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SUMMARY OF INVESTMENTS (Tables)
 12 Months Ended
Dec. 31, 2020
Investments, Debt and Equity Securities [Abstract]  
Reconciliation of Amortized Cost to Fair Value
The table that follows is a reconciliation of the amortized cost (cost for equity securities) to fair value of investments in available-for-sale fixed maturity securities, presented on a consolidated basis as of December 31, 2020 and 2019.
December 31, 2020
Type of InvestmentCost or Amortized Cost Gross Unrealized Appreciation Gross Unrealized Depreciation Fair ValueAllowance for Credit LossesCarrying Value
AVAILABLE-FOR-SALE
Fixed maturities
Bonds
U.S. Treasury$149,481 $482 $25 $149,938 $— $149,938 
U.S. government agency60,502 4,016 — 64,518 — 64,518 
States, municipalities and political subdivisions
  General obligations:
     Midwest77,933 4,047 — 81,980 — 81,980 
     Northeast29,071 1,379 — 30,450 — 30,450 
     South104,522 5,448 — 109,970 — 109,970 
     West102,590 7,431 — 110,021 — 110,021 
   Special revenue:
     Midwest115,956 9,142 — 125,098 — 125,098 
     Northeast56,317 4,759 — 61,076 — 61,076 
     South208,739 17,967 — 226,706 — 226,706 
     West129,417 9,982 — 139,399 — 139,399 
Foreign bonds27,799 1,805 2 29,602 — 29,602 
Public utilities76,114 7,388 — 83,502 — 83,502 
Corporate bonds
Energy22,441 2,895 — 25,336 — 25,336 
Industrials39,513 3,744 — 43,257 — 43,257 
Consumer goods and services46,521 4,046 — 50,567 — 50,567 
Health care6,678 898 — 7,576 — 7,576 
Technology, media and telecommunications37,270 4,381 15 41,636 — 41,636 
Financial services93,736 7,564 269 101,031 5 101,026 
Mortgage-backed securities20,305 326 54 20,577 — 20,577 
Collateralized mortgage obligations
Government national mortgage association81,758 4,439 45 86,152 — 86,152 
Federal home loan mortgage corporation151,362 2,239 758 152,843 — 152,843 
Federal national mortgage association81,952 2,013 683 83,282 — 83,282 
Asset-backed securities314 612 — 926 — 926 
Total Available-For-Sale Fixed Maturities$1,720,291 $107,003 $1,851 $1,825,443 $5 $1,825,438 
December 31, 2019
Type of InvestmentCost or Amortized Cost Gross Unrealized Appreciation Gross Unrealized Depreciation Fair Value
AVAILABLE-FOR-SALE
Fixed maturities
Bonds
U.S. Treasury$69,300 $203 $12 $69,491 
U.S. government agency97,962 2,344 104 100,202 
States, municipalities and political subdivisions
   General obligations:
      Midwest85,607 2,987 — 88,594 
      Northeast30,120 1,150 — 31,270 
      South111,688 3,515 — 115,203 
      West105,569 4,748 — 110,317 
   Special revenue:
      Midwest133,717 6,175 — 139,892 
      Northeast58,665 2,878 — 61,543 
      South224,214 10,452 — 234,666 
      West138,557 6,287 — 144,844 
Foreign bonds4,936 181 — 5,117 
Public utilities60,950 2,701 — 63,651 
Corporate bonds
Energy28,695 1,429 — 30,124 
Industrials52,249 1,766 — 54,015 
Consumer goods and services47,131 2,335 — 49,466 
Health care8,998 482 — 9,480 
Technology, media and telecommunications25,931 1,739 — 27,670 
Financial services96,613 3,870 230 100,253 
Mortgage-backed securities6,250 127 21 6,356 
Collateralized mortgage obligations
Government national mortgage association78,400 2,053 97 80,356 
Federal home loan mortgage corporation123,572 1,150 220 124,502 
Federal national mortgage association70,322 1,631 108 71,845 
Asset-backed securities314 436 — 750 
Total Available-For-Sale Fixed Maturities$1,659,760 $60,639 $792 $1,719,607 
Contractual Maturity of Investments The amortized cost and fair value of available-for-sale fixed maturity securities at December 31, 2020, by contractual maturity, are shown in the following table. Actual maturities may differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties. Asset-backed securities, mortgage-backed securities and collateralized mortgage obligations may be subject to prepayment risk and are therefore not categorized by contractual maturity.
