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10-Q Filing

ESSENT GROUP LTD. CIK: 1448893 Q1 2022
Filing Information
Form Type 10-Q
Accession Number 0001448893-22-000047
Period End Date 20220331
Filing Date 20220506
Fiscal Year 2022
Fiscal Period Q1
XBRL Instance esnt-20220331_htm.xml
Filing Contents
Balance Sheet 65 line items
Line Item Tag Value Unit Period
Amortized cost AvailableForSaleDebtSecuritiesAmortizedCostBasis $4.84B USD Point-in-time
Amortized cost AvailableForSaleDebtSecuritiesAmortizedCostBasis $4.90B USD Point-in-time
Total investments available for sale AvailableForSaleSecuritiesDebtSecurities $4.66B USD Point-in-time
Total investments available for sale AvailableForSaleSecuritiesDebtSecurities $4.96B USD Point-in-time
Accumulated depreciation AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment $65.09M USD Point-in-time
Accumulated depreciation AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment $64.34M USD Point-in-time
Other invested assets EquityMethodInvestments $212.52M USD Point-in-time
Other invested assets EquityMethodInvestments $170.47M USD Point-in-time
Total investments Investments $4.88B USD Point-in-time
Total investments Investments $5.13B USD Point-in-time
Unamortized deferred costs DeferredFinanceCostsGross $5.18M USD Point-in-time
Cash Cash $203.84M USD Point-in-time
Cash Cash $81.49M USD Point-in-time
Unamortized deferred costs DeferredFinanceCostsGross $4.93M USD Point-in-time
Accrued investment income AccruedInvestmentIncomeReceivable $23.23M USD Point-in-time
Accrued investment income AccruedInvestmentIncomeReceivable $26.55M USD Point-in-time
Common shares, par value (in dollars per share) CommonStockParOrStatedValuePerShare $0.01 USD Point-in-time
Accounts receivable NotesReceivableNet $45.17M USD Point-in-time
Accounts receivable NotesReceivableNet $46.16M 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 $12.18M USD Point-in-time
Common shares, authorized (in shares) CommonStockSharesAuthorized 233.33M shares Point-in-time
Deferred policy acquisition costs DeferredPolicyAcquisitionCosts $11.15M USD Point-in-time
Common shares, issued (in shares) CommonStockSharesIssued 108.14M shares Point-in-time
Property and equipment (at cost, less accumulated depreciation of $65,095 in 2022 and $64,340 in 2021) PropertyPlantAndEquipmentNet $11.92M USD Point-in-time
Property and equipment (at cost, less accumulated depreciation of $65,095 in 2022 and $64,340 in 2021) PropertyPlantAndEquipmentNet $20.31M USD Point-in-time
Common shares, issued (in shares) CommonStockSharesIssued 109.38M shares Point-in-time
Common shares, outstanding (in shares) CommonStockSharesOutstanding 108.14M shares Point-in-time
Prepaid federal income tax MortgageGuarantyInsurerUnitedStatesMortgageGuarantyTaxAndLossBonds $360.81M USD Point-in-time
Prepaid federal income tax MortgageGuarantyInsurerUnitedStatesMortgageGuarantyTaxAndLossBonds $360.81M USD Point-in-time
Common shares, outstanding (in shares) CommonStockSharesOutstanding 109.38M shares Point-in-time
Other assets OtherAssets $49.71M USD Point-in-time
Other assets OtherAssets $46.21M USD Point-in-time
Total assets Assets $5.72B USD Point-in-time
Total assets Assets $5.59B USD Point-in-time
Reserve for losses and LAE LiabilityForClaimsAndClaimsAdjustmentExpense $407.44M USD Point-in-time
Reserve for losses and LAE LiabilityForClaimsAndClaimsAdjustmentExpense $374.94M USD Point-in-time
Reserve for losses and LAE LiabilityForClaimsAndClaimsAdjustmentExpense $293.07M USD Point-in-time
Reserve for losses and LAE LiabilityForClaimsAndClaimsAdjustmentExpense $411.12M USD Point-in-time
Unearned premium reserve UnearnedPremiums $169.79M USD Point-in-time
