Essent : Title Insurance Q4 2024

Published: 2025-03-10 17:47:28 ET ESNT

*12522202420100100*

TITLE INSURANCE COMPANIES - ASSOCIATION EDITION

ANNUAL STATEMENT

FOR THE YEAR ENDED DECEMBER 31, 2024

OF THE CONDITION AND AFFAIRS OF THE

Essent Title Insurance, Inc

NAIC Group Code

4694

NAIC Company Code

12522

Employer's ID Number

20-3840531

(Current)

(Prior)

Organized under the Laws of

Pennsylvania

, State of Domicile or Port of Entry

Country of Domicile

United States of America

Incorporated/Organized

10/26/2005

Commenced Business

03/31/2006

Statutory Home Office

Two Radnor Corporate Center, 100 Matsonford Rd., 3rd Floor ,

Radnor, PA, US 19087

(Street and Number)

(City or Town, State, Country and Zip Code)

Main Administrative Office

Two Radnor Corporate Center, 100 Matsonford Rd., 3rd Floor

(Street and Number)

Radnor, PA, US 19087

877-673-8190

(City or Town, State, Country and Zip Code)

(Area Code) (Telephone Number)

Mail Address

Two Radnor Corporate Center, 100 Matsonford Rd., 3rd Floor

Radnor, PA, US 19087

(Street and Number or P.O. Box)

(City or Town, State, Country and Zip Code)

Primary Location of Books and Records

Two Radnor Corporate Center, 100 Matsonford Rd., 3rd Floor

(Street and Number)

Radnor, PA, US 19087

877-673-8190

(City or Town, State, Country and Zip Code)

(Area Code) (Telephone Number)

Internet Website Address

www.essent.us

Statutory Statement Contact

Elizabeth Barnes

Blake

573-442-3351

(Name)

(Area Code) (Telephone Number)

elizabeth.blake@essent.us

573-442-3927

(E-mail Address)

(FAX Number)

OFFICERS

President

William Patrick Higgins #

SVP/CFO

David Bruce Weinstock

SVP/CLO/Secretary

Mary Lourdes Gibbons

VP/Treasurer

Joseph James Manion, Jr

OTHER

DIRECTORS OR TRUSTEES

Mark Anthony Casale

William Patrick Higgins #

David Bruce Weinstock

Angela Louise Heise #

Henna Karna #

Roy James Kasmar #

Douglas John Pauls #

State of

Pennsylvania

County of

Delaware

The officers of this reporting entity being duly sworn, each depose and say that they are the described officers of said reporting entity, and that on the reporting period stated above, all of the herein described assets were the absolute property of the said reporting entity, free and clear from any liens or claims thereon, except as herein stated, and that this statement, together with related exhibits, schedules and explanations therein contained, annexed or referred to, is a full and true statement of all the assets and liabilities and of the condition and affairs of the said reporting entity as of the reporting period stated above, and of its income and deductions therefrom for the period ended, and have been completed in accordance with the NAIC Annual Statement Instructions and Accounting Practices and Procedures manual except to the extent that: (1) state law may differ; or, (2) that state rules or regulations require differences in reporting not related to accounting practices and procedures, according to the best of their information, knowledge and belief, respectively. Furthermore, the scope of this attestation by the described officers also includes the related corresponding electronic filing with the NAIC, when required, that is an exact copy (except for formatting differences due to electronic filing) of the enclosed statement. The electronic filing may be requested by various regulators in lieu of or in addition to the enclosed statement.

WILLIAM PATRICK HIGGINS

MARY LOURDES GIBBONS

DAVID BRUCE WEINSTOCK

PRESIDENT

SVP/CLO/SECRETARY

SVP/CFO

a. Is this an original filing?

