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10-Q Filing

ESSENT GROUP LTD. CIK: 1448893 Q1 2018
Filing Information
Form Type 10-Q
Accession Number 0001448893-18-000053
Period End Date 20180331
Filing Date 20180508
Fiscal Year 2018
Fiscal Period Q1
XBRL Instance esnt-20180331.xml
Balance Sheet 67 line items
Line Item Tag Value Unit Period
Fixed maturities (amortized cost: 2018 $2,116,143; 2017 $1,994,200) MarketableSecuritiesFixedMaturities $1.99B USD Point-in-time
Fixed maturities (amortized cost: 2018 $2,116,143; 2017 $1,994,200) MarketableSecuritiesFixedMaturities $2.08B USD Point-in-time
Short-term investments (amortized cost: 2018 $380,776; 2017 $312,714) ShortTermInvestments $312.69M USD Point-in-time
Short-term investments (amortized cost: 2018 $380,776; 2017 $312,714) ShortTermInvestments $380.76M USD Point-in-time
Total investments Investments $2.31B USD Point-in-time
Total investments Investments $2.46B USD Point-in-time
Cash Cash $43.52M USD Point-in-time
Cash Cash $32.96M USD Point-in-time
Accrued investment income AccruedInvestmentIncomeReceivable $14.38M USD Point-in-time
Accrued investment income AccruedInvestmentIncomeReceivable $12.81M USD Point-in-time
Accounts receivable AccountsReceivableNet $29.75M USD Point-in-time
Accounts receivable AccountsReceivableNet $45.95M USD Point-in-time
Amortized cost AvailableForSaleSecuritiesAmortizedCost $2.50B USD Point-in-time
Amortized cost AvailableForSaleSecuritiesAmortizedCost $2.31B USD Point-in-time
Deferred policy acquisition costs DeferredPolicyAcquisitionCosts $15.35M USD Point-in-time
Deferred policy acquisition costs DeferredPolicyAcquisitionCosts $15.56M USD Point-in-time
Accumulated depreciation AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment $51.36M USD Point-in-time
Property and equipment (at cost, less accumulated depreciation of $51,363 in 2018 and $50,466 in 2017) PropertyPlantAndEquipmentNet $6.59M USD Point-in-time
Property and equipment (at cost, less accumulated depreciation of $51,363 in 2018 and $50,466 in 2017) PropertyPlantAndEquipmentNet $6.98M USD Point-in-time
Accumulated depreciation AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment $50.47M USD Point-in-time
Prepaid federal income tax MortgageGuarantyInsurerUnitedStatesMortgageGuarantyTaxAndLossBonds $151.29M USD Point-in-time
Prepaid federal income tax MortgageGuarantyInsurerUnitedStatesMortgageGuarantyTaxAndLossBonds $252.16M USD Point-in-time
Other assets OtherAssets $8.73M USD Point-in-time
Other assets OtherAssets $13.35M USD Point-in-time
Unamortized deferred costs DeferredFinanceCostsGross $1.41M USD Point-in-time
Unamortized deferred costs DeferredFinanceCostsGross $1.30M USD Point-in-time
Total assets Assets $2.74B USD Point-in-time
Total assets Assets $2.67B USD Point-in-time
Common Shares, par value (in dollars per share) CommonStockParOrStatedValuePerShare $0.01 USD Point-in-time
Common Shares, par value (in dollars per share) CommonStockParOrStatedValuePerShare $0.01 USD Point-in-time
Common Shares, authorized (in shares) CommonStockSharesAuthorized 233.33M shares Point-in-time
Common Shares, authorized (in shares) CommonStockSharesAuthorized 233.33M shares Point-in-time
Reserve for losses and LAE LiabilityForUnpaidClaimsAndClaimsAdjustmentExpenseNet $29.47M USD Point-in-time
Common Shares, issued (in shares) CommonStockSharesIssued 98.10M shares Point-in-time
Reserve for losses and LAE LiabilityForUnpaidClaimsAndClaimsAdjustmentExpenseNet $49.97M USD Point-in-time
Reserve for losses and LAE LiabilityForUnpaidClaimsAndClaimsAdjustmentExpenseNet $46.85M USD Point-in-time
Common Shares, issued (in shares) CommonStockSharesIssued 98.43M shares Point-in-time
Reserve for losses and LAE LiabilityForUnpaidClaimsAndClaimsAdjustmentExpenseNet $28.14M USD Point-in-time
