The newer PMI COMPANIES, ESSENT AND NMIH HOLDINGS don't have the loss ratios that MGIC AND RADIAN have so, their profit margins are potentially higher. ESSENT'S profit margin is higher than NMI HOLDINGS.
JP MORGAN AND GOLDMAN SACHS have ownership positions in ESSENT and send a great deal of the Mortgage Insurance to ESSENT. ESSENT'S growth has accelerated above NMI HOLDINGS because, of those relationships with JP MORGAN AND GOLDMAN SACHS.
On the other hand, MGIC AND RADIAN HAVE much larger premium revenues. The profit margin potential is much greater for the legacy PMI COMPANIES as their loss ratios decline.
The growth rate of ESSENT IS, I believe, is a contributing factor to ESNT'S high PRICE EARNINGS RATIO
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