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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): November 7, 2025
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 2.02.    Results of Operations and Financial Condition
On November 7, 2025, Essent Group Ltd. (the “Company”) issued a press release announcing its financial results for the quarter ended September 30, 2025. A copy of this press release is furnished as Exhibit 99.1 to this report.
The information in this report, including Exhibit 99.1, has been “furnished” and shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to liability under that section. The information in this report shall not be incorporated by reference into any filing or other document under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such filing or document.

Item 9.01.             Financial Statements and Exhibits
(d) Exhibits
Exhibit
 No.		    Description
104 Cover Page Interactive Data File - the cover page XBRL tags are embedded within the Inline XBRL document.
Press Release issued by Essent Group Ltd. on November 7, 2025.


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: November 7, 2025

ESSENT GROUP LTD.


By:    /s/ David B. Weinstock
Name: David B. Weinstock
Title: Senior Vice President and Chief Financial Officer

EX-99.1 2 a93025financialsupplement.htm EX-99.1 Document

Exhibit 99.1

Essent Group Ltd. Announces Third Quarter 2025 Results and Declares Quarterly Dividend
HAMILTON, Bermuda, November 7, 2025--Essent Group Ltd. (NYSE: ESNT) today reported net income for the quarter ended September 30, 2025 of $164.2 million or $1.67 per diluted share, compared to $176.2 million or $1.65 per diluted share for the quarter ended September 30, 2024.
Essent also announced today that its Board of Directors has declared a quarterly cash dividend of $0.31 per common share. The dividend is payable on December 10, 2025 to shareholders of record on December 1, 2025.

“We are pleased with our third quarter results, which again demonstrate the strength and resilience of our business model,” said Mark A. Casale, Chairman and Chief Executive Officer. “Our performance was driven by continued favorable credit trends and the benefits of the current interest rate environment on both portfolio persistency and investment income, allowing us to continue generating high-quality earnings for our shareholders.”
Financial Highlights:
•New insurance written for the third quarter of 2025 was $12.2 billion, compared to $12.5 billion in the second quarter of 2025 and $12.5 billion in the third quarter of 2024.

•Insurance in force as of September 30, 2025 was $248.8 billion, compared to $246.8 billion as of June 30, 2025 and $243.0 billion as of September 30, 2024.

•Net investment income for the nine months ended September 30, 2025 was $177.3 million, up 7% from the comparable period in 2024.

•On August 6, 2025, Moody's Ratings upgraded the insurance financial strength rating of Essent Guaranty, Inc. to A2 from A3 and the senior unsecured debt rating of Essent Group Ltd. to Baa2 from Baa3. At the same time, the rating outlook for these entities was revised to stable.

•Year-to-date through October 31st, Essent has repurchased 8.7 million common shares for $501 million.

•In November 2025, our Board approved a $500 million share repurchase authorization that runs through year-end 2027.

Conference Call:
Essent management will hold a conference call at 10:00 AM Eastern time today to discuss its results. The conference call will be broadcast live over the Internet at http://ir.essentgroup.com/events-and-presentations/events/default.aspx. The call may also be accessed by dialing 888-330-2384 inside the U.S., or 240-789-2701 for international callers, using passcode 9824537 or by referencing Essent.

A replay of the webcast will be available on the Essent website approximately two hours after the live broadcast ends for a period of one year. A replay of the conference call will be available approximately two hours after the call ends for a period of two weeks, using the following dial-in numbers and passcode: 800-770-2030 inside the U.S., or 647-362-9199 for international callers, passcode 9824537.
In addition to the information provided in the Company's earnings news release, other statistical and financial information, which may be referred to during the conference call, will be available on Essent's website at http://ir.essentgroup.com/financials/quarterly-results/default.aspx.
Forward-Looking Statements:
This press release may include “forward-looking statements” which are subject to known and unknown risks and uncertainties, many of which may be beyond our control. Forward-looking statements generally can be identified by the use of forward-looking terminology such as "may," "will," “should,” “expect,” "plan," "anticipate," "believe," “estimate,” “predict,” or "potential" or the negative thereof or variations thereon or similar terminology. Actual events, results and outcomes may differ materially from our expectations due to a variety of known and unknown risks, uncertainties and other factors. Although it is not possible to identify all of these risks and factors, they include, among others, the following: changes in or to Fannie Mae and Freddie Mac (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 customers or the loss of a significant customer; lenders or investors seeking alternatives to private mortgage insurance; an increase in the number of loans insured through Federal government mortgage insurance programs; 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; and other risks and factors described in Part I, Item 1A “Risk Factors” of our Annual Report on Form 10-K for the year ended December 31, 2024 filed with the Securities and Exchange Commission on February 19, 2025, as subsequently updated through other reports we file with the Securities and Exchange Commission. Any forward-looking information presented herein is made only as of the date of this press release, and we do not undertake any obligation to update or revise any forward-looking information to reflect changes in assumptions, the occurrence of unanticipated events, or otherwise.
About the Company:
Essent Group Ltd. (NYSE: ESNT) is a Bermuda-based holding company (collectively with its subsidiaries, “Essent”) offering private mortgage insurance, reinsurance, and title insurance and settlement services to serve the housing finance industry. Additional information regarding Essent may be found at www.essentgroup.com.





