Essent recently released its Form 10-Q for the quarter ended June 30, 2026. Essent Group Ltd., through its subsidiaries, provides private mortgage insurance, reinsurance, title insurance, and settlement services to U.S. mortgage lenders, borrowers, and investors. The company operates in two segments, Mortgage Insurance and Reinsurance, and also provides underwriting consulting, contract underwriting, customer support, and information technology services.
In Item 2, Management’s Discussion and Analysis, Essent said its mortgage insurance subsidiary, Essent Guaranty, is approved by Fannie Mae and Freddie Mac and licensed in all 50 states and the District of Columbia. New insurance written rose to about $14.1 billion in the second quarter of 2026 from about $12.5 billion a year earlier, and to about $25.2 billion for the first six months of 2026 from about $22.5 billion in the same period of 2025. Essent Guaranty’s financial strength ratings were A2 from Moody’s, A* from S&P, and A from AM Best.
Essent Reinsurance Ltd. covered about $2.1 billion of risk as of June 30, 2026 through GSE and other mortgage risk share transactions, and it also reinsures Essent Guaranty under a quota share agreement. Effective January 1, 2026, Essent Re began reinsuring certain property and casualty risks. Essent Re’s ratings were A* from S&P and A from AM Best.
Essent reported 518 employees as of June 30, 2026. Its holding company and reinsurance business are domiciled in Bermuda, while its U.S. mortgage insurance and title insurance operations are headquartered in Radnor, Pennsylvania. The company said mortgage interest rates remained elevated despite Federal Reserve cuts in 2024 and 2025, reducing home-buying and refinance activity and pressuring mortgage originations, NIW, and title insurance and settlement volumes.
Essent said its mortgage insurance in force, or IIF, and premiums are driven by NIW, policy cancellations, premium rates, and reinsurance. Persistency was 84.0% at June 30, 2026. For the six months ended June 30, 2026 and 2025, monthly premium policies accounted for 98% and 99% of NIW, respectively. The company said substantially all single premium policies in force at June 30, 2026 were non-refundable.
On the title side, Essent said premiums are recognized at closing and are based on the number of policies issued. Other income includes underwriting consulting services to third-party reinsurers, title settlement services, contract underwriting services, and a flat monthly fee from Triad under a services agreement extended through November 2026. The market has reacted to these announcements by moving the company's shares 4.9% to a price of $68.72. If you want to know more, read the company's complete 10-Q report here.
