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Investments (Tables) | 6 Months Ended | 12 Months Ended
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Jun. 30, 2020 | Dec. 31, 2019
Investments, Debt and Equity Securities [Abstract] |  |
Available-For-Sale Investments | The following tables summarize the Company's available-for-sale investments. Commercial and residential mortgage-backed securities include securities issued by U.S. government-sponsored enterprises and U.S. government agencies. The net unrealized holding gains in the tables below are presented before taxes and any reserve deficiency adjustments for life and annuity benefit reserves. See note 11.
| June 30, 2020 |  |  |  |  |  |  |  |
(dollars in thousands) | Amortized Cost |  | Gross Unrealized Holding Gains |  | Gross Unrealized Holding Losses |  | Allowance for Credit Losses (1) |  | Estimated Fair Value
Fixed maturity securities: |  |  |  |  |  |  |  |  |
U.S. Treasury securities | $ | 343,467 |  |  | $ | 11,447 |  |  | $ | (19) |  |  | $ | — |  |  | $ | 354,895 |
U.S. government-sponsored enterprises | 323,864 |  |  | 50,944 |  |  | — |  |  | — |  |  | 374,808 |
Obligations of states, municipalities and political subdivisions | 3,852,301 |  |  | 354,186 |  |  | (1,032) |  |  | — |  |  | 4,205,455 |
Foreign governments | 1,352,962 |  |  | 172,377 |  |  | (9,943) |  |  | — |  |  | 1,515,396 |
Commercial mortgage-backed securities | 1,730,795 |  |  | 148,218 |  |  | (35) |  |  | — |  |  | 1,878,978 |
Residential mortgage-backed securities | 836,066 |  |  | 71,299 |  |  | (35) |  |  | — |  |  | 907,330 |
Asset-backed securities | 8,122 |  |  | 159 |  |  | — |  |  | — |  |  | 8,281 |
Corporate bonds | 755,940 |  |  | 62,551 |  |  | (2,960) |  |  | (202) |  |  | 815,329 |
Total fixed maturity securities | 9,203,517 |  |  | 871,181 |  |  | (14,024) |  |  | (202) |  |  | 10,060,472 |
Short-term investments | 931,555 |  |  | 489 |  |  | (2,772) |  |  | — |  |  | 929,272 |
Investments, available-for-sale | $ | 10,135,072 |  |  | $ | 871,670 |  |  | $ | (16,796) |  |  | $ | (202) |  |  | $ | 10,989,744 |
(1)Effective January 1, 2020, the Company adopted ASC 326 and as a result any impairment losses on the Company's available-for-sale investments are recorded as an allowance, subject to reversal. Prior periods have not been restated to conform with the current year presentation. See note 1.
| December 31, 2019 |  |  |  |  |  |
(dollars in thousands) | Amortized Cost |  | Gross Unrealized Holding Gains |  | Gross Unrealized Holding Losses |  | Estimated Fair Value
Fixed maturity securities: |  |  |  |  |  |  |
U.S. Treasury securities | $ | 282,305 |  |  | $ | 2,883 |  |  | $ | (402) |  |  | $ | 284,786 |
U.S. government-sponsored enterprises | 318,831 |  |  | 23,949 |  |  | (200) |  |  | 342,580 |
Obligations of states, municipalities and political subdivisions | 3,954,779 |  |  | 235,915 |  |  | (812) |  |  | 4,189,882 |
Foreign governments | 1,415,639 |  |  | 135,763 |  |  | (9,398) |  |  | 1,542,004 |
Commercial mortgage-backed securities | 1,761,777 |  |  | 57,450 |  |  | (1,382) |  |  | 1,817,845 |
Residential mortgage-backed securities | 855,641 |  |  | 32,949 |  |  | (517) |  |  | 888,073 |
Asset-backed securities | 11,042 |  |  | 28 |  |  | (22) |  |  | 11,048 |
Corporate bonds | 848,826 |  |  | 47,551 |  |  | (1,686) |  |  | 894,691 |
Total fixed maturity securities | 9,448,840 |  |  | 536,488 |  |  | (14,419) |  |  | 9,970,909 |
Short-term investments | 1,194,953 |  |  | 1,355 |  |  | (60) |  |  | 1,196,248 |
Investments, available-for-sale | $ | 10,643,793 |  |  | $ | 537,843 |  |  | $ | (14,479) |  |  | $ | 11,167,157 |
Summary Of Gross Unrealized Investment Losses By Length Of Time That Securities Have Continuously Been In An Unrealized Loss Position | The following tables summarize gross unrealized investment losses on available-for-sale investments by the length of time that securities have continuously been in an unrealized loss position.
