$2.3 million realized loss from the recognition of other-than-temporary impairments within our equity and fixed maturity portfolio. The impact of foreign currency exchange rates on our investment portfolio was negligible for the year ended December 31, 2014.
The decline in the expense ratio for the year ended December 31, 2016 as compared to the same period in 2015 was primarily attributable to reduced acquisition expenses due to increased ceding commissions coupled with reduced contingent commissions. Partially offsetting the reduced acquisition expenses were increased non-acquisition expenses due to increased information technology, depreciation and outside services expenses partially offset by an increase of claims related expenses transferred to unallocated loss adjustment expenses. The decline in the expense ratio for the year ended December 31, 2015 as compared to the same period in 2014 was primarily attributable to increased ceding commission coupled with reduced outside services costs. Partially offsetting these reductions was increased compensation and information technology costs.
Included in losses and loss adjustment expense for the year ended December 31, 2015 was $5.2 million in catastrophe losses for storm activity in the United States. Included in losses and loss adjustment expenses was $2.5 million in net unfavorable loss reserve development on prior accident years, primarily attributable to $11.9 million of unfavorable development in general liability and $8.7 million of unfavorable development in the workers compensation lines due to increases in claim severity. Partially offsetting this unfavorable development was $8.8 million of favorable development in short-tail lines, $6.6 million favorable development in errors and ommissions lines and $2.1 million of favorable development on an assumed directors and officers program.
For the year ended December 31, 2016, Argo Re paid a cash dividend of $41.0 million to Argo Group which was used to repay intercompany balances related primarily to dividend and interest payments and other corporate expenses. For the year ended December 31, 2016, Argo Group US received dividends of $35.0 million from Colony, of which $15.1 million was paid in the form of investment securities with the remaining $19.9 million paid in cash, $41.6 million from Argonaut Insurance Company and $18.1 million from Rockwood. For the year ended December 31, 2016, Argo Group US, Inc. paid a cash dividend of $38.0 million, net of $2.0 million in Irish withholding taxes, to Argo Re through its direct parent, Argo Ireland.
Effective February 6, 2017, we completed the acquisition of Maybrooke Holdings, S.A. for $235.3 million. We drew $125.0 million under our Credit Agreement in order to help fund the acquisition and paid the remaining $110.3 million with available cash on hand.
For the year ended December 31, 2016, our Board declared quarterly dividends in the aggregate amount of $0.86 per share. Cash dividends paid for the year ended December 31, 2016 totaled $26.6 million.
The following section details reserving considerations and loss and LAE risk factors for the lines representing most of our loss reserves. Each risk factor presented will have a different impact on required loss reserves. Also, risk factors can have offsetting or compounding effects on required loss reserves. For example, introduction and approval of a more expensive medical procedure may result in higher estimates for medical costs. But in the workers compensation context, the availability of that same medical procedure may enable workers to return to work more quickly, thereby lowering estimates for indemnity costs for that line of business. As a result, it usually is not possible to identify and measure the impact that a change in one discrete risk factor may have or construct a meaningful sensitivity expectation around it. We do not make explicit estimates of the impact on loss reserve estimates for the assumptions related to the risk factors described below.
Our investments in fixed maturities and stocks are classified as available-for