Yes [ X ] No [ ]

Subscribed and sworn to before me this

b. If no,

day of

State the amendment number

Date filed

Number of pages attached

Lois A Chapla

Notary Public

06/11/2027

ANNUAL STATEMENT FOR THE YEAR 2024 OF THE Essent Title Insurance, Inc

ASSETS

Current Year

Prior Year

Net Admitted Assets

Net Admitted

Assets

Nonadmitted Assets

(Cols. 1 - 2)

Assets

Bonds (Schedule D)

................. 62,971,017

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

................. 62,971,017

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

Stocks (Schedule D):

2.1 Preferred stocks

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

2.2 Common stocks

100,740

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

100,740

30,500

3. Mortgage loans on real estate (Schedule B):

3.1 First liens

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

3.2 Other than first liens

6,126

Real estate (Schedule A):

4.1 Properties occupied by the company (less $

encumbrances)

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

4.2 Properties held for

the production of income (less

encumbrances)

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

4.3 Properties held for sale (less $

encumbrances)

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

Cash ($

1,173,630 , Schedule E - Part 1), cash equivalents

................. 16,622,895

, Schedule E - Part 2) and short-term

investments ($

2,054,897 , Schedule DA)

19,851,422

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

19,851,422

12,139,660

Contract loans (including $

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

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

Derivatives (Schedule DB)

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

Other invested assets (Schedule BA)

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

50,040

Receivables for securities

1,726

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

1,726

10.

Securities lending reinvested collateral assets (Schedule DL)

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

11.

Aggregate write-ins for invested assets

12.

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

82,931,031

6,126

82,924,905

77,859,629

13.

Title plants less $

charged off (for Title insurers

only)

10,000,000

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

10,000,000

14.

Investment income due and accrued

194,310

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

194,310

215,422

15.

Premiums and considerations:

15.1 Uncollected premiums and agents' balances in the course of collection

1,390,305

123,023

1,267,282

1,501,915

15.2 Deferred premiums, agents' balances and installments booked but

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

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

56,610

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

........................ 56,610

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

...................................15.3 Accrued retrospective premiums ($

) and

contracts subject to redetermination ($

)

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

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

16. Reinsurance:

16.1

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

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

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

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

16.2

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

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

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

16.3

........................Other amounts receivable under reinsurance contracts

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

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

17.

Amounts receivable relating to uninsured plans

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

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

18.1

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

................... 1,976,292

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

................... 1,976,292

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

18.2

Net deferred tax asset

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

................... 1,767,603

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

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

19.

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

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

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

20.

.....................................Electronic data processing equipment and software

........................ 24,092

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

........................ 24,092

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

21.

Furniture and equipment, including health care delivery assets

)

........................ 61,630

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

22.

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

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

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

23.

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

........................ 59,566

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

........................ 59,566

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

24.

Health care ($

) and other amounts receivable

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

25.

Aggregate write-ins for other-than-invested assets

845,886

745,164

100,722

670,424

26. Total assets excluding Separate Accounts, Segregated Accounts and

Protected Cell Accounts (Lines 12 to 25)

99,406,803

2,703,546

96,703,257

81,837,604

27. From Separate Accounts, Segregated Accounts and Protected Cell

Accounts

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

28.

Total (Lines 26 and 27)

99,406,803

2,703,546

96,703,257

81,837,604

DETAILS OF WRITE-INS

1101.

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

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

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

1102.

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

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

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

1103.

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

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

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

1198.

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

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

1199.

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

2501.

Prepaid expenses and retainers

...................... 489,949

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

2502.

Other receivables

.......................350,722

...................... 250,000

...................... 100,722

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

2503.

Deposit

..........................4,794

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

2598.

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

421

2599.

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

845,886

745,164

100,722

670,424

ANNUAL STATEMENT FOR THE YEAR 2024 OF THE Essent Title Insurance, Inc

LIABILITIES, SURPLUS AND OTHER FUNDS

Current Year

Prior Year

Known claims reserve (Part 2B, Line 3, Col. 4)

................... 4,117,921

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

Statutory premium reserve (Part 1B, Line 2.6, Col. 1)

................. 21,878,569

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

Aggregate of other reserves required by law

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

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

Supplemental reserve (Part 2B, Col. 4, Line 10)

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

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

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

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

................... 2,760,392

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

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

...................2,821,244

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

8.1

Current federal and foreign income taxes (including $

..............on realized capital gains (losses))

............................(913)

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

8.2

Net deferred tax liability

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

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

Borrowed money $

...................................and interest thereon $

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

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

10.

Dividends declared and unpaid

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

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

11.

Premiums and other consideration received in advance

........................ 49,835

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

........................ 66,229

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

15.

.................................Provision for unauthorized and certified ($

0 ) reinsurance

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

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

16.

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

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

17.

Drafts outstanding

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

18.

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

.......................338,526

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

19.

Derivatives

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

20.

Payable for securities

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

21.

Payable for securities lending

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

22.

