Table of Contents Title of each class Trading Symbol(s) Name of each exchange on which registered Common Shares, $0.015 par value ESNT New York Stock Exchange UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the period ended March 31, 2021 ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commissio ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K (Mark One) ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2020 ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission file number 001-36157 ESSENT GROUP LTD. (Exact name of registrant as specified in its charter) Bermuda Not Applicable (State or other jurisdiction of in ...

Essent Group Ltd. (NYSE:ESNT) Q4 2020 Earnings Conference Call February 19, 2021 10:00 AM ET Company Participants Chris Curran - Senior Vice President of Investor Relations Mark Casale - Chairman and Chief Executive Officer Larry McAlee - Chief Financial Officer Conference Call Participants Phil Stefano - Deutsche Bank Mark DeVries - Barclays Doug Harter - Credit Suisse Jack Micenko - SIG Bose George - KBW Rick Shane - JPMorgan Ryan Gilbert - BTIG Operator Thank you for standing by, and welcome to the Essen ...

ESSENT GROUP LTD. INVESTOR PRESENTATION 4Q & FY 2020 NYSE: ESNT FEBRUARY 19, 2021 DISCLAIMER This presentation may include "forward-looking statements" which are subject to known and unknown risks and uncertainties, many of which may be beyond our control. Forward-looking statements generally can be identified by the use of forward-looking terminology such as "may," "will," "should," "expect," "plan," "anticipate," "believe," "estimate," "predict," or "potential" or the negative thereof or variations thereo ...

ESSENT GROUP LTD. INVESTOR PRESENTATION 3Q20 NYSE: ESNT @ ESSENT® NOVEMBER 6, 2020 DISCLAIMER This presentation may include "forward-looking statements" which are subject to known and unknown risks and uncertainties, many of which may be beyond our control. Forward-looking statements generally can be identified by the use of forward-looking terminology such as "may," "will," "should," "expect," "plan," "anticipate," "believe," "estimate," "predict," or "potential" or the negative thereof or variations there ...

Essent Group Ltd. (NYSE:ESNT) Q3 2020 Earnings Conference Call November 6, 2020 10:00 AM ET Company Participants Chris Curran - Senior Vice President of Investor Relations Mark Casale - Chairman and CEO Larry McAlee - Chief Financial Officer Conference Call Participants Douglas Harter - Credit Suisse Rick Shane - JPMorgan Bose George - KBW Mark DeVries - Barclays Jack Micenko - SIG Mihir Bhatia - Bank of America Phil Stefano - Deutsche Bank Geoffrey Dunn - Dowling and Partners Operator Ladies and gentlemen, ...

