Essent Group - 10-Q quarterly report FY2026 Q3

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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

(Mark One)

☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the period ended September 30, 2026

☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from to

Commission file number 001-36157

ESSENT GROUP LTD.

(Exact name of registrant as specified in its charter)


Bermuda						Not Applicable
(State or other jurisdiction of incorporation or organization)						(I.R.S. Employer Identification Number)

Clarendon House

2 Church Street

Hamilton HM11, Bermuda

(Address of principal executive offices and zip code)

(441) 297-9901

(Registrant’s telephone number, including area code)

Securities registered pursuant to Section 12(b) of the Act:


Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Common Shares, $0.015 par value	ESNT	New York Stock Exchange

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232-405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files.) Yes ☒ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and "emerging growth company" in Rule 12b-2 of the Exchange Act.

Large accelerated filer

☒

Accelerated filer

☐

Non-accelerated filer

☐

Smaller reporting company

☐

Emerging growth company

☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒

The number of the registrant’s common shares outstanding as of October 31, 2026 was 87,971,999.

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Essent Group Ltd. and Subsidiaries

Form 10-Q

Index

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Unless the context otherwise indicates or requires, the terms “we,” “our,” “us,” “Essent,” and the “Company,” as used in this Quarterly Report on Form 10-Q, refer to Essent Group Ltd. and its directly and indirectly owned subsidiaries, including our primary operating subsidiaries, Essent Guaranty, Inc. ("Essent Guaranty"), Essent Reinsurance Ltd. ("Essent Re"), and Essent Title Insurance, Inc. ("Essent Title"), as a combined entity, except where otherwise stated or where it is clear that the terms mean only Essent Group Ltd. exclusive of its subsidiaries.

SPECIAL NOTE REGARDING FORWARD-LOOKING STATEMENTS

This Quarterly Report on Form 10-Q, or Quarterly Report, includes forward-looking statements pursuant to the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements relate to expectations, beliefs, projections, future plans and strategies, anticipated events or trends and similar expressions concerning matters that are not historical facts or present facts or conditions, such as statements regarding our future financial condition or results of operations, our prospects and strategies for future growth, the introduction of new products and services, and the implementation of our marketing and branding strategies. In many cases, you can identify forward-looking statements by terms such as “may,” “will,” “should,” “expects,” “plans,” “anticipates,” “believes,” “estimates,” “predicts,” “potential” or the negative of these terms or other comparable terminology.

The forward-looking statements contained in this Quarterly Report reflect our views as of the date of this Quarterly Report about future events and are subject to risks, uncertainties, assumptions and changes in circumstances that may cause events or our actual activities or results to differ significantly from those expressed in any forward-looking statement. Although we believe that the expectations reflected in the forward-looking statements are reasonable, we cannot guarantee future events, results, actions, levels of activity, performance or achievements. A number of important factors could cause actual results to differ materially from those indicated by the forward-looking statements, including, but not limited to, those factors described below, in Part I, Item 2 “Management’s Discussion and Analysis of Financial Condition and Results of Operations” of this Quarterly Report, and in Part I, Item 1A “Risk Factors” of our Annual Report on Form 10-K for the year ended December 31, 2025 filed with the Securities and Exchange Commission. These factors include, without limitation, the following:

•changes in or to Fannie Mae and Freddie Mac, which we refer to collectively as the GSEs, whether through Federal legislation, restructurings or a shift in business practices;

•failure to continue to meet the mortgage insurer eligibility requirements of the GSEs;

•competition for our customers or the loss of a significant customer;

•lenders or investors seeking alternatives to private mortgage insurance;

•increase in the number of loans insured through Federal government mortgage insurance programs, including those offered by the Federal Housing Administration;

•decline in the volume of low down payment mortgage originations;

•uncertainty of loss reserve estimates;

•decrease in the length of time our insurance policies are in force;

•deteriorating economic conditions;

•recently enacted U.S. Federal tax reform and its impact on us, our shareholders and our operations;

•the definition of “Qualified Mortgage” reducing the size of the mortgage origination market or creating incentives to use government mortgage insurance programs;

•the definition of “Qualified Residential Mortgage” reducing the number of low down payment loans or lenders and investors seeking alternatives to private mortgage insurance;

•the implementation of the Basel III Capital Accord, which may discourage the use of private mortgage insurance;

•management of risk in our investment portfolio;

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•fluctuations in interest rates;

•inadequacy of the premiums we charge to compensate for our losses incurred;

•dependence on management team and qualified personnel;

•disturbance to our information technology systems;

•change in our customers’ capital requirements discouraging the use of mortgage insurance;

•declines in the value of borrowers’ homes;

•limited availability of capital or reinsurance;

•unanticipated claims arise under and risks associated with our contract underwriting program;

•industry practice that loss reserves are established only upon a loan default;

•disruption in mortgage loan servicing;

•risk of future legal proceedings;

•customers’ technological demands;

•our non-U.S. operations becoming subject to U.S. Federal income taxation;

•becoming considered a passive foreign investment company for U.S. Federal income tax purposes; and

•potential restrictions on the ability of our insurance subsidiaries to pay dividends.

Readers are urged to consider these factors carefully in evaluating the forward-looking statements and are cautioned not to place undue reliance on these forward-looking statements. All of the forward-looking statements we have included in this Quarterly Report are based on information available to us on the date of this Quarterly Report. We undertake no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events or otherwise, except as otherwise required by law.

We intend to use our website as a means of disclosing material non-public information and for complying with our disclosure obligations under Regulation FD. Such disclosures will be included on our website in the "Events & Presentations" section. Accordingly, investors should monitor such portion of our website, in addition to following our press releases, SEC filings and public conference calls and webcasts.

iii

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PART I — FINANCIAL INFORMATION

Item 1. Financial Statements (Unaudited)

Essent Group Ltd. and Subsidiaries

Condensed Consolidated Balance Sheets (Unaudited)


	September 30,		December 31,
(In thousands, except per share amounts)	2026		2025
Assets
Investments
Fixed maturities available for sale, at fair value (amortized cost: 2026 — $5,789,623; 2025 — $5,631,201)	$	5,367,841	$	5,455,593
Short-term investments available for sale, at fair value (amortized cost: 2026 — $504,150; 2025 — $648,492)	504,142		648,492
Total investments available for sale	5,871,983		6,104,085
Other invested assets	451,948		382,513
Total investments	6,323,931		6,486,598
Cash	160,670		123,049
Accrued investment income	46,662		47,371
Accounts receivable	186,991		51,267
Deferred policy acquisition costs	74,010		9,547
Property, equipment and software (at cost, less accumulated depreciation of $74,678 in 2026 and $71,466 in 2025)	46,556		49,189
Prepaid federal income tax	488,825		513,425
Goodwill and acquired intangible assets, net	77,101		78,153
Other assets	153,463		82,404
Total assets	$	7,558,209	$	7,441,003

Liabilities and Stockholders’ Equity
Liabilities
Reserve for losses and LAE	$	585,478	$	446,822
Unearned premium reserve	269,029		91,730
Net deferred tax liability	422,475		465,351
Senior Notes due 2029, net	496,308		495,301
Other liabilities	229,854		185,072
Total liabilities	2,003,144		1,684,276
Commitments and contingencies (see Note 7)
Stockholders’ Equity
Common shares, $0.015 par value:
Authorized - 233,333; issued and outstanding - 88,769 shares in 2026 and 95,456 shares in 2025	1,332		1,432
Additional paid-in capital	227,604		649,895
Accumulated other comprehensive loss	(359,645)		(151,985)
Retained earnings	5,685,774		5,257,385
Total stockholders’ equity	5,555,065		5,756,727
Total liabilities and stockholders’ equity	$	7,558,209	$	7,441,003

See accompanying notes to condensed consolidated financial statements.

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Essent Group Ltd. and Subsidiaries

Condensed Consolidated Statements of Comprehensive Income (Unaudited)


	Three Months Ended September 30,				Nine Months Ended September 30,
(In thousands, except per share amounts)	2026		2025		2026		2025
Revenues:
Net premiums written	$	302,874	$	241,828	$	1,004,828	$	721,587
(Increase) decrease in unearned premiums	(12,202)		4,504		(177,299)		19,402
Net premiums earned	290,672		246,332		827,529		740,989
Net investment income	62,952		59,795		183,819		177,294
Realized investment gains (losses), net	(1,626)		(425)		(1,884)		(735)
Income from other invested assets	10,724		1,770		40,288		13,644
Other income	11,461		4,358		23,189		17,339
Total revenues	374,183		311,830		1,072,941		948,531

Losses and expenses:
Provision for losses and LAE	83,489		44,922		180,666		93,264
Other underwriting and operating expenses	83,490		59,498		231,731		193,387
Interest expense	8,162		8,251		24,458		24,547
Total losses and expenses	175,141		112,671		436,855		311,198

Income before income taxes	199,042		199,159		636,086		637,333
Income tax expense	35,666		34,944		111,197		102,346
Net income	$	163,376	$	164,215	$	524,889	$	534,987

Earnings per share:
Basic	$	1.84	$	1.69	$	5.76	$	5.35
Diluted	1.82		1.67		5.71		5.29

Weighted average shares outstanding:
Basic	88,964		97,400		91,156		100,086
Diluted	89,774		98,519		91,894		101,155

Net income	$	163,376	$	164,215	$	524,889	$	534,987

Other comprehensive income (loss):
Unrealized (depreciation) appreciation of investments, net of tax (benefit) expense of ($31,344) and $9,000 in the three months ended September 30, 2026 and 2025, and ($38,522) and $22,365 in the nine months ended September 30, 2026 and 2025, respectively.	(168,983)		50,241		(207,660)		138,559
Total other comprehensive income (loss)	(168,983)		50,241		(207,660)		138,559
Comprehensive income (loss)	$	(5,607)	$	214,456	$	317,229	$	673,546

See accompanying notes to condensed consolidated financial statements.

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Essent Group Ltd. and Subsidiaries

Condensed Consolidated Statements of Changes in Stockholders’ Equity (Unaudited)


	Three Months Ended September 30,				Nine Months Ended September 30,
(In thousands)	2026		2025		2026		2025
Common Shares
Balance, beginning of period	$	1,348	$	1,493	$	1,432	$	1,575

Issuance of management incentive shares	—		—		7		8
Forfeiture of management incentive shares	—		—		—		(1)
Cancellation of treasury stock	(16)		(31)		(107)		(120)
Balance, end of period	1,332		1,462		1,332		1,462
Additional Paid-In Capital
Balance, beginning of period	298,724		888,337		649,895		1,214,956

Dividends and dividend equivalents declared	445		468		1,166		1,137
Issuance of management incentive shares	—		—		(7)		(8)
Forfeiture of management incentive shares	—		—		—		1
Stock-based compensation expense	2,881		3,862		13,570		16,804
Cancellation of treasury stock	(74,446)		(122,106)		(437,020)		(462,329)
Balance, end of period	227,604		770,561		227,604		770,561
Accumulated Other Comprehensive Loss
Balance, beginning of period	(190,662)		(215,666)		(151,985)		(303,984)
Other comprehensive income (loss)	(168,983)		50,241		(207,660)		138,559
Balance, end of period	(359,645)		(165,425)		(359,645)		(165,425)
Retained Earnings
Balance, beginning of period	5,553,991		4,998,684		5,257,385		4,691,111
Net income	163,376		164,215		524,889		534,987
Dividends and dividend equivalents declared	(31,593)		(30,523)		(96,500)		(93,722)
Balance, end of period	5,685,774		5,132,376		5,685,774		5,132,376
Treasury Stock
Balance, beginning of period	—		—		—		—
Treasury stock acquired	(74,462)		(122,137)		(437,127)		(462,449)
Cancellation of treasury stock	74,462		122,137		437,127		462,449
Balance, end of period	—		—		—		—
Total Stockholders' Equity	$	5,555,065	$	5,738,974	$	5,555,065	$	5,738,974

See accompanying notes to condensed consolidated financial statements.

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Essent Group Ltd. and Subsidiaries

Condensed Consolidated Statements of Cash Flows (Unaudited)


	Nine Months Ended September 30,
(In thousands)	2026		2025
Operating Activities
Net income	$	524,889	$	534,987
Adjustments to reconcile net income to net cash provided by operating activities:
Realized investment losses, net	1,884		735
Income from other invested assets	(40,288)		(13,644)
Distribution of income from other invested assets	14,050		8,500
Depreciation and amortization	4,264		3,979
Loss on disposal of property and equipment	—		66
Stock-based compensation expense	13,570		16,804
Amortization of premium on investment securities	9,060		10,511
Deferred income tax provision	(4,171)		23,394
Change in:
Accrued investment income	709		728
Accounts receivable	(135,653)		1,922
Deferred policy acquisition costs	(64,463)		462
Prepaid federal income tax	24,600		(856)
Other assets	(69,329)		(2,574)
Reserve for losses and LAE	138,656		68,272
Unearned premium reserve	177,299		(19,402)
Other accrued liabilities	33,070		(6,923)
Net cash provided by operating activities	628,147		626,961

Investing Activities
Net change in short-term investments	144,342		123,947
Purchase of investments available for sale	(954,622)		(810,914)
Proceeds from maturity and paydowns of investments available for sale	720,903		630,876
Proceeds from sales of investments available for sale	77,458		10,397
Purchase of other invested assets	(49,328)		(63,685)
Return of investment from other invested assets	6,130		2,657

Purchase of property and equipment and capitalization of internal-use software	(2,948)		(6,224)
Net cash used in investing activities	(58,065)		(112,946)

Financing Activities



Treasury stock acquired	(437,127)		(461,499)

Dividends paid	(95,334)		(92,585)

Net cash used in financing activities	(532,461)		(554,084)

Net increase (decrease) in cash	37,621		(40,069)
Cash at beginning of year	123,049		131,480
Cash at end of period	$	160,670	$	91,411

Supplemental Disclosure of Cash Flow Information
Income tax payments	$	(82,309)	$	(90,531)
Interest payments	(31,250)		(31,250)

Noncash Transactions
Excise taxes payable for share repurchases	$	—	$	950
Property, equipment, and capitalized internal-use software costs included in other liabilities	—		3,678
Lease liabilities arising from obtaining right-of-use assets	460		4,818

See accompanying notes to condensed consolidated financial statements.

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Essent Group Ltd. and Subsidiaries

Notes to Condensed Consolidated Financial Statements (Unaudited)

In these notes to condensed consolidated financial statements, “Essent”, “Company”, “we”, “us”, and “our” refer to Essent Group Ltd. and its subsidiaries, unless the context otherwise requires.

Note 1. Nature of Operations and Basis of Presentation

Essent Group Ltd. (“Essent Group”) is a Bermuda-based holding company, which, through its wholly-owned subsidiaries, offers private mortgage insurance and reinsurance for mortgages secured by residential properties located in the United States. Mortgage insurance facilitates the sale of low down payment (generally less than 20%) mortgage loans into the secondary mortgage market, primarily to two government-sponsored enterprises (“GSEs”), Fannie Mae and Freddie Mac.

The primary mortgage insurance operations are conducted through Essent Guaranty, Inc. (“Essent Guaranty”), which is domiciled in the state of Pennsylvania. Essent Guaranty is headquartered in Radnor, Pennsylvania and maintains an operations center in Winston-Salem, North Carolina. Essent Guaranty is approved as a qualified mortgage insurer by the GSEs and is licensed to write mortgage insurance in all 50 states and the District of Columbia.

Essent Guaranty reinsures new insurance written ("NIW") to Essent Reinsurance Ltd. (“Essent Re”), an affiliated Bermuda domiciled Class 3B Insurer licensed pursuant to Section 4 of the Bermuda Insurance Act 1978 that provides insurance and reinsurance coverage of mortgage credit risk. Essent Re also provides insurance and reinsurance to Freddie Mac and Fannie Mae. The following table summarizes the quota share reinsurance coverage that Essent Re has provided to Essent Guaranty for the respective NIW periods:


NIW Period						Ceding Percentage
January 1, 2025 to Present						50%
January 1, 2021 to December 31, 2024						35%
Prior to January 1, 2021						25%

In 2016, Essent Re formed Essent Agency (Bermuda) Ltd., a wholly-owned subsidiary, which provides underwriting consulting services to third-party reinsurers. Effective January 1, 2026, Essent Re began reinsuring certain property and casualty risks.

In addition to offering mortgage insurance, we provide contract underwriting services on a limited basis through CUW Solutions, LLC ("CUW Solutions"), a Delaware limited liability company, that provides, among other things, mortgage contract underwriting services to lenders and mortgage insurance underwriting services to affiliates. CUW Solutions is headquartered in Radnor, Pennsylvania and it maintains an operations center in Winston-Salem, North Carolina that is subleased from Essent Guaranty.

We also offer title insurance products both directly and through a network of title insurance agents through Essent Title Insurance, Inc. ("Essent Title"), as well as title and settlement services. Our title insurance operations are headquartered in Radnor, Pennsylvania, with additional locations in Columbia, Missouri and Pittsburgh, Pennsylvania.

We have two reportable business segments: Mortgage Insurance and Reinsurance. Our Mortgage Insurance segment offers private mortgage insurance for residential first-lien mortgages secured by residential properties located in the United States through our U.S. mortgage insurance subsidiary, Essent Guaranty, and also offers other credit risk management solutions, including contract underwriting, to our customers. Our Reinsurance segment reinsures U.S. mortgage risk in the GSE credit risk transfer market through our Bermuda-based reinsurance subsidiary, Essent Re, and also provides underwriting consulting services to third-party reinsurers. Effective January 1, 2026, Essent Re began reinsuring certain property and casualty risks.

We have prepared the condensed consolidated financial statements included herein pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”). We have condensed or omitted certain information and footnote disclosures normally included in consolidated financial statements prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) pursuant to such rules and regulations. In the opinion of management, the statements include all adjustments (which include normal recurring adjustments) required for a fair statement of financial position, results of operations and cash flows for the interim periods presented. These statements should be read in conjunction with the consolidated financial statements and notes thereto, including Note 1 and Note 2 to the consolidated financial statements,

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Essent Group Ltd. and Subsidiaries

Notes to Condensed Consolidated Financial Statements (Unaudited)

included in our Annual Report on Form 10-K for the year ended December 31, 2025, which discloses the principles of consolidation and a summary of significant accounting policies. The results of operations for the interim periods are not necessarily indicative of the results for the full year. We evaluated the need to recognize or disclose events that occurred subsequent to September 30, 2026 prior to the issuance of these condensed consolidated financial statements.

Certain amounts in prior years have been reclassified to conform to the current year presentation.

Note 2. Recently Issued Accounting Standards

Accounting Standards Not Yet Adopted

In November 2024, the FASB issued ASU No. 2024-03, Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses (“ASU 2024-03”) and in January 2025, the FASB issued ASU No. 2025-01, Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40): Clarifying the Effective Date, which clarified the effective date of ASU 2024-03. ASU 2024-03 will require the Company to disclose the amounts of purchases of inventory, employee compensation, depreciation and intangible asset amortization, as applicable, included in certain expense captions in the Consolidated Statements of Operations, as well as qualitatively describe remaining amounts included in those captions. ASU 2024-03 will also require the Company to disclose both the amount and the Company’s definition of selling expenses. The ASU is effective for annual reporting periods beginning after December 15, 2026 and interim reporting periods within annual reporting periods beginning after December 15, 2027. The Company is currently evaluating the impact that the ASU will have on our consolidated financial statements.

In September 2025, the FASB issued Accounting Standard Update No. 2025-06, Intangibles - Goodwill and Other - Internal-Use Software (Subtopic 350-40): Targeted Improvements to the Accounting for Internal-Use Software (“ASU 2025-06”). The amendments in ASU 2025-06 clarify and refine the criteria for capitalizing costs related to internal-use software. Under the new guidance, capitalization is permitted when both of the following conditions are met: (i) management has authorized and committed to funding the software project, and (ii) it is probable that the project will be completed and the software will be used to perform the function intended. ASU 2025-06 is effective for fiscal periods beginning after December 15, 2027, and interim periods thereafter. The Company is currently evaluating the impact that the ASU will have on our consolidated financial statements.

