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10-Q Filing

ESSENT GROUP LTD. CIK: 1448893 Q1 2017
Filing Information
Form Type 10-Q
Accession Number 0001628280-17-005244
Period End Date 20170331
Filing Date 20170509
Fiscal Year 2017
Fiscal Period Q1
XBRL Instance esnt-20170331.xml
Balance Sheet 65 line items
Line Item Tag Value Unit Period
Fixed maturities (amortized cost: 2017 $1,619,677; 2016 $1,497,186) MarketableSecuritiesFixedMaturities $1.61B USD Point-in-time
Fixed maturities (amortized cost: 2017 $1,619,677; 2016 $1,497,186) MarketableSecuritiesFixedMaturities $1.48B USD Point-in-time
Short-term investments (amortized cost: 2017 $112,381; 2016 $132,352) ShortTermInvestments $132.35M USD Point-in-time
Short-term investments (amortized cost: 2017 $112,381; 2016 $132,352) ShortTermInvestments $112.38M USD Point-in-time
Total investments Investments $1.62B USD Point-in-time
Total investments Investments $1.72B USD Point-in-time
Cash Cash $27.53M USD Point-in-time
Cash Cash $19.71M USD Point-in-time
Accrued investment income AccruedInvestmentIncomeReceivable $9.49M USD Point-in-time
Accrued investment income AccruedInvestmentIncomeReceivable $10.19M USD Point-in-time
Accounts receivable AccountsReceivableNet $23.48M USD Point-in-time
Accumulated depreciation AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment $46.54M USD Point-in-time
Accounts receivable AccountsReceivableNet $21.63M USD Point-in-time
Accumulated depreciation AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment $47.54M USD Point-in-time
Deferred policy acquisition costs DeferredPolicyAcquisitionCosts $13.40M USD Point-in-time
Deferred policy acquisition costs DeferredPolicyAcquisitionCosts $13.49M USD Point-in-time
Property and equipment (at cost, less accumulated depreciation of $47,544 in 2017 and $46,543 in 2016) PropertyPlantAndEquipmentNet $8.12M 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
Property and equipment (at cost, less accumulated depreciation of $47,544 in 2017 and $46,543 in 2016) PropertyPlantAndEquipmentNet $8.21M USD Point-in-time
Prepaid federal income tax MortgageGuarantyInsurerUnitedStatesMortgageGuarantyTaxAndLossBonds $181.27M USD Point-in-time
Common Shares, authorized (in shares) CommonStockSharesAuthorized 233.33M shares Point-in-time
Prepaid federal income tax MortgageGuarantyInsurerUnitedStatesMortgageGuarantyTaxAndLossBonds $180.66M USD Point-in-time
Common Shares, authorized (in shares) CommonStockSharesAuthorized 233.33M shares Point-in-time
Other assets OtherAssets $7.43M USD Point-in-time
Common Shares, issued (in shares) CommonStockSharesIssued 93.38M shares Point-in-time
Common Shares, issued (in shares) CommonStockSharesIssued 93.11M shares Point-in-time
Other assets OtherAssets $6.45M USD Point-in-time
Common Shares, outstanding (in shares) CommonStockSharesOutstanding 93.38M shares Point-in-time
Total assets Assets $1.99B USD Point-in-time
Common Shares, outstanding (in shares) CommonStockSharesOutstanding 93.11M shares Point-in-time
Total assets Assets $1.88B USD Point-in-time
Amortized cost AvailableForSaleSecuritiesAmortizedCost $1.63B USD Point-in-time
Amortized cost AvailableForSaleSecuritiesAmortizedCost $1.73B USD Point-in-time
Reserve for losses and LAE LiabilityForUnpaidClaimsAndClaimsAdjustmentExpenseNet $17.76M USD Point-in-time
Reserve for losses and LAE LiabilityForUnpaidClaimsAndClaimsAdjustmentExpenseNet $29.47M USD Point-in-time
Reserve for losses and LAE LiabilityForUnpaidClaimsAndClaimsAdjustmentExpenseNet $28.14M USD Point-in-time
