Investment Income

9 Months Ended

Sep. 30, 2012

Investment Income [Abstract]

Investment income

NOTE 4

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

	For the Three Months Ended September 30,						For the Nine Months Ended September 30,
	2012			2011			2012			2011
	($000 omitted)
Realized gains		3,658			884			7,008			4,476
Realized losses		(426	)		(1,897	)		(1,242	)		(6,591	)
		3,232			(1,013	)		5,766			(2,115	)

Expenses assignable to investment income were insignificant. There were no significant investments as of September 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 September 30,				For the Nine Months Ended September 30,
	2012		2011		2012		2011
	($000 omitted)
Proceeds from sales of investments available-for-sale		22,027		15,406		90,705		126,165

For the nine months ended September 30, 2012, investment and other gains (losses) – net included realized gains of $3.9 million from the sale of debt and equity investments available-for-sale and $2.2 million from the sale of property.

For the nine months ended September 30, 2011, investment and other (losses) gains – net included realized losses on the impairment of cost-basis investments of $1.2 million and a loan guarantee obligation of $3.9 million. The realized losses were partially offset by realized gains of $3.1 million from the sale of debt investments available-for-sale.