Essent Group Ltd. estimates gross proceeds of $199.5 million from its common stock offering of 5 million common shares.

Barclays is acting as sole underwriter for the offering. In connection with the offering, Barclays has a 30-day option to purchase from the company up to an additional 750,000 common shares.

Essent intends to use the net proceeds for general corporate purposes, which may include capital contributions to support the growth of its insurance subsidiaries and reducing existing borrowings.

The offering is expected to close Aug. 11.