Essent Group Ltd. (ESNT): Modelo de Negócios Canvas [Jan-2025 Atualizado]

Mergulhe no intrincado mundo do Essent Group Ltd. (ESNT), uma potência no seguro de hipoteca que transforma os sonha em realidades tangíveis. Ao preencher engenhosamente a lacuna entre instituições financeiras e mutuários com restrição de crédito, a Essent cria um modelo de negócios sofisticado que não apenas mitiga os riscos de empréstimos, mas também capacita os indivíduos a entrar na escada da propriedade. Esse modelo abrangente de negócios revela como a empresa navega estrategicamente paisagens complexas hipotecárias, oferecendo proteção e oportunidade inovadoras por meio de tecnologia de ponta, gerenciamento robusto de riscos e soluções centradas no cliente que redefinem o ecossistema de seguros.

Essent Group Ltd. (ESNT) - Modelo de negócios: Parcerias -chave

Credores hipotecários e instituições financeiras

O Essent Group Ltd. faz parceria com os principais credores hipotecários dos Estados Unidos. A partir de 2023, as principais parcerias do credor hipotecário da empresa incluem:

Categoria de credor	Número de parcerias	Cobertura de mercado
Grandes bancos nacionais	12	65% do mercado de originação hipotecária
Bancos regionais	37	22% do mercado de originação de hipotecas
Cooperativas de crédito	24	8% do mercado de originação de hipotecas

Empresas de resseguro

O Essent mantém parcerias estratégicas de resseguros para gerenciar riscos:

• Munique Re Group
• Swiss Re
• Lloyd's of London
• Hannover re

Cobertura de resseguro a partir de 2023: US $ 523,4 milhões em capacidade total.

Provedores de tecnologia e software

Parceiro de tecnologia	Serviço prestado	Investimento anual
Software Guidewire	Sistemas principais de seguro	US $ 8,2 milhões
Microsoft Azure	Infraestrutura em nuvem	US $ 5,7 milhões
Salesforce	Gerenciamento de relacionamento com o cliente	US $ 3,5 milhões

Parceiros de conformidade regulatória

As principais parcerias de conformidade regulatória incluem:

• Comissários de seguros estaduais em 50 estados
• Associação de Banqueiros de Hipotecas
• Administração Federal de Habitação (FHA)

Redes de distribuição de seguros

Estatísticas de rede de distribuição para 2023:

Canal de distribuição	Número de parceiros	Volume de seguro hipotecário
Corretores hipotecários	1,247	US $ 42,3 bilhões
Agentes independentes	876	US $ 29,6 bilhões
Redes de credores diretos	512	US $ 35,8 bilhões

Essent Group Ltd. (ESNT) - Modelo de negócios: Atividades -chave

Subscrição de seguro hipotecário

Essent Group Ltd. processado US $ 68,8 bilhões em seguros-in-Force em 31 de dezembro de 2023. A empresa subscrição US $ 12,3 bilhões No novo seguro hipotecário durante o ano fiscal de 2023.

Métrica	Valor
Seguro total em força	US $ 68,8 bilhões
Novo seguro de hipoteca	US $ 12,3 bilhões
Prêmios líquidos escritos	US $ 637,6 milhões

Avaliação e gerenciamento de risco

O Essent mantém uma abordagem abrangente de gerenciamento de riscos com os seguintes componentes -chave:

• Técnicas avançadas de modelagem preditiva
• Algoritmos de pontuação de risco proprietários
• Monitoramento de portfólio contínuo

A proporção de risco / capital da empresa era 5.4:1 No final de 2023.

Processamento de reivindicações

Em 2023, essent processado 3,742 Total de reivindicações com um volume de pagamento de reclamações de US $ 187,4 milhões.

Métrica de reivindicações	2023 valor
Total de reivindicações processadas	3,742
Reivindicações de volume de pagamento	US $ 187,4 milhões
Tamanho médio da reclamação	$50,067

Desenvolvimento de produtos

Essent investiu US $ 24,6 milhões em pesquisa e desenvolvimento durante 2023, concentrando -se em soluções inovadoras de seguro hipotecário.

• Aprimoramentos da plataforma digital
• Ferramentas de avaliação de risco orientadas pela IA
• Produtos de seguro personalizados

Atendimento ao cliente e suporte

A empresa manteve um 92% taxa de satisfação do cliente em 2023, com 98.7% Disponibilidade de serviço digital.

