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The contractual maturities of fixed maturity investments are as follows (in thousands): 

<img src='content_image/13869.jpg'>

Net investment income consisted of (in thousands): 

<img src='content_image/13871.jpg'>

Net gain on sales of investments consisted of (in thousands): 

<img src='content_image/13877.jpg'>

For the year ended December 31, 2001, the Company did not sell any fixed maturity investments held to maturity. For the year ended December 31, 2000, the Company sold fixed maturity investments held to maturity with an amortized cost of $1,949,000 resulting in losses of $27,000, and for the year ended December 31, 1999, the Company sold a fixed maturity investment held to maturity with an amortized cost of $10,000 that resulted in no gain or loss. All investments were sold in response to a significant deterioration in the issuer’s creditworthiness. 

Net change in unrealized appreciation (depreciation) on investments consisted of (in thousands): 

<img src='content_image/13878.jpg'>

Securities on deposit with various state insurance commissioners amounted to $17,512,000 at December 31, 2001 and $13,086,000 at December 31, 2000. The Company also had $596,965,000 on deposit at December 31, 2001 for the benefit of reinsurers. 

