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Investments Available for Sale
 12 Months Ended
Dec. 31, 2015
Investments, Debt and Equity Securities [Abstract]  
Investments Available for Sale
Investments Available for Sale

Investments available for sale consist of the following:

December 31, 2015 (In thousands)
 
Amortized
Cost
 
Unrealized
Gains
 
Unrealized
Losses
 
Fair Value
U.S. Treasury securities
 
$
178,460

 
$
235

 
$
(1,088
)
 
$
177,607

U.S. agency securities
 
13,955

 
5

 
(178
)
 
13,782

U.S. agency mortgage-backed securities
 
160,181

 
474

 
(1,053
)
 
159,602

Municipal debt securities(1)
 
272,733

 
7,357

 
(262
)
 
279,828

Corporate debt securities(2)
 
399,246

 
1,338

 
(3,852
)
 
396,732

Mortgage-backed securities
 
56,380

 
97

 
(1,121
)
 
55,356

Asset-backed securities
 
127,919

 
29

 
(1,319
)
 
126,629

Money market funds
 
67,098

 
—

 
—

 
67,098

Total investments available for sale
 
$
1,275,972

 
$
9,535

 
$
(8,873
)
 
$
1,276,634


December 31, 2014 (In thousands)
 
Amortized
Cost
 
Unrealized
Gains
 
Unrealized
Losses
 
Fair Value
U.S. Treasury securities
 
$
73,432

 
$
927

 
$
(143
)
 
$
74,216

U.S. agency securities
 
4,491

 
29

 
—

 
4,520

U.S. agency mortgage-backed securities
 
82,190

 
1,564

 
(214
)
 
83,540

Municipal debt securities(1)
 
191,723

 
4,147

 
(324
)
 
195,546

Corporate debt securities(2)
 
295,507

 
2,123

 
(801
)
 
296,829

Mortgage-backed securities
 
66,396

 
574

 
(884
)
 
66,086

Asset-backed securities
 
126,474

 
136

 
(422
)
 
126,188

Money market funds
 
210,688

 
—

 
—

 
210,688

Total investments available for sale
 
$
1,050,901

 
$
9,500

 
$
(2,788
)
 
$
1,057,613

_______________________________________________________________________________
 
 
December 31,
 
December 31,
(1) The following table summarizes municipal debt securities as of :
 
2015
 
2014
Special revenue bonds
 
70.4
%
 
59.7
%
General obligation bonds
 
24.5

 
37.5

Certificate of participation bonds
 
4.0

 
0.8

Tax allocation bonds
 
1.1

 
1.5

Special assessment bonds
 
—

 
0.5

Total
 
100.0
%
 
100.0
%

 
 
December 31,
 
December 31,
(2) The following table summarizes corporate debt securities as of :
 
2015
 
2014
Financial
 
44.9
%
 
31.3
%
Consumer, non-cyclical
 
14.8

 
22.1

Energy
 
9.0

 
9.5

Communications
 
7.1

 
12.3

Consumer, cyclical
 
6.2

 
5.5

Industrial
 
5.2

 
5.5

Utilities
 
5.0

 
3.3

Basic materials
 
4.0

 
6.8

Technology
 
3.8

 
3.7

Total
 
100.0
%
 
100.0
%



The amortized cost and fair value of investments available for sale at December 31, 2015, 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 mortgage-backed 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
 
$
33,062

 
$
33,050

Due after 1 but within 5 years
 
45,040

 
44,852

Due after 5 but within 10 years
 
94,397

 
93,762

Due after 10 years
 
5,961

 
5,943

Subtotal
 
178,460

 
177,607

U.S. agency securities:
 
 

 
 

Due in 1 year
 
2,415

 
2,420

Due after 1 but within 5 years
 
11,540

 
11,362

Subtotal
 
13,955

 
13,782

Municipal debt securities:
 
 

 
 

Due in 1 year
 
1,036

 
1,040

Due after 1 but within 5 years
 
83,915

 
84,497

Due after 5 but within 10 years
 
97,983

 
101,496

Due after 10 years
 
89,799

 
92,795

Subtotal
 
272,733

 
279,828

Corporate debt securities:
 
 

 
 