In December 2025, the FASB issued ASU 2025-11, “Interim Reporting (Topic 270) Narrow-Scope Improvements.” The amendments in this Update clarify interim disclosure requirements and the applicability of Topic 270. The objective of the update is to provide clarity about current interim requirements. The amendments in this update also include a disclosure principle that requires entities to disclose events since the end of the last annual reporting period that have a material impact on the entity. The amendments in this ASU are required to be adopted for interim periods within annual reporting periods beginning after December 15, 2027. Early adoption is permitted. The Company is currently evaluating the impact that the ASU will have on our consolidated financial statements.

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Essent Group Ltd. and Subsidiaries

Notes to Condensed Consolidated Financial Statements (Unaudited)

Note 3. Investments

Investments available for sale consist of the following:


September 30, 2026 (In thousands)	Amortized Cost		Unrealized Gains		Unrealized Losses		Fair Value
U.S. Treasury securities	$	329,228	$	—	$	(11,384)	$	317,844

U.S. agency mortgage-backed securities	1,263,239		38		(138,112)		1,125,165
Municipal debt securities(1)	630,376		37		(67,063)		563,350
Non-U.S. government securities	53,425		—		(11,256)		42,169
Corporate debt securities (2)	2,076,515		32		(143,017)		1,933,530
Residential and commercial mortgage securities	487,182		339		(30,036)		457,485
Asset-backed securities	949,658		611		(21,971)		928,298
Money market funds	504,150		—		(8)		504,142
Total investments available for sale	$	6,293,773	$	1,057	$	(422,847)	$	5,871,983


December 31, 2025 (In thousands)	Amortized Cost		Unrealized Gains		Unrealized Losses		Fair Value
U.S. Treasury securities	$	373,567	$	2,121	$	(5,976)	$	369,712

U.S. agency mortgage-backed securities	1,243,823		7,822		(76,750)		1,174,895
Municipal debt securities (1)	641,153		5,483		(36,225)		610,411
Non-U.S. government securities	64,470		—		(8,446)		56,024
Corporate debt securities (2)	2,017,246		17,381		(54,547)		1,980,080
Residential and commercial mortgage securities	486,441		1,046		(23,382)		464,105
Asset-backed securities	804,501		3,832		(7,967)		800,366
Money market funds	648,492		—		—		648,492
Total investments available for sale	$	6,279,693	$	37,685	$	(213,293)	$	6,104,085


	September 30,		December 31,
(1) The following table summarizes municipal debt securities as of :	2026		2025
Special revenue bonds	81.7	%	81.2	%
General obligation bonds	18.3		18.8



Total	100.0	%	100.0	%


	September 30,		December 31,
(2) The following table summarizes corporate debt securities as of :	2026		2025
Financial	40.2	%	40.9	%
Consumer, non-cyclical	18.6		18.1
Industrial	10.0		9.0
Utilities	8.7		7.9
Consumer, cyclical	4.8		6.0
Technology	5.9		6.1
Energy	4.7		4.7
Communications	4.4		4.7
Basic Materials	2.7		2.6

Total	100.0	%	100.0	%

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Essent Group Ltd. and Subsidiaries

Notes to Condensed Consolidated Financial Statements (Unaudited)

The amortized cost and fair value of investments available for sale at September 30, 2026, by contractual maturity, are shown below. Expected maturities will differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties. Because most U.S. agency mortgage-backed securities, residential and commercial mortgage securities and asset-backed securities provide for periodic payments throughout their lives, they are listed below in separate categories.


(In thousands)	Amortized Cost		Fair Value
U.S. Treasury securities:
Due in 1 year	$	49,900	$	49,746
Due after 1 but within 5 years	241,366		234,478
Due after 5 but within 10 years	23,411		22,084
Due after 10 years	14,551		11,536
Subtotal	329,228		317,844




Municipal debt securities:
Due in 1 year	15,829		15,727
Due after 1 but within 5 years	95,418		90,373
Due after 5 but within 10 years	146,974		133,313
Due after 10 years	372,155		323,937
Subtotal	630,376		563,350
Non-U.S. government securities:
Due in 1 year	10,132		10,038
Due after 1 but within 5 years	4,301		3,998
Due after 5 but within 10 years	9,595		7,988
Due after 10 years	29,397		20,145
Subtotal	53,425		42,169
Corporate debt securities:
Due in 1 year	147,131		146,248
Due after 1 but within 5 years	633,953		599,524
Due after 5 but within 10 years	1,102,119		1,033,941
Due after 10 years	193,312		153,817
Subtotal	2,076,515		1,933,530
U.S. agency mortgage-backed securities	1,263,239		1,125,165
Residential and commercial mortgage securities	487,182		457,485
Asset-backed securities	949,658		928,298
Money market funds	504,150		504,142
Total investments available for sale	$	6,293,773	$	5,871,983

The components of realized investment (losses) gains, net on the condensed consolidated statements of comprehensive income were as follows:


	Three Months Ended September 30,				Nine Months Ended September 30,
(In thousands)	2026		2025		2026		2025
Realized gross gains	$	3	$	40	$	677	$	59
Realized gross losses	(199)		(425)		(1,131)		(754)
Impairments and changes in expected credit losses	(1,430)		(40)		(1,430)		(40)

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Essent Group Ltd. and Subsidiaries

Notes to Condensed Consolidated Financial Statements (Unaudited)

The fair value of investments available for sale in an unrealized loss position and the related unrealized losses for which no allowance for credit loss has been recorded were as follows:


	Less than 12 months				12 months or more				Total
September 30, 2026 (In thousands)	Fair Value		Gross Unrealized Losses		Fair Value		Gross Unrealized Losses		Fair Value		Gross Unrealized Losses
U.S. Treasury securities	$	250,695	$	(4,748)	$	67,149	$	(6,636)	$	317,844	$	(11,384)

U.S. agency mortgage-backed securities	651,356		(32,901)		469,704		(105,211)		1,121,060		(138,112)
Municipal debt securities	290,809		(15,617)		259,984		(51,446)		550,793		(67,063)
Non-U.S. government securities	—		—		42,169		(11,256)		42,169		(11,256)
Corporate debt securities	1,346,480		(64,970)		553,944		(78,047)		1,900,424		(143,017)
Residential and commercial mortgage securities	135,269		(5,104)		302,704		(24,932)		437,973		(30,036)
Asset-backed securities	575,498		(10,052)		112,782		(11,919)		688,280		(21,971)
Money market funds	38,132		(8)		—		—		38,132		(8)
Total	$	3,288,239	$	(133,400)	$	1,808,436	$	(289,447)	$	5,096,675	$	(422,847)


	Less than 12 months				12 months or more				Total
December 31, 2025 (In thousands)	Fair Value		Gross Unrealized Losses		Fair Value		Gross Unrealized Losses		Fair Value		Gross Unrealized Losses
U.S. Treasury securities	$	1,048	$	(8)	$	179,121	$	(5,968)	$	180,169	$	(5,976)

U.S. agency mortgage-backed securities	45,415		(90)		638,729		(76,660)		684,144		(76,750)
Municipal debt securities	74,928		(1,015)		314,515		(35,210)		389,443		(36,225)
Non-U.S. government securities	—		—		56,024		(8,446)		56,024		(8,446)
Corporate debt securities	196,571		(1,106)		706,561		(53,441)		903,132		(54,547)
Residential and commercial mortgage securities	36,552		(240)		364,271		(23,142)		400,823		(23,382)
Asset-backed securities	103,989		(871)		150,158		(7,096)		254,147		(7,967)

Total	$	458,503	$	(3,330)	$	2,409,379	$	(209,963)	$	2,867,882	$	(213,293)

At September 30, 2026 and December 31, 2025, we held 2,837 and 1,763 individual investment securities, respectively, that were in an unrealized loss position. We assess our intent to sell these securities and whether we will be required to sell these securities before the recovery of their amortized cost basis when determining whether to record an impairment on the securities in an unrealized loss position. In assessing whether the decline in the fair value at September 30, 2026 of any of these securities resulted from a credit loss or other factors, we made inquiries of our investment managers to determine that each issuer was current on its scheduled interest and principal payments. We reviewed the credit rating of these securities noting that approximately 99% of the securities at September 30, 2026 had investment-grade ratings. We concluded that gross unrealized losses noted above were primarily associated with the changes in interest rates subsequent to purchase rather than due to credit impairment. We recorded a $1.4 million credit allowance during the three and nine months ended September 30, 2026 on certain securities within our available-for-sale portfolio. There was $40 thousand of impairments recorded in the three and nine months ended September 30, 2025 due to our intent to sell securities in an unrealized loss position.

The Company's other invested assets at September 30, 2026 and December 31, 2025 totaled $451.9 million and $382.5 million, respectively. Other invested assets are principally comprised of limited partnership interests which are generally accounted for under the equity method or fair value using net asset value (or its equivalent) as a practical expedient. Our proportionate share of earnings or losses or changes in fair value are reported in income from other invested assets on the condensed consolidated statements of comprehensive income. For entities accounted for under the equity method that follow industry-specific guidance for investment companies, our proportionate share of earnings or losses includes changes in the fair value of the underlying assets of these entities. Due to the timing of receiving financial information from these partnerships, the results are generally reported on a one month or quarter lag.

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Essent Group Ltd. and Subsidiaries

Notes to Condensed Consolidated Financial Statements (Unaudited)

Other invested assets that are accounted for at fair value using the net asset value (or its equivalent) as a practical expedient totaled $215.8 million as of September 30, 2026 and $180.0 million as of December 31, 2025. The majority of these investments were in limited partnerships invested primarily in real estate and technology. At September 30, 2026, maximum future funding commitments were $113.6 million. For limited partnership investments that have a contractual expiration date, we expect the liquidation of the underlying assets to occur within the next one to nine years. For certain of these investments, the Company does not have the contractual option to redeem but receives distributions based on the liquidation of the underlying assets. In addition, the Company generally does not have the ability to sell or transfer these investments without consent from the general partner of individual limited partnerships.

The fair value of investments deposited with insurance regulatory authorities to meet statutory requirements was $9.0 million at September 30, 2026 and $8.7 million at December 31, 2025. In connection with its insurance and reinsurance activities, Essent Re is required to maintain assets in trusts for the benefit of its contractual counterparties. The fair value of the investments on deposit in these trusts was $1.0 billion at both September 30, 2026 and December 31, 2025. Essent Guaranty is also required to maintain assets on deposit for the benefit of the sponsor of a fixed income investment commitment. The fair value of the assets on deposit was $5.3 million at September 30, 2026 and $5.2 million at December 31, 2025.

Net investment income consists of:


	Three Months Ended September 30,				Nine Months Ended September 30,
(In thousands)	2026		2025		2026		2025
Fixed maturities	$	59,293	$	54,940	$	171,816	$	162,372
Short-term investments	5,574		6,540		17,351		20,088
Gross investment income	64,867		61,480		189,167		182,460
Investment expenses	(1,915)		(1,685)		(5,348)		(5,166)
Net investment income	$	62,952	$	59,795	$	183,819	$	177,294

Note 4. Reinsurance

In the ordinary course of business, our mortgage insurance subsidiary uses reinsurance to provide protection against adverse loss experience and to expand our capital sources. Reinsurance recoverables are recorded as assets and included in other assets on our condensed consolidated balance sheets, predicated on a reinsurer's ability to meet their obligations under the reinsurance agreements. If the reinsurers are unable to satisfy their obligations under the agreements, our insurance subsidiaries would be liable for such defaulted amounts. Our reinsurance subsidiary reinsures certain property and casualty risks and assumes premium from the ceding insurers for the reinsurance coverage provided.

Premiums written and earned is comprised of the following for the periods presented:

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Essent Group Ltd. and Subsidiaries

Notes to Condensed Consolidated Financial Statements (Unaudited)


	Three Months Ended September 30,				Nine Months Ended September 30,
(In thousands)	2026		2025		2026		2025
Net premiums written:
Direct	$	279,916	$	280,796	$	831,706	$	828,062
Assumed	62,513		—		284,353		—
Ceded (1)	(39,555)		(38,968)		(111,231)		(106,475)
Net premiums written	$	302,874	$	241,828	$	1,004,828	$	721,587

Net premiums earned:
Direct	$	283,013	$	285,300	$	843,577	$	847,464
Assumed	47,214		—		95,183		—
Ceded (1)	(39,555)		(38,968)		(111,231)		(106,475)
Net premiums earned	$	290,672	$	246,332	$	827,529	$	740,989

(1)Net of profit commission.

Quota Share Reinsurance

Essent Guaranty has entered into outward quota share reinsurance agreements with panels of third-party reinsurers ("QSR" agreements). Each of the third-party reinsurers has a financial strength rating of A- or better by S&P Global Ratings, A.M. Best Ratings Services, Inc. or both. Under each QSR agreement, Essent Guaranty will cede premiums earned on all eligible policies written during a specified period, in exchange for reimbursement of ceded claims and claims expenses on covered policies, a specified ceding commission, and a profit commission that varies directly and inversely with ceded claims. Essent Guaranty has certain termination rights under each QSR agreement, including the option to terminate each QSR agreement subject to a termination fee.

The following table summarizes Essent Guaranty's quota share reinsurance agreements as of September 30, 2026:

QSR Agreement

Coverage Period

Ceding Percentage

QSR-2019

September 1, 2019 - December 31, 2020

(1)

QSR-2022

January 1, 2022 - December 31, 2022

20%

QSR-2023

January 1, 2023 - December 31, 2023

17.5%

QSR-2024

January 1, 2024 - December 31, 2024

15%

QSR-2025

January 1, 2025 - December 31, 2025

25%

QSR-2026

January 1, 2026 - December 31, 2026

25%

_______________________________________________________________________________

(1)Under QSR-2019, Essent Guaranty cedes 36% of premiums on singles policies and 18% on all other policies.

Total risk in force (RIF) ceded under the QSR agreements was $11.4 billion as of September 30, 2026. During the fourth quarter of 2025, Essent also entered into a forward quota share transaction covering 20% of the risk of all eligible policies written by Essent Guaranty, Inc. in calendar year 2027.

Excess of Loss Reinsurance

Essent Guaranty has entered into fully collateralized outward reinsurance agreements ("Radnor Re Transactions") with unaffiliated special purpose insurers domiciled in Bermuda. For the reinsurance coverage periods, Essent Guaranty and its affiliates retain the first layer of the respective aggregate losses, and a Radnor Re special purpose insurer will then provide second layer coverage up to the outstanding reinsurance coverage amount. Essent Guaranty and its affiliates retain losses in excess of the outstanding reinsurance coverage amount. The reinsurance premium due to each Radnor Re special purpose insurer is calculated by multiplying the outstanding reinsurance coverage amount at the beginning of a period by a coupon rate,

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Essent Group Ltd. and Subsidiaries

Notes to Condensed Consolidated Financial Statements (Unaudited)

which is the sum of one-month SOFR plus a risk margin, and then subtracting actual investment income collected on the assets in the related reinsurance trust during that period. The aggregate excess of loss reinsurance coverage decreases over a ten-year period as the underlying covered mortgages amortize. Essent Guaranty has rights to terminate the Radnor Re Transactions. The Radnor Re entities collateralized the coverage by issuing mortgage insurance-linked notes ("ILNs") in an aggregate amount equal to the initial coverage to unaffiliated investors. The notes have ten-year legal maturities and are non-recourse to any assets of Essent Guaranty or its affiliates. The proceeds of the notes were deposited into reinsurance trusts for the benefit of Essent Guaranty and will be the source of reinsurance claim payments to Essent Guaranty and principal repayments on the ILNs.

Essent Guaranty has also entered into outward reinsurance agreements with panels of reinsurers that provide excess of loss coverage on new insurance written from January 1, 2019 through August 31, 2019 and from October 1, 2021 through December 31, 2026. For the reinsurance coverage periods, Essent Guaranty and its affiliates retain the first layer of the respective aggregate losses, and the reinsurance panels will then provide second layer coverage up to the outstanding reinsurance coverage amounts. Essent Guaranty and its affiliates retain losses in excess of the outstanding reinsurance coverage amounts. Essent Guaranty has rights to terminate these reinsurance agreements.

The following table summarizes Essent Guaranty's excess of loss coverages and retentions provided by insurance linked notes as of September 30, 2026:



(In thousands)


Deal Name	Vintage	Remaining Insurance in Force		Remaining Risk in Force		Remaining Reinsurance in Force		Remaining First Layer Retention		Optional Termination Date
Radnor Re 2021-2	Apr. 2021 - Sep. 2021	$	20,877,708	$	5,977,329	$	148,357	$	266,363	November 25, 2027
Radnor Re 2022-1	Oct. 2021 - Jul. 2022	21,630,695		6,069,846		103,940		281,216		September 25, 2028
Radnor Re 2023-1	Aug. 2022 - Jun. 2023	22,010,726		6,079,835		171,531		258,439		July 25, 2028
Radnor Re 2024-1	Jul. 2023 - Jul. 2024	21,023,421		5,835,276		179,151		248,378		September 25, 2029
Total		$	85,542,550	$	23,962,286	$	602,979	$	1,054,396

The following table summarizes Essent Guaranty's excess of loss reinsurance coverages and retentions provided by panels of reinsurers as of September 30, 2026:


(In thousands)



Deal Name	Vintage	Remaining Insurance in Force		Remaining Risk in Force		Remaining Reinsurance in Force		Remaining First Layer Retention		Optional Termination Date
XOL 2020-1	Jan. 2019 - Aug. 2019	$	3,931,249	$	1,049,217	$	29,152	$	209,436	January 25, 2027
XOL 2022-1	Oct. 2021 - Dec. 2022	49,283,081		13,714,841		125,560		446,220		January 1, 2030
XOL 2023-1	Jan. 2023 - Dec. 2023	27,740,342		7,730,197		29,762		343,895		January 1, 2029
XOL 2024-1	Jan. 2024 - Dec. 2024	31,121,953		8,588,331		58,005		324,933		January 1, 2030
XOL 2025-1	Jan. 2025 - Dec. 2025	39,061,433		10,378,090		80,821		342,687		January 1, 2031
XOL 2026-1	Jan. 2026 - Dec. 2026	35,992,643		9,683,655		67,786		292,776		January 1, 2032
Total		$	187,130,701	$	51,144,331	$	391,086	$	1,959,947

The amount of monthly reinsurance premiums ceded to the Radnor Re entities will fluctuate due to changes in one-month SOFR and changes in money market rates that affect investment income collected on the assets in the reinsurance trusts. As the reinsurance premium will vary based on changes in these rates, we concluded that the Radnor Re Transactions contain embedded derivatives that will be accounted for separately like freestanding derivatives. The change in the fair value of the embedded derivatives is reported in earnings and included in other income.

In connection with the Radnor Re Transactions, we concluded that the risk transfer requirements for reinsurance accounting were met as each Radnor Re entity is assuming significant insurance risk and a reasonable possibility of a significant loss. In addition, we assessed whether each Radnor Re entity was a variable interest entity ("VIE") and the

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Essent Group Ltd. and Subsidiaries

Notes to Condensed Consolidated Financial Statements (Unaudited)

appropriate accounting for the Radnor Re entities if they were VIEs. A VIE is a legal entity that does not have sufficient equity at risk to finance its activities without additional subordinated financial support or is structured such that equity investors lack the ability to make significant decisions relating to the entity’s operations through voting rights or do not substantively participate in the gains and losses of the entity. A VIE is consolidated by its primary beneficiary. The primary beneficiary is the entity that has both (1) the power to direct the activities of the VIE that most significantly affect the entity’s economic performance and (2) the obligation to absorb losses or the right to receive benefits that could be potentially significant to the VIE. While also considering these factors, the consolidation conclusion depends on the breadth of the decision-making ability and ability to influence activities that significantly affect the economic performance of the VIE. We concluded that the Radnor Re entities are VIEs. However, given that Essent Guaranty (1) does not have the unilateral power to direct the activities that most significantly affect their economic performance and (2) does not have the obligation to absorb losses or the right to receive benefits that could be potentially significant to these entities, the Radnor Re entities are not consolidated in these financial statements.

