v3.26.3
Reinsurance (Tables)
9 Months Ended
Sep. 30, 2026
Reinsurance Disclosures [Abstract]  
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 Present50%
January 1, 2021 to December 31, 202435%
Prior to January 1, 202125%
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)2026202520262025
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 AgreementCoverage PeriodCeding Percentage
QSR-2019
September 1, 2019 - December 31, 2020
(1)
QSR-2022
January 1, 2022 - December 31, 2022
20%
QSR-2023January 1, 2023 - December 31, 202317.5%
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.
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 NameVintageRemaining
Insurance
in Force
Remaining
Risk
in Force
Remaining
Reinsurance in Force
Remaining
First Layer
Retention
Optional Termination Date
Radnor Re 2021-2Apr. 2021 - Sep. 2021$20,877,708 $5,977,329 $148,357 $266,363 November 25, 2027
Radnor Re 2022-1Oct. 2021 - Jul. 202221,630,695 6,069,846 103,940 281,216 September 25, 2028
Radnor Re 2023-1Aug. 2022 - Jun. 202322,010,726 6,079,835 171,531 258,439 July 25, 2028
Radnor Re 2024-1Jul. 2023 - Jul. 202421,023,421 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 NameVintageRemaining
Insurance
in Force
Remaining
Risk
in Force
Remaining
Reinsurance in Force
Remaining
First Layer
Retention
Optional Termination Date
XOL 2020-1Jan. 2019 - Aug. 2019$3,931,249 $1,049,217 $29,152 $209,436 January 25, 2027
XOL 2022-1Oct. 2021 - Dec. 202249,283,081 13,714,841 125,560 446,220 January 1, 2030
XOL 2023-1Jan. 2023 - Dec. 202327,740,342 7,730,197 29,762 343,895 January 1, 2029
XOL 2024-1Jan. 2024 - Dec. 202431,121,953 8,588,331 58,005 324,933 January 1, 2030
XOL 2025-1Jan. 2025 - Dec. 202539,061,433 10,378,090 80,821 342,687 January 1, 2031
XOL 2026-1Jan. 2026 - Dec. 202635,992,643 9,683,655 67,786 292,776 January 1, 2032
Total$187,130,701 $51,144,331 $391,086 $1,959,947 
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 AssetsOn - Balance SheetOff - Balance SheetTotal
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)