Unearned premium reserve UnearnedPremiums $272.34M USD Point-in-time
Common Shares, outstanding (in shares) CommonStockSharesOutstanding 98.43M shares Point-in-time
Unearned premium reserve UnearnedPremiums $259.67M USD Point-in-time
Common Shares, outstanding (in shares) CommonStockSharesOutstanding 98.10M shares Point-in-time
Net deferred tax liability DeferredTaxLiabilities $127.64M USD Point-in-time
Net deferred tax liability DeferredTaxLiabilities $132.32M USD Point-in-time
Credit facility borrowings (at carrying value, less unamortized deferred costs of $1,303 in 2018 and $1,409 in 2017) LineOfCredit $263.70M USD Point-in-time
Credit facility borrowings (at carrying value, less unamortized deferred costs of $1,303 in 2018 and $1,409 in 2017) LineOfCredit $248.59M USD Point-in-time
Securities purchases payable InvestmentRelatedLiabilities $15.00M USD Point-in-time
Securities purchases payable InvestmentRelatedLiabilities $6.20M USD Point-in-time
Other accrued liabilities OtherAccruedLiabilitiesCurrentAndNoncurrent $36.18M USD Point-in-time
Other accrued liabilities OtherAccruedLiabilitiesCurrentAndNoncurrent $21.40M USD Point-in-time
Total liabilities Liabilities $745.93M USD Point-in-time
Total liabilities Liabilities $733.93M USD Point-in-time
Commitments and contingencies (see Note 7) CommitmentsAndContingencies - USD Point-in-time
Commitments and contingencies (see Note 7) CommitmentsAndContingencies - USD Point-in-time
Common shares, $0.015 par value: Authorized - 233,333; issued and outstanding - 98,102 shares in 2018 and 98,434 shares in 2017 CommonStockValue $1.48M USD Point-in-time
Common shares, $0.015 par value: Authorized - 233,333; issued and outstanding - 98,102 shares in 2018 and 98,434 shares in 2017 CommonStockValue $1.47M USD Point-in-time
Additional paid-in capital AdditionalPaidInCapitalCommonStock $1.13B USD Point-in-time
Additional paid-in capital AdditionalPaidInCapitalCommonStock $1.10B USD Point-in-time
Accumulated other comprehensive loss AccumulatedOtherComprehensiveIncomeLossNetOfTax $-3.25M USD Point-in-time
Accumulated other comprehensive loss AccumulatedOtherComprehensiveIncomeLossNetOfTax $-32.00M USD Point-in-time
Retained earnings RetainedEarningsAccumulatedDeficit $815.08M USD Point-in-time
Retained earnings RetainedEarningsAccumulatedDeficit $926.14M USD Point-in-time
Total stockholders equity StockholdersEquity $1.34B USD Point-in-time
Total stockholders equity StockholdersEquity $1.94B USD Point-in-time
Total stockholders equity StockholdersEquity $2.00B USD Point-in-time
Total liabilities and stockholders equity LiabilitiesAndStockholdersEquity $2.67B USD Point-in-time
Total liabilities and stockholders equity LiabilitiesAndStockholdersEquity $2.74B USD Point-in-time
Income Statement 46 line items
Line Item Tag Value Unit Period
Net premiums written PremiumsWrittenNet $165.22M USD 1 Quarter
Net premiums written PremiumsWrittenNet $119.30M USD 1 Quarter
Increase in unearned premiums IncreaseDecreaseInUnearnedPremiumsNet $-1.65M USD 1 Quarter
Increase in unearned premiums IncreaseDecreaseInUnearnedPremiumsNet $-12.67M USD 1 Quarter
Net premiums earned PremiumsEarnedNet $117.65M USD 1 Quarter
Net premiums earned PremiumsEarnedNet $152.56M USD 1 Quarter
Net investment income NetInvestmentIncome $13.71M USD 1 Quarter
Net investment income NetInvestmentIncome $8.44M USD 1 Quarter
Realized investment gains, net RealizedInvestmentGainsLosses $655.00K USD 1 Quarter
Realized investment gains, net RealizedInvestmentGainsLosses $197.00K USD 1 Quarter
Other income OtherIncome $851.00K USD 1 Quarter
Other income OtherIncome $994.00K USD 1 Quarter
Total revenues Revenues $167.46M USD 1 Quarter
Total revenues Revenues $127.59M USD 1 Quarter
