The following is a summary of the Essent Group Ltd. (ESNT) Q3 2024 Earnings Call Transcript:

Financial Performance:

• Essent Group reported Q3 2024 net income of $176 million compared to $178 million a year ago.

• Earnings per share were $1.65, slightly down from $1.66 a year ago.

• Net investment income increased by $1.3 million or 2% to $57.3 million.

• The company maintains a strong capital position with $5.6 billion in GAAP equity and access to $1.7 billion in excess of loss reinsurance.

Business Progress:

• During Q3, Essent closed its 10th Radnor Re ILN providing $363 million of fully collateralized excess of loss coverage.

• The company revised its full-year 2024 guidance for underwriting and operating expenses from $185 million to $180 million.

• Essent continues to maintain a programmatic reinsurance strategy and a conservative balance sheet management approach.

Opportunities:

• Essent's long-term outlook for housing is positive due to the supply-demand imbalance and favorable demographic trends.

• The business model benefits from high persistency and high interest rates raising the investment income.

Risks:

• Risks include potential upticks in delinquency in areas affected by hurricanes Helene and Milton, although claims may be excluded if property damage is the principal cause of borrower default.

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