Métrica de atendimento ao cliente	2023 desempenho
Taxa de satisfação do cliente	92%
Disponibilidade de serviço digital	98.7%
Tempo médio de resposta	2,4 horas

Essent Group Ltd. (ESNT) - Modelo de negócios: Recursos -chave

Fortes reservas de capital

A partir do quarto trimestre 2023, a Essent Group Ltd. manteve o patrimônio líquido total de US $ 2,74 bilhões. O total de ativos da empresa era de US $ 6,37 bilhões, fornecendo apoio financeiro substancial para suas operações de seguro hipotecário.

Métrica financeira	Valor (Q4 2023)
Equidade total dos acionistas	US $ 2,74 bilhões
Total de ativos	US $ 6,37 bilhões
Capital pago	US $ 1,28 bilhão

Tecnologia avançada de modelagem de risco

Investimento em tecnologia de risco: O Essent aloca aproximadamente 7-9% de sua receita anual à infraestrutura de tecnologia e modelagem de riscos.

• Algoritmos de avaliação de risco proprietários
• Plataformas de subscrição aprimoradas pelo aprendizado de máquina
• Sistemas de avaliação de risco de crédito em tempo real

Equipe de subscrição experiente

A partir de 2024, o Essent Group emprega 872 profissionais de subscrição especializados com uma experiência média do setor de 12,5 anos.

Composição da equipe	Número
Total de profissionais de subscrição	872
Experiência profissional média	12,5 anos

Infraestrutura digital robusta

Investimento em tecnologia: US $ 42,6 milhões gastos em atualizações de infraestrutura digital em 2023.

• Sistemas de processamento baseados em nuvem
• Protocolos de segurança cibernética
• Plataformas de gerenciamento de reivindicações automatizadas

Experiência abrangente de seguro hipotecário

Cobertura de mercado de 18,7% no setor de seguros de hipotecas privadas, com seguro ativo em vigor de US $ 242,3 bilhões a partir do quarto trimestre 2023.

Métrica de seguro	Valor
Quota de mercado	18.7%
Seguro em vigor	US $ 242,3 bilhões

Essent Group Ltd. (ESNT) - Modelo de Negócios: Proposições de Valor

Proteção de inadimplência hipotecária para credores

O Essent Group fornece seguro hipotecário que cobre 30% a 35% das possíveis perdas de empréstimos para instituições financeiras. No quarto trimestre 2023, o seguro total da empresa em vigor foi de US $ 262,8 bilhões.

Métrica	Valor
Seguro total em vigor	US $ 262,8 bilhões
Porcentagem média de cobertura	30-35%
Prêmios líquidos escritos (2023)	US $ 817,3 milhões

Soluções de adiantamento baixo para compradores de casas

A Essent é especializada em fornecer seguro hipotecário para empréstimos com pagamentos baixos de 3% a 5%.

• Pagamento mínimo suportado: 3%
• Razão máxima de empréstimo / valor: 97%
• Mercado-alvo: compradores de casas pela primeira vez

Mitigação de riscos para instituições financeiras

Em 2023, o índice de capital ajustado ao risco da Essent foi de 17,5%, demonstrando forte estabilidade financeira para parceiros institucionais.

Métrica de gerenciamento de riscos	2023 valor
Índice de capital ajustado ao risco	17.5%
Classificação de capacidade de pagamento de reclamações	A (Excelente)

Permitindo a casa de casa para mutuários com restrições de crédito

A Essent apoia os mutuários com pontuações de crédito tão baixas quanto 620, expandindo as oportunidades de propriedade de imóveis.

• Pontuação mínima de crédito suportada: 620
• Porcentagem de empréstimos para mutuários não primários: 22%
• Tamanho médio do empréstimo: US $ 285.000

Serviços de seguro eficientes e simplificados

A empresa processou 154.000 novas apólices de seguro em 2023, com um tempo médio de processamento de 48 horas.

Métrica operacional	2023 desempenho
Novas apólices de seguro	154,000
Tempo médio de processamento	48 horas
Taxa de conclusão de aplicativos digitais	92%

Essent Group Ltd. (ESNT) - Modelo de Negócios: Relacionamentos do Cliente

Plataformas de autoatendimento digital de clientes

O Essent Group Ltd. fornece à taxa de interação digital de 92,4% a partir do quarto trimestre 2023. A plataforma digital processa aproximadamente 68.500 transações mensais de clientes.

