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Investments
 3 Months Ended
Mar. 31, 2021
Investments, Debt and Equity Securities [Abstract]  
Investments Investments
 
Investments available for sale consist of the following:
March 31, 2021 (In thousands)Amortized
Cost		Unrealized
Gains		Unrealized
Losses		Fair
Value
U.S. Treasury securities$257,401 $5,854 $(946)$262,309 
U.S. agency securities16,028 110 — 16,138 
U.S. agency mortgage-backed securities1,005,599 24,083 (6,691)1,022,991 
Municipal debt securities (1)543,742 30,021 (1,500)572,263 
Non-U.S. government securities77,440 3,818 (1,978)79,280 
Corporate debt securities (2)1,391,881 38,183 (15,126)1,414,938 
Residential and commercial mortgage securities439,583 12,379 (5,754)446,208 
Asset-backed securities471,677 3,000 (873)473,804 
Money market funds413,547 — (2)413,545 
Total investments available for sale$4,616,898 $117,448 $(32,870)$4,701,476 
December 31, 2020 (In thousands)Amortized
Cost		Unrealized
Gains		Unrealized
Losses		Fair
Value
U.S. Treasury securities$259,378 $9,088 $(22)$268,444 
U.S. agency securities17,930 155 — 18,085 
U.S. agency mortgage-backed securities963,670 33,205 (970)995,905 
Municipal debt securities (1)513,870 37,662 (15)551,517 
Non-U.S. government securities56,045 5,562 — 61,607 
Corporate debt securities (2)1,070,027 56,864 (379)1,126,512 
Residential and commercial mortgage securities391,921 18,641 (1,280)409,282 
Asset-backed securities452,527 3,246 (1,056)454,717 
Money market funds679,322 — (18)679,304 
Total investments available for sale$4,404,690 $164,423 $(3,740)$4,565,373 
 March 31,December 31,
(1) The following table summarizes municipal debt securities as of :20212020
Special revenue bonds76.9 %76.8 %
General obligation bonds20.3 20.3 
Certificate of participation bonds 2.1 2.3 
Tax allocation bonds0.6 0.6 
Special tax bonds0.1 — 
Total100.0 %100.0 %
 March 31,December 31,
(2) The following table summarizes corporate debt securities as of :20212020
Financial32.8 %34.9 %
Consumer, non-cyclical19.2 19.1 
Communications11.6 9.3 
Consumer, cyclical7.6 8.0 
Industrial7.3 5.3 
Energy6.6 8.2 
Utilities5.9 5.9 
Technology5.4 6.1 
Basic materials3.5 3.1 
Government0.1 0.1 
Total100.0 %100.0 %
The amortized cost and fair value of investments available for sale at March 31, 2021, 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$51,984 $52,264 
Due after 1 but within 5 years155,396 158,188 
Due after 5 but within 10 years49,036 50,890 
Due after 10 years985 967 
Subtotal257,401 262,309 
U.S. agency securities:  
Due in 1 year12,530 12,638 
Due after 1 but within 5 years3,498 3,500 
Subtotal16,028 16,138 
Municipal debt securities:  
Due in 1 year7,495 7,519 
Due after 1 but within 5 years98,704 103,013 
Due after 5 but within 10 years229,338 243,858 
Due after 10 years208,205 217,873 
Subtotal543,742 572,263 
Non-U.S. government securities:
Due in 1 year4,360 4,473 
Due after 1 but within 5 years18,348 19,499 
Due after 5 but within 10 years26,603 29,045 
Due after 10 years28,129 26,263 
Subtotal77,440 79,280 
Corporate debt securities:  
Due in 1 year147,203 148,503 
Due after 1 but within 5 years648,697 667,465 
Due after 5 but within 10 years378,395 386,311 
Due after 10 years217,586 212,659 
Subtotal1,391,881 1,414,938 
U.S. agency mortgage-backed securities1,005,599 1,022,991 
Residential and commercial mortgage securities439,583 446,208 
Asset-backed securities471,677 473,804 
Money market funds413,547 413,545 
Total investments available for sale$4,616,898 $4,701,476 

Gross gains and losses realized on the sale of investments available for sale were as follows:
 
 Three Months Ended March 31,
(In thousands)20212020
Realized gross gains$750 $3,262 
Realized gross losses109 127 
 
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
March 31, 2021 (In thousands)Fair
Value		Gross
Unrealized
Losses		Fair
Value		Gross
Unrealized
Losses		Fair
Value		Gross
Unrealized
Losses
U.S. Treasury securities$88,240 $(946)$— $— $88,240 $(946)
U.S. agency mortgage-backed securities411,509 (6,667)1,044 (24)412,553 (6,691)
Municipal debt securities94,305 (1,500)— — 94,305 (1,500)
Non-U.S. government securities28,820 (1,978)— — 28,820 (1,978)
Corporate debt securities560,659 (15,112)235 (14)560,894 (15,126)
Residential and commercial mortgage securities
191,043 (5,013)17,628 (741)208,671 (5,754)
Asset-backed securities131,675 (630)39,360 (243)171,035 (873)
Money market funds22,502 (2)— — 22,502 (2)
Total$1,528,753 $(31,848)$58,267 $(1,022)$1,587,020 $(32,870)
 
 Less than 12 months12 months or moreTotal
December 31, 2020 (In thousands)Fair
Value		Gross
Unrealized
Losses		Fair
Value		Gross
Unrealized
Losses		Fair
Value		Gross
Unrealized
Losses
U.S. Treasury securities$28,776 $(22)$— $— $28,776 $(22)
U.S. agency mortgage-backed securities152,671 (924)3,007 (46)155,678 (970)
Municipal debt securities3,838 (15)— — 3,838 (15)
Corporate debt securities141,803 (379)— — 141,803 (379)
Residential and commercial mortgage securities
63,203 (777)9,516 (503)72,719 (1,280)
Asset-backed securities124,165 (483)65,897 (573)190,062 (1,056)
Money market funds99,995 (18)— — 99,995 (18)
Total$614,451 $(2,618)$78,420 $(1,122)$692,871 $(3,740)
 
At March 31, 2021 and December 31, 2020, we held 802 and 363 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 March 31, 2021 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 over 98% of the securities at March 31, 2021 had investment-grade ratings. We concluded that gross unrealized losses noted above are principally associated with the changes in interest rates subsequent to purchase rather than due to credit impairment. There were no impairments in the three months ended March 31, 2021 or March 31, 2020.

The Company's other invested assets at March 31, 2021 and December 31, 2020 totaled $100.4 million and $88.9 million, respectively. Other invested assets are comprised of limited partnership interests which are generally accounted for under the equity method of accounting with changes in value reported in other income. Due to the timing of receiving financial information from these partnerships, the results are generally reported on a one month or quarter lag.

The fair value of investments deposited with insurance regulatory authorities to meet statutory requirements was $9.4 million at March 31, 2021 and $9.7 million at December 31, 2020. 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 $1.2 billion at March 31, 2021 and $1.1 billion at December 31, 2020. 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 $8.5 million at March 31, 2021 and $8.5 million at December 31, 2020. 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 $12.0 million at March 31, 2021 and $12.0 million at December 31, 2020.

Net investment income consists of: 
 Three Months Ended March 31,
(In thousands)20212020
Fixed maturities$23,024 $20,614 
Short-term investments81 1,122 
Gross investment income23,105 21,736 
Investment expenses(1,317)(1,103)
Net investment income$21,788 $20,633