(2) Investments:

The following is a summary of available-for-sale securities at March 31, 2020 and December 31, 2019:

	Fair Value		Cost or Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Net Unrealized Gains (Losses)
March 31, 2020
Fixed income securities
Agency collateralized mortgage obligations	$	10,460	$	11,016	$	390	$	(946	)	$	(556	)
Agency mortgage-backed securities		58,619		55,675		2,950		(6	)		2,944
Asset-backed securities		93,369		107,774		237		(14,642	)		(14,405	)
Bank loans		10,187		12,455		–		(2,268	)		(2,268	)
Certificates of deposit		2,835		2,835		–		–			–
Collateralized mortgage obligations		4,076		4,327		19		(270	)		(251	)
Corporate securities		262,160		263,356		4,682		(5,878	)		(1,196	)
Mortgage-backed securities		47,993		53,697		74		(5,778	)		(5,704	)
Municipal obligations		39,132		38,474		916		(258	)		658
Non-U.S. government obligations		28,842		27,992		850		–			850
U.S. government obligations		189,183		179,850		9,333		–			9,333
Total fixed income securities	$	746,856	$	757,451	$	19,451	$	(30,046	)	$	(10,595	)

	Fair Value		Cost or Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Net Unrealized Gains (Losses)
December 31, 2019
Fixed income securities
Agency collateralized mortgage obligations	$	12,093	$	11,557	$	536	$	–		$	536
Agency mortgage-backed securities		56,280		54,286		2,005		(11	)		1,994
Asset-backed securities		106,397		107,028		499		(1,130	)		(631	)
Bank loans		14,568		14,932		106		(470	)		(364	)
Certificates of deposit		2,835		2,835		–		–			–
Collateralized mortgage obligations		5,616		5,123		493		–			493
Corporate securities		281,381		274,340		7,492		(451	)		7,041
Mortgage-backed securities		47,463		46,685		1,047		(269	)		778
Municipal obligations		36,286		35,749		684		(147	)		537
Non-U.S. government obligations		24,179		23,889		290		–			290
U.S. government obligations		208,440		206,623		2,891		(1,074	)		1,817
Total fixed income securities	$	795,538	$	783,047	$	16,043	$	(3,552	)	$	12,491

The following table summarizes, for available-for-sale fixed income securities in an unrealized loss position at March 31, 2020 and December 31, 2019, the aggregate fair value and gross unrealized loss categorized by the duration individual securities have been continuously in an unrealized loss position.

	March 31, 2020							December 31, 2019
	Number of Securities		Fair Value		Gross Unrealized Loss			Number of Securities		Fair Value		Gross Unrealized Loss
Fixed income securities:
12 months or less		270	$	225,745	$	(25,029	)		88	$	108,387	$	(2,452	)
Greater than 12 months		20		20,410		(5,017	)		69		66,860		(1,100	)
Total fixed income securities		290	$	246,155	$	(30,046	)		157	$	175,247	$	(3,552	)

The fair value and the cost or amortized costs of fixed income investments at March 31, 2020, organized by contractual maturity, are shown below. Actual maturities may ultimately differ from contractual maturities because borrowers have, in some cases, the right to call or prepay obligations with or without call or prepayment penalties. Pre-refunded municipal bonds are classified based on their pre-refunded call dates.

	Fair Value		Cost or Amortized Cost
One year or less	$	97,469	$	96,889
Excess of one year to five years		293,569		289,041
Excess of five years to ten years		132,550		130,161
Excess of ten years		12,828		13,198
Contractual maturities		536,416		529,289
Asset-backed securities		210,440		228,162
Total	$	746,856	$	757,451

Following is a summary of the components of net realized and unrealized gains (losses) on investments for the periods presented in the accompanying condensed consolidated statements of operations.

	Three Months Ended March 31
	2020			2019

Gross gains on available-for-sale fixed income securities during the period	$	2,652		$	3,171
Gross losses on available-for-sale fixed income securities during the period		(4,741	)		(3,527	)

Impairment losses on investments		(40	)		(260	)

Change in value of limited partnership investments		(676	)		408

Gains (losses) on equity securities:
Realized gains (losses) on equity securities sold during the period		(2,698	)		317
Unrealized gains (losses) on equity securities held at the end of the period		(22,253	)		5,919
Realized and unrealized gains (losses) on equity securities during the period		(24,951	)		6,236

Net realized and unrealized gains (losses) on investments	$	(27,756	)	$	6,028

As discussed in Note 1, the Company adopted the provisions of the new CECL model for measuring expected credit losses for available-for-sale fixed income securities as of January 1, 2020. The updated guidance amended the previous OTTI model for available-for-sale fixed income securities by requiring the recognition of impairments relating to credit losses through an allowance account on the balance sheet with a corresponding adjustment to earnings and limits the amount of credit loss to the difference between a security’s amortized cost basis and its fair value. As of March 31, 2020, the Company intended to sell one security in an unrealized loss position and, in accordance with the new guidance, recorded $40 of a write down to earnings. The Company reviewed its remaining fixed income securities in an unrealized loss position as of March 31, 2020 and determined that the losses were primarily the result of non-credit factors, such as the increase in market volatility due to the recent disruption in global financial markets as a result of the novel coronavirus COVID-19 pandemic and responses to it. The Company currently does not intend to sell nor does it expect to be required to sell these securities before recovery of their amortized cost. Based on the above factors, the Company did not record any allowance for credit losses related to its available-for-sale securities under the new guidance in the first quarter of 2020.

Shareholders' equity at March 31, 2020 included approximately $4,453, net of federal income tax expense, of reported earnings that remain undistributed by limited partnerships.