The following table summarizes the amortized cost and fair value of securities available-for-sale at June 30, 2020 and the corresponding amounts of gross unrealized gains and losses recognized in accumulated other comprehensive income:

June 30, 2020	Cost or Adjusted / Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
Debt Securities Available-for-sale	(In thousands)
U.S. government and agency securities ⁽¹⁾	$	61,801	$	1,680	$	2	$	63,479
States, municipalities and political subdivisions		102,195		5,176		4		107,367
Special revenue		265,565		9,226		49		274,742
Hybrid securities		99		—		4		95
Industrial and miscellaneous		242,301		10,301		8		252,594
Total	$	671,961	$	26,383	$	67	$	698,277

The Company’s unrealized losses on corporate bonds have not been recognized because the bonds are of high credit quality with investment grade ratings of A or higher, the Company does not intend to sell and it is unlikely the Company will be required to sell the securities prior to their anticipated recovery, and the decline in fair value is deemed due to changes in interest rates and other market conditions. The bond issuers continue to make timely principal and interest payments on the bonds. After taking into account these and other factors previously described, we believe these unrealized losses generally were caused by a decrease in market interest rates since the time the securities were purchased.

The following table summarizes the amortized cost and fair value of securities available-for-sale at December 31, 2019 and the corresponding amounts of gross unrealized gains and losses recognized in accumulated other comprehensive income:

December 31, 2019		Cost or Adjusted / Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
Debt Securities Available-for-sale	(In thousands)
U.S. government and agency securities ⁽¹⁾		$	53,836	$	383	$	28	$	54,191
States, municipalities and political subdivisions			74,755		1,641		41		76,355
Special revenue			246,791		3,689		254		250,226
Hybrid securities			100		1		—		101
Industrial and miscellaneous			202,307		4,097		21		206,383
Total		$	577,789	$	9,811	$	344	$	587,256

Proceeds received, and the gross realized gains and losses from sales of available-for-sale securities, for the three and six months ended, June 30, 2020 and 2019 are as follows:

	Proceeds		Gross Realized Gains		Gross Realized Losses
	(In thousands)
Three months ended June 30, 2020	$	39,249	$	49	$	87
Three months ended June 30, 2019	$	35,765	$	975	$	140

The Company reviews credit losses and the valuation allowance for expected credit losses each quarter. When all or a portion of a debt security is identified as uncollectible and written off, the valuation allowance for expected credit losses is reduced by the same amount. In general, a security is considered uncollectible no later than when all efforts to collect contractual cash flows have been exhausted. The Company considers the following considerations when deeming a security uncollectible:

For the three and six months ended June 30, 2020 the Company sold no equity securities nor did it hold any marketable equity securities as of that date.

For the three months ended June 30, 2019, the Company received proceeds from the sale of marketable securities of approximately $21.9 million and recorded a gross gain of $1.3 million and a gross loss of $1.1 million from the sale of these securities. For the six months ended June 30, 2019, the Company received proceeds from the sale of its holdings in marketable equity securities of approximately $23.8 million and recorded a gross gain of $2.7 million and a gross loss of $1.4 million from the sale of these securities. As of June 30, 2019, the Company had unrealized holding gains of $292,000 recognized on nonmarketable other investments still held at reporting date.

The table below summarizes the Company’s fixed maturity securities at June 30, 2020 by contractual maturity periods. Actual results may differ as issuers may have the right to call or prepay obligations, with or without penalties, prior to the contractual maturity of those obligations.