Provision for losses and LAE LiabilityForUnpaidClaimsAndClaimsAdjustmentExpenseIncurredClaims1 $3.69M USD 1 Quarter
Provision for losses and LAE LiabilityForUnpaidClaimsAndClaimsAdjustmentExpenseIncurredClaims1 $5.31M USD 1 Quarter
Other underwriting and operating expenses OtherUnderwritingAndOperatingExpenses $38.12M USD 1 Quarter
Other underwriting and operating expenses OtherUnderwritingAndOperatingExpenses $36.33M USD 1 Quarter
Interest expense InterestExpense $716.00K USD 1 Quarter
Interest expense InterestExpense $2.45M USD 1 Quarter
Total losses and expenses BenefitsLossesAndExpenses $40.74M USD 1 Quarter
Total losses and expenses BenefitsLossesAndExpenses $45.88M USD 1 Quarter
Income before income taxes IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments $121.58M USD 1 Quarter
Income before income taxes IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments $86.85M USD 1 Quarter
Income tax expense IncomeTaxExpenseBenefit $10.51M USD 1 Quarter
Income tax expense IncomeTaxExpenseBenefit $20.25M USD 1 Quarter
Net income NetIncomeLoss $111.07M USD 1 Quarter
Net income NetIncomeLoss $66.60M USD 1 Quarter
Basic (in dollars per share) EarningsPerShareBasic $1.14 USD 1 Quarter
Basic (in dollars per share) EarningsPerShareBasic $0.73 USD 1 Quarter
Diluted (in dollars per share) EarningsPerShareDiluted $0.72 USD 1 Quarter
Diluted (in dollars per share) EarningsPerShareDiluted $1.13 USD 1 Quarter
Basic (in shares) WeightedAverageNumberOfSharesOutstandingBasic 97.30M shares 1 Quarter
Basic (in shares) WeightedAverageNumberOfSharesOutstandingBasic 91.26M shares 1 Quarter
Diluted (in shares) WeightedAverageNumberOfDilutedSharesOutstanding 93.02M shares 1 Quarter
Diluted (in shares) WeightedAverageNumberOfDilutedSharesOutstanding 97.95M shares 1 Quarter
Net income NetIncomeLossAvailableToCommonStockholdersBasic $111.07M USD 1 Quarter
Net income NetIncomeLossAvailableToCommonStockholdersBasic $66.60M USD 1 Quarter
Net income NetIncomeLossAvailableToCommonStockholdersBasic $379.75M USD Annual
Change in unrealized (depreciation) appreciation of investments, net of tax (benefit) expense of ($5,193) in 2018 and $2,061 in 2017 OtherComprehensiveIncomeAvailableforsaleSecuritiesAdjustmentNetOfTaxPortionAttributableToParent $4.85M USD 1 Quarter
Change in unrealized (depreciation) appreciation of investments, net of tax (benefit) expense of ($5,193) in 2018 and $2,061 in 2017 OtherComprehensiveIncomeAvailableforsaleSecuritiesAdjustmentNetOfTaxPortionAttributableToParent $-28.75M USD 1 Quarter
Total other comprehensive (loss) income OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent $-28.75M USD 1 Quarter
Total other comprehensive (loss) income OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent $4.85M USD 1 Quarter
Total other comprehensive (loss) income OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent $8.07M USD Annual
Comprehensive income ComprehensiveIncomeNetOfTax $71.45M USD 1 Quarter
Comprehensive income ComprehensiveIncomeNetOfTax $82.32M USD 1 Quarter
Cash Flow Statement 62 line items
Line Item Tag Value Unit Period
Net income NetIncomeLoss $111.07M USD 1 Quarter
Net income NetIncomeLoss $66.60M USD 1 Quarter
Gain on the sale of investments, net RealizedInvestmentGainsLosses $655.00K USD 1 Quarter
Gain on the sale of investments, net RealizedInvestmentGainsLosses $197.00K USD 1 Quarter
Depreciation and amortization DepreciationDepletionAndAmortization $1.00M USD 1 Quarter
Depreciation and amortization DepreciationDepletionAndAmortization $897.00K USD 1 Quarter
Stock-based compensation expense ShareBasedCompensation $4.62M USD 1 Quarter
Stock-based compensation expense ShareBasedCompensation $3.60M USD 1 Quarter
