Essent Group Ltd 2026年度季度报告

Essent GroupLtd. and SubsidiariesForm10-QIndex PARTI.FINANCIALINFORMATION1Item 1.Financial Statements (Unaudited)1Condensed Consolidated Balance Sheets (Unaudited)1Condensed Consolidated Statements of Comprehensive Income (Unaudited)2Condensed Consolidated Statements of Changes in Stockholders’ Equity (Unaudited)3Condensed Consolidated Statements of Cash Flows (Unaudited)4Notes to Condensed Consolidated Financial Statements (Unaudited)5Item 2.Management’s Discussion and Analysis of Financial Condition and Results of Operations26Item 3.Quantitative and Qualitative Disclosures About Market Risk51Item 4.Controls and Procedures51PARTII.OTHER INFORMATION52Item 1.Legal Proceedings52Item 1A.Risk Factors52Item 2.Unregistered Sales of Equity Securities and Use of Proceeds52Item 5.Other Information52Item 6.Exhibits53SIGNATURES54 Table of Contents Unless the context otherwise indicates or requires, the terms “we,” “our,” “us,” “Essent,” and the “Company,” as used in this QuarterlyReport on Form10-Q, refer to Essent Group Ltd. and its directly and indirectly owned subsidiaries, including our primary operatingsubsidiaries, Essent Guaranty,Inc. ("Essent Guaranty"), Essent Reinsurance Ltd. ("Essent Re"), and Essent Title Insurance, Inc. ("EssentTitle"), as a combined entity, except where otherwise stated or where it is clear that the terms mean only Essent Group Ltd. exclusive of its SPECIAL NOTE REGARDING FORWARD-LOOKING STATEMENTS This Quarterly Report on Form10-Q, or Quarterly Report, includes forward-looking statements pursuant to the “safe harbor”provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements relate to expectations, beliefs, projections,future plans and strategies, anticipated events or trends and similar expressions concerning matters that are not historical facts or present factsor conditions, such as statements regarding our future financial condition or results of operations, our prospects and strategies for future growth, The forward-looking statements contained in thisQuarterly Reportreflect our views as of the date of this Quarterly Report aboutfuture events and are subject to risks, uncertainties, assumptions and changes in circumstances that may cause events or our actual activities orresults to differ significantly from those expressed in any forward-looking statement. Although we believe that the expectations reflected in theforward-looking statements are reasonable, we cannot guarantee future events, results, actions, levels of activity, performance or achievements.A number of important factors could cause actual results to differ materially from those indicated by the forward-looking statements, including, but not limited to, those factors described below, in PartI,Item 2 “Management’s Discussion and Analysis of Financial Condition and Resultsof Operations” of this Quarterly Report, and in PartI,Item 1A “Risk Factors” of our Annual Report on Form10-K for the year ended December31, 2025 filed with the Securities and Exchange Commission.These factors include, without limitation, the following: •changes in or to Fannie Mae and Freddie Mac, which we refer to collectively as 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 our customers or the loss of a significant customer; •lenders or investors seeking alternatives to private mortgage insurance; •increase in the number of loans insured through Federal government mortgage insurance programs, including those offered by theFederal Housing Administration; •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; •recently enacted U.S. Federal tax reform and its impact on us, our shareholders and our operations; •the definition of “Qualified Mortgage” reducing the size of the mortgage origination market or creating incentives to use governmentmortgage insurance programs; •the definition of “Qualified Residential Mortgage” reducing the number of low down payment loans or lenders and investors seekingalternatives to private mortgage insurance; •the implementation of the BaselIII Capital Accord, which may discourage the use of private mortgage insurance; •management of risk in our investment portfolio; Table of Contents •fluctuations in interest rates; •inadequacy of the premiums we charge to compensate for our losses incurred; •dependence on management team and qualified personnel; •disturbance to our information technology systems; •change in our customers’ capital requirements discouraging the use of mortgage insurance; •declines in the value of borrowers’ homes; •limited availability of capital or reinsurance; •unanticipated claims arise under and risks associated with our contract und