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Bermuda-based Essent Group has reported that it made a profit of $66.6 million in the first three months of 2017, a rise of 38 percent on the $48 million it made in the same period of 2016.
The company owns Essent Guaranty, which offers private mortgage insurance for single-family mortgage loans in the United States.
Net premiums written over the first quarter of 2017 totalled $119.3 million, up on the $100.5 million it wrote over the first three months of 2016. Net investment income was also up, going from $6.2 million in the first quarter of 2016 to $8.4 million in the same period of this year.
Essent said that flow new insurance written for the first quarter of 2017 was $8.0 billion, compared to $5.4 billion in the first quarter of 2016.
The company said that the total amount of insurance in force on its books as of March 31, 2017 was $88.0 billion, compared to $67.7 billion as of March 31, 2016.
“We had another strong quarter of operating performance and producing high quality and growing earnings for our shareholders,” said chairman and CEO Mark Casale. “During the quarter, we grew insurance in force 30 percent compared to March 31st a year ago, while also generating a 19 percent annualised return on average equity in the first quarter of 2017.”
Essent Group, Mortgage insurance, First quarter 2017 results, Bermuda