4 May 2018News

Essent Group sees Q1 profits leap

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.




More on this story

ILS
27 March 2018   Essent Group has closed a $424.4 million reinsurance transaction and related mortgage insurance-linked notes offering.
News
7 August 2017   Essent Group has reported that net income for the second quarter of 2017 came to $72.1 million, a 37.8 percent increase on the $52.3 million it made in the same period of 2016.
News
6 August 2018   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.

More on this story

ILS
27 March 2018   Essent Group has closed a $424.4 million reinsurance transaction and related mortgage insurance-linked notes offering.
News
7 August 2017   Essent Group has reported that net income for the second quarter of 2017 came to $72.1 million, a 37.8 percent increase on the $52.3 million it made in the same period of 2016.
News
6 August 2018   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.