The following table presents total assets of each Radnor Re special purpose insurer as well as our maximum exposure to loss associated with each Radnor Re entity, representing the fair value of the embedded derivatives, using observable inputs in active markets (Level 2), included in other accrued liabilities on our condensed consolidated balance sheet and the estimated net present value of investment earnings on the assets in the reinsurance trusts, each as of September 30, 2026:


			Maximum Exposure to Loss
(In thousands)	Total VIE Assets		On - Balance Sheet		Off - Balance Sheet		Total
Radnor Re 2021-2 Ltd.	$	148,357	$	(6,563)	$	14	$	(6,549)
Radnor Re 2022-1 Ltd.	103,940		(568)		23		(545)
Radnor Re 2023-1 Ltd.	171,531		(82)		14		(68)
Radnor Re 2024-1 Ltd.	179,151		(156)		13		(143)
Total	$	602,979	$	(7,369)	$	64	$	(7,305)

The assets of the Radnor Re entities are the source of reinsurance claim payments to Essent Guaranty and provide capital relief under the PMIERs financial strength requirements (see Note 14). A decline in the assets available to pay claims would reduce the capital relief available to Essent Guaranty.

Note 5. Reserve for Losses and Loss Adjustment Expenses

The following table provides a reconciliation of the beginning and ending reserve balances for losses and loss adjustment expenses (“LAE”) for the nine months ended September 30:


(In thousands)	2026		2025
Reserve for losses and LAE at beginning of period	$	446,822	$	328,866
Less: Reinsurance recoverables	56,219		36,754
Net reserve for losses and LAE at beginning of period	390,603		292,112
Add provision for losses and LAE, net of reinsurance, occurring in:
Current period	264,679		159,447
Prior years	(84,013)		(66,183)
Net incurred losses and LAE during the current period	180,666		93,264
Deduct payments for losses and LAE, net of reinsurance, occurring in:
Current period	1,282		918
Prior years	55,818		35,376
Net loss and LAE payments during the current period	57,100		36,294
Net reserve for losses and LAE at end of period	514,169		349,082
Plus: Reinsurance recoverables, net of unpaid claims	71,309		48,056
Reserve for losses and LAE at end of period	$	585,478	$	397,138

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Essent Group Ltd. and Subsidiaries

Notes to Condensed Consolidated Financial Statements (Unaudited)

For the nine months ended September 30, 2026, $55.8 million was paid for incurred claims and claim adjustment expenses attributable to insured events of prior years. There has been $84.0 million of favorable prior year development during the nine months ended September 30, 2026. Net reserves remaining as of September 30, 2026 for prior years are $250.8 million as a result of re-estimation of unpaid losses and loss adjustment expenses. For the nine months ended September 30, 2025, $35.4 million was paid for incurred claims and claim adjustment expenses attributable to insured events of prior years. There was $66.2 million of favorable prior year development during the nine months ended September 30, 2025. Net reserves remaining as of September 30, 2025 for prior years were $190.6 million as a result of re-estimation of unpaid losses and loss adjustment expenses. In both periods, the favorable prior years' loss development was the result of a re-estimation of amounts ultimately to be paid on prior year defaults in the default inventory, including the impact of previously identified defaults that cured. Original estimates are increased or decreased as additional information becomes known regarding individual claims.

On September 26, 2024, Hurricane Helene made landfall and caused property damage in certain counties in Florida, Georgia, South Carolina, North Carolina, Tennessee and Virginia. On October 9, 2024, Hurricane Milton made landfall, causing damage in certain counties in Florida. Loans in default increased by 3,620 in the year ended December 31, 2024, including 2,119 defaults we identified as hurricane-related defaults. Based on prior industry experience, we expected the ultimate number of hurricane-related defaults that result in claims would be less than the default-to-claim experience of non-hurricane-related defaults. In addition, under our master policy, our exposure may be limited on hurricane-related claims. For example, we are permitted to exclude a claim entirely where damage to the property underlying a mortgage was the proximate cause of the default and adjust a claim where the property underlying a mortgage in default is subject to unrestored physical damage. Accordingly, when establishing our loss reserves as of December 31, 2024, we applied a lower estimated claim rate to new default notices received in the fourth quarter of 2024 from the affected areas than the claim rate we apply to other notices in our default inventory.

During 2025 and through the second quarter of 2026, we observed a decline in the number of defaults associated with hurricanes Helene and Milton. In the second quarter of 2026, we began reserving for the remaining hurricane-related defaults consistently with the standard methodology used for our default inventory, which did not have a significant impact on our provision for losses and loss adjustment expenses in the nine months ended September 30, 2026 or the reserve balance at September 30, 2026.

Mortgage interest rates remain elevated, with the average 30-year mortgage interest rate closing above 7.30% at September 30, 2026, which has reduced home sale activity and may affect the options available to delinquent borrowers. It is reasonably possible that our estimate of losses could change in the near term as a result of changes in the economic environment, the impact of elevated mortgage interest rates on home sale activity, housing inventory and home prices.

Note 6. Debt Obligations

Essent Group has $500 million of 6.25% publicly issued senior notes (the “Senior Notes") that mature on July 1, 2029. Interest on the Senior Notes is payable semi-annually in arrears on January 1 and July 1 of each year. The Senior Notes are presented on the consolidated balance sheets net of an unamortized issuance discount of $1.0 million and $1.3 million and deferred issuance costs of $2.7 million and $3.4 million as of September 30, 2026 and December 31, 2025, respectively.

The Company has a revolving credit facility of up to $500 million of senior unsecured revolving loans (the “Revolving Credit Facility”) that mature on July 1, 2029. There were no borrowings on the Revolving Credit Facility in the three and nine months ended September 30, 2026 or in the year ended December 31, 2025. A commitment fee is due quarterly on the average daily amount of the undrawn revolving commitment. The annual commitment fee rate as of September 30, 2026 was 0.175%. The Revolving Credit Facility also provides for an aggregate principal amount of up to $250 million in uncommitted incremental revolving credit facilities that may be exercised at the Company’s option, so long as the Company receives sufficient commitments from the bank lenders. The Revolving Credit Facility contains several covenants, including financial covenants relating to minimum net worth, maximum debt to capitalization level and Essent Guaranty's compliance with the PMIERs. The Company was in compliance with all financial covenants as of September 30, 2026.

Note 7. Commitments and Contingencies

Obligations under Guarantees

Under the terms of CUW Solutions' contract underwriting agreements with lenders and subject to contractual limitations on liability, we agree to indemnify certain lenders against losses incurred in the event that we make an error in determining whether loans processed meet specified underwriting criteria, to the extent that such error materially restricts or

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Notes to Condensed Consolidated Financial Statements (Unaudited)

impairs the salability of such loan, results in a material reduction in the value of such loan or results in the lender repurchasing the loan. The indemnification may be in the form of monetary or other remedies. There were no payments related to these indemnifications in the nine months ended September 30, 2026 and less than $0.1 million in the nine months ended September 30, 2025. As of September 30, 2026, management believes any potential claims for indemnification related to contract underwriting services through September 30, 2026 are not material to our consolidated financial position or results of operations.

In addition to the indemnifications discussed above, in the normal course of business, we enter into agreements or other relationships with third parties pursuant to which we may be obligated under specified circumstances to indemnify the counterparties with respect to certain matters. Our contractual indemnification obligations typically arise in the context of agreements entered into by us to, among other things, purchase or sell services, finance our business and business transactions, lease real property and license intellectual property. The agreements we enter into in the normal course of business generally require us to pay certain amounts to the other party associated with claims or losses if they result from our breach of the agreement, including the inaccuracy of representations or warranties. The agreements we enter into may also contain other indemnification provisions that obligate us to pay amounts upon the occurrence of certain events, such as the negligence or willful misconduct of our employees, infringement of third-party intellectual property rights or claims that performance of the agreement constitutes a violation of law. Generally, payment by us under an indemnification provision is conditioned upon the other party making a claim, and typically we can challenge the other party’s claims. Further, our indemnification obligations may be limited in time and/or amount, and in some instances, we may have recourse against third parties for certain payments made by us under an indemnification agreement or obligation. As of September 30, 2026, contingencies triggering material indemnification obligations or payments have not occurred historically and are not expected to occur. The nature of the indemnification provisions in the various types of agreements and relationships described above are believed to be low risk and pervasive, and we consider them to have a remote risk of loss or payment. We have not recorded any provisions on the condensed consolidated balance sheets related to indemnifications.

Note 8. Capital Stock

Our authorized share capital consists of 233.3 million shares of a single class of common shares. The common shares have no preemptive rights or other rights to subscribe for additional shares, and no rights of redemption, conversion or exchange. Under certain circumstances and subject to the provisions of Bermuda law and our bye-laws, we may be required to make an offer to repurchase shares held by members. The common shares rank pari passu with one another in all respects as to rights of payment and distribution. In general, holders of common shares will have one vote for each common share held by them and will be entitled to vote, on a non-cumulative basis, at all meetings of shareholders. In the event that a shareholder is considered a 9.5% Shareholder under our bye-laws, such shareholder's votes will be reduced by whatever amount is necessary so that after any such reduction the votes of such shareholder will not result in any other person being treated as a 9.5% Shareholder with respect to the vote on such matter. Under these provisions certain shareholders may have their voting rights limited to less than one vote per share, while other shareholders may have voting rights in excess of one vote per share.

Dividends

The following table presents the amounts declared and paid per common share each quarter:


Quarter Ended	2026		2025
March 31	$	0.35	$	0.31
June 30	0.35		0.31
September 30	0.35		0.31
December 31	—		0.31
Total dividends per common share declared and paid	$	1.05	$	1.24

In November 2026, the Board of Directors declared a quarterly cash dividend of $0.35 per common share payable on December 10, 2026 to shareholders of record on December 1, 2026.

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Notes to Condensed Consolidated Financial Statements (Unaudited)

Share Repurchase Plan

In February 2025, the Board of Directors approved a share repurchase plan that authorized the Company to repurchase $500 million of common shares in the open market through December 31, 2026. In November 2025, the Board of Directors approved a share repurchase plan that authorizes the Company to repurchase an additional $500 million of common shares in the open market through December 31, 2027. From January 1, 2026 through September 30, 2026 the Company purchased 6,934,647 common shares at a cost of $422.8 million. The shares repurchased were recorded at cost and included in treasury stock. All treasury stock has been cancelled as of September 30, 2026. In November 2026, the Board of Directors approved a share repurchase plan that authorizes the Company to repurchase an additional $500 million of common shares in the open market through December 31, 2028.

Note 9. Stock-Based Compensation

In 2013, Essent Group's Board of Directors adopted, and Essent Group's shareholders approved, the Essent Group Ltd. 2013 Long-Term Incentive Plan (the "2013 Plan"), which was effective upon completion of the initial public offering. The 2013 Plan was most recently amended effective upon shareholder approval in May 2023 to increase the number of shares available for issuance under the 2013 Plan by 2 million shares. The types of awards available under the 2013 Plan include nonvested shares, nonvested share units, non-qualified share options, incentive stock options, share appreciation rights, and other share-based or cash-based awards. Nonvested shares and nonvested share units granted under the 2013 Plan have rights to dividends, which entitle holders to the same dividend value per share as holders of common shares in the form of dividend equivalent units ("DEUs"). DEUs are subject to the same vesting and other terms and conditions as the corresponding nonvested shares and nonvested share units. DEUs vest when the underlying shares or share units vest and are forfeited if the underlying share or share units forfeit prior to vesting. The maximum number of shares and share units available for issuance is 7.5 million under the 2013 Plan, as amended. As of September 30, 2026, there were 2.6 million common shares available for future grant under the 2013 Plan.

The following table summarizes nonvested common share, nonvested common share unit and DEU activity for the nine months ended September 30, 2026:


	2026
	Time and Performance- Based Share Awards			Time-Based Share Awards			Time and Performance-Based Share Units			Time-Based Share Units			DEUs
(Shares in thousands)	Number of Shares	Weighted Average Grant Date Fair Value		Number of Shares	Weighted Average Grant Date Fair Value		Number of Share Units	Weighted Average Grant Date Fair Value		Number of Share Units	Weighted Average Grant Date Fair Value		Dividend Equivalent Units	Weighted Average Grant Date Fair Value
Outstanding at beginning of year	780	$	18.66	113	$	53.07	103	$	20.92	544	$	49.96	66	$	56.59
Granted	206	24.25		—	—		53	24.25		197	64.93		23	61.26
Vested	(289)	12.66		(60)	50.49		(18)	12.66		(232)	46.63		(35)	54.84
Forfeited	(10)	12.66		—	—		(8)	22.14		(69)	52.03		(4)	56.61
Outstanding at end of period	687	$	22.96	53	$	56.03	130	$	23.36	440	$	58.10	50	$	59.88

In February 2026, certain members of senior management were granted nonvested common shares under the 2013 Plan that are subject to performance-based vesting and common share units subject to time-based vesting. The time-based share units granted in February 2026 vest annually in three equal installments commencing on March 1 of the year following the grant year. The performance-based share awards granted in February 2026 vest based upon our compounded annual book value per share growth percentage and relative total shareholder return during a three-year performance period that commenced on January 1, 2026, and they vest on March 1, 2029. Shares were issued at the maximum 200% of target. The portion of these nonvested performance-based share awards that will be earned is as follows:

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Notes to Condensed Consolidated Financial Statements (Unaudited)


		Relative Total Shareholder Return vs. S&P 1500 Financial Services Index
		≤25th percentile	50th percentile	≥75th percentile
Three-Year Book Value Per Share CAGR	11%	100%	150%	200%
	10%	75%	125%	175%
	9%	50%	100%	150%
	7%	25%	75%	125%
	6%	0%	50%	100%

Certain time-and-performance based share awards and units include retirement provisions under which the service requirements are considered satisfied when the employee with a required minimum years of continuous service reaches the eligible retirement age. Under these provisions, stock-based compensation is expensed from the grant date through the date that the employee will satisfy these conditions.

In the event that the compounded annual book value per share growth or the relative total shareholder return falls between the performance levels shown above, the nonvested common shares earned will be determined on a straight-line basis between the respective levels shown.

In connection with our incentive program covering bonus awards for performance year 2025, in February 2026, time-based share units were issued to certain employees that vest in three equal installments on March 1, 2027, 2028 and 2029.

Quoted market prices are used for the valuation of common shares granted that do not contain a market condition under ASC 718. The performance-based share awards granted in February 2024, 2025 and 2026 contain a market condition and were valued based on analysis provided by a third-party valuation firm using a risk-neutral simulation taking into effect the vesting conditions of the grant.

The total fair value on the vesting date of nonvested shares, share units or DEUs that vested was $39.0 million and $33.0 million for the nine months ended September 30, 2026 and 2025, respectively. As of September 30, 2026, there was $18.8 million of total unrecognized compensation expense related to nonvested shares or share units outstanding at September 30, 2026 and we expect to recognize the expense over a weighted average period of 2.1 years.

Employees have the option to tender shares to Essent Group to pay the minimum employee statutory withholding taxes associated with shares upon vesting. Common shares tendered by employees to pay employee withholding taxes totaled 233,126 in the nine months ended September 30, 2026. The tendered shares were recorded at cost and included in treasury stock. All treasury stock has been cancelled as of September 30, 2026.

Compensation expense, net of forfeitures, and related tax effects recognized in connection with nonvested shares and share units was as follows:


	Three Months Ended September 30,				Nine Months Ended September 30,
(In thousands)	2026		2025		2026		2025
Compensation expense	$	2,881	$	3,862	$	13,570	$	16,804
Income tax benefit	496		734		2,537		3,303

Note 10. Dividends Restrictions

Our U.S. insurance subsidiaries are subject to certain capital and dividend rules and regulations as prescribed by jurisdictions in which they are authorized to operate. Under the insurance laws of the Commonwealth of Pennsylvania, an insurance company may pay dividends during any 12-month period in an amount equal to the greater of (i) 10% of the preceding year-end statutory policyholders' surplus or (ii) the preceding year's statutory net income. The Pennsylvania statute also specifies that dividends and other distributions can be paid out of positive unassigned surplus without prior approval. At September 30, 2026, Essent Guaranty had unassigned surplus of approximately $323.8 million. As of September 30, 2026,

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Notes to Condensed Consolidated Financial Statements (Unaudited)

Essent Guaranty could pay additional ordinary dividends in 2026 of $323.8 million. In the nine months ended September 30, 2026, Essent Guaranty paid dividends of $115 million to its parent, Essent US Holdings, Inc. In October 2026, Essent Guaranty paid dividends of $85 million to its parent, Essent US Holdings, Inc. In the three and nine months ended September 30, 2025, Essent Guaranty paid dividends of $85 million and $215 million, respectively, to its parent, Essent US Holdings, Inc.

Essent Re is subject to certain dividend restrictions as prescribed by the Bermuda Monetary Authority and under certain agreements with counterparties. In connection with the quota share reinsurance agreement with Essent Guaranty, Essent Re has agreed to maintain a minimum total equity of $100 million. As of September 30, 2026, Essent Re had total equity of $1.7 billion. In the nine months ended September 30, 2026, Essent Re paid dividends of $200 million to its parent, Essent Group Ltd. In the three and nine months ended September 30, 2025, Essent Re paid dividends of $120 million and $340 million, respectively, to its parent, Essent Group Ltd.

At September 30, 2026, our insurance subsidiaries were in compliance with these rules, regulations and agreements.

Note 11. Earnings per Share (EPS)

The following table reconciles the net income and the weighted average common shares outstanding used in the computations of basic and diluted earnings per common share:


	Three Months Ended September 30,				Nine Months Ended September 30,
(In thousands, except per share amounts)	2026		2025		2026		2025
Net income	$	163,376	$	164,215	$	524,889	$	534,987

Basic weighted average shares outstanding	88,964		97,400		91,156		100,086
Dilutive effect of nonvested shares	810		1,119		738		1,069
Diluted weighted average shares outstanding	89,774		98,519		91,894		101,155

Basic earnings per share	$	1.84	$	1.69	$	5.76	$	5.35
Diluted earnings per share	$	1.82	$	1.67	$	5.71	$	5.29

There were 13,351 and 5,847 antidilutive shares for the three months ended September 30, 2026 and 2025, respectively, and 37,247 and 47,223 antidilutive shares for the nine months ended September 30, 2026 and 2025, respectively.

Nonvested performance-based share awards are considered contingently issuable for purposes of the EPS calculation. The 2026, 2025 and 2024 performance-based share awards vest based upon our compounded annual book value per share growth percentage and relative total shareholder return during a three-year performance period. The following table summarizes the performance-based shares issuable if the reporting date was the end of the contingency period:


	2026 Performance-Based Grants		2025 Performance-Based Grants		2024 Performance-Based Grants		2023 Performance-Based Grants
Reporting Date	Percent Issuable Relative to Target	As a Percent of Shares Issued	Percent Issuable Relative to Target	As a Percent of Shares Issued	Percent Issuable Relative to Target	As a Percent of Shares Issued	Percent Issuable Relative to Target	As a Percent of Shares Issued
September 30, 2026	133%	66.5%	187%	93.5%	116%	58%	(1)	(1)
September 30, 2025			200%	100%	134%	67%	197%	98.5%

(1) The 2023 performance based awards vested at 193% relative to target on March 1, 2026.

