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Dividends Restrictions | 12 Months Ended
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Dec. 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 December 31, 2023, Essent Guaranty had unassigned surplus of approximately $298.8 million and Essent PA had unassigned surplus of approximately $15.0 million. As of January 1, 2024, Essent Guaranty has dividend capacity of $298.8 million and Essent PA has dividend capacity of $5.4 million. Under PMIERs guidance issued by the GSEs effective June 30, 2020 through June 30, 2021, Essent Guaranty was required to obtain GSE written approval before paying a dividend. As a result of PMIERs guidance issued by the GSEs on June 30, 2021, Essent Guaranty could pay a dividend without prior GSE approval in the three months ended September 30, 2021 as long as the dividend payment would not cause its Available Assets to fall below 150% of its Minimum Required Assets. In addition, the guidance specified that Essent Guaranty could pay a dividend without prior GSE approval in the three months ended December 31, 2021 as long as the dividend payment would not cause its Available Assets to fall below 115% of its Minimum Required Assets. During the year ended December 31, 2023, 2022 and 2021, Essent Guaranty paid to its parent, Essent Holdings, dividends totaling $295.0 million, $315.0 million and $247.2 million, respectively. During the year ended December 31, 2022, Essent PA paid to its parent, Essent Holdings, dividends totaling $5 million, Essent PA did not pay a dividend in 2023 or 2021. 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 December 31, 2023, Essent Re had total equity of $1.8 billion. During the year ended December 31, 2023, Essent Re paid to its parent, Essent Group, dividends totaling $60 million. During the year ended December 31, 2023 Essent Holdings contributed $38.1 million of capital to its Title insurance subsidiary. At December 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 -Topic 944 -SubTopic 505 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//944-505/tableOfContent + Details
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- References No definition available. + Details
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