Aggregate write-ins for other liabilities

23.

Total liabilities (Lines 1 through 22)

32,031,803

24,448,870

24.

Aggregate write-ins for special surplus funds

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

25.

Common capital stock

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

26.

Preferred capital stock

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

27.

..........................................................................................................Aggregate write-ins for other-than-special surplus funds

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

28.

Surplus notes

...................... 597,029

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

29.

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

................. 65,788,762

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

30.

Unassigned funds (surplus)

..................(3,714,337)

...................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) (Page 4, Line 32)

64,671,454

57,388,734

33.

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

96,703,257

81,837,604

DETAILS OF WRITE-INS

0301

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

0302

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

0303

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

0398.

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

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

0399.

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

2201

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

2202

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

2203

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

2298.

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

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

2299.

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

2401

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

2402

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

2403

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

2498.

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

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

2499.

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

2701

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

2702

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

2703

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

2798.

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

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

2799.

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

ANNUAL STATEMENT FOR THE YEAR 2024 OF THE Essent Title Insurance, Inc

OPERATIONS AND INVESTMENT EXHIBIT

STATEMENT OF INCOME

Current Year

Prior Year

OPERATING INCOME

Title insurance and related income (Part 1):

1.1 Title insurance premiums earned (Part 1B, Line 3, Col. 1)

................. 60,280,513

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

1.2 Escrow and settlement services (Part 1A, Line 2, Col. 4)

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

...........................................................1.3 Other title fees and service charges (Part 1A, Total of Lines 3, 4, 5 and 6, Col. 4)

................... 1,740,687

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

Other operating income (Part 4, Line 2, Col. 5)

Total Operating Income (Lines 1 through 2)

................. 62,021,200

................. 70,052,258

EXPENSES

Losses and loss adjustment expenses incurred (Part 2A, Line 10, Col. 4)

................... 5,211,471

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

Operating expenses incurred (Part 3, Line 24, Col. 4)

................. 68,570,647

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

Other operating expenses (Part 4, Line 6, Col. 5)

Total Operating Expenses

73,782,118

73,948,870

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

(11,760,918)

(3,896,612)

INVESTMENT INCOME

Net investment income earned (Exhibit of Net Investment Income, Line 17)

................... 3,169,493

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

10.

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

...(Exhibit of Capital Gains (Losses))

(62,529)

(4,203,098)

11.

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

................... 3,106,964

................. (2,973,892)

OTHER INCOME

12.

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

........................ 42,372

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

13.

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

................. (8,611,582)

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

14.

Federal and foreign income taxes incurred

(625,105)

(1,198,556)

15.

Net income (Lines 13 minus 14)

(7,986,477)

(5,645,798)

CAPITAL AND SURPLUS ACCOUNT

16.

......................................................Surplus as regards policyholders, December 31 prior year (Page 3, Line 32, Column 2)

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

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

17.

Net income (from Line 15)

................. (7,986,477)

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

18.

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

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

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

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

19.

Change in net unrealized foreign exchange capital gain (loss)

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

20.

Change in net deferred income tax

.......................385,147

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

21.

Change in nonadmitted assets (Exhibit of Nonadmitted Assets, Line 28, col. 3)

.....................(115,950)

.....................(596,952)

22.

Change in provision for unauthorized and certified reinsurance (Page 3, Line 15, Cols. 2 minus 1)

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

23.

Change in supplemental reserves (Page 3, Line 4, Cols. 2 minus 1)

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

24.

Change in surplus notes

........................ 23,547

...................... (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

................. 15,000,000

................. 38,055,749

27.2 Transferred to capital (Stock Dividend)

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

27.3 Transferred from capital

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

28.

Dividends to stockholders

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

29.

Change in treasury stock (Page 3, Lines (31.1) and (31.2), Cols. 2 minus 1)

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

30.

Aggregate write-ins for gains and losses in surplus

(23,547)

(635,763)

31.

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

7,282,720

31,693,522

32.

Surplus as regards policyholders, December 31 current year (Lines 16 plus 31) (Page 3, Line 32)

64,671,454

57,388,734

DETAILS OF WRITE-INS

1201.

Rental income

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

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

1202.

Other income

........................ 42,372

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

1203

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

1298.

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

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

1299.

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

42,372

26,150

3001.

Prior Period Correction

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

.....................(665,165)

3002.