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Notes to Condensed Consolidated Financial Statements (Unaudited)

Note 12. Accumulated Other Comprehensive Income (Loss)

The following table presents the rollforward of accumulated other comprehensive loss for the three and nine months ended September 30, 2026 and 2025:


	Three Months Ended September 30,
	2026						2025
(In thousands)	Before Tax		Tax Effect		Net of Tax		Before Tax		Tax Effect		Net of Tax
Balance at beginning of period	$	(221,463)	$	30,801	$	(190,662)	$	(252,615)	$	36,949	$	(215,666)
Other comprehensive income (loss):
Unrealized holding gains (losses) on investments:
Unrealized holding gains (losses) arising during the period	(201,953)		31,695		(170,258)		58,816		(8,916)		49,900
Less: Reclassification adjustment for (gains) losses included in net income (1)	1,626		(351)		1,275		425		(84)		341
Net unrealized gains (losses) on investments	(200,327)		31,344		(168,983)		59,241		(9,000)		50,241
Other comprehensive income (loss)	(200,327)		31,344		(168,983)		59,241		(9,000)		50,241
Balance at end of period	$	(421,790)	$	62,145	$	(359,645)	$	(193,374)	$	27,949	$	(165,425)

	Nine Months Ended September 30,
	2026						2025
(In thousands)	Before Tax		Tax Effect		Net of Tax		Before Tax		Tax Effect		Net of Tax
Balance at beginning of period	$	(175,608)	$	23,623	$	(151,985)	$	(354,298)	$	50,314	$	(303,984)
Other comprehensive income (loss):
Unrealized holding gains (losses) on investments:
Unrealized holding gains (losses) arising during the period	(248,066)		38,918		(209,148)		160,189		(22,220)		137,969
Less: Reclassification adjustment for (gains) losses included in net income (1)	1,884		(396)		1,488		735		(145)		590
Net unrealized gains (losses) on investments	(246,182)		38,522		(207,660)		160,924		(22,365)		138,559
Other comprehensive income (loss)	(246,182)		38,522		(207,660)		160,924		(22,365)		138,559
Balance at end of period	$	(421,790)	$	62,145	$	(359,645)	$	(193,374)	$	27,949	$	(165,425)

(1)Included in net realized investment losses on our condensed consolidated statements of comprehensive income.

Note 13. Fair Value of Financial Instruments

We carry certain of our financial instruments at fair value. We define fair value as the current amount that would be exchanged to sell an asset or transfer a liability, other than in a forced liquidation.

Fair Value Hierarchy

ASC No. 820 specifies a hierarchy of valuation techniques based on whether the inputs to those valuation techniques are observable or unobservable. Observable inputs reflect market data obtained from independent sources, while unobservable inputs reflect our market assumptions. The level within the fair value hierarchy to measure the financial instrument shall be determined based on the lowest level input that is significant to the fair value measurement. The three levels of the fair value hierarchy are as follows:

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Notes to Condensed Consolidated Financial Statements (Unaudited)

•Level 1 — Quoted prices for identical instruments in active markets accessible at the measurement date.

•Level 2 — Quoted prices for similar instruments in active markets; quoted prices for identical or similar instruments in markets that are not active; and valuations in which all significant inputs are observable in active markets. Inputs are observable for substantially the full term of the financial instrument.

•Level 3 — Valuations derived from one or more significant inputs that are unobservable.

Determination of Fair Value

When available, we generally use quoted market prices to determine fair value and classify the financial instrument in Level 1. In cases where quoted market prices for similar financial instruments are available, we utilize these inputs for valuation techniques and classify the financial instrument in Level 2. In cases where quoted market prices are not available, fair values are based on estimates using discounted cash flows, present value or other valuation techniques. Those techniques are significantly affected by the assumptions used, including the discount rates and estimates of future cash flows and we classify the financial instrument in Level 3. Accordingly, the fair value estimates may not be realized in an immediate settlement of the instrument.

We used the following methods and assumptions in estimating fair values of financial instruments:

•Investments available for sale — Investments available for sale are valued using quoted market prices in active markets, when available, and those investments are classified as Level 1 of the fair value hierarchy. Level 1 investments available for sale include investments such as U.S. Treasury securities and money market funds. Investments available for sale are classified as Level 2 of the fair value hierarchy if quoted market prices are not available and fair values are estimated using quoted prices of similar securities or recently executed transactions for the securities. U.S. agency securities, U.S. agency mortgage-backed securities, municipal debt securities, non-U.S. government securities, corporate debt securities, residential and commercial mortgage securities and asset-backed securities are classified as Level 2 investments.

We use independent pricing sources to determine the fair value of securities available for sale in Level 1 and Level 2 of the fair value hierarchy. We use one primary pricing service to provide individual security pricing based on observable market data and receive one quote per security. To ensure securities are appropriately classified in the fair value hierarchy, we review the pricing techniques and methodologies of the independent pricing service and believe that their policies adequately consider market activity, either based on specific transactions for the issue valued or based on modeling of securities with similar credit quality, duration, yield and structure that were recently traded. U.S. agency securities, U.S. agency mortgage-backed securities, municipal debt securities, non-U.S. government securities and corporate debt securities are valued by our primary vendor using recently executed transactions and proprietary models based on observable inputs, such as interest rate spreads, yield curves and credit risk. Residential and commercial mortgage securities and asset-backed securities are valued by our primary vendor using proprietary models based on observable inputs, such as interest rate spreads, prepayment speeds and credit risk. As part of our evaluation of investment prices provided by our primary pricing service, we obtained and reviewed their pricing methodologies which include a description of how each security type is evaluated and priced. We review the reasonableness of prices received from our primary pricing service by comparison to prices obtained from additional pricing sources. We have not made any adjustments to the prices obtained from our primary pricing service.

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Notes to Condensed Consolidated Financial Statements (Unaudited)

Assets and Liabilities Measured at Fair Value

All assets measured at fair value are categorized in the table below based upon the lowest level of significant input to the valuations. All fair value measurements at the reporting date were on a recurring basis.


September 30, 2026 (In thousands)	Quoted Prices in Active Markets for Identical Instruments (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Total
Recurring fair value measurements
Financial Assets:
U.S. Treasury securities	$	317,844	$	—	$	—	$	317,844

U.S. agency mortgage-backed securities	—		1,125,165		—		1,125,165
Municipal debt securities	—		563,350		—		563,350
Non-U.S. government securities	—		42,169		—		42,169
Corporate debt securities	—		1,933,530		—		1,933,530
Residential and commercial mortgage securities	—		457,485		—		457,485
Asset-backed securities	—		928,298		—		928,298
Money market funds	504,142		—		—		504,142
Total assets at fair value (1) (2)	$	821,986	$	5,049,997	$	—	$	5,871,983


December 31, 2025 (In thousands)	Quoted Prices in Active Markets for Identical Instruments (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Total
Recurring fair value measurements
Financial Assets:
U.S. Treasury securities	$	369,712	$	—	$	—	$	369,712

U.S. agency mortgage-backed securities	—		1,174,895		—		1,174,895
Municipal debt securities	—		610,411		—		610,411
Non-U.S. government securities	—		56,024		—		56,024
Corporate debt securities	—		1,980,080		—		1,980,080
Residential and commercial mortgage securities	—		464,105		—		464,105
Asset-backed securities	—		800,366		—		800,366
Money market funds	648,492		—		—		648,492
Total assets at fair value (1) (2)	$	1,018,204	$	5,085,881	$	—	$	6,104,085

(1)Does not include the fair value of embedded derivatives, which we have accounted for separately as freestanding derivatives and included in other assets or other accrued liabilities in our condensed consolidated balance sheet. See Note 4 for more information.

(2)Does not include certain other invested assets that are measured at fair value using the net asset value per share (or its equivalent) as a practical expedient, as applicable accounting standards do not provide for classification within the fair value hierarchy.

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Notes to Condensed Consolidated Financial Statements (Unaudited)

Assets and Liabilities Not Carried at Fair Value

Our senior notes are carried at amortized cost, net of issuance costs, on our condensed consolidated balance sheets. The carrying amount and estimated fair value of our senior notes was $496.3 million and $504.5 million, respectively, as of September 30, 2026. The carrying amount and estimated fair value of our senior notes was $495.3 million and $522.6 million, respectively, as of December 31, 2025. The fair value of our senior notes is estimated based on quoted market prices.

Note 14. Statutory Accounting

Our U.S. insurance subsidiaries prepare statutory-basis financial statements in accordance with the accounting practices prescribed or permitted by their respective state’s department of insurance, which is a comprehensive basis of accounting other than GAAP. We did not use any prescribed or permitted statutory accounting practices (individually or in the aggregate) that resulted in reported statutory surplus or capital that was significantly different from the statutory surplus or capital that would have been reported had National Association of Insurance Commissioners’ statutory accounting practices been followed. The following tables present Essent Guaranty’s statutory net income for the nine months ended September 30, 2026 and 2025 as well as statutory surplus and contingency reserve liability at September 30, 2026 and December 31, 2025:


	Nine Months Ended September 30,
(In thousands)	2026		2025
Statutory net income	$	244,439	$	361,056


	September 30,		December 31,
(In thousands)	2026		2025
Statutory surplus	$	1,029,134	$	951,100
Contingency reserve liability	2,687,767		2,621,787

Net income determined in accordance with statutory accounting practices differs from GAAP. In 2026 and 2025, the more significant differences between net income determined under statutory accounting practices and GAAP for Essent Guaranty relate to policy acquisition costs and income taxes. Under statutory accounting practices, policy acquisition costs are expensed as incurred while such costs are capitalized and amortized to expense over the life of the policy under GAAP. We are eligible for a tax deduction, subject to certain limitations for amounts required by state law or regulation to be set aside in statutory contingency reserves when we purchase non-interest-bearing United States Mortgage Guaranty Tax and Loss Bonds (“T&L Bonds”) issued by the Treasury Department. Under statutory accounting practices, this deduction reduces the tax provision recorded by Essent Guaranty and, as a result, increases statutory net income and surplus as compared to net income and equity determined in accordance with GAAP.

At September 30, 2026 and December 31, 2025, the statutory capital of Essent Guaranty, which is defined as the total of statutory surplus and contingency reserves, was in excess of the statutory capital necessary to satisfy its regulatory requirements.

Fannie Mae and Freddie Mac, at the direction of the Federal Housing Finance Agency, maintain coordinated Private Mortgage Insurer Eligibility Requirements, which we refer to as the "PMIERs." The PMIERs represent the standards by which private mortgage insurers are eligible to provide mortgage insurance on loans owned or guaranteed by Fannie Mae and Freddie Mac. The PMIERs include financial strength requirements incorporating a risk-based framework that require approved insurers to have a sufficient level of liquid assets from which to pay claims. The PMIERs also include enhanced operational performance expectations and define remedial actions that apply should an approved insurer fail to comply with these requirements. In August 2024, the GSEs issued updates to the PMIERs calculation of Available Assets. The updated PMIERs Available Asset requirements were subject to a phased-in implementation beginning with the quarter ended March 31, 2025, and became fully effective on September 30, 2026. As of September 30, 2026, Essent Guaranty, our GSE-approved mortgage insurance company, was in compliance with the PMIERs.

Statement of Statutory Accounting Principles No. 58, Mortgage Guaranty Insurance, requires mortgage insurers to establish a special contingency reserve for statutory accounting purposes included in total liabilities equal to 50% of earned premium for that year. This reserve is required to be maintained for a period of 120 months to protect against the effects of

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Notes to Condensed Consolidated Financial Statements (Unaudited)

adverse economic cycles. After 120 months, the reserve is released to unassigned funds. In the event an insurer’s loss ratio in any calendar year exceeds 35%, however, the insurer may, after regulatory approval, release from its contingency reserves an amount equal to the excess portion of such losses. During the nine months ended September 30, 2026 and 2025, Essent Guaranty increased its contingency reserve by $193.9 million and $210.1 million, respectively. During the nine months ended September 30, 2026 and 2025, Essent Guaranty released contingency reserves of $127.9 million and $107.7 million, respectively, to unassigned funds upon completion of the 120 month holding period.

Under The Insurance Act 1978, as amended, and related regulations of Bermuda (the "Insurance Act"), Essent Re is required to annually prepare statutory financial statements and a statutory financial return in accordance with the financial reporting provisions of the Insurance Act, which is a basis other than GAAP. The Insurance Act also requires that Essent Re maintain minimum share capital of $1 million and must ensure that the value of its general business assets exceeds the amount of its general business liabilities by an amount greater than the prescribed minimum solvency margins and enhanced capital requirement pertaining to its general business. At September 30, 2026, all such requirements were met.

Essent Re's statutory capital and surplus was $1.6 billion and $1.7 billion as of September 30, 2026 and December 31, 2025. Essent Re's statutory net income was $222.5 million and $235.4 million for the nine months ended September 30, 2026 and 2025, respectively. Statutory capital and surplus as of September 30, 2026 and December 31, 2025 and statutory net income in the nine months ended September 30, 2026 and 2025 determined in accordance with statutory accounting practices were not significantly different than the amounts determined under GAAP.

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Essent Group Ltd. and Subsidiaries

Notes to Condensed Consolidated Financial Statements (Unaudited)

Note 15. Segment Reporting

We have two reportable business segments: Mortgage Insurance and Reinsurance. Our Mortgage Insurance segment offers private mortgage insurance for mortgages secured by residential properties located in the United States. We provide private mortgage insurance on residential first-lien mortgage loans (“mortgage insurance”) through our mortgage insurance subsidiary, Essent Guaranty, Inc., which we refer to as "Essent Guaranty", and also offer other credit risk management solutions, including contract underwriting, to our customers.

Our Reinsurance segment reinsures U.S. mortgage risk in the GSE credit risk transfer market and provides underwriting consulting services to third-party reinsurers ("GSE and other risk share") through our wholly owned, Bermuda-based subsidiary, Essent Reinsurance Ltd., which we refer to as "Essent Re". Effective January 1, 2026, Essent Re began reinsuring certain property and casualty risks.

In addition, our "Corporate & Other" category is used to reconcile our reportable segments to consolidated results and includes business activities associated with our title insurance operations, income and losses from holding company treasury operations and general corporate operating expenses not attributable to our operating segments. Our title insurance operations are an operating segment that does not meet the quantitative thresholds of a separate reportable segment.

We allocate corporate management and support expenses to operating segments based on their percentage of total operating segment revenues, which approximates the estimated percentage of management time and resources spent on each operating segment. We view our borrowings as holding company capital and liquidity and as such, all interest expense is included in Corporate & Other.

Our senior management team, including our President & Chief Executive Officer (Essent's chief operating decision maker or "CODM"), uses income (loss) before income taxes as the primary measure to evaluate the financial performance of the operating segments and to allocate resources to those segments, including capital allocations and assessing headcount. The CODM also assesses the profitability of our Mortgage Insurance and Reinsurance segments through analysis of the loss ratio, expense ratio and combined ratio. We do not manage our segments by assets.

As of September 30, 2026 and December 31, 2025, all goodwill is assigned to our title operating segment, which is included in our Corporate & Other category. Goodwill was $48.8 million at both September 30, 2026 and December 31, 2025.

In connection with the reinsurance of certain property and casualty risks, acquisition costs deferred in our Reinsurance segment were $98.6 million during the nine months ended September 30, 2026 and the amortization of those deferred acquisition costs in our Reinsurance segment was $34.8 million for the nine months ended September 30, 2026.

Segment Information: Profit & Loss

The following table reconciles the components of reportable segment profit and loss to consolidated profit and loss for the periods presented. Within the tables, we have disclosed significant segment expenses at a level of disaggregation that coincides with what is regularly provided to the CODM. Other underwriting and operating expenses in the Mortgage Insurance and Reinsurance segments include software, professional fees, travel, and occupancy costs. The accounting policies of our operating segments are the same as those described in the summary of significant accounting policies in our Form 10-K. We do not have inter-segment transactions.

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Notes to Condensed Consolidated Financial Statements (Unaudited)


	Three Months Ended September 30, 2026										Three Months Ended September 30, 2025
(In thousands)	Mortgage Insurance			Reinsurance			Corporate & Other		Consolidated		Mortgage Insurance			Reinsurance			Corporate & Other		Consolidated
Revenues:
Net premiums earned	$	210,958		$	64,044		$	15,670	$	290,672	$	215,683		$	16,304		$	14,345	$	246,332
Net investment income	46,218			5,541			11,193		62,952		44,265			5,302			10,228		59,795
Realized investment gains (losses), net	(1,611)			—			(15)		(1,626)		(427)			—			2		(425)
Income (loss) from other invested assets	5,953			—			4,771		10,724		(605)			—			2,375		1,770
Other income	7,412			2,171			1,878		11,461		800			1,591			1,967		4,358
Total revenues	268,930			71,756			33,497		374,183		259,716			23,197			28,917		311,830

Losses and expenses:
Provision for losses and LAE	51,709			31,032			748		83,489		44,170			65			687		44,922

Compensation and benefits	15,136			1,702			14,357		31,195		15,388			1,180			12,608		29,176
Premium and other taxes	5,993			12			461		6,466		6,010			8			(88)		5,930
Acquisition costs, net (3)	(7,994)			19,791			—		11,797		(7,057)			487			—		(6,570)
Other underwriting and operating expenses	10,743			949			22,340		34,032		9,735			890			20,337		30,962
Net operating expenses before allocations	23,878			22,454			37,158		83,490		24,076			2,565			32,857		59,498
Corporate expense allocations	8,017			758			(8,775)		—		7,081			502			(7,583)		—
Operating expenses after allocations	31,895			23,212			28,383		83,490		31,157			3,067			25,274		59,498
Interest expense	—			—			8,162		8,162		—			—			8,251		8,251
Income (loss) before income taxes	$	185,326		$	17,512		$	(3,796)	$	199,042	$	184,389		$	20,065		$	(5,295)	$	199,159

Loss ratio (1)	24.5		%	48.5		%					20.5		%	0.4		%
Expense ratio (2)	15.1		%	36.2		%					14.4		%	18.8		%
Combined ratio	39.6		%	84.7		%					34.9		%	19.2		%

(1) Loss ratio is calculated by dividing the provision for losses and LAE by net premiums earned.
(2) Expense ratio is calculated by dividing operating expenses after allocations by net premiums earned.
(3) Acquisition costs are net of ceding commissions earned on outward reinsurance and include ceding commissions incurred on reinsurance assumed.

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Notes to Condensed Consolidated Financial Statements (Unaudited)


	Nine Months Ended September 30, 2026										Nine Months Ended September 30, 2025
(In thousands)	Mortgage Insurance			Reinsurance			Corporate & Other		Consolidated		Mortgage Insurance			Reinsurance			Corporate & Other		Consolidated
Revenues:
Net premiums earned	$	642,283		$	136,993		$	48,253	$	827,529	$	654,069		$	45,913		$	41,007	$	740,989
Net investment income	132,540			16,299			34,980		183,819		130,731			15,358			31,205		177,294
Realized investment gains (losses), net	(1,893)			—			9		(1,884)		(652)			—			(83)		(735)
Income from other invested assets	24,690			—			15,598		40,288		6,223			—			7,421		13,644
Other income	10,551			5,487			7,151		23,189		3,962			6,453			6,924		17,339
Total revenues	808,171			158,779			105,991		1,072,941		794,333			67,724			86,474		948,531

Losses and expenses:
Provision for losses and LAE	118,720			59,684			2,262		180,666		90,213			105			2,946		93,264

Compensation and benefits	46,651			5,668			46,035		98,354		49,665			3,586			46,336		99,587
Premium and other taxes	17,981			44			1,442		19,467		17,558			35			1,735		19,328
Acquisition costs, net (3)	(23,142)			38,382			—		15,240		(20,257)			1,129			—		(19,128)
Other underwriting and operating expenses	32,272			2,916			63,482		98,670		29,868			2,658			61,074		93,600
Net operating expenses before allocations	73,762			47,010			110,959		231,731		76,834			7,408			109,145		193,387
Corporate expense allocations	27,645			1,962			(29,607)		—		28,864			975			(29,839)		—
Operating expenses after allocations	101,407			48,972			81,352		231,731		105,698			8,383			79,306		193,387
Interest expense	—			—			24,458		24,458		—			—			24,547		24,547
Income (loss) before income taxes	$	588,044		$	50,123		$	(2,081)	$	636,086	$	598,422		$	59,236		$	(20,325)	$	637,333

Loss ratio (1)	18.5		%	43.6		%					13.8		%	0.2		%
Expense ratio (2)	15.8		%	35.7		%					16.2		%	18.3		%
Combined ratio	34.3		%	79.3		%					30.0		%	18.5		%

(1) Loss ratio is calculated by dividing the provision for losses and LAE by net premiums earned.
(2) Expense ratio is calculated by dividing operating expenses after allocations by net premiums earned.
(3) Acquisition costs are net of ceding commissions earned on outward reinsurance and include ceding commissions incurred on reinsurance assumed.