PART I. FINANCIAL INFORMATION [Item 1. Financial Statements (Unaudited)](index=5&type=section&id=Item%201.%20Financial%20Statements%20%28Unaudited%29) The unaudited financial statements detail the company's financial position, operations, and cash flows, showing **$5.11 billion** in total assets and **$289.4 million** net income for the nine months ended September 30, 2020, impacted by increased loss provisions [Condensed Consolidated Balance Sheets](index=5&type=section&id=Condensed%20Consolidated%20Balance%20Sheets) Total assets increased to **$5.11 billion** as of September 30, 2020, driven by investments, while liabilities rose to **$1.36 billion** and equity grew to **$3.75 billion** Condensed Consolidated Balance Sheet Highlights (in thousands) | Account | Sep 30, 2020 | Dec 31, 2019 | | :--- | :--- | :--- | | **Total Assets** | **$5,107,088** | **$3,873,425** | | Total investments | $4,585,412 | $3,429,620 | | **Total Liabilities** | **$1,360,544** | **$888,580** | | Reserve for losses and LAE | $307,737 | $69,362 | | Credit facility borrowings | $424,658 | $224,237 | | **Total Stockholders' Equity** | **$3,746,544** | **$2,984,845** | [Condensed Consolidated Statements of Comprehensive Income](index=6&type=section&id=Condensed%20Consolidated%20Statements%20of%20Comprehensive%20Income) Net income for the nine months ended September 30, 2020, decreased to **$289.4 million** from **$408.8 million** due to a substantial increase in the provision for losses Statement of Comprehensive Income Highlights (in thousands, except per share data) | Metric | Nine Months Ended Sep 30, 2020 | Nine Months Ended Sep 30, 2019 | | :--- | :--- | :--- | | Net premiums earned | $640,225 | $569,754 | | Total revenues | $707,955 | $638,805 | | Provision for losses and LAE | $239,220 | $22,057 | | **Net income** | **$289,439** | **$408,755** | | **Diluted EPS** | **$2.77** | **$4.16** | | Comprehensive income | $365,686 | $500,475 | [Condensed Consolidated Statements of Cash Flows](index=8&type=section&id=Condensed%20Consolidated%20Statements%20of%20Cash%20Flows) Net cash from operating activities increased to **$548.5 million**, while investing activities used **$1.08 billion**, and financing activities provided **$582.2 million** for the nine months ended September 30, 2020 Cash Flow Summary (in thousands) | Activity | Nine Months Ended Sep 30, 2020 | Nine Months Ended Sep 30, 2019 | | :--- | :--- | :--- | | Net cash provided by operating activities | $548,506 | $424,579 | | Net cash used in investing activities | ($1,083,317) | ($416,414) | | Net cash provided by (used in) financing activities | $582,152 | ($23,529) | | **Net increase (decrease) in cash** | **$47,341** | **($15,364)** | [Notes to Condensed Consolidated Financial Statements (Unaudited)](index=9&type=section&id=Notes%20to%20Condensed%20Consolidated%20Financial%20Statements%20%28Unaudited%29) Notes detail accounting policies, the **$4.5 billion** investment portfolio, extensive reinsurance use, a significant increase in **$307.7 million** loss reserves due to COVID-19, and compliance with PMIERs - The company offers private mortgage insurance and reinsurance for U.S. residential properties, primarily through its subsidiaries Essent Guaranty, Inc. and Essent Reinsurance Ltd[36](index=36&type=chunk) - The company adopted ASU 2016-13 (Credit Losses) on January 1, 2020, which did not have a material effect on its consolidated operating results or financial position[40](index=40&type=chunk) - The investment portfolio, valued at **$4.5 billion**, is primarily composed of corporate debt securities (**21.9%**), U.S. agency mortgage-backed securities (**21.2%**), and money market funds (**21.2%**); over **98%** of securities in an unrealized loss position had investment-grade ratings[47](index=47&type=chunk)[53](index=53&type=chunk) - The company utilizes both Quota Share Reinsurance (ceding **20-40%** of risk on new policies) and Excess of Loss Reinsurance through Radnor Re transactions to manage risk and capital, with total excess of loss reinsurance in force of approximately **$1.6 billion** as of September 30, 2020[63](index=63&type=chunk)[69](index=69&type=chunk) - Loss reserves increased dramatically to **$307.7 million** at September 30, 2020, from **$69.4 million** at year-end 2019, driven by a surge in COVID-19 related defaults (**32,492** in inventory), for which a reserve of **$247.2 million** was established[77](index=77&type=chunk)[81](index=81&type=chunk) - In June 2020, the company completed a public offering of **13.8 million** common shares, raising net proceeds of approximately **$440.0 million**, and declared quarterly dividends of **$0.16 per share**[94](index=94&type=chunk)[95](index=95&type=chunk) - As of September 30, 2020, Essent Guaranty was in compliance with PMIERs 2.0, with Available Assets of **$2.72 billion** exceeding the Minimum Required Assets of **$1.74 billion**[143](index=143&type=chunk)[244](index=244&type=chunk) [Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations](index=30&type=section&id=Item%202.%20Management%27s%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management discusses the COVID-19 impact, leading to increased loss provisions and decreased net income despite strong new insurance written, while maintaining robust capital and liquidity [Overview and COVID-19 Impact](index=30&type=section&id=Overview%20and%20COVID-19%20Impact) New insurance written grew to **$78.4 billion**, increasing total insurance in force to **$190.8 billion**, despite significant COVID-19 impact on delinquencies and loss provisions - New insurance written (NIW) for the nine months ended Sep 30, 2020, was **$78.4 billion**, a significant increase from **$47.7 billion** in the same period of 2019[153](index=153&type=chunk) - Total insurance in force reached **$190.8 billion** as of September 30, 2020[153](index=153&type=chunk) - The COVID-19 pandemic and related economic restrictions have caused a significant increase in unemployment, leading to a higher number of delinquencies on insured mortgages[154](index=154&type=chunk) - The CARES Act provides forbearance for up to **360 days** on federally backed mortgages, expected to reduce defaults resulting in claims compared to historical experience[155](index=155&type=chunk) [Key Performance Indicators](index=35&type=section&id=Key%20Performance%20Indicators) Insurance in force grew to **$190.8 billion**, while the average net premium rate decreased to **0.47%**, and persistency fell to **64.2%**, with a healthy **11.6 to 1** risk-to-capital ratio Insurance in Force (IIF) (in thousands) | Period | IIF, end of period | | :--- | :--- | | Nine Months Ended Sep 30, 2020 | $190,811,292 | | Nine Months Ended Sep 30, 2019 | $160,962,192 | - The average net premium