Reserve for losses and LAE LiabilityForUnpaidClaimsAndClaimsAdjustmentExpenseNet $20.47M USD Point-in-time
Unearned premium reserve UnearnedPremiums $219.62M USD Point-in-time
Unearned premium reserve UnearnedPremiums $221.26M USD Point-in-time
Net deferred tax liability DeferredTaxLiabilities $142.59M USD Point-in-time
Net deferred tax liability DeferredTaxLiabilities $162.65M USD Point-in-time
Revolving credit facility borrowings LineOfCredit $100.00M USD Point-in-time
Revolving credit facility borrowings LineOfCredit $125.00M USD Point-in-time
Securities purchases payable InvestmentRelatedLiabilities $17.32M USD Point-in-time
Securities purchases payable InvestmentRelatedLiabilities $15.00M USD Point-in-time
Other accrued liabilities OtherAccruedLiabilitiesCurrentAndNoncurrent $19.25M USD Point-in-time
Other accrued liabilities OtherAccruedLiabilitiesCurrentAndNoncurrent $33.88M USD Point-in-time
Total liabilities Liabilities $539.23M USD Point-in-time
Total liabilities Liabilities $574.95M USD Point-in-time
Commitments and contingencies (see Note 6) CommitmentsAndContingencies - USD Point-in-time
Commitments and contingencies (see Note 6) CommitmentsAndContingencies - USD Point-in-time
Authorized - 233,333; issued and outstanding - 93,377 shares in 2017 and 93,105 shares in 2016 CommonStockValue $1.40M USD Point-in-time
Authorized - 233,333; issued and outstanding - 93,377 shares in 2017 and 93,105 shares in 2016 CommonStockValue $1.40M USD Point-in-time
Additional paid-in capital AdditionalPaidInCapitalCommonStock $918.30M USD Point-in-time
Additional paid-in capital AdditionalPaidInCapitalCommonStock $915.89M USD Point-in-time
Accumulated other comprehensive loss AccumulatedOtherComprehensiveIncomeLossNetOfTax $-12.26M USD Point-in-time
Accumulated other comprehensive loss AccumulatedOtherComprehensiveIncomeLossNetOfTax $-7.41M USD Point-in-time
Retained earnings RetainedEarningsAccumulatedDeficit $436.33M USD Point-in-time
Retained earnings RetainedEarningsAccumulatedDeficit $502.86M USD Point-in-time
Total stockholders equity StockholdersEquity $1.41B USD Point-in-time
Total stockholders equity StockholdersEquity $1.34B USD Point-in-time
Total stockholders equity StockholdersEquity $1.12B USD Point-in-time
Total liabilities and stockholders equity LiabilitiesAndStockholdersEquity $1.99B USD Point-in-time
Total liabilities and stockholders equity LiabilitiesAndStockholdersEquity $1.88B USD Point-in-time
Income Statement 46 line items
Line Item Tag Value Unit Period
Net premiums written PremiumsWrittenNet $100.47M USD 1 Quarter
Net premiums written PremiumsWrittenNet $119.30M USD 1 Quarter
Increase in unearned premiums IncreaseDecreaseInUnearnedPremiumsNet $-6.06M USD 1 Quarter
Increase in unearned premiums IncreaseDecreaseInUnearnedPremiumsNet $-1.65M USD 1 Quarter
Net premiums earned PremiumsEarnedNet $94.40M USD 1 Quarter
Net premiums earned PremiumsEarnedNet $117.65M USD 1 Quarter
Net investment income NetInvestmentIncome $6.18M 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 $471.00K USD 1 Quarter
Other income OtherIncome $1.41M USD 1 Quarter
Other income OtherIncome $851.00K USD 1 Quarter
Total revenues Revenues $127.59M USD 1 Quarter
Total revenues Revenues $102.47M USD 1 Quarter
Provision for losses and LAE LiabilityForUnpaidClaimsAndClaimsAdjustmentExpenseIncurredClaims1 $3.69M USD 1 Quarter
Provision for losses and LAE LiabilityForUnpaidClaimsAndClaimsAdjustmentExpenseIncurredClaims1 $3.73M USD 1 Quarter
