ 15,380	$ 149,523	$ 146,958	$ 144,630	$ 136,405	$ 127,720	$ 413,041	$ 555,713	$ 467,363
Adjustments to reconcile net income to net cash provided by operating activities:
Loss on the sale of investments, net										(2,697)	(3,229)	(1,318)
Stock-based compensation expense										18,462	16,588	15,073
Amortization of premium on investment securities										23,393	15,738	14,220
Changes in assets and liabilities:
Other assets										(16,840)	(2,921)	(5,060)
Other accrued liabilities										24,283	4,375	5,299
Net cash provided by operating activities										727,931	589,848	625,321
Investing Activities
Net change in short-term investments										(411,498)	(160,962)	158,294
Investments in subsidiaries										(17,012)	(49,789)	(30,860)
Purchase of investments available for sale										(1,575,082)	(1,044,964)	(1,126,032)
Proceeds from maturity of investments available for sale										262,321	88,025	114,651
Proceeds from sales of investments available for sale										577,409	623,771	340,780
Net cash used in investing activities										(1,154,417)	(545,076)	(546,905)
Financing Activities
Issuance of common shares, net of costs	$ 440,000									439,962	0	0
Credit facility borrowings										200,000	0	15,000
Credit facility repayments										(100,000)	0	(40,000)
Treasury stock acquired										(6,354)	(9,005)	(31,414)
Payment of issuance costs for credit facility										(6,232)	(15)	(580)
Dividends paid										(69,410)	(29,348)	0
Net cash provided by (used in) financing activities										457,966	(38,368)	(56,994)
Net increase in cash										31,480	6,404	21,422
Supplemental Disclosure of Cash Flow Information
Interest payments										(8,263)	(9,863)	(9,451)
Noncash Transactions
Repayment of borrowings with term loan proceeds										(325,000)	0	(100,000)
Parent Company
Operating Activities
Net income										413,041	555,713	467,363
Adjustments to reconcile net income to net cash provided by operating activities:
Equity in net income of subsidiaries										(427,101)	(569,183)	(478,880)
Loss on the sale of investments, net										10	0	0
Stock-based compensation expense										935	830	843
Amortization of premium on investment securities										435	0	0
Changes in assets and liabilities:
Other assets										(319)	416	911
Other accrued liabilities										18,208	15,562	15,537
Net cash provided by operating activities										5,209	3,338	5,774
Investing Activities
Net change in short-term investments										(255,884)	(24,727)	26,122
Investments in subsidiaries										0	55,001	0
Purchase of investments available for sale										(205,668)	0	0
Proceeds from maturity of investments available for sale										838	0	0
Proceeds from sales of investments available for sale										3,386	0	0
Net cash used in investing activities										(457,328)	30,274	26,122
Financing Activities
Issuance of common shares, net of costs										439,962	0	0
Credit facility borrowings										200,000	0	0
Credit facility repayments										(100,000)	0	0
Treasury stock acquired										(6,354)	(9,005)	(31,414)
Payment of issuance costs for credit facility										(5,236)	(15)	(131)
Dividends paid										(69,410)	(29,348)	0
Net cash provided by (used in) financing activities										458,962	(38,368)	(31,545)
Net increase in cash										6,843	(4,756)	351
Cash at beginning of year					$ 1,845				$ 6,601	1,845	6,601	6,250
Cash at end of year		$ 8,688				$ 1,845				8,688	1,845	6,601
Supplemental Disclosure of Cash Flow Information
Interest payments										(5,714)	(5,509)	(4,984)
Noncash Transactions
Repayment of borrowings with term loan proceeds										$ (225,000)	$ 0	$ 0

Schedule II - Condensed Financial Information of Registrant - Supplementary Notes (Details) - USD ($)	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Condensed Financial Information of Registrant