Métricas de plataforma digital	2023 Estatísticas
Taxa de acesso à conta on -line	94.2%
Uso do aplicativo móvel	62,3% dos clientes
Tempo médio de transação digital	7,2 minutos

Gerenciamento de conta dedicado

O Essent Group mantém 1.247 gerentes de conta dedicados que atendem a clientes de seguros hipotecários corporativos e individuais.

• Portfólio médio de clientes por gerente de contas: 87 clientes
• Taxa de retenção de clientes: 86,5%
• Tempo médio de resposta ao gerenciamento da conta: 2,3 horas

Comunicação proativa de risco

A estratégia de comunicação de risco envolve relatórios trimestrais de avaliação de risco enviados para 98,7% dos clientes de seguros hipotecários.

Processamento de reivindicações on -line

A plataforma de processamento de reivindicações digitais lida com 73.200 reclamações mensalmente com 94,6% de taxa de resolução de primeiro contato.

Métricas de processamento de reivindicações	2023 desempenho
Reivindicações mensais totais	73,200
Submissão de reivindicações digitais	89.7%
Tempo médio de resolução de reivindicações	4,6 dias

Soluções de seguro personalizadas

O Essent Group fornece soluções de seguro de hipoteca personalizadas para 42.500 perfis de clientes exclusivos em 2023.

• O algoritmo de personalização abrange 17 parâmetros de avaliação de risco
• Precisão de recomendação orientada ao aprendizado de máquina: 89,3%
• Taxa de implementação de solução personalizada: 76,4%

Essent Group Ltd. (ESNT) - Modelo de Negócios: Canais

Equipe de vendas diretas

A partir do quarto trimestre 2023, a Essent Group Ltd. mantém uma equipe de vendas direta de aproximadamente 487 funcionários focados na distribuição do seguro de hipoteca.

Métrica do canal de vendas	2023 dados
Total de representantes de vendas diretas	487
Volume médio de vendas por representante	US $ 42,3 milhões
Cobertura geográfica	50 estados dos EUA

Plataformas de seguro online

A Essent opera plataformas digitais com as seguintes características:

• Volume da transação da plataforma da web: US $ 3,2 bilhões em 2023
• Taxa de conclusão de aplicativos on -line: 67,4%
• Usuários da plataforma móvel: 214.000 usuários ativos

Redes de corretores hipotecários

O Essent colabora com redes de corretores de hipotecas nos Estados Unidos.

Broker Network Metric	2023 dados
Total de corretor em parceria	1,287
Penetração de mercado de rede de corretores	42.6%
Volume anual de referência	US $ 5,7 bilhões

Parcerias de instituição financeira

Métricas -chave de parceria para 2023:

• Total de parcerias bancárias: 213
• Cobertura de parceria: 38 estados
• Receita anual de parceria: US $ 876,5 milhões

Marketing digital e serviços baseados na Web

A estratégia de marketing digital da Essent inclui:

Métrica de canal digital	2023 dados
Visitantes mensais do site	412,000
Gastos de marketing digital	US $ 14,3 milhões
Taxa de conversão	3.7%

Essent Group Ltd. (ESNT) - Modelo de negócios: segmentos de clientes

Primeiros compradores de casas

O Essent Group Ltd. tem como alvo os compradores iniciantes com produtos de seguro hipotecário. A partir do quarto trimestre de 2023, os compradores iniciantes representavam 38% da base total de clientes da Essent.

Características do segmento	Dados estatísticos
Faixa etária	25-40 anos
Renda média	US $ 75.000 - US $ 110.000 anualmente
Penetração de mercado	42% do mercado total de compras domésticas pela primeira vez

Mutuários de baixa a moderada renda

O Essent fornece soluções especializadas de seguro hipotecário para mutuários de baixa a moderada renda.

• Faixa de renda: US $ 45.000 - US $ 75.000
• Índice de empréstimo / valor (LTV): 80-97%
• Segmento de mercado: 32% da base total de clientes da Essent

Credores hipotecários residenciais

O Essent serve a vários credores residenciais com produtos abrangentes de seguro hipotecário.

Tipo de credor	Número de parcerias
Bancos nacionais	12 principais instituições
Bancos regionais	47 instituições financeiras regionais
Cooperativas de crédito	89 parcerias

Proprietários de imóveis com restrição de crédito

A Essent oferece seguro hipotecário especializado para proprietários de imóveis com restrição de crédito.

• Intervalo de pontuação de crédito: 620-680
• Porcentagem de portfólio: 22% do total de clientes
• Tamanho médio do empréstimo: US $ 275.000

Profissionais de financiamento imobiliário

O Essent fornece soluções personalizadas para profissionais de financiamento imobiliário.

