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Investments
 12 Months Ended
Dec. 31, 2018
Investments [Abstract]  
Investments
Investments

The following table presents gains (losses) due to changes in fair value of investments that are measured at fair value pursuant to application of the fair value option:
 
Year Ended December 31,
 
2018
 
2017
 
2016
 
(Amounts in thousands)
Fixed maturity securities
$
(53,927
)
 
$
50,403

 
$
(56,584
)
Equity securities
(77,494
)
 
37,486

 
23,722

Short-term investments
(1,237
)
 
38

 
57

       Total (losses) gains
$
(132,658
)
 
$
87,927

 
$
(32,805
)


The following table presents gross gains (losses) realized on the sales of investments:
 
Year Ended December 31,
 
2018
 
2017
 
2016
 
(Amounts in thousands)
 
Gross
Realized
Gains
 
Gross
Realized
Losses
 
Net
 
Gross
Realized
Gains
 
Gross
Realized
Losses
 
Net
 
Gross
Realized
Gains
 
Gross
Realized
Losses
 
Net
Fixed maturity securities
$
549

 
$
(3,563
)
 
$
(3,014
)
 
$
604

 
$
(2,701
)
 
$
(2,097
)
 
$
3,327

 
$
(19,133
)
 
$
(15,806
)
Equity securities
43,420

 
(45,607
)
 
(2,187
)
 
20,835

 
(23,048
)
 
(2,213
)
 
29,446

 
(29,945
)
 
(499
)
Short-term investments
61

 
(2,429
)
 
(2,368
)
 
21

 
(20
)
 
1

 
6

 
(530
)
 
(524
)

Contractual Maturity
At December 31, 2018, fixed maturity holdings rated below investment grade and non-rated comprised 3.0% of total investments at fair value. Additionally, the Company owns securities that are credit enhanced by financial guarantors that are subject to uncertainty related to market perception of the guarantors’ ability to perform. Determining the estimated fair value of municipal bonds could become more difficult should markets for these securities become illiquid. 
The following table presents the estimated fair values of the Company's fixed maturity securities at December 31, 2018 by contractual maturity. Expected maturities will differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties.
 
Estimated Fair Value
 
(Amounts in thousands)
Fixed maturity securities:
 
Due in one year or less
$
166,423

Due after one year through five years
377,334

Due after five years through ten years
208,815

Due after ten years
2,232,589

Total
$
2,985,161



Investment Income
The following table presents a summary of net investment income:
 
Year Ended December 31,
 
2018
 
2017
 
2016
 
(Amounts in thousands)
Fixed maturity securities
$
102,198

 
$
102,790

 
$
104,111

Equity securities
30,496

 
18,554

 
14,629

Short-term investments
8,789

 
8,753

 
8,936

Total investment income
$
141,483

 
$
130,097

 
$
127,676

Less: investment expense
(5,645
)
 
(5,167
)
 
(5,805
)
Net investment income
$
135,838

 
$
124,930

 
$
121,871