
	December 31, 2020
(In thousands)	Amortized Cost		Allowance for Credit Losses		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
Fixed-maturities available for sale:
U.S. government and agency securities	$	176,033	$	—	$	1,677	$	(3,611)	$	174,099
State and municipal obligations	149,258		—		16,113		(100)		165,271
Corporate bonds and notes	2,832,350		(948)		250,771		(3,758)		3,078,415
RMBS	799,814		—		34,439		(314)		833,939
CMBS	645,071		—		39,495		(3,301)		681,265
CLO	569,173		—		2,026		(2,641)		568,558
Other ABS	249,988		—		2,901		(432)		252,457
Foreign government and agency securities	5,100		—		338		—		5,438
Total securities available for sale, including loaned securities	5,426,787		$	(948)	$	347,760	$	(14,157)	5,759,442
Less: loaned securities (1)	33,164								36,102
Total fixed-maturities available for sale	$	5,393,623							$	5,723,340


	December 31, 2019
(In thousands)	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
Fixed-maturities available for sale:
U.S. government and agency securities	$	198,613	$	2,048	$	(733)	$	199,928
State and municipal obligations	112,003		8,032		(41)		119,994
Corporate bonds and notes	2,136,819		106,189		(1,728)		2,241,280
RMBS	766,429		14,452		(1,527)		779,354
CMBS	574,037		14,993		(610)		588,420
CLO	465,449		229		(3,117)		462,561
Other ABS	314,946		1,789		(572)		316,163
Foreign government and agency securities	5,091		133		—		5,224
Total securities available for sale, including loaned securities	4,573,387		$	147,865	$	(8,328)	4,712,924
Less: loaned securities (1)	23,853						24,013
Total fixed-maturities available for sale	$	4,549,534					$	4,688,911

The following table provides a rollforward of the allowance for credit losses on fixed-maturities available for sale, which relates entirely to corporate bonds and notes for the periods indicated.


(In thousands)	Year Ended December 31, 2020
Beginning balance	$	—
Current provision for securities without prior allowance	1,254
Net increases (decreases) in allowance on previously impaired securities	—
Reduction for securities sold	(306)
Ending balance	$	948

For securities deemed “available for sale” that are in an unrealized loss position and for which an allowance for credit loss has not been established, 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, 2020 and 2019, are loaned securities under securities lending agreements that are classified as other assets in our consolidated balance sheets, as further described below.


	December 31, 2020
($ in thousands)	Less Than 12 Months					12 Months or Greater					Total
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	4	$	90,591	$	(3,611)	—	$	—	$	—	4	$	90,591	$	(3,611)
State and municipal obligations	4	9,626		(100)		—	—		—		4	9,626		(100)
Corporate bonds and notes	60	174,848		(3,758)		—	—		—		60	174,848		(3,758)
RMBS	5	42,003		(305)		2	915		(9)		7	42,918		(314)
CMBS	43	118,345		(3,035)		6	8,312		(266)		49	126,657		(3,301)
CLO	52	173,459		(970)		25	137,506		(1,671)		77	310,965		(2,641)
Other ABS	26	70,759		(322)		3	12,119		(110)		29	82,878		(432)

Total	194	$	679,631	$	(12,101)	36	$	158,852	$	(2,056)	230	$	838,483	$	(14,157)


	December 31, 2019
($ in thousands)	Less Than 12 Months					12 Months or Greater					Total
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	33	89,994		(463)		8	6,346		(147)		41	96,340		(610)
CLO	34	170,806		(327)		36	184,483		(2,790)		70	355,289		(3,117)
Other ABS	32	74,733		(358)		8	25,178		(214)		40	99,911		(572)


Total	154	$	660,883	$	(4,183)	70	$	254,728	$	(4,145)	224	$	915,611	$	(8,328)

See below for additional details on our net gains (losses) on investments, including the changes in the allowance for credit losses on fixed-maturities available for sale and other impairments due to our intent to sell securities in an unrealized loss position. See Note 2 for a discussion of our accounting policy for impairments, including our adoption of ASU 2016-13 effective January 2020.

We participate 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.

Fees received and paid in connection with securities lending agreements are recorded in net investment income and interest expense, respectively, on the consolidated statements of operations.

All of our securities lending agreements are classified as overnight and revolving. Securities collateral on deposit with us from third-party borrowers totaling $43.3 million and $42.4 million as of December 31, 2020 and December 31, 2019, 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)	2020		2019		2018
Investment income:
Fixed-maturities	$	148,127	$	155,104	$	141,552
Equity securities	6,378		7,028		7,157
Short-term investments	5,774		17,255		10,270
Other	354		545		976
Gross investment income	160,633		179,932		159,955
Investment expenses	(6,596)		(8,136)		(7,480)
Net investment income	$	154,037	$	171,796	$	152,475


	Year Ended December 31,
(In thousands)	2020		2019		2018
Net realized gains (losses):
Fixed-maturities available for sale (1)	$	34,869	$	11,262	$	(11,256)
Trading securities	4		(303)		(1,840)
Equity securities	353		(719)		532
Other investments	600		603		470
Net realized gains (losses) on investments	35,826		10,843		(12,094)
Impairment losses due to intent to sell	(1,401)		—		(1,744)
Net decrease (increase) in expected credit losses	(1,254)		—		—
Net unrealized gains (losses) on investments	10,960		33,220		(27,287)
Total net gains (losses) on investments	$	44,131	$	44,063	$	(41,125)


	Year Ended December 31,
(In thousands)	2020		2019		2018
Gross investment gains from sales and redemptions	$	37,431	$	17,663	$	1,986
Gross investment losses from sales and redemptions	(2,562)		(6,401)		(13,242)


	Year Ended December 31,
(In thousands)	2020		2019		2018
Net unrealized gains (losses) on investments still held:
Trading securities	$	10,583	$	16,346	$	(16,281)
Equity securities	1,759		11,906		(8,886)
Other investments	248		(174)		447
Net unrealized gains (losses) on investments still held	$	12,590	$	28,078	$	(24,720)


	December 31, 2020
(In thousands)	Amortized Cost		Fair Value
Due in one year or less	$	125,361	$	126,414
Due after one year through five years (1)	1,002,786		1,062,579
Due after five years through 10 years (1)	1,225,712		1,338,147
Due after 10 years (1)	808,882		896,083
Asset-backed and mortgage-backed securities (2)	2,264,046		2,336,219
Total	5,426,787		5,759,442
Less: loaned securities	33,164		36,102
Total fixed-maturities available for sale	$	5,393,623	$	5,723,340

Our fixed-maturities available for sale include securities totaling $16.9 million and $16.8 million at December 31, 2020 and 2019, 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.