Due in 1 year
 
7,617

 
7,616

Due after 1 but within 5 years
 
276,448

 
274,633

Due after 5 but within 10 years
 
112,905

 
112,194

Due after 10 years
 
2,276

 
2,289

Subtotal
 
399,246

 
396,732

U.S. agency mortgage-backed securities
 
160,181

 
159,602

Mortgage-backed securities
 
56,380

 
55,356

Asset-backed securities
 
127,919

 
126,629

Money market funds
 
67,098

 
67,098

Total investments available for sale
 
$
1,275,972

 
$
1,276,634



Gross gains and losses realized on the sale of investments available for sale were as follows:

 
 
Year Ended December 31,
(In thousands)
 
2015
 
2014
 
2013
Realized gross gains
 
$
3,908

 
$
1,368

 
$
116

Realized gross losses
 
1,073

 
443

 
—



The fair value of investments in an unrealized loss position and the related unrealized losses were as follows:

 
 
Less than 12 months
 
12 months or more
 
Total
December 31, 2015 (In thousands)
 
Fair
Value
 
Gross
Unrealized
Losses
 
Fair
Value
 
Gross
Unrealized
Losses
 
Fair
Value
 
Gross
Unrealized
Losses
U.S. Treasury securities
 
$
110,699

 
$
(1,088
)
 
$
—

 
$
—

 
$
110,699

 
$
(1,088
)
U.S. agency securities
 
11,362

 
(178
)
 
—

 
—

 
11,362

 
(178
)
U.S. agency mortgage-backed securities
 
101,465

 
(915
)
 
3,683

 
(138
)
 
105,148

 
(1,053
)
Municipal debt securities
 
47,850

 
(255
)
 
1,254

 
(7
)
 
49,104

 
(262
)
Corporate debt securities
 
252,792

 
(3,447
)
 
9,404

 
(405
)
 
262,196

 
(3,852
)
Mortgage-backed securities
 
23,360

 
(458
)
 
26,075

 
(663
)
 
49,435

 
(1,121
)
Asset-backed securities
 
86,431

 
(871
)
 
26,364

 
(448
)
 
112,795

 
(1,319
)
Total
 
$
633,959

 
$
(7,212
)
 
$
66,780

 
$
(1,661
)
 
$
700,739

 
$
(8,873
)

 
 
Less than 12 months
 
12 months or more
 
Total
December 31, 2014 (In thousands)
 
Fair
Value
 
Gross
Unrealized
Losses
 
Fair
Value
 
Gross
Unrealized
Losses
 
Fair
Value
 
Gross
Unrealized
Losses
U.S. Treasury securities
 
$
16,543

 
$
(34
)
 
$
5,155

 
$
(109
)
 
$
21,698

 
$
(143
)
U.S. agency mortgage-backed securities
 
2,334

 
—

 
8,566

 
(214
)
 
10,900

 
(214
)
Municipal debt securities
 
39,902

 
(229
)
 
8,684

 
(95
)
 
48,586

 
(324
)
Corporate debt securities
 
113,717

 
(701
)
 
12,659

 
(100
)
 
126,376

 
(801
)
Mortgage-backed securities
 
28,091

 
(264
)
 
16,092

 
(620
)
 
44,183

 
(884
)
Asset-backed securities
 
100,248

 
(405
)
 
2,201

 
(17
)
 
102,449

 
(422
)
Total
 
$
300,835

 
$
(1,633
)
 
$
53,357

 
$
(1,155
)
 
$
354,192

 
$
(2,788
)


The gross unrealized losses on these investment securities are principally associated with the changes in the interest rate environment subsequent to their purchase. Each issuer is current on its scheduled interest and principal payments. 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 an impairment is other-than-temporary. We recorded an other-than-temporary impairment of $0.3 million in the year ended December 31, 2015 for two securities in an unrealized loss position that we intend to sell. We recognized no other-than-temporary impairments of investments in the years ended December 31, 2014 and 2013.

The fair value of investments deposited with insurance regulatory authorities to meet statutory requirements was $8.5 million at December 31, 2015 and $8.5 million at December 31, 2014. 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 required investments on deposit in these trusts was $171.5 million at December 31, 2015 and $66.7 million at December 31, 2014.

Net investment income consists of:

 
 
Year Ended December 31,
(In thousands)
 
2015
 
2014
 
2013
Fixed maturities
 
$
21,693

 
$
13,356

 
$
4,671

Short-term investments
 
63

 
56

 
26

Gross investment income
 
21,756

 
13,412

 
4,697

Investment expenses
 
(1,871
)
 
(1,127
)
 
(587
)
Net investment income
 
$
19,885

 
$
12,285

 
$
4,110