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Investments
 9 Months Ended
Sep. 30, 2023
Investments, Debt and Equity Securities [Abstract]  
Investments Investments
 
Investments available for sale consist of the following:
September 30, 2023 (In thousands)Amortized
Cost		Unrealized
Gains		Unrealized
Losses		Fair
Value
U.S. Treasury securities$909,138 $24 $(29,977)$879,185 
U.S. agency securities7,198 — (18)7,180 
U.S. agency mortgage-backed securities898,677 — (147,739)750,938 
Municipal debt securities (1)637,536 64 (75,090)562,510 
Non-U.S. government securities57,407 — (8,836)48,571 
Corporate debt securities (2)1,428,873 144 (148,584)1,280,433 
Residential and commercial mortgage securities563,358 218 (69,883)493,693 
Asset-backed securities640,382 154 (25,718)614,818 
Money market funds360,360 — — 360,360 
Total investments available for sale$5,502,929 $604 $(505,845)$4,997,688 
December 31, 2022 (In thousands)Amortized
Cost		Unrealized
Gains		Unrealized
Losses		Fair
Value
U.S. Treasury securities$584,173 $341 $(28,076)$556,438 
U.S. agency securities49,059 7 (8)49,058 
U.S. agency mortgage-backed securities898,675 258 (115,190)783,743 
Municipal debt securities (1)661,934 2,010 (61,254)602,690 
Non-U.S. government securities69,651 — (7,252)62,399 
Corporate debt securities (2)1,546,513 1,195 (133,387)1,414,321 
Residential and commercial mortgage securities577,915 390 (66,481)511,824 
Asset-backed securities660,345 72 (35,856)624,561 
Money market funds136,591 — — 136,591 
Total investments available for sale$5,184,856 $4,273 $(447,504)$4,741,625 

 September 30,December 31,
(1) The following table summarizes municipal debt securities as of :20232022
Special revenue bonds81.1 %79.0 %
General obligation bonds18.9 20.9 
Tax allocation bonds— 0.1 
Total100.0 %100.0 %

 September 30,December 31,
(2) The following table summarizes corporate debt securities as of :20232022
Financial43.1 %40.5 %
Consumer, non-cyclical15.8 17.9 
Consumer, cyclical6.7 6.8 
Industrial7.8 6.8 
Utilities6.7 6.1 
Communications7.0 8.4 
Technology5.5 4.9 
Energy5.2 6.4 
Basic Materials2.2 2.1 
Government— 0.1 
Total100.0 %100.0 %
The amortized cost and fair value of investments available for sale at September 30, 2023, by contractual maturity, are shown below. Expected maturities will differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties. Because most U.S. agency mortgage-backed securities, residential and commercial mortgage securities and asset-backed securities provide for periodic payments throughout their lives, they are listed below in separate categories.
 
(In thousands)Amortized
Cost		Fair
Value
U.S. Treasury securities:  
Due in 1 year$526,416 $524,639 
Due after 1 but within 5 years305,939 286,589 
Due after 5 but within 10 years62,373 55,799 
Due after 10 years14,410 12,158 
Subtotal909,138 879,185 
U.S. agency securities:  
Due in 1 year7,198 7,180 
Subtotal7,198 7,180 
Municipal debt securities:  
Due in 1 year2,388 2,347 
Due after 1 but within 5 years101,186 96,172 
Due after 5 but within 10 years168,182 153,099 
Due after 10 years365,780 310,892 
Subtotal637,536 562,510 
Non-U.S. government securities:
Due after 1 but within 5 years32,135 30,496 
Due after 5 but within 10 years5,064 3,945 
Due after 10 years20,208 14,130 
Subtotal57,407 48,571 
Corporate debt securities:  
Due in 1 year194,084 190,994 
Due after 1 but within 5 years569,356 534,150 
Due after 5 but within 10 years483,787 415,847 
Due after 10 years181,646 139,442 
Subtotal1,428,873 1,280,433 
U.S. agency mortgage-backed securities898,677 750,938 
Residential and commercial mortgage securities563,358 493,693 
Asset-backed securities640,382 614,818 
Money market funds360,360 360,360 
Total investments available for sale$5,502,929 $4,997,688 

The components of realized investment (losses) gains, net on the condensed consolidated statements of comprehensive income were as follows:
 
 Three Months Ended September 30,Nine Months Ended September 30,
(In thousands)2023202220232022
Realized gross gains$113 $1,650 $1,005 $14,397 
Realized gross losses(348)(1,370)(3,141)(14,634)
Impairment loss— (105)(176)(7,411)
 
The fair value of investments available for sale in an unrealized loss position and the related unrealized losses for which no allowance for credit loss has been recorded were as follows:
 