Other underwriting and operating expenses OtherUnderwritingAndOperatingExpenses $31.39M 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 - USD 1 Quarter
Total losses and expenses BenefitsLossesAndExpenses $40.74M USD 1 Quarter
Total losses and expenses BenefitsLossesAndExpenses $35.12M USD 1 Quarter
Income before income taxes IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments $67.35M USD 1 Quarter
Income before income taxes IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments $86.85M USD 1 Quarter
Income tax expense IncomeTaxExpenseBenefit $19.40M USD 1 Quarter
Income tax expense IncomeTaxExpenseBenefit $20.25M USD 1 Quarter
Net income NetIncomeLoss $66.60M USD 1 Quarter
Net income NetIncomeLoss $47.95M USD 1 Quarter
Basic (in dollars per share) EarningsPerShareBasic $0.73 USD 1 Quarter
Basic (in dollars per share) EarningsPerShareBasic $0.53 USD 1 Quarter
Diluted (in dollars per share) EarningsPerShareDiluted $0.72 USD 1 Quarter
Diluted (in dollars per share) EarningsPerShareDiluted $0.52 USD 1 Quarter
Basic (in shares) WeightedAverageNumberOfSharesOutstandingBasic 90.78M 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 91.86M shares 1 Quarter
Net income NetIncomeLossAvailableToCommonStockholdersBasic $66.60M USD 1 Quarter
Net income NetIncomeLossAvailableToCommonStockholdersBasic $47.95M USD 1 Quarter
Net income NetIncomeLossAvailableToCommonStockholdersBasic $222.61M USD Annual
Change in unrealized appreciation of investments, net of tax expense of $2,061 in 2017 and $5,714 in 2016 OtherComprehensiveIncomeAvailableforsaleSecuritiesAdjustmentNetOfTaxPortionAttributableToParent $4.85M USD 1 Quarter
Change in unrealized appreciation of investments, net of tax expense of $2,061 in 2017 and $5,714 in 2016 OtherComprehensiveIncomeAvailableforsaleSecuritiesAdjustmentNetOfTaxPortionAttributableToParent $13.36M USD 1 Quarter
Total other comprehensive income OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent $4.85M USD 1 Quarter
Total other comprehensive income OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent $13.36M USD 1 Quarter
Total other comprehensive income OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent $-12.16M USD Annual
Comprehensive income ComprehensiveIncomeNetOfTax $61.31M USD 1 Quarter
Comprehensive income ComprehensiveIncomeNetOfTax $71.45M USD 1 Quarter
Cash Flow Statement 62 line items
Line Item Tag Value Unit Period
Net income NetIncomeLoss $66.60M USD 1 Quarter
Net income NetIncomeLoss $47.95M USD 1 Quarter
Gain on the sale of investments, net RealizedInvestmentGainsLosses $655.00K USD 1 Quarter
Gain on the sale of investments, net RealizedInvestmentGainsLosses $471.00K USD 1 Quarter
Depreciation and amortization DepreciationDepletionAndAmortization $1.00M USD 1 Quarter
Depreciation and amortization DepreciationDepletionAndAmortization $1.00M USD 1 Quarter
Stock-based compensation expense ShareBasedCompensation $3.78M USD 1 Quarter
Stock-based compensation expense ShareBasedCompensation $4.62M USD 1 Quarter
Amortization of premium on investment securities InvestmentIncomeAmortizationOfPremium $2.68M USD 1 Quarter
Amortization of premium on investment securities InvestmentIncomeAmortizationOfPremium $2.98M USD 1 Quarter
Deferred income tax provision DeferredIncomeTaxExpenseBenefit $15.24M USD 1 Quarter
Deferred income tax provision DeferredIncomeTaxExpenseBenefit $18.04M USD 1 Quarter
Accrued investment income IncreaseDecreaseInAccruedInvestmentIncomeReceivable $703.00K USD 1 Quarter
