The following tables present the estimated effects on the fair value of financial instruments at December 31, 2020 and 2019 due to an instantaneous increase in yield rates of 100 basis points and a 10% decline in the S&P 500 Index and the S&P BSE 500 Index (dollars in thousands). Increase (Decrease) Fair Value Interest Rate Risk Equity Risk 2020 Fixed income securities Agency collateralized mortgage obligations $ 11,931 $ (495 ) $ – Agency mortgage-backed securities 102,107 (2,076) – Asset-backed securities 107,696 (1,703 ) – Bank loans 11,361 (57) – Collateralized mortgage obligations 5,118 (219 ) – Corporate securities 360,241 (11,804) – Mortgage-backed securities 38,056 (1,104 ) – Municipal obligations 45,143 (2,137) – Non-U.S. government obligations 30,600 (422 ) – U.S. government obligations 207,439 (6,969) – Total fixed income securities 919,692 (26,986 ) – Equity securities: Consumer 11,598 – (1,160 ) Energy 1,227 – (123) Financial 29,064 – (2,906 ) Industrial 5,180 – (518) Technology 2,851 – (285 ) Other 8,249 – (825) Total equity securities 58,169 – (5,817 ) Limited partnerships 7,214 – (494) Short-term 1,000 – – Total $ 986,075 $ (26,986) $ (6,311) 2019 Fixed income securities Agency collateralized mortgage obligations $ 12,093 $ (414) $ –  Agency mortgage-backed securities 56,280 (607 ) – Asset-backed securities 106,397 (691) –  Bank loans 14,568 (73 ) – Certificates of deposit 2,835 (18) –  Collateralized mortgage obligations 5,616 (166 ) – Corporate securities 281,381 (8,735) –  Mortgage-backed securities 47,463 (1,682 ) – Municipal obligations 36,286 (1,618) –  Non-U.S. government obligations 24,179 (480 ) – U.S. government obligations 208,440 (7,082) –  Total fixed income securities 795,538 (21,566 ) – Equity securities: Consumer 16,707 – (1,671 ) Energy 3,074 – (307) Financial 31,577 – (3,158 ) Industrial 4,927 – (493) Technology 2,817 – (282 ) Funds (e.g., mutual funds, closed end funds, ETFs) 9,460 – (946) Other 8,250 – (825 ) Total equity securities 76,812 – (7,682) Limited partnerships 23,292 – (1,670 ) Short-term 1,000 – –  Total $ 896,642 $ (21,566 ) $ (9,352 ) 44