Amortization of premium on investment securities InvestmentIncomeAmortizationOfPremium $2.98M USD 1 Quarter
Amortization of premium on investment securities InvestmentIncomeAmortizationOfPremium $3.29M USD 1 Quarter
Deferred income tax provision DeferredIncomeTaxExpenseBenefit $18.04M USD 1 Quarter
Deferred income tax provision DeferredIncomeTaxExpenseBenefit $9.88M USD 1 Quarter
Accrued investment income IncreaseDecreaseInAccruedInvestmentIncomeReceivable $1.58M USD 1 Quarter
Accrued investment income IncreaseDecreaseInAccruedInvestmentIncomeReceivable $703.00K USD 1 Quarter
Accounts receivable IncreaseDecreaseInAccountsReceivable $1.89M USD 1 Quarter
Accounts receivable IncreaseDecreaseInAccountsReceivable $2.24M USD 1 Quarter
Deferred policy acquisition costs IncreaseDecreaseInDeferredPolicyAcquisitionCosts $93.00K USD 1 Quarter
Deferred policy acquisition costs IncreaseDecreaseInDeferredPolicyAcquisitionCosts $209.00K USD 1 Quarter
Prepaid federal income tax IncreaseDecreaseInMortgageGuarantyInsurerUnitedStatesMortgageGuarantyTaxAndLossBonds $-615.00K USD 1 Quarter
Prepaid federal income tax IncreaseDecreaseInMortgageGuarantyInsurerUnitedStatesMortgageGuarantyTaxAndLossBonds $-100.86M USD 1 Quarter
Other assets IncreaseDecreaseInOtherOperatingAssets $4.62M USD 1 Quarter
Other assets IncreaseDecreaseInOtherOperatingAssets $975.00K USD 1 Quarter
Reserve for losses and LAE IncreaseDecreaseInLiabilityForClaimsAndClaimsAdjustmentExpenseReserve $1.33M USD 1 Quarter
Reserve for losses and LAE IncreaseDecreaseInLiabilityForClaimsAndClaimsAdjustmentExpenseReserve $3.12M USD 1 Quarter
Unearned premium reserve IncreaseDecreaseInUnearnedPremiums $1.65M USD 1 Quarter
Unearned premium reserve IncreaseDecreaseInUnearnedPremiums $12.67M USD 1 Quarter
Other accrued liabilities IncreaseDecreaseInAccruedLiabilities $-14.63M USD 1 Quarter
Other accrued liabilities IncreaseDecreaseInAccruedLiabilities $-14.68M USD 1 Quarter
Net cash provided by operating activities NetCashProvidedByUsedInOperatingActivities $77.89M USD 1 Quarter
Net cash provided by operating activities NetCashProvidedByUsedInOperatingActivities $221.87M USD 1 Quarter
Net change in short-term investments PaymentsForProceedsFromShortTermInvestments $68.07M USD 1 Quarter
Net change in short-term investments PaymentsForProceedsFromShortTermInvestments $-19.97M USD 1 Quarter
Purchase of investments available for sale PaymentsToAcquireAvailableForSaleSecurities $200.79M USD 1 Quarter
Purchase of investments available for sale PaymentsToAcquireAvailableForSaleSecurities $266.85M USD 1 Quarter
Proceeds from maturity of investments available for sale ProceedsFromMaturitiesPrepaymentsAndCallsOfAvailableForSaleSecurities $16.60M USD 1 Quarter
Proceeds from maturity of investments available for sale ProceedsFromMaturitiesPrepaymentsAndCallsOfAvailableForSaleSecurities $18.21M USD 1 Quarter
Proceeds from sales of investments available for sale ProceedsFromSaleOfAvailableForSaleSecurities $60.13M USD 1 Quarter
Proceeds from sales of investments available for sale ProceedsFromSaleOfAvailableForSaleSecurities $102.46M USD 1 Quarter
Purchase of property and equipment PaymentsToAcquirePropertyPlantAndEquipment $508.00K USD 1 Quarter
Purchase of property and equipment PaymentsToAcquirePropertyPlantAndEquipment $1.09M USD 1 Quarter
Net cash used in investing activities NetCashProvidedByUsedInInvestingActivities $-216.36M USD 1 Quarter
Net cash used in investing activities NetCashProvidedByUsedInInvestingActivities $-103.58M USD 1 Quarter
Credit facility borrowings ProceedsFromLongTermLinesOfCredit $15.00M USD 1 Quarter
Credit facility borrowings ProceedsFromLongTermLinesOfCredit $25.00M USD 1 Quarter
Treasury stock acquired PaymentsForRepurchaseOfCommonStock $31.07M USD 1 Quarter