Accrued investment income IncreaseDecreaseInAccruedInvestmentIncomeReceivable $663.00K USD 1 Quarter
Accounts receivable IncreaseDecreaseInAccountsReceivable $1.89M USD 1 Quarter
Accounts receivable IncreaseDecreaseInAccountsReceivable $563.00K USD 1 Quarter
Deferred policy acquisition costs IncreaseDecreaseInDeferredPolicyAcquisitionCosts $157.00K USD 1 Quarter
Deferred policy acquisition costs IncreaseDecreaseInDeferredPolicyAcquisitionCosts $93.00K USD 1 Quarter
Prepaid federal income tax IncreaseDecreaseInMortgageGuarantyInsurerUnitedStatesMortgageGuarantyTaxAndLossBonds $-615.00K USD 1 Quarter
Prepaid federal income tax IncreaseDecreaseInMortgageGuarantyInsurerUnitedStatesMortgageGuarantyTaxAndLossBonds $110.00K USD 1 Quarter
Other assets IncreaseDecreaseInOtherOperatingAssets $-539.00K 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 $2.71M USD 1 Quarter
Unearned premium reserve IncreaseDecreaseInUnearnedPremiums $1.65M USD 1 Quarter
Unearned premium reserve IncreaseDecreaseInUnearnedPremiums $6.06M USD 1 Quarter
Other accrued liabilities IncreaseDecreaseInAccruedLiabilities $-9.51M USD 1 Quarter
Other accrued liabilities IncreaseDecreaseInAccruedLiabilities $-14.63M USD 1 Quarter
Net cash provided by operating activities NetCashProvidedByUsedInOperatingActivities $68.50M USD 1 Quarter
Net cash provided by operating activities NetCashProvidedByUsedInOperatingActivities $77.89M USD 1 Quarter
Net change in short-term investments PaymentsForProceedsFromShortTermInvestments $-19.97M USD 1 Quarter
Net change in short-term investments PaymentsForProceedsFromShortTermInvestments $-2.51M USD 1 Quarter
Purchase of investments available for sale PaymentsToAcquireAvailableForSaleSecurities $200.79M USD 1 Quarter
Purchase of investments available for sale PaymentsToAcquireAvailableForSaleSecurities $146.32M USD 1 Quarter
Proceeds from maturity of investments available for sale ProceedsFromMaturitiesPrepaymentsAndCallsOfAvailableForSaleSecurities $1.80M 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 $82.17M USD 1 Quarter
Proceeds from sales of investments available for sale ProceedsFromSaleOfAvailableForSaleSecurities $60.13M USD 1 Quarter
Purchase of property and equipment PaymentsToAcquirePropertyPlantAndEquipment $1.21M USD 1 Quarter
Purchase of property and equipment PaymentsToAcquirePropertyPlantAndEquipment $1.09M USD 1 Quarter
Net cash used in investing activities NetCashProvidedByUsedInInvestingActivities $-61.05M USD 1 Quarter
Net cash used in investing activities NetCashProvidedByUsedInInvestingActivities $-103.58M USD 1 Quarter
Revolving credit facility borrowings ProceedsFromLongTermLinesOfCredit $25.00M USD 1 Quarter
Revolving credit facility borrowings ProceedsFromLongTermLinesOfCredit - USD 1 Quarter
Treasury stock acquired PaymentsForRepurchaseOfCommonStock $3.84M USD 1 Quarter
Treasury stock acquired PaymentsForRepurchaseOfCommonStock $7.13M USD 1 Quarter
Net cash provided by (used in) financing activities NetCashProvidedByUsedInFinancingActivities $17.87M USD 1 Quarter
Net cash provided by (used in) financing activities NetCashProvidedByUsedInFinancingActivities $-3.84M USD 1 Quarter
Net (decrease) increase in cash CashAndCashEquivalentsPeriodIncreaseDecrease $3.60M USD 1 Quarter
Net (decrease) increase in cash CashAndCashEquivalentsPeriodIncreaseDecrease $-7.82M USD 1 Quarter
Cash at beginning of year CashAndCashEquivalentsAtCarryingValue $28.21M USD Point-in-time
Cash at beginning of year CashAndCashEquivalentsAtCarryingValue $19.71M USD Point-in-time
