Essent Guaranty, Inc. -- Moody's upgrades Essent Guaranty, Inc. to Baa2; stable outlook

New York, October 31, 2013 -- Moody's Investors Service upgraded the insurance financial strength (IFS) rating of a private mortgage insurer Essent Guaranty, Inc. (Essent Guaranty) to Baa2 stable from Baa3 positive. On 30 October 2013, Essent Group Ltd., the group's parent and holding company, announced the pricing of an initial public offering (IPO) of 19.7 million shares of its common stock at $17 per share. Of the 19.7 million shares offered, 17.0 million shares were new capital, and 2.7 million shares were offered by certain founding shareholders. The IPO raised $270.8 million net proceeds of new capital for Essent Group Ltd. The underwriters may purchase up to 2.96 million additional shares from Essent Group Ltd. at the initial offering price. The offering is expected to close on 5 November 2013, subject to customary closing conditions. The company intends to use the net proceeds of the offering for general corporate purposes, which may include capital contributions to support the growth of the company's insurance subsidiary Essent Guaranty. The shares are listed on the New York Stock Exchange under the ticker symbol "ESNT."

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