Source: Essent Group Ltd.
Media Contact
610.230.0556
media@essentgroup.com

Investor Relations Contact
Philip Stefano
Vice President, Investor Relations
855-809-ESNT
ir@essentgroup.com


Essent Group Ltd. and Subsidiaries
Financial Results and Supplemental Information (Unaudited)
Quarter Ended September 30, 2025
Exhibit A Condensed Consolidated Statements of Comprehensive Income (Unaudited)
Exhibit B Condensed Consolidated Balance Sheets (Unaudited)
Exhibit C Consolidated Historical Quarterly Data
Exhibit D U.S. Mortgage Insurance Portfolio Historical Quarterly Data
Exhibit E New Insurance Written - U.S. Mortgage Insurance Portfolio
Exhibit F Insurance in Force and Risk in Force - U.S. Mortgage Insurance Portfolio
Exhibit G Other Mortgage Risk in Force
Exhibit H U.S. Mortgage Insurance Portfolio Vintage Data
Exhibit I U.S. Mortgage Insurance Portfolio Reinsurance Vintage Data
Exhibit J U.S. Mortgage Insurance Portfolio Geographic Data
Exhibit K Rollforward of Defaults and Reserve for Losses and LAE - U.S. Mortgage Insurance Portfolio
Exhibit L Detail of Reserves by Default Delinquency - U.S. Mortgage Insurance Portfolio
Exhibit M Investments Available for Sale
Exhibit N U.S. Mortgage Insurance Company Capital
Exhibit O Historical Quarterly Segment Information



Exhibit A
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) 2025 2024 2025 2024
Revenues:
Direct premiums written $ 280,796  $ 277,754  $ 828,062  $ 819,595 
Ceded premiums (38,968) (34,789) (106,475) (92,524)
Net premiums written 241,828  242,965  721,587  727,071 
Decrease in unearned premiums 4,504  5,971  19,402  19,346 
Net premiums earned 246,332  248,936  740,989  746,417 
Net investment income 59,795  57,340  177,294  165,511 
Realized investment gains (losses), net (425) 68  (735) (2,236)
Income from other invested assets 1,770  2,820  13,644  486 
Other income 4,358  7,414  17,339  17,699 
Total revenues 311,830  316,578  948,531  927,877 
Losses and expenses:
Provision for losses and LAE 44,922  30,666  93,264  40,245 
Other underwriting and operating expenses 59,498  66,881  193,387  199,923 
Interest expense 8,251  11,457  24,547  27,168 
Total losses and expenses 112,671  109,004  311,198  267,336 
Income before income taxes 199,159  207,574  637,333  660,541 
Income tax expense 34,944  31,399  102,346  99,038 
Net income $ 164,215  $ 176,175  $ 534,987  $ 561,503 
Earnings per share:
Basic $ 1.69  $ 1.67  $ 5.35  $ 5.32 
Diluted 1.67  1.65  5.29  5.26 
Weighted average shares outstanding:
Basic 97,400  105,266  100,086  105,539 
Diluted 98,519  106,554  101,155  106,700 
Net income $ 164,215  $ 176,175  $ 534,987  $ 561,503 
Other comprehensive income:
Change in unrealized appreciation of investments 50,241  117,358  138,559  90,217 
Total other comprehensive income 50,241  117,358  138,559  90,217 
Comprehensive income $ 214,456  $ 293,533  $ 673,546  $ 651,720 


Exhibit B
Essent Group Ltd. and Subsidiaries
Condensed Consolidated Balance Sheets (Unaudited)
September 30, December 31,
(In thousands, except per share amounts) 2025 2024
Assets
Investments
Fixed maturities available for sale, at fair value $ 5,449,789  $ 5,112,697 
Short-term investments available for sale, at fair value 640,076  764,024 
Total investments available for sale 6,089,865  5,876,721 
Other invested assets 370,072  303,900 
Total investments 6,459,937  6,180,621 
Cash 91,411  131,480 
Accrued investment income 43,004  43,732 
Accounts receivable 53,674  55,564 
Deferred policy acquisition costs 9,191  9,653 
Property and equipment 49,956  41,871 
Prepaid federal income tax 490,456  489,600 
Goodwill and acquired intangible assets, net 78,504  79,556 
Other assets 75,866  79,572 
Total assets $ 7,351,999  $ 7,111,649 
Liabilities and Stockholders' Equity
Liabilities
Reserve for losses and LAE $ 397,138  $ 328,866 
Unearned premium reserve 96,581  115,983 
Net deferred tax liability 438,187  392,428 
Senior notes due 2029, net 494,965  493,959 
Other accrued liabilities 186,154  176,755 
Total liabilities 1,613,025  1,507,991 
Commitments and contingencies
Stockholders' Equity
Common shares, $0.015 par value:
Authorized - 233,333; issued and outstanding - 97,497 shares in 2025 and 105,015 shares in 2024 1,462  1,575 
Additional paid-in capital 770,561  1,214,956 
Accumulated other comprehensive loss (165,425) (303,984)
Retained earnings 5,132,376  4,691,111 
Total stockholders' equity 5,738,974  5,603,658 
Total liabilities and stockholders' equity $ 7,351,999  $ 7,111,649 
Return on average equity (1) 12.6 % 13.6 %
(1) The 2025 return on average equity is calculated by dividing annualized year-to-date 2025 net income by average equity. The 2024 return on average equity is calculated by dividing full year 2024 net income by average equity.



