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Essent Group

#2539

Rank

$5.99B

Marketcap

BM Bermuda

Country

Essent Group
Leadership team

Mr. Mark Anthony Casale (Chairman, CEO & Pres)

Ms. Mary Lourdes Gibbons (Sr. VP, Chief Legal Officer & Assistant Sec.)

Mr. Vijay Bhasin (Chief Risk Officer & Sr. VP)

Products/ Services
Finance, Financial Services
Number of Employees
100 - 500
Headquarters
Hamilton, Hamilton, Bermuda
Established
2008
Company Registration
SEC CIK number: 0001448893
Net Income
1B - 20B
Revenue
500M - 1B
Traded as
ESNT
Overview
Location
Summary
Essent Group Ltd., through its subsidiaries, provides private mortgage insurance and reinsurance for mortgages secured by residential properties located in the United States. Its mortgage insurance products include primary, pool, and master policy. The company also provides information technology maintenance and development services; customer support-related services; underwriting consulting; and contract underwriting services. It serves the originators of residential mortgage loans, such as regulated depository institutions, mortgage banks, credit unions, and other lenders. The company was founded in 2008 and is based in Hamilton, Bermuda.
History

Essent was formed in 1999 by the merger of PNEM/MEGA Groep and EDON Groep, energy groups based in the south and north of the Netherlands, respectively. PNEM/MEGA was created in 1997 by a merger between PNEM and Mega Limburg. EDON was a result of a merger between NV Energiebedrijf IJsselmij and EGD . In 2005, Nutsbedrijven Maastricht merged with Essent. The name Essent was developed by Globrands Naming & Strategy.

In 2000, Essent acquired a 51% stake in German utility Stadtwerke Bremen AG which at the same year made an offer for a 49.9% stake in another German utility Stadtwerke Bielefeld. In 2007, Essent divested its cable division Kabelcom to the investment companies Cinven and Warburg Pincus. At the same year, Essent acquired Westland Energie Services. Also in 2007, Essent planned a merger with another Dutch energy company Nuon Energy, but the proposed merger was cancelled.

In 2009, the transmission network was unbundled from Essent. In January 2009, German energy major, RWE AG, announced its intention to buy out all outstanding and issued shares of Essent. The deal, valued to be around 9.3 billion euros, would make Essent an operating company of RWE in the Netherlands and Belgium. On 30 September 2009, the deal was closed. Until 1 October 2009, the shares of Essent were owned by six Dutch provinces of Overijssel , Groningen , North Brabant , Drenthe , Flevoland and Limburg and by more than 100 municipalities in these provinces and in the province of Friesland .

Since the split of RWE and Innogy as of 1 April 2016, the power generation business was transferred to RWE Generation NL B.V., while Essent as retail and renewable energy company remained in the Innogy group. Innogy has been purchased on 18 September 2019 by E.ON. As a consequence Essent is a consolidated part of E.ON.

Mission
Essent’s mission is to provide private mortgage insurance and reinsurance to protect lenders and investors from losses associated with borrower defaults.
Vision
Our vision is to enable a culture of responsibly offered mortgage credit that supports the growth of our industry and the borrowers we serve.
Key Team

Mr. Lawrence Edmond McAlee Jr., CPA (Special Advisor)

Mr. Christopher G. Curran (Pres of Essent Guaranty, Inc.)

Mr. David Bruce Weinstock (Chief Accounting Officer, Interim CFO & VP)

Mr. William Daniel Kaiser (Sr. VP & COO)

Theodore Gray (Sr. VP & Chief Information Officer)

Mr. Philip Michael Stefano (VP of Investor Relations)

Wei Ding (Sr. VP of Corp. Devel.)

Recognition and Awards
Essent Group has received numerous awards, such as the Mortgage Technology Award for Private Mortgage Insurer of the Year in 2017 and 2018, and the Mortgage Professional America award for Private Mortgage Insurer of the Year in 2017.
References

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Essent Group
Leadership team

Mr. Mark Anthony Casale (Chairman, CEO & Pres)

Ms. Mary Lourdes Gibbons (Sr. VP, Chief Legal Officer & Assistant Sec.)

Mr. Vijay Bhasin (Chief Risk Officer & Sr. VP)

Products/ Services
Finance, Financial Services
Number of Employees
100 - 500
Headquarters
Hamilton, Hamilton, Bermuda
Established
2008
Company Registration
SEC CIK number: 0001448893
Net Income
1B - 20B
Revenue
500M - 1B
Traded as
ESNT