Essent : Agents National Title Insurance Company Q3 2024

ESNT

QUARTERLY STATEMENT

OF THE

Agents National Title Insurance Company

TO THE

Insurance Department

OF THE

STATE OF

Missouri

FOR THE QUARTER ENDED

SEPTEMBER 30, 2024

TITLE INSURANCE

2024

.MO

STATEMENT AS OF SEPTEMBER 30, 2024 OF THE Agents National Title Insurance Company

ASSETS

Current Statement Date

4

1

2

3

December 31

Net Admitted Assets

Prior Year Net

Assets

Nonadmitted Assets

(Cols. 1 - 2)

Admitted Assets

1.

Bonds

................. 63,540,575

...................................

.................

63,540,575

................. 65,639,429

2.

Stocks:

2.1 Preferred stocks

0

...................................

.................................

0

.................................0

2.2 Common stocks

100,740

...................................

......................

100,740

........................ 30,500

3. Mortgage loans on real estate:

3.1 First liens

0

...................................

0

0

3.2 Other than first liens

6,126

6,126

0

0

4.

Real estate:

4.1 Properties occupied by the company (less $

encumbrances)

0

...................................

0

0

4.2 Properties held for

the production of income (less

$

encumbrances)

.................................0

...................................

.................................0

.................................0

4.3 Properties held for sale (less $

.......................................................................................encumbrances)

.................................0

...................................

.................................0

.................................0

5.

Cash ($

3,294,404 ), cash equivalents

($

3,530,499

) and short-term

investments ($

...................

6,098,199 )

12,923,102

...................................

12,923,102

12,139,660

6.

Contract loans (including $

................................... premium notes)

...................................

...................................

0

0

7.

Derivatives

...................................

...................................

0

0

8.

Other invested assets

0

...................................

0

50,040

9.

Receivables for securities

1,879

...................................

1,879

0

10.

Securities lending reinvested collateral assets

...................................

...................................

0

0

11.

Aggregate write-ins for invested assets

0

0

0

0

12.

Subtotals, cash and invested assets (Lines 1 to 11)

76,572,422

6,126

76,566,296

77,859,629

13.

Title plants less $

charged off (for Title insurers

only)

...................................

...................................

0

0

14.

Investment income due and accrued

439,449

...................................

439,449

215,422

15. Premiums and considerations:

15.1

Uncollected premiums and agents' balances in the course of collection

2,083,495

461,877

1,621,618

1,501,915

15.2

Deferred premiums, agents' balances and installments booked but

...................................deferred and not yet due (including $

............................................................earned but unbilled premiums)

.......................178,323

...................................

.......................178,323

........................ 12,210

15.3

Accrued retrospective premiums ($

) and

contracts subject to redetermination ($

)

...................................

...................................

.................................0

.................................0

16.

Reinsurance:

16.1

....................................................Amounts recoverable from reinsurers

........................ 99,478

...................................

........................ 99,478

........................ 99,478

16.2

..........................Funds held by or deposited with reinsured companies

...................................

...................................

.................................0

.................................0

16.3

Other amounts receivable under reinsurance contracts

...................................

...................................

.................................0

.................................0

17.

Amounts receivable relating to uninsured plans

...................................

...................................

.................................0

.................................0

18.1

....Current federal and foreign income tax recoverable and interest thereon

................... 2,097,803

...................................

................... 2,097,803

................... 1,342,827

18.2

Net deferred tax asset

...................................................................................

...................................

...................................

.................................0

........................ 52,500

19.

......................................................Guaranty funds receivable or on deposit

................... 1,396,555

................... 1,344,055

........................ 52,500

.................................0

20.

Electronic data processing equipment and software

........................ 25,997

...................................

........................ 25,997

........................ 83,199

21.

Furniture and equipment, including health care delivery assets

...................................($

........................ 64,687

........................ 64,687

.................................0

.................................0

22.

.........Net adjustment in assets and liabilities due to foreign exchange rates

...................................

...................................

.................................0

.................................0

23.

.....................................Receivables from parent, subsidiaries and affiliates

...................................

...................................

.................................0

.................................0

24.

Health care ($

) and other amounts receivable

...................................

...................................

.................................0

.................................0

25.

