Investors sell the news following Essent Group's (ESNT -7%) earnings beat this morning, but BTIG's Mark Palmer reminds the newish company - unencumbered by legacy losses - is a growth play in the mortgage insurance sector rather than a play on improving credit.
Primary insurance in force of $32B as of Dec. 31 is up 135% from a year ago. New insurance written of $4.5B compares to $4B a year ago. For the full year, NIW of $21.2B vs. $11.2B in 2012.
Net premiums earned of $40.3M compares to $16.5M a year ago. The expense ratio of 55.3% compares to 100.2%.