Categoria profissional	Nível de engajamento
Corretores hipotecários	156 parcerias ativas
Oficiais de empréstimos independentes	287 profissionais registrados
Empresas de investimento imobiliário	43 colaborações ativas

Essent Group Ltd. (ESNT) - Modelo de negócios: estrutura de custos

Despesas de subscrição e avaliação de risco

Para o ano fiscal de 2023, a Essent Group Ltd. relatou as seguintes despesas de subscrição:

Categoria de despesa	Quantidade (em milhões)
Custos de subscrição	$127.6
Tecnologia de avaliação de risco	$18.3
Análise atuarial	$12.4

Investimentos de tecnologia e infraestrutura

Essent Group Ltd. alocou recursos significativos para a infraestrutura de tecnologia:

• Investimento total de infraestrutura de TI em 2023: US $ 42,7 milhões
• Computação em nuvem e desenvolvimento da plataforma digital: US $ 22,5 milhões
• Aprimoramentos de segurança cibernética: US $ 8,9 milhões

Processamento e gerenciamento de reivindicações

As despesas relacionadas a reivindicações para 2023 foram estruturadas da seguinte forma:

Componente de processamento de reivindicações	Quantidade (em milhões)
Tecnologia de processamento de reivindicações	$31.2
Pessoal de gerenciamento de reivindicações	$24.6
Sistemas de resolução de reivindicações	$15.8

Custos de conformidade regulatória

Redução de despesas relacionadas à conformidade para 2023:

• Custos totais de conformidade regulatória: US $ 35,4 milhões
• Equipe legal e de conformidade: US $ 16,7 milhões
• Sistemas de relatórios de conformidade: US $ 9,2 milhões
• Auditoria e consultoria externa: US $ 9,5 milhões

Despesas de marketing e distribuição

Alocação de custos de marketing e distribuição para 2023:

Canal de marketing	Quantidade (em milhões)
Marketing digital	$14.3
Publicidade tradicional	$8.7
Rede de distribuição	$22.6
Operações da equipe de vendas	$17.4

Essent Group Ltd. (ESNT) - Modelo de negócios: fluxos de receita

Prêmios de seguro de hipoteca

Para o ano fiscal de 2023, a Essent Group Ltd. reportou prêmios totais de seguro hipotecário de US $ 1,075 bilhão. A fonte de receita principal da empresa vem de apólices de seguro de hipoteca de prêmio único e prêmio.

Tipo premium	Receita total (2023)	Porcentagem de prêmios totais
Premium único	US $ 712 milhões	66.2%
Prêmio mensal	US $ 363 milhões	33.8%

Modelos de preços baseados em risco

O Grupo Essent emprega sofisticados estratégias de preços baseados em risco que geraram US $ 247 milhões em receitas premium ajustadas por risco em 2023.

• Estratificação de risco com base nas pontuações de crédito do mutuário
• Avaliação da relação de empréstimo a valor
• Análise de risco geográfico

Taxas de política recorrentes

As taxas de política recorrentes para 2023 totalizaram US $ 89,4 milhões, representando um fluxo de receita estável adicional para a empresa.

Receita de resseguro

Em 2023, a receita de resseguro do Essent Group alcançada US $ 156,2 milhões, com parcerias principais de resseguros internacionais.

Parceiro de resseguro	Receita de resseguro
Consórcio de Resseguro Global	US $ 98,7 milhões
Contrato internacional de compartilhamento de risco	US $ 57,5 ​​milhões

Receitas de expansão geográfica

As receitas de expansão geográfica em 2023 contribuíram com US $ 212,6 milhões, com um crescimento significativo nos mercados emergentes de seguros hipotecários.

Região geográfica	Contribuição da receita
Estados Unidos	US $ 186,3 milhões
Mercados internacionais	US $ 26,3 milhões

Essent Group Ltd. (ESNT) - Canvas Business Model: Value Propositions

You're looking at the core benefits Essent Group Ltd. delivers to its partners and the market, which is the engine of their business model. It's all about managing risk while keeping the housing market flowing.

Mitigating mortgage credit risk for lenders and investors

The primary value here is absorbing the potential loss when a mortgage goes bad. Essent Group Ltd. provides credit protection to lenders and mortgage investors by covering a portion of the unpaid principal balance of a mortgage and related expenses if a default occurs. This capital support is what lets lenders feel secure enough to extend credit.