Aggregate write-ins for other than invested assets

...................... 808,983

...................... 688,274

...................... 120,709

...................... 670,424

26. Total assets excluding Separate Accounts, Segregated Accounts and

Protected Cell Accounts (Lines 12 to 25)

83,767,192

2,565,019

81,202,173

81,837,604

27.

From Separate Accounts, Segregated Accounts and Protected Cell

Accounts

...................................

...................................

.................................0

.................................0

28.

Total (Lines 26 and 27)

83,767,192

2,565,019

81,202,173

81,837,604

DETAILS OF WRITE-INS

1101.

....................................................................................................................

...................................

...................................

.................................0

.................................0

1102.

....................................................................................................................

...................................

...................................

.................................0

.................................0

1103.

....................................................................................................................

...................................

...................................

.................................0

.................................0

1198.

Summary of remaining write-ins for Line 11 from overflow page

.................................0

.................................0

.................................0

.................................0

1199.

Totals (Lines 1101 through 1103 plus 1198)(Line 11 above)

0

0

0

0

2501.

Prepaid expenses and retainers

.......................336,338

.......................336,338

.................................0

.................................0

2502.

Prepaid Premium Taxes

........................ 86,767

........................ 86,767

.................................0

.................................0

2503.

Other receivables

.......................362,740

.......................250,375

...................... 112,365

...................... 670,424

2598.

Summary of remaining write-ins for Line 25 from overflow page

........................ 23,138

........................ 14,794

..........................8,344

.................................0

2599.

Totals (Lines 2501 through 2503 plus 2598)(Line 25 above)

808,983

688,274

120,709

670,424

2

STATEMENT AS OF SEPTEMBER 30, 2024 OF THE Agents National Title Insurance Company

LIABILITIES, SURPLUS AND OTHER FUNDS

1

2

Current

December 31,

Statement Date

Prior Year

1.

Known claims reserve

................... 3,568,534

................... 3,045,224

2.

Statutory premium reserve

................. 20,828,066

................. 20,129,568

3.

Aggregate of other reserves required by law

.................................0

.................................0

4.

Supplemental reserve

...................................

.................................0

5.

.............................Commissions, brokerage and other charges due or accrued to attorneys, agents and real estate brokers

...................................

...................................

6.

...............................................................................................................Other expenses (excluding taxes, licenses and fees)

................... 2,250,321

...................... 851,456

7.

...................................................................................Taxes, licenses and fees (excluding federal and foreign income taxes)

...................... 218,991

........................ 68,724

8.1

...................................Current federal and foreign income taxes (including $

on realized capital gains (losses))

.................................0

.................................0

8.2

Net deferred tax liability

........................ 52,500

........................ 52,500

9.

Borrowed money $

and interest thereon $

..............................................

...................................

...................................

10.

Dividends declared and unpaid

.................................................................................................................................................

...................................

...................................

11.

Premiums and other consideration received in advance

........................ 83,700

.......................123,172

12.

Unearned interest and real estate income received in advance

...................................

...................................

13.

..................................................................................................................Funds held by company under reinsurance treaties

...................................

.................................0

14.

..............................................................................................Amounts withheld or retained by company for account of others

...................................

...................................

15.

................................................................................................................Provision for unauthorized and certified reinsurance

...................................

.................................0

16.

...................................................................................Net adjustments in assets and liabilities due to foreign exchange rates

...................................

...................................

17.

Drafts outstanding

...................................

...................................

18.

............................................................................................................................Payable to parent, subsidiaries and affiliates

...................... 244,063

...................... 178,226

19.

Derivatives

.................................0

.................................0

20.

Payable for securities

...................................

...................................

21.

Payable for securities lending

...................................

...................................

22.

.....................................................................................................................................Aggregate write-ins for other liabilities

0

0

23.

Total liabilities (Lines 1 through 22)

27,246,175

24,448,870

24.

Aggregate write-ins for special surplus funds

.................................0

.................................0

25.

Common capital stock

...................2,000,000

...................2,000,000

26.

Preferred capital stock

...................................

...................................

27.

Aggregate write-ins for other than special surplus funds

.................................0

.................................0

28.

Surplus notes

...................... 591,110

.......................573,482

29.

.......................................................................................................................................Gross paid in and contributed surplus

................. 50,788,762

................. 50,788,762

30.

Unassigned funds (surplus)

...................... 576,126

...................4,026,490

31.

