

	December 31, 2019
(In thousands)	Amortized Cost		Fair Value		Gross Unrealized Gains		Gross Unrealized Losses
Fixed-maturities available for sale:
U.S. government and agency securities	$	198,613	$	199,928	$	2,048	$	733
State and municipal obligations	112,003		119,994		8,032		41
Corporate bonds and notes	2,136,819		2,241,280		106,189		1,728
RMBS	766,429		779,354		14,452		1,527
CMBS	593,647		608,015		14,993		625
Other ABS	760,785		759,129		2,018		3,674
Foreign government and agency securities	5,091		5,224		133		—
Total securities available for sale, including loaned securities	4,573,387		4,712,924		$	147,865	$	8,328
Less: loaned securities	23,853		24,013
Total fixed-maturities available for sale	$	4,549,534	$	4,688,911



	December 31, 2018
(In thousands)	Amortized Cost		Fair Value		Gross Unrealized Gains		Gross Unrealized Losses
Fixed-maturities available for sale:
U.S. government and agency securities	$	85,532	$	84,070	$	46	$	1,508
State and municipal obligations	138,022		138,313		2,191		1,900
Corporate bonds and notes	2,288,720		2,229,885		5,053		63,888
RMBS	334,843		332,142		1,785		4,486
CMBS	546,729		539,915		544		7,358
Other ABS	712,748		704,662		814		8,900
Total securities available for sale, including loaned securities	4,106,594		4,028,987		$	10,433	$	88,040
Less: loaned securities	7,632		7,412
Total fixed-maturities available for sale	$	4,098,962	$	4,021,575

For securities deemed “available for sale” and that are in an unrealized loss position, the following tables show the gross unrealized losses and fair values, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position, as of the dates indicated. Included in the amounts as of December 31, 2019 and 2018, are loaned securities under securities lending agreements that are classified as other assets in our consolidated balance sheets, as further described below.



	December 31, 2019
($ in thousands) Description of Securities	Less Than 12 Months					12 Months or Greater					Total
($ in thousands) Description of Securities	# of securities	Fair Value		Unrealized Losses		# of securities	Fair Value		Unrealized Losses		# of securities	Fair Value		Unrealized Losses
U.S. government and agency securities	2	$	26,142	$	731	2	$	2,529	$	2	4	$	28,671	$	733
State and municipal obligations	1	3,959		41		—	—		—		1	3,959		41
Corporate bonds and notes	25	110,871		1,728		—	—		—		25	110,871		1,728
RMBS	27	184,378		535		16	36,192		992		43	220,570		1,527
CMBS	36	109,589		478		8	6,346		147		44	115,935		625
Other ABS	63	225,944		670		44	209,661		3,004		107	435,605		3,674
Total	154	$	660,883	$	4,183	70	$	254,728	$	4,145	224	$	915,611	$	8,328



	December 31, 2018
($ in thousands) Description of Securities	Less Than 12 Months					12 Months or Greater					Total
($ in thousands) Description of Securities	# of securities	Fair Value		Unrealized Losses		# of securities	Fair Value		Unrealized Losses		# of securities	Fair Value		Unrealized Losses
U.S. government and agency securities	2	$	27,415	$	796	8	$	23,476	$	712	10	$	50,891	$	1,508
State and municipal obligations	12	41,263		955		16	39,982		945		28	81,245		1,900
Corporate bonds and notes	330	1,208,430		36,284		126	601,533		27,604		456	1,809,963		63,888
RMBS	15	92,315		782		28	77,395		3,704		43	169,710		4,486
CMBS	62	328,696		3,973		33	125,728		3,385		95	454,424		7,358
Other ABS	129	503,109		7,917		26	89,628		983		155	592,737		8,900
Total	550	$	2,201,228	$	50,707	237	$	957,742	$	37,333	787	$	3,158,970	$	88,040

Although we held available for sale securities in an unrealized loss position as of December 31, 2019, we did not consider those securities to be other-than-temporarily impaired as of such date. For all investment categories, the unrealized losses of 12 months or greater duration as of December 31, 2019 were generally caused by interest rate or credit spread movements since the purchase date, and as such, we expect to recover the amortized cost basis of these securities. As of December 31, 2019, we did not have the intent to sell any available for sale securities in an unrealized loss position, and we determined that it is more likely than not that we will not be required to sell the securities before recovery of their cost basis, which may be at maturity; therefore, we did not consider these investments to be other-than-temporarily impaired at December 31, 2019.

Other-Than-Temporary Impairment Activity. To the extent we determine that a security is deemed to have had an other-than-temporary impairment, an impairment loss is recognized. While there were no other-than-temporary impairment losses in earnings during the year ended December 31, 2019, we recognized such losses during the years ended December 31, 2018 and 2017. There were no other-than-temporary impairment losses recognized in accumulated other comprehensive income (loss) for any of those periods.

For the year ended December 31, 2018, we recorded other-than-temporary impairment losses in earnings of $1.7 million due to our intent to sell certain securities. For the year ended December 31, 2017, we recorded other-than-temporary impairment losses in earnings of $1.4 million, due primarily to credit deterioration in certain securities.

