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Investments | 12 Months Ended
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Dec. 31, 2020
Investments [Abstract] |
Investment | Investments The following table presents gains (losses) due to changes in fair value of investments that are measured at fair value pursuant to application of the fair value option:
| Year Ended December 31,
| 2020 |  | 2019 |  | 2018
| (Amounts in thousands)
Fixed maturity securities | $ | 41,394 |  |  | $ | 104,379 |  |  | $ | (53,927) |
Equity securities | 32,232 |  |  | 90,920 |  |  | (77,494) |
Short-term investments | (1,014) |  |  | 1,295 |  |  | (1,237) |
Total gains (losses) | $ | 72,612 |  |  | $ | 196,594 |  |  | $ | (132,658) |
The following table presents gross gains (losses) realized on the sales of investments:
| Year Ended December 31,
| 2020 |  | 2019 |  | 2018
| (Amounts in thousands)
| Gross Realized Gains |  | Gross Realized Losses |  | Net |  | Gross Realized Gains |  | Gross Realized Losses |  | Net |  | Gross Realized Gains |  | Gross Realized Losses |  | Net
Fixed maturity securities | $ | 1,884 |  |  | $ | (4,296) |  |  | $ | (2,412) |  |  | $ | 2,413 |  |  | $ | (1,066) |  |  | $ | 1,347 |  |  | $ | 549 |  |  | $ | (3,563) |  |  | $ | (3,014) |
Equity securities | 75,591 |  |  | (80,134) |  |  | (4,543) |  |  | 47,411 |  |  | (28,089) |  |  | 19,322 |  |  | 43,420 |  |  | (45,607) |  |  | (2,187) |
Short-term investments | 146 |  |  | (2,438) |  |  | (2,292) |  |  | 177 |  |  | (2,133) |  |  | (1,956) |  |  | 61 |  |  | (2,429) |  |  | (2,368) |
Contractual Maturity At December 31, 2020, fixed maturity holdings rated below investment grade and non-rated comprised 1.3% of total investments at fair value. Additionally, the Company owns securities that are credit enhanced by financial guarantors that are subject to uncertainty related to market perception of the guarantors’ ability to perform. Determining the estimated fair value of municipal bonds could become more difficult should markets for these securities become illiquid. The following table presents the estimated fair values of the Company's fixed maturity securities at December 31, 2020 by contractual maturity. Expected maturities will differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties.
| Estimated Fair Value
| (Amounts in thousands)
Fixed maturity securities: |
Due in one year or less | $ | 246,708 |
Due after one year through five years | 693,068 |
Due after five years through ten years | 540,052 |
Due after ten years | 2,069,982 |
Total | $ | 3,549,810 |
Investment Income The following table presents a summary of net investment income:
| Year Ended December 31,
| 2020 |  | 2019 |  | 2018
| (Amounts in thousands)
Fixed maturity securities | $ | 100,166 |  |  | $ | 102,254 |  |  | $ | 102,198 |
Equity securities | 37,598 |  |  | 32,233 |  |  | 30,496 |
Short-term investments | 2,822 |  |  | 12,381 |  |  | 8,789 |
Total investment income | $ | 140,586 |  |  | $ | 146,868 |  |  | $ | 141,483 |
Less: investment expense | (5,728) |  |  | (5,605) |  |  | (5,645) |
Net investment income | $ | 134,858 |  |  | $ | 141,263 |  |  | $ | 135,838 |

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- Definition The entire disclosure for investment. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Publisher FASB -Name Accounting Standards Codification -Topic 321 -URI http://asc.fasb.org/topic&trid=75115024 Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Publisher FASB -Name Accounting Standards Codification -Topic 320 -URI http://asc.fasb.org/topic&trid=2196928 Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef -Publisher FASB -Name Accounting Standards Codification -Topic 325 -URI http://asc.fasb.org/topic&trid=2197064 Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef -Publisher FASB -Name Accounting Standards Codification -Topic 323 -URI http://asc.fasb.org/topic&trid=2196965 + Details
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