	At June 30, 2020
	Cost or Amortized Cost		Percent of Total			Fair Value		Percent of Total
Maturity dates:	(In thousands)					(In thousands)
Due in one year or less	$	80,565		12	%	$	81,143		12	%
Due after one year through five years		242,984		36	%		251,414		36	%
Due after five years through ten years		137,887		21	%		147,093		21	%
Due after ten years		210,525		31	%		218,627		31	%
Total	$	671,961		100	%	$	698,277		100	%

The following table summarizes the Company’s net investment income by major investment category for the three and six months ended June 30, 2020 and 2019, respectively:

	Three Months Ended June 30,				Six Months Ended June 30,
	2020		2019		2020		2019
	(In thousands)				(In thousands)
Debt securities	$	2,235	$	3,571	$	6,397	$	6,295
Equity securities		—		517		—		944
Cash and cash equivalents		607		197		959		938
Other investments		830		241		265		542
Net investment income		3,672		4,526		7,621		8,719
Less: Investment expenses		376		696		655		1,217
Net investment income, less investment expenses	$	3,296	$	3,830	$	6,966	$	7,502

The following tables summarizes debt securities available-for-sale in an unrealized loss position at June 30, 2020, aggregated by major security category and length of time in a continued unrealized loss position (in thousands):

	Less Than Twelve Months						Twelve Months or More
June 30, 2020	Number of Securities		Gross Unrealized Losses		Fair Value		Number of Securities		Gross Unrealized Losses		Fair Value
Debt Securities Available-for-sale
U.S. government and agency securities		2	$	1	$	79		1	$	1	$	7
States, municipalities and political subdivisions		3		4		2,471		—		—		—
Special revenue		22		45		14,227		11		4		196
Hybrid securities		1		4		95		—		—		—
Industrial and miscellaneous		15		8		11,122		—		—		—
Total fixed maturity securities		43	$	62	$	27,994		12	$	5	$	203

The Company evaluates expected credit losses for available-for-sale securities (“AFS”) when fair value is below amortized cost. AFS securities are evaluated for potential credit loss on an individual security level but the evaluation may use assumptions consistent with expectations of credit losses for a group of similar securities. If the Company has the intent to sell or will be required to sell the security before recovery, the entire impairment loss will be recorded through income to net realized gains and losses. If the Company does not have the intent to sell or will not be required to sell the security before recovery, an allowance for credit losses is established and the portion of loss that relates to credit losses is recorded in income to net realized and unrealized gains (losses) and the portion of the loss that relates to the non-credit loss is recorded in Other comprehensive income. At June 30, 2020, the Company did not intend to sell the securities with an unrealized loss position in accumulated other comprehensive income, and it is not likely that it will be required to sell these securities before recovery of their amortized cost basis. Further, the Company did not believe it had a credit event and therefore did not record any credit allowance for securities that were in an unrealized loss position at June 30, 2020.

The following tables summarizes debt securities available-for-sale in an unrealized loss position at December 31, 2019, aggregated by major security category and length of time in a continued unrealized loss position (in thousands):


	Less Than Twelve Months						Twelve Months or More
December 31, 2019	Number of Securities		Gross Unrealized Losses		Fair Value		Number of Securities		Gross Unrealized Losses		Fair Value
Debt Securities Available-for-sale
U.S. government and agency securities		9	$	10	$	1,476		23	$	18	$	4,288
States, municipalities and political subdivisions		6		38		7,613		3		3		1,440
Special revenue		62		145		24,862		95		109		13,159
Industrial and miscellaneous		25		13		12,601		16		8		3,202
Total fixed maturity securities		102	$	206	$	46,552		137	$	138	$	22,089

Classified in other investments, the Company has interest in limited partnerships (“LPs”), Partnership Real Estate Investment Trust (REITs) and Limited Liability Companies (“LLCs”) totaling $6.4 million at June 30, 2020 and December 31, 2019. The Company is not the primary beneficiary and does not consolidate these investments. These investments are carried at net asset value, which approximates fair value with changes in fair value recorded in net realized and unrealized gains (losses) on the Company’s consolidated statement of operations and other comprehensive income. Realized gains (losses) on sales of these investments are reported within net realized and unrealized gains (losses) on the Company’s condensed consolidated statement of operations and other comprehensive income.