Form 8-K Essent Group Ltd. For: Sep 06
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d)
of the Securities Exchange Act of 1934
Date of report (Date of Earliest Event Reported): September 6, 2018
ESSENT GROUP LTD.
(Exact name of registrant as specified in its charter)
Bermuda | 001-36157 | Not Applicable | ||
(State of Incorporation) | (Commission File Number) | (I.R.S. Employer Identification No.) | ||
Clarendon House 2 Church Street Hamilton HM11, Bermuda | ||||
(Address of Principal Executive Offices and Zip Code) | ||||
(441) 297‑9901 | ||||
(Registrant’s telephone number, including area code) | ||||
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
¨ | Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
¨ | Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
¨ | Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
¨ | Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company ¨
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange
Act. ¨
Item 8.01 Other Events
On September 6, 2018, Essent Group Ltd. (“Company”) announced that A.M. Best has assigned Financial Strength Ratings of A (Excellent) to Essent Guaranty, Inc., Essent Guaranty of PA, Inc. and Essent Reinsurance Ltd. A copy of the Company's press release is attached hereto as Exhibit 99.1. This Form 8-K and the attached exhibit are provided under Item 8.01 of Form 8-K and are furnished to, but not filed with, the Securities and Exchange Commission.
Item 9.01 Financial Statements and Exhibits.
(d) | Exhibits | |
Exhibit No. | Description | ||||
Press Release issued September 6, 2018. | |||||
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
Date: September 6, 2018
ESSENT GROUP LTD.
By: | /s/ Lawrence E. McAlee Name: Lawrence E. McAlee Title: Senior Vice President and Chief Financial Officer |
Exhibit 99.1
Essent Announces Inaugural A.M. Best Financial Strength Rating of A (Excellent)
HAMILTON, Bermuda, September 6, 2018 - Essent Group Ltd. (NYSE: ESNT) announced today that A.M. Best has assigned Financial Strength Ratings of A (Excellent) to Essent Guaranty, Inc., Essent Guaranty of PA, Inc. and Essent Reinsurance Ltd. (collectively, “Essent”). The outlooks assigned to these credit ratings are stable, and are effective as of September 5, 2018.
“We are very pleased to have been assigned an A.M. Best Financial Strength Rating of A (Excellent) pertaining to our primary operating subsidiaries,” said Mark Casale, Chairman and Chief Executive Officer. “A.M. Best’s Financial Strength Rating is a significant achievement for our franchise as it reflects our strong balance sheet, operating performance and risk management expertise. Additionally, the A.M. Best Financial Strength Rating provides independent assessment and transparency for counterparties relying on our financial strength and the value of our mortgage insurance and reinsurance products offered across our platforms.”
A.M. Best also assigned a Long-Term Issuer Credit Rating of “a” to Essent Guaranty, Inc., Essent Guaranty of PA, Inc. and Essent Reinsurance Ltd. with outlooks that are stable. The Long-Term Issuer Credit Rating reflects A.M. Best’s view of an issuer/entity's ability to meet its ongoing financial obligations.
According to A.M. Best:
• | Essent’s risk-adjusted capital, as measured by the Best Capital Adequacy Ratio (BCAR), is currently at the strongest level on a stressed and unstressed basis. |
• | Essent’s operating performance is assessed as strong based on positive underwriting performance results as reflected in loss and combined ratios over the past five years. |
• | Essent’s business profile is assessed as limited, as the company is a monoline (re)insurer. |
• | Essent’s overall Enterprise Risk Management (ERM) assessment is appropriate, as the company employs a robust ERM framework and infrastructure embedded across the company. |
About the Company
Essent Group Ltd. (NYSE: ESNT) is a Bermuda-based holding company which, through its wholly-owned subsidiary Essent Guaranty, Inc., offers private mortgage insurance for single-family mortgage loans in the United States. Essent provides private capital to mitigate mortgage credit risk, allowing lenders to make additional mortgage financing available to prospective homeowners. Headquartered in Radnor, Pennsylvania, Essent Guaranty, Inc. is licensed to write mortgage insurance in all 50 states and the District of Columbia, and is approved by Fannie Mae and Freddie Mac. Essent Group Ltd. also offers mortgage-related insurance, reinsurance and advisory services through its Bermuda-based subsidiary, Essent Reinsurance Ltd. Additional information regarding Essent may be found at www.essentgroup.com and www.essent.us.
Source: Essent Group Ltd.
Media Contact
610.230.0556
Investor Relations Contact
Christopher G. Curran
Senior Vice President - Investor Relations
855-809-ESNT