Essent Group, the mortgage re/insurer based in Bermuda, has reported second-quarter net income of $172.2 million, down from $231.8 million in the prior-year quarter.

New insurance written for the quarter was $13.5 billion, compared with $12.9 billion in the first quarter of 2023 and $20.1 billion in the second quarter of 2022.

Insurance in force as of June 30 was $235.6 billion, compared with $231.5 billion as of March 31, and $215.9 billion as of June 30 last year.

The combined ratio was 20.4 per cent compared with 22.7 per cent in the first quarter and minus 16.2 per cent in the second quarter of 2022.

“We are pleased with our second quarter 2023 financial results, which reflect the high quality of our portfolio and the resilience in housing and employment,” said Mark A. Casale, chairman and chief executive.

“Our strong operational performance continues to demonstrate the earnings power of our business and provide us with attractive levels of excess capital, which we can then deploy in the best long-term interest of our shareholders.”

Essent’s board of directors has declared a quarterly cash dividend of $0.25 per common share, payable on September 11 to shareholders of record on September 1.