Investment income and other gains and losses. Gross realized investment and other gains and losses follows:



	For the Three Months Ended September 30,				For the Nine Months Ended September 30,
	2016		2015		2016		2015
	($000 omitted)
Realized gains	3,301		968		8,377		3,195
Realized losses	(48	)	(1,779	)	(3,671	)	(2,467	)
	3,253		(811	)	4,706		728

Expenses assignable to investment income were insignificant. There were no significant investments as of September 30, 2016 that did not produce income during the year.

For the nine months ended September 30, 2016, investment and other gains – net included $1.6 million of net realized gains due to changes in the fair values of contingent consideration liabilities associated with certain prior year acquisitions, $1.2 million of realized gain on a cost-basis investment transaction and $2.9 million of net realized gains from the sale of investments available-for-sale, partially offset by $1.3 million of office closure costs. For the nine months ended September 30, 2015, investments and other gains - net included $2.0 million of net realized gains from the sale of investments available-for-sale, partially offset by $0.9 million impairment of other intangible assets.

Proceeds from the sale of investments available-for-sale follows:



	For the Three Months Ended September 30,		For the Nine Months Ended September 30,
	2016	2015	2016	2015
	($000 omitted)
Proceeds from sale of investments available-for-sale	16,839	14,378	49,666	60,314