Treasury stock acquired PaymentsForRepurchaseOfCommonStock $7.13M USD 1 Quarter
Net cash (used in) provided by financing activities NetCashProvidedByUsedInFinancingActivities $-16.07M USD 1 Quarter
Net cash (used in) provided by financing activities NetCashProvidedByUsedInFinancingActivities $17.87M USD 1 Quarter
Net decrease in cash CashAndCashEquivalentsPeriodIncreaseDecrease $-7.82M USD 1 Quarter
Net decrease in cash CashAndCashEquivalentsPeriodIncreaseDecrease $-10.57M USD 1 Quarter
Cash at beginning of year CashAndCashEquivalentsAtCarryingValue $19.71M USD Point-in-time
Cash at beginning of year CashAndCashEquivalentsAtCarryingValue $43.52M USD Point-in-time
Cash at beginning of year CashAndCashEquivalentsAtCarryingValue $32.96M USD Point-in-time
Cash at beginning of year CashAndCashEquivalentsAtCarryingValue $27.53M USD Point-in-time
Cash at end of period CashAndCashEquivalentsAtCarryingValue $19.71M USD Point-in-time
Cash at end of period CashAndCashEquivalentsAtCarryingValue $43.52M USD Point-in-time
Cash at end of period CashAndCashEquivalentsAtCarryingValue $32.96M USD Point-in-time
Cash at end of period CashAndCashEquivalentsAtCarryingValue $27.53M USD Point-in-time
Income tax payments IncomeTaxesPaidNet $1.20M USD 1 Quarter
Income tax payments IncomeTaxesPaidNet - USD 1 Quarter
Interest payments InterestPaid $2.32M USD 1 Quarter
Interest payments InterestPaid $701.00K USD 1 Quarter
Stockholders Equity 18 line items
Line Item Tag Value Unit Period
Stockholders equity, beginning of period StockholdersEquity $1.34B USD Point-in-time
Stockholders equity, beginning of period StockholdersEquity $1.94B USD Point-in-time
Stockholders equity, beginning of period StockholdersEquity $2.00B USD Point-in-time
Net income NetIncomeLossAvailableToCommonStockholdersBasic $111.07M USD 1 Quarter
Net income NetIncomeLossAvailableToCommonStockholdersBasic $66.60M USD 1 Quarter
Net income NetIncomeLossAvailableToCommonStockholdersBasic $379.75M USD Annual
Other comprehensive income (loss) OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent $-28.75M USD 1 Quarter
Other comprehensive income (loss) OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent $4.85M USD 1 Quarter
Other comprehensive income (loss) OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent $8.07M USD Annual
Issuance of common shares, net of issuance cost of $1,802 StockIssuedDuringPeriodValueNewIssues $197.70M USD Annual
Stock-based compensation expense AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue $18.69M USD Annual
Stock-based compensation expense AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue $3.60M USD 1 Quarter
Cumulative effect of ASU 2016-09 adoption CumulativeEffectOfNewAccountingPrincipleInPeriodOfAdoption $39.00K USD Point-in-time
Treasury stock acquired TreasuryStockValueAcquiredCostMethod $7.58M USD Annual
Treasury stock acquired TreasuryStockValueAcquiredCostMethod $31.07M USD 1 Quarter
Stockholders equity, end of period StockholdersEquity $1.34B USD Point-in-time
Stockholders equity, end of period StockholdersEquity $1.94B USD Point-in-time
Stockholders equity, end of period StockholdersEquity $2.00B USD Point-in-time
Comprehensive Income 2 line items
Line Item Tag Value Unit Period
Change in unrealized appreciation (depreciation) of investments, tax expense (benefit) OtherComprehensiveIncomeAvailableforsaleSecuritiesTaxPortionAttributableToParent $-5.19M USD 1 Quarter
Change in unrealized appreciation (depreciation) of investments, tax expense (benefit) OtherComprehensiveIncomeAvailableforsaleSecuritiesTaxPortionAttributableToParent $2.06M USD 1 Quarter

Data is extracted from SEC EDGAR XBRL filings. Values shown are as reported in the filing.

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