Essent Group’s Q1 profits rise as business expands

Bermuda-based mortgage insurance provider Essent Group has expanded its business in the first quarter of 2017, helping to lift profits.

Essent reported a 38 percent rise in net profit to $66.6 million compared to the first quarter of 2016.

The company owns Essent Guaranty, which offers private mortgage insurance for single-family mortgage loans in the US.

Net premiums written over the first quarter of 2017 totalled $119.3 million, up on the $100.5 million it wrote over the first three months of 2016.

Essent said that flow new insurance written for the first quarter of 2017 was $8.0 billion, compared to $5.4 billion in the first quarter of 2016.

The total amount of insurance in force on its books as of March 31, 2017 was $88.0 billion, compared to $67.7 billion as of March 31, 2016.

“We had another strong quarter of operating performance and producing high quality and growing earnings for our shareholders,” said chairman and CEO Mark Casale. “During the quarter, we grew insurance in force 30 percent compared to March 31st a year ago, while also generating a 19 percent annualised return on average equity in the first quarter of 2017.”

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