Note B - Investments The following is a summary of available-for-sale securities at December 31: Fair Value Cost or Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Net Unrealized Gains (Losses)  December 31, 2018  (1) Fixed income securities Agency collateralized mortgage obligations $ 10,687 $ 10,636 $ 145 $ (94 ) $ 51 Agency mortgage-backed securities 37,385 37,168 371 (154 ) 217 Asset-backed securities 64,422 66,241 14 (1,833 ) (1,819 ) Bank loans 9,750 10,208 27 (485 ) (458 ) Certificates of deposit 2,835 2,835 – – – Collateralized mortgage obligations 5,423 5,095 376 (48 ) 328 Corporate securities 190,450 196,925 127 (6,602 ) (6,475 ) Mortgage-backed securities 38,540 38,586 377 (423 ) (46 ) Municipal obligations 29,155 29,102 239 (186 ) 53 Non-U.S. government obligations 25,180 25,339 6 (165 ) (159 ) U.S. government obligations 178,818 178,369 1,252 (803 ) 449 Total fixed income securities $ 592,645 $ 600,504 $ 2,934 $ (10,793 ) $ (7,859 ) Fair Value Cost or Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Net Unrealized Gains (Losses)  December 31, 2017 Fixed income securities Agency collateralized mortgage obligations $ 16,586 $ 15,839 $ 818 $ (71 ) $ 747 Agency mortgage-backed securities 27,075 27,180 47 (152 ) (105 ) Asset-backed securities 43,469 42,861 749 (141 ) 608 Bank loans 19,488 19,271 266 (49 ) 217 Certificates of deposit 3,135 3,124 11 – 11 Collateralized mortgage obligations 6,492 6,079 451 (38 ) 413 Corporate securities 198,349 198,419 1,602 (1,672 ) (70 ) Mortgage-backed securities 24,204 23,656 933 (385 ) 548 Municipal obligations 96,650 97,059 322 (731 ) (409 ) Non-U.S. government obligations 37,394 37,971 475 (1,052 ) (577 ) U.S. government obligations 49,011 49,558 – (547 ) (547 ) Total fixed income securities 521,853 521,017 5,674 (4,838 ) 836 Equity securities: Consumer 46,578 23,565 24,031 (1,018 ) 23,013 Energy 10,278 6,763 3,602 (87 ) 3,515 Financial 45,470 31,859 13,937 (326 ) 13,611 Industrial 25,402 8,949 16,793 (340 ) 16,453 Technology 13,061 5,768 7,401 (108 ) 7,293 Funds (e.g. mutual funds, closed end funds, ETFs) 50,291 46,177 4,153 (39 ) 4,114 Other 10,683 7,670 3,313 (300 ) 3,013 Total equity securities 201,763 130,751 73,230 (2,218 ) 71,012 Total $ 723,616 $ 651,768 $ 78,904 $ (7,056 ) $ 71,848 (1) Effective January 1, 2018, the Company adopted ASU 2016-01 and equity securities are no longer classified as available-for-sale. Prior periods have not been restated to conform to the current presentation. See Note A – Summary of Significant Accounting Policies — Recently Adopted Accounting Pronouncements for further discussion. - 49 -