Mortgage insurer Essent Group prices IPO at $17 a share

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Essent Group prices IPO at $17, above the range – – Essent Group, a recently formed private mortgage insurance company, raised $335 million by offering 19.7 million shares at $17, above the range of $13.50 to $15.50. Essent Group plans to list on.

Falling share prices could put even. familiar with the offering. The IPO was scheduled for Friday, but it is now expected early next week, the person added. Shares of specialty finance company.

Essent Group Ltd., the mortgage insurer backed by George Soros and Goldman Sachs Group Inc., is seeking a valuation of $1.2 billion in an initial public offering as the company adds capital to expand sales.

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Essent Group Ltd. ESNT, +0.53% today announced the pricing of $424,412,000 of 10-year mortgage insurance-linked notes issued by Radnor Re 2018-1 Ltd. (Radnor Re), a newly formed Bermuda special.

Essent Group Ltd. saw an IPO on October 31 2013 that raised $335 million. The company sold 19.7 million shares in the IPO at $17 per share, which was above the targeted range of $13.50 to $15.50. Essent is a Bermuda-based mortgage insurer backed by investors such as affiliates of Pine Brook Road Partners, George Soros, Goldman Sachs, and JP Morgan.

Based in Hamilton, Bermuda, Essent Group (NYSE:ESNT) scheduled a $286 million IPO with a market capitalization of $1.2 billion at a price range mid-point of $14.50 for Thursday, October 31, 2013.

But under CEO Myron Ullman III, who took over in 2004, its revenue began to slide, dropping from $19.9 billion in 2007 to $17.3 billion in 2011. Earnings fell from $1.1 billion to a loss of $152.

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Various states have been probing whether insurers were doing enough to ensure that such claims are paid. AIG also benefited in the quarter from a rise in AIA Group’s share price, booking a $1 billion.