Dividends paid to parent company	$ 0	$ 55,000,000.0	$ 0
Essent Guaranty
Condensed Financial Information of Registrant
Unassigned surplus	343,600,000
Dividends paid to parent company	0	0	40,000,000
Essent PA
Condensed Financial Information of Registrant
Unassigned surplus	15,400,000
Dividends paid to parent company	$ 0	$ 0	$ 0

Schedule IV - Reinsurance (Details) - USD ($) $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2020	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
SEC Schedule, 12-17, Insurance Companies, Reinsurance [Abstract]
Gross Amount									$ 951,302	$ 812,924	$ 660,260
Ceded to Other Companies									(88,738)	(35,499)	(10,768)
Assumed from Other Companies									0	0	0
Net premiums earned	$ 222,339	$ 222,258	$ 211,471	$ 206,496	$ 207,671	$ 203,473	$ 188,490	$ 177,791	$ 862,564	$ 777,425	$ 649,492
Assumed Premiums as a Percentage of Net Premiums									0.00%	0.00%	0.00%

Stock-Based Compensation - Summary of Nonvested Performance-based Share Awards (Details) - Nonvested shares	12 Months Ended
	Dec. 31, 2020
2017 Performance-Based Grants \| Compounded Annual Book Value Per Share Growth 16 %
Stock-based compensation
Compounded Annual Book Value Per Share Growth	16.00%
Nonvested Common Shares Earned	25.00%
2017 Performance-Based Grants \| Compounded Annual Book Value Per Share Growth 17 %
Stock-based compensation
Compounded Annual Book Value Per Share Growth	17.00%
Nonvested Common Shares Earned	50.00%
2017 Performance-Based Grants \| Compounded Annual Book Value Per Share Growth 18 %
Stock-based compensation
Compounded Annual Book Value Per Share Growth	18.00%
Nonvested Common Shares Earned	75.00%
2017 Performance-Based Grants \| Maximum \| Compounded Annual Book Value Per Share Growth 16 %
Stock-based compensation
Compounded Annual Book Value Per Share Growth	16.00%
Nonvested Common Shares Earned	0.00%
2017 Performance-Based Grants \| Minimum \| Compounded Annual Book Value Per Share Growth 19 %
Stock-based compensation
Compounded Annual Book Value Per Share Growth	19.00%
Nonvested Common Shares Earned	100.00%
2016 Performance-Based Grants \| Compounded Annual Book Value Per Share Growth 13%
Stock-based compensation
Compounded Annual Book Value Per Share Growth	13.00%
Nonvested Common Shares Earned	25.00%
2016 Performance-Based Grants \| Compounded Annual Book Value Per Share Growth 14 %
Stock-based compensation
Compounded Annual Book Value Per Share Growth	14.00%
Nonvested Common Shares Earned	50.00%
2016 Performance-Based Grants \| Compounded Annual Book Value Per Share Growth 15%
Stock-based compensation
Compounded Annual Book Value Per Share Growth	15.00%
Nonvested Common Shares Earned	75.00%
2016 Performance-Based Grants \| Maximum \| Compounded Annual Book Value Per Share Growth 13%
Stock-based compensation
Compounded Annual Book Value Per Share Growth	13.00%
Nonvested Common Shares Earned	0.00%
2016 Performance-Based Grants \| Minimum \| Compounded Annual Book Value Per Share Growth 16 %
Stock-based compensation
Compounded Annual Book Value Per Share Growth	16.00%
Nonvested Common Shares Earned	100.00%
2013, 2014 and 2015 Performance-Based Grants \| Compounded Annual Book Value Per Share Growth 11%
Stock-based compensation
Compounded Annual Book Value Per Share Growth	11.00%
Nonvested Common Shares Earned	10.00%
2013, 2014 and 2015 Performance-Based Grants \| Compounded Annual Book Value Per Share Growth 12%
Stock-based compensation
Compounded Annual Book Value Per Share Growth	12.00%
Nonvested Common Shares Earned	36.00%
2013, 2014 and 2015 Performance-Based Grants \| Compounded Annual Book Value Per Share Growth 13%
Stock-based compensation
Compounded Annual Book Value Per Share Growth	13.00%
Nonvested Common Shares Earned	61.00%