Unearned premium reserve UnearnedPremiums $185.38M USD Point-in-time
Net deferred tax liability DeferredIncomeTaxLiabilitiesNet $359.92M USD Point-in-time
Net deferred tax liability DeferredIncomeTaxLiabilitiesNet $373.65M USD Point-in-time
Credit facility borrowings (at carrying value, less unamortized deferred costs of $4,927 in 2022 and $5,177 in 2021) LineOfCredit $419.82M USD Point-in-time
Credit facility borrowings (at carrying value, less unamortized deferred costs of $4,927 in 2022 and $5,177 in 2021) LineOfCredit $420.07M USD Point-in-time
Other accrued liabilities OtherAccruedLiabilitiesCurrentAndNoncurrent $99.75M USD Point-in-time
Other accrued liabilities OtherAccruedLiabilitiesCurrentAndNoncurrent $128.23M USD Point-in-time
Total liabilities Liabilities $1.49B USD Point-in-time
Total liabilities Liabilities $1.37B 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 - 108,140 shares in 2022 and 109,377 shares in 2021 CommonStockValue $1.62M USD Point-in-time
Common shares, $0.015 par value: Authorized - 233,333; issued and outstanding - 108,140 shares in 2022 and 109,377 shares in 2021 CommonStockValue $1.64M USD Point-in-time
Additional paid-in capital AdditionalPaidInCapitalCommonStock $1.36B USD Point-in-time
Additional paid-in capital AdditionalPaidInCapitalCommonStock $1.43B USD Point-in-time
Accumulated other comprehensive (loss) income AccumulatedOtherComprehensiveIncomeLossNetOfTax $50.71M USD Point-in-time
Accumulated other comprehensive (loss) income AccumulatedOtherComprehensiveIncomeLossNetOfTax $-152.30M USD Point-in-time
Retained earnings RetainedEarningsAccumulatedDeficit $3.01B USD Point-in-time
Retained earnings RetainedEarningsAccumulatedDeficit $2.75B USD Point-in-time
Total stockholders equity StockholdersEquity $4.22B USD Point-in-time
Total stockholders equity StockholdersEquity $4.24B USD Point-in-time
Total stockholders equity StockholdersEquity $3.92B USD Point-in-time
Total liabilities and stockholders equity LiabilitiesAndStockholdersEquity $5.59B USD Point-in-time
Total liabilities and stockholders equity LiabilitiesAndStockholdersEquity $5.72B USD Point-in-time
Income Statement 48 line items
Line Item Tag Value Unit Period
Change in unrealized appreciation (depreciation) of investments, tax expense (benefit) OtherComprehensiveIncomeAvailableforsaleSecuritiesTaxPortionAttributableToParent $-10.20M USD 1 Quarter
Change in unrealized appreciation (depreciation) of investments, tax expense (benefit) OtherComprehensiveIncomeAvailableforsaleSecuritiesTaxPortionAttributableToParent $-35.90M USD 1 Quarter
Net premiums written PremiumsWrittenNet $204.36M USD 1 Quarter
Net premiums written PremiumsWrittenNet $199.73M USD 1 Quarter
Decrease in unearned premiums IncreaseDecreaseInUnearnedPremiumsNet $15.60M USD 1 Quarter
Decrease in unearned premiums IncreaseDecreaseInUnearnedPremiumsNet $14.71M USD 1 Quarter
Net premiums earned PremiumsEarnedNet $215.33M USD 1 Quarter
Net premiums earned PremiumsEarnedNet $219.07M USD 1 Quarter
Net investment income NetInvestmentIncome $24.68M USD 1 Quarter
Net investment income NetInvestmentIncome $21.79M USD 1 Quarter
Realized investment (losses) gains, net RealizedInvestmentGainsLosses $-7.35M USD 1 Quarter
Realized investment (losses) gains, net RealizedInvestmentGainsLosses $641.00K USD 1 Quarter
Income from other invested assets IncomeLossFromEquityMethodInvestments $24.70M USD 1 Quarter
Income from other invested assets IncomeLossFromEquityMethodInvestments $526.00K USD 1 Quarter
Other income OtherIncome $2.77M USD 1 Quarter
Other income OtherIncome $7.25M USD 1 Quarter
Total revenues Revenues $264.61M USD 1 Quarter
