Here are 1-2 brief analogies for Essent (ESNT):

• Like an AIG or Chubb solely dedicated to insuring residential mortgages against borrower non-payment.
• The 'Travelers' for banks' mortgage portfolios, specializing in insuring against homeowner defaults.

• Private Mortgage Insurance (PMI): Protects mortgage lenders from credit losses when a borrower defaults on a residential mortgage loan.
• Mortgage Reinsurance: Involves assuming or ceding mortgage credit risk, allowing for diversification and capital management for insurers and reinsurers.
• Risk Management Solutions: Offers data, analytics, and technology tools to help mortgage lenders and servicers manage credit risk efficiently.

Essent (ESNT) sells primarily to other companies.

Essent's major customers are not disclosed by specific names in their public filings. Essent serves a broad and diverse base of mortgage lenders across the United States. Based on their disclosures, their customer base primarily consists of the following categories of lending institutions:

• National Banks: Large financial institutions that originate mortgages across the country.
• Regional and Local Banks: Banks serving specific geographic areas, ranging in size from mid-tier to community banks.
• Credit Unions: Member-owned financial cooperatives that offer mortgage products to their members.
• Independent Mortgage Originators: Non-bank entities specializing in originating and funding mortgage loans.

Essent's business model emphasizes serving a wide array of these lending partners rather than relying on a concentrated number of named major clients, and specific client names are generally not disclosed due to competitive considerations and client confidentiality within the mortgage insurance industry.

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Mark A. Casale, Chief Executive Officer and Chairman

Mark A. Casale is the founder, Chief Executive Officer, and Chairman of the Board of Directors of Essent Group Ltd.. He founded Essent in 2008 with $500 million of equity funding. Mr. Casale has over 25 years of financial services experience, including senior roles in mortgage banking, mortgage insurance, bond insurance, and capital markets. Under his leadership, Essent has become a prominent mortgage insurer and reinsurer. He holds a BS in accounting from St. Joseph's University and an MBA in finance from New York University.

David Weinstock, Senior Vice President, Chief Financial Officer

David 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 has over 25 years of experience in finance, accounting, and controls. Prior to joining Essent, Mr. Weinstock held senior management positions at Advanta Corp., including chief accounting officer and vice president of investor relations, and was also a senior manager at Arthur Andersen LLP.

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

Christopher G. Curran has served as President of Essent Guaranty since 2021, having previously been Senior Vice President of Corporate Development since 2011. He brings over 30 years of experience in mortgage insurance, mortgage banking, and financial services. Mr. Curran is responsible for leading Essent's mortgage insurance business.

Vijay Bhasin, Chief Risk Officer, Senior Vice President

Vijay Bhasin joined Essent in 2009. Previously, he served as a Managing Director at a mortgage lender.

Mary Lourdes Gibbons, Chief Legal Officer, Senior Vice President, Assistant Secretary

Mary Lourdes Gibbons has been with Essent since 2008. Prior to Essent, she held the position of Chief Legal Officer at an insurance firm.

Essent Group Ltd. (ESNT) primarily operates in the private mortgage insurance (PMI) market, with reinsurance, and title insurance and settlement services also listed among its offerings.

The addressable market for Essent's main product, private mortgage insurance, is substantial both globally and within North America.

• The global private mortgage insurance market was approximately $6.1 billion in 2023 and is projected to grow to an estimated $12.4 billion by 2032, exhibiting a compound annual growth rate (CAGR) of 7.9%.
• Another estimate indicates the global private mortgage insurance market is expected to increase from $6.24 billion in 2024 to $6.84 billion in 2025, and is forecast to reach $9.71 billion by 2029.
• North America is the largest private mortgage insurance market, accounting for over 40% of the global revenue in 2024.
• In the United States, the private mortgage insurance market for new insurance written was approximately $298.9 billion in 2024, with industry forecasts anticipating a slightly larger market in 2025.

Essent Group Ltd. (NYSE: ESNT) is anticipated to drive future revenue growth over the next two to three years through several key strategies and market dynamics:

1. Growth in Insurance in Force (IIF) through New Insurance Written: Essent's core business revolves around private mortgage insurance, and a primary driver of its revenue is the expansion of its insurance in force (IIF) portfolio. This growth is directly tied to the volume of new insurance written (NIW). For example, Essent reported that its U.S. Mortgage Insurance in force reached $249 billion as of September 30, 2025, a 2% increase year-over-year. Sustained levels of new mortgage originations and Essent's ability to capture market share in this segment will be crucial for increasing its premium revenue.
2. Elevated Portfolio Persistency: High persistency, meaning policies remain on Essent's books for longer periods, directly contributes to consistent earned premiums over time. Essent's management has noted that the current level of mortgage rates is expected to support elevated persistency in the near term, with a 12-month persistency rate of 86% as of September 30, 2025. This extended duration of policies helps maintain a stable base of premium revenue.
3. Growth in Net Investment Income: Essent generates a portion of its revenue from its investment portfolio. The company has experienced growth in net investment income, with a 7% increase for the nine months ended September 30, 2025, compared to the same period in 2024. Management explicitly states that the current interest rate environment remains a tailwind for investment income. As interest rates influence investment returns, a favorable rate environment will continue to be a driver for this revenue component.
4. Strategic Diversification through Essent Re: Essent has indicated a focus on exploring diversification through Essent Re, its reinsurance arm. This suggests a strategy to expand its reinsurance activities, potentially by offering new products or entering new markets, thereby creating additional revenue streams beyond its traditional primary mortgage insurance business. Essent Re contributed $15.9 million in premiums earned on third-party business for the third quarter of 2025.

Share Repurchases

• Essent Group authorized a new $500 million share repurchase program through year-end 2027.
• Year-to-date through October 31, 2025, the company repurchased nearly 9 million shares for over $500 million.
• Basic shares outstanding for the quarter ending June 30, 2025, saw a 5.32% decline year-over-year.

Share Issuance

• No significant dollar amount of share issuances were identified over the last 3-5 years; the trend indicates a decrease in shares outstanding due to repurchases.

Outbound Investments

• Essent has expanded into title insurance and settlement services through acquisitions made in 2023, aiming to diversify revenue streams.
• The company engages in mortgage-related insurance and reinsurance through its Bermuda-based subsidiary, Essent Reinsurance Ltd.
• Essent Re had $2.3 billion risk in force for GSE and other risk share as of June 30, 2025.

Capital Expenditures

• Over the last 12 months (prior to November 2025), capital expenditures were minimal, recorded as -$2.19 million, implying capital release or very low spending.
• The company emphasizes investing in strategic growth initiatives.
• Essent has focused on the growth of its franchise through various economic engines, including its mortgage insurance portfolio and Essent Re.