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Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations

The following discussion should be read together with our audited consolidated financial statements and related notes included in our Annual Report on Form 10-K as of and for the year ended December 31, 2025 as filed with the Securities and Exchange Commission and referred to herein as the “Annual Report,” and our condensed consolidated financial statements and related notes as of and for the three and nine months ended September 30, 2026 included in Part I, Item 1 of this Quarterly Report on Form 10-Q, which we refer to as the “Quarterly Report.” In addition to historical information, this discussion contains forward-looking statements that involve risks, uncertainties and assumptions that could cause actual results to differ materially from management’s expectations. Factors that could cause such differences are discussed in the sections entitled “Special Note Regarding Forward-Looking Statements” in this Quarterly Report and Part I, Item 1A “Risk Factors” in our Annual Report and Part II, Item 1A “Risk Factors” in this Quarterly Report. We are not undertaking any obligation to update any forward-looking statements or other statements we may make in the following discussion or elsewhere in this document even though these statements may be affected by events or circumstances occurring after the forward-looking statements or other statements were made.

Overview

Essent Group Ltd. (collectively with its subsidiaries, “Essent”) serves the housing finance industry by offering private mortgage insurance and reinsurance, title insurance and settlement services to mortgage lenders, borrowers and investors to support homeownership. We have two reportable segments: Mortgage Insurance and Reinsurance.

Essent Guaranty, Inc., our wholly-owned mortgage insurance subsidiary which we refer to as "Essent Guaranty," is approved by Fannie Mae and Freddie Mac and licensed to write coverage in all 50 states and the District of Columbia. Our mortgage insurance operations generated new insurance written, or NIW, of approximately $12.1 billion and $37.3 billion for the three and nine months ended September 30, 2026, respectively, compared to approximately $12.2 billion and $34.7 billion for the three and nine months ended September 30, 2025, respectively. The financial strength ratings of Essent Guaranty are A2 with a stable outlook by Moody’s Ratings (“Moody's”), A- with a stable outlook by S&P Global Ratings (“S&P”) and A (Excellent) with a stable outlook by A.M. Best Ratings Services, Inc. ("AM Best"). On October 26, 2026, S&P affirmed the A- financial strength rating of Essent Guaranty, Inc. and raised the outlook to positive from stable.

Through our wholly-owned Bermuda-based subsidiary, Essent Reinsurance Ltd., which we refer to as "Essent Re", we reinsure U.S. mortgage risk in the GSE credit risk transfer market and also provide underwriting consulting services to third-party reinsurers. As of September 30, 2026, Essent Re provided insurance or reinsurance relating to GSE and other mortgage risk share transactions covering approximately $2.0 billion of risk. Essent Re also reinsures Essent Guaranty’s NIW under a quota share reinsurance agreement. Effective January 1, 2026, Essent Re began reinsuring certain property and casualty risks. The financial strength ratings of Essent Re are A- with a stable outlook by S&P and A (Excellent) with a stable outlook by AM Best.

We also offer title insurance products both directly and through a network of title insurance agents through Essent Title Insurance, Inc., which we refer to as "Essent Title", as well as title and settlement services. Title insurance operations are included in the Corporate & Other category.

We have a highly experienced, talented team with 523 employees as of September 30, 2026. Our holding company and reinsurance business are domiciled in Bermuda. Our U.S. mortgage insurance and title insurance operations are headquartered in Radnor, Pennsylvania.

Current Developments

Mortgage interest rates remain elevated with the average 30-year mortgage interest rate closing above 7.30% at September 30, 2026, which has reduced home buying and mortgage refinance activity resulting in lower volumes of mortgage originations, NIW and title insurance and settlement service transactions. Higher interest rates have also resulted in increases in our net investment income generated by our investment portfolio and the persistency of our mortgage insurance in force.

Ongoing geopolitical tensions and military conflicts in the Middle East, including the conflict involving Iran, may adversely affect our operations as it relates to the conflict's impact on the interest rate environment, consumer habits, as well as conflict-related events that could lead to future property and casualty losses in our Reinsurance segment.

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Legislative and Regulatory Developments

Our results are significantly impacted by, and our future success may be affected by, legislative and regulatory developments affecting the housing finance industry. See Part I, Item 1 “Business—Regulation” and Part II, Item 7 “Management’s Discussion and Analysis of Financial Condition and Results of Operations—Legislative and Regulatory Developments” in our Annual Report for a discussion of the laws and regulations to which we are subject as well as legislative and regulatory developments affecting the housing finance industry.

Bermuda Corporate Income Tax

On December 27, 2023, the Government of Bermuda enacted the Corporate Income Tax Act 2023 (CIT). Starting January 1, 2025, the CIT imposes a new 15% corporate income tax on in-scope entities that are resident in Bermuda or that have a Bermuda permanent establishment, without regard to any assurances that had previously been given pursuant to the Exempted Undertakings Tax Protection Act 1966.

Although our annual revenue meets the CIT threshold for "in-scope" (€750M), our Bermuda companies are not "in scope" because of a statutory exception for entities having “limited international presence” or "LIP". We currently meet the criteria for the LIP exception, which is available to our Bermuda companies for a period of five years, or when the LIP criteria are no longer met, whichever is sooner. The LIP exemption criteria are subject to interpretation of existing Bermuda law, as well as any related new regulations that may be issued by the Government of Bermuda. Also, future strategic business decisions could impact qualification for the LIP exception. Accordingly, no assurances can be made that we will continue meeting the LIP exception criteria during the years remaining in our five-year exemption period.

Credit Score Models

In April 2026, FHFA announced that the GSEs will begin accepting loans with the VantageScore 4.0 model for certain approved lenders and will begin moving forward with FICO 10T. In September 2026, the GSEs announced that the VantageScore 4.0 model was available for all lenders. Beginning in the second quarter of 2026, Essent Guaranty began insuring loans that were submitted using the VantageScore 4.0 model. The loans insured that were submitted with a VantageScore credit score represent a de minimis amount of our NIW for the three and nine months ended September 30, 2026 and IIF and RIF at September 30, 2026.

Executive Order

On October 22, 2026, President Donald Trump signed an executive order titled “Decreasing Housing Costs for the American People” which includes a provision directing the U.S. Federal Housing Finance Agency (FHFA) Director to consider establishing a pilot program for the cancellation of private mortgage insurance on future loans. We will evaluate any impact that a pilot program may have on our mortgage insurance portfolio and our future results of operations once the terms of such pilot program are finalized.

Factors Affecting Our Results of Operations

Net Premiums Written and Earned

Premiums associated with our U.S. mortgage insurance business are based on mortgage insurance in force, or IIF, during all or a portion of a period. A change in the average IIF during a period causes premiums to increase or decrease as compared to prior periods. Average net premium rates in effect during a given period will also cause premiums to differ when compared to earlier periods. IIF at the end of a reporting period is a function of the IIF at the beginning of such reporting period plus NIW less policy cancellations (including claims paid) during the period. As a result, premiums are generally influenced by:

•NIW, which is the aggregate principal amount of the new mortgages that are insured during a period. Many factors affect NIW, including, among others, the volume of low down payment home mortgage originations, the competition to provide credit enhancement on those mortgages, the number of customers who have approved us to provide mortgage insurance and changes in our NIW from certain customers;

•Cancellations of our insurance policies, which are impacted by payments on mortgages, home price appreciation, or refinancings, which in turn are affected by mortgage interest rates. Cancellations are also impacted by the levels of claim payments and rescissions;

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•Premium rates, which represent the amount of the premium due as a percentage of IIF. Premium rates are based on the risk characteristics of the loans insured, the percentage of coverage on the loans, competition from other mortgage insurers and general industry conditions; and

•Premiums ceded or assumed under reinsurance arrangements. See Note 4 to our condensed consolidated financial statements.

Mortgage insurance premiums are paid either on a monthly installment basis (“monthly premiums”), in a single payment at origination (“single premiums”), or in some cases as an annual premium. For monthly premiums, we receive a monthly premium payment which is recorded as net premiums earned in the month the coverage is provided. Monthly premium payments are based on the original mortgage amount rather than the amortized loan balance. Net premiums written may be in excess of net premiums earned due to single premium policies. For single premiums, we receive a single premium payment at origination, which is recorded as “unearned premium” and earned over the estimated life of the policy, which ranges from 36 to 156 months depending on the term of the underlying mortgage and loan-to-value ratio at date of origination. If single premium policies are cancelled due to repayment of the underlying loan and the premium is non-refundable, the remaining unearned premium balance is immediately recognized as earned premium revenue. Substantially all of our single premium policies in force as of September 30, 2026 were non-refundable. Premiums collected on annual policies are recognized as net premiums earned on a straight-line basis over the year of coverage. For the nine months ended September 30, 2026 and 2025, monthly premium policies comprised 99% and 99% of our NIW, respectively.

Premiums associated with our GSE and other mortgage risk share transactions are based on the level of risk in force and premium rates on the transactions. Premiums associated with property and casualty reinsurance are generally earned on a pro rata basis over the terms of the underlying policies or reinsurance contracts. Premiums written are based on contract and policy terms and include estimates based on information received from ceding companies. Subsequent revisions to premium estimates are recorded in the period in which they are determined.

Title insurance premiums are based on the number of title insurance policies issued and generally recognized as income at the transaction closing date which approximates the policy effective date.

Persistency and Business Mix

The percentage of IIF that remains on our books after any 12-month period is defined as our persistency rate. Because our insurance premiums are earned over the life of a policy, higher persistency rates can have a significant impact on our profitability. The persistency rate on our portfolio was 83.3% at September 30, 2026. Generally, higher prepayment speeds lead to lower persistency.

Prepayment speeds and the relative mix of business between single premium policies and monthly premium policies also impact our profitability. Our premium rates include certain assumptions regarding repayment or prepayment speeds of the mortgages. Because premiums are paid at origination on single premium policies, assuming all other factors remain constant, if loans are prepaid earlier than expected, our profitability on these loans is likely to increase and, if loans are repaid slower than expected, our profitability on these loans is likely to decrease. By contrast, if monthly premium loans are repaid earlier than anticipated, our premium earned with respect to those loans and therefore our profitability declines. Currently, the expected return on single premium policies is less than the expected return on monthly policies.

Net Investment Income

Our investment portfolio was predominantly comprised of investment-grade fixed income securities and money market funds as of September 30, 2026. The principal factors that influence investment income are the size of the investment portfolio and the yield on individual securities. As measured by amortized cost (which excludes changes in fair market value, such as from changes in interest rates), the size of our investment portfolio is mainly a function of increases in capital and cash generated from or used in operations which is impacted by net premiums received, investment earnings, net claim payments and expenses. Realized gains and losses are a function of the difference between the amount received on the sale of a security and the security’s amortized cost, as well as any provision for credit losses or impairments recognized in earnings. The amount received on the sale of fixed income securities is affected by the coupon rate of the security compared to the yield of comparable securities at the time of sale.

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Income from Other Invested Assets

As part of our overall investment strategy, we also allocate a percentage of our portfolio to limited partnership investments and traditional venture capital and private equity investments. The results of these investing activities are reported in income from other invested assets. These investments are generally accounted for under the equity method or fair value using net asset value (or its equivalent) as a practical expedient. For entities accounted for under the equity method that follow industry-specific guidance for investment companies, our proportionate share of earnings or losses includes changes in the fair value of the underlying assets of these entities. Fluctuations in the fair value of these entities may increase the volatility of the Company’s reported results of operations.

Other Income

Other income includes revenues associated with underwriting consulting services to third-party reinsurers, title settlement services and contract underwriting services. The level of these revenues is dependent upon the number of customers who have engaged us for these services. Revenue from underwriting consulting services to third-party reinsurers is also dependent upon the level of premiums associated with the transactions underwritten for these customers. Revenue from title settlement services and contract underwriting revenue are also dependent upon the number of loans underwritten for these customers.

In connection with the acquisition of our mortgage insurance platform, we entered into a services agreement with Triad Guaranty Inc. and its wholly-owned subsidiary, Triad Guaranty Insurance Corporation, which we refer to collectively as “Triad,” to provide certain information technology maintenance and development and customer support-related services. In return for these services, we receive a flat monthly fee which is recorded in other income. During 2023, Triad entered into a three year renewal and extended the services agreement through November 2026.

As more fully described in Note 4 to our condensed consolidated financial statements, the premiums ceded under certain reinsurance contracts with unaffiliated third parties varies based on changes in market interest rates. Under GAAP, these contracts contain embedded derivatives that are accounted for separately as freestanding derivatives. The change in the fair value of the embedded derivatives is reported in earnings and included in other income.

Provision for Losses and Loss Adjustment Expenses

Mortgage Insurance

The provision for losses and loss adjustment expenses reflects the current expense that is recorded within a particular period to reflect actual and estimated loss payments that we believe will ultimately be made as a result of insured loans that are in default.

Losses incurred are generally affected by:

•the overall state of the economy, which broadly affects the likelihood that borrowers may default on their loans and have the ability to cure such defaults;

•changes in housing values, which affect our ability to mitigate our losses through the sale of properties with loans in default as well as borrower willingness to continue to make mortgage payments when the value of the home is below or perceived to be below the mortgage balance;

•the product mix of IIF, with loans having higher risk characteristics generally resulting in higher defaults and claims;

•the size of loans insured, with higher average loan amounts tending to increase losses incurred;

•the loan-to-value ratio, with higher average loan-to-value ratios tending to increase losses incurred;

•the percentage of coverage on insured loans, with deeper average coverage tending to increase losses incurred;

•credit quality of borrowers, including higher debt-to-income ratios and lower credit scores, which tend to increase incurred losses;

•the level and amount of reinsurance coverage maintained with third parties;

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•the rate at which we rescind policies. Because of tighter underwriting standards generally in the mortgage lending industry and terms set forth in our master policy, we expect that our level of rescission activity will be lower than rescission activity seen in the mortgage insurance industry for vintages originated prior to the financial crisis; and

•the distribution of claims over the life of a book. As of September 30, 2026, 44% of our IIF relates to mortgage insurance business written before January 1, 2023 and was at least three years old. As a result, based on historical industry performance, we expect the number of defaults and claims we experience, as well as our provision for losses and loss adjustment expenses ("LAE"), to increase as our portfolio seasons. See “— Mortgage Insurance Earnings and Cash Flow Cycle” below.

We establish loss reserves for delinquent loans when we are notified that a borrower has missed at least two consecutive monthly payments (“Case Reserves”), as well as estimated reserves for defaults that may have occurred but not yet been reported to us (“IBNR Reserves”). We also establish reserves for the associated loss adjustment expenses, consisting of the estimated cost of the claims administration process, including legal and other fees. Using both internal and external information, we establish our reserves based on the likelihood that a default will reach claim status and estimated claim severity. See Part II, Item 7 “Management’s Discussion and Analysis of Financial Condition and Results of Operations — Critical Accounting Policies” included in our Annual Report for further information.

Based upon our experience and industry data, claims incidence for mortgage insurance is generally highest in the third through sixth years after loan origination. As of September 30, 2026, 44% of our IIF relates to business written before January 1, 2023 and was at least three years old. As such, we expect incurred losses and claims to increase as a greater amount of this book of insurance is entering its anticipated period of highest claim frequency. The actual default rate and the average reserve per default that we experience as our portfolio matures is difficult to predict and is dependent on the specific characteristics of our current in-force book (including the credit score of the borrower, the loan-to-value ratio of the mortgage, geographic concentrations, etc.), as well as the profile of new business we write in the future. In addition, the default rate and the average reserve per default will be affected by future macroeconomic factors such as housing prices, interest rates and employment.

Mortgage interest rates remain elevated, with the average 30-year mortgage interest rate closing above 7.30% at September 30, 2026 which may lower home sale activity and affect the options available to delinquent borrowers. It is reasonably possible that our estimate of losses could change in the near term as a result of changes in the economic environment, the impact of elevated levels of consumer price inflation on home sale activity, housing inventory, and home prices.

As more fully described in Note 4 to our condensed consolidated financial statements, at September 30, 2026, we had approximately $1.0 billion of excess of loss reinsurance covering NIW from January 1, 2019 through August 31, 2019 and April 1, 2021 through December 31, 2026 and quota share reinsurance on portions of our NIW effective September 1, 2019 through December 31, 2020 and January 1, 2022 through December 31, 2026. The impact on our reserves in future periods will be dependent upon the amount of delinquent notices received from loan servicers, the performance of defaults and our expectations for the amount of ultimate losses on these delinquencies.

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Property and Casualty Reinsurance

The Company estimates the reserves for property and casualty reinsurance based on reports from ceding companies and industry data analyzed using standard actuarial and statistical techniques. The Company selects initial expected loss and loss adjustment expense ratios based on information provided by ceding companies, actuaries and its underwriters, supplemented by industry data where appropriate. The analysis includes assessing currently available data, predictions of future developments, estimates of future trends, and other factors. These estimates are reviewed regularly and, as experience develops and new information becomes known, the reserves are adjusted as necessary. Such adjustments, if any, are reflected in income in the period in which they are determined. The final settlement of losses may vary, perhaps materially, from the reserves recorded.

Title Insurance

Our reserve for title insurance claim losses includes reserves for known claims as well as for losses that have been incurred but not yet reported to us (“IBNR”), net of recoupments. We reserve for each known claim based on our review of the estimated amount of the claim and the costs required to settle the claim. Reserves for IBNR claims are estimates that are established at the time the premium revenue is recognized and are based upon historical experience and other factors, including industry trends, claim loss history, legal environment, geographic considerations, and the types of policies written. We also reserve for losses arising from closing and disbursement functions due to fraud or operational error.

Although claims against title insurance policies can be reported relatively soon after the policy has been issued, claims may also be reported many years later. By their nature, title claims are often complex, vary greatly in dollar amounts and are affected by economic and market conditions, as well as the legal environment existing at the time of settlement of the claims. Estimating future title loss payments is difficult because of the complex nature of title claims, the long periods of time over which claims are paid, significantly varying dollar amounts of individual claims and other factors.

Outward Reinsurance

We use reinsurance to provide protection against adverse loss experience in our mortgage insurance and title insurance portfolios and to expand our capital sources. When we enter into a reinsurance agreement, the reinsurer receives a premium and, in exchange, agrees to insure an agreed upon portion of incurred losses. These arrangements have the impact of reducing our earned premiums, but also reduce our mortgage insurance risk in force (RIF), which provides capital relief, and may include capital relief under the PMIERs financial strength requirements. Our incurred losses are reduced by any incurred losses ceded in accordance with the reinsurance agreement. For additional information regarding reinsurance, see Note 4 to our condensed consolidated financial statements.

Other Underwriting and Operating Expenses

Our other underwriting and operating expenses include components that are substantially fixed, as well as expenses that generally increase or decrease in line with the level of mortgage insurance NIW, reinsurance premiums earned, title insurance policies issued and settlement services provided.

One of our most significant expenses is compensation and benefits for our employees, which represented 37% and 42% of other underwriting and operating expenses for the three and nine months ended September 30, 2026, compared to 49% and 51% for the three and nine months ended September 30, 2025. Compensation and benefits expense includes base and incentive cash compensation, stock compensation expense, benefits and payroll taxes.

