The National Security Group, Inc. operates in ten states with 64.2% of total premium revenue generated in the states of Alabama, Georgia and Mississippi. We operate in two business segments summarized as follows:
The earnings in the property and casualty segment have seasonal volatility due to severe storm activity resulting in incurred losses and loss adjustment expenses from hurricane, tornado, wind and hail related insurance claims. These storm systems or other natural disasters are classified as catastrophes (referred to as "catastrophe" or "cat" events/losses throughout the remainder of this document) by Property Claim Service (PCS) when an individual event causes $25 million or more in industry wide direct insured losses and affect a significant number of policyholders and insurers.
For the twelve months ended December 31, 2020, the Company had investment gains of $1,623,000 compared to investment gains of $3,055,000 for the same period in 2019; a decrease of $1,432,000. The primary reason for the investment gains in 2020 was a $1,361,000 gain on fixed maturities. In 2019, we had a gain on our COLI investment totaling $1,792,000 which was the primary contributor to investment gains in 2019.
for the same period last year. In 2020, an increase in value of COLI investments totaled $343,000 compared to an increase of $295,000 for the same period last year. Partially offsetting the 2020 investment gains was a decline in value of our equity investments totaling $344,000 compared to an increase in value of equity investments of $712,000, in 2019. Investment gains in 2019 were also positively impacted by a realized gain on COLI of $1,792,000.
The Company, primarily through its insurance subsidiaries, had $19,887,000 in cash and cash equivalents at December 31, 2020, compared to $11,809,000 at December 31, 2019. Cash increased $8,078,000 in 2020 primarily due to the sale of available-for-sale fixed maturity securities for the payment of weather related losses in our P&C subsidiary. Cash fluctuated significantly during the last six months of 2020 due to timing differences in the
The ratios of Total Adjusted Capital to Authorized Control Level RBC for The National Security Group's life/health and property/casualty insurance subsidiaries are all in excess of 4 to 1 at December 31, 2020.
National Security Insurance Company (life insurer) has regulatory adjusted capital of $10,784,000 and $17,210,000 at December 31, 2020 and 2019, respectively, and a ratio of regulatory total adjusted capital to authorized control level RBC of 8.9 and 15.0 at December 31, 2020 and 2019, respectively. Accordingly, National Security Insurance Company exceeds the minimum RBC requirements.
The Company established a non-qualified plan under which Company directors are allowed to defer all or a portion of directors' fees into various investment options. A supplemental executive retirement plan (SERP) covers named executive officers, with the Company contributing 15% of executive compensation to the plan. Contributions to the plan are fully vested upon the earlier of death, disability, change in control, or ten years of participation in the plan. Costs for amounts related to the non-qualified deferred compensation plans for the year ended December 31, 2020 and 2019 amounted to approximate increases of $430,000 and $573,000 in employee benefit related expenses, respectively.
The Company's property & casualty subsidiaries had one action remaining in Texas filed in the aftermath of Hurricane Ike which was favorably resolved in the second quarter of 2020 with no material impact on these consolidated financial statements.