Essent Group expands board with two new directors

Published 22/05/2025, 11:42
Essent Group expands board with two new directors

HAMILTON, Bermuda - Essent Group Ltd. (NYSE: ESNT), a $5.8 billion market cap company specializing in private mortgage insurance and financial services, announced the appointment of David Benson and April Galda Joyce to its Board of Directors. According to InvestingPro data, the company maintains strong financial health with a P/E ratio of 8.69 and appears undervalued based on Fair Value analysis. This move comes as the company seeks to leverage their extensive experience to guide strategic growth and bolster leadership within its mortgage insurance franchise, building on its impressive 9.57% revenue growth.

David Benson, with a notable 30-year tenure in housing finance, has held several key positions at the Federal National Mortgage Association (Fannie Mae), including President and interim CEO. His experience covers a broad range of functions, such as finance, strategy, and risk management. Benson’s background also includes time at Merrill Lynch & Co., Inc. and educational credentials from UCLA, Stanford University, and Harvard Medical School.

April Galda Joyce’s career spans over 25 years in insurance and financial services, with executive roles in various global markets, including the U.S., London, and Bermuda. Most recently, she was the CEO of Beat Capital Partners Americas, where she spearheaded the launch of the U.S. platform. Joyce also served as a managing director and chief culture officer at Global Atlantic Financial Group and began her career at Goldman Sachs. She holds a BS in management from Case Western Reserve University.

The appointments are aimed at reinforcing Essent’s commitment to strategic development and operational excellence in its specialty insurance services. The company, headquartered in Bermuda, provides a suite of services that include private mortgage insurance, reinsurance, as well as title insurance and settlement services, primarily catering to the housing finance industry.

The addition of Benson and Joyce is expected to enhance the company’s governance and strategic planning, bringing in fresh perspectives and expertise in areas crucial to Essent’s core business activities. This information is based on a press release statement from Essent Group Ltd.

In other recent news, Essent Group reported first-quarter earnings that surpassed analyst expectations. The company posted earnings of $1.69 per share, exceeding the anticipated $1.66 per share. Revenue for the quarter reached $317.56 million, surpassing the consensus forecast of $309.83 million. Despite the positive earnings, net income slightly decreased to $175.4 million compared to $181.7 million in the same period last year. Essent Group’s new insurance written in the first quarter rose to $9.9 billion from $8.3 billion in the previous year, while insurance in force increased to $244.7 billion. Net investment income saw a 12% year-over-year rise, amounting to $58.2 million. The company’s U.S. mortgage insurance portfolio recorded a loss ratio of 13.1%, up from 4.1% in the first quarter of 2024. Additionally, Essent Group declared a quarterly cash dividend of $0.31 per share, scheduled for payment on June 10, 2025.

This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers
© 2007-2025 - Fusion Media Limited. All Rights Reserved.