Underwriting and other expenses include acquisition costs, legal, consulting, other professional fees, premium taxes, travel, entertainment, marketing, licensing, supplies, hardware, software, rent, utilities, depreciation and amortization and other expenses. Acquisition costs are net of ceding commissions earned on outward reinsurance and include ceding commissions incurred on reinsurance assumed. We anticipate that as we continue to add new customers and increase our mortgage insurance IIF, assume additional reinsurance, and increase title insurance policies issued and settlement services provided, our expenses will also continue to increase.

Other underwriting and operating expenses also include premiums retained by agents, which represent the portion of title insurance premiums retained by our third-party agents pursuant to the terms of their respective agency contracts and are recorded as an expense. The percentage of premiums retained by agents varies according to regional differences in real estate closing practices and state regulations.

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Income Taxes

Income taxes are incurred based on the amount of earnings or losses generated in the jurisdictions in which we operate and the applicable tax rates and regulations in those jurisdictions. Our U.S. insurance subsidiaries are generally not subject to income taxes in most states in which we operate; however, our non-insurance subsidiaries are subject to state income taxes. Except for six states, most notably Florida, our insurance subsidiaries pay premium taxes in lieu of state income taxes. Premium taxes are recorded in other underwriting and operating expenses.

Essent Group Ltd. ("Essent Group") and its wholly-owned subsidiary, Essent Re, are domiciled in Bermuda, and their income is currently not subject to a corporate income tax. See "—Legislative and Regulatory Developments—Bermuda Corporate Income Tax" above. Essent Re reinsures U.S. mortgage risk in the GSE credit risk transfer market, provides underwriting consulting services to third-party reinsurers and effective January 1, 2026, reinsures certain property and casualty risks. Essent Re also reinsures Essent Guaranty's NIW under a quota share reinsurance agreement. The following table summarizes the quota share reinsurance coverage that Essent Re has provided to Essent Guaranty for the respective NIW periods:


NIW Period						Ceding Percentage
January 1, 2025 to Present						50%
January 1, 2021 to December 31, 2024						35%
Prior to January 1, 2021						25%

The amount of income tax expense or benefit recorded in future periods will be dependent on the jurisdictions in which we operate and the tax laws and regulations in effect.

Earnings and Cash Flow Cycle

In general, the majority of any underwriting profit (premium revenue minus losses) that a book of mortgage insurance policies generates occurs in the early years of the book, with the largest portion of any underwriting profit realized in the first year. Subsequent years of a book generally result in modest underwriting profit or underwriting losses. This pattern generally occurs because relatively few of the claims that a book will ultimately experience typically occur in the first few years of the book, when premium revenue is highest, while subsequent years are affected by declining premium revenues, as the number of insured loans decreases (primarily due to loan prepayments), and by increasing losses.

In general, the underwriting profit generated by certain lines of property and casualty insurance policies depends on the pattern in which written premiums are earned over the coverage period and the estimate of the initial reserves for future claim payments. Significant periods of time may elapse between the point at which premiums are written and earned and the occurrence of an insured loss, the reporting of the loss to the reinsurer and subsequent payments to the ceding insurer by the reinsurer.

Key Performance Indicators

Insurance In Force

As discussed above, mortgage insurance premiums we collect and earn are generated based on our IIF, which is a function of our NIW and cancellations. The following table includes a summary of the change in our IIF for the three and nine months ended September 30, 2026 and 2025 for our mortgage insurance portfolio. In addition, this table includes our RIF at the end of each period.

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	Three Months Ended September 30,				Nine Months Ended September 30,
(In thousands)	2026		2025		2026		2025
IIF, beginning of period	$	249,720,234	$	246,797,619	$	248,356,397	$	243,645,423
NIW - Flow	12,129,030		12,233,252		37,349,324		34,723,319

Cancellations	(11,786,550)		(10,222,530)		(35,643,007)		(29,560,401)
IIF, end of period	$	250,062,714	$	248,808,341	$	250,062,714	$	248,808,341
Average IIF during the period	$	249,915,876	$	247,821,046	$	248,726,255	$	245,880,738
RIF, end of period	$	56,307,106	$	56,940,929	$	56,307,106	$	56,940,929

The following is a summary of our IIF at September 30, 2026 by vintage:


($ in thousands)	$		%
2026 (through September 30)	$	36,059,431	14.4	%
2025	39,119,720		15.6
2024	33,606,078		13.4
2023	30,664,387		12.3
2022	40,794,863		16.3
2021	34,888,102		14.0
2020 and prior	34,930,133		14.0
	$	250,062,714	100.0	%

Average Net Premium Rate

Our average net premium rate is calculated by dividing net premiums earned for the mortgage insurance portfolio by average insurance in force for the period and is dependent on a number of factors, including: (1) the risk characteristics and average coverage on the mortgages we insure; (2) the mix of monthly premiums compared to single premiums in our portfolio; (3) cancellations of non-refundable single premiums during the period; (4) changes to our pricing for NIW; and (5) premiums ceded under third-party reinsurance agreements. The following table presents the average net premium rate for our U.S. mortgage insurance portfolio:


	Three Months Ended September 30,				Nine Months Ended September 30,
	2026		2025		2026		2025
Base average premium rate	0.40	%	0.41	%	0.40	%	0.41	%
Single premium cancellations	—		—		—		—
Gross average premium rate	0.40		0.41		0.40		0.41
Ceded premiums	(0.06)		(0.06)		(0.06)		(0.06)
Net average premium rate	0.34	%	0.35	%	0.34	%	0.35	%

The continued use of outward reinsurance along with changes to the level of future cancellations of non-refundable single premium policies and mix of IIF may impact our average net premium rate in future periods.

Persistency Rate

The measure for assessing the impact of policy cancellations on IIF is our persistency rate, defined as the percentage of IIF that remains on our books after any twelve-month period. See additional discussion regarding the impact of the persistency rate on our performance in “— Factors Affecting Our Results of Operations — Persistency and Business Mix.”

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Risk-to-Capital

The risk-to-capital ratio has historically been used as a measure of capital adequacy in the U.S. mortgage insurance industry and is calculated as a ratio of net risk in force to statutory capital. Net risk in force represents total risk in force net of reinsurance ceded and net of exposures on policies for which loss reserves have been established. Statutory capital for our U.S. insurance companies is computed based on accounting practices prescribed or permitted by the Pennsylvania Insurance Department. See additional discussion in “— Liquidity and Capital Resources — Insurance Company Capital.”

As of September 30, 2026, the net risk in force for Essent Guaranty was $30.4 billion and its statutory capital was $3.7 billion, resulting in a risk-to-capital ratio of 8.2:1. The amount of capital required varies in each jurisdiction in which we operate; however, generally, the maximum permitted risk-to-capital ratio is 25.0 to 1. State insurance regulators have continued to examine their respective capital rules to determine whether, in light of the 2007-2008 financial crisis, changes are needed to more accurately assess mortgage insurers' ability to withstand stressful economic conditions. As a result, the capital metrics under which they assess and measure capital adequacy may change in the future. Independent of the state regulator and GSE capital requirements, management continually assesses the risk of our insurance portfolio and current market and economic conditions to determine the appropriate levels of capital to support our business.

Results of Operations: Consolidated

The following table sets forth our consolidated results of operations for the periods indicated:


	Three Months Ended September 30,				Nine Months Ended September 30,
(In thousands)	2026		2025		2026		2025
Revenues:
Net premiums written	$	302,874	$	241,828	$	1,004,828	$	721,587
(Increase) decrease in unearned premiums	(12,202)		4,504		(177,299)		19,402
Net premiums earned	290,672		246,332		827,529		740,989
Net investment income	62,952		59,795		183,819		177,294
Realized investment gains (losses), net	(1,626)		(425)		(1,884)		(735)
Income from other invested assets	10,724		1,770		40,288		13,644
Other income	11,461		4,358		23,189		17,339
Total revenues	374,183		311,830		1,072,941		948,531

Losses and expenses:
Provision for losses and LAE	83,489		44,922		180,666		93,264
Other underwriting and operating expenses	83,490		59,498		231,731		193,387
Interest expense	8,162		8,251		24,458		24,547
Total losses and expenses	175,141		112,671		436,855		311,198
Income before income taxes	199,042		199,159		636,086		637,333
Income tax expense	35,666		34,944		111,197		102,346
Net income	$	163,376	$	164,215	$	524,889	$	534,987

Revenues

Net Premiums Earned

Net premiums earned for the three and nine months ended September 30, 2026 increased compared to the three and nine months ended September 30, 2025, primarily due to property and casualty reinsurance assumed beginning January 1, 2026. For more information, see Net Premiums Written and Earned under “Results of Operations: Mortgage Insurance”, Net Premiums Written and Earned under “Results of Operations: Reinsurance” and Net Premiums Earned under “Results of Operations: Corporate & Other”.

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Net Investment Income

Our consolidated net investment income was derived from the following sources for the periods indicated:


	Three Months Ended September 30,				Nine Months Ended September 30,
(In thousands)	2026		2025		2026		2025
Fixed maturities	$	59,293	$	54,940	$	171,816	$	162,372
Short-term investments	5,574		6,540		17,351		20,088
Gross investment income	64,867		61,480		189,167		182,460
Investment expenses	(1,915)		(1,685)		(5,348)		(5,166)
Net investment income	$	62,952	$	59,795	$	183,819	$	177,294

The increase in net investment income for the three and nine months ended September 30, 2026 as compared to the same periods in 2025 was due to an increase in the pre-tax investment income yield and an increase in the average balance of cash and available-for-sale investments. The pre-tax investment income yield on cash and available-for-sale investments increased from 3.89% for the three months ended September 30, 2025 to 4.06% for the three months ended September 30, 2026, and from 3.83% for the nine months ended September 30, 2025 to 3.94% for the nine months ended September 30, 2026, primarily due to a general increase in investment yields due to rising interest rates. The average cash and available-for-sale investment portfolio balance was $6.4 billion for both the three and nine months ended September 30, 2026 and $6.3 billion for both the three and nine months ended September 30, 2025, respectively. See “— Liquidity and Capital Resources” for further details of our investment portfolio.

Income from Other Invested Assets

Income from other invested assets for the three months ended September 30, 2026 was $10.7 million as compared to $1.8 million for the three months ended September 30, 2025. Income from other invested assets for the nine months ended September 30, 2026 was $40.3 million as compared to $13.6 million for the nine months ended September 30, 2025. The increase in income from other invested assets for the three and nine months ended September 30, 2026 compared to the three and nine months ended September 30, 2025 was due to increased favorable fair value adjustments recorded.

Other Income

Other income for the three months ended September 30, 2026 was $11.5 million as compared to $4.4 million for the three months ended September 30, 2025. Other income for the nine months ended September 30, 2026 was $23.2 million as compared to $17.3 million for the nine months ended September 30, 2025. Other income includes revenues associated with underwriting consulting services to third-party reinsurers, title settlement services and contract underwriting services, as well as changes in the fair value of our embedded derivatives associated with certain reinsurance contracts. The increase in other income for both the three and nine months ended September 30, 2026 compared to September 30, 2025 was primarily due to a decrease in our embedded derivative liability as a result of the termination of the Radnor Re 2021-1 transaction during the third quarter of 2026.

Losses and Expenses

Provision for Losses

The increased provision for losses for the three and nine months ended September 30, 2026 compared to the three and nine months ended September 30, 2025 was primarily due to property and casualty reinsurance assumed beginning January 1, 2026 and an increase in mortgage insurance loans in default as well as an increase in the average reserve per default due to aging of defaults remaining within the mortgage insurance portfolio. See “Results of Operations: Mortgage Insurance" and “Results of Operations: Reinsurance" for more information.

Other Underwriting and Operating Expenses

The increase in underwriting and operating expenses for the three and nine months ended September 30, 2026 compared to the three and nine months ended September 30, 2025 was primarily due to an increase in operating expenses in our Reinsurance segment, partially offset by a decrease in operating expenses in our Mortgage Insurance segment. For more information, see “Results of Operations: Mortgage Insurance”, “Results of Operations: Reinsurance” and “Results of Operations: Corporate & Other.”

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Interest Expense

For the three month periods ended September 30, 2026 and 2025, we incurred interest expense of $8.2 million and $8.3 million, respectively. For the nine month periods ended September 30, 2026 and 2025, we incurred interest expense of $24.5 million in both periods. The average amount of borrowings outstanding were $500 million at a weighted average interest rate of 6.25% for all periods presented.

Income Taxes

Our subsidiaries in the United States file a consolidated U.S. Federal income tax return. Our income tax expense was $35.7 million and $34.9 million for the three months ended September 30, 2026 and 2025, respectively and $111.2 million and $102.3 million for the nine months ended September 30, 2026 and 2025, respectively. The provision for income taxes for the nine months ended September 30, 2026 was calculated using an estimated annual effective tax rate of 17.4% compared to 16.2% for the nine months ended September 30, 2025. The increase in our estimated annual effective tax rate is primarily related to withholding taxes incurred on intercompany dividends by Essent US Holdings, Inc. to its parent company. For the nine months ended September 30, 2026, income tax expense includes $9.8 million of discrete tax expense associated with realized and unrealized gains recognized during the period partially offset by $1.1 million excess tax benefits associated with the vesting of common shares and common share units. For the nine months ended September 30, 2025, income tax expense includes $3.2 million of discrete tax expense associated with realized and unrealized gains recognized during the period partially offset by $0.8 million excess tax benefits associated with the vesting of common shares and common share units, as well as $0.8 million of favorable adjustments related to prior year tax returns.

Results of Operations: Mortgage Insurance


	Three Months Ended September 30,						Nine Months Ended September 30,
(In thousands)	2026			2025			2026			2025
Revenues:
Net premiums earned	$	210,958		$	215,683		$	642,283		$	654,069
Net investment income	46,218			44,265			132,540			130,731
Realized investment gains (losses), net	(1,611)			(427)			(1,893)			(652)
Income (loss) from other invested assets	5,953			(605)			24,690			6,223
Other income	7,412			800			10,551			3,962
Total revenues	268,930			259,716			808,171			794,333

Losses and expenses:
Provision for losses and LAE	51,709			44,170			118,720			90,213
Other underwriting and operating expenses	23,878			24,076			73,762			76,834
Total losses and expenses before allocations	75,587			68,246			192,482			167,047
Corporate expense allocations	8,017			7,081			27,645			28,864
Total losses and expenses after allocations	83,604			75,327			220,127			195,911
Income before income taxes	$	185,326		$	184,389		$	588,044		$	598,422

Loss ratio (1)	24.5		%	20.5		%	18.5		%	13.8		%
Expense ratio (2)	15.1			14.4			15.8		%	16.2		%
Combined ratio	39.6		%	34.9		%	34.3		%	30.0		%

(1) Loss ratio is calculated by dividing the provision for losses and LAE by net premiums earned.
(2) Expense ratio is calculated by dividing the sum of other underwriting and operating expenses and corporate expense allocations by net premiums earned.

Three and Nine Months Ended September 30, 2026 Compared to the Three and Nine Months Ended September 30, 2025

For the three months ended September 30, 2026, our Mortgage Insurance segment reported income before income taxes of $185.3 million, compared to income before income taxes of $184.4 million for the three months ended September 30,

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2025. For the nine months ended September 30, 2026, our Mortgage Insurance segment reported income before income tax expense of $588.0 million, compared to income before income tax expense of $598.4 million for the nine months ended September 30, 2025.

The increase in our operating results during the three months ended September 30, 2026 compared to the same period in 2025 was primarily due to an increase in income from other invested assets and other income and a decrease in other underwriting and operating expense, partially offset by an increase in the provision for losses and a decrease in net premiums earned.

The decrease in our operating results during the nine months ended September 30, 2026 compared to the same period in 2025 was primarily due to an increase in the provision for losses and a decrease in net premiums earned, partially offset by an increase in income from other invested assets and other income and a decrease in other underwriting and operating expenses.

Net Premiums Written and Earned

Net premiums earned in the three and nine months ended September 30, 2026 decreased compared to the three and nine months ended September 30, 2025. The average net premium rate decreased to 0.34% for the three and nine months ended September 30, 2026 compared to 0.35% for the three and nine months ended September 30, 2025, as a result of a decrease in the base premium rate. Our average IIF increased from $247.8 billion for the three months ended September 30, 2025 to $249.9 billion for the three months ended September 30, 2026 and from $245.9 billion for the nine months ended September 30, 2025 to $248.7 billion for the nine months ended September 30, 2026.

The following table presents the components of the change in unearned premiums within our Mortgage Insurance segment for the following periods:


	Three Months Ended September 30,		Nine Months Ended September 30,
(In thousands)	2026	2025	2026	2025
Unearned premium recognized in earnings	6,841	8,945	21,866	28,847
Net premiums written on single premium policies	(1,518)	(2,073)	(5,813)	(6,126)
Decrease in unearned premiums	5,323	6,872	16,053	22,721

Provision for Losses and Loss Adjustment Expenses

In the three months ended September 30, 2026 we recorded a provision for losses of $51.7 million compared to a provision of $44.2 million for the three months ended September 30, 2025. In the nine months ended September 30, 2026 we recorded a provision for losses of $118.7 million compared to a provision of $90.2 million for the nine months ended September 30, 2025. The increase in the provision for losses in the three and nine months ended September 30, 2026 compared to the same periods in 2025 was primarily the result of an increase in insured loans in default, as well as an increase in our average reserve per default due to aging of defaults remaining within the mortgage insurance portfolio and an increase in the average RIF per default.

The following table presents a rollforward of insured loans in default for our mortgage insurance portfolio for the periods indicated:


	Three Months Ended September 30,		Nine Months Ended September 30,
	2026	2025	2026	2025
Beginning default inventory	20,278	17,255	20,210	18,439
Plus: new defaults	12,034	10,357	32,980	28,831
Less: cures	(9,869)	(8,713)	(30,136)	(27,964)
Less: claims paid	(494)	(296)	(1,049)	(664)
Less: rescissions and denials, net	(30)	(20)	(86)	(59)
Ending default inventory	21,919	18,583	21,919	18,583

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The following table includes additional information about our loans in default as of the dates indicated for our mortgage insurance portfolio:


	As of September 30,
	2026			2025
Case reserves (in thousands)	$	472,230		$	350,474
Total reserves (in thousands)	$	511,020		$	379,548
Ending default inventory	21,919			18,583
Average case reserve per default (in thousands)	$	21.5		$	18.9
Average total reserve per default (in thousands)	$	23.3		$	20.4
Default rate	2.75		%	2.29		%
Claims received included in ending default inventory	565			247

The following table provides a reconciliation of the beginning and ending mortgage insurance reserve balances for losses and LAE:


	Three Months Ended September 30,				Nine Months Ended September 30,
(In thousands)	2026		2025		2026		2025
Reserve for losses and LAE at beginning of period	$	475,011	$	345,952	$	429,610	$	310,156
Less: Reinsurance recoverables	65,718		41,966		56,120		36,655
Net reserve for losses and LAE at beginning of period	409,293		303,986		373,490		273,501
Add provision for losses and LAE occurring in:
Current period	81,343		62,349		202,528		156,396
Prior years	(29,634)		(18,179)		(83,808)		(66,183)
Incurred losses and LAE during the current period	51,709		44,170		118,720		90,213
Deduct payments for losses and LAE occurring in:
Current period	764		552		1,112		918
Prior years	22,938		16,013		53,798		31,205
Loss and LAE payments during the current period	23,702		16,565		54,910		32,123
Net reserve for losses and LAE at end of period	437,300		331,591		437,300		331,591
Plus: Reinsurance recoverables	73,720		47,957		73,720		47,957
Reserve for losses and LAE at end of period	$	511,020	$	379,548	$	511,020	$	379,548

The following tables provide a detail of reserves and defaulted RIF by the number of missed payments and pending claims for our mortgage insurance portfolio:


	As of September 30, 2026
($ in thousands)	Number of Policies in Default	Percentage of Policies in Default		Amount of Reserves		Percentage of Reserves		Defaulted RIF		Reserves as a Percentage of Defaulted RIF
Missed payments:
Two payments	7,346	33	%	$	43,796	9	%	$	588,252	7%
Three payments	3,115	14		33,868		7		258,361		13
Four to eleven payments	7,826	36		194,284		41		696,836		28
Twelve or more payments	3,067	14		158,867		34		267,293		59
Pending claims	565	3		41,415		9		45,792		90
Total case reserves	21,919	100	%	$	472,230	100	%	$	1,856,534	25%
IBNR				35,417
LAE				3,373
Total reserves for losses and LAE				$	511,020

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	As of September 30, 2025
($ in thousands)	Number of Policies in Default	Percentage of Policies in Default		Amount of Reserves		Percentage of Reserves		Defaulted RIF		Reserves as a Percentage of Defaulted RIF
Missed payments:
Two payments	6,444	35	%	$	36,672	10	%	$	503,842	7%
Three payments	2,658	14		27,789		8		215,321		13
Four to eleven payments	6,683	36		143,173		41		559,663		26
Twelve or more payments	2,551	14		125,475		36		206,735		61
Pending claims	247	1		17,365		5		19,537		89
Total case reserves	18,583	100	%	$	350,474	100	%	$	1,505,098	23%
IBNR				26,287
LAE				2,787
Total reserves for losses and LAE				$	379,548

During the three months ended September 30, 2026, the Mortgage Insurance provision for losses and LAE was a provision of $51.7 million, comprised of $81.3 million of current year losses partially offset by $29.6 million of favorable prior years’ loss development. During the three months ended September 30, 2025, the provision for losses and LAE was $44.2 million, comprised of $62.3 million of current year losses offset by $18.2 million of favorable prior years’ loss development.

