Statutory Accounting (Tables)

12 Months Ended

Dec. 31, 2015

Schedule of statutory net income, statutory surplus and contingency reserve liability

The statutory capital and surplus and statutory income for Essent Re at December 31, 2015 and 2014 was as follows:



	December 31, 2015				December 31, 2014
(In thousands)	Actual		Required		Actual		Required
Statutory capital and surplus:	$	213,036	$	1,000	$	152,601	$	1,000

Statutory net income:	$	26,679			$	2,420

Our U.S. insurance subsidiaries prepare statutory-basis financial statements in accordance with the accounting practices prescribed or permitted by their respective state’s department of insurance, which is a comprehensive basis of accounting other than GAAP. We did not use any prescribed or permitted statutory accounting practices (individually or in the aggregate) that resulted in reported statutory surplus or capital that was significantly different from the statutory surplus or capital that would have been reported had National Association of Insurance Commissioners’ statutory accounting practices been followed. The following table presents Essent Guaranty’s and Essent PA’s statutory net income, statutory surplus and contingency reserve liability as of and for the years ended December 31:



(In thousands)	2015		2014		2013
Essent Guaranty
Statutory net income	$	172,688	$	118,204	$	49,838
Statutory surplus	522,172		465,226		346,406
Contingency reserve liability	315,058		179,221		79,921

Essent PA
Statutory net income	$	15,200	$	13,299	$	5,926
Statutory surplus	47,139		42,672		34,528
Contingency reserve liability	27,502		16,909		6,857

- Definition

Tabular disclosure of how the entity's reporting under GAAP as of the balance sheet date differs from the results based on prescribed and permitted accounting practices of the state or country of domicile in which a relevant statutory filing is made, or differences in results based on the National Association of Insurance Commissioners (NAIC) prescribed practices, or a combination thereof. Describes the accounting practices used and the related monetary effect on statutory surplus, net income, and risk-based capital. If an insurance enterprise's risk-based capital would have triggered a regulatory event had it not used a permitted practice, that fact is disclosed in the financial statements. Permitted statutory accounting practices include practices not prescribed but allowed by the domiciliary state insurance department regulatory authority.

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