Exhibit C
Essent Group Ltd. and Subsidiaries
Supplemental Information
Consolidated Historical Quarterly Data
2025 2024
Selected Income Statement Data September 30 June 30 March 31 December 31 September 30
(In thousands, except per share amounts)
Revenues:
Net premiums earned:
U.S. mortgage insurance portfolio $ 215,683  $ 220,261  $ 218,125  $ 211,683  $ 214,119 
GSE and other mortgage risk share 15,945  13,646  15,505  16,180  17,130 
Title insurance and other 14,704  14,902  12,218  16,602  17,687 
Net premiums earned 246,332  248,809  245,848  244,465  248,936 
Net investment income 59,795  59,289  58,210  56,559  57,340 
Realized investment gains (losses), net (425) (129) (181) (114) 68 
Income from other invested assets 1,770  4,466  7,408  6,889  2,820 
Other income (1)
 4,358  6,708  6,273  7,228  7,414 
Total revenues 311,830  319,143  317,558  315,027  316,578 
Losses and expenses:
Provision for losses and LAE 44,922  17,055  31,287  40,975  30,666 
Other underwriting and operating expenses 59,498  62,765  71,124  70,951  66,881 
Interest expense 8,251  8,148  8,148  8,151  11,457 
Total losses and expenses 112,671  87,968  110,559  120,077  109,004 
Income before income taxes 199,159  231,175  206,999  194,950  207,574 
Income tax expense (2)
 34,944  35,836  31,566  27,050  31,399 
Net income $ 164,215  $ 195,339  $ 175,433  $ 167,900  $ 176,175 
Earnings per share:
   Basic $ 1.69  $ 1.95  $ 1.71  $ 1.60  $ 1.67 
   Diluted 1.67  1.93  1.69  1.58  1.65 
Weighted average shares outstanding:
   Basic 97,400  100,037  102,881  104,963  105,266 
   Diluted 98,519  101,059  103,946  106,104  106,554 
Book value per share $ 58.86  $ 56.98  $ 55.22  $ 53.36  $ 53.11 
Return on average equity (annualized) 11.5  % 13.8  % 12.5  % 11.9  % 12.8  %
Borrowings
Borrowings outstanding $ 500,000  $ 500,000  $ 500,000  $ 500,000  $ 500,000 
Undrawn committed capacity $ 500,000  $ 500,000  $ 500,000  $ 500,000  $ 500,000 
Weighted average interest rate (end of period)
 6.25  % 6.25  % 6.25  % 6.25  % 6.25  %
Debt-to-capital 8.01  % 8.10  % 8.12  % 8.19  % 8.14  %
(1) Other income includes net favorable (unfavorable) changes in the fair value of embedded derivatives associated with certain of our third-party reinsurance agreements, which for the quarters ended September 30, 2025, June 30, 2025, March 31, 2025, December 31, 2024, and September 30, 2024, were ($858), ($29), ($150), $204, and ($1,173), respectively.
(2) Income tax expense for the quarters ended September 30, 2025, June 30, 2025, March 31, 2025, December 31, 2024, and September 30, 2024 includes $493, $1,112, $1,561, $1,591, and $475, respectively, of discrete tax expense associated with realized and unrealized gains. Income tax expense for the quarter ended September 30, 2025 also includes ($828) of discrete tax benefits associated with prior year tax returns. Income tax expense for the quarter ended March 31, 2025 also includes ($742) of excess tax benefits associated with the vesting of common shares and common share units.


Exhibit D
Essent Group Ltd. and Subsidiaries
Supplemental Information
U.S. Mortgage Insurance Portfolio Historical Quarterly Data
2025 2024
Other Data: September 30 June 30 March 31 December 31 September 30
($ in thousands)
U.S. mortgage insurance portfolio
New insurance written $ 12,233,252  $ 12,544,731  $ 9,945,336  $ 12,220,968  $ 12,513,695 
New risk written $ 3,239,497  $ 3,357,820  $ 2,698,639  $ 3,297,296  $ 3,437,465 
Average insurance in force $ 247,821,046  $ 245,747,813  $ 244,005,459  $ 243,236,830  $ 242,065,632 
Insurance in force (end of period) $ 248,808,341  $ 246,797,619  $ 244,692,492  $ 243,645,423  $ 242,976,043 
Gross risk in force (end of period) (1)
 $ 68,262,577  $ 67,683,239  $ 67,026,626  $ 66,613,517  $ 66,237,992 
Risk in force (end of period) $ 56,940,929  $ 56,811,096  $ 56,565,811  $ 56,477,150  $ 55,915,640 
Policies in force 812,856  812,182  811,342  813,013  815,507 
Weighted average coverage (2)
 27.4  % 27.4  % 27.4  % 27.3  % 27.3  %
Annual persistency 86.0  % 85.8  % 85.7  % 85.7  % 86.6  %
Loans in default (count) 18,583  17,255  17,759  18,439  15,906 
Percentage of loans in default 2.29  % 2.12  % 2.19  % 2.27  % 1.95  %
U.S. mortgage insurance portfolio premium rate:
   Base average premium rate (3)
 0.41 % 0.41 % 0.41 % 0.41 % 0.41 %
   Single premium cancellations (4)
 — % — % — % — % — %
  Gross average premium rate 0.41 % 0.41 % 0.41 % 0.41 % 0.41 %
  Ceded premiums (0.06 %) (0.05 %) (0.05 %) (0.06 %) (0.06 %)
    Net average premium rate 0.35 % 0.36 % 0.36 % 0.35 % 0.35 %
(1) Gross risk in force includes risk ceded under third-party reinsurance.
(2) Weighted average coverage is calculated by dividing end of period gross risk in force by end of period insurance in force.
(3) Base average premium rate is calculated by dividing annualized base premiums earned by average insurance in force for the period.
(4) Single premium cancellations is calculated by dividing annualized premiums on the cancellation of non-refundable single premium policies by average insurance in force for the period.



Exhibit E
Essent Group Ltd. and Subsidiaries
Supplemental Information - U.S. Mortgage Insurance Portfolio
New Insurance Written
NIW by Credit Score
Three Months Ended Nine Months Ended
September 30, 2025 September 30, 2024 September 30, 2025 September 30, 2024
($ in thousands)
>=760 $ 6,356,576  52.0 % $ 5,339,574  42.7 % $ 17,372,805  50.0 % $ 14,387,356  43.2 %
740-759 1,889,181  15.4  2,141,817  17.1  5,623,462  16.2  5,717,289  17.1 
720-739 1,485,477  12.2  1,764,319  14.1  4,384,395  12.6  4,828,718  14.5 
700-719 1,257,054  10.3  1,622,450  13.0  3,742,854  10.8  4,348,047  13.0 
680-699 691,114  5.6  918,116  7.3  1,997,765  5.8  2,351,589  7.1 
<=679 553,850  4.5  727,419  5.8  1,602,038  4.6  1,707,365  5.1 
Total $ 12,233,252  100.0 % $ 12,513,695  100.0 % $ 34,723,319  100.0 % $ 33,340,364  100.0 %
Weighted average credit score 754  747  753  747 
NIW by LTV
Three Months Ended Nine Months Ended
September 30, 2025 September 30, 2024 September 30, 2025 September 30, 2024
($ in thousands)
85.00% and below $ 1,129,090  9.2 % $ 836,186  6.7 % $ 2,992,346  8.6 % $ 2,250,434  6.7 %
85.01% to 90.00% 3,099,275  25.3  2,415,504  19.3  8,335,451  24.0  6,571,300  19.7 
90.01% to 95.00% 6,200,624  50.8  6,616,174  52.9  17,870,142  51.5  18,008,682  54.0 
95.01% and above 1,804,263  14.7  2,645,831  21.1  5,525,380  15.9  6,509,948  19.6 
Total $ 12,233,252  100.0 % $ 12,513,695  100.0 % $ 34,723,319  100.0 % $ 33,340,364  100.0 %
Weighted average LTV 93 % 93 % 93 % 93 %
NIW by Product
Three Months Ended Nine Months Ended
September 30, 2025 September 30, 2024 September 30, 2025 September 30, 2024
Single premium policies 1.3 % 1.4 % 1.3 % 1.5 %
Monthly premium policies 98.7  98.6 98.7  98.5
100.0 % 100.0 % 100.0 % 100.0 %
NIW by Purchase vs. Refinance
Three Months Ended Nine Months Ended
September 30, 2025 September 30, 2024 September 30, 2025 September 30, 2024
Purchase 90.5 % 97.0 % 92.4 % 97.4 %
Refinance 9.5  3.0 7.6  2.6
100.0 % 100.0 % 100.0 % 100.0 %


