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Investments
 6 Months Ended
Jun. 30, 2025
Investments, Debt and Equity Securities [Abstract]  
Investments Investments
 
Investments available for sale consist of the following:
June 30, 2025 (In thousands)Amortized
Cost		Unrealized
Gains		Unrealized
Losses		Fair
Value
U.S. Treasury securities$398,591 $1,707 $(8,837)$391,461 
U.S. agency mortgage-backed securities1,265,904 2,646 (95,835)1,172,715 
Municipal debt securities(1)645,877 1,734 (46,993)600,618 
Non-U.S. government securities72,261 — (10,095)62,166 
Corporate debt securities1,968,972 8,497 (69,302)1,908,167 
Residential and commercial mortgage securities484,715 646 (30,980)454,381 
Asset-backed securities801,867 2,362 (8,164)796,065 
Money market funds580,964 — — 580,964 
Total investments available for sale$6,219,151 $17,592 $(270,206)$5,966,537 
December 31, 2024 (In thousands)Amortized
Cost		Unrealized
Gains		Unrealized
Losses		Fair
Value
U.S. Treasury securities$561,853 $325 $(14,888)$547,290 
U.S. agency mortgage-backed securities1,249,259 42 (123,865)1,125,436 
Municipal debt securities (1)631,015 1,596 (49,110)583,501 
Non-U.S. government securities81,631 — (11,833)69,798 
Corporate debt securities (2)1,887,647 1,064 (105,665)1,783,046 
Residential and commercial mortgage securities519,613 527 (42,054)478,086 
Asset-backed securities642,395 601 (11,037)631,959 
Money market funds657,605 — — 657,605 
Total investments available for sale$6,231,018 $4,155 $(358,452)$5,876,721 

 June 30,December 31,
(1) The following table summarizes municipal debt securities as of :20252024
Special revenue bonds82.6%83.3%
General obligation bonds17.4 16.7 
Total100.0%100.0%

 June 30,December 31,
(2) The following table summarizes corporate debt securities as of :20252024
Financial41.5%41.8%
Consumer, non-cyclical16.1 15.1 
Utilities8.7 8.7 
Industrial8.2 8.2 
Technology6.4 6.4 
Consumer, cyclical6.2 6.3 
Communications5.2 5.7 
Energy5.0 5.1 
Basic Materials2.7 2.7 
Total100.0%100.0%
The amortized cost and fair value of investments available for sale at June 30, 2025, 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$94,020 $92,725 
Due after 1 but within 5 years268,372 265,801 
Due after 5 but within 10 years21,709 20,340 
Due after 10 years14,490 12,595 
Subtotal398,591 391,461 
Municipal debt securities:  
Due in 1 year20,710 20,575 
Due after 1 but within 5 years91,433 89,634 
Due after 5 but within 10 years147,229 140,145 
Due after 10 years386,505 350,264 
Subtotal645,877 600,618 
Non-U.S. government securities:
Due in 1 year6,529 6,455 
Due after 1 but within 5 years25,938 25,340 
Due after 5 but within 10 years7,696 6,545 
Due after 10 years32,098 23,826 
Subtotal72,261 62,166 
Corporate debt securities:  
Due in 1 year165,479 164,573 
Due after 1 but within 5 years612,577 597,076 
Due after 5 but within 10 years990,216 973,327 
Due after 10 years200,700 173,191 
Subtotal1,968,972 1,908,167 
U.S. agency mortgage-backed securities1,265,904 1,172,715 
Residential and commercial mortgage securities484,715 454,381 
Asset-backed securities801,867 796,065 
Money market funds580,964 580,964 
Total investments available for sale$6,219,151 $5,966,537 

The components of realized investment (losses) gains, net on the condensed consolidated statements of comprehensive income were as follows:
 
 Three Months Ended June 30,Six Months Ended June 30,
(In thousands)2025202420252024
Realized gross gains$19 $51 $19 $55 
Realized gross losses(148)(692)(329)(1,836)
Impairment loss— (523)— (523)
 
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
June 30, 2025 (In thousands)Fair
Value		Gross
Unrealized
Losses		Fair
Value		Gross
Unrealized
Losses		Fair
Value		Gross
Unrealized
Losses
U.S. Treasury securities$33,700 $(201)$205,869 $(8,636)$239,569 $(8,837)
U.S. agency mortgage-backed securities321,777 (5,139)606,917 (90,696)928,694 (95,835)
Municipal debt securities203,037 (7,028)281,737 (39,965)484,774 (46,993)
Non-U.S. government securities15,049 (4,027)47,117 (6,068)62,166 (10,095)
Corporate debt securities524,650 (8,344)645,501 (60,958)1,170,151 (69,302)
Residential and commercial mortgage securities
25,314 (327)395,500 (30,653)420,814 (30,980)
Asset-backed securities230,813 (2,830)119,064 (5,334)349,877 (8,164)
Total$1,354,340 $(27,896)$2,301,705 $(242,310)$3,656,045 $(270,206)
 
 Less than 12 months12 months or moreTotal
December 31, 2024 (In thousands)Fair
Value		Gross
Unrealized
Losses		Fair
Value		Gross
Unrealized
Losses		Fair
Value		Gross
Unrealized
Losses
U.S. Treasury securities$141,789 $(1,620)$279,143 $(13,268)$420,932 $(14,888)
U.S. agency mortgage-backed securities476,695 (13,028)629,036 (110,837)1,105,731 (123,865)
Municipal debt securities204,810 (5,688)282,312 (43,422)487,122 (49,110)
Non-U.S. government securities4,146 (262)65,652 (11,571)69,798 (11,833)
Corporate debt securities898,449 (25,547)725,148 (80,118)1,623,597 (105,665)
Residential and commercial mortgage securities
39,931 (1,168)421,891 (40,886)461,822 (42,054)
Asset-backed securities188,475 (2,701)164,683 (8,336)353,158 (11,037)
Total$1,954,295 $(50,014)$2,567,865 $(308,438)$4,522,160 $(358,452)
 
At June 30, 2025 and December 31, 2024, we held 2,178 and 2,481 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 June 30, 2025 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 June 30, 2025 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 and six months ended June 30, 2025. We recorded impairments of $0.5 million during the three and six months ended June 30, 2024 due to our intent to sell securities in an unrealized loss position.

The Company's other invested assets at June 30, 2025 and December 31, 2024 totaled $359.8 million and $303.9 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 $179.7 million as of June 30, 2025 and $171.7 million as of December 31, 2024. The majority of these investments were in limited partnerships invested in real estate or consumer credit. At June 30, 2025, maximum future funding commitments were $44 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 $8.7 million at June 30, 2025 and $9.3 million at December 31, 2024. 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 June 30, 2025 and $983.5 million at December 31, 2024. 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 $5.1 million at June 30, 2025 and $9.3 million at December 31, 2024.

Net investment income consists of: 
 Three Months Ended June 30,Six Months Ended June 30,
(In thousands)2025202420252024
Fixed maturities$54,946 $45,368 $107,432 $91,656 
Short-term investments6,073 11,831 13,548 18,974 
Gross investment income61,019 57,199 120,980 110,630 
Investment expenses(1,730)(1,113)(3,481)(2,459)
Net investment income$59,289 $56,086 $117,499 $108,171