| June 30, 2020 |  |  |  |  |  |  |  |  |  |
| Less than 12 months |  |  |  | 12 months or longer |  |  |  | Total |  |
(dollars in thousands) | Estimated Fair Value |  | Gross Unrealized Holding Losses |  | Estimated Fair Value |  | Gross Unrealized Holding Losses |  | Estimated Fair Value |  | Gross Unrealized Holding Losses
Fixed maturity securities: |  |  |  |  |  |  |  |  |  |  |
U.S. Treasury securities | $ | 7,675 |  |  | $ | (19) |  |  | $ | — |  |  | $ | — |  |  | $ | 7,675 |  |  | $ | (19) |
Obligations of states, municipalities and political subdivisions | 46,271 |  |  | (1,009) |  |  | 3,025 |  |  | (23) |  |  | 49,296 |  |  | (1,032) |
Foreign governments | 173,200 |  |  | (4,295) |  |  | 160,104 |  |  | (5,648) |  |  | 333,304 |  |  | (9,943) |
Commercial mortgage-backed securities | 2,033 |  |  | (14) |  |  | 7,425 |  |  | (21) |  |  | 9,458 |  |  | (35) |
Residential mortgage-backed securities | 3,756 |  |  | (35) |  |  | — |  |  | — |  |  | 3,756 |  |  | (35) |
Asset-backed securities | 359 |  |  | — |  |  | — |  |  | — |  |  | 359 |  |  | — |
Corporate bonds | 85,245 |  |  | (1,671) |  |  | 17,362 |  |  | (1,289) |  |  | 102,607 |  |  | (2,960) |
Total fixed maturity securities | 318,539 |  |  | (7,043) |  |  | 187,916 |  |  | (6,981) |  |  | 506,455 |  |  | (14,024) |
Short-term investments | 566,873 |  |  | (2,772) |  |  | — |  |  | — |  |  | 566,873 |  |  | (2,772) |
Total | $ | 885,412 |  |  | $ | (9,815) |  |  | $ | 187,916 |  |  | $ | (6,981) |  |  | $ | 1,073,328 |  |  | $ | (16,796) |
| December 31, 2019 |  |  |  |  |  |  |  |  |  |
| Less than 12 months |  |  |  | 12 months or longer |  |  |  | Total |  |
(dollars in thousands) | Estimated Fair Value |  | Gross Unrealized Holding Losses |  | Estimated Fair Value |  | Gross Unrealized Holding Losses |  | Estimated Fair Value |  | Gross Unrealized Holding Losses
Fixed maturity securities: |  |  |  |  |  |  |  |  |  |  |
U.S. Treasury securities | $ | 36,862 |  |  | $ | (361) |  |  | $ | 46,518 |  |  | $ | (41) |  |  | $ | 83,380 |  |  | $ | (402) |
U.S. government-sponsored enterprises | 24,148 |  |  | (197) |  |  | 2,868 |  |  | (3) |  |  | 27,016 |  |  | (200) |
Obligations of states, municipalities and political subdivisions | 127,836 |  |  | (702) |  |  | 6,830 |  |  | (110) |  |  | 134,666 |  |  | (812) |
Foreign governments | 162,907 |  |  | (3,393) |  |  | 159,888 |  |  | (6,005) |  |  | 322,795 |  |  | (9,398) |
Commercial mortgage-backed securities | 202,530 |  |  | (1,126) |  |  | 33,853 |  |  | (256) |  |  | 236,383 |  |  | (1,382) |
Residential mortgage-backed securities | 11,706 |  |  | (66) |  |  | 58,162 |  |  | (451) |  |  | 69,868 |  |  | (517) |
Asset-backed securities | — |  |  | — |  |  | 3,632 |  |  | (22) |  |  | 3,632 |  |  | (22) |
Corporate bonds | 41,847 |  |  | (1,287) |  |  | 40,274 |  |  | (399) |  |  | 82,121 |  |  | (1,686) |
Total fixed maturity securities | 607,836 |  |  | (7,132) |  |  | 352,025 |  |  | (7,287) |  |  | 959,861 |  |  | (14,419) |
Short-term investments | 3,316 |  |  | (60) |  |  | — |  |  | — |  |  | 3,316 |  |  | (60) |
Total | $ | 611,152 |  |  | $ | (7,192) |  |  | $ | 352,025 |  |  | $ | (7,287) |  |  | $ | 963,177 |  |  | $ | (14,479) |
Schedule Of Amortized Cost And Estimated Fair Value Of Fixed Maturity Securities By Contractual Maturity Date | The amortized cost and estimated fair value of fixed maturity securities at June 30, 2020 are shown below by contractual maturity.