 Less than 12 months12 months or moreTotal
September 30, 2023 (In thousands)Fair
Value		Gross
Unrealized
Losses		Fair
Value		Gross
Unrealized
Losses		Fair
Value		Gross
Unrealized
Losses
U.S. Treasury securities$322,348 $(4,324)$360,082 $(25,653)$682,430 $(29,977)
U.S. agency securities7,180 (18)— — 7,180 (18)
U.S. agency mortgage-backed securities114,881 (6,760)636,057 (140,979)750,938 (147,739)
Municipal debt securities254,197 (11,946)300,187 (63,144)554,384 (75,090)
Non-U.S. government securities— — 48,571 (8,836)48,571 (8,836)
Corporate debt securities264,701 (11,767)991,284 (136,817)1,255,985 (148,584)
Residential and commercial mortgage securities
36,985 (3,098)449,512 (66,785)486,497 (69,883)
Asset-backed securities88,971 (892)501,253 (24,826)590,224 (25,718)
Total$1,089,263 $(38,805)$3,286,946 $(467,040)$4,376,209 $(505,845)
 
 Less than 12 months12 months or moreTotal
December 31, 2022 (In thousands)Fair
Value		Gross
Unrealized
Losses		Fair
Value		Gross
Unrealized
Losses		Fair
Value		Gross
Unrealized
Losses
U.S. Treasury securities$321,848 $(12,381)$169,795 $(15,695)$491,643 $(28,076)
U.S. agency securities7,117 (8)— — 7,117 (8)
U.S. agency mortgage-backed securities351,310 (34,193)415,743 (80,997)767,053 (115,190)
Municipal debt securities335,784 (41,620)64,766 (19,634)400,550 (61,254)
Non-U.S. government securities48,071 (2,914)14,328 (4,338)62,399 (7,252)
Corporate debt securities811,217 (69,415)421,307 (63,972)1,232,524 (133,387)
Residential and commercial mortgage securities
265,934 (22,628)242,366 (43,853)508,300 (66,481)
Asset-backed securities333,080 (15,454)258,572 (20,402)591,652 (35,856)
Total$2,474,361 $(198,613)$1,586,877 $(248,891)$4,061,238 $(447,504)
 
At September 30, 2023 and December 31, 2022, we held 2,624 and 2,578 individual investment securities, respectively, that were in an unrealized loss position. We assess our intent to sell these securities and whether we will be required to sell these securities before the recovery of their amortized cost basis when determining whether to record an impairment on the securities in an unrealized loss position. In assessing whether the decline in the fair value at September 30, 2023 of any of these securities resulted from a credit loss or other factors, we made inquiries of our investment managers to determine that each issuer was current on its scheduled interest and principal payments. We reviewed the credit rating of these securities noting that approximately 98% of the securities at September 30, 2023 had investment-grade ratings. We concluded that gross unrealized losses noted above were primarily associated with the changes in interest rates subsequent to purchase rather than due to credit impairment. There were no impairments recorded in the three months ended September 30, 2023. We recorded impairments of $0.2 million in the nine months ended September 30, 2023 and impairments of $0.1 million and $7.4 million in the three and nine months ended September 30, 2022, respectively, due to our intent to sell securities in an unrealized loss position.

The Company's other invested assets at September 30, 2023 and December 31, 2022 totaled $272.6 million and $257.9 million, respectively. Other invested assets are principally comprised of limited partnership interests which are generally accounted for under the equity method or fair value using net asset value (or its equivalent) as a practical expedient. Our proportionate share of earnings or losses or changes in fair value are reported in income from other invested assets on the condensed consolidated statements of comprehensive income. For entities accounted for under the equity method that follow industry-specific guidance for investment companies, our proportionate share of earnings or losses includes changes in the fair
value of the underlying assets of these entities. Due to the timing of receiving financial information from these partnerships, the results are generally reported on a one month or quarter lag.

Other invested assets that are accounted for at fair value using the net asset value (or its equivalent) as a practical expedient totaled $137.4 million as of September 30, 2023. The majority of these investments were in limited partnerships invested in real estate or technology. At September 30, 2023, maximum future funding commitments were $49.0 million. For limited partnership investments that have a contractual expiration date, we expect the liquidation of the underlying assets to occur over the next one to nine years. For certain of these investments, the Company does not have the contractual option to redeem but receives distributions based on the liquidation of the underlying assets. In addition, the Company generally does not have the ability to sell or transfer these investments without the consent from the general partner of individual limited partnerships.

The fair value of investments deposited with insurance regulatory authorities to meet statutory requirements was $9.4 million at September 30, 2023 and $9.1 million at December 31, 2022. In connection with its insurance and reinsurance activities, Essent Re is required to maintain assets in trusts for the benefit of its contractual counterparties. The fair value of the investments on deposit in these trusts was $1.0 billion at September 30, 2023 and $972.4 million at December 31, 2022. Essent Guaranty is required to maintain assets on deposit in connection with its fully collateralized reinsurance agreements (see Note 4). The fair value of the assets on deposit was $5.0 million at September 30, 2023 and $8.6 million at December 31, 2022. Essent Guaranty is also required to maintain assets on deposit for the benefit of the sponsor of a fixed income investment commitment. The fair value of the assets on deposit was $9.0 million at September 30, 2023 and $9.1 million at December 31, 2022.

Net investment income consists of: 
 Three Months Ended September 30,Nine Months Ended September 30,
(In thousands)2023202220232022
Fixed maturities$45,373 $33,948 $132,623 $91,245 
Short-term investments3,641 872 8,660 1,132 
Gross investment income49,014 34,820 141,283 92,377 
Investment expenses(1,942)(2,226)(5,725)(5,764)
Net investment income$47,072 $32,594 $135,558 $86,613