The scale of this risk mitigation is substantial, as shown by the portfolio size. As of September 30, 2025, Essent Group Ltd. had $248.8 billion in insurance in force (IIF). This is up from $243.0 billion as of September 30, 2024. The company's net margin for the third quarter of 2025 was reported at 55.63%, indicating strong profitability from the risks they underwrite.

Facilitating homeownership for borrowers with low down payments (less than 20%)

By taking on the lender's risk, Essent Group Ltd. directly enables access to financing for borrowers who don't have a full 20% down payment saved up. This is a critical function in the U.S. housing finance industry. The volume of new business they are insuring shows this value proposition in action.

New insurance written for the third quarter of 2025 totaled $12.2 billion. For the first quarter of 2025, new insurance written was $9.9 billion. This activity supports the market, even if new volume slowed slightly from the $12.5 billion written in the second quarter of 2025.

Stable, cost-efficient risk transfer via programmatic reinsurance

Essent Group Ltd. doesn't hold all this risk itself; they use a 'Buy, Manage & Distribute' model that relies heavily on programmatic reinsurance to keep their capital structure efficient and stable. This is how they manage franchise volatility, especially during economic downturns. They transfer a significant portion of their exposure to highly rated third-party reinsurers.

The effectiveness of this strategy is clear in the coverage metrics. As of March 31, 2025, 97% of the Insurance in Force (IIF) was subject to reinsurance protection. This is a slight increase from the 96% reported as of September 30, 2024. The amount of risk ceded via quota share treaties was substantial; as of March 31, 2025, $9.0 billion of Risk in Force (RIF) had been ceded.

Here's a quick look at the structure of that risk transfer as of the first quarter of 2025:

Risk Transfer Mechanism	Amount / Coverage	Date Reference
IIF Subject to Reinsurance Protection	97%	March 31, 2025
RIF Ceded via Quota Share Treaties	$9.0 billion	March 31, 2025
ILN/XOL Reinsurance Coverage Access	$1.5 billion	March 31, 2025
Quota Share Coverage on 2025/2026 New Business	25%	Q1 2025 Agreements

Comprehensive product suite: MI, reinsurance, and title services

Essent Group Ltd. offers more than just primary mortgage insurance (PMI). Their full suite provides multiple touchpoints for risk management within the housing finance ecosystem. They use their three primary operating companies to deliver this breadth of service. If onboarding takes 14+ days, churn risk rises, but a full suite helps lock in partners.

The offerings include:

• Private mortgage insurance (PMI) for lenders.
• Reinsurance, including through Essent Reinsurance Ltd..
• Title insurance and settlement services via Essent Title Insurance, Inc..
• Contract underwriting and IT services.

The title insurance segment, while smaller, diversifies the revenue base; premiums earned from Essent Title Insurance were about 7% of the total earned from other business divisions at the end of 2024.

Best-in-class customer service and quick policy delivery

Essent Group Ltd. aims to be a trusted, best-in-class partner to the housing finance industry. This commitment is reflected in how their reports are received by users, suggesting efficiency in their interactions, which is key for lenders needing quick policy turnaround.

The company provides customer support-related services as part of its operations. Based on user feedback aggregated on one platform, Essent Group Ltd. reports have an aggregate usefulness score of 4.8 / 5.0 based on 107 reviews. This suggests a high degree of satisfaction with the information and service they provide to their partners.

Finance: draft 13-week cash view by Friday.

Essent Group Ltd. (ESNT) - Canvas Business Model: Customer Relationships

You're looking at how Essent Group Ltd. keeps its lender partners and the broader housing finance industry engaged. The relationship focus is on being a trusted partner, which shows up in how they manage risk and service delivery.

Dedicated account management and field organization support

Essent Group Ltd. provides customer support-related services alongside its core insurance offerings. The company also offers information technology maintenance and development services. The structure supports the ongoing service needs of its partners.

Long-term, collaborative relationships with lender partners

The relationships with lender partners are heavily supported by risk-sharing mechanisms, which solidify long-term collaboration. For instance, Essent entered into quota share reinsurance agreements in January 2025 covering 25% of all eligible new insurance written for calendar years 2025 and 2026. Also, in April 2025, two excess of loss transactions were entered into, providing coverage on 20% of all eligible policies written in 2025 and 2026, effective July 1st of each year. The overall mortgage insurance portfolio in force as of September 30, 2025, stood at $248.8 billion. The persistency rate, a key indicator of ongoing customer satisfaction, was reported at 85.7% at the end of Q4 2025, down from 86.6% in Q3 2025. The weighted average FICO for the insurance in force portfolio was seven forty six as of June 30, 2025.