Exhibit F
Essent Group Ltd. and Subsidiaries
Supplemental Information
Insurance in Force and Risk in Force - U.S. Mortgage Insurance Portfolio
Portfolio by Credit Score
IIF by FICO score September 30, 2025 June 30, 2025 September 30, 2024
($ in thousands)
>=760 $ 103,261,791  41.5 % $ 101,554,517  41.1 % $ 98,553,455  40.6 %
740-759 43,372,715  17.4  43,146,312  17.5  42,377,559  17.4 
720-739 38,113,923  15.3  38,115,925  15.4  37,947,254  15.6 
700-719 32,834,985  13.2  32,789,773  13.3  32,685,044  13.5 
680-699 19,625,586  7.9  19,666,338  8.0  19,890,335  8.2 
<=679 11,599,341  4.7  11,524,754  4.7  11,522,396  4.7 
Total $ 248,808,341  100.0 % $ 246,797,619  100.0 % $ 242,976,043  100.0 %
Weighted average credit score 746  746  746 
Gross RIF by FICO score September 30, 2025 June 30, 2025 September 30, 2024
($ in thousands)
>=760 $ 28,056,444  41.0 % $ 27,578,860  40.8 % $ 26,614,399  40.2 %
740-759 12,054,702  17.7  11,989,491  17.7  11,715,485  17.7 
720-739 10,587,116  15.5  10,584,541  15.6  10,485,311  15.8 
700-719 9,155,794  13.4  9,136,075  13.5  9,044,551  13.7 
680-699 5,429,039  8.0  5,434,287  8.0  5,451,406  8.2 
<=679 2,979,482  4.4  2,959,985  4.4  2,926,840  4.4 
Total $ 68,262,577  100.0 % $ 67,683,239  100.0 % $ 66,237,992  100.0 %
Portfolio by LTV
IIF by LTV September 30, 2025 June 30, 2025 September 30, 2024
($ in thousands)
85.00% and below $ 14,398,904  5.8 % $ 14,309,342  5.8 % $ 15,555,555  6.4 %
85.01% to 90.00% 58,982,107  23.7  59,432,276  24.1  61,262,960  25.2 
90.01% to 95.00% 131,889,655  53.0  130,210,803  52.7  125,919,529  51.8 
95.01% and above 43,537,675  17.5  42,845,198  17.4  40,237,999  16.6 
Total $ 248,808,341  100.0 % $ 246,797,619  100.0 % $ 242,976,043  100.0 %
Weighted average LTV 93 % 93 % 93 %
Gross RIF by LTV September 30, 2025 June 30, 2025 September 30, 2024
($ in thousands)
85.00% and below $ 1,696,592  2.5 % $ 1,689,437  2.5 % $ 1,845,584  2.8 %
85.01% to 90.00% 14,526,528  21.3  14,653,527  21.7  15,120,025  22.8 
90.01% to 95.00% 38,895,352  57.0  38,402,295  56.7  37,149,222  56.1 
95.01% and above 13,144,105  19.2  12,937,980  19.1  12,123,161  18.3 
Total $ 68,262,577  100.0 % $ 67,683,239  100.0 % $ 66,237,992  100.0 %
Portfolio by Loan Amortization Period
IIF by Loan Amortization Period September 30, 2025 June 30, 2025 September 30, 2024
($ in thousands)
FRM 30 years and higher $ 242,770,621  97.6 % $ 241,225,436  97.8 % $ 237,628,900  97.8 %
FRM 20-25 years 1,070,635  0.4  1,024,884  0.4  1,199,947  0.5 
FRM 15 years 1,664,866  0.7  1,465,011  0.6  1,191,749  0.5 
ARM 5 years and higher 3,302,219  1.3  3,082,288  1.2  2,955,447  1.2 
Total $ 248,808,341  100.0 % $ 246,797,619  100.0 % $ 242,976,043  100.0 %


Exhibit G
Essent Group Ltd. and Subsidiaries
Supplemental Information
Other Mortgage Risk in Force
2025 2024
($ in thousands) September 30 June 30 March 31 December 31 September 30
GSE and other mortgage risk share (1):
Risk in Force $ 2,184,981  $ 2,290,008  $ 2,189,477  $ 2,209,284  $ 2,228,376 
Reserve for losses and LAE $ 94  $ 88  $ 52  $ 51  $ 37 
Weighted average credit score 751  751  751  751  750 
Weighted average LTV 83 % 83 % 82 % 82 % 82 %
(1) GSE and other mortgage risk share includes GSE risk share and other mortgage reinsurance transactions. Essent Reinsurance Ltd. ("Essent Re") provides insurance or reinsurance relating to the risk in force on loans in reference pools acquired by Freddie Mac and Fannie Mae.