During the nine months ended September 30, 2026, the Mortgage Insurance provision for losses and LAE was a provision of $118.7 million, comprised of $202.5 million of current year losses partially offset by $83.8 million of favorable prior years’ loss development. During the nine months ended September 30, 2025, the provision for losses and LAE was $90.2 million, comprised of $156.4 million of current year losses offset by $66.2 million of favorable prior years’ loss development.

In all periods, the prior years’ loss development was the result of a re-estimation of amounts ultimately to be paid on prior year defaults in the default inventory, including the impact of previously identified defaults that cured.

The following table includes additional information about our claims paid and claim severity for our mortgage insurance portfolio for the periods indicated:


	Three Months Ended September 30,						Nine Months Ended September 30,
($ in thousands)	2026			2025			2026			2025
Number of claims paid	494			296			1,049			664
Amount of claims paid	$	23,560		$	16,456		$	54,514		$	31,793
Claim severity	70		%	78		%	78		%	73		%

Other Underwriting and Operating Expenses

Following are the components of other underwriting and operating expenses for the Mortgage Insurance segment for the periods indicated:


	Three Months Ended September 30,								Nine Months Ended September 30,
	2026				2025				2026				2025
($ in thousands)	$		%		$		%		$		%		$		%
Compensation and benefits	$	15,136	63	%	$	15,388	64	%	$	46,651	63	%	$	49,665	65	%
Premium taxes	5,993		25		6,010		25		17,981		24		17,558		23
Acquisition costs, net	(7,994)		(33)		(7,057)		(29)		(23,142)		(31)		(20,257)		(26)
Other	10,743		45		9,735		40		32,272		44		29,868		38
Total other underwriting and operating expenses	$	23,878	100	%	$	24,076	100	%	$	73,762	100	%	$	76,834	100	%

Average number of employees during the period			257				261				259				276

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The significant factors contributing to the change in other underwriting and operating expenses are:

•Compensation and benefits decreased during the three and nine months ended September 30, 2026 compared to the same periods in 2025 primarily due to a decrease in average number of employees during the current periods. Compensation and benefits includes salaries, wages and bonus, stock compensation expense, benefits and payroll taxes. The first quarter of each year typically has higher compensation and benefits expense than the subsequent quarters due to payroll taxes on annual bonus payouts and vesting of nonvested stock and stock units, as well as higher stock-based compensation expense.

•Acquisition costs are net of ceding commissions earned on outward reinsurance. The change in acquisition costs during the three and nine month periods ended September 30, 2026 compared to the same periods in 2025 resulted from increased ceding commission earned due to increased outward reinsurance of insurance in force under our outstanding quota share arrangements.

•Other expenses include professional fees, travel, marketing, hardware, software, rent, depreciation and amortization and other facilities expenses. The increase in other expenses for the three and nine months ended September 30, 2026 compared to the same periods in 2025 was primarily attributable to increases in software costs and professional fees.

Results of Operations: Reinsurance


	Three Months Ended September 30,						Nine Months Ended September 30,
(In thousands)	2026			2025			2026			2025
Revenues:
Net premiums earned	$	64,044		$	16,304		$	136,993		$	45,913
Net investment income	5,541			5,302			16,299			15,358


Other income	2,171			1,591			5,487			6,453
Total revenues	71,756			23,197			158,779			67,724

Losses and expenses:
Provision for losses and LAE	31,032			65			59,684			105
Other underwriting and operating expenses	22,454			2,565			47,010			7,408
Total losses and expenses before allocations	53,486			2,630			106,694			7,513
Corporate expense allocations	758			502			1,962			975
Total losses and expenses after allocations	54,244			3,132			108,656			8,488
Income before income taxes	$	17,512		$	20,065		$	50,123		$	59,236

Loss ratio (1)	48.5		%	0.4		%	43.6		%	0.2		%
Expense ratio (2)	36.2			18.8			35.7			18.3
Combined ratio	84.7		%	19.2		%	79.3		%	18.5		%

(1) Loss ratio is calculated by dividing the provision for losses and LAE by net premiums earned.
(2) Expense ratio is calculated by dividing the sum of other underwriting and operating expenses and corporate expense allocations by net premiums earned.

Three and Nine Months Ended September 30, 2026 Compared to the Three and Nine Months Ended September 30, 2025

Net Premiums Written and Earned

Reinsurance net premiums earned increased during the three and nine month periods ended September 30, 2026 compared to the same periods in 2025 primarily due to premiums earned on the reinsurance of certain property and casualty risks, which Essent Re began writing effective January 1, 2026. Premiums earned also include premiums from Essent Re's participation in the GSE-sponsored mortgage risk share transactions.

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The following table sets forth our Reinsurance segment’s net premiums written between mortgage and non-mortgage business:


	Three Months Ended September 30,								Nine Months Ended September 30,
($ in thousands)	2026				2025				2026				2025
	$		%		$		%		$		%		$		%
Mortgage	$	15,190	19	%	$	18,338	98	%	$	42,126	13	%	$	48,440	98	%
Non-mortgage	66,378		81		359		2		288,218		87		817		2
Total net premiums written	$	81,568	100	%	$	18,697	100	%	$	330,344	100	%	$	49,257	100	%

The following table sets forth our Reinsurance segment’s net premiums earned between mortgage and non-mortgage business:


	Three Months Ended September 30,								Nine Months Ended September 30,
($ in thousands)	2026				2025				2026				2025
	$		%		$		%		$		%		$		%
Mortgage	$	13,388	21	%	$	15,945	98	%	$	38,368	28	%	$	45,096	98	%
Non-mortgage	50,656		79		359		2		98,625		72		817		2
Total net premiums earned	$	64,044	100	%	$	16,304	100	%	$	136,993	100	%	$	45,913	100	%

The following table presents the average mortgage reinsurance risk in force and the average premium rates for the periods indicated:


	Three Months Ended September 30,
($ in thousands)	2026			2025
Average reinsured mortgage risk in force	$	2,010,542		$	2,237,495
Average premium rate on mortgage risk in force	2.7		%	2.9		%

Other Income

Other income in the Reinsurance segment relates solely to revenues earned associated with underwriting consulting services to third-party reinsurers.

Provision for Losses and Loss Adjustment Expenses

In the three and nine months ended September 30, 2026 we recorded a provision for losses of $31.0 million and $59.7 million, respectively, compared to a provision of $65 thousand and $105 thousand for the three and nine months ended September 30, 2025, respectively. The increase in provision for losses and loss adjustment expenses for the three and nine month periods ended September 30, 2026 primarily relates to loss provisions recorded for property and casualty premiums earned during 2026. Property and casualty ultimate losses are estimated on premiums earned and the average loss ratios for property and casualty reinsurance are inherently higher than loss ratios on the reinsurance of GSE-sponsored mortgage risk share transactions. Reinsurance reserves as of September 30, 2026 and 2025 were $57.5 million and $153 thousand, respectively.

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Other Underwriting and Operating Expenses

Following are the components of other underwriting and operating expenses for Reinsurance segment for the periods indicated:


	Three Months Ended September 30,								Nine Months Ended September 30,
	2026				2025				2026				2025
($ in thousands)	$		%		$		%		$		%		$		%
Compensation and benefits	$	1,702	8	%	$	1,180	46	%	$	5,668	12	%	$	3,586	48	%
Premium and other taxes	12		—		8		—		44		—		35		—
Acquisition costs, net	19,791		88		487		19		38,382		82		1,129		15
Other	949		4		890		35		2,916		6		2,658		36
Total other underwriting and operating expenses	$	22,454	100	%	$	2,565	100	%	$	47,010	100	%	$	7,408	100	%

Average number of employees during the period			10				8				10				8

The significant factors contributing to the change in other underwriting and operating expenses are:

•Compensation and benefits increased for the three and nine month periods ended September 30, 2026 compared to the same periods in 2025 primarily due to an increase in headcount and incentive compensation. Compensation and benefits includes salaries, wages and bonus, stock compensation expense, benefits and payroll taxes.

•Premium and other taxes within the Reinsurance segment relate to federal excise taxes paid on certain mortgage reinsurance premiums.

•The increase in acquisition costs for the three and nine month periods ended September 30, 2026 compared to the same periods in 2025 is primarily due to ceding and brokerage commissions and acquisition costs incurred on property and casualty risks that Essent Re began reinsuring effective January 1, 2026.

•Other expenses increased for the three and nine month periods ended September 30, 2026 compared to the same periods in 2025 as a result of increased professional fees incurred with the reinsurance of property and casualty risks beginning in the first quarter of 2026. Other expenses include professional fees, travel, marketing, hardware, software, rent, depreciation and amortization and other facilities expenses.

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Results of Operations: Corporate & Other


	Three Months Ended September 30,				Nine Months Ended September 30,
(In thousands)	2026		2025		2026		2025
Revenues:
Net premiums earned	$	15,670	$	14,345	$	48,253	$	41,007
Net investment income	11,193		10,228		34,980		31,205
Realized investment gains (losses), net	(15)		2		9		(83)
Income from other invested assets	4,771		2,375		15,598		7,421
Other income	1,878		1,967		7,151		6,924
Total revenues	33,497		28,917		105,991		86,474

Losses and expenses:
Provision for losses and LAE	748		687		2,262		2,946
Other underwriting and operating expenses	37,158		32,857		110,959		109,145
Interest expense	8,162		8,251		24,458		24,547
Total losses and expenses before allocations	46,068		41,795		137,679		136,638
Corporate expense allocations	(8,775)		(7,583)		(29,607)		(29,839)
Total losses and expenses after allocations	37,293		34,212		108,072		106,799
Loss before income taxes	$	(3,796)	$	(5,295)	$	(2,081)	$	(20,325)

Three and Nine Months Ended September 30, 2026 Compared to the Three and Nine Months Ended September 30, 2025

Net Premiums Earned

Net premiums earned reported in Corporate & Other relate to premiums earned by our title insurance operations. The increase in net premiums earned is due to an increase in title insurance policies issued in the three and nine month periods ended September 30, 2026 compared to the same periods in 2025.

Provision for Losses & LAE

The provision for losses reported in Corporate & Other relates to loss provisions recorded by our title insurance operations. The increase in provision for the three months ended September 30, 2026 compared to same period in 2025 is the result of an increase in title insurance policies issued. The decrease in provision for the nine months ended September 30, 2026 compared to same period in 2025 is primarily due to the impact of industry experience and trends on our IBNR reserves for the nine months ended September 30, 2025. Title insurance reserves were $16.9 million at both September 30, 2026 and December 31, 2025.

Other Underwriting and Operating Expenses

Following are the components of other underwriting and operating expenses for the Corporate & Other category for the periods indicated:


	Three Months Ended September 30,								Nine Months Ended September 30,
	2026				2025				2026				2025
($ in thousands)	$		%		$		%		$		%		$		%
Compensation and benefits	$	14,357	39	%	$	12,608	38	%	$	46,035	42	%	$	46,336	42	%
Premium taxes	461		1		(88)		—		1,442		1		1,735		2

Other	22,340		60		20,337		62		63,482		57		61,074		56
Total other underwriting and operating expenses	$	37,158	100	%	$	32,857	100	%	$	110,959	100	%	$	109,145	100	%

Average number of employees during the period			253				246				251				266

The significant factors contributing to the change in other underwriting and operating expenses are:

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•Compensation and benefits increased in the three months ended September 30, 2026 compared to the same period in 2025 primarily due to an increase in the average number of employees and an increase in incentive compensation. Compensation and benefits includes salaries, wages and bonus, stock compensation expense, benefits and payroll taxes.

•Premium taxes decreased during the nine months ended September 30, 2026 compared to the same period in 2025 primarily due to $1.0 million of net expense associated with prior year premium tax returns incurred during the first quarter of 2025, partially offset by an increase in premium taxes incurred resulting from an increase in policies issued.

•Other expenses include title and settlement services direct costs, professional fees, travel, marketing, hardware, software, rent, depreciation and amortization and other facilities expenses. Other expenses also includes premiums retained by agents which represents the portion of title insurance premiums retained by our third-party agents pursuant to the terms of their respective agency contracts. Other expenses increased in the three and nine months ended September 30, 2026 compared to the same periods in 2025 primarily due to an increase in title expenses associated with an increase in title policies issued as well as increased professional fees.

Liquidity and Capital Resources

Overview

Our sources of funds consist primarily of:

•our investment portfolio and interest income on the portfolio;

•net premiums that we will receive from our existing IIF as well as policies that we write in the future;

•borrowings under our Revolving Credit Facility; and

•issuance of capital shares.

Our obligations consist primarily of:

•claim payments under our policies;

•interest payments and repayment of borrowings under our Senior Notes and Revolving Credit Facility;

•the other costs and operating expenses of our business;

•the repurchase of common shares under the share repurchase plan approved by our Board of Directors; and

•the payment of dividends on our common shares.

As of September 30, 2026, we had substantial liquidity with cash of $160.7 million, short-term investments of $504.1 million and fixed maturity investments of $5.4 billion. We also had $500 million available capacity under our Revolving Credit Facility. Cash and investments available for sale at the holding companies totaled $1.0 billion at September 30, 2026. In addition, Essent Guaranty is a member of the Federal Home Loan Bank of Pittsburgh (the “FHLBank”) and has access to secured borrowing capacity with the FHLBank to provide Essent Guaranty with supplemental liquidity. Essent Guaranty had no outstanding borrowings with the FHLBank at September 30, 2026.

Management believes that the Company has sufficient liquidity available both at its holding companies and in its insurance and other operating subsidiaries to meet its operating cash needs and obligations and committed capital expenditures for the next 12 months.

While the Company and all of its subsidiaries are expected to have sufficient liquidity to meet all their expected obligations, additional capital may be required to meet any new capital requirements that are adopted by regulatory authorities or the GSEs, to respond to changes in the business or economic environment, to provide additional capital related to the growth of our risk in force in our mortgage insurance portfolio, or to fund new business initiatives. We regularly review potential investments and acquisitions, some of which may be material, that, if consummated, would expand our existing business or result in new lines of business, and at any given time we may be in discussions concerning possible transactions. We

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continually evaluate opportunities based upon market conditions to further increase our financial flexibility through the issuance of equity or debt, or other options including reinsurance or credit risk transfer transactions. There can be no guarantee that any such opportunities will be available on acceptable terms or at all.

At the operating subsidiary level, liquidity could be impacted by any one of the following factors:

•significant decline in the value of our investments;

•inability to sell investment assets to provide cash to fund operating needs;

•decline in expected revenues generated from operations;

•increase in expected claim payments related to our IIF; or

•increase in operating expenses.

Our U.S. insurance subsidiaries are subject to certain capital and dividend rules and regulations prescribed by jurisdictions in which they are authorized to operate and, in the case of Essent Guaranty, the GSEs. Under the insurance laws of the Commonwealth of Pennsylvania, the insurance subsidiaries may pay dividends during any twelve-month period in an amount equal to the greater of (i) 10% of the preceding year-end statutory policyholders' surplus or (ii) the preceding year’s statutory net income. The Pennsylvania statute also requires that, without the prior approval of the Pennsylvania Insurance Department, dividends and other distributions may only be paid out of positive unassigned surplus. At September 30, 2026, Essent Guaranty had unassigned surplus of approximately $323.8 million. As of September 30, 2026, Essent Guaranty could pay additional ordinary dividends in 2026 of $323.8 million.

Essent Re is subject to certain dividend restrictions as prescribed by the Bermuda Monetary Authority and under certain agreements with counterparties. Class 3B insurers must obtain the BMA's prior approval for a reduction by 15% or more of total statutory capital or for a reduction by 25% or more of total statutory capital and surplus as set forth in its previous year's statutory financial statements. In connection with a quota share reinsurance agreement with Essent Guaranty, Essent Re has agreed to maintain a minimum total equity of $100.0 million. As of September 30, 2026, Essent Re had total equity of $1.7 billion. In connection with its insurance and reinsurance activities, Essent Re is required to maintain assets in trusts for the benefit of its contractual counterparties. See Note 3 to our condensed consolidated financial statements. As of September 30, 2026, Essent Re could pay additional dividends in 2026 of $223.8 million without prior approval from the BMA.

At September 30, 2026, our insurance subsidiaries were in compliance with these rules, regulations and agreements.

Cash Flows

The following table summarizes our consolidated cash flows from operating, investing and financing activities:


	Nine Months Ended September 30,
(In thousands)	2026		2025
Net cash provided by operating activities	$	628,147	$	626,961
Net cash used in investing activities	(58,065)		(112,946)
Net cash used in financing activities	(532,461)		(554,084)
Net increase (decrease) in cash	$	37,621	$	(40,069)

Operating Activities

Cash flows provided by operating activities totaled $628.1 million for the nine months ended September 30, 2026, as compared to $627.0 million for the nine months ended September 30, 2025. The increase in cash flows provided by operating activities was due to a decrease in prepaid federal income taxes, partially offset by the timing of certain premium collections and an increase in claims paid during the nine months ended September 30, 2026 compared to the same period in 2025.

Investing Activities

Cash flows used in investing activities totaled $58.1 million for the nine months ended September 30, 2026 compared to $112.9 million for the nine months ended September 30, 2025. The decrease in cash flows used in investing activities in the

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nine months ended September 30, 2026 compared to nine months ended September 30, 2025 was largely due to an increase in proceeds from available-for-sale and short-term investments partially offset by an increase in purchases of investments available for sale.

Financing Activities

Cash flows used in financing activities totaled $532.5 million and $554.1 million for the nine months ended September 30, 2026 and 2025, respectively. Cash flows used in financing activities relates to the quarterly cash dividends paid, repurchases of common stock under our share repurchase plans and treasury stock acquired from employees to satisfy tax withholding obligations.

Insurance Company Capital

We compute a risk-to-capital ratio for our U.S. mortgage insurance company on a separate company statutory basis. The risk-to-capital ratio is our net risk in force divided by our statutory capital. Our net risk in force represents risk in force net of reinsurance ceded, if any, and net of exposures on policies for which loss reserves have been established. Statutory capital consists primarily of statutory policyholders’ surplus (which increases as a result of statutory net income and decreases as a result of statutory net loss and dividends paid), plus the statutory contingency reserve. The statutory contingency reserve is reported as a liability on the statutory balance sheet. A mortgage insurance company is required to make annual contributions to the contingency reserve of 50% of net premiums earned. These contributions must generally be maintained for a period of ten years. However, with regulatory approval, a mortgage insurance company may make early withdrawals from the contingency reserve when incurred losses exceed 35% of net premiums earned in a calendar year.

