Bermudian-based mortgage insurer and reinsurer Essent Group Ltd has reported net income for the quarter ended September 30 of $176.2 million.

The results compare to $178 million for the quarter ended September 30, 2023.

“We are pleased with our third quarter financial results, as we continue to generate high quality earnings,” said Mark A Casale, Essent’s chairman and chief executive.

The financial highlights include:

• New insurance written for the third quarter of 2024 was $12.5 billion, consistent with the second quarter of 2024 and the third quarter of 2023.

• Insurance in force as of September 30, 2024, was $243 billion, compared to $240.7 billion as of June 30, 2024, and $238.7 billion as of September 30, 2023.

• Net investment income for the nine months ended September 30, 2024, was $165.5 million, up 22 per cent from the comparable period in 2023.

Mr Casale added: “Our performance for the quarter demonstrates the strength of our operating model in producing strong returns and growing book value per share.

“Our results continue to benefit from the impact of interest rates on persistency and the growth in our investment portfolio.”

• To see the full results, click here.