Exhibit H
Essent Group Ltd. and Subsidiaries
Supplemental Information
U.S. Mortgage Insurance Portfolio Vintage Data
September 30, 2025
Insurance in Force
Year Original
Insurance
Written
($ in thousands)		 Remaining
Insurance
in Force
($ in thousands)		 % Remaining of Original
Insurance		 Number of Policies in Force Weighted Average Coupon % Purchase >90% LTV >95% LTV FICO < 700 FICO >= 760 Incurred Loss Ratio (Inception to Date) (1) Number of Loans in Default Percentage of Loans in Default
2010 - 2015 $ 86,862,507  $ 1,547,043  1.8  % 8,541  4.28  % 68.5  % 50.5  % 1.7  % 11.6  % 47.4  % 2.3  % 342  4.00  %
2016 34,949,319  1,224,277  3.5  7,032  4.04  78.7  62.5  16.5  16.8  41.3  2.0  339  4.82 
2017 43,858,322  2,941,973  6.7  18,638  4.32  90.4  82.4  26.3  21.3  36.1  2.9  861  4.62 
2018 47,508,525  3,956,282  8.3  23,387  4.83  95.1  78.9  29.3  22.6  31.2  3.8  1,095  4.68 
2019 63,569,183  8,869,146  14.0  44,858  4.25  90.1  75.0  27.0  19.4  34.2  3.5  1,564  3.49 
2020 107,944,065  29,520,352  27.3  121,596  3.22  76.0  68.4  16.1  10.9  44.9  2.7  2,417  1.99 
2021 84,218,250  42,983,766  51.0  148,389  3.11  91.8  71.2  18.2  13.7  40.1  6.4  3,599  2.43 
2022 63,061,262  46,918,955  74.4  138,053  5.09  98.4  67.3  11.9  12.5  39.5  19.3  3,670  2.66 
2023 47,666,852  37,383,517  78.4  107,924  6.61  98.8  73.4  19.3  11.1  38.2  21.4  2,834  2.63 
2024 45,561,332  40,106,430  88.0  108,554  6.70  94.9  73.2  20.3  12.3  42.3  20.3  1,669  1.54 
2025 (through September 30) 34,723,319  33,356,600  96.1  85,884  6.70  92.3  67.5  16.4  10.6  49.2  8.4  193  0.22 
Total $ 659,922,936  $ 248,808,341  37.7  812,856  5.17  92.6  70.5  17.5  12.6  41.5  5.7  18,583  2.29 
(1) Incurred loss ratio is calculated by dividing the sum of case reserves and cumulative amount paid for claims by cumulative net premiums earned.



Essent Group Ltd. and Subsidiaries Exhibit I
Supplemental Information
U.S. Mortgage Insurance Portfolio Reinsurance Vintage Data
September 30, 2025
($ in thousands)
Insurance Linked Notes (1)
Earned Premiums Ceded
Deal Name Vintage Remaining
Insurance
in Force		 Remaining
Risk
in Force		 Original
Reinsurance in Force		 Remaining
Reinsurance in Force		 Losses
Ceded
to Date		 Original
First Layer
Retention		 Remaining
First Layer
Retention		 Quarter-to-Date Year-to-Date Reduction in PMIERs Minimum Required Assets (3)
Radnor Re 2021-1 Aug. 2020 - Mar. 2021 $ 19,739,682  $ 5,468,250  $ 557,911  $ 114,739  $ —  $ 278,956  $ 276,517  $ 1,216  $ 3,997  $ 79,765 
Radnor Re 2021-2 Apr. 2021 - Sep. 2021 25,483,612  7,221,803  439,407  209,214  —  279,415  273,314  2,874  8,930  181,589 
Radnor Re 2022-1 Oct. 2021 - Jul. 2022 25,108,189  6,942,042  237,868  140,407  —  303,761  295,115  2,977  9,508  129,175 
Radnor Re 2023-1 Aug. 2022 - Jun. 2023 25,659,356  7,054,365  281,462  227,315  —  281,463  274,987  3,068  9,269  215,495 
Radnor Re 2024-1 Jul. 2023 - Jul. 2024 26,433,237  7,318,400  363,366  282,240  —  256,495  255,938  2,960  8,843  208,858 
Total $ 122,424,076  $ 34,004,860  $ 1,880,014  $ 973,915  $ —  $ 1,400,090  $ 1,375,871  $ 13,095  $ 40,547  $ 814,882 
Excess of Loss Reinsurance (2)
Earned Premiums Ceded
Deal Name Vintage Remaining
Insurance
in Force		 Remaining
Risk
in Force		 Original
Reinsurance in Force		 Remaining
Reinsurance in Force		 Losses
Ceded
to Date		 Original
First Layer
Retention		 Remaining
First Layer
Retention		 Quarter-to-Date Year-to-Date Reduction in PMIERs Minimum Required Assets (3)
XOL 2019-1 Jan. 2018 - Dec. 2018 $ 3,917,343  $ 1,034,525  $ 118,650  $ 76,144  $ —  $ 253,643  $ 241,999  $ 627  $ 1,861  $ — 
XOL 2020-1 Jan. 2019 - Aug. 2019 5,062,931  1,340,666  55,102  29,152  —  215,605  210,860  252  747  — 
XOL 2022-1 Oct. 2021 - Dec. 2022 57,047,820  15,687,589  141,992  141,992  —  507,114  480,893  1,611  4,779  137,144 
XOL 2023-1 Jan. 2023 - Dec. 2023 33,592,906  9,329,166  36,627  36,627  —  366,270  361,520  439  1,301  35,221 
XOL 2024-1 Jan. 2024 - Dec. 2024 37,239,040  10,243,450  58,005  58,005  —  331,456  330,808  657  1,953  55,989 
XOL 2025-1 Jan. 2025 - Dec. 2025 33,292,085  8,918,226  62,428  62,428  —  265,700  265,700  566  566  60,035 
Total $ 170,152,125  $ 46,553,622  $ 472,804  $ 404,348  $ —  $ 1,939,788  $ 1,891,780  $ 4,152  $ 11,207  $ 288,389 
Quota Share Reinsurance (2)
Losses Ceded Ceding Commission Earned Premiums Ceded
Year Ceding Percentage Remaining Insurance in Force Remaining Risk in Force Remaining Ceded Insurance in Force Remaining Ceded Risk in Force Quarter-to-Date Year-to-Date
Quarter-to-Date
Year-to-Date
Quarter-to-Date
Year-to-Date		 Reduction in PMIERs Minimum Required Assets (3)
Sep. 2019 - Dec. 2020 (4) $ 33,267,853  $ 9,170,377  $ 6,888,445  $ 1,872,081  $ 187  $ (428) $ 2,013  $ 6,406  $ 3,090  $ 8,812  $ 115,851 
Jan. 2022 - Dec. 2022 20% 46,871,227  12,846,313  9,374,245  2,569,263  2,941  5,460  1,675  5,168  5,872  15,029  189,789 
Jan. 2023 - Dec. 2023 17.5% 33,484,914  9,302,064  5,859,860  1,627,861  2,350  4,992  1,205  3,706  4,879  12,774  127,884 
Jan. 2024 - Dec. 2024 15% 39,879,085  10,951,466  5,981,863  1,642,720  2,310  5,159  1,241  3,792  4,978  13,311  128,046 
Jan. 2025 - Dec. 2025 25% 33,319,488  8,925,838  8,329,872  2,231,460  690  962  1,195  2,072  2,902  4,795  146,367 
Total $ 186,822,567  $ 51,196,058  $ 36,434,285  $ 9,943,385  $ 8,478  $ 16,145  $ 7,329  $ 21,144  $ 21,721  $ 54,721  $ 707,937 
(1) Reinsurance provided by unaffiliated special purpose insurers through the issuance of mortgage insurance-linked notes ("ILNs").
(2) Reinsurance provided by panels of reinsurers.
(3) Represents the reduction in Essent Guaranty, Inc.'s Minimum Required Assets based on our interpretation of the PMIERs.
(4) Reinsurance coverage on 40% of eligible single premium policies and 20% of all other eligible policies.