rate for the nine months ended Sep 30, 2020, was **0.47%**, down from **0.49%** in the prior year period, influenced by increased ceded premiums from reinsurance[192](index=192&type=chunk) - The persistency rate was **64.2%** at September 30, 2020, a decline from **77.5%** at December 31, 2019, indicating higher policy cancellations, likely due to refinancing[167](index=167&type=chunk) - The combined risk-to-capital ratio for U.S. insurance companies was **11.6 to 1** as of September 30, 2020, well below the general maximum permitted ratio of **25.0 to 1**[193](index=193&type=chunk) [Results of Operations](index=37&type=section&id=Results%20of%20Operations) Net income decreased to **$289.4 million** due to a significant increase in the provision for losses to **$239.2 million**, driven by COVID-19 related defaults, despite higher net premiums earned Results of Operations Comparison (in thousands) | Metric | Nine Months Ended Sep 30, 2020 | Nine Months Ended Sep 30, 2019 | | :--- | :--- | :--- | | Net premiums earned | $640,225 | $569,754 | | Provision for losses and LAE | $239,220 | $22,057 | | Other underwriting and operating expenses | $117,866 | $124,138 | | **Net income** | **$289,439** | **$408,755** | - The increase in provision for losses was primarily due to an increase in defaults related to COVID-19; the ending default inventory grew to **35,464** from **5,232** in the prior year[203](index=203&type=chunk)[204](index=204&type=chunk) - As of September 30, 2020, the default inventory included **32,492** defaults classified as COVID-19 related, with a corresponding loss reserve of **$247.2 million**[204](index=204&type=chunk)[206](index=206&type=chunk) - The average total reserve per default decreased from **$11,700** to **$8,700** year-over-year, reflecting a lower reserve rate applied to COVID-19 defaults due to expectations of higher cure rates from forbearance programs[205](index=205&type=chunk)[206](index=206&type=chunk) [Liquidity and Capital Resources](index=43&type=section&id=Liquidity%20and%20Capital%20Resources) The company maintained strong liquidity with **$118.7 million** cash and **$4.5 billion** investments, bolstering capital through a **$440 million** equity offering and remaining PMIERs compliant - As of September 30, 2020, the company had **$118.7 million** in cash, **$1.0 billion** in short-term investments, and **$3.5 billion** in fixed maturity investments[223](index=223&type=chunk) - Completed a public offering of common shares in June 2020, raising net proceeds of approximately **$440 million** to strengthen capital resources[223](index=223&type=chunk) - In October 2020, the credit facility was amended to increase committed capacity from **$500 million** to **$625 million** and extend the maturity to October 2023[224](index=224&type=chunk) - Essent Guaranty was in compliance with PMIERs 2.0, with Available Assets of **$2.72 billion**, providing a significant buffer over the Minimum Required Assets of **$1.74 billion**[244](index=244&type=chunk) - The combined risk-to-capital ratio for U.S. insurance subsidiaries was **11.6:1**, based on **$2.6 billion** in statutory capital and **$29.8 billion** in net risk in force[239](index=239&type=chunk) [Item 3. Quantitative and Qualitative Disclosures About Market Risk](index=55&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) Primary market risk from the investment portfolio relates to interest rate changes, credit quality, and concentration, with an effective duration of **2.5 years** as of September 30, 2020 - The company is exposed to market risk from its investment portfolio, primarily driven by changes in interest rates, credit quality, and concentration[267](index=267&type=chunk)[268](index=268&type=chunk)[269](index=269&type=chunk)[270](index=270&type=chunk) - The effective duration of the investments available for sale was **2.5 years** at September 30, 2020; a **100 basis point** change in interest rates would result in a **2.5%** change in the portfolio's fair value[272](index=272&type=chunk) [Item 4. Controls and Procedures](index=55&type=section&id=Item%204.%20Controls%20and%20Procedures) Management concluded that disclosure controls and procedures were effective as of September 30, 2020, with no material changes to internal controls over financial reporting - The CEO and CFO concluded that the company's disclosure controls and procedures were effective as of September 30, 2020[273](index=273&type=chunk) - No changes in internal control over financial reporting occurred during the quarter that materially affected, or are reasonably likely to materially affect, internal controls[274](index=274&type=chunk) PART II. OTHER INFORMATION [Item 1. Legal Proceedings](index=56&type=section&id=Item%201.%20Legal%20Proceedings) The company is not currently subject to any material legal proceedings - The company is not currently subject to any material legal proceedings[277](index=277&type=chunk) [Item 1A. Risk Factors](index=56&type=section&id=Item%201A.%20Risk%20Factors) The most significant risk factor change relates to the COVID-19 pandemic, which adversely affects business, operations, and financial condition, increasing uncertainty in loss reserves and claims - The COVID-19 pandemic is unprecedented and continues to disrupt the global economy, including the U.S. housing and mortgage markets, which is expected to materially adversely affect the company's business[279](index=279&type=chunk)[280](index=280&type=chunk) - Key risks from the pandemic include: uncertainty in loss reserve estimates, increased mortgage delinquencies and claims (especially after forbearance periods end), potential reduction in new business volume, and adverse impacts on capital and reinsurance markets[284](index=284&type=chunk)[285](index=285&type=chunk)[286](index=286&type=chunk)[287](index=287&type=chunk) - Governmental and GSE efforts, such as the CARES Act and forbearance plans, aim to assist borrowers but do not eliminate the risk of ultimate default and claims[281](index=281&type=chunk)[282](index=282&type=chunk) [Item 2. Unregistered Sales of Equity Securities and Use of Proceeds](index=57&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) No common shares were repurchased during the three months ended September 30, 2020 - No common shares were repurchased during the three months ended September 30, 2020[292](index=292&type=chunk) [Item 6. Exhibits](index=58&type=section&id=Item%206.%20Exhibits) This section lists exhibits filed with the Form 10-Q, including an amended credit agreement and CEO/CFO certifications - Exhibits filed include the Second Amended and Restated Credit Agreement, CEO and CFO certifications (Rule 13a-14(a) and Section 906), and Inline XBRL financial data[294](index=294&type=chunk)