Change in Accrued Interest

.......................(23,547)

........................ 29,402

3003

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

3098.

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

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

3099.

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

(23,547)

(635,763)

ANNUAL STATEMENT FOR THE YEAR 2024 OF THE Essent Title Insurance, Inc

CASH FLOW

Current Year

Prior Year

Cash from Operations

Premiums collected net of reinsurance

................. 66,436,642

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

Net investment income

................... 2,233,477

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

Miscellaneous income

277

Total (Lines 1 through 3)

68,670,125

73,698,562

Benefit and loss related payments

................... 4,138,773

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

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

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

Commissions, expenses paid and aggregate write-ins for deductions

................. 62,066,708

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

Dividends paid to policyholders

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

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

tax on capital gains (losses)

135,740

10.

Total (Lines 5 through 9)

66,341,221

73,602,284

11.

Net cash from operations (Line 4 minus Line 10)

2,328,904

96,278

Cash from Investments

12. Proceeds from investments sold, matured or repaid:

12.1

Bonds

................... 4,600,534

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

12.2

Stocks

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

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

12.3

Mortgage loans

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

12.4

Real estate

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

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

12.5

Other invested assets

..........................2,194

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

12.6

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

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

12.7

Miscellaneous proceeds

12.8 Total investment proceeds (Lines 12.1 to 12.7)

................... 4,602,728

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

13.

Cost of investments acquired (long-term only):

13.1

Bonds

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

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

13.2

Stocks

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

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

13.3

Mortgage loans

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

13.4

Real estate

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

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

13.5

Other invested assets

................. 10,000,000

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

13.6

Miscellaneous applications

13.7

Total investments acquired (Lines 13.1 to 13.6)

10,999,535

34,233,874

14.

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

15.

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

(6,396,807)

(25,913,704)

Cash from Financing and Miscellaneous Sources

16.

Cash provided (applied):

16.1

Surplus notes, capital notes

........................ 23,547

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

................................................................................................................16.2 Capital and paid in surplus, less treasury stock

................. 15,000,000

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

.................................................................................................................................................................16.3 Borrowed funds

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

..............................................................................16.4 Net deposits on deposit-type contracts and other insurance liabilities

........................ 66,229

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

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

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

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

(3,310,111)

(1,681,017)

17.

Net cash from financing and miscellaneous sources (Lines 16.1 to 16.4 minus Line 16.5 plus Line 16.6)

11,779,665

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)

7,711,762

(21,527,845)

19.

Cash, cash equivalents and short-term investments:

...............................................................................................................................................................19.1 Beginning of year

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

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

19.2 End of year (Line 18 plus Line 19.1)

19,851,422

12,139,660

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

ANNUAL STATEMENT FOR THE YEAR 2024 OF THE Essent Title Insurance, Inc

OPERATIONS AND INVESTMENT EXHIBIT

PART 1A - SUMMARY OF TITLE INSURANCE PREMIUMS WRITTEN AND RELATED REVENUES

Agency Operations

Current Year

Direct

Non-Affiliated

Affiliated

Total

Prior Year

Operations

Agency Operations

(Cols. 1+2+3)

Total

Direct premiums written (Sch. T, Line 59, Cols. 3, 4

and 5)

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

47,913,664

14,463,344

62,377,008

69,368,708

Escrow and settlement service charges

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

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

Title examinations

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

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

Searches and abstracts

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

.......................477,552

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

477,552

684,149

Surveys

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

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

Aggregate write-ins for service charges

851,557

411,578

1,263,135

1,112,206

Totals (Lines 1 to 6)

49,242,773

14,874,922

64,117,695

71,165,063

DETAILS OF WRITE-INS

0601.

..............................................TIEFF fee - Indiana

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

........................ 20,860

1,705

........................ 22,565

22,575

0602.

Other Title Service Fee's

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

........................ 30,935

7,796

38,731

51,633

0603.

