Available for Sale Securities and Other Investments

9 Months Ended

Sep. 30, 2018

Available for Sale Securities and Other Investments

The amortized cost, gross unrealized gains and losses and estimated fair value of investments classified as available for sale are as follows (in thousands):



	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Estimated Fair Value
September 30, 2018
Bonds and notes:
U.S. government securities	$	1,608,076	$	2	$	353	$	1,607,725
Residential mortgage-backed securities	147,294		138		754		146,678
Commercial mortgage-backed securities	16,049		—		330		15,719
Other asset-backed securities	98,543		9		254		98,298
Total fixed maturities	1,869,962		149		1,691		1,868,420

Total Available for sale securities	$	1,869,962	$	149	$	1,691	$	1,868,420

December 31, 2017
Bonds and notes:
U.S. government securities	$	552,847	$	—	$	42	$	552,805
Residential mortgage-backed securities	34,381		272		92		34,561
Commercial mortgage-backed securities	5,857		17		4		5,870
Other asset-backed securities	34,837		46		44		34,839
Total fixed maturities	627,922		335		182		628,075

Equity securities:
Common stocks:
Banks, trusts and insurance companies	35,071		17,500		—		52,571
Industrial, miscellaneous and all other	17,504		18,411		—		35,915
Total equity securities	52,575		35,911		—		88,486

Total Available for sale securities	$	680,497	$	36,246	$	182	$	716,561

As of January 1, 2018, the Company adopted the FASB's new guidance that affects the accounting for equity investments and the presentation and disclosure requirements for financial instruments. At September 30, 2018, equity investments are primarily classified as Trading assets, at fair value and the change in fair value of equity securities is now recognized through the Consolidated Statements of Operations. See Note 2 for additional information.

At September 30, 2018, the Company had other investments (classified as Other assets and Loans to and investments in associated companies) in which fair values are not readily determinable, aggregating $233.7 million. There were no unrealized gains, losses or impairments recognized on these investments during the three and nine months ended September 30, 2018.

The amortized cost and estimated fair value of investments classified as available for sale at September 30, 2018, by contractual maturity, are shown below. Expected maturities are likely to differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties.



	Amortized Cost		Estimated Fair Value
	(In thousands)
Due within one year	$	1,608,076	$	1,607,725
	1,608,076		1,607,725
Mortgage-backed and asset-backed securities	261,886		260,695
	$	1,869,962	$	1,868,420

At September 30, 2018, the unrealized losses on investments which have been in a continuous unrealized loss position 12 months or longer were not significant.