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Dividend Restrictions | 3 Months Ended
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Mar. 31, 2023
Statutory Accounting Practices, Statutory Amount Available for Dividend Payments [Abstract] |
Dividends Restrictions | Dividends Restrictions Our U.S. insurance subsidiaries are subject to certain capital and dividend rules and regulations as prescribed by jurisdictions in which they are authorized to operate. Under the insurance laws of the Commonwealth of Pennsylvania, Essent Guaranty and Essent PA may pay dividends during any 12-month period in an amount equal to the greater of (i) 10% of the preceding year-end statutory policyholders' surplus or (ii) the preceding year's statutory net income. The Pennsylvania statute also specifies that dividends and other distributions can be paid out of positive unassigned surplus without prior approval. At March 31, 2023, Essent Guaranty had unassigned surplus of approximately $286.8 million and Essent PA had unassigned surplus of approximately $14.1 million. In three months ended March 31, 2023 and 2022, Essent Guaranty paid dividends of $90 million and $100 million, respectively, to its parent, Essent US Holdings, Inc. Essent PA did not pay a dividend in the three months ended March 31, 2023 or 2022. As of March 31, 2023, Essent Guaranty and Essent PA could pay additional ordinary dividends in 2023 of $286.8 million and $5.3 million, respectively. Essent Re is subject to certain dividend restrictions as prescribed by the Bermuda Monetary Authority and under certain agreements with counterparties. In connection with the quota share reinsurance agreement with Essent Guaranty, Essent Re has agreed to maintain a minimum total equity of $100 million. As of March 31, 2023, Essent Re had total equity of $1.6 billion. At March 31, 2023, our insurance subsidiaries were in compliance with these rules, regulations and agreements.

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- Definition The entire disclosure of statutory restrictions on the payment of dividends as prescribed by the National Association of Insurance Commissioners or state regulatory authorities. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 944 -SubTopic 505 -URI https://asc.fasb.org/subtopic&trid=4738323 + Details
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