2013, 2014 and 2015 Performance-Based Grants \| Compounded Annual Book Value Per Share Growth 14 %
Stock-based compensation
Compounded Annual Book Value Per Share Growth	14.00%
Nonvested Common Shares Earned	87.00%
2013, 2014 and 2015 Performance-Based Grants \| Compounded Annual Book Value Per Share Growth 16 %
Stock-based compensation
Nonvested Common Shares Earned	100.00%
2013, 2014 and 2015 Performance-Based Grants \| Maximum \| Compounded Annual Book Value Per Share Growth 11%
Stock-based compensation
Compounded Annual Book Value Per Share Growth	11.00%
Nonvested Common Shares Earned	0.00%
2013, 2014 and 2015 Performance-Based Grants \| Minimum \| Compounded Annual Book Value Per Share Growth 15%
Stock-based compensation
Compounded Annual Book Value Per Share Growth	15.00%
Nonvested Common Shares Earned	100.00%
2020 Performance-Based Grants \| Compounded Annual Book Value Per Share Growth 13%
Stock-based compensation
Compounded Annual Book Value Per Share Growth	13.00%
Nonvested Common Shares Earned	10.00%
2020 Performance-Based Grants \| Compounded Annual Book Value Per Share Growth 14 %
Stock-based compensation
Compounded Annual Book Value Per Share Growth	14.00%
Nonvested Common Shares Earned	35.00%
2020 Performance-Based Grants \| Compounded Annual Book Value Per Share Growth 15%
Stock-based compensation
Compounded Annual Book Value Per Share Growth	15.00%
Nonvested Common Shares Earned	60.00%
2020 Performance-Based Grants \| Compounded Annual Book Value Per Share Growth 16 %
Stock-based compensation
Compounded Annual Book Value Per Share Growth	16.00%
Nonvested Common Shares Earned	85.00%
2020 Performance-Based Grants \| Maximum \| Compounded Annual Book Value Per Share Growth 13%
Stock-based compensation
Compounded Annual Book Value Per Share Growth	13.00%
Nonvested Common Shares Earned	0.00%
2020 Performance-Based Grants \| Minimum \| Compounded Annual Book Value Per Share Growth 17 %
Stock-based compensation
Compounded Annual Book Value Per Share Growth	17.00%
Nonvested Common Shares Earned	100.00%
2019 Performance-Based Grants \| Compounded Annual Book Value Per Share Growth 14 %
Stock-based compensation
Compounded Annual Book Value Per Share Growth	14.00%
Nonvested Common Shares Earned	10.00%
2019 Performance-Based Grants \| Compounded Annual Book Value Per Share Growth 15%
Stock-based compensation
Compounded Annual Book Value Per Share Growth	15.00%
Nonvested Common Shares Earned	35.00%
2019 Performance-Based Grants \| Compounded Annual Book Value Per Share Growth 16 %
Stock-based compensation
Compounded Annual Book Value Per Share Growth	16.00%
Nonvested Common Shares Earned	60.00%
2019 Performance-Based Grants \| Compounded Annual Book Value Per Share Growth 17 %
Stock-based compensation
Compounded Annual Book Value Per Share Growth	17.00%
Nonvested Common Shares Earned	85.00%
2019 Performance-Based Grants \| Maximum \| Compounded Annual Book Value Per Share Growth 14 %
Stock-based compensation
Compounded Annual Book Value Per Share Growth	14.00%
Nonvested Common Shares Earned	0.00%
2019 Performance-Based Grants \| Minimum \| Compounded Annual Book Value Per Share Growth 18 %
Stock-based compensation
Compounded Annual Book Value Per Share Growth	18.00%
Nonvested Common Shares Earned	100.00%
2018 Performance-Based Grants \| Compounded Annual Book Value Per Share Growth 15%
Stock-based compensation
Compounded Annual Book Value Per Share Growth	15.00%
Nonvested Common Shares Earned	25.00%
2018 Performance-Based Grants \| Compounded Annual Book Value Per Share Growth 16 %
Stock-based compensation
Compounded Annual Book Value Per Share Growth	16.00%
Nonvested Common Shares Earned	50.00%
2018 Performance-Based Grants \| Compounded Annual Book Value Per Share Growth 17 %
Stock-based compensation