The nature of these relationships can be seen in the scale of business and risk mitigation:

• Insurance in Force (IIF) as of March 31, 2025: $244.7 billion.
• New Insurance Written (NIW) for Q1 2025: $9.9 billion.
• Mortgage Insurance Combined Ratio for Q3 2025: 33.9%.
• Portfolio Default Rate as of September 30, 2025: 2.29%.

Automated, self-service tools for rate quoting and policy ordering

Essent Group Ltd. supports its partners with tools designed for efficiency in the origination process. While specific usage metrics for automated rate quoting tools aren't public, the focus on efficiency is implied by the overall business model serving the U.S. housing finance industry.

Advisory and contract underwriting services for customers

Essent Group Ltd. explicitly provides contract underwriting services. Furthermore, Essent Reinsurance Ltd. offers underwriting and surveillance services to reinsurers writing mortgage risk. The title insurance segment, Essent Title Insurance, Inc., contributes premiums that represent about 7% of the total premiums earned across other business divisions.

The relationship with the investment community, another critical stakeholder group, is managed through capital deployment:

Metric	Value/Amount	Period/Date
Book Value Per Share Growth (Annualized)	12%	Last five years through Q2 2025
Book Value Per Share (Q4 2024)	$53.36	End of Q4 2024
Book Value Per Share Growth (Annualized)	14.4%	Last two years through Q3 2025
Shares Repurchased YTD	8.7 million shares	Through October 31, 2025
Share Repurchase Cost YTD	$501 million	Through October 31, 2025
Quarterly Dividend Per Share	$0.31	Q3 2025

The company also has a new share repurchase authorization of $500 million approved through 2027.

Essent Group Ltd. (ESNT) - Canvas Business Model: Channels

Direct integration with financial institutions' Loan Origination Systems (LOS)

This channel relies on seamless technical connections to process private mortgage insurance (PMI) requests directly within the lender's workflow. The scale of this activity is reflected in the overall mortgage insurance in force (IIF) managed by Essent Guaranty, Inc. As of September 30, 2025, the total Insurance in Force stood at $248.8 billion.

The core of the MI business, which flows through these direct LOS integrations, is measured by premiums. Net premiums earned for the third quarter of 2025 were $246.3 million, representing a 1% year-on-year decline.

Essent Online and web-based insurance application platforms

Essent Group Ltd. supports its direct and agent channels with digital tools. The company developed the proprietary credit engine EssentEDGE®, which is a cloud-based platform used for mortgage insurance pricing and risk management.

Additionally, the company offers the Essentials Learning Platform, a web-based resource for training and accessing tools. The volume processed through these digital interfaces contributes significantly to the overall MI production, with new insurance written in the third quarter of 2025 totaling $12.2 billion.

Essent Title's network of title insurance agents

The title insurance segment, operated through Essent Title Insurance, Inc., uses a network of independent agents to deliver services. This channel's scale is shown by its revenue contribution. For the first quarter of 2025, Essent Title Insurance generated revenue of $12.2 million.

The company provides these agents with innovative tools to streamline underwriting and accelerate closings.

Direct sales force targeting mortgage lenders and servicers

The direct sales force engages key mortgage lenders and servicers to secure primary MI business. This effort is crucial for maintaining and growing market share. In 2024, Essent Group Ltd.'s share of new insurance written was 15.4%, down from 17% in 2023.

The effectiveness of the sales channels is reflected in the quarterly new business volume:

• New insurance written in Q3 2025: $12.2 billion.
• New insurance written in Q2 2025: $12.5 billion.
• New insurance written in Q1 2025: $9.9 billion.

The overall financial performance tied to these channels in the latest reported quarter includes a trailing 12-month revenue of $1.29B as of September 30, 2025, and a Q3 2025 GAAP profit of $1.67 per diluted share.

