Net Investment Income

6 Months Ended

Jun. 30, 2011

Net Investment Income

Net Investment Income

(8) Net Investment Income

Net investment income consists of the following:

	For the Three Months Ended June 30,						For the Six Months Ended June 30,
(Dollars in thousands)	2011			2010			2011			2010
Investment income earned on:
Fixed maturity securities, including cash	$	125,344		$	125,649		$	247,457		$	250,758
Equity securities available for sale		3,485			2,628			6,749			5,993
Investment funds		17,028			1,540			31,535			6,258
Arbitrage trading account		4,301			1,131			11,396			12,354
Gross investment income		150,158			130,948			297,137			275,363
Investment expense		(1,086	)		(1,217	)		(1,939	)		(2,071	)
Net investment income	$	149,072		$	129,731		$	295,198		$	273,292