During the nine months ended September 30, 2026 and 2025, no capital contributions were made to our U.S. mortgage insurance subsidiary and Essent Guaranty paid dividends to Essent US Holdings, Inc. of $115 million and $215 million, respectively. In October 2026, Essent Guaranty paid a dividend to Essent US Holdings, Inc. of $85 million. During the nine months ended September 30, 2026, and 2025, no capital contributions were made to Essent Title Insurance.

Essent Guaranty has entered into reinsurance agreements that provide excess of loss reinsurance coverage for new defaults on portfolios of mortgage insurance policies issued from January 1, 2019 through August 31, 2019 and April 1, 2021 through December 31, 2026. The aggregate excess of loss reinsurance coverages decrease over a ten-year period as the underlying covered mortgages amortize. In March 2026, Essent Guaranty entered into an excess of loss reinsurance transaction covering all eligible new insurance written for 2027, effective July 1, 2027.

Essent Guaranty has entered into a quota share reinsurance agreement with a panel of third-party reinsurers ("QSR agreement"). Each of the third-party reinsurers has a minimum financial strength rating of A- or better by S&P Global Ratings, AM Best or both. Under each QSR agreement, Essent Guaranty will cede premiums on a percentage of risk on all eligible policies written during a specified period, in exchange for reimbursement of ceded claims and claims expenses on covered policies, a specific ceding commission, as well as a profit commission that varies directly and inversely with ceded claims. These reinsurance coverages also reduce net risk in force and PMIERs Minimum Required Assets. See Note 4 to our condensed consolidated financial statements.

The following table summarizes Essent Guaranty's quota share reinsurance agreements as of September 30, 2026:

QSR Agreement

Coverage Period

Ceding Percentage

QSR-2019

September 1, 2019 - December 31, 2020

(1)

QSR-2022

January 1, 2022 - December 31, 2022

20%

QSR-2023

January 1, 2023 - December 31, 2023

17.5%

QSR-2024

January 1, 2024 - December 31, 2024

15%

QSR-2025

January 1, 2025 - December 31, 2025

25%

QSR-2026

January 1, 2026 - December 31, 2026

25%

_______________________________________________________________________________

(1) Under QSR-2019, Essent Guaranty cedes 36% of premiums on singles policies and 18% on all other policies.

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During the fourth quarter of 2025, Essent Guaranty entered into a forward quota share agreement with highly rated third-party reinsurers ceding 20% of the risk on all eligible policies written by Essent Guaranty in calendar year 2027.

Our risk-to-capital calculation for Essent Guaranty was as follows:


Statutory capital: ($ in thousands)	As of September 30, 2026
Policyholders’ surplus	$	1,029,134
Contingency reserves	2,687,767
Statutory capital	$	3,716,901
Net risk in force	$	30,369,106
Risk-to-capital ratio	8.2:1

For additional information regarding regulatory capital, see Note 14 to our condensed consolidated financial statements. The information above has been derived from the annual and quarterly statements of Essent Guaranty, which have been prepared in conformity with accounting practices prescribed or permitted by the Pennsylvania Insurance Department and the National Association of Insurance Commissioners Accounting Practices and Procedures Manual. Such practices vary from accounting principles generally accepted in the United States.

Essent Re has entered into GSE and other risk share transactions, including insurance and reinsurance transactions with Freddie Mac and Fannie Mae. Essent Guaranty also reinsures new insurance written ("NIW") to Essent Re. The following table summarizes the quota share reinsurance coverage that Essent Re has provided to Essent Guaranty for the respective NIW periods:


NIW Period						Ceding Percentage
January 1, 2025 to Present						50%
January 1, 2021 to December 31, 2024						35%
Prior to January 1, 2021						25%

During the nine months ended September 30, 2026 and 2025, Essent Re paid $200 million and $340 million in dividends to Essent Group, respectively. Essent Group made no capital contributions to Essent Re during the nine months ended September 30, 2026 and 2025. As of September 30, 2026, Essent Re had total stockholders’ equity of $1.7 billion.

Financial Strength Ratings

The financial strength rating of Essent Guaranty, our principal mortgage insurance subsidiary, is rated A2 with a stable outlook by Moody’s Ratings (“Moody's”), A- with a stable outlook by S&P and A (Excellent) with stable outlook by AM Best. The financial strength rating of Essent Re is A- with a stable outlook by S&P and A (Excellent) with stable outlook by AM Best. On October 26, 2026, S&P affirmed the A- financial strength rating of Essent Guaranty, Inc. and raised the outlook to positive from stable.

Private Mortgage Insurer Eligibility Requirements

Fannie Mae and Freddie Mac, maintain coordinated Private Mortgage Insurer Eligibility Requirements, which we refer to as the "PMIERs." The PMIERs represent the standards by which private mortgage insurers are eligible to provide mortgage insurance on loans owned or guaranteed by Fannie Mae and Freddie Mac. The PMIERs include financial strength requirements incorporating a risk-based framework that require approved insurers to have a sufficient level of liquid assets from which to pay claims. This risk-based framework provides that an insurer must hold a substantially higher level of required assets for insured loans that are in default compared to a performing loan. The PMIERs also include enhanced operational performance expectations and define remedial actions that apply should an approved insurer fail to comply with these requirements. As of September 30, 2026, Essent Guaranty, our GSE-approved mortgage insurance company, was in compliance with the PMIERs. As of September 30, 2026, Essent Guaranty's Available Assets were $3.7 billion or 177% of its Minimum Required Assets of $2.1 billion based on our interpretation of the PMIERs.

Under PMIERs guidance issued by the GSEs effective June 30, 2020, Essent will apply a 0.30 multiplier to the risk-based required asset amount factor for each insured loan in default backed by a property located in a FEMA Declared Major

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Disaster Area eligible for Individual Assistance and that either (1) is subject to a forbearance plan granted in response to a FEMA Declared Major Disaster, the terms of which are materially consistent with terms of forbearance plans, repayment plans or loan modification trial period offered by Fannie Mae or Freddie Mac, or (2) has an initial missed payment occurring up to either (i) 30 days prior to the first day of the incident period specified in the FEMA Major Disaster Declaration or (ii) 90 days following the last day of the incident period specified in the FEMA Major Disaster Declaration, not to exceed 180 days from the first day of the incident period specified in the FEMA Major Disaster Declaration. In the case of the foregoing, the 0.30 multiplier shall be applied to the risk-based required asset amount factor for a non-performing primary mortgage guaranty insurance loan for no longer than three calendar months beginning with the month the loan becomes a non-performing primary mortgage guaranty insurance loan by reaching two missed monthly payments absent a forbearance plan described in (1) above.

In August 2024, the GSEs issued updates to the PMIERs calculation of Available Assets. The updated PMIERs Available Asset requirements were subject to a phased-in implementation beginning with the quarter ending March 31, 2025, and became fully effective on September 30, 2026. Essent remains in full compliance with the PMIERs requirements.

Financial Condition

Stockholders’ Equity

As of September 30, 2026, stockholders’ equity was $5.6 billion, compared to $5.8 billion as of December 31, 2025. Stockholders' equity decreased primarily due the repurchase of common shares under our share repurchase plan, an increase in accumulated other comprehensive loss related to an increase in our net unrealized investment losses, and dividends paid partially offset by net income generated in 2026.

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Investments

As of September 30, 2026 and December 31, 2025, investments totaled $6.3 billion and $6.5 billion, respectively. In addition, our total cash was $160.7 million as of September 30, 2026, compared to $123.0 million as of December 31, 2025.

Investments Available for Sale by Asset Class


Asset Class	September 30, 2026				December 31, 2025
($ in thousands)	Fair Value		Percent		Fair Value		Percent
U.S. Treasury securities	$	317,844	5.4	%	$	369,712	6.1	%

U.S. agency mortgage-backed securities	1,125,165		19.2		1,174,895		19.2
Municipal debt securities(1)	563,350		9.6		610,411		10.0
Non-U.S. government securities	42,169		0.7		56,024		0.9
Corporate debt securities(2)	1,933,530		32.9		1,980,080		32.5
Residential and commercial mortgage securities	457,485		7.8		464,105		7.6
Asset-backed securities	928,298		15.8		800,366		13.1
Money market funds	504,142		8.6		648,492		10.6
Total Investments Available for Sale	$	5,871,983	100.0	%	$	6,104,085	100.0	%


	September 30,		December 31,
(1) The following table summarizes municipal debt securities as of :	2026		2025
Special revenue bonds	81.7	%	81.2	%
General obligation bonds	18.3		18.8



Total	100.0	%	100.0	%


	September 30,		December 31,
(2) The following table summarizes corporate debt securities as of :	2026		2025
Financial	40.2	%	40.9	%
Consumer, non-cyclical	18.6		18.1
Industrial	10.0		9.0
Utilities	8.7		7.9
Consumer, cyclical	4.8		6.0
Technology	5.9		6.1
Energy	4.7		4.7
Communications	4.4		4.7
Basic Materials	2.7		2.6

Total	100.0	%	100.0	%

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Investments Available for Sale by Rating


Rating (1)	September 30, 2026				December 31, 2025
($ in thousands)	Fair Value		Percent		Fair Value		Percent
Aaa	$	885,775	16.5	%	$	846,230	15.5	%
Aa1	1,688,499		31.5		1,799,508		32.9
Aa2	344,479		6.4		300,026		5.5
Aa3	310,745		5.8		319,848		5.9
A1	518,103		9.6		545,918		10.0
A2	500,477		9.3		511,146		9.4
A3	470,541		8.8		494,434		9.1
Baa1	249,968		4.7		244,424		4.5
Baa2	211,681		3.9		208,247		3.8
Baa3	125,643		2.3		122,596		2.2
Below Baa3	61,930		1.2		63,216		1.2

Total (2)	$	5,367,841	100.0	%	$	5,455,593	100.0	%

(1)Based on ratings issued by Moody’s, if available. S&P or Fitch Ratings ("Fitch") rating utilized if Moody’s not available.

(2)Excludes $504,142 and $648,492 of money market funds at September 30, 2026 and December 31, 2025, respectively.

Investments Available for Sale by Effective Duration


Effective Duration	September 30, 2026				December 31, 2025
($ in thousands)	Fair Value		Percent		Fair Value		Percent
< 1 Year	$	1,473,942	25.1	%	$	1,549,327	25.4	%
1 to < 2 Years	450,967		7.7		527,914		8.6
2 to < 3 Years	455,107		7.7		532,211		8.7
3 to < 4 Years	505,434		8.6		571,255		9.4
4 to < 5 Years	662,994		11.3		536,135		8.8
5 or more Years	2,323,539		39.6		2,387,243		39.1
Total Investments Available for Sale	$	5,871,983	100.0	%	$	6,104,085	100.0	%

Off-Balance Sheet Arrangements

Essent Guaranty has entered into fully collateralized reinsurance agreements ("Radnor Re Transactions") with unaffiliated special purpose insurers domiciled in Bermuda. The Radnor Re special purpose insurers are special purpose variable interest entities that are not consolidated in our condensed consolidated financial statements because we do not have the unilateral power to direct those activities that are significant to their economic performance. As of September 30, 2026, our estimated off-balance sheet maximum exposure to loss from the Radnor Re entities was $0.1 million, representing the estimated net present value of investment earnings on the assets in the reinsurance trusts. See Note 4 to our condensed consolidated financial statements for additional information.

Critical Accounting Policies

As of the filing date of this report, there were no significant changes in our critical accounting policies from those discussed in our 2025 Form 10-K. See Note 2 to our condensed consolidated financial statements for recently issued accounting standards adopted or under evaluation.

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Item 3. Quantitative and Qualitative Disclosures About Market Risk

We own and manage a large investment portfolio of various holdings, types and maturities. Investment income is one of our primary sources of cash flow supporting operations and claim payments. The assets within the investment portfolio are exposed to the same factors that affect overall financial market performance. While our investment portfolio is exposed to factors affecting markets worldwide, it is most sensitive to fluctuations in the drivers of U.S. markets.

We manage market risk via defined investment policy implemented by our treasury function with oversight from our board of directors and our senior management. Important drivers of our market risk exposure monitored and managed by us include but are not limited to:

•Changes to the level of interest rates. Increasing interest rates may reduce the value of certain fixed-rate bonds held in the investment portfolio. Higher rates may cause variable-rate assets to generate additional income. Decreasing rates will have the reverse impact. Significant changes in interest rates can also affect persistency and claim rates which may in turn require that the investment portfolio be restructured to better align it with future liabilities and claim payments. Such restructuring may cause investments to be liquidated when market conditions are adverse.

•Changes to the term structure of interest rates. Rising or falling rates typically change by different amounts along the yield curve. These changes may have unforeseen impacts on the value of certain assets.

•Market volatility/changes in the real or perceived credit quality of investments. Deterioration in the quality of investments, identified through changes to our own or third-party (e.g., rating agency) assessments, will reduce the value and potentially the liquidity of investments.

•Concentration Risk. If the investment portfolio is highly concentrated in one asset, or in multiple assets whose values are highly correlated, the value of the total portfolio may be greatly affected by the change in value of just one asset or a group of highly correlated assets.

•Prepayment Risk. Bonds may have call provisions that permit debtors to repay prior to maturity when it is to their advantage. This typically occurs when rates fall below the interest rate of the debt.

Market risk is measured for all investment assets at the individual security level. Market risks that are not fully captured by the quantitative analysis are highlighted. In addition, material market risk changes that occur from the last reporting period to the current are discussed. Changes to how risks are managed will also be identified and described.

At September 30, 2026, the effective duration of our investments available for sale was 4.0 years, which means that an instantaneous parallel shift (movement up or down) in the yield curve of 100 basis points would result in a change of 4.0% in fair value of our investments available for sale. Excluding short-term investments, our investments available for sale effective duration was 4.3 years, which means that an instantaneous parallel shift (movement up or down) in the yield curve of 100 basis points would result in a change of 4.3% in fair value of our investments available for sale.

Item 4. Controls and Procedures

Disclosure Controls and Procedures

Our management carried out an evaluation, under the supervision and with the participation of our chief executive officer and chief financial officer, of the effectiveness of our disclosure controls and procedures (as such term is defined in Rules 13a-15(e) and 15d-15(e) under the Exchange Act) as of the end of the period covered by this Quarterly Report. Based on this evaluation, our chief executive officer and chief financial officer concluded that our disclosure controls and procedures were effective as of September 30, 2026, the end of the period covered by this Quarterly Report.

Changes in Internal Control Over Financial Reporting

During our most recent fiscal quarter, there has not been any change in our internal control over financial reporting (as such term is defined in Rules 13a-15(f) and 15d-15(f) under the Exchange Act) that has materially affected, or is reasonably likely to materially affect, our internal control over financial reporting.

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PART II — OTHER INFORMATION

Item 1. Legal Proceedings

We are not currently subject to any material legal proceedings.

Item 1A. Risk Factors

Risk factors that affect our business and financial results are discussed in Part I, Item 1A. “Risk Factors” in our Annual Report on Form 10-K for the year ended December 31, 2025. There have been no material changes in our risk factors from those previously disclosed in our Annual Report. You should carefully consider the risks described in our Annual Report, which could materially affect our business, financial condition or future results. The risks described in our Annual Report, along with the disclosure below are not the only risks we face. Additional risks and uncertainties not currently known to us or that we currently deem to be immaterial also may materially adversely affect our business, financial condition, and/or operating results. If any of the risks actually occur, our business, financial condition, and/or results of operations could be negatively affected.

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds

Repurchases of Securities

The table below sets forth information regarding repurchases of our common shares during the three months ended September 30, 2026:


Period ($ in thousands, except per share amounts)	Total Number of Shares Purchased	Average Price Paid Per Share		Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs	Approximate Dollar Value of Shares that May Yet Be Purchased Under the Plans or Programs (1)
July 1 - July 31, 2026	161	$	64.52	—
August 1 - August 31, 2026	140,670	$	68.89	140,670
September 1 - September 30, 2026	967,178	$	66.96	967,178
Total	1,108,009			1,107,848	$	148,827

(1)During the three months ended September 30, 2026, the Company repurchased 1,107,848 common shares at a total cost of $74.5 million. The remaining $148.8 million in the table represents the amount available to repurchase shares under the November 2025 share repurchase authorization as of September 30, 2026. In October 2026, we repurchased 801,728 shares for $50.8 million, leaving approximately $98.0 million remaining for repurchases as of October 31, 2026.

Item 5. Other Information

Executive Trading Plans

On September 2, 2026, Christopher G. Curran, President of Essent Guaranty, Inc., entered into a 10b5-1 sales plan (the “Plan”) intended to satisfy the affirmative defense of Rule 10b5-1(c) under the Exchange Act. The Plan provides for the sale of up to an aggregate of 75,000 shares of the Company’s common stock beneficially owned by Mr. Curran during the term of the Plan and will be in effect until the earlier of (1) December 15, 2027, and (2) the date on which an aggregate of 75,000 shares of the Company’s common shares have been sold under the Plan.

On September 8, 2026, Mary L. Gibbons, SVP and Chief Legal Officer, entered into a 10b5-1 sales plan (the “Plan”) intended to satisfy the affirmative defense of Rule 10b5-1(c) under the Exchange Act. The Plan provides for the sale of up to an aggregate of 48,367 shares of the Company’s common stock beneficially owned by Ms. Gibbons during the term of the Plan and will be in effect until the earlier of (1) December 15, 2027, and (2) the date on which an aggregate of 48,367 shares of the Company’s common shares have been sold under the Plan.

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Item 6. Exhibits

(a) Exhibits:


Exhibit No.						Description

31.1						Certification of Chief Executive Officer required by Rule 13a-14(a) or Rule 15d-14(a) of the Securities Exchange Act of 1934, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
31.2						Certification of Chief Financial Officer required by Rule 13a-14(a) or Rule 15d-14(a) of the Securities Exchange Act of 1934, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
32.1						Certification of Chief Executive Officer and Chief Financial Officer pursuant to 18 U.S.C. 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002
101						The following financial information from this Quarterly Report on Form 10-Q for the quarter ended September 30, 2026, formatted in Inline XBRL: (i) the Condensed Consolidated Balance Sheets (Unaudited); (ii) the Condensed Consolidated Statements of Comprehensive Income (Unaudited); (iii) the Condensed Consolidated Statements of Changes in Stockholders’ Equity (Unaudited); (iv) the Condensed Consolidated Statements of Cash Flows (Unaudited); and (v) the Notes to Condensed Consolidated Financial Statements (Unaudited).
*						Management contract or compensatory plan or arrangement.

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SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized, on the date indicated.


						ESSENT GROUP LTD.


Date: November 6, 2026						/s/ MARK A. CASALE
						Mark A. Casale
						President, Chief Executive Officer and Chairman (Principal Executive Officer)


Date: November 6, 2026						/s/ DAVID B. WEINSTOCK
						David B. Weinstock
						Senior Vice President and Chief Financial Officer (Principal Financial Officer)

Essent Group - 10-Q quarterly report FY2026 Q3

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PART I.	FINANCIAL INFORMATION	1

Item 1.	Financial Statements (Unaudited)	1

	Condensed Consolidated Balance Sheets (Unaudited)	1

	Condensed Consolidated Statements of Comprehensive Income (Unaudited)	2

	Condensed Consolidated Statements of Changes in Stockholders’ Equity (Unaudited)	3

	Condensed Consolidated Statements of Cash Flows (Unaudited)	4

	Notes to Condensed Consolidated Financial Statements (Unaudited)	5

Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	27

Item 3.	Quantitative and Qualitative Disclosures About Market Risk	52

Item 4.	Controls and Procedures	52

PART II.	OTHER INFORMATION	53

Item 1.	Legal Proceedings	53

Item 1A.	Risk Factors	53

Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	53

Item 5.	Other Information	53

Item 6.	Exhibits	54

SIGNATURES		55