NOTE 6

Investment income. Income from investments and gross realized investment and other gains and losses follow:


	2013			2012			2011
	($000 omitted)
Investment income:
Debt securities		13,387			12,399			13,860
Short-term investments, cash equivalents and other		2,105			1,410			1,645

		15,492			13,809			15,505

Investment and other (losses) gains:
Realized gains		7,555			9,417			12,151
Realized losses		(8,621	)		(1,839	)		(9,849	)

		(1,066	)		7,578			2,302

Proceeds from the sales of investments available-for-sale were $82.0 million, $134.8 million and $292.0 million for the years ended December 31, 2013, 2012 and 2011, respectively. Expenses assignable to investment income were insignificant. There were no significant investments at December 31, 2013 that did not produce income during the year.

In 2013, investment and other (losses) gains – net included a $5.4 million non-cash charge relating to the early retirement of $37.8 million of Notes, a $1.5 million loss on the sale of an equity investment and $1.0 million for the impairment of cost-basis investments offset by realized gains of $2.7 million from the sale of debt and equity investments available-for-sale, $2.3 million from non-title-related insurance policy proceeds and $1.9 million from the sale of real estate.

In 2012, investment and other gains (losses) – net included realized gains of $8.0 million from the sale of debt and equity investments available-for-sale and sale of fixed assets, partially offset by realized losses of $0.8 million for the impairment of cost-basis investments.

In 2011, investment and other gains (losses) – net included realized gains of $10.7 million from the sale of debt and equity investments available-for-sale, partially offset by realized losses of $3.5 million for the impairment of cost-basis investments and $4.3 million from a loss on a third-party loan guarantee obligation.