8 . Commitments and Contingent Liabilities The Company had commitments to fund investments in limited partnerships , commercial mortgage loans and private placement investments in the amount s of $124.4 million, $18.7 million and $8.5 million, respectively, at June 30, 2010. The Company had commitments to fund investments in limited partnerships, commercial mortgage loans and private placement investments in the amount s of $86.6 million, $12.6 million and $7.0 million, respectively, at December 31, 2009. The Company anticipates that the majority of its current commitments will be invested over the next five years; however, these commitments could become due any time at the request of the counterparties. Investments in limited partnerships are carried at cost and included in other invested assets in the condensed consolidated balance sheets. A legal reserve is established when the Company is notified of an arbitration demand or litigation or is notified that an arbitration demand or litigation is imminent, it is probable that the Company will incur a loss as a result and the amount of the probable loss is reasonably capable of being estimated. The Company is subject to litigation in the normal course of its business. The Company currently has no material litigation. However, if such material litigation did arise, it is possible that an adverse outcome on any particular arbitration or litigation situation could have a material adverse effect on the Company's condensed consolidated financial position and/or net income in a particular reporting period. The Company has obtained letters of credit, issued by banks, in favor of various affiliated and unaffiliated insurance companies from which the Company assumes business. These letters of credit represent guarantees of performance under the reinsurance agreements and allow ceding companies to take statutory reserve credits. At June 30, 2010 and December 31, 2009, there were approximately $18.0 million and $21.4 million, respectively, of outstanding bank letters of cred