Cash at beginning of year CashAndCashEquivalentsAtCarryingValue $24.61M USD Point-in-time
Cash at beginning of year CashAndCashEquivalentsAtCarryingValue $27.53M USD Point-in-time
Cash at end of period CashAndCashEquivalentsAtCarryingValue $28.21M USD Point-in-time
Cash at end of period CashAndCashEquivalentsAtCarryingValue $19.71M USD Point-in-time
Cash at end of period CashAndCashEquivalentsAtCarryingValue $24.61M USD Point-in-time
Cash at end of period CashAndCashEquivalentsAtCarryingValue $27.53M USD Point-in-time
Income tax payments IncomeTaxesPaidNet $1.80M USD 1 Quarter
Income tax payments IncomeTaxesPaidNet $1.20M USD 1 Quarter
Interest payments InterestPaid $701.00K USD 1 Quarter
Interest payments InterestPaid - USD 1 Quarter
Stockholders Equity 24 line items
Line Item Tag Value Unit Period
Stockholders equity, beginning of period StockholdersEquity $1.41B USD Point-in-time
Stockholders equity, beginning of period StockholdersEquity $1.34B USD Point-in-time
Stockholders equity, beginning of period StockholdersEquity $1.12B USD Point-in-time
Net income NetIncomeLossAvailableToCommonStockholdersBasic $66.60M USD 1 Quarter
Net income NetIncomeLossAvailableToCommonStockholdersBasic $47.95M USD 1 Quarter
Net income NetIncomeLossAvailableToCommonStockholdersBasic $222.61M USD Annual
Other comprehensive (loss) income OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent $4.85M USD 1 Quarter
Other comprehensive (loss) income OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent $13.36M USD 1 Quarter
Other comprehensive (loss) income OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent $-12.16M USD Annual
Issuance of management incentive shares StockIssuedDuringPeriodValueShareBasedCompensationGross - USD 1 Quarter
Issuance of management incentive shares StockIssuedDuringPeriodValueShareBasedCompensationGross - USD Annual
Forfeiture of management incentive shares StockIssuedDuringPeriodValueShareBasedCompensationForfeited - USD Annual
Stock-based compensation expense AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue $4.62M USD 1 Quarter
Stock-based compensation expense AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue $16.88M USD Annual
Cumulative effect of ASU 2016-09 adoption CumulativeEffectOfNewAccountingPrincipleInPeriodOfAdoption $39.00K USD Point-in-time
Excess tax benefits from stock-based compensation expense AdjustmentsToAdditionalPaidInCapitalTaxEffectFromShareBasedCompensation $1.08M USD Annual
Treasury stock acquired TreasuryStockValueAcquiredCostMethod $7.13M USD 1 Quarter
Treasury stock acquired TreasuryStockValueAcquiredCostMethod $4.02M USD Annual
Cancellation of treasury stock TreasuryStockRetiredCostMethodAmount - USD Annual
Cancellation of treasury stock TreasuryStockRetiredCostMethodAmount - USD 1 Quarter
Other equity transactions AdjustmentsToAdditionalPaidInCapitalOther $142.00K USD Annual
Stockholders equity, end of period StockholdersEquity $1.41B USD Point-in-time
Stockholders equity, end of period StockholdersEquity $1.34B USD Point-in-time
Stockholders equity, end of period StockholdersEquity $1.12B 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 $2.06M USD 1 Quarter
Change in unrealized appreciation (depreciation) of investments, tax expense (benefit) OtherComprehensiveIncomeAvailableforsaleSecuritiesTaxPortionAttributableToParent $5.71M USD 1 Quarter

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

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