(dollars in thousands) | Amortized Cost |  | Estimated Fair Value
Due in one year or less | $ | 338,005 |  |  | $ | 336,972 |
Due after one year through five years | 1,464,733 |  |  | 1,537,573 |
Due after five years through ten years | 2,122,737 |  |  | 2,306,166 |
Due after ten years | 2,703,059 |  |  | 3,085,172 |
| 6,628,534 |  |  | 7,265,883 |
Commercial mortgage-backed securities | 1,730,795 |  |  | 1,878,978 |
Residential mortgage-backed securities | 836,066 |  |  | 907,330 |
Asset-backed securities | 8,122 |  |  | 8,281 |
Total fixed maturity securities | $ | 9,203,517 |  |  | $ | 10,060,472 |
Components Of Net Investment Income | The following table presents the components of net investment income.
| Quarter Ended June 30, |  |  |  | Six Months Ended June 30, |  |
(dollars in thousands) | 2020 |  | 2019 |  | 2020 |  | 2019
Interest: |  |  |  |  |  |  |
Municipal bonds (tax-exempt) | $ | 16,157 |  |  | $ | 17,885 |  |  | $ | 32,758 |  |  | $ | 36,711 |
Municipal bonds (taxable) | 16,834 |  |  | 18,613 |  |  | 33,729 |  |  | 37,192 |
Other taxable bonds | 39,616 |  |  | 41,242 |  |  | 79,588 |  |  | 82,023 |
Short-term investments, including overnight deposits | 2,379 |  |  | 13,753 |  |  | 12,622 |  |  | 23,965 |
Dividends on equity securities | 18,020 |  |  | 22,207 |  |  | 46,634 |  |  | 47,993 |
Income (loss) from equity method investments | 5,647 |  |  | 1,174 |  |  | (14,332) |  |  | 3,070 |
Other | 46 |  |  | 873 |  |  | 803 |  |  | 3,174 |
| 98,699 |  |  | 115,747 |  |  | 191,802 |  |  | 234,128 |
Investment expenses | (3,084) |  |  | (3,916) |  |  | (7,944) |  |  | (8,115) |
Net investment income | $ | 95,615 |  |  | $ | 111,831 |  |  | $ | 183,858 |  |  | $ | 226,013 |
Summary Of Net Investment Gains And The Change In Net Unrealized Gains (Losses) On Available-For-Sale Investments | The following table presents the components of net investment gains (losses) and the change in net unrealized gains included in other comprehensive income.
| Quarter Ended June 30, |  |  |  | Six Months Ended June 30, |  |
(dollars in thousands) | 2020 |  | 2019 |  | 2020 |  | 2019
Fixed maturity securities: |  |  |  |  |  |  |
Realized gains | $ | 5,348 |  |  | $ | 1,661 |  |  | $ | 6,733 |  |  | $ | 1,804 |
Realized losses | (5,126) |  |  | (630) |  |  | (6,271) |  |  | (911) |
Change in allowance for expected credit losses | 1,537 |  |  | — |  |  | (202) |  |  | — |
Short-term investments: |  |  |  |  |  |  |
Realized gains | 1,002 |  |  | 499 |  |  | 1,100 |  |  | 1,334 |
Realized losses | (184) |  |  | (2,049) |  |  | (356) |  |  | (2,073) |
Cost-method investments: |  |  |  |  |  |  |
Realized gains | — |  |  | — |  |  | 11,167 |  |  | — |
Other investment gains (losses): | (5,389) |  |  | 452 |  |  | (5,245) |  |  | 460 |
Net realized investment gains (losses) | (2,812) |  |  | (67) |  |  | 6,926 |  |  | 614 |
Equity securities: |  |  |  |  |  |  |
Change in fair value of securities sold during the period | 82,523 |  |  | 202 |  |  | 43,458 |  |  | 26,616 |
Change in fair value of securities held during the period | 831,532 |  |  | 425,518 |  |  | (820,582) |  |  | 1,010,614 |
Total change in fair value | 914,055 |  |  | 425,720 |  |  | (777,124) |  |  | 1,037,230 |
Net investment gains (losses) | $ | 911,243 |  |  | $ | 425,653 |  |  | $ | (770,198) |  |  | $ | 1,037,844 |
Change in net unrealized gains on available-for-sale investments included in other comprehensive income: |  |  |  |  |  |  |
Fixed maturity securities | $ | 236,521 |  |  | $ | 197,248 |  |  | $ | 335,088 |  |  | $ | 414,542 |
Short-term investments | 3,128 |  |  | 2,506 |  |  | (3,578) |  |  | 3,861 |
Reserve deficiency adjustment for life and annuity benefit reserves (see note 11) | (22,740) |  |  | (35,938) |  |  | (35,612) |  |  | (61,751) |
Net increase | $ | 216,909 |  |  | $ | 163,816 |  |  | $ | 295,898 |  |  | $ | 356,652 |

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