Less treasury stock, at cost:

31.1

shares common (value included in Line 25

$

................................... )

...................................

...................................

31.2

shares preferred (value included in Line 26

$

................................... )

...................................

...................................

32.

Surplus as regards policyholders (Lines 24 to 30, less 31)

53,955,998

57,388,734

33.

Totals (Page 2, Line 28, Col. 3)

81,202,173

81,837,604

DETAILS OF WRITE-INS

0301

....................................

0302

....................................

0303

....................................

0398.

................................................................................................Summary of remaining write-ins for Line 3 from overflow page

.................................0

.................................0

0399.

Totals (Lines 0301 through 0303 plus 0398)(Line 3 above)

0

0

2201

....................................

2202

....................................

2203

....................................

2298.

..............................................................................................Summary of remaining write-ins for Line 22 from overflow page

.................................0

.................................0

2299.

Totals (Lines 2201 through 2203 plus 2298)(Line 22 above)

0

0

2401

....................................

2402

....................................

2403

....................................

2498.

..............................................................................................Summary of remaining write-ins for Line 24 from overflow page

.................................0

.................................0

2499.

Totals (Lines 2401 through 2403 plus 2498)(Line 24 above)

0

0

2701

....................................

2702

....................................

2703

....................................

2798.

..............................................................................................Summary of remaining write-ins for Line 27 from overflow page

.................................0

.................................0

2799.

Totals (Lines 2701 through 2703 plus 2798)(Line 27 above)

0

0

3

STATEMENT AS OF SEPTEMBER 30, 2024 OF THE Agents National Title Insurance Company

OPERATIONS AND INVESTMENT EXHIBIT

STATEMENT OF INCOME

1

2

3

Current

Prior Year

Prior Year Ended

Year to Date

to Date

December 31

OPERATING INCOME

1.

Title insurance and related income:

1.1 Title insurance premiums earned

................. 46,090,846

................. 52,455,380

................. 68,255,903

1.2 Escrow and settlement services

...................................

...................................

.................................0

1.3 Other title fees and service charges

...................1,285,495

...................1,405,019

................... 1,796,355

2.

Aggregate write-ins for other operating income

0

0

0

3.

Total Operating Income (Lines 1 through 2)

47,376,341

53,860,399

70,052,258

EXPENSES

4.

Losses and loss adjustment expenses incurred

...................4,295,984

................... 3,826,471

...................4,502,652

5.

Operating expenses incurred

................. 49,719,438

................. 53,741,060

................. 69,446,218

6.

Aggregate write-ins for other operating expenses

0

0

0

7.

Total Operating Expenses

54,015,422

57,567,531

73,948,870

8.

Net operating gain or (loss) (Lines 3 minus 7)

(6,639,081)

(3,707,132)

(3,896,612)

INVESTMENT INCOME

9.

Net investment income earned

................... 2,364,418

...................... 789,241

...................1,229,206

10.

Net realized capital gains (losses) less capital gains tax of $

....................

(62,529)

(4,171,382)

(4,203,098)

11.

Net investment gain (loss) (Lines 9 + 10)

2,301,889

(3,382,141)

(2,973,892)

OTHER INCOME

12.

Aggregate write-ins for miscellaneous income or (loss) or other deductions

........................ 37,924

........................ 16,078

........................ 26,150

13.

..........Net income, after capital gains tax and before all other federal income taxes (Lines 8+11+12)

................. (4,299,268)

................. (7,073,195)

................. (6,844,354)

14.

Federal and foreign income taxes incurred

(843,955)

(1,468,524)

(1,198,556)

15.

Net income (Lines 13 minus 14)

(3,455,313)

(5,604,671)

(5,645,798)

CAPITAL AND SURPLUS ACCOUNT

16.

Surplus as regards policyholders, December 31 prior year

................. 57,388,734

................. 25,695,212

................. 25,695,212

17.

Net income (from Line 15)

................. (3,455,313)

................. (5,604,671)

................. (5,645,798)

18.

Change in net unrealized capital gains (losses) less capital gains tax of $

...................................

...................... 290,489

...................... 290,489

19.

Change in net unrealized foreign exchange capital gain (loss)

...................................

...................................

...................................

20.

Change in net deferred income taxes

...................................

...................................

...................... 255,199

21.

