Essent Group’s reinsurance operation has become a much larger part of the Bermudian-based insurer’s business after premiums surged during the first nine months of the year.

The company reported reinsurance net premiums written of $330.3 million for the nine months to September 30, up from $49.3 million in the same period last year.

The increase was driven primarily by non-mortgage reinsurance, which generated $288.2 million of net premiums written, compared with $817,000 a year earlier. Mortgage reinsurance premiums fell to $42.1 million from $48.4 million.

Essent Reinsurance Ltd recorded $137 million of net premiums earned in the first nine months, almost three times the $45.9 million reported a year ago. The business generated pre-tax income of $50.1 million, compared with $59.2 million in the prior-year period.

Its combined ratio — a measure of claims and expenses as a share of premiums — increased to 79.3 per cent from 18.5 per cent. The rise showed the addition of more non-mortgage business, including higher claims, acquisition costs and other expenses.

Essent Reinsurance had stockholders’ equity of $1.65 billion at September 30, compared with $1.72 billion a year earlier.

The wider group reported third-quarter net income of $163.4 million, or $1.82 per diluted share, broadly unchanged from $164.2 million, or $1.67 per diluted share, in the same quarter of 2025.

Mortgage insurance is still Essent’s largest business. Insurance in force rose to $250.1 billion at the end of September, from $248.8 billion a year earlier. However, new mortgage insurance written slipped to $12.1 billion in the third quarter, compared with $14.1 billion in the previous quarter and $12.2 billion a year earlier.

Mark Casale, Essent’s chairman and chief executive, said: “Our third-quarter results reflect the earnings power of our mortgage insurance and reinsurance franchise.

“With the solid credit quality of our insurance in force and our strong capital position, we are well positioned to deliver high-quality earnings with continued flexibility to invest in the business and return capital to shareholders.”

The group repurchased 7.7 million common shares for $474 million through October 31. Its board also approved a new $500 million share repurchase programme running through the end of 2028.

Essent declared a quarterly dividend of 35 cents per common share, payable on December 10 to shareholders of record on December 1.