Exhibit J
Essent Group Ltd. and Subsidiaries
Supplemental Information
U.S. Mortgage Insurance Portfolio Geographic Data
IIF by State
September 30, 2025 June 30, 2025 September 30, 2024
CA 12.2 % 12.3 % 12.5 %
FL 12.0  12.0  11.8 
TX 11.3  11.3  10.9 
CO 4.0  4.0  4.1 
AZ 4.0  3.9  3.8 
GA 3.8  3.8  3.7 
WA 3.4  3.4  3.4 
NC 3.1  3.1  3.0 
MI 2.6  2.6  2.5 
NY 2.6  2.6  2.6 
All Others 41.0  41.0  41.7 
Total 100.0 % 100.0 % 100.0 %
Gross RIF by State
September 30, 2025 June 30, 2025 September 30, 2024
CA 12.2 % 12.3 % 12.5 %
FL 12.2  12.2  12.0 
TX 11.6  11.5  11.2 
AZ 4.0  4.0  3.9 
CO 3.9  4.0  4.0 
GA 3.9  3.9  3.8 
WA 3.4  3.4  3.4 
NC 3.1  3.1  3.0 
MI 2.6  2.6  2.5 
UT 2.6  2.6  2.4 
All Others 40.5  40.4  41.3 
Total 100.0 % 100.0 % 100.0 %




Exhibit K
Essent Group Ltd. and Subsidiaries
Supplemental Information
Rollforward of Defaults and Reserve for Losses and LAE
U.S. Mortgage Insurance Portfolio
Rollforward of Insured Loans in Default
Three Months Ended
2025 2024
September 30 June 30 March 31 December 31 September 30
Beginning default inventory 17,255  17,759  18,439  15,906  13,954 
Plus: new defaults (A)
 10,357  8,810  9,664  11,136  9,984 
Less: cures (8,713) (9,078) (10,173) (8,408) (7,819)
Less: claims paid (296) (215) (153) (183) (182)
Less: rescissions and denials, net (20) (21) (18) (12) (31)
Ending default inventory 18,583  17,255  17,759  18,439  15,906 
(A) New defaults remaining as of September 30, 2025
 7,693  3,556  2,221  1,696  1,164 
        Cure rate (1)
 26 % 60 % 77 % 85 % 88 %
Total amount paid for claims (in thousands) $ 16,456  $ 9,007  $ 6,330  $ 7,740  $ 5,749 
Average amount paid per claim (in thousands) $ 56  $ 42  $ 41  $ 42  $ 32 
Severity 78 % 67 % 70 % 68 % 58 %
Rollforward of Reserve for Losses and LAE
Three Months Ended
2025 2024
($ in thousands) September 30 June 30 March 31 December 31 September 30
Reserve for losses and LAE at beginning of period $ 345,952  $ 338,128  $ 310,156  $ 274,926  $ 246,107 
Less: Reinsurance recoverables 41,966  40,351  36,655  30,867  26,022 
Net reserve for losses and LAE at beginning of period 303,986  297,777  273,501  244,059  220,085 
Add provision for losses and LAE occurring in:
Current period 62,349  45,119  48,928  50,212  51,649 
Prior years (18,179) (29,796) (18,208) (12,976) (21,836)
Incurred losses and LAE during the period 44,170  15,323  30,720  37,236  29,813 
Deduct payments for losses and LAE occurring in:
Current period 552  315  51  1,569  637 
Prior years 16,013  8,799  6,393  6,225  5,202 
Loss and LAE payments during the period 16,565  9,114  6,444  7,794  5,839 
Net reserve for losses and LAE at end of period 331,591  303,986  297,777  273,501  244,059 
Plus: Reinsurance recoverables 47,957  41,966  40,351  36,655  30,867 
Reserve for losses and LAE at end of period $ 379,548  $ 345,952  $ 338,128  $ 310,156  $ 274,926 
(1) The cure rate is calculated by dividing new defaults remaining as of the reporting date by the original number of new defaults reported in the quarterly period and subtracting that percentage from 100%.