Table of Contents Title of each class Trading Symbol(s) Name of each exchange on which registered Common Shares, $0.015 par value ESNT New York Stock Exchange Large accelerated filer ☒ Accelerated filer ☐ Non-accelerated filer ☐ Smaller reporting company ☐ Emerging growth company ☐ UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the period ended June 30, 2020 ☐ TRANSITIO ...

AUGUST 7, 2020 ESSENT GROUP LTD. SECOND QUARTER 2020 EARNINGS PRESENTATION DISCLAIMER This presentation may include "forward-looking statements" which are subject to known and unknown risks and uncertainties, many of which may be beyond our control. Forward-looking statements generally can be identified by the use of forward-looking terminology such as "may," "will," "should," "expect," "plan," "anticipate," "believe," "estimate," "predict," or "potential" or the negative thereof or variations thereon or si ...

Essent Group Ltd. (NYSE:ESNT) Q2 2020 Earnings Conference Call August 7, 2020 10:00 AM ET Company Participants Christopher Curran - Senior Vice President, Corporate Development Mark Casale - Chairman, Chief Executive Officer & President Lawrence McAlee - Senior Vice President & Chief Financial Officer Conference Call Participants Phil Stefano - Deutsche Bank Douglas Harter - Crédit Suisse Rick Shane - JPMorgan Jack Micenko - SIG Mark DeVries - Barclays Bank Bose George - KBW Operator Ladies and gentlemen, t ...