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Schedule II - Condensed Financial Information of Registrant
 12 Months Ended
Dec. 31, 2020
Condensed Financial Information Disclosure [Abstract]  
Schedule II - Condensed Financial Information of Registrant Schedule II—Condensed Financial Information of Registrant
Parent Company Only
 December 31,
(In thousands)20202019
Assets  
Investments
Fixed maturities available for sale, at fair value (amortized cost: 2020 — $201,527; 2019 — $0)
$202,129 $— 
Short-term investments available for sale, at fair value (amortized cost: 2020 — $352,412; 2019 — $96,531)
352,415 96,531 
Total investments available for sale554,544 96,531 
Cash8,688 1,845 
Due from affiliates1,278 875 
Investment in consolidated subsidiaries3,518,029 3,009,447 
Other assets4,512 1,608 
Total Assets$4,087,051 $3,110,306 
Liabilities and stockholders' equity  
Liabilities  
Due to affiliates
$— $301 
Credit facility borrowings (at carrying value, less unamortized deferred costs of $2,287 in 2020 and $564 in 2019)
222,713 124,436 
Other accrued liabilities1,705 724 
Total liabilities224,418 125,461 
Commitments and contingencies
Stockholders' Equity  
Common shares1,686 1,476 
Additional paid-in capital1,571,163 1,118,655 
Accumulated other comprehensive income138,274 56,187 
Retained earnings 2,151,510 1,808,527 
Total stockholders' equity3,862,633 2,984,845 
Total liabilities and stockholders' equity$4,087,051 $3,110,306 
   
See accompanying supplementary notes to Parent Company condensed
financial information and the consolidated financial statements and notes thereto.
Schedule II—Condensed Financial Information of Registrant

Condensed Statements of Comprehensive Income

Parent Company Only
 Year Ended December 31,
(In thousands)202020192018
Revenues:   
Net investment income$1,181 $1,601 $980 
Realized investment losses, net(10)— — 
Administrative service fees from subsidiaries872 649 551 
Total revenues2,043 2,250 1,531 
Expenses:   
Administrative service fees to subsidiaries3,728 3,053 2,510 
Other operating expenses5,929 6,925 5,076 
Interest expense6,446 5,742 5,462 
Total expenses16,103 15,720 13,048 
Loss before income taxes and equity in undistributed net income in subsidiaries(14,060)(13,470)(11,517)
Loss before equity in undistributed net income of subsidiaries(14,060)(13,470)(11,517)
Equity in undistributed net income of subsidiaries427,101 569,183 478,880 
Net income$413,041 $555,713 $467,363 
Other comprehensive income (loss):   
Change in unrealized appreciation (depreciation) of investments, net of tax expense (benefit) of $16,836 in 2020, $17,497 in 2019 and $(5,686) in 2018
82,087 85,180 (25,741)
Total other comprehensive income (loss)82,087 85,180 (25,741)
Comprehensive income$495,128 $640,893 $441,622 
   
See accompanying supplementary notes to Parent Company condensed
financial information and the consolidated financial statements and notes thereto.
Schedule II—Condensed Financial Information of Registrant

Condensed Statements of Cash Flows

Parent Company Only
 Year Ended December 31,
(In thousands)202020192018
Operating Activities   
Net income$413,041 $555,713 $467,363 
Adjustments to reconcile net income to net cash provided by operating activities:   
Equity in net income of subsidiaries(427,101)(569,183)(478,880)
Loss on the sale of investments, net10 — — 
Stock-based compensation expense935 830 843 
Amortization of premium on investment securities435 — — 
Changes in assets and liabilities:   
Other assets(319)416 911 
Other accrued liabilities18,208 15,562 15,537 
Net cash provided by operating activities5,209 3,338 5,774 
Investing Activities   
Net change in short-term investments(255,884)(24,727)26,122 
Investments in subsidiaries— 55,001 — 
Purchase of investments available for sale(205,668)— — 
Proceeds from maturity of investments available for sale838 — — 
Proceeds from sales of investments available for sale3,386 — — 
Net cash (used in) provided by investing activities(457,328)30,274 26,122 
Financing Activities   
Issuance of common shares, net of costs439,962 — — 
Credit facility borrowings200,000 — — 
Credit facility repayments(100,000)— — 
Treasury stock acquired(6,354)(9,005)(31,414)
Payment of issuance costs for credit facility(5,236)(15)(131)
Dividends paid(69,410)(29,348)— 
Net cash provided by (used in) financing activities458,962 (38,368)(31,545)
Net increase (decrease) in cash6,843 (4,756)351 
Cash at beginning of year1,845 6,601 6,250 
Cash at end of year$8,688 $1,845 $6,601 
Supplemental Disclosure of Cash Flow Information   
Interest payments$(5,714)$(5,509)$(4,984)
Noncash Transactions
Repayment of borrowings with term loan proceeds$(225,000)$— $— 
   
See accompanying supplementary notes to Parent Company condensed
financial information and the consolidated financial statements and notes thereto.
Schedule II—Condensed Financial Information of Registrant

Parent Company Only

Supplementary Notes

Note A

The accompanying Parent Company financial statements should be read in conjunction with the consolidated financial statements and notes to consolidated financial statements. These financial statements have been prepared on the same basis and using the same accounting policies as described in the consolidated financial statements included herein, except that the Parent Company uses the equity method of accounting for its majority-owned subsidiaries.

Note B

Under the insurance laws of the Commonwealth of Pennsylvania, the insurance subsidiaries may pay dividends during any 12-month period in an amount equal to the greater of (i) 10% of the preceding year-end statutory policyholders' surplus or (ii) the preceding year's statutory net income. The Pennsylvania statute also requires that dividends and other distributions be paid out of positive unassigned surplus without prior approval. As of December 31, 2020, Essent Guaranty had unassigned surplus of approximately $343.6 million. Essent PA had unassigned surplus of approximately $15.4 million as of December 31, 2020.

During the years ended December 31, 2020 and 2018, the Parent Company did not receive any dividends from its subsidiaries. During the year ended December 31, 2019, the Parent Company received dividends from Essent Re totaling $55.0 million.