Essent 2022 earnings top $800 million
Essent Group Ltd, the mortgage re/insurer based in Bermuda, has reported net income for fourth-quarter and full-year 2022 of $147.4 million (2021: $181 million) and $831.4 million (2021: $681.8 million), respectively.
“We are pleased with our fourth-quarter and full-year 2022 financial results, which reflect our continued focus on generating high-quality earnings and solid returns,” said Mark A. Casale, the chairman and chief executive.
“Our results reflect our focus on optimising unit economics along with continued favourable credit performance. We remain committed to taking a measured approach to capital management.”
The company said new insurance written for the fourth quarter was $13 billion, compared to $17.1 billion in the third quarter of 2022 and $16.4 billion in the fourth quarter of 2021.
Insurance in force as of December 31 was $227.1 billion, compared to $222.5 billion as of September 30, 2022 and $207.2 billion as of December 31, 2021.
The combined ratio for the fourth quarter was 24.6 per cent, compared to 22.3 per cent in the third quarter of 2022 and 17.4 per cent in the fourth quarter of 2021.
During the fourth quarter, Essent said, it entered into a quota share reinsurance transaction with a panel of highly rated third-party reinsurers. The quota share agreement covers 17.5 per cent of all eligible policies written by Essent Guaranty Inc in the calendar year 2023.
Last week, Essent US Holdings entered into an agreement to acquire the title insurance operations from a subsidiary of Finance of America Companies for $100 million.
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