CPL Fees

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

.......................796,768

400,436

1,197,204

1,035,124

0698. Summary of remaining write-ins for Line 6 from

overflow page

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

2,994

1,641

4,635

2,874

0699. Totals (Lines 0601 through 0603 plus 0698)(Line 6

above)

851,557

411,578

1,263,135

1,112,206

PART 1B - PREMIUMS EARNED EXHIBIT

Current Year

Prior Year

Title premiums written:

1.1

Direct (Part 1A, Line 1, Col. 4)

................. 62,377,008

................. 69,368,708

1.2

Assumed

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

1.3

Ceded

.......................347,494

.......................639,837

1.4

Net title premiums written (Lines 1.1+1.2-1.3)

62,029,514

68,728,871

Statutory premium reserve:

2.1

Balance at December 31 prior year

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

19,656,600

2.2

........................................................................................................Aggregate write-ins for book adjustments to Line 2.1

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

2.3

Additions during the current year

................... 4,174,497

...................2,584,991

2.4

Withdrawals during the current year

...................2,425,496

2,112,023

2.5

........................................................................Aggregate write-ins for other adjustments not effecting earned premiums

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

2.6

................................................................................Balance at December 31 current year (Lines 2.1+2.2+2.3-2.4+2.5)

21,878,569

20,129,568

Net title premiums earned during year (Lines 1.4+2.1+2.5-2.6) (Sch. T, Line 59, Col. 7)

60,280,513

68,255,903

DETAILS OF WRITE-INS

02.201.

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

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

02.202.

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

02.203.

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

.............................................................................................02.298. Summary of remaining write-ins for Line 2.2 from overflow page

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

02.299. Totals (Lines 02.201 through 02.203 plus 02.298)(Line 2.2 above)

02.501.

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

02.502.

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

02.503.

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

.............................................................................................02.598. Summary of remaining write-ins for Line 2.5 from overflow page

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

02.599. Totals (Lines 02.501 through 02.503 plus 02.298)(Line 2.5 above)

ANNUAL STATEMENT FOR THE YEAR 2024 OF THE Essent Title Insurance, Inc

OPERATIONS AND INVESTMENT EXHIBIT

PART 2A - LOSSES PAID AND INCURRED

Agency Operations

Total

Direct

Non-Affiliated

Affiliated

Current Year

Total

Operations

Agency Operations

(Cols. 1+2+3)

Prior Year

Losses and allocated loss adjustment expenses

paid - direct business, less salvage and

subrogation (Total same as Sch. T, Line 59, Col.

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

...................4,260,545

(616,578)

3,643,967

2,618,713

Losses and allocated loss adjustment expenses

paid - reinsurance assumed, less salvage and

subrogation

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

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

Total (Line 1 plus Line 2)

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

4,260,545

(616,578)

3,643,967

2,618,713

Deduct: Recovered during year from reinsurance .

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

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

Net payments (Line 3 minus Line 4)

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

...................4,260,545

.....................(616,578)

................... 3,643,967

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

Known claims reserve - current year (Page 3, Line

1, Column 1)

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

................... 1,681,749

................... 2,436,172

................... 4,117,921

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

Known claims reserve - prior year (Page 3, Line 1,

Column 2)

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

...................... 959,299

2,085,924

3,045,223

1,436,698

Losses and allocated loss adjustment expenses

incurred (Line 5 plus Line 6 minus Line 7)

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

4,982,995

(266,330)

4,716,665

4,227,239

Unallocated loss adjustment expenses incurred

(Part 3, Line 24, Column 5)

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

.......................307,111

187,695

494,806

275,413

10.

Losses and loss adjustment expenses incurred

(Line 8 plus Line 9)

5,290,106

(78,635)

5,211,471

4,502,652

ANNUAL STATEMENT FOR THE YEAR 2024 OF THE Essent Title Insurance, Inc

OPERATIONS AND INVESTMENT EXHIBIT

PART 2B - UNPAID LOSSES PAID AND LOSS ADJUSTMENT EXPENSES

Agency Operations

Total

Direct

Non-Affiliated

Affiliated

Current Year

Total

Operations

Agency Operations

(Cols. 1+2+3)

Prior Year

Loss and allocated LAE reserve for title and other

losses of which notice has been received:

1.1 Direct (Schedule P, Part 1, Line 12, Col. 17) ...

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

................... 1,681,749

................... 2,436,172

................... 4,117,921

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

1.2 Reinsurance assumed (Schedule P, Part 1, Line

12, Col. 18)

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

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

Deduct reinsurance recoverable (Schedule P, Part

1, Line 12, Col. 19)

Known claims reserve net of reinsurance (Line 1.1

plus Line 1.2 minus Line 2)

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

1,681,749

2,436,172

4,117,921

3,045,224

Incurred But Not Reported:

