Essent Group Ltd. Prices Public Offering Of Common Shares

Essent Group Ltd. (NYSE: ESNT) (the “Company”) announced today the pricing of its previously announced public offering of 12,000,000 common shares (the “Offering”) at $33.25 per share. In connection with the Offering, the underwriters have a 30-day option to purchase up to 1,800,000 additional common shares from the Company. The Offering is expected to close on June 2, 2020, subject to customary closing conditions.

The Company intends to use the net proceeds from the Offering for general corporate purposes, which may include (i) capital contributions to support the Company’s insurance subsidiaries and (ii) paying down borrowings under the Company’s lines of credit. The Company expects to receive proceeds from the Offering, net of underwriting discounts and commissions and estimated offering expenses, of approximately $382,400,000, assuming no exercise of the underwriters’ option to purchase additional shares.

The Offering is being made through joint book-running managers Goldman Sachs & Co. LLC and J.P. Morgan. Additionally, Barclays, BofA Securities, RBC Capital Markets and Macquarie Capital are acting as joint book-running managers. Compass Point, Dowling & Partners, Keefe, Bruyette & Woods, A Stifel Company, and Zelman Partners LLC are acting as co-managers for the Offering.

The common shares are being offered pursuant to an effective shelf registration statement (including a base prospectus) under the Securities Act of 1933, as amended, that has been filed with the U.S. Securities and Exchange Commission (the “SEC”). Copies of the final prospectus supplement, when available, and the accompanying base prospectus may be obtained from the SEC’s website at www.sec.gov. Alternatively, when available, copies may be obtained from the prospectus departments of Goldman Sachs & Co. LLC, Attention: Prospectus Department, 200 West Street, New York, New York 10282, telephone: [phone], facsimile: 1-212-902-9316 or email: [e-mail]; and J.P. Morgan Securities LLC, c/o Broadridge Financial Solutions, 1155 Long Island Ave., Edgewood, NY 11717, telephone: [phone].

This press release is for informational purposes only and does not constitute an offer to sell or the solicitation of an offer to buy any security of the Company, nor will there be any sale of any such security in any state or jurisdiction in which such offer, sale or solicitation would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.