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Investment Securities Available for Sale
 12 Months Ended
Dec. 31, 2016
Investments, Debt and Equity Securities [Abstract]  
Investment Securities Available for Sale
INVESTMENT SECURITIES AVAILABLE FOR SALE

The components of investment securities available for sale at December 31, 2016 were as follows:

 
Cost
 
Gross
Unrealized
Gains
 
Gross
Unrealized
Losses
 
Fair
Value
Marketable equity securities
$
34,956

 
$
16,141

 
$
(254
)
 
$
50,843

Mutual funds invested in fixed income securities
20,507

 
81

 
(6
)
 
20,582

Marketable debt securities
85,297

 
181

 
—

 
85,478

Total investment securities available for sale
$
140,760

 
$
16,403

 
$
(260
)
 
$
156,903


The components of investment securities available for sale at December 31, 2015 were as follows:

 
Cost
 
Gross
Unrealized
Gains
 
Gross
Unrealized
Losses
 
Fair
Value
Marketable equity securities
$
47,502

 
$
19,833

 
$
(62
)
 
$
67,273

Mutual funds invested in fixed income securities
20,126

 
—

 
(15
)
 
20,111

Marketable debt securities
94,540

 
52

 
—

 
94,592

Total investment securities available for sale
$
162,168

 
$
19,885

 
$
(77
)
 
$
181,976



The table below summarizes the maturity dates of marketable debt securities at December 31, 2016.

Investment Type:
Fair Value
 
Under 1 Year
 
1 Year up to 5 Years
 
More than 5 Years
U.S. Government securities
$
30,642

 
$
—

 
$
30,642

 
$
—

Corporate securities
36,687

 
4,364

 
32,173

 
150

U.S. mortgage-backed securities
6,500

 
—

 
36

 
6,464

Commercial mortgage-backed securities
1,398

 
—

 
—

 
1,398

Commercial paper
8,980

 
8,980

 
—

 
—

Index-linked U.S. bonds
770

 
—

 
770

 
—

Foreign fixed-income securities
501

 
$
—

 
$
501

 
$
—

Total marketable debt securities by maturity dates
$
85,478

 
$
13,344

 
$
64,122

 
$
8,012



The available-for-sale investment securities with continuous unrealized losses for less than 12 months and 12 months or greater and their related fair values were as follows:

 
In loss position for
 
 
 
 
 
Less than 12 months
 
12 months or more
 
 
 
 
 
Fair Value
 
Unrealized Losses
 
Fair Value
 
Unrealized Losses
 
Total Fair Value
 
Total Unrealized Losses
December 31, 2016
 
 
 
 
 
 
 
 
 
 
 
Marketable equity securities
$
5,746

 
$
(254
)
 
$
—

 
$
—

 
$
5,746

 
$
(254
)
Mutual funds invested in fixed income securities
10,253

 
(6
)
 

 

 
10,253

 
(6
)
 
$
15,999

 
$
(260
)
 
$
—

 
$
—

 
$
15,999

 
$
(260
)
 
 
 
 
 
 
 
 
 
 
 
 
December 31, 2015
 
 
 
 
 
 
 
 
 
 
 
Marketable equity securities
$
5,938

 
$
(62
)
 
$
—

 
$
—

 
$
5,938

 
$
(62
)
Mutual funds invested in fixed income securities
10,053

 
(15
)
 
—

 
—

 
10,053

 
(15
)
 
$
15,991

 
$
(77
)
 
$
—

 
$
—

 
$
15,991

 
$
(77
)


Unrealized losses from fixed-income securities are primarily attributable to changes in interest rates. Unrealized losses from equity and debt securities are due to market price movements. The Company believes the unrealized losses associated with the Company's equity securities will be recovered in the future.

Gross realized gains and losses on available-for-sale investment securities were as follows:

 
 
Year Ended December 31,
 
 
2016
 
2015
 
2014
Gross realized gains on sales
 
$
3,408

 
$
13,727

 
$
275

Gross realized losses on sales
 
(501
)
 
(2,589
)
 
(286
)
Gains (losses) on sale of investment securities available for sale
 
$
2,907

 
$
11,138

 
$
(11
)
 
 
 
 
 
 
 
Other-than-temporary impairments
 
$
(5,381
)
 
$
(12,846
)
 
$
—

 
 
 
 
 
 
 


The Company recorded an “Other-than-temporary-impairment” charge of $5,381 and $12,846 for the year ended December 31, 2016 and 2015, respectively. No impairment was recorded for the year ended December 31, 2014. The largest components of these total charges were $4,772 and $6,895 for the year ended December 31, 2016 and 2015, respectively, related to Morgans Hotel Group Co. (“MHGC”), a company where Vector's President and Chief Executive Officer also served as Chairman of the Board of Directors. On December 1, 2016, MHGC merged with another company and, as a result, the common shares of MHGC ceased to be outstanding and were converted into the right to receive $2.25 in cash. The Company received $5,535 for its investment in MHGC and recorded a gain of $2,140, after recognizing an impairment charge of $4,772 in the first quarter of 2016.
Although management generally does not have the intent to sell any specific securities at the end of the period, in the ordinary course of managing the Company's investment securities portfolio, management may sell securities prior to their maturities for a variety of reasons, including diversification, credit quality, yield and liquidity requirements and the funding of claims and obligations to policyholders.
Proceeds from investment securities sales totaled $116,070, $270,576 and $154,615 and proceeds from early redemptions by issuers totaled $20,034, $14,230 and $2,779 for the years ended December 31, 2016, 2015 and 2014, respectively, mainly from sales of Corporate securities and U.S. Government securities.