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Investments
 3 Months Ended
Mar. 31, 2015
Investment [Abstract]  
Investments

(4) Investments

The cost or amortized cost, gross unrealized gain or loss, and fair value of our fixed maturity and equity securities, all of which are classified as available for sale, were as follows:

Cost orGrossGross
amortizedunrealizedunrealized
costgainlossFair value
March 31, 2015
U.S. government and government agency securities $73,540$983$(7)$74,516
Fixed maturity securities of states, municipalities
and political subdivisions877,95456,164(55)934,063
Special purpose revenue bonds of states, municipalities
and political subdivisions2,253,237143,514(1,065)2,395,686
Corporate securities 726,32028,287(2,584)752,023
Residential mortgage-backed securities 770,95722,259(1,806)791,410
Commercial mortgage-backed securities 567,34026,032(592)592,780
Asset-backed securities 369,2891,051(1,038)369,302
Foreign government securities 124,957471(3,396)122,032
Foreign corporate securities 428,4427,830(15,640)420,632
Total fixed maturity securities $6,192,036$286,591$(26,183)$6,452,444
Equity securities $325,435$25,464$(16,136)$334,763

December 31, 2014
U.S. government and government agency securities $70,279$827$(137)$70,969
Fixed maturity securities of states, municipalities
and political subdivisions896,13058,738(160)954,708
Special purpose revenue bonds of states, municipalities
and political subdivisions2,246,707143,291(986)2,389,012
Corporate securities 777,24225,983(4,656)798,569
Residential mortgage-backed securities 805,45820,215(3,979)821,694
Commercial mortgage-backed securities 593,95619,707(2,032)611,631
Asset-backed securities 369,103316(2,592)366,827
Foreign government securities 119,479767(1,554)118,692
Foreign corporate securities 474,38310,776(6,893)478,266
Total fixed maturity securities $6,352,737$280,620$(22,989)$6,610,368
Equity securities $291,070$24,069$(18,787)$296,352

Substantially all of our fixed maturity securities are investment grade. The following tables display the gross unrealized losses and fair value of all available for sale securities that were in a continuous unrealized loss position for the periods indicated.

Less than 12 months 12 months or more Total
UnrealizedUnrealizedUnrealized
Fair value lossesFair value losses Fair value losses
March 31, 2015
Fixed maturity securities
U.S. government and government agency
securities$421$-$3,985$(7)$4,406$(7)
Fixed maturity securities of states,
municipalities and political subdivisions 16,379(55)--16,379(55)
Special purpose revenue bonds of states,
municipalities and political subdivisions 84,718(587)17,341(478)102,059(1,065)
Corporate securities 66,827(1,578)42,230(1,006)109,057(2,584)
Residential mortgage-backed securities 75,826(540)104,754(1,266)180,580(1,806)
Commercial mortgage-backed securities 12,013(155)25,852(437)37,865(592)
Asset-backed securities 73,934(119)91,570(919)165,504(1,038)
Foreign government securities 51,165(3,392)1,242(4)52,407(3,396)
Foreign corporate securities 167,020(12,267)20,657(3,373)187,677(15,640)
Equity securities 139,886(12,696)11,501(3,440)151,387(16,136)
Total $688,189$(31,389)$319,132$(10,930)$1,007,321$(42,319)

December 31, 2014
Fixed maturity securities
U.S. government and government agency
securities$14,813$(8)$11,236$(129)$26,049$(137)
Fixed maturity securities of states,
municipalities and political subdivisions 3,857(21)19,337(139)23,194(160)
Special purpose revenue bonds of states,
municipalities and political subdivisions 4,041(19)100,947(967)104,988(986)
Corporate securities 211,111(2,498)48,091(2,158)259,202(4,656)
Residential mortgage-backed securities 37,434(100)226,256(3,879)263,690(3,979)
Commercial mortgage-backed securities 5,228(26)99,868(2,006)105,096(2,032)
Asset-backed securities 181,579(1,245)78,797(1,347)260,376(2,592)
Foreign government securities 55,280(1,498)7,187(56)62,467(1,554)
Foreign corporate securities 182,163(4,587)21,571(2,306)203,734(6,893)
Equity securities 111,251(17,839)3,934(948)115,185(18,787)
Total $806,757$(27,841)$617,224$(13,935)$1,423,981$(41,776)

At March 31, 2015, we held approximately 2,910 fixed maturity and equity securities, of which 20% included at least one lot in an unrealized loss position. A security has an impairment loss when its fair value is less than its cost or amortized cost at the balance sheet date. We evaluate our securities for possible other-than-temporary impairment losses at each quarter end. Our reviews cover all impaired securities where the loss exceeds $1.0 million and the loss either exceeds 10% of cost or the security had been in a loss position for longer than twelve consecutive months. We do not consider the $42.3 million of gross unrealized losses in our portfolio at March 31, 2015 to be other-than-temporary impairments as these losses relate to non-credit factors, such as interest rate changes, fluctuations in exchange rates and market conditions. We recognized no other-than-temporary impairment losses in the first quarter of 2015 and 2014.

The amortized cost and fair value of our fixed maturity securities at March 31, 2015, by contractual maturity, are shown below. Expected maturities may differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties. The weighted-average life of our mortgage-backed and asset-backed securities was 5.1 years at March 31, 2015.

Cost or amortized costFair value
Due in 1 year or less $156,470$153,783
Due after 1 year through 5 years 1,117,5531,138,249
Due after 5 years through 10 years 1,322,9791,400,954
Due after 10 years through 15 years 884,731945,028
Due after 15 years 1,002,7171,060,938
Securities with contractual maturities 4,484,4504,698,952
Mortgage-backed and asset-backed securities 1,707,5861,753,492
Total fixed maturity securities $6,192,036$6,452,444

Realized pretax gains (losses) on the sale of investments included the following:

Three months ended March 31,
20152014
Gains
Fixed maturity securities$13,876$1,132
Equity securities10,31124,438
Total gains24,18725,570
Losses
Fixed maturity securities(1,472)(2,155)
Equity securities(9,529)(3,169)
Total losses(11,001)(5,324)
Net
Fixed maturity securities12,404(1,023)
Equity securities78221,269
Net realized investment gain (loss)$13,186$20,246