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Investment Income

6 Months Ended

Jun. 30, 2012

NOTE 4

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


	For the Three Months Ended June 30,						For the Six Months Ended June 30,
	2012			2011			2012			2011
	($000 omitted)

Realized gains		1,878			2,741			3,349			3,591
Realized losses		(789	)		(3,974	)		(816	)		(4,692	)

		1,089			(1,233	)		2,533			(1,101	)

Expenses assignable to investment income were insignificant. There were no significant investments as of June 30, 2012 that did not produce income during the year.

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


	For the Three Months Ended June 30,				For the Six Months Ended June 30,
	2012		2011		2012		2011
	($000 omitted)

Proceeds from sales of investments available-for-sale		35,314		94,971		68,678		110,759

For the six months ended June 30, 2012, investment and other gains (losses) – net included realized gains of $1.9 million from the sale of debt and equity investments available-for-sale.

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.