4.1 Direct (Schedule P, Part 1, Line 12, Col. 20) ...

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

7,862,400

6,177,600

14,040,000

9,150,000

4.2 Reinsurance assumed (Schedule P, Part 1, Line

12, Col. 21)

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

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

4.3 Reinsurance ceded (Schedule P, Part 1, Line

12, Col. 22)

42,560

33,440

76,000

60,000

4.4 Net incurred but not reported (Line 4.1 plus Line

4.2 minus Line 4.3)

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

7,819,840

6,144,160

13,964,000

9,090,000

Unallocated LAE reserve (Schedule P, Part 1, Line

12, Col. 23)

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

................... 1,597,120

...................... 978,880

................... 2,576,000

................... 1,708,000

Less discount for time value of money, if allowed

(Schedule P, Part 1, Line 12, Col. 33)

XXX

Total Schedule P reserves (Lines 3 + 4.4 + 5 - 6)

(Schedule P, Part 1, Line 12, Col. 34

...............XXX

20,657,921

13,843,224

Statutory premium reserve at year end (Part 1B,

Line 2.6)

...............XXX

................. 21,878,569

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

Aggregate of other reserves required by law (Page

3, Line 3)

XXX

10.

Supplemental reserve (a) (Lines 7 - (3 + 8 + 9)

XXX

(a) If the sum of Lines 3 + 8 + 9 is greater than Line 7, place a "0" in this Line.

ANNUAL STATEMENT FOR THE YEAR 2024 OF THE Essent Title Insurance, Inc

OPERATIONS AND INVESTMENT EXHIBIT

PART 3 - EXPENSES

Title and Escrow Operating Expenses

Totals

Agency Operations

Non-affiliated

Affiliated

Unallocated

Direct

Agency

Total

Loss Adjustment

Other

Investment

Current Year

Prior

Operations

(Cols. 1+2+3)

Expenses

Operations

Expenses

(Cols. 4+5+6+7)

Year

1. Personnel costs:

1.1

Salaries

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

................... 4,235,653

................... 1,433,946

...................5,669,599

...................... 322,822

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

...................5,992,421

................... 7,481,580

1.2

Employee relations and welfare

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

.......................354,577

...................... 120,039

...................... 474,616

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

...................... 474,616

...................... 716,988

1.3

Payroll taxes

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

.......................327,294

...................... 110,803

.......................438,097

........................ 26,686

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

.......................464,783

...................... 587,161

1.4

Other personnel costs

3,476,453

1,176,923

4,653,376

57,339

4,710,715

1,192,303

1.5

Total personnel costs

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

................... 8,393,977

................... 2,841,711

................. 11,235,688

...................... 406,847

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

................. 11,642,535

................... 9,978,032

Amounts paid to or retained by title agents

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

37,330,957

12,638,093

49,969,050

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

49,969,050

55,032,936

3. Production services (purchased outside):

3.1 Searches, examinations and abstracts

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

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

3.2 Surveys

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

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

3.3 Other

...................... 440,146

...................... 149,007

...................... 589,153

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

589,153

...................... 894,472

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

Advertising

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

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

Boards, bureaus and associations

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

14,886

5,039

19,925

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

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

19,925

26,954

Title plant rent and maintenance

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

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

Claim adjustment services

...............XXX

XXX

...............XXX

XXX

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

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

Amounts charged off, net of recoveries

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

325,174

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

...................... 242,932

........................ 82,242

.......................325,174

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

..........................1,011

Marketing and promotional expenses

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

...................... 118,592

........................ 40,148

...................... 158,740

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

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

158,740

.......................157,947

10.

Insurance

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

138,320

46,827

185,147

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

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

185,147

348,368

11.

Directors' fees

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

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

12.

Travel and travel items

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

463,036

156,756

619,792

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

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

619,792

904,595

13.

Rent and rent items

155,743

52,727

208,470

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

208,470

262,180

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

14.

Equipment

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

833,765

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

...................... 622,890

...................... 210,875

.......................833,765

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

..........................4,696

15.

Cost or depreciation of EDP equipment and software

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

23,603

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

17,633

5,970

23,603

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

1,398,557

16.

Printing, stationery, books and periodicals

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

13,418

4,542

17,960

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

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

17,960

16,997

17.

Postage, telephone, messengers and express

(139,317)

(47,164)

(186,481)

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

(186,481)

(47,141)

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

18.

