Investment Income

6 Months Ended

Jun. 30, 2011

Investment Income [Abstract]

Investment income

NOTE 4

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

	For the Three Months						For the Six Months
	Ended June 30,						Ended June 30,
	2011			2010			2011			2010
	($000 omitted)
Realized gains		2,741			8,309			3,591			11,538
Realized losses		(3,974	)		(514	)		(4,692	)		(830	)
		(1,233	)		7,795			(1,101	)		10,708

Expenses assignable to investment income were insignificant. There were no significant investments as of June 30, 2011 that did not produce income during the year.

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

	For the Three Months				For the Six Months
	Ended June 30,				Ended June 30,
	2011		2010		2011		2010
	($000 omitted)
Proceeds from sales of investments available-for-sale		94,971		50,681		110,759		101,425

For the six months ended June 30, 2011, investment and other (losses) gains — net included realized losses on a loan guarantee obligation of $3.9 million. The realized losses were partially offset by realized gains of $2.5 million from the sale of debt investments available-for-sale.

For the six months ended June 30, 2010, investment and other (losses) gains — net included realized gains of $6.3 million primarily from a transfer of the rights to internally developed software, $2.9 million from the sale of debt investments available-for-sale and $1.2 million from the sale of interests in subsidiaries.