Essent Group boosted by Q2 results

Essent Group has announced that it made a second quarter 2018 profit of $111.8 million, a 55 percent increase on the $72.1 million it made in the same period of 2017.

“During the second quarter we continued to build a high credit quality and profitable mortgage insurance portfolio,” said Mark Casale, chairman and chief executive officer. “The growth of our insurance in force coupled with our ability to utilise multiple forms of capital to insure risk in both the US and Bermuda demonstrates that the Essent franchise is well positioned to play a significant role in the housing finance system while also producing high quality earnings and strong returns for our shareholders.”

As of June 30, 2018, Essent had insurance in force of $122.5 billion and consolidated stockholders' equity of $2.1 billion.

Essent said that insurance in force as of June 30, 2018 was $122.5 billion, compared to $95.5 billion as of June 30, 2017. New insurance written for the second quarter was $12.9 billion, compared to $11.4 billion in the second quarter of 2017.

Net premiums earned for the second quarter were $157.0 million, compared to $126.6 million in the second quarter of 2017.

The consolidated balance of cash and investments at June 30, 2018 was $2.6 billion, including cash and investment balances at Essent Group Ltd. of $76.0 million.

Essent Reinsurance reinsured a total of $45.3 million of risk in the second quarter of 2018.