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10-Q Filing

ESSENT GROUP LTD. CIK: 1448893 Q1 2020
Filing Information
Form Type 10-Q
Accession Number 0001448893-20-000052
Period End Date 20200331
Filing Date 20200508
Fiscal Year 2020
Fiscal Period Q1
XBRL Instance a3312010q_htm.xml
Balance Sheet 65 line items
Line Item Tag Value Unit Period
Amortized cost AvailableForSaleDebtSecuritiesAmortizedCostBasis $3.66B USD Point-in-time
Amortized cost AvailableForSaleDebtSecuritiesAmortizedCostBasis $3.28B USD Point-in-time
Total investments available for sale AvailableForSaleSecuritiesDebtSecurities $3.35B USD Point-in-time
Total investments available for sale AvailableForSaleSecuritiesDebtSecurities $3.71B USD Point-in-time
Accumulated depreciation AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment $57.64M USD Point-in-time
Accumulated depreciation AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment $58.52M USD Point-in-time
Other invested assets EquityMethodInvestments $78.87M USD Point-in-time
Other invested assets EquityMethodInvestments $75.38M USD Point-in-time
Total investments Investments $3.43B USD Point-in-time
Total investments Investments $3.78B USD Point-in-time
Cash Cash $31.05M USD Point-in-time
Cash Cash $71.35M USD Point-in-time
Unamortized deferred costs DeferredFinanceCostsGross $620.00K USD Point-in-time
Unamortized deferred costs DeferredFinanceCostsGross $763.00K USD Point-in-time
Accrued investment income AccruedInvestmentIncomeReceivable $18.54M USD Point-in-time
Accrued investment income AccruedInvestmentIncomeReceivable $18.57M USD Point-in-time
Accounts receivable NotesReceivableNet $40.66M USD Point-in-time
Common shares, par value (in dollars per share) CommonStockParOrStatedValuePerShare $0.01 USD Point-in-time
Accounts receivable NotesReceivableNet $41.23M 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
Deferred policy acquisition costs DeferredPolicyAcquisitionCosts $15.15M USD Point-in-time
Deferred policy acquisition costs DeferredPolicyAcquisitionCosts $15.71M USD Point-in-time
Common shares, authorized (in shares) CommonStockSharesAuthorized 233.33M shares Point-in-time
Common shares, issued (in shares) CommonStockSharesIssued 98.60M shares Point-in-time
Property and equipment (at cost, less accumulated depreciation of $58,517 in 2020 and $57,639 in 2019) PropertyPlantAndEquipmentNet $16.32M USD Point-in-time
Common shares, issued (in shares) CommonStockSharesIssued 98.39M shares Point-in-time
Property and equipment (at cost, less accumulated depreciation of $58,517 in 2020 and $57,639 in 2019) PropertyPlantAndEquipmentNet $17.31M USD Point-in-time
Prepaid federal income tax MortgageGuarantyInsurerUnitedStatesMortgageGuarantyTaxAndLossBonds $261.88M USD Point-in-time
Common shares, outstanding (in shares) CommonStockSharesOutstanding 98.39M shares Point-in-time
Common shares, outstanding (in shares) CommonStockSharesOutstanding 98.60M shares Point-in-time
Prepaid federal income tax MortgageGuarantyInsurerUnitedStatesMortgageGuarantyTaxAndLossBonds $261.88M USD Point-in-time
Other assets OtherAssets $18.37M USD Point-in-time
Other assets OtherAssets $21.82M USD Point-in-time
Total assets Assets $4.19B USD Point-in-time
Total assets Assets $3.87B USD Point-in-time
Reserve for losses and LAE LiabilityForClaimsAndClaimsAdjustmentExpense $69.36M USD Point-in-time
Reserve for losses and LAE LiabilityForClaimsAndClaimsAdjustmentExpense $73.34M USD Point-in-time
Reserve for losses and LAE LiabilityForClaimsAndClaimsAdjustmentExpense $49.46M USD Point-in-time
