Essent Group Ltd. (NYSE:ESNT) Q3 2024 Earnings Call Transcript November 1, 2024 10:00 AM ET

Company Participants

Phil Stefano - IR
Mark Casale - Chairman and CEO
David Weinstock - CFO
Chris Curran - President, Essent Guaranty

Conference Call Participants

Terry Ma - Barclays
Doug Harter - UBS
Bose George - KBW
Mihir Bhatia - Bank of America
Melissa Wedel - JPMorgan

Operator

Ladies and gentlemen, thank you for standing by. My name is Abby, and I will be your conference operator today. At this time, I would like to welcome everyone to the Essent Group Limited Third Quarter Earnings Call. All lines have been placed on mute to prevent any background noise. And after the speakers' remarks, there will be a question-and-answer session. [Operator Instructions] And I would now like to turn the conference over to Phil Stefano. You may begin.

Phil Stefano

Thank you, Abby. Good morning, everyone, and welcome to our call. Joining me today are Mark Casale, Chairman and CEO, and David Weinstock, Chief Financial Officer. Also on hand for the Q&A portion of the call is Chris Curran, President of Essent Guaranty. Our press release, which contains Essent's financial results for the third quarter of 2024 was issued earlier today and is available on our website at essentgroup.com. Our press release includes non-GAAP financial measures that may be discussed during today's call. A complete description of these measures and the reconciliation to GAAP may be found in Exhibit O of our press release.

Prior to getting started, I would like to remind participants that today's discussions are being recorded and will include the use of forward-looking statements. These statements are based on current expectations, estimates, projections, and assumptions that are subject to risks and uncertainties, which may cause actual results to differ materially. For a discussion of these risks and uncertainties, please review the cautionary language regarding forward-looking statements in today's press release, the risk factors included in our Form 10-K filed with the SEC on February 16th, 2024, and any other reports and registration statements filed with the SEC, which are also available on our website.

Now let me turn the call over to Mark.

Mark Casale

Thanks, Phil. And good morning, everyone. Earlier today, we released our third quarter 2024 financial results, which continue to benefit from our high quality portfolio and the impact of higher interest rates on persistency and investment income. While higher mortgage rates, interest rates have reduced overall mortgage originations, as a portfolio business, we are less reliant on transaction activity than other sectors of the housing ecosystem. As such, our results for the quarter continued to demonstrate the strength of our business model in generating high quality earnings.