Maturities
 Available-For-Sale
December 31, 2020 Amortized Cost Fair Value
Due in one year or less $32,214  $32,467 
Due after one year through five years 476,667  502,699 
Due after five years through 10 years 400,277  431,271 
Due after 10 years 475,442  515,226 
Asset-backed securities314 926 
Mortgage-backed securities 20,305  20,577 
Collateralized mortgage obligations 315,072  322,277 
  $1,720,291  $1,825,443 
Summary of Net Realized Investment Gains (Losses) A summary of net realized investment gains (losses) for 2020, 2019 and 2018, is as follows:
2020 20192018
Net realized investment gains (losses) from continuing operations   
Fixed maturities:
Available-for-sale$1,787 $655 $(254)
Allowance for credit losses(5)— — 
Trading securities
Change in fair value(3,314)1,351 (296)
Sales2,950 1,993 1,226 
Equity securities
Change in fair value(6,875)51,231 (21,994)
Sales(26,906)725 1,702 
Mortgage loans(4)(26)(46)
   Real estate(28)(2,150)(517)
   Total net realized investment gains (losses) from continuing operations$(32,395)$53,779 $(20,179)
   Total net realized investment gains (losses) from discontinued operations— — (1,057)
Total net realized investment gains (losses)$(32,395) $53,779 $(21,236)
Schedule of Proceeds and Gross Realized Gains (Losses)
The proceeds and gross realized gains (losses) on the sale of available-for-sale fixed maturity securities from continuing operations for 2020, 2019 and 2018, are as follows:
2020 20192018
Proceeds from sales$50,744  $41,760 $132,250 
Gross realized gains1,400  302 140 
Gross realized losses(495) (13)(517)
Schedule of Net Investment Income
Net investment income for the years ended December 31, 2020, 2019 and 2018, is comprised of the following:
Years Ended December 31,2020 20192018
Investment income from continuing operations:
Interest on fixed maturities$46,478 $50,274 $51,356 
Dividends on equity securities6,368 7,842 7,731 
Income on other long-term investments
Investment income1,890 3,115 8,383 
Change in value (1)
(9,633)1,114 (10,116)
Interest on mortgage loans1,949 1,595 412 
Interest on short-term investments107 522 606 
Interest on cash and cash equivalents763 2,681 1,875 
Other205 252 307 
Total investment income from continuing operations$48,127 $67,395 $60,554 
Less investment expenses8,457 6,981 7,660 
Net investment income from continuing operations$39,670 $60,414 $52,894 
Net investment income from discontinued operations$— $— $12,663 
Net investment income$39,670 $60,414 $65,557 
(1)Represents the change in value of our interests in limited liability partnerships that are recorded on the equity method of accounting.
Schedule of Rollforward of Allowance for Credit Losses for Available-for-Sale Fixed Maturity Securities The following table contains a rollforward of the allowance for credit losses for available-for-sale fixed maturity securities at December 31, 2020:
Rollforward of allowance for credit losses for available-for-sale fixed maturity securities:
As of
December 31, 2020
Beginning balance, January 1, 2020$— 
Additions to the allowance for credit losses for which credit losses were not previously recorded5
Reductions for securities sold during the period (realized)— 
Writeoffs charged against the allowance— 
Recoveries of amounts previously written off— 
Ending balance, December 31, 2020$5 
Summary of Changes in Net Unrealized Investment Appreciation
A summary of changes in net unrealized investment appreciation for 2020, 2019 and 2018, is as follows for continuing operations and discontinued operations:
2020 20192018
Change in net unrealized investment appreciation   
Available-for-sale fixed maturities$45,305 $71,648 $(57,475)
Deferred policy acquisition costs—  — 7,274 
Income tax effect(9,514) (15,046)10,543 
Cumulative change in accounting principles— — (191,244)
Net unrealized investment depreciation of discontinued operations, sold— — 6,714 
Total change in net unrealized investment appreciation (depreciation), net of tax$35,791  $56,602 $(224,188)
Summary of Investments in Unrealized Loss Position The following tables summarize our fixed maturity securities that were in an unrealized loss position reported on a consolidated basis at December 31, 2020 and 2019. The securities are presented by the length of time they have been continuously in an unrealized loss position. Non-credit related unrealized losses are recognized as a component of other comprehensive income and represent other market movements that are not credit related, for example interest rate changes. We have no intent to sell, and it is more likely than not that we will not be required to sell, these securities until the fair value recovers to at least equal our cost basis or the securities mature.
December 31, 2020Less than 12 months12 months or longerTotal
Type of InvestmentNumber
of Issues		Fair
Value		Gross Unrealized
Depreciation		Number
of Issues		Fair
Value		Gross Unrealized DepreciationFair
Value		Gross Unrealized Depreciation
AVAILABLE-FOR-SALE
Fixed maturities
Bonds
U.S. Treasury5 $86,371 $25 — $— $— $86,371 $25 
Foreign bonds1 2,000 2 —— — 2,000 2 
Corporate bonds
Technology, media and telecommunications1 2,020 15 —— — 2,020 15 
Financial services1 2,995 5 1 3,000 7 5,995 12 
Mortgage-backed securities2 8,099 53 5 118 1 8,217 54 
Collateralized mortgage obligations
Government national mortgage association2 12,394 45 1 24 — 12,418 45 
Federal home loan mortgage corporation24 97,691 758 1 26 — 97,717 758 
Federal national mortgage association10 44,677 683 — — — 44,677 683 
Total Available-for-Sale Fixed Maturities46 $256,247 $1,586 8 $3,168 $8 $259,415 $1,594 

The unrealized losses on our investments in available-for-sale fixed maturities were the result of interest rate movements. We have no intent to sell, and it is more likely than not that we will not be required to sell, these securities until the fair value recovers to at least equal our cost basis or the securities mature.
December 31, 2019Less than 12 months12 months or longerTotal
Type of InvestmentNumber
of Issues		Fair
Value		Gross Unrealized DepreciationNumber
of Issues		Fair
Value		Gross Unrealized DepreciationFair
Value		Gross Unrealized Depreciation
AVAILABLE-FOR-SALE
Fixed maturities
Bonds
U.S. Treasury— $— $— 2 $4,733 $12 $4,733 $12 
U.S. government agency3 13,846 104 — — — 13,846 104 
Corporate bonds - financial services3 10,906 142 1 4,913 88 15,819 230 
Mortgage-backed securities— — — 13 1,585 21 1,585 21 
Collateralized mortgage obligations
Government national mortgage association2 8,444 38 5 3,053 59 11,497 97 
Federal home loan mortgage corporation12 50,829 183 3 4,844 37 55,673 220 
Federal national mortgage association4 23,515 90 3 1,102 18 24,617 108 
Total Available-for-Sale Fixed Maturities24 $107,540 $557 27 $20,230 $235 $127,770 $792