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Essent is like Chubb for mortgage lenders, insuring them against borrower defaults.

Think of Essent as a private sector Fannie Mae focused on insuring banks' mortgage loans.

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• Mortgage Insurance: Provides private mortgage insurance and reinsurance (including primary, pool, and master policies) to protect lenders against financial losses from mortgage defaults on residential properties.
• Information Technology Services: Offers maintenance and development services related to information technology.
• Customer Support Services: Provides services focused on customer assistance and support.
• Underwriting Consulting: Delivers advisory services pertaining to mortgage underwriting processes.
• Contract Underwriting Services: Offers outsourced underwriting services for residential mortgage loans on a contractual basis.

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• Regulated depository institutions
• Mortgage banks
• Credit unions
• Other lenders

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Mark A. Casale, CEO & Chairman

Mr. Casale is the founder, Chief Executive Officer, and Chairman of the Board of Directors of Essent Group Ltd.. He has over 25 years of experience in financial services, including senior roles in mortgage banking, mortgage insurance, bond insurance, and capital markets. Mr. Casale founded Essent Group Ltd. in 2008 with $500 million of equity funding. Under his leadership, Essent has grown significantly and manages approximately $240 billion of insurance in force.

David Weinstock, Senior Vice President, Chief Financial Officer

Mr. Weinstock was appointed Chief Financial Officer in March 2023, after serving as interim Chief Financial Officer since June 2022, and as Vice President and Chief Accounting Officer since 2009. He brings over 25 years of experience in finance, accounting, and controls. Before joining Essent, Mr. Weinstock held senior management positions at Advanta Corp., including chief accounting officer and vice president of investor relations. He began his career as a senior manager at Arthur Andersen LLP.

Christopher G. Curran, President, Essent Guaranty, Inc.

Mr. Curran has served as President of Essent Guaranty since 2021, having previously been Senior Vice President of Corporate Development since 2011. He has over 30 years of experience in mortgage insurance, mortgage banking, and financial services. As President, Mr. Curran oversees Essent's mortgage insurance business, including risk management, business development, information technology, operations, marketing, and public policy. He began his career as a CPA with Arthur Andersen LLP, specializing in financial services.

Paul Wollmann, President and Chief Underwriting Officer, Essent Reinsurance Ltd.

Mr. Wollmann has served as President and Chief Underwriting Officer of Essent Reinsurance Ltd. since May 2021, and has been with Essent Re since 2009. He has extensive experience in structured finance and reinsurance. Prior to joining Essent Re, he was a managing director, structured & asset-backed finance at RAM Holdings Ltd. from 2007 to 2009. Mr. Wollmann was also a managing director at RCS Limited and Ritchie Capital Management (Bermuda) Limited, alternative asset management firms, from 2004 to 2007.

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Here are the key risks to Essent Group Ltd. (ESNT):

1. Market Volatility and Economic Uncertainty: Essent's business is highly susceptible to fluctuations in the broader economic environment and housing market. Factors such as interest rate changes, unemployment rates, and shifts in housing values directly influence the demand for mortgage insurance, the value of the company's investment portfolio, and the frequency and severity of claims and loss reserves. Economic downturns or instability can lead to reduced mortgage originations and increased borrower delinquencies.
2. Regulatory Changes and Government-Sponsored Enterprises (GSEs): As a private mortgage insurer, Essent operates within a highly regulated industry. Changes in federal legislation or policies, particularly those affecting Fannie Mae and Freddie Mac (GSEs), or alterations to mortgage insurer eligibility requirements, could significantly impact Essent's operations, market position, and profitability.
3. Credit Quality Deterioration and Intense Competition: The company faces risks associated with the credit quality of insured mortgages, including rising delinquency rates which necessitate higher loss provisions and directly impact profitability. This risk is compounded by an intensely competitive landscape, where rivals may employ aggressive pricing strategies or relaxed underwriting guidelines to gain market share, potentially eroding Essent's position and pressuring its financial performance.

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The addressable markets for Essent Group Ltd.'s main products and services are in the United States.

Private Mortgage Insurance (PMI)

The U.S. private mortgage insurance (PMI) market is a significant component of the housing finance system. At the end of 2023, the industry insured nearly $1.6 trillion in outstanding mortgages with active private MI coverage. In 2024, private mortgage insurers supported approximately $300 billion in mortgage originations. Globally, the private mortgage insurance market is projected to reach $6.84 billion in 2025 and is forecast to grow to $9.71 billion by 2029. North America currently represents the largest share of the global PMI market.

Mortgage Reinsurance

The U.S. mortgage reinsurance market facilitates the transfer of credit risk for private mortgage insurers. U.S. private mortgage insurers consistently cede a meaningful portion of their premiums to reinsurance. In 2024, the average amount of premiums ceded by private mortgage insurers was 31.5%. Since 2015, the private mortgage insurance industry has transferred nearly $80.7 billion in risk exposure through various credit risk transfer mechanisms, including insurance-linked notes and traditional reinsurance transactions. This includes the transfer of over $75.2 billion in risk on more than $3.5 trillion of insurance-in-force (IIF) through MI Credit Risk Transfer (MI-CRT) structures.

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1. Growth in Mortgage Insurance in Force and New Insurance Written: Essent's core business relies on its mortgage insurance portfolio. While the near-term mortgage origination market may experience modest growth due to high interest rates, the long-term outlook remains positive due to favorable demographic trends, particularly millennials entering the first-time homebuyer age. The company has consistently shown an increase in its mortgage insurance in force.
2. Increased Net Investment Income: Essent maintains a substantial consolidated cash and investment portfolio. The company has seen increases in its net investment income, driven by a modest increase in the overall portfolio yield, with new money yields around 5%. This strong investment performance is expected to continue contributing to revenue.
3. Expansion of Reinsurance Activities (Essent Re): Essent is expanding its reinsurance operations, particularly through Essent Re. Notably, the company entered into quota share reinsurance agreements to reinsure certain property and casualty (P&C) risks in the Lloyd's market, effective in the first quarter of 2026. These agreements are expected to generate $100 million-$150 million in written premium in 2026, with approximately two-thirds expected to be earned in the same year. This expansion provides a new avenue for revenue growth and diversification.
4. High Persistency Rates: Elevated mortgage interest rates are anticipated to maintain high persistency rates for Essent's existing mortgage insurance policies in the near term. High persistency means policyholders are less likely to refinance or move, keeping existing insurance policies in force longer and contributing to a stable stream of earned premiums.

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Share Repurchases

• In January 2026, Essent Group authorized a new $500 million share repurchase program extending through year-end 2027.
• The company repurchased 9.9 million common shares for $576 million in 2025.
• Year-to-date through October 31, 2025, Essent repurchased nearly 9 million shares for over $500 million.

Outbound Investments

• Essent acquired Agents National Title Holding Company and Boston National Holdings LLC in 2023 or 2024, thereby expanding its service portfolio into title insurance and settlement services.
• Essent Re strategically entered the Lloyd's of London market and initiated new property & casualty reinsurance agreements effective in 2026, as part of a diversification strategy.
• These P&C reinsurance agreements through Essent Re are expected to generate between $100 million and $150 million in written premium for 2026.

Capital Expenditures

• Essent's capital expenditures were approximately $4.002 million in 2024 and $6.766 million in 2025.
• Projected capital expenditures for 2026 are approximately $7.364 million.
• Capital expenditures include technology investments, such as EssentEDGE, focused on enhancing underwriting processes, risk assessment, and customer service.