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Dividends Restrictions | 12 Months Ended
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Dec. 31, 2024
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, an insurance company 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, 2024, Essent Guaranty had unassigned surplus of approximately $396.6 million. As of January 1, 2025, Essent Guaranty has dividend capacity of $396.6 million. During the year ended December 31, 2024, 2023 and 2022, Essent Guaranty paid to its parent, Essent Holdings, dividends totaling $165.5 million, $295.0 million and $315.0 million, respectively. During the year ended December 31, 2023, Essent PA paid to its parent, Essent Holdings, dividends totaling $5 million, Essent PA did not pay a dividend in 2024 or 2022. Essent Re is subject to certain dividend restrictions as prescribed by the Bermuda Monetary Authority and under certain agreements with counterparties. Class 3B insurers must obtain the BMA's prior approval for a reduction by 15% or more of total statutory capital or for a reduction by 25% or more of total statutory capital and surplus as set forth in its previous year's statutory financial statements. 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, 2024, Essent Re had total equity of $1.8 billion. During the year ended December 31, 2024 and 2023, Essent Re paid to its parent, Essent Group, dividends totaling $300 million and $60 million, respectively. As of January 1, 2025, Essent Re has dividend capacity of $441.9 million. During the year ended December 31, 2024 and 2023 Essent Holdings contributed $24.5 million and $38.1 million, respectively, of capital to its Title insurance subsidiary. At December 31, 2024, 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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