Goldman Sells Partial Stake in Bermuda Mortgage Insurer Essent

NEW YORK ( TheStreet) -- Goldman Sachs (GS)  sold part of its stake in Essent Group (ESNT) , a Bermuda-based mortgage insurer, according to a regulatory filing last week. 

Goldman sold 732,402 shares for about $21.25 a share on Nov. 25, as part of a larger Goldman-led stock offering by Essent and several shareholders, the filing stated. Following the sale, Goldman retains more than 5.3 million shares in Essent, adding up to a nearly 6% stake. 

Essent shares closed Friday at $25.20. They rose about 5% in the short week, while the S&P 500 was essentially flat

Michael DuVally, a Goldman spokesman, and Janice Walker, an outside spokeswoman for Essent, both declined to comment on the sale.

Goldman's sale came on Nov. 25, the same day Essent filed with the Securities and Exchange Commission to sell 13.8 million shares. The company offered 6 million of that total, and the other 7.8 million shares were offered by Essent shareholders, including insider Adolfo Marzol.

Of the 7.8 million to be sold by shareholders, 1.8 million would go to underwriters, led by Goldman, JPMorgan Chase (JPM) and a unit of Bank of America (BAC) . It could not be determined if those shares were actually sold. 

Cayman Islands-based entity called PBRA sold more than 2.5 million Essent shares as part of the offering, leaving it with a stake of more than 13 million shares. PBRA owns 14% of Essent.

Also among the 10 shareholders filing to sell Essent stock were HSBC Equity Partners and RenaissanceRe Ventures.

Proceeds of the company's offering will go toward general operations and to support the growth of Essent's insurance units.

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Disclosure: TheStreet's editorial policy prohibits staff editors, reporters and analysts from holding positions in any individual stocks.

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