The following table summarizes key financial and operational metrics relevant to the throughput across Essent Group Ltd.'s channels as of late 2025:

Metric	Value	Period End Date	Channel Relevance
Trailing 12-Month Revenue	$1.29B	September 30, 2025	Overall Business Volume
Insurance in Force (IIF)	$248.8 billion	September 30, 2025	Direct LOS Integration Scale
New Insurance Written (NIW)	$12.2 billion	Q3 2025	Direct Sales Force Effectiveness
Net Premiums Earned	$246.3 million	Q3 2025	Web-Based/Digital Platform Throughput
Essent Title Revenue	$12.2 million	Q1 2025	Title Agent Network Scale
Book Value Per Share	$58.86	September 30, 2025	Underlying Financial Strength

The combined ratio across the mortgage insurance segment for the third quarter of 2025 was 33.9%, showing underwriting efficiency across the policies generated via these distribution methods.

Essent Group Ltd. (ESNT) - Canvas Business Model: Customer Segments

The customer segments for Essent Group Ltd. are defined by the entities that directly purchase or benefit from its Private Mortgage Insurance (PMI), reinsurance, and title services.

Mortgage Lenders (banks, credit unions, non-bank originators)

Mortgage Lenders are the direct purchasers of Private Mortgage Insurance from Essent Guaranty, Inc. This insurance is critical for them to originate home loans where the borrower's down payment is less than 20 percent, enabling compliance with secondary market requirements.

Mortgage Investors (GSEs and private capital markets)

Mortgage Investors, particularly the Government-Sponsored Enterprises (GSEs) like Fannie Mae and Freddie Mac, are a primary driver for Essent Group Ltd.'s business. The federal charters of the GSEs require that mortgages purchased exceeding 80 percent Loan-to-Value (LTV) must have approved mortgage insurance protection. Essent Group Ltd.'s Insurance in Force as of September 30, 2025, stood at $248.8 billion. New insurance written for the third quarter of 2025 totaled $12.2 billion.

Third-Party Reinsurers seeking mortgage credit risk exposure

Essent Reinsurance Ltd. actively engages with highly rated third-party reinsurers to distribute credit risk. This is a key part of Essent Group Ltd.'s strategy to manage its capital position. Specific arrangements in 2025 included:

• Agreements entered into in January 2025 covering 25 percent of the risk of all eligible policies written by Essent Guaranty, Inc. in calendar years 2025 and 2026.
• Two excess of loss transactions entered into in April 2025 providing coverage on 20 percent of all eligible new insurance written for calendar years 2025 and 2026.
• Essent Re is an active participant in GSE and other risk share business with $2.2 billion Risk In Force.

Homebuyers (indirectly, those requiring Private Mortgage Insurance)

While not a direct customer paying Essent Group Ltd. for services, homebuyers requiring PMI are the ultimate beneficiaries of the product, as the insurance allows them access to financing with lower down payments. Industry-wide, approximately 80M U.S. households have a mortgage, with approximately $1.5 Trillion of residential debt insured by Private MI as of August 2025.

The relationship between Essent Group Ltd. and its primary customer groups can be summarized by the flow of risk and capital:

Customer Segment	Primary Interaction/Metric	Associated 2025 Financial/Statistical Data
Mortgage Lenders	Origination of low down payment loans	New insurance written in Q3 2025: $12.2 billion
Mortgage Investors (GSEs)	Requirement for MI on high LTV loans	Insurance in Force as of September 30, 2025: $248.8 billion
Third-Party Reinsurers	Risk transfer agreements	Quota Share reinsurance covering 25 percent of 2025 new business risk
Homebuyers (Indirect)	Access to mortgages with <20% down payment	Total U.S. Mortgaged Households (Industry): ~80M

Essent Group Ltd. (ESNT) - Canvas Business Model: Cost Structure

You're looking at the cost side of Essent Group Ltd.'s business as of late 2025, specifically drawing from the reported figures through the third quarter of 2025. For an insurance and reinsurance operation, the costs are heavily weighted toward potential claims and managing the risk portfolio.

Significant provision for losses and loss adjustment expenses

The provision for losses and loss adjustment expenses (LAE) is a direct reflection of current and expected claim activity. For the third quarter ended September 30, 2025, this cost was significant, driven by seasonal default increases.

• Q3 2025 Provision for losses and LAE: $\$44.922$ million.
• Q2 2025 Provision for losses and LAE: $\$17.055$ million.
• Provision for losses and LAE for the nine months ended September 30, 2025, totaled approximately $\$93.264$ million (calculated from Q1, Q2, and Q3 2025 figures).

Reinsurance costs for risk transfer transactions

Essent Group Ltd. actively uses reinsurance to manage its risk exposure, which involves direct costs like ceding commissions and the financial impact of derivative agreements. The cost structure here is dynamic due to ongoing risk transfer deals.