Compounded Annual Book Value Per Share Growth	17.00%
Nonvested Common Shares Earned	75.00%
2018 Performance-Based Grants \| Maximum \| Compounded Annual Book Value Per Share Growth 15%
Stock-based compensation
Compounded Annual Book Value Per Share Growth	15.00%
Nonvested Common Shares Earned	0.00%
2018 Performance-Based Grants \| Minimum \| Compounded Annual Book Value Per Share Growth 18 %
Stock-based compensation
Compounded Annual Book Value Per Share Growth	18.00%
Nonvested Common Shares Earned	100.00%

Fair Value of Financial Instruments (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Recurring fair value measurements
Total investments available for sale	$ 4,565,373	$ 3,350,747
Fair Value, Recurring
Recurring fair value measurements
Total assets at fair value	4,565,373	3,350,747
Fair Value, Recurring \| U.S. Treasury securities
Recurring fair value measurements
Total investments available for sale	268,444	242,206
Fair Value, Recurring \| U.S. agency securities
Recurring fair value measurements
Total investments available for sale	18,085	33,605
Fair Value, Recurring \| U.S. agency mortgage-backed securities
Recurring fair value measurements
Total investments available for sale	995,905	848,334
Fair Value, Recurring \| Municipal debt securities
Recurring fair value measurements
Total investments available for sale	551,517	361,638
Fair Value, Recurring \| Non-U.S. government securities
Recurring fair value measurements
Total investments available for sale	61,607	54,995
Fair Value, Recurring \| Corporate debt securities
Recurring fair value measurements
Total investments available for sale	1,126,512	880,301
Fair Value, Recurring \| Residential and commercial mortgage securities
Recurring fair value measurements
Total investments available for sale	409,282	288,281
Fair Value, Recurring \| Asset-backed securities
Recurring fair value measurements
Total investments available for sale	454,717	326,025
Fair Value, Recurring \| Money market funds
Recurring fair value measurements
Total investments available for sale	679,304	315,362
Fair Value, Recurring \| Quoted Prices in Active Markets for Identical Instruments (Level 1)
Recurring fair value measurements
Total assets at fair value	947,748	557,568
Fair Value, Recurring \| Quoted Prices in Active Markets for Identical Instruments (Level 1) \| U.S. Treasury securities
Recurring fair value measurements
Total investments available for sale	268,444	242,206
Fair Value, Recurring \| Quoted Prices in Active Markets for Identical Instruments (Level 1) \| U.S. agency securities
Recurring fair value measurements
Total investments available for sale	0	0
Fair Value, Recurring \| Quoted Prices in Active Markets for Identical Instruments (Level 1) \| U.S. agency mortgage-backed securities
Recurring fair value measurements
Total investments available for sale	0	0
Fair Value, Recurring \| Quoted Prices in Active Markets for Identical Instruments (Level 1) \| Municipal debt securities
Recurring fair value measurements
Total investments available for sale	0	0
Fair Value, Recurring \| Quoted Prices in Active Markets for Identical Instruments (Level 1) \| Non-U.S. government securities
Recurring fair value measurements
Total investments available for sale	0	0
Fair Value, Recurring \| Quoted Prices in Active Markets for Identical Instruments (Level 1) \| Corporate debt securities
Recurring fair value measurements
Total investments available for sale	0	0
Fair Value, Recurring \| Quoted Prices in Active Markets for Identical Instruments (Level 1) \| Residential and commercial mortgage securities
Recurring fair value measurements
Total investments available for sale	0	0
Fair Value, Recurring \| Quoted Prices in Active Markets for Identical Instruments (Level 1) \| Asset-backed securities
Recurring fair value measurements