Reserve for losses and LAE LiabilityForClaimsAndClaimsAdjustmentExpense $53.48M USD Point-in-time
Unearned premium reserve UnearnedPremiums $264.13M USD Point-in-time
Unearned premium reserve UnearnedPremiums $278.89M USD Point-in-time
Net deferred tax liability DeferredIncomeTaxLiabilitiesNet $249.62M USD Point-in-time
Net deferred tax liability DeferredIncomeTaxLiabilitiesNet $259.69M USD Point-in-time
Credit facility borrowings (at carrying value, less unamortized deferred costs of $620 in 2020 and $763 in 2019) LineOfCredit $224.24M USD Point-in-time
Credit facility borrowings (at carrying value, less unamortized deferred costs of $620 in 2020 and $763 in 2019) LineOfCredit $424.38M USD Point-in-time
Other accrued liabilities OtherAccruedLiabilitiesCurrentAndNoncurrent $66.47M USD Point-in-time
Other accrued liabilities OtherAccruedLiabilitiesCurrentAndNoncurrent $58.32M USD Point-in-time
Total liabilities Liabilities $1.08B USD Point-in-time
Total liabilities Liabilities $888.58M 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 - 98,602 shares in 2020 and 98,394 shares in 2019 CommonStockValue $1.48M USD Point-in-time
Common shares, $0.015 par value: Authorized - 233,333; issued and outstanding - 98,602 shares in 2020 and 98,394 shares in 2019 CommonStockValue $1.48M USD Point-in-time
Additional paid-in capital AdditionalPaidInCapitalCommonStock $1.12B USD Point-in-time
Additional paid-in capital AdditionalPaidInCapitalCommonStock $1.12B USD Point-in-time
Accumulated other comprehensive income AccumulatedOtherComprehensiveIncomeLossNetOfTax $56.19M USD Point-in-time
Accumulated other comprehensive income AccumulatedOtherComprehensiveIncomeLossNetOfTax $46.11M USD Point-in-time
Retained earnings RetainedEarningsAccumulatedDeficit $1.81B USD Point-in-time
Retained earnings RetainedEarningsAccumulatedDeficit $1.94B USD Point-in-time
Total stockholders equity StockholdersEquity $3.11B USD Point-in-time
Total stockholders equity StockholdersEquity $2.53B USD Point-in-time
Total stockholders equity StockholdersEquity $2.98B USD Point-in-time
Total liabilities and stockholders equity LiabilitiesAndStockholdersEquity $3.87B USD Point-in-time
Total liabilities and stockholders equity LiabilitiesAndStockholdersEquity $4.19B USD Point-in-time
Income Statement 44 line items
Line Item Tag Value Unit Period
Net premiums written PremiumsWrittenNet $177.64M USD 1 Quarter
Net premiums written PremiumsWrittenNet $191.74M USD 1 Quarter
Decrease in unearned premiums IncreaseDecreaseInUnearnedPremiumsNet $14.75M USD 1 Quarter
Decrease in unearned premiums IncreaseDecreaseInUnearnedPremiumsNet $147.00K USD 1 Quarter
Net premiums earned PremiumsEarnedNet $177.79M USD 1 Quarter
Net premiums earned PremiumsEarnedNet $206.50M USD 1 Quarter
Net investment income NetInvestmentIncome $19.88M USD 1 Quarter
Net investment income NetInvestmentIncome $20.63M USD 1 Quarter
Realized investment gains, net RealizedInvestmentGainsLosses $3.13M USD 1 Quarter
Realized investment gains, net RealizedInvestmentGainsLosses $660.00K USD 1 Quarter
Other income (loss) OtherIncome $-1.42M USD 1 Quarter
Other income (loss) OtherIncome $2.19M USD 1 Quarter
Total revenues Revenues $228.84M USD 1 Quarter
Total revenues Revenues $200.53M USD 1 Quarter
Provision for losses and LAE LiabilityForUnpaidClaimsAndClaimsAdjustmentExpenseIncurredClaims1 $7.11M USD 1 Quarter
Provision for losses and LAE LiabilityForUnpaidClaimsAndClaimsAdjustmentExpenseIncurredClaims1 $8.06M USD 1 Quarter
Other underwriting and operating expenses OtherUnderwritingAndOperatingExpenses $41.03M USD 1 Quarter
