Form 8-K - Current report

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d)

of the Securities Exchange Act of 1934

Date of report (Date of Earliest Event Reported): January 9, 2024

ESSENT GROUP LTD.

(Exact name of registrant as specified in its charter)

Bermuda

001-36157

Not Applicable

(State of Incorporation)

(Commission File Number)

(I.R.S. Employer Identification No.)

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)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:


☐			Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐			Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐			Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐			Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

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. ¨

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

Item 8.01 Other Events

On January 9, 2024, Essent Group Ltd. (“Company”) announced that S&P Global Ratings (“S&P”) has raised its long-term insurer financial strength and issuer credit ratings on the Company's wholly owned subsidiaries, Essent Guaranty, Inc. and Essent Reinsurance Ltd., to ‘A-’ from ‘BBB+’, with a stable outlook. A copy of the Company's press release is attached hereto as Exhibit 99.1. This Form 8-K and the attached exhibit are provided under Item 8.01 of Form 8-K and are furnished to, but not filed with, the Securities and Exchange Commission.

Item 9.01. Financial Statements and Exhibits


(d)			Exhibits

Exhibit
No.

Description

99.1

Press release issued by Essent Group Ltd. on January 9, 2024.

104

Cover Page Interactive Data File - the cover page XBRL tags are embedded within the Inline XBRL document.

SIGNATURE

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

Date: January 9, 2024

ESSENT GROUP LTD.

By: /s/ David B. Weinstock

Name: David B. Weinstock

Title: Senior Vice President and Chief Financial Officer

EXHIBIT 99.1

Essent Announces Upgraded Financial Strength Ratings from S&P Global Ratings to A-

HAMILTON, Bermuda, January 9, 2024 – 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 the Company

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.

Cover Page	Jan. 09, 2024
Cover [Abstract]
Document Type	8-K
Document Period End Date	Jan. 09, 2024
Entity Registrant Name	ESSENT GROUP LTD.
Entity Incorporation, State or Country Code	D0
Entity File Number	001-36157
Entity Address, Address Line One	Clarendon House
Entity Address, Address Line Two	2 Church Street
Entity Address, City or Town	Hamilton
Entity Address, Postal Zip Code	HM11
Entity Address, Country	BM
City Area Code	441
Local Phone Number	297‑9901
Written Communications	false
Soliciting Material	false
Pre-commencement Tender Offer	false
Pre-commencement Issuer Tender Offer	false
Entity Emerging Growth Company	false
Title of 12(b) Security	Common Shares, $0.015 par value
Trading Symbol	ESNT
Security Exchange Name	NYSE
Entity Central Index Key	0001448893
Amendment Flag	false