Change in nonadmitted assets

22,577

297,289

(596,952)

22.

Change in provision for unauthorized and certified reinsurance

.................................0

.................................0

.................................0

23.

Change in supplemental reserves

.................................0

.................................0

.................................0

24.

Change in surplus notes

........................ 17,628

.......................(35,320)

...................... (29,402)

25.

Cumulative effect of changes in accounting principles

...................................

...................................

...................................

26.

Capital changes:

26.1 Paid in

...................................

...................................

...................................

26.2 Transferred from surplus (Stock Dividend)

...................................

...................................

...................................

26.3 Transferred to surplus

...................................

...................................

...................................

27.

Surplus adjustments:

27.1 Paid in

0

6,000,000

38,055,749

27.2 Transferred to capital (Stock Dividend)

...................................

...................................

...................................

27.3 Transferred from capital

...................................

...................................

...................................

28.

Dividends to stockholders

...................................

...................................

...................................

29.

Change in treasury stock

...................................

...................................

.................................0

30.

Aggregate write-ins for gains and losses in surplus

(17,628)

35,320

(635,763)

31.

Change in surplus as regards policyholders (Lines 17 through 30)

(3,432,736)

983,107

31,693,522

32.

Surplus as regards policyholders as of statement date (Lines 16 plus 31)

53,955,998

26,678,319

57,388,734

DETAILS OF WRITE-INS

0201

....................................

....................................

....................................

0202

....................................

....................................

....................................

0203

....................................

....................................

....................................

0298.

Summary of remaining write-ins for Line 2 from overflow page

0

0

0

0299.

Totals (Lines 0201 through 0203 plus 0298)(Line 2 above)

0

0

0

0601

....................................

....................................

....................................

0602

....................................

....................................

....................................

0603

....................................

....................................

....................................

0698.

Summary of remaining write-ins for Line 6 from overflow page

.................................0

.................................0

0

0699.

Totals (Lines 0601 through 0603 plus 0698)(Line 6 above)

0

0

0

1201.

Rental income

...................................

0

...................................

1202.

Other income

37,924

........................ 16,078

........................ 26,150

1203

....................................

....................................

....................................

1298.

Summary of remaining write-ins for Line 12 from overflow page

.................................0

.................................0

.................................0

1299.

Totals (Lines 1201 through 1203 plus 1298)(Line 12 above)

37,924

16,078

26,150

3001.

Change in Accrued Interest

(17,628)

35,320

29,402

3002.

Correction

...................................

...................................

(665,165)

3003

....................................

....................................

....................................

3098.

Summary of remaining write-ins for Line 30 from overflow page

.................................0

.................................0

.................................0

3099.

Totals (Lines 3001 through 3003 plus 3098)(Line 30 above)

(17,628)

35,320

(635,763)

4

STATEMENT AS OF SEPTEMBER 30, 2024 OF THE Agents National Title Insurance Company

CASH FLOW

Cash from Operations

1

Current Year

To Date

2

Prior Year

To Date

3

Prior Year Ended

December 31

1.

Premiums collected net of reinsurance

................. 35,779,107

................. 40,813,823

................. 72,719,977

2.

Net investment income

................... 1,447,013

...................... 669,018

.......................978,308

3.

Miscellaneous income

6

277

277

4.

Total (Lines 1 to 3)

37,226,126

41,483,118

73,698,562

5.

Benefit and loss related payments

................... 3,772,674

................... 2,408,721

................... 2,618,713

6.

Net transfers to Separate Accounts, Segregated Accounts and Protected Cell Accounts

...................................

...................................

...................................

7.

...............................................Commissions, expenses paid and aggregate write-ins for deductions

................. 34,264,702

................. 38,438,037

................. 70,983,571

8.

Dividends paid to policyholders

...................................

...................................

...................................

9.

Federal and foreign income taxes paid (recovered) net of $

tax on capital

gains (losses)

0

0

0

10.

Total (Lines 5 through 9)

38,037,376

40,846,758

73,602,284

11.

