Essent Group sees Q1 profits leap

04-05-2018

Bermuda-based Essent Group has unveiled profits of $111.1 million for the first quarter of 2018, up substantially from the $66.6 million it made over the same period of 2017.

“We are pleased with our strong first quarter results as we continue to build a high credit quality and profitable mortgage insurance portfolio,” said Mark Casale, chairman and chief executive officer. “During the quarter, we grew insurance in force 31 percent compared to March 31st a year ago, while also generating a 23 percent annualised return on average equity. Additionally, we closed our inaugural credit risk transfer transaction, which expanded our capital sources while also providing a layer of protection against adverse credit losses.”

According to the company insurance in force as of March 31, 2018 was $115.3 billion, compared to $110.5 billion as of December 31, 2017 and $88.0 billion as of March 31, 2017.

Essent announced that new insurance written for the first quarter was $9.3 billion, compared to $11.2 billion in the fourth quarter of 2017 and $8.0 billion in the first quarter of 2017.

Net premiums written over the quarter came to $165.2 million, up from the $119.3 million written in the same period of 2017.

Net premiums earned for the first quarter were $152.6 million, compared to $148.0 million in the fourth quarter of 2017 and $117.7 million in the first quarter of 2017.

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Bermuda Re