Total investments available for sale	0	0
Fair Value, Recurring \| Quoted Prices in Active Markets for Identical Instruments (Level 1) \| Money market funds
Recurring fair value measurements
Total investments available for sale	679,304	315,362
Fair Value, Recurring \| Significant Other Observable Inputs (Level 2)
Recurring fair value measurements
Total assets at fair value	3,617,625	2,793,179
Fair Value, Recurring \| Significant Other Observable Inputs (Level 2) \| U.S. Treasury securities
Recurring fair value measurements
Total investments available for sale	0	0
Fair Value, Recurring \| Significant Other Observable Inputs (Level 2) \| U.S. agency securities
Recurring fair value measurements
Total investments available for sale	18,085	33,605
Fair Value, Recurring \| Significant Other Observable Inputs (Level 2) \| U.S. agency mortgage-backed securities
Recurring fair value measurements
Total investments available for sale	995,905	848,334
Fair Value, Recurring \| Significant Other Observable Inputs (Level 2) \| Municipal debt securities
Recurring fair value measurements
Total investments available for sale	551,517	361,638
Fair Value, Recurring \| Significant Other Observable Inputs (Level 2) \| Non-U.S. government securities
Recurring fair value measurements
Total investments available for sale	61,607	54,995
Fair Value, Recurring \| Significant Other Observable Inputs (Level 2) \| Corporate debt securities
Recurring fair value measurements
Total investments available for sale	1,126,512	880,301
Fair Value, Recurring \| Significant Other Observable Inputs (Level 2) \| Residential and commercial mortgage securities
Recurring fair value measurements
Total investments available for sale	409,282	288,281
Fair Value, Recurring \| Significant Other Observable Inputs (Level 2) \| Asset-backed securities
Recurring fair value measurements
Total investments available for sale	454,717	326,025
Fair Value, Recurring \| Significant Other Observable Inputs (Level 2) \| Money market funds
Recurring fair value measurements
Total investments available for sale	0	0
Fair Value, Recurring \| Significant Unobservable Inputs (Level 3)
Recurring fair value measurements
Total assets at fair value	0	0
Fair Value, Recurring \| Significant Unobservable Inputs (Level 3) \| U.S. Treasury securities
Recurring fair value measurements
Total investments available for sale	0	0
Fair Value, Recurring \| Significant Unobservable Inputs (Level 3) \| U.S. agency securities
Recurring fair value measurements
Total investments available for sale	0	0
Fair Value, Recurring \| Significant Unobservable Inputs (Level 3) \| U.S. agency mortgage-backed securities
Recurring fair value measurements
Total investments available for sale	0	0
Fair Value, Recurring \| Significant Unobservable Inputs (Level 3) \| Municipal debt securities
Recurring fair value measurements
Total investments available for sale	0	0
Fair Value, Recurring \| Significant Unobservable Inputs (Level 3) \| Non-U.S. government securities
Recurring fair value measurements
Total investments available for sale	0	0
Fair Value, Recurring \| Significant Unobservable Inputs (Level 3) \| Corporate debt securities
Recurring fair value measurements
Total investments available for sale	0	0
Fair Value, Recurring \| Significant Unobservable Inputs (Level 3) \| Residential and commercial mortgage securities
Recurring fair value measurements
Total investments available for sale	0	0
Fair Value, Recurring \| Significant Unobservable Inputs (Level 3) \| Asset-backed securities
Recurring fair value measurements
Total investments available for sale	0	0
Fair Value, Recurring \| Significant Unobservable Inputs (Level 3) \| Money market funds
Recurring fair value measurements
Total investments available for sale	$ 0	$ 0