Net cash from operations (Line 4 minus Line 10)

(811,250)

636,360

96,278

Cash from Investments

12. Proceeds from investments sold, matured or repaid:

12.1

Bonds

................... 3,768,356

................... 2,770,000

................... 3,076,316

12.2

Stocks

.................................0

.................................0

........................ 30,500

12.3

Mortgage loans

.................................0

.................................0

.................................0

12.4

Real estate

.................................0

.......................182,677

.......................182,677

12.5

Other invested assets

.......................... 1,335

................... 4,998,344

................... 5,030,677

12.6

Net gains or (losses) on cash, cash equivalents and short-term investments

.................................0

.................................0

.................................0

12.7

Miscellaneous proceeds

0

0

0

12.8 Total investment proceeds (Lines 12.1 to 12.7)

................... 3,769,691

................... 7,951,021

................... 8,320,170

13.

Cost of investments acquired (long-term only):

13.1

Bonds

.......................979,335

...................5,940,908

................. 30,046,096

13.2

Stocks

........................ 20,200

..........................3,100

..........................3,100

13.3

Mortgage loans

.................................0

.................................0

.................................0

13.4

Real estate

.................................0

..........................4,000

..........................4,000

13.5

Other invested assets

.................................0

................... 4,939,830

................... 4,180,678

13.6

Miscellaneous applications

0

0

0

13.7

Total investments acquired (Lines 13.1 to 13.6)

999,535

10,887,838

34,233,874

14.

Net increase (or decrease) in contract loans and premium notes

0

0

0

15.

Net cash from investments (Line 12.8 minus Line 13.7 and Line 14)

2,770,156

(2,936,817)

(25,913,704)

Cash from Financing and Miscellaneous Sources

16.

Cash provided (applied):

16.1

Surplus notes, capital notes

........................ 17,628

.......................(35,320)

...................... (29,402)

16.2

Capital and paid in surplus, less treasury stock

.................................0

...................6,000,000

...................6,000,000

16.3

Borrowed funds

.................................0

.................................0

.................................0

16.4

Net deposits on deposit-type contracts and other insurance liabilities

.................................0

.................................0

.................................0

..........................................................................................................16.5 Dividends to stockholders

.................................0

.................................0

.................................0

....................................................................................................16.6 Other cash provided (applied)

(1,193,092)

(1,403,368)

(1,681,017)

17.

Net cash from financing and miscellaneous sources (Line 16.1 through Line 16.4 minus Line 16.5

plus Line 16.6)

(1,175,464)

4,561,312

4,289,581

RECONCILIATION OF CASH, CASH EQUIVALENTS AND SHORT-TERM INVESTMENTS

18.

.Net change in cash, cash equivalents and short-term investments (Line 11, plus Lines 15 and 17)

.......................783,442

...................2,260,855

................(21,527,845)

19.

Cash, cash equivalents and short-term investments:

19.1

Beginning of year

................. 12,139,660

................. 33,667,505

................. 33,667,505

19.2 End of period (Line 18 plus Line 19.1)

12,923,102

35,928,360

12,139,660

Note: Supplemental disclosures of cash flow information for non-cash transactions:

5

TITLE

Note #

Description

Page #

1

Summary of Significant Accounting Policies

6.1

2

Accounting Changes and Corrections of Errors

6.2

3

Business Combinations and Goodwill

6.2

4

Discontinued Operations

6.2

5

Investments

6.2

6

Joint Ventures, Partnerships and Limited Liability Companies

6.4

7

Investment Income

6.4

8

Derivative Instruments

6.4

9

Income Taxes

6.4

10

Information Concerning Parent, Subsidiaries and Affiliates

6.7

11

Debt

6.8

12

Retirement Plans, Deferred Compensation, Postemployment Benefits and

Compensated Absences and Other Postretirement Benefit Plans

6.8

13

Capital and Surplus, Dividend Restrictions and Quasi-Reorganizations

6.8

14

Contingencies

6.9

15

Leases

6.9

16

Information About Financial Instruments With Off-Balance Sheet Risk and

Financial Instruments With Concentrations of Credit Risk

6.10

17

Sale, Transfer and Servicing of Financial Assets and Extinguishments of Liabilities

6.10

18

Gain or Loss to the Reporting Entity from Uninsured Plans and the

Uninsured Portion of Partially Insured Plans (N/A - Title)

6.10

19

Direct Premium Written/Produced by Managing General Agents/Third Party

Administrators (N/A - Title)