Exhibit L
Essent Group Ltd. and Subsidiaries
Supplemental Information
Detail of Reserves by Default Delinquency
U.S. Mortgage Insurance Portfolio
September 30, 2025
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
($ in thousands)
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 
Average reserve per default:
Case $ 18.9 
Total $ 20.4 
Default Rate 2.29%
3+ Month Default Rate 1.49%
December 31, 2024
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
($ in thousands)
Missed Payments:
Two payments 6,691  36 % $ 32,672  11 % $ 522,644  6 %
Three payments 3,154  17  26,278  9  250,696  10 
Four to eleven payments 6,408  35  122,551  43  515,600  24 
Twelve or more payments 2,022  11  93,269  33  153,376  61 
Pending claims 164  1  11,174  4  12,478  90 
Total case reserves 18,439  100  % 285,944  100 % $ 1,454,794  20 %
IBNR 21,446 
LAE 2,766 
Total reserves for losses and LAE $ 310,156 
Average reserve per default:
Case $ 15.5 
Total $ 16.8 
Default Rate 2.27%
3+ Month Default Rate 1.44%
September 30, 2024
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
($ in thousands)
Missed Payments:
Two payments 5,704  36 % $ 29,187  11 % $ 425,367  7 %
Three payments 2,589  16  24,662  10  202,138  12 
Four to eleven payments 5,498  35  104,223  41  437,515  24 
Twelve or more payments 1,980  12  86,821  35  144,396  60 
Pending claims 135  1  8,620  3  9,692  89 
Total case reserves 15,906  100  % 253,513  100 % $ 1,219,108  21 %
IBNR 19,013 
LAE 2,400 
Total reserves for losses and LAE $ 274,926 
Average reserve per default:
Case $ 15.9 
Total $ 17.3 
Default Rate 1.95%
3+ Month Default Rate 1.25%


Exhibit M
Essent Group Ltd. and Subsidiaries
Supplemental Information
Investments Available for Sale
Investments Available for Sale by Asset Class
Asset Class September 30, 2025 December 31, 2024
($ in thousands) Fair Value Percent Fair Value Percent
U.S. Treasury securities $ 382,791  6.3 % $ 547,290  9.3 %
U.S. agency mortgage-backed securities 1,178,691  19.4  1,125,436  19.2 
Municipal debt securities 613,089  10.0  583,501  9.9 
Non-U.S. government securities 63,142  1.0  69,798  1.2 
Corporate debt securities 1,930,920  31.7  1,783,046  30.3 
Residential and commercial mortgage securities 463,344  7.6  478,086  8.1 
Asset-backed securities 817,812  13.5  631,959  10.8 
Money market funds 640,076  10.5  657,605  11.2 
Total investments available for sale $ 6,089,865  100.0 % $ 5,876,721  100.0 %
Investments Available for Sale by Credit Rating
Rating (1)
 September 30, 2025 December 31, 2024
($ in thousands) Fair Value Percent Fair Value Percent
Aaa $ 841,702  15.4 % $ 2,513,014  48.1 %
Aa1 1,817,913  33.4  101,809  2.0 
Aa2 296,607  5.4  301,080  5.8 
Aa3 307,657  5.6  271,069  5.2 
A1 569,589  10.5  511,076  9.8 
A2 458,648  8.4  411,999  7.9 
A3 503,779  9.2  463,616  8.8 
Baa1 222,589  4.1  218,454  4.2 
Baa2 212,197  3.9  198,193  3.8 
Baa3 147,026  2.7  151,729  2.9 
Below Baa3 72,082  1.4  77,077  1.5 
Total (2)
 $ 5,449,789  100.0 % $ 5,219,116  100.0 %
(1) Based on ratings issued by Moody's, if available. S&P or Fitch rating utilized if Moody's not available.
(2) Excludes $640,076 and $657,605 of money market funds at September 30, 2025 and December 31, 2024, respectively.
Investments Available for Sale by Duration and Book Yield
Effective Duration September 30, 2025 December 31, 2024
($ in thousands) Fair Value Percent Fair Value Percent
< 1 Year $ 1,511,803  24.8 % $ 1,587,022  26.9 %
1 to < 2 Years 567,580  9.3  544,630  9.3 
2 to < 3 Years 515,475  8.5  473,301  8.1 
3 to < 4 Years 628,295  10.3  445,614  7.6 
4 to < 5 Years 528,981  8.7  546,414  9.3 
5 or more Years 2,337,731  38.4  2,279,740  38.8 
Total investments available for sale $ 6,089,865  100.0 % $ 5,876,721  100.0 %
Pre-tax investment income yield:
Three months ended 3.89 %
Nine months ended September 30, 2025 3.83 %
Cash and investments available for sale at the holding companies:
($ in thousands)
As of September 30, 2025 $ 1,038,747 
As of December 31, 2024 $ 1,052,900 


Exhibit N
Essent Group Ltd. and Subsidiaries
Supplemental Information
U.S. Mortgage Insurance Company Capital
2025 2024
September 30 June 30 March 31 December 31 September 30
($ in thousands)
U.S. Mortgage Insurance Subsidiaries (7):
Combined statutory capital (1)
$ 3,732,465  $ 3,714,146  $ 3,642,374  $ 3,594,381  $ 3,584,580 
Combined net risk in force (2)
 $ 33,367,706  $ 33,986,508  $ 34,968,089  $ 35,159,976  $ 34,893,957 
Risk-to-capital ratios (3):
Essent Guaranty, Inc. 8.9:1 9.2:1 9.6:1 9.8:1 10.0:1
Essent Guaranty of PA, Inc. N/A N/A N/A N/A 0.3:1
Combined (4)
N/A N/A N/A N/A 9.7:1
Essent Guaranty, Inc. PMIERs Data (5):
Available Assets $ 3,666,883  $ 3,654,460  $ 3,628,675  $ 3,612,993  $ 3,598,725 
Minimum Required Assets 2,065,890  2,075,409  2,107,620  2,029,738  1,903,473 
PMIERs excess Available Assets $ 1,600,993  $ 1,579,051  $ 1,521,055  $ 1,583,255  $ 1,695,252 
PMIERs sufficiency ratio (6)
 177 % 176 % 172 % 178 % 189 %
Essent Reinsurance Ltd.:
Stockholder's equity (GAAP basis) $ 1,722,135  $ 1,751,720  $ 1,780,924  $ 1,773,044  $ 1,826,901 
Net risk in force (2)
 $ 25,453,510  $ 24,802,145  $ 23,482,726  $ 23,250,018  $ 23,003,846 
(1) Combined statutory capital equals the sum of statutory capital of Essent Guaranty, Inc. plus Essent Guaranty of PA, Inc. when applicable, after eliminating the impact of intercompany transactions. Statutory capital is computed based on accounting practices prescribed or permitted by the Pennsylvania Insurance Department and the National Association of Insurance Commissioners Accounting Practices and Procedures Manual.
(2) 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.
(3) The risk-to-capital ratio is calculated as the ratio of net risk in force to statutory capital.
(4) When applicable, the combined risk-to-capital ratio equals the sum of the net risk in force of Essent Guaranty, Inc. and Essent Guaranty of PA, Inc. divided by the combined statutory capital.
(5) Data is based on our interpretation of the PMIERs as of the dates indicated.
(6) PMIERs sufficiency ratio is calculated by dividing Available Assets by Minimum Required Assets.
(7) Essent Guaranty of PA, Inc. provided reinsurance to Essent Guaranty, Inc. on certain policies originated prior to April 1, 2019. Effective December 31, 2024, Essent Guaranty of PA commuted its outstanding risk in force back to Essent Guaranty and surrendered its insurance license. Combined statutory capital and combined net risk in force as of and subsequent to December 31, 2024 are for Essent Guaranty only.





