Essent Group reports increased profits for Q1 2020

Essent Group has reported net profit of $149.5 million for Q1 2020, up from $127.7 million in the same period of 2019.

Direct premiums written were up to $206 million for Q1, compared to $183.7 million for Q1 2019. Its combined ratio was 24.2 percent for the quarter, compared to 27.1 percent in Q1 2019.

Essent also announced that it will pay a quarterly cash dividend of $0.16 per common share, payable on June 12, to shareholders of record on June 2, 2020.

Mark Casale, chairman and chief executive officer at Essent, said the group was pleased with its strong financial results for the first quarter, but stressed its focus is on facing what remains a challenging business environment, due to COVID-19.

“We believe that the strength and sustainability of our buy, manage, and distribute operating model, as well as our strong balance sheet, capital and liquidity, has allowed us to enter these challenging times in a position of strength,” he said.