| Schedule of Effects of Reinsurance |
The following table summarizes the quota share reinsurance coverage that Essent Re has provided to Essent Guaranty for the respective NIW periods: | | | | | | | | | NIW Period | | Ceding Percentage | | January 1, 2025 to Present | | 50% | | January 1, 2021 to December 31, 2024 | | 35% | | Prior to January 1, 2021 | | 25% |
Premiums written and earned is comprised of the following for the periods presented: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended September 30, | | Nine Months Ended September 30, | | (In thousands) | | 2026 | | 2025 | | 2026 | | 2025 | | Net premiums written: | | | | | | | | | | Direct | | $ | 279,916 | | | $ | 280,796 | | | $ | 831,706 | | | $ | 828,062 | | Assumed | | 62,513 | | | — | | | 284,353 | | | — | | | Ceded (1) | | (39,555) | | | (38,968) | | | (111,231) | | | (106,475) | | | Net premiums written | | $ | 302,874 | | | $ | 241,828 | | | $ | 1,004,828 | | | $ | 721,587 | | | | | | | | | | | | Net premiums earned: | | | | | | | | | | Direct | | $ | 283,013 | | | $ | 285,300 | | | $ | 843,577 | | | $ | 847,464 | | Assumed | | 47,214 | | | — | | | 95,183 | | | — | | | Ceded (1) | | (39,555) | | | (38,968) | | | (111,231) | | | (106,475) | | | Net premiums earned | | $ | 290,672 | | | $ | 246,332 | | | $ | 827,529 | | | $ | 740,989 | |
(1)Net of profit commission. The following table summarizes Essent Guaranty's quota share reinsurance agreements as of September 30, 2026:
| | | | | | | | | | | | | | | | QSR Agreement | | Coverage Period | | Ceding Percentage | | QSR-2019 | | September 1, 2019 - December 31, 2020 | | (1) | | QSR-2022 | | January 1, 2022 - December 31, 2022 | | 20% | | QSR-2023 | | January 1, 2023 - December 31, 2023 | | 17.5% | QSR-2024 | | January 1, 2024 - December 31, 2024 | | 15% | QSR-2025 | | January 1, 2025 - December 31, 2025 | | 25% | QSR-2026 | | January 1, 2026 - December 31, 2026 | | 25% |
_______________________________________________________________________________ (1)Under QSR-2019, Essent Guaranty cedes 36% of premiums on singles policies and 18% on all other policies.
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| Schedule of Coverages and Retentions |
The following table summarizes Essent Guaranty's excess of loss coverages and retentions provided by insurance linked notes as of September 30, 2026:
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | (In thousands) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Deal Name | Vintage | | Remaining Insurance in Force | | Remaining Risk in Force | | | | Remaining Reinsurance in Force | | | | | Remaining First Layer Retention | | | | | | Optional Termination Date | | Radnor Re 2021-2 | Apr. 2021 - Sep. 2021 | | $ | 20,877,708 | | | $ | 5,977,329 | | | | | $ | 148,357 | | | | | | $ | 266,363 | | | | | | | November 25, 2027 | | Radnor Re 2022-1 | Oct. 2021 - Jul. 2022 | | 21,630,695 | | | 6,069,846 | | | | | 103,940 | | | | | | 281,216 | | | | | | | September 25, 2028 | | Radnor Re 2023-1 | Aug. 2022 - Jun. 2023 | | 22,010,726 | | | 6,079,835 | | | | | 171,531 | | | | | | 258,439 | | | | | | | July 25, 2028 | | Radnor Re 2024-1 | Jul. 2023 - Jul. 2024 | | 21,023,421 | | | 5,835,276 | | | | | 179,151 | | | | | | 248,378 | | | | | | | September 25, 2029 | | Total | | | $ | 85,542,550 | | | $ | 23,962,286 | | | | | $ | 602,979 | | | | | | $ | 1,054,396 | | | | | | | |
The following table summarizes Essent Guaranty's excess of loss reinsurance coverages and retentions provided by panels of reinsurers as of September 30, 2026:
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | (In thousands) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Deal Name | Vintage | | Remaining Insurance in Force | | Remaining Risk in Force | | | | Remaining Reinsurance in Force | | | | | Remaining First Layer Retention | | | | | | Optional Termination Date | | XOL 2020-1 | Jan. 2019 - Aug. 2019 | | $ | 3,931,249 | | | $ | 1,049,217 | | | | | $ | 29,152 | | | | | | $ | 209,436 | | | | | | | January 25, 2027 | | XOL 2022-1 | Oct. 2021 - Dec. 2022 | | 49,283,081 | | | 13,714,841 | | | | | 125,560 | | | | | | 446,220 | | | | | | | January 1, 2030 | | XOL 2023-1 | Jan. 2023 - Dec. 2023 | | 27,740,342 | | | 7,730,197 | | | | | 29,762 | | | | | | 343,895 | | | | | | | January 1, 2029 | | XOL 2024-1 | Jan. 2024 - Dec. 2024 | | 31,121,953 | | | 8,588,331 | | | | | 58,005 | | | | | | 324,933 | | | | | | | January 1, 2030 | | XOL 2025-1 | Jan. 2025 - Dec. 2025 | | 39,061,433 | | | 10,378,090 | | | | | 80,821 | | | | | | 342,687 | | | | | | | January 1, 2031 | | XOL 2026-1 | Jan. 2026 - Dec. 2026 | | 35,992,643 | | | 9,683,655 | | | | | 67,786 | | | | | | 292,776 | | | | | | | January 1, 2032 | | Total | | | $ | 187,130,701 | | | $ | 51,144,331 | | | | | $ | 391,086 | | | | | | $ | 1,959,947 | | | | | | | |
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| Schedule of VIE Assets and Total Maximum Exposure to Loss |
The following table presents total assets of each Radnor Re special purpose insurer as well as our maximum exposure to loss associated with each Radnor Re entity, representing the fair value of the embedded derivatives, using observable inputs in active markets (Level 2), included in other accrued liabilities on our condensed consolidated balance sheet and the estimated net present value of investment earnings on the assets in the reinsurance trusts, each as of September 30, 2026: | | | | | | | | | | | | | | | | | | | | | | | Maximum Exposure to Loss | | (In thousands) | | Total VIE Assets | | On - Balance Sheet | | Off - Balance Sheet | | Total | | Radnor Re 2021-2 Ltd. | | $ | 148,357 | | | $ | (6,563) | | | $ | 14 | | | $ | (6,549) | | | Radnor Re 2022-1 Ltd. | | 103,940 | | | (568) | | | 23 | | | (545) | | Radnor Re 2023-1 Ltd. | | 171,531 | | | (82) | | | 14 | | | (68) | | Radnor Re 2024-1 Ltd. | | 179,151 | | | (156) | | | 13 | | | (143) | | | Total | | $ | 602,979 | | | $ | (7,369) | | | $ | 64 | | | $ | (7,305) | |
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