v3.26.3
Segment Reporting
 9 Months Ended
Sep. 30, 2026
Segment Reporting [Abstract]  
Segment Reporting Segment Reporting
We have two reportable business segments: Mortgage Insurance and Reinsurance. Our Mortgage Insurance segment offers private mortgage insurance for mortgages secured by residential properties located in the United States. We provide private mortgage insurance on residential first-lien mortgage loans (“mortgage insurance”) through our mortgage insurance subsidiary, Essent Guaranty, Inc., which we refer to as "Essent Guaranty", and also offer other credit risk management solutions, including contract underwriting, to our customers.
Our Reinsurance segment reinsures U.S. mortgage risk in the GSE credit risk transfer market and provides underwriting consulting services to third-party reinsurers ("GSE and other risk share") through our wholly owned, Bermuda-based subsidiary, Essent Reinsurance Ltd., which we refer to as "Essent Re". Effective January 1, 2026, Essent Re began reinsuring certain property and casualty risks.
In addition, our "Corporate & Other" category is used to reconcile our reportable segments 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. Our title insurance operations are an operating segment that does not meet the quantitative thresholds of a separate reportable segment.
We allocate corporate management and support expenses to operating segments based on their percentage of total operating segment revenues, which approximates the estimated percentage of management time and resources spent on each operating segment. We view our borrowings as holding company capital and liquidity and as such, all interest expense is included in Corporate & Other.
Our senior management team, including our President & Chief Executive Officer (Essent's chief operating decision maker or "CODM"), uses income (loss) before income taxes as the primary measure to evaluate the financial performance of the operating segments and to allocate resources to those segments, including capital allocations and assessing headcount. The CODM also assesses the profitability of our Mortgage Insurance and Reinsurance segments through analysis of the loss ratio, expense ratio and combined ratio. We do not manage our segments by assets.
As of September 30, 2026 and December 31, 2025, all goodwill is assigned to our title operating segment, which is included in our Corporate & Other category. Goodwill was $48.8 million at both September 30, 2026 and December 31, 2025.
In connection with the reinsurance of certain property and casualty risks, acquisition costs deferred in our Reinsurance segment were $98.6 million during the nine months ended September 30, 2026 and the amortization of those deferred acquisition costs in our Reinsurance segment was $34.8 million for the nine months ended September 30, 2026.
Segment Information: Profit & Loss
The following table reconciles the components of reportable segment profit and loss to consolidated profit and loss for the periods presented. Within the tables, we have disclosed significant segment expenses at a level of disaggregation that coincides with what is regularly provided to the CODM. Other underwriting and operating expenses in the Mortgage Insurance and Reinsurance segments include software, professional fees, travel, and occupancy costs. The accounting policies of our operating segments are the same as those described in the summary of significant accounting policies in our Form 10-K. We do not have inter-segment transactions.
Three Months Ended September 30, 2026Three Months Ended September 30, 2025

(In thousands)		Mortgage InsuranceReinsuranceCorporate & OtherConsolidatedMortgage InsuranceReinsuranceCorporate & OtherConsolidated
Revenues:
Net premiums earned$210,958 $64,044 $15,670 $290,672 $215,683 $16,304 $14,345 $246,332 
Net investment income46,218 5,541 11,193 62,952 44,265 5,302 10,228 59,795 
Realized investment gains (losses), net(1,611)— (15)(1,626)(427)— 2 (425)
Income (loss) from other invested assets5,953 — 4,771 10,724 (605)— 2,375 1,770 
Other income7,412 2,171 1,878 11,461 800 1,591 1,967 4,358 
Total revenues268,930 71,756 33,497 374,183 259,716 23,197 28,917 311,830 
Losses and expenses:
Provision for losses and LAE51,709 31,032 748 83,489 44,170 65 687 44,922 
Compensation and benefits15,136 1,702 14,357 31,195 15,388 1,180 12,608 29,176 
Premium and other taxes5,993 12 461 6,466 6,010 8 (88)5,930 
Acquisition costs, net (3)
(7,994)19,791 — 11,797 (7,057)487 — (6,570)
Other underwriting and operating expenses10,743 949 22,340 34,032 9,735 890 20,337 30,962 
Net operating expenses before allocations23,878 22,454 37,158 83,490 24,076 2,565 32,857 59,498 
Corporate expense allocations8,017 758 (8,775)— 7,081 502 (7,583)— 
Operating expenses after allocations31,895 23,212 28,383 83,490 31,157 3,067 25,274 59,498 
Interest expense— — 8,162 8,162 — — 8,251 8,251 
Income (loss) before income taxes$185,326 $17,512 $(3,796)$199,042 $184,389 $20,065 $(5,295)$199,159 
Loss ratio (1)24.5 %48.5 %20.5 %0.4 %
Expense ratio (2)15.1 %36.2 %14.4 %18.8 %
Combined ratio39.6 %84.7 %34.9 %19.2 %
(1) Loss ratio is calculated by dividing the provision for losses and LAE by net premiums earned.
(2) Expense ratio is calculated by dividing operating expenses after allocations by net premiums earned.
(3) Acquisition costs are net of ceding commissions earned on outward reinsurance and include ceding commissions incurred on reinsurance assumed.
Nine Months Ended September 30, 2026Nine Months Ended September 30, 2025
(In thousands)Mortgage InsuranceReinsuranceCorporate & OtherConsolidatedMortgage InsuranceReinsuranceCorporate & OtherConsolidated
Revenues:
Net premiums earned$642,283 $136,993 $48,253 $827,529 $654,069 $45,913 $41,007 $740,989 
Net investment income132,540 16,299 34,980 183,819 130,731 15,358 31,205 177,294 
Realized investment gains (losses), net(1,893)— 9 (1,884)(652)— (83)(735)
Income from other invested assets24,690 — 15,598 40,288 6,223 — 7,421 13,644 
Other income10,551 5,487 7,151 23,189 3,962 6,453 6,924 17,339 
Total revenues808,171 158,779 105,991 1,072,941 794,333 67,724 86,474 948,531 
Losses and expenses:
Provision for losses and LAE118,720 59,684 2,262 180,666 90,213 105 2,946 93,264 
Compensation and benefits46,651 5,668 46,035 98,354 49,665 3,586 46,336 99,587 
Premium and other taxes17,981 44 1,442 19,467 17,558 35 1,735 19,328 
Acquisition costs, net (3)
(23,142)38,382 — 15,240 (20,257)1,129 — (19,128)
Other underwriting and operating expenses32,272 2,916 63,482 98,670 29,868 2,658 61,074 93,600 
Net operating expenses before allocations73,762 47,010 110,959 231,731 76,834 7,408 109,145 193,387 
Corporate expense allocations27,645 1,962 (29,607)— 28,864 975 (29,839)— 
Operating expenses after allocations101,407 48,972 81,352 231,731 105,698 8,383 79,306 193,387 
Interest expense— — 24,458 24,458 — — 24,547 24,547 
Income (loss) before income taxes$588,044 $50,123 $(2,081)$636,086 $598,422 $59,236 $(20,325)$637,333 
Loss ratio (1)18.5 %43.6 %13.8 %0.2 %
Expense ratio (2)15.8 %35.7 %16.2 %18.3 %
Combined ratio34.3 %79.3 %30.0 %18.5 %
(1) Loss ratio is calculated by dividing the provision for losses and LAE by net premiums earned.
(2) Expense ratio is calculated by dividing operating expenses after allocations by net premiums earned.
(3) Acquisition costs are net of ceding commissions earned on outward reinsurance and include ceding commissions incurred on reinsurance assumed.