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Investments
 9 Months Ended
Sep. 30, 2024
Investments, Debt and Equity Securities [Abstract]  
Investments Investments
 
Investments available for sale consist of the following:
September 30, 2024 (In thousands)Amortized
Cost		Unrealized
Gains		Unrealized
Losses		Fair
Value
U.S. Treasury securities$717,926 $2,912 $(11,031)$709,807 
U.S. agency mortgage-backed securities1,131,788 4,215 (84,695)1,051,308 
Municipal debt securities (1)605,126 7,078 (34,557)577,647 
Non-U.S. government securities81,708 — (8,737)72,971 
Corporate debt securities (2)1,752,898 15,601 (64,111)1,704,388 
Residential and commercial mortgage securities539,283 814 (36,117)503,980 
Asset-backed securities556,886 953 (9,763)548,076 
Money market funds782,322 — — 782,322 
Total investments available for sale$6,167,937 $31,573 $(249,011)$5,950,499 
December 31, 2023 (In thousands)Amortized
Cost		Unrealized
Gains		Unrealized
Losses		Fair
Value
U.S. Treasury securities$1,014,076 $1,434 $(19,128)$996,382 
U.S. agency securities7,199 — (4)7,195 
U.S. agency mortgage-backed securities922,907 438 (101,999)821,346 
Municipal debt securities (1)585,047 6,660 (44,449)547,258 
Non-U.S. government securities77,516 — (10,069)67,447 
Corporate debt securities (2)1,380,533 4,425 (87,903)1,297,055 
Residential and commercial mortgage securities571,163 286 (53,509)517,940 
Asset-backed securities584,168 203 (19,376)564,995 
Money market funds444,121 — — 444,121 
Total investments available for sale$5,586,730 $13,446 $(336,437)$5,263,739 

 September 30,December 31,
(1) The following table summarizes municipal debt securities as of :20242023
Special revenue bonds83.7 %81.4 %
General obligation bonds16.3 18.6 
Total100.0 %100.0 %

 September 30,December 31,
(2) The following table summarizes corporate debt securities as of :20242023
Financial42.6 %42.0 %
Consumer, non-cyclical15.6 15.9 
Industrial8.2 8.1 
Consumer, cyclical6.2 7.1 
Communications6.1 7.2 
Utilities7.6 6.3 
Technology6.0 6.2 
Energy4.8 4.7 
Basic Materials2.9 2.5 
Total100.0 %100.0 %
The amortized cost and fair value of investments available for sale at September 30, 2024, 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$374,834 $374,240 
Due after 1 but within 5 years296,218 291,269 
Due after 5 but within 10 years32,419 30,787 
Due after 10 years14,455 13,511 
Subtotal717,926 709,807 
Municipal debt securities:  
Due in 1 year11,311 11,178 
Due after 1 but within 5 years85,784 84,460 
Due after 5 but within 10 years133,431 128,002 
Due after 10 years374,600 354,007 
Subtotal605,126 577,647 
Non-U.S. government securities:
Due in 1 year5,263 5,211 
Due after 1 but within 5 years32,045 31,271 
Due after 5 but within 10 years7,712 6,649 
Due after 10 years36,688 29,840 
Subtotal81,708 72,971 
Corporate debt securities:  
Due in 1 year165,056 164,117 
Due after 1 but within 5 years480,233 469,192 
Due after 5 but within 10 years897,438 880,803 
Due after 10 years210,171 190,276 
Subtotal1,752,898 1,704,388 
U.S. agency mortgage-backed securities1,131,788 1,051,308 
Residential and commercial mortgage securities539,283 503,980 
Asset-backed securities556,886 548,076 
Money market funds782,322 782,322 
Total investments available for sale$6,167,937 $5,950,499 

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)2024202320242023
Realized gross gains$360 $113 $415 $1,005 
Realized gross losses(292)(348)(2,128)(3,141)
Impairment loss— — (523)(176)
 
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, 2024 (In thousands)Fair
Value		Gross
Unrealized
Losses		Fair
Value		Gross
Unrealized
Losses		Fair
Value		Gross
Unrealized
Losses
U.S. Treasury securities$63,050 $(11)$315,890 $(11,020)$378,940 $(11,031)
U.S. agency mortgage-backed securities98,220 (796)677,515 (83,899)775,735 (84,695)
Municipal debt securities33,660 (224)298,168 (34,333)331,828 (34,557)
Non-U.S. government securities4,383 (29)68,588 (8,708)72,971 (8,737)
Corporate debt securities188,259 (856)768,267 (63,255)956,526 (64,111)
Residential and commercial mortgage securities
3,649 (173)448,587 (35,944)452,236 (36,117)
Asset-backed securities45,495 (236)186,686 (9,527)232,181 (9,763)
Total$436,716 $(2,325)$2,763,701 $(246,686)$3,200,417 $(249,011)
 
 Less than 12 months12 months or moreTotal
December 31, 2023 (In thousands)Fair
Value		Gross
Unrealized
Losses		Fair
Value		Gross
Unrealized
Losses		Fair
Value		Gross
Unrealized
Losses
U.S. Treasury securities$139,398 $(1,075)$355,921 $(18,053)$495,319 $(19,128)
U.S. agency securities5,572 (2)1,623 (2)7,195 (4)
U.S. agency mortgage-backed securities129,359 (1,616)654,018 (100,383)783,377 (101,999)
Municipal debt securities59,301 (987)297,039 (43,462)356,340 (44,449)
Non-U.S. government securities— — 67,447 (10,069)67,447 (10,069)
Corporate debt securities119,764 (733)905,606 (87,170)1,025,370 (87,903)
Residential and commercial mortgage securities
31,936 (999)459,789 (52,510)491,725 (53,509)
Asset-backed securities65,195 (347)459,324 (19,029)524,519 (19,376)
Total$550,525 $(5,759)$3,200,767 $(330,678)$3,751,292 $(336,437)
 
At September 30, 2024 and December 31, 2023, we held 1,930 and 2,256 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, 2024 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 99% of the securities at September 30, 2024 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. We recorded impairments of $0.5 million in the nine months ended September 30, 2024 and impairments of $0.2 million in the nine months ended September 30, 2023 due to our intent to sell securities in an unrealized loss position.

The Company's other invested assets at September 30, 2024 and December 31, 2023 totaled $294.9 million and $277.2 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 $137.1 million as of September 30, 2024. The majority of these investments were in limited partnerships invested in real estate or consumer credit. At September 30, 2024, maximum future funding commitments were $43.9 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, 2024 and $9.2 million at December 31, 2023. 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, 2024 and $1.1 billion at December 31, 2023. 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 $9.8 million at September 30, 2024 and $9.2 million at December 31, 2023.

Net investment income consists of: 
 Three Months Ended September 30,Nine Months Ended September 30,
(In thousands)2024202320242023
Fixed maturities$44,828 $45,373 $136,485 $132,623 
Short-term investments13,786 3,641 32,759 8,660 
Gross investment income58,614 49,014 169,244 141,283 
Investment expenses(1,274)(1,942)(3,733)(5,725)
Net investment income$57,340 $47,072 $165,511 $135,558