Legal and auditing

748,800

253,501

1,002,301

87,959

1,090,260

306,881

19.

Totals (Lines 1.5 to 18)

48,562,013

16,440,274

65,002,287

494,806

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

65,497,093

69,286,485

20.

Taxes, licenses and fees:

20.1 State and local insurance taxes

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

2,512,872

850,712

3,363,584

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

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

3,363,584

206,853

20.2 Insurance department licenses and fees

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

168,874

57,171

226,045

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

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

226,045

179,794

20.3 Gross guaranty association assessments

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

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

20.4 All other (excluding federal income and real estate)

(45,669)

(15,460)

(61,129)

7,600

20.5 Total taxes, licenses and fees (Lines 20.1 + 20.2 + 20.3 + 20.4)

2,636,077

892,423

3,528,500

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

3,528,500

394,247

21.

Real estate expenses

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

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

22.

Real estate taxes

11,976

4,055

16,031

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

16,031

15,909

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

23.

Aggregate write-ins for other expenses

17,802

6,027

23,829

26,307

(a)

69,065,453

24.

Total expenses incurred (Lines 19+20.5+21+22+23)

51,227,868

17,342,779

68,570,647

494,806

69,722,948

1,708,000

25.

Less unpaid expenses - current year

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

2,576,000

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

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

2,576,000

26.

Add unpaid expenses - prior year

1,708,000

1,999,000

27.

TOTAL EXPENSES PAID (Lines 24 - 25 + 26)

51,227,868

17,342,779

68,570,647

(373,194)

68,197,453

70,013,948

DETAILS OF WRITE-INS

2301.

Lobbying expense

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

23,829

........................ 17,802

..........................6,027

........................ 23,829

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

........................ 22,407

2302.

Charitable expenses

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

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

..........................3,900

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

2303.

Miscellaneous

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

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

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

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

2398.

Summary of remaining write-ins for Line 23 from overflow page

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

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

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

2399.

Totals (Lines 2301 through 2303 plus 2398)(Line 23 above)

17,802

6,027

23,829

26,307

(a) Includes management fees of $

to affiliates and $

to non-affiliates.

ANNUAL STATEMENT FOR THE YEAR 2024 OF THE Essent Title Insurance, Inc

OPERATIONS AND INVESTMENT EXHIBIT

PART 4 - NET OPERATING GAIN/LOSS EXHIBIT

Agency Operations

Totals

Non-Affiliated

Affiliated

Direct

Agency

Total

Other

Current Year

Prior

Operations

(Cols. 1+2+3)

Operations

(Cols. 4+5)

Year

Title insurance and related income (Part 1):

1.1 Title insurance premiums earned (Part 1B, Line 3, Col. 1)

................. 46,457,145

................. 13,823,368

................. 60,280,513

...............XXX

................. 60,280,513

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

68,255,903

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

1.2 Escrow and settlement services (Part 1A, Line 2)

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

...............XXX

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

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

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

1,740,687

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

1,796,355

1.3 Other title fees and service charges (Part 1A, Lines 3 through 6)

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

1,329,109

411,578

...............XXX

1,740,687

Aggregate write-ins for other operating income

...............XXX

XXX

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

Total Operating Income (Lines 1.1 through 1.3 + 2)

47,786,254

14,234,946

62,021,200

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

70,052,258

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

DEDUCT:

Losses and loss adjustment expenses incurred (Part 2A, Line 10, Col. 4)

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

5,290,106

(78,635)

5,211,471

...............XXX

5,211,471

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

4,502,652

Operating expenses incurred (Part 3, Line 24, Cols. 1 to 3 and 6)

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

51,227,868

17,342,779

68,570,647

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

68,570,647

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

69,446,218

Total Operating Deductions (Lines 4 + 5)

56,517,974

17,264,144

73,782,118

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

73,948,870

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

Net operating gain or (loss) (Lines 3 minus 6)

(8,731,720)

(3,029,198)

(11,760,918)

(3,896,612)

DETAILS OF WRITE-INS

0201.

...............XXX

XXX

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

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

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

0202.

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

...............XXX

XXX

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

0203.

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

...............XXX

XXX

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

0298.

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

...............XXX

XXX

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

0299.

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

XXX

Disclaimer

Essent Group Ltd. published this content on March 10, 2025, and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on March 10, 2025 at 21:46:15.840.