Essent Group Ltd, the mortgage re/insurer based in Bermuda, has reported net income for the quarter ended September 30 of $178.1 million.

That compares to $205.4 million for the third quarter of 2021.

New insurance written for the third quarter was $17.1 billion, compared to $20.1 billion in the second quarter of 2022 and $23.6 billion in the third quarter of 2021.

Insurance in force as of September 30 was $222.5 billion, compared to $215.9 billion as of June 30 and $208.2 billion as of September 30, 2021.

The combined ratio for the third quarter was 22.3 per cent, compared to negative 16.2 per cent in the second quarter of 2022 and 15.9 per cent in the third quarter of 2021.

During the quarter, Essent Guaranty Inc obtained $237.9 million of fully collateralised excess of loss reinsurance coverage on mortgage insurance policies written by Essent in October 2021 through July 2022 from Radnor Re 2022-1 Ltd, a newly formed Bermuda special purpose insurer.

Radnor Re 2022-1 Ltd is not a subsidiary or an affiliate of Essent Group Ltd.

Mark A Casale, chairman and chief executive officer, said: “We are pleased with our financial performance for the third quarter as we produced strong earnings and robust returns.

“Our results reflect our focus on optimising unit economics along with continued favourable credit performance.

“At the same time, we remain committed to taking a measured approach to capital management. In connection with this, we are pleased to announce that our board has approved an increase in our quarterly dividend to $0.23 per share.”