Exhibit O
Essent Group Ltd. and Subsidiaries
Supplemental Information
Historical Quarterly Segment Information
(Unaudited)
The following tables set forth quarterly financial information for our reportable business segment, Mortgage Insurance, our Corporate & Other category and our consolidated results for the five quarters ending September 30, 2025 (unaudited). Our Corporate & Other category is used to reconcile our reportable business segment 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.
Mortgage Insurance
2025 2024
September 30 June 30 March 31 December 31 September 30
($ in thousands)
Revenues:
Net premiums earned $ 231,628  $ 233,907  $ 233,630  $ 227,863  $ 231,249 
Net investment income 49,568  48,892  47,630  46,191  46,241 
Realized investment gains (losses), net (427) (124) (101) (120) 73 
Income (loss) from other invested assets (605) 3,619  3,209  2,925  3,132 
Other income 2,391  3,523  4,501  3,884  3,706 
Total revenues 282,555  289,817  288,869  280,743  284,401 
Losses and expenses:
Provision for losses and LAE 44,177  15,359  30,722  37,254  29,816 
Compensation and benefits 16,568  16,793  19,890  18,037  17,656 
Premium and other taxes 6,018  6,000  5,574  5,968  5,863 
Ceding commission (6,942) (6,910) (6,508) (6,547) (6,433)
Other underwriting and operating expenses 10,949  11,128  11,637  11,779  10,798 
Net operating expenses before allocations 26,593  27,011  30,593  29,237  27,884 
Corporate expense allocations 7,583  9,241  13,014  10,657  10,672 
Operating expenses after allocations 34,176  36,252  43,607  39,894  38,556 
Income before income tax expense $ 204,202  $ 238,206  $ 214,540  $ 203,595  $ 216,029 
Loss Ratio (1) 19.1  % 6.6  % 13.1  % 16.3  % 12.9  %
Expense Ratio (2) 14.8  % 15.5  % 18.7  % 17.5  % 16.7  %
Combined Ratio 33.9  % 22.1  % 31.8  % 33.8  % 29.6  %
(1) Loss ratio is calculated by dividing the provision (benefit) for losses and LAE by net premiums earned.
(2) Expense ratio is calculated by dividing operating expenses after allocations by net premiums earned.



Exhibit O, continued
Essent Group Ltd. and Subsidiaries
Supplemental Information
Historical Quarterly Segment Information
(Unaudited)
Corporate & Other
2025 2024
September 30 June 30 March 31 December 31 September 30
($ in thousands)
Revenues:
Net premiums earned $ 14,704  $ 14,902  $ 12,218  $ 16,602  $ 17,687 
Net investment income 10,227  10,397  10,580  10,368  11,099 
Realized investment gains (losses), net 2  (5) (80) 6  (5)
Income (loss) from other invested assets 2,375  847  4,199  3,964  (312)
Other income 1,967  3,185  1,772  3,344  3,708 
Total revenues 29,275  29,326  28,689  34,284  32,177 
Losses and expenses:
Provision for losses and LAE 745  1,696  565  3,721  850 
Compensation and benefits 12,608  13,926  19,802  16,490  16,136 
Premium and other taxes (88) 495  1,329  569  432 
Ceding commission 47  —  —  —  — 
Other underwriting and operating expenses 20,338  21,333  19,400  24,655  22,429 
Net operating expenses before allocations 32,905  35,754  40,531  41,714  38,997 
Corporate expense allocations (7,583) (9,241) (13,014) (10,657) (10,672)
Operating expenses after allocations 25,322  26,513  27,517  31,057  28,325 
Interest expense 8,251  8,148  8,148  8,151  11,457 
Loss before income tax expense $ (5,043) $ (7,031) $ (7,541) $ (8,645) $ (8,455)

Consolidated
2025 2024
September 30 June 30 March 31 December 31 September 30
($ in thousands)
Revenues:
Net premiums earned $ 246,332  $ 248,809  $ 245,848  $ 244,465  $ 248,936 
Net investment income 59,795  59,289  58,210  56,559  57,340 
Realized investment gains (losses), net (425) (129) (181) (114) 68 
Income from other invested assets 1,770  4,466  7,408  6,889  2,820 
Other income 4,358  6,708  6,273  7,228  7,414 
Total revenues 311,830  319,143  317,558  315,027  316,578 
Losses and expenses:
Provision for losses and LAE 44,922  17,055  31,287  40,975  30,666 
Compensation and benefits 29,176  30,719  39,692  34,527  33,792 
Premium and other taxes 5,930  6,495  6,903  6,537  6,295 
Ceding commission (6,895) (6,910) (6,508) (6,547) (6,433)
Other underwriting and operating expenses 31,287  32,461  31,037  36,434  33,227 
Total other underwriting and operating expenses 59,498  62,765  71,124  70,951  66,881 
Interest expense 8,251  8,148  8,148  8,151  11,457 
Income before income tax expense $ 199,159  $ 231,175  $ 206,999  $ 194,950  $ 207,574