Other underwriting and operating expenses OtherUnderwritingAndOperatingExpenses $41.95M USD 1 Quarter
Interest expense InterestExpense $2.67M USD 1 Quarter
Interest expense InterestExpense $2.13M USD 1 Quarter
Total losses and expenses BenefitsLossesAndExpenses $50.81M USD 1 Quarter
Total losses and expenses BenefitsLossesAndExpenses $52.14M USD 1 Quarter
Income before income taxes IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments $149.72M USD 1 Quarter
Income before income taxes IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments $176.70M USD 1 Quarter
Income tax expense IncomeTaxExpenseBenefit $27.18M USD 1 Quarter
Income tax expense IncomeTaxExpenseBenefit $22.00M USD 1 Quarter
Net income NetIncomeLoss $149.52M USD 1 Quarter
Net income NetIncomeLoss $127.72M USD 1 Quarter
Basic (in dollars per share) EarningsPerShareBasic $1.53 USD 1 Quarter
Basic (in dollars per share) EarningsPerShareBasic $1.31 USD 1 Quarter
Diluted (in dollars per share) EarningsPerShareDiluted $1.30 USD 1 Quarter
Diluted (in dollars per share) EarningsPerShareDiluted $1.52 USD 1 Quarter
Basic (in shares) WeightedAverageNumberOfSharesOutstandingBasic 97.95M shares 1 Quarter
Basic (in shares) WeightedAverageNumberOfSharesOutstandingBasic 97.59M shares 1 Quarter
Diluted (in shares) WeightedAverageNumberOfDilutedSharesOutstanding 98.10M shares 1 Quarter
Diluted (in shares) WeightedAverageNumberOfDilutedSharesOutstanding 98.33M shares 1 Quarter
Net income NetIncomeLossAvailableToCommonStockholdersBasic $127.72M USD 1 Quarter
Net income NetIncomeLossAvailableToCommonStockholdersBasic $149.52M USD 1 Quarter
Change in unrealized (depreciation) appreciation of investments, net of tax (benefit) expense of ($6,979) in 2020 and $7,951 in 2019 OtherComprehensiveIncomeAvailableforsaleSecuritiesAdjustmentNetOfTaxPortionAttributableToParent $-10.07M USD 1 Quarter
Change in unrealized (depreciation) appreciation of investments, net of tax (benefit) expense of ($6,979) in 2020 and $7,951 in 2019 OtherComprehensiveIncomeAvailableforsaleSecuritiesAdjustmentNetOfTaxPortionAttributableToParent $38.37M USD 1 Quarter
Total other comprehensive income (loss) OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent $-10.07M USD 1 Quarter
Total other comprehensive income (loss) OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent $38.37M USD 1 Quarter
Comprehensive income ComprehensiveIncomeNetOfTax $139.45M USD 1 Quarter
Comprehensive income ComprehensiveIncomeNetOfTax $166.09M USD 1 Quarter
Cash Flow Statement 70 line items
Line Item Tag Value Unit Period
Net income NetIncomeLoss $149.52M USD 1 Quarter
Net income NetIncomeLoss $127.72M USD 1 Quarter
Gain on the sale of investments, net RealizedInvestmentGainsLosses $3.13M USD 1 Quarter
Gain on the sale of investments, net RealizedInvestmentGainsLosses $660.00K USD 1 Quarter
Equity in net loss (income) of other invested assets IncomeLossFromEquityMethodInvestments $-96.00K USD 1 Quarter
Equity in net loss (income) of other invested assets IncomeLossFromEquityMethodInvestments $-159.00K USD 1 Quarter
Distribution of income from other invested assets EquityMethodInvestmentDividendsOrDistributions $339.00K USD 1 Quarter
Distribution of income from other invested assets EquityMethodInvestmentDividendsOrDistributions - USD 1 Quarter
Depreciation and amortization DepreciationDepletionAndAmortization $878.00K USD 1 Quarter
Depreciation and amortization DepreciationDepletionAndAmortization $901.00K USD 1 Quarter
Stock-based compensation expense ShareBasedCompensation $4.78M USD 1 Quarter
Stock-based compensation expense ShareBasedCompensation $4.10M USD 1 Quarter
Amortization of premium on investment securities InvestmentIncomeAmortizationOfPremium $5.84M USD 1 Quarter
Amortization of premium on investment securities InvestmentIncomeAmortizationOfPremium $3.55M USD 1 Quarter
Deferred income tax provision DeferredIncomeTaxExpenseBenefit $15.45M USD 1 Quarter
Deferred income tax provision DeferredIncomeTaxExpenseBenefit $17.05M USD 1 Quarter
Accrued investment income IncreaseDecreaseInAccruedInvestmentIncomeReceivable $549.00K USD 1 Quarter
Accrued investment income IncreaseDecreaseInAccruedInvestmentIncomeReceivable $37.00K USD 1 Quarter
Accounts receivable IncreaseDecreaseInAccountsReceivable $-805.00K USD 1 Quarter
Accounts receivable IncreaseDecreaseInAccountsReceivable $1.32M USD 1 Quarter
Deferred policy acquisition costs IncreaseDecreaseInDeferredPolicyAcquisitionCosts $-558.00K USD 1 Quarter
Deferred policy acquisition costs IncreaseDecreaseInDeferredPolicyAcquisitionCosts $-392.00K USD 1 Quarter
Other assets IncreaseDecreaseInOtherOperatingAssets $2.88M USD 1 Quarter
Other assets IncreaseDecreaseInOtherOperatingAssets $-2.37M USD 1 Quarter
Reserve for losses and LAE IncreaseDecreaseInLiabilityForClaimsAndClaimsAdjustmentExpenseReserve $4.02M USD 1 Quarter
Reserve for losses and LAE IncreaseDecreaseInLiabilityForClaimsAndClaimsAdjustmentExpenseReserve $3.98M USD 1 Quarter
Unearned premium reserve IncreaseDecreaseInUnearnedPremiums $-147.00K USD 1 Quarter
Unearned premium reserve IncreaseDecreaseInUnearnedPremiums $-14.75M USD 1 Quarter
Other accrued liabilities IncreaseDecreaseInAccruedLiabilities $-17.30M USD 1 Quarter
Other accrued liabilities IncreaseDecreaseInAccruedLiabilities $88.00K USD 1 Quarter
Net cash provided by operating activities NetCashProvidedByUsedInOperatingActivities $138.68M USD 1 Quarter
Net cash provided by operating activities NetCashProvidedByUsedInOperatingActivities $163.13M USD 1 Quarter
Net change in short-term investments PaymentsForProceedsFromShortTermInvestments $279.80M USD 1 Quarter
Net change in short-term investments PaymentsForProceedsFromShortTermInvestments $56.42M USD 1 Quarter
Purchase of investments available for sale PaymentsToAcquireAvailableForSaleSecuritiesDebt $294.75M USD 1 Quarter
Purchase of investments available for sale PaymentsToAcquireAvailableForSaleSecuritiesDebt $192.53M USD 1 Quarter
Proceeds from maturity of investments available for sale ProceedsFromMaturitiesPrepaymentsAndCallsOfAvailableForSaleSecurities $17.01M USD 1 Quarter
Proceeds from maturity of investments available for sale ProceedsFromMaturitiesPrepaymentsAndCallsOfAvailableForSaleSecurities $29.47M USD 1 Quarter
Proceeds from sales of investments available for sale ProceedsFromSaleOfAvailableForSaleSecuritiesDebt $159.13M USD 1 Quarter
Proceeds from sales of investments available for sale ProceedsFromSaleOfAvailableForSaleSecuritiesDebt $79.71M USD 1 Quarter
Purchase of other invested assets PaymentsToAcquireEquityMethodInvestments $2.31M USD 1 Quarter
Purchase of other invested assets PaymentsToAcquireEquityMethodInvestments $1.98M USD 1 Quarter
Return of investment from other invested assets ProceedsFromEquityMethodInvestmentDividendsOrDistributionsReturnOfCapital $7.30M USD 1 Quarter
Return of investment from other invested assets ProceedsFromEquityMethodInvestmentDividendsOrDistributionsReturnOfCapital $179.00K USD 1 Quarter
Purchase of property and equipment PaymentsToAcquirePropertyPlantAndEquipment $466.00K USD 1 Quarter
Purchase of property and equipment PaymentsToAcquirePropertyPlantAndEquipment $1.01M USD 1 Quarter
Net cash used in investing activities NetCashProvidedByUsedInInvestingActivities $-155.04M USD 1 Quarter
Net cash used in investing activities NetCashProvidedByUsedInInvestingActivities $-381.43M USD 1 Quarter
Credit facility borrowings ProceedsFromLongTermLinesOfCredit - USD 1 Quarter
Credit facility borrowings ProceedsFromLongTermLinesOfCredit $200.00M USD 1 Quarter
Treasury stock acquired PaymentsForRepurchaseOfCommonStock $8.10M USD 1 Quarter
Treasury stock acquired PaymentsForRepurchaseOfCommonStock $6.31M USD 1 Quarter
Dividends paid PaymentsOfDividendsCommonStock - USD 1 Quarter
Dividends paid PaymentsOfDividendsCommonStock $15.69M USD 1 Quarter
Net cash provided by (used in) financing activities NetCashProvidedByUsedInFinancingActivities $178.00M USD 1 Quarter
Net cash provided by (used in) financing activities NetCashProvidedByUsedInFinancingActivities $-8.10M USD 1 Quarter
Net decrease in cash CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect $-24.46M USD 1 Quarter
Net decrease in cash CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect $-40.30M USD 1 Quarter
Cash at beginning of year CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents $31.05M USD Point-in-time
Cash at beginning of year CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents $71.35M USD Point-in-time
Cash at beginning of year CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents $64.95M USD Point-in-time
Cash at beginning of year CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents $40.49M USD Point-in-time
Cash at end of period CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents $31.05M USD Point-in-time
Cash at end of period CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents $71.35M USD Point-in-time
Cash at end of period CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents $64.95M USD Point-in-time
Cash at end of period CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents $40.49M USD Point-in-time
Income tax payments IncomeTaxesPaid - USD 1 Quarter
Income tax payments IncomeTaxesPaid $5.00K USD 1 Quarter
Interest payments InterestPaidNet $1.64M USD 1 Quarter
Interest payments InterestPaidNet $2.53M USD 1 Quarter
Stockholders Equity 10 line items
Line Item Tag Value Unit Period
Stockholders equity, beginning of period StockholdersEquity $3.11B USD Point-in-time
Stockholders equity, beginning of period StockholdersEquity $2.53B USD Point-in-time
Stockholders equity, beginning of period StockholdersEquity $2.98B USD Point-in-time
Other comprehensive (loss) income OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent $-10.07M USD 1 Quarter
Other comprehensive (loss) income OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent $38.37M USD 1 Quarter
Net income NetIncomeLossAvailableToCommonStockholdersBasic $127.72M USD 1 Quarter
Net income NetIncomeLossAvailableToCommonStockholdersBasic $149.52M USD 1 Quarter
Stockholders equity, end of period StockholdersEquity $3.11B USD Point-in-time
Stockholders equity, end of period StockholdersEquity $2.53B USD Point-in-time
Stockholders equity, end of period StockholdersEquity $2.98B 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 $7.95M USD 1 Quarter
Change in unrealized appreciation (depreciation) of investments, tax expense (benefit) OtherComprehensiveIncomeAvailableforsaleSecuritiesTaxPortionAttributableToParent $-6.98M USD 1 Quarter

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

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