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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.
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