During the third quarter of 2017, we commenced participation in a securities lending program whereby we loan certain securities in our investment portfolio to third parties, generally large banks, for short periods of time. These securities lending agreements are collateralized financing arrangements whereby we transfer securities to third parties through an intermediary in exchange for cash or other securities. However, pursuant to the terms of these agreements, we maintain effective control over all loaned securities. Although we report such securities at fair value within other assets in our consolidated balance sheets, rather than in investments, the detailed information provided in this Note includes these securities. See Note 9 for additional information.

Under our securities lending agreements, the borrower is required to provide to us collateral, consisting of cash or securities, in amounts generally equal to or exceeding: (i) 102% of the value of the loaned securities (105% in the case of foreign securities) or (ii) another agreed-upon percentage not less than 100% of the market value of the loaned securities. Any cash collateral we receive may be invested in liquid assets. Cash collateral, which is reinvested for our benefit by the intermediary in accordance with the investment guidelines contained in the securities lending and collateral agreements, is reflected in short-term investments, with an offsetting liability recognized in other liabilities for the obligation to return the cash collateral. Securities collateral we receive is held on deposit for the borrower’s benefit and we may not transfer or loan such securities collateral unless the borrower is in default. Therefore, such securities collateral is not reflected in our consolidated financial statements given that the risks and rewards of ownership are not transferred to us from the borrowers.

All of our securities lending agreements are classified as overnight and revolving. Securities collateral on deposit with us from third-party borrowers totaling $42.4 million and $16.8 million as of December 31, 2019 and December 31, 2018, respectively, may not be transferred or re-pledged unless the third-party borrower is in default, and is therefore not reflected in our consolidated financial statements.



	Year Ended December 31,
(In thousands)	2019			2018			2017
Investment income:
Fixed-maturities	$	155,104		$	141,552		$	122,890
Equity securities	7,028			7,157			4,318
Short-term investments	17,255			10,270			5,453
Other	545			976			987
Gross investment income	179,932			159,955			133,648
Investment expenses	(8,136		)	(7,480		)	(6,400		)
Net investment income	$	171,796		$	152,475		$	127,248



	Year Ended December 31,
(In thousands)	2019			2018			2017
Net realized gains (losses) on investments:
Fixed-maturities available for sale (1)	$	11,262		$	(11,256	)	$	(3,014	)
Trading securities	(303		)	(1,840		)	(5,995		)
Equity securities	(719		)	532			368
Other investments	603			470			38
Net realized gains (losses) on investments	10,843			(12,094		)	(8,603		)
Other-than-temporary impairment losses	—			(1,744		)	(1,420		)
Net unrealized gains (losses) on investments (2)	33,220			(27,287		)	13,230
Total net gains (losses) on investments	$	44,063		$	(41,125	)	$	3,207

(1)Components of net realized gains (losses) on fixed-maturities available for sale include:



	Year Ended December 31,
(In thousands)	2019			2018			2017
Gross investment gains from sales and redemptions	$	17,663		$	1,986		$	6,052
Gross investment losses from sales and redemptions	(6,401		)	(13,242		)	(9,066		)



	Year Ended December 31,
(In thousands)	2019			2018			2017
Net unrealized gains (losses) on investments still held:
Trading securities	$	16,346		$	(16,281	)	$	8,945
Equity securities (1)	11,906			(8,886		)	—
Other investments	(174		)	447			(118		)
Net unrealized gains (losses) on investments still held	$	28,078		$	(24,720	)	$	8,827



	Year Ended December 31,
(In thousands)	2019		2018			2017
Fixed-maturities:
Unrealized holding gains (losses) arising during the period, net of tax	$	180,441	$	(97,356	)	$	32,147
Less reclassification adjustment for net gains (losses) included in net income (loss), net of tax	8,897		(10,270		)	(2,556		)
Net unrealized gains (losses) on investments, net of tax	$	171,544	$	(87,086	)	$	34,703

Equities (1):
Unrealized holding gains (losses) arising during the period, net of tax	$	—	$	—		$	(244	)
Less reclassification adjustment for net gains (losses) included in net income (loss), net of tax	—		—			(86		)
Net unrealized gains (losses) on investments, net of tax	$	—	$	—		$	(158	)



	December 31, 2019
(In thousands)	Amortized Cost		Fair Value
Due in one year or less	$	146,985	$	147,541
Due after one year through five years (1)	834,096		852,660
Due after five years through 10 years (1)	1,062,725		1,121,536
Due after 10 years (1)	408,720		444,689
RMBS (2)	766,429		779,354
CMBS (2)	593,647		608,015
Other ABS (2)	760,785		759,129
Total	4,573,387		4,712,924
Less: loaned securities	23,853		24,013
Total fixed-maturities available for sale	$	4,549,534	$	4,688,911

Our fixed-maturities available for sale include securities totaling $16.8 million and $17.6 million at December 31, 2019 and 2018, respectively, on deposit and serving as collateral with various state regulatory authorities. Our fixed-maturities available for sale also include securities serving as collateral for our FHLB advances. See Note 12 for additional information about our FHLB advances.