BUSINESSOverviewWe are an established and growing private mortgage insurance company. We are licensed to write coverage in all 50 states and the District of Columbia. Over 90% of mortgage loans insured by us are federally backed by the GSEs. We did not furlough or conduct any employee layoffs due to the pandemic during the year. See "—Risk Management" below. At present, our underwriting guidelines are broadly consistent with those of the GSEs. As a result, we do expect default levels to increase as our portfolio seasons. Indirect ownership includes ownership of our common shares. 58 - Mortgage Guaranty Insurance. Congress, however, has not enacted any legislation to date. A majority of our 27workforce worked remotely beginning in the first quarter. Our corporate website address is www.essentgroup.com. Our revenues, profitability and returns would decline if we lose a significant customer. These expectations may prove to be incorrect. We depend on reliable, consistent third-party servicing of the loans that we insure. The market price of our common shares may fluctuate significantly in the future.