6.10

20

Fair Value Measurement

6.10

21

Other Items

6.11

22

Events Subsequent

6.11

23

Reinsurance

6.11

24

Retrospectively Rated Contracts & Contract Subject to Redetermination (N/A - Title)

6.11

25

Change in Incurred Losses and Loss Adjustment Expense

6.11

26

Intercompany Pooling Arrangements

6.11

27

Structured Settlements

6.11

28

Supplemental Reserves

6.11

NOTES TO FINANCIAL STATEMENTS

1. Summary of Significant Accounting Policies and Going Concern

Reconciling Items Between State Basis and NAIC Basis for Income and Surplus

Net Income

SSAP #

F/S

F/S

2024

2023

Page

Line #

(1)

State basis (Page 4, Line 15, Columns 1 & 2)

00

3

2

($

3,455,313)

($

5,645,798)

(2)

State Prescribed Practices that are an

increase/(decrease) from NAIC SAP:

RSMo 381.072-Statutory Premium Reserves

57

3

2

$

834,496

$

1,312,800

vs NAIC Model Act, net of tax

(3)

State Permitted Practices that increase/(decrease)

NAIC SAP:

None

-0-

-0-

(4)

NAIC SAP

($ 2,620,817)

($

4,332,998)

SURPLUS

(5)

State basis (Page 3, Line 32, Columns 1 & 2)

$

53,955,998

$

57,388,734

(6)

State Prescribed Practices that

increase/(decrease) NAIC SAP:

RSMo 381.072-Statutory Premium Reserves

57

3

2

$

6,739,638

$

5,905,143

vs NAIC Model Act, net of tax

Supplemental Reserves (caused by the

57

3

2

-0-

-0-

accelerated NAIC Model Act restoration of

SPR vs Missouri restoration per RSMo

381.072)

(7)

State Permitted Practices that increase/(decrease)

NAIC SAP:

None

-0-

-0-

(8)

NAIC SAP

$ 60,695,636

$

63,293,877

The Company assumes the NAIC Model Act reserves at the same rate as prescribed in RSMo 381.072 of fifteen cents per thousand of retained risk or as required of foreign insurers by state regulations. Thus, the amounts above are related to the differences in the amortization schedules to restore statutory premium reserves "SPR".

The Company maintains certificate of deposits with various banks to comply with required statutory deposits. 1) Restricted Assets (Including Pledged)

Restricted Asset Category

1

2

3

4

5

6

7

Total Gross

Total Gross

Increase/

Total Current

Total Current

Percentage

Percentage

Restricted from

Restricted

(Decrease)

Year

Year Admitted

Gross

Admitted

Current Year

From Prior

(1 minus2)

Nonadmitted

Restricted

Restricted to

Restricted to

Year

Restricted

Total Assets

Total

Admitted

Assets

a.

Subject to contractual

$

-

$

-

$

-

-

$

-

-

-

obligation for which

liability is not shown

b.

Collateral held under

-

-

-

-

-

-

-

security lending

agreements

c.

Subject to repurchase

-

-

-

-

-

-

-

agreements

d.

Subject to reverse

-

-

-

-

-

-

-

repurchase agreements

e.

Subject to dollar

-

-

-

-

-

-

-

repurchase agreements

f.

Subject to dollar

-

-

-

-

-

-

-

reverse repurchase

agreements

g.

Placed under option

-

-

-

-

-

-

-

contracts

h.

Letter stock or

-

-

-

-

-

-

-

securities restricted as

to sale

i.

FHLB Capital Stock

50,700

30,500

20,200

-

50,700

0.06%

0.06%

j.

On deposit with states

4,070,447

4,102,882

(32,435)

-

4,070,447

4.86 %

5.01 %

k.

On deposit with other

-

-

-

-

-

-

-

regulatory bodies

l.

Pledged as collateral to

-

-

-

-

-

-

-

FHLB (including assets

backing funding

agreements)

m.

Pledged as collateral

-

-

-

-

-

-

-

not captured in other

categories

n.

Other restricted assets

-

-

-

-

-

-

-

o.

Total Restricted Assets

$

4,121,147

$4,133,382

($

12,235)

-

$

4,121,147

4.92%

5.07%

Disclaimer

Essent Group Ltd. published this content on November 25, 2024, and is solely responsible for the information contained herein. Distributed by Public, unedited and unaltered, on November 25, 2024 at 22:28:38.285.