Essent Announces Upgraded Financial Strength Ratings from S&P Global Ratings to A-
January 09 2024 - 6:30AM
Business Wire
Essent Group Ltd. (NYSE: ESNT) (“Essent”) today announced that
S&P Global Ratings (“S&P”) has raised its long-term insurer
financial strength and issuer credit ratings on its wholly owned
subsidiaries, Essent Guaranty, Inc. (“Essent Guaranty”) and Essent
Reinsurance Ltd. (“Essent Re”) to ‘A-’ from ‘BBB+’, with a stable
outlook.
S&P’s rationale in support of the ratings upgrade includes
an improved view of Essent’s capital adequacy resulting from the
implementation of S&P’s revised capital adequacy methodology,
its expectation of Essent’s ability to generate solid underwriting
earnings that should be capital accretive, and Essent’s mortgage
insurance portfolio with strong underwriting quality, significant
home equity cushion, and substantial reinsurance protection.
“We are very pleased with the S&P ratings upgrade and
reaching another milestone of A- or higher financial strength
ratings by all rating agencies for both Essent Guaranty and Essent
Re,” said Mark Casale, Chairman and Chief Executive Officer. “The
upgrade reflects our strong balance sheet and profitability, and
the benefits of transformative changes to our business, including
post-GFC regulatory guardrails, increased use of risk-based pricing
engine and programmatic reinsurance, which have made Essent a
stronger and more sustainable franchise.”
About Essent
Essent Group Ltd. (NYSE: ESNT) is a Bermuda-based holding
company (collectively with its subsidiaries, “Essent”) which serves
the housing finance industry by offering private mortgage
insurance, reinsurance, risk management products and title
insurance and settlement services to mortgage lenders, borrowers,
and investors to support homeownership. Additional information
regarding Essent may be found at www.essentgroup.com.
Source: Essent Group Ltd.
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Media Contact 610.230.0556 media@essentgroup.com
Investor Relations Contact Philip Stefano Vice President,
Investor Relations 855-809-ESNT ir@essentgroup.com
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