Essent Posts Its Second Largest Volume of Policies Written

Essent Guaranty did $7.23 billion of new insurance written in the second quarter, the second highest volume in the company's brief existence.

The best period for Essent by dollar volume of new policies was the third quarter of 2014, with $7.28 billion of NIW. The company started writing mortgage insurance policies in the second quarter of 2010.

For the second quarter of 2014, the company wrote $3.6 billion of new business.

Essent is currently the largest of the three newcomers to the private mortgage insurance business, as Arch did $2.7 billion of NIW and National MI wrote $2.5 billion. But it still trails Genworth, ranked fourth among the legacy MIs, which did $8.2 billion.

Parent company Essent Group's net income for the quarter was $37.2 million compared with $19.6 million for the quarter ended June 30, 2014.

A sign of the company's growth is that insurance-in-force as of June 30 was $57.4 billion, up from $39.4 billion one year prior.

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