Reinsurance Cost Component (Q1 2025)	Amount (USD Millions)
Ceded Premiums Written	$(\mathbf{\$34.123})$
Net Favorable Change in Fair Value of Embedded Derivatives (Q1 2025)	$(\mathbf{\$0.150})$

Note that ceded premiums are a reduction in the net premium earned, effectively an offset to revenue, but represent the cost of transferring risk. The company also entered quota share agreements in Q1 2025 and excess of loss transactions in April 2025 to cover portions of the 2025 and 2026 new insurance written.

Technology and data analytics investment for EssentEDGE

While Essent Group Ltd. emphasizes its investment in the proprietary credit engine, EssentEDGE®, for underwriting and risk management, specific dollar amounts allocated solely to this technology investment are not explicitly broken out in the standard quarterly expense line items. This investment is embedded within the broader operating expenses.

General operating expenses (salaries, IT, customer support)

These expenses cover the day-to-day running of the business, including personnel costs, which are significant for a service-oriented financial firm. We can look at the components of underwriting and operating expenses for Q3 2025.

• Q3 2025 Compensation and benefits: $\$29.176$ million.
• Q3 2025 Other underwriting and operating expenses: $\$31.287$ million.
• For the first nine months of 2025, Total other underwriting and operating expenses were approximately $\$193.387$ million (sum of Q1, Q2, and Q3 figures).

The Mortgage Insurance segment's expense ratio for Q3 2025 was $14.8\%$ of net premiums earned and settlement services revenue.

Capital return costs (dividends and share repurchases)

Essent Group Ltd. maintains a consistent approach to returning capital to shareholders through dividends and aggressive share repurchases, which is a major cash outflow category.

Capital Return Activity	Amount / Rate
Q3 2025 Declared Quarterly Dividend	$\$0.31$ per common share
Share Repurchases Year-to-Date (through October 31, 2025)	$\$501$ million
Share Repurchases in Q2 2025 (approximate)	$\$328.5$ million
New Share Repurchase Authorization (Approved November 2025)	$\$500$ million (through year-end 2027)

The company's commitment to capital return is evident in the new authorization, which follows significant repurchases earlier in 2025.

Essent Group Ltd. (ESNT) - Canvas Business Model: Revenue Streams

When you look at Essent Group Ltd.'s revenue streams, you're seeing the core of a mortgage insurance powerhouse, supplemented by smart capital deployment. The primary engine, as expected for an insurer, is the premium collected on policies written.

For the third quarter ending September 30, 2025, the Net premiums earned came in at $246.3 million. That's the bread and butter of the operation. Looking at the longer nine-month period ending the same date, the cumulative Net premiums earned reached approximately $740.989 million (reported as $740,989 thousand in filings). This core insurance business remains the most significant component of Essent Group Ltd.'s top line.

The second major component, which has been particularly strong given the recent rate environment, is investment income. For the nine months ended September 30, 2025, Net investment income was reported at $177.3 million. Just for the third quarter alone, that income stream contributed $59.8 million. This income comes from investing the float-the premiums collected before claims are paid out-in assets like fixed-income securities.

To give you the full picture of the top line as of that date, the Trailing Twelve Month (TTM) revenue was $1.29 billion as of September 30, 2025. For context, the total revenue for the third quarter of 2025 was $311.83 million, and the revenue for the nine months ending September 30, 2025, was $948.53 million.

Here's a quick summary of those key financial figures:

Metric	Period	Amount
Net Premiums Earned	Q3 2025	$246.3 million
Net Investment Income	9 Months Ended Sep 30, 2025	$177.3 million
Total Revenue	Q3 2025	$311.83 million
Trailing Twelve Month Revenue	As of Sep 30, 2025	$1.29 billion

Beyond the primary insurance and investment income, Essent Group Ltd. diversifies its revenue through its other operating subsidiaries. These represent the third and fourth key streams, though specific 2025 dollar amounts for these segments aren't as prominently broken out in the headline results as premiums and investment income.

The other revenue-generating activities include:

• Reinsurance premiums from third-party business, generated through its Bermuda-based subsidiary, Essent Reinsurance Ltd.
• Title insurance and settlement services fees, handled by Essent Title Insurance, Inc.

Honestly, while the reinsurance and title fee income are important for diversification, the historical data suggests that Net premiums earned has consistently made up the vast majority of the total revenue, often accounting for over 80% of the top line in prior periods. So, the health of the core mortgage insurance business dictates the overall revenue picture.

Finance: draft 13-week cash view by Friday.