Total revenues Revenues $244.80M USD 1 Quarter
(Benefit) provision for losses and LAE LiabilityForUnpaidClaimsAndClaimsAdjustmentExpenseIncurredClaims1 $32.32M USD 1 Quarter
(Benefit) provision for losses and LAE LiabilityForUnpaidClaimsAndClaimsAdjustmentExpenseIncurredClaims1 $-106.86M USD 1 Quarter
Other underwriting and operating expenses OtherUnderwritingAndOperatingExpenses $42.24M USD 1 Quarter
Other underwriting and operating expenses OtherUnderwritingAndOperatingExpenses $40.80M USD 1 Quarter
Interest expense InterestExpense $2.23M USD 1 Quarter
Interest expense InterestExpense $2.05M USD 1 Quarter
Total losses and expenses OperatingIncomeLoss $63.84M USD 1 Quarter
Total losses and expenses OperatingIncomeLoss $-76.61M USD 1 Quarter
Income before income taxes IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest $328.45M USD 1 Quarter
Income before income taxes IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest $168.19M USD 1 Quarter
Income tax expense IncomeTaxExpenseBenefit $32.54M USD 1 Quarter
Income tax expense IncomeTaxExpenseBenefit $54.28M USD 1 Quarter
Net income NetIncomeLoss $274.17M USD 1 Quarter
Net income NetIncomeLoss $135.65M USD 1 Quarter
Basic (in dollars per share) EarningsPerShareBasic $2.53 USD 1 Quarter
Basic (in dollars per share) EarningsPerShareBasic $1.21 USD 1 Quarter
Diluted (in dollars per share) EarningsPerShareDiluted $1.21 USD 1 Quarter
Diluted (in dollars per share) EarningsPerShareDiluted $2.52 USD 1 Quarter
Basic (in shares) WeightedAverageNumberOfSharesOutstandingBasic 112.02M shares 1 Quarter
Basic (in shares) WeightedAverageNumberOfSharesOutstandingBasic 108.17M shares 1 Quarter
Diluted (in shares) WeightedAverageNumberOfDilutedSharesOutstanding 112.38M shares 1 Quarter
Diluted (in shares) WeightedAverageNumberOfDilutedSharesOutstanding 108.59M shares 1 Quarter
Net income NetIncomeLossAvailableToCommonStockholdersBasic $274.17M USD 1 Quarter
Net income NetIncomeLossAvailableToCommonStockholdersBasic $135.65M USD 1 Quarter
Change in unrealized depreciation of investments, net of tax benefit of ($35,897) and ($10,201) in the three months ended March 31, 2022 and 2021 OtherComprehensiveIncomeAvailableforsaleSecuritiesAdjustmentNetOfTaxPortionAttributableToParent $-203.01M USD 1 Quarter
Change in unrealized depreciation of investments, net of tax benefit of ($35,897) and ($10,201) in the three months ended March 31, 2022 and 2021 OtherComprehensiveIncomeAvailableforsaleSecuritiesAdjustmentNetOfTaxPortionAttributableToParent $-59.20M USD 1 Quarter
Total other comprehensive loss OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent $-203.01M USD 1 Quarter
Total other comprehensive loss OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent $-59.20M USD 1 Quarter
Comprehensive income ComprehensiveIncomeNetOfTax $76.44M USD 1 Quarter
Comprehensive income ComprehensiveIncomeNetOfTax $71.16M USD 1 Quarter
Cash Flow Statement 70 line items
Line Item Tag Value Unit Period
Net income NetIncomeLoss $274.17M USD 1 Quarter
Net income NetIncomeLoss $135.65M USD 1 Quarter
Realized investment losses (gains), net RealizedInvestmentGainsLosses $-7.35M USD 1 Quarter
Realized investment losses (gains), net RealizedInvestmentGainsLosses $641.00K USD 1 Quarter
Income from other invested assets IncomeLossFromEquityMethodInvestments $24.70M USD 1 Quarter
Income from other invested assets IncomeLossFromEquityMethodInvestments $526.00K USD 1 Quarter
Distribution of income from other invested assets EquityMethodInvestmentDividendsOrDistributions $4.45M USD 1 Quarter
Distribution of income from other invested assets EquityMethodInvestmentDividendsOrDistributions $428.00K USD 1 Quarter
Depreciation and amortization DepreciationDepletionAndAmortization $863.00K USD 1 Quarter
Depreciation and amortization DepreciationDepletionAndAmortization $755.00K USD 1 Quarter
Stock-based compensation expense ShareBasedCompensation $5.18M USD 1 Quarter
Stock-based compensation expense ShareBasedCompensation $4.81M USD 1 Quarter
Amortization of premium on investment securities InvestmentIncomeAmortizationOfPremium $6.47M USD 1 Quarter
Amortization of premium on investment securities InvestmentIncomeAmortizationOfPremium $7.12M USD 1 Quarter
Deferred income tax provision DeferredIncomeTaxExpenseBenefit $22.16M USD 1 Quarter
Deferred income tax provision DeferredIncomeTaxExpenseBenefit $23.71M USD 1 Quarter
Accrued investment income IncreaseDecreaseInAccruedInvestmentIncomeReceivable $3.65M USD 1 Quarter
Accrued investment income IncreaseDecreaseInAccruedInvestmentIncomeReceivable $-3.31M USD 1 Quarter
Accounts receivable IncreaseDecreaseInAccountsReceivable $-1.01M USD 1 Quarter
Accounts receivable IncreaseDecreaseInAccountsReceivable $-3.87M USD 1 Quarter
Deferred policy acquisition costs IncreaseDecreaseInDeferredPolicyAcquisitionCosts $-1.03M USD 1 Quarter
Deferred policy acquisition costs IncreaseDecreaseInDeferredPolicyAcquisitionCosts $-2.28M USD 1 Quarter
Other assets IncreaseDecreaseInOtherOperatingAssets $6.87M USD 1 Quarter
Other assets IncreaseDecreaseInOtherOperatingAssets $-4.91M USD 1 Quarter
Reserve for losses and LAE IncreaseDecreaseInLiabilityForClaimsAndClaimsAdjustmentExpenseReserve $36.18M USD 1 Quarter
Reserve for losses and LAE IncreaseDecreaseInLiabilityForClaimsAndClaimsAdjustmentExpenseReserve $-114.37M USD 1 Quarter
Unearned premium reserve IncreaseDecreaseInUnearnedPremiums $-15.60M USD 1 Quarter
Unearned premium reserve IncreaseDecreaseInUnearnedPremiums $-14.71M USD 1 Quarter
Other accrued liabilities IncreaseDecreaseInAccruedLiabilities $4.23M USD 1 Quarter
Other accrued liabilities IncreaseDecreaseInAccruedLiabilities $-461.00K USD 1 Quarter
Net cash provided by operating activities NetCashProvidedByUsedInOperatingActivities $180.63M USD 1 Quarter
Net cash provided by operating activities NetCashProvidedByUsedInOperatingActivities $187.77M USD 1 Quarter
Net change in short-term investments PaymentsForProceedsFromShortTermInvestments $204.28M USD 1 Quarter
Net change in short-term investments PaymentsForProceedsFromShortTermInvestments $-277.53M USD 1 Quarter
Purchase of investments available for sale PaymentsToAcquireAvailableForSaleSecuritiesDebt $681.52M USD 1 Quarter
Purchase of investments available for sale PaymentsToAcquireAvailableForSaleSecuritiesDebt $281.56M USD 1 Quarter
Proceeds from maturities and paydowns of investments available for sale ProceedsFromMaturitiesPrepaymentsAndCallsOfAvailableForSaleSecurities $56.60M USD 1 Quarter
Proceeds from maturities and paydowns of investments available for sale ProceedsFromMaturitiesPrepaymentsAndCallsOfAvailableForSaleSecurities $54.03M USD 1 Quarter
Proceeds from sales of investments available for sale ProceedsFromSaleOfAvailableForSaleSecuritiesDebt $166.39M USD 1 Quarter
Proceeds from sales of investments available for sale ProceedsFromSaleOfAvailableForSaleSecuritiesDebt $493.21M USD 1 Quarter
Purchase of other invested assets PaymentsToAcquireEquityMethodInvestments $21.80M USD 1 Quarter
Purchase of other invested assets PaymentsToAcquireEquityMethodInvestments $11.15M USD 1 Quarter
Return of investment from other invested assets ProceedsFromEquityMethodInvestmentDividendsOrDistributionsReturnOfCapital - USD 1 Quarter
Return of investment from other invested assets ProceedsFromEquityMethodInvestmentDividendsOrDistributionsReturnOfCapital $6.46M USD 1 Quarter
Purchase of property and equipment PaymentsToAcquirePropertyPlantAndEquipment $574.00K USD 1 Quarter
Purchase of property and equipment PaymentsToAcquirePropertyPlantAndEquipment $716.00K USD 1 Quarter
Net cash provided by (used in) investing activities NetCashProvidedByUsedInInvestingActivities $38.89M USD 1 Quarter
Net cash provided by (used in) investing activities NetCashProvidedByUsedInInvestingActivities $-186.26M USD 1 Quarter
Treasury stock acquired PaymentsForRepurchaseOfCommonStock $75.42M USD 1 Quarter
Treasury stock acquired PaymentsForRepurchaseOfCommonStock $5.38M USD 1 Quarter
Payment of issuance costs for credit facility PaymentsOfDebtIssuanceCosts - USD 1 Quarter
Payment of issuance costs for credit facility PaymentsOfDebtIssuanceCosts $154.00K USD 1 Quarter
Dividends paid PaymentsOfDividendsCommonStock $21.59M USD 1 Quarter
Dividends paid PaymentsOfDividendsCommonStock $17.94M USD 1 Quarter
Net cash used in financing activities NetCashProvidedByUsedInFinancingActivities $-97.17M USD 1 Quarter
Net cash used in financing activities NetCashProvidedByUsedInFinancingActivities $-23.32M USD 1 Quarter
Net increase (decrease) in cash CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect $-21.81M USD 1 Quarter
Net increase (decrease) in cash CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect $122.35M USD 1 Quarter
Cash at beginning of year CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents $81.02M USD Point-in-time
Cash at beginning of year CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents $102.83M USD Point-in-time
Cash at beginning of year CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents $81.49M USD Point-in-time
Cash at beginning of year CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents $203.84M USD Point-in-time
Cash at end of period CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents $81.02M USD Point-in-time
Cash at end of period CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents $102.83M USD Point-in-time
Cash at end of period CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents $81.49M USD Point-in-time
Cash at end of period CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents $203.84M USD Point-in-time
Interest payments InterestPaidNet $1.76M USD 1 Quarter
Interest payments InterestPaidNet $1.89M USD 1 Quarter
Lease liabilities arising from obtaining right-of-use assets RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability $9.17M USD 1 Quarter
Lease liabilities arising from obtaining right-of-use assets RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability - USD 1 Quarter
Stockholders Equity 11 line items
Line Item Tag Value Unit Period
Balance, beginning of period StockholdersEquity $4.22B USD Point-in-time
Balance, beginning of period StockholdersEquity $4.24B USD Point-in-time
Balance, beginning of period StockholdersEquity $3.92B USD Point-in-time
Treasury stock acquired TreasuryStockValueAcquiredCostMethod $69.90M USD 1 Quarter
Other comprehensive loss OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent $-203.01M USD 1 Quarter
Other comprehensive loss OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent $-59.20M USD 1 Quarter
Net income NetIncomeLossAvailableToCommonStockholdersBasic $274.17M USD 1 Quarter
Net income NetIncomeLossAvailableToCommonStockholdersBasic $135.65M USD 1 Quarter
Balance, end of period StockholdersEquity $4.22B USD Point-in-time
Balance, end of period StockholdersEquity $4.24B USD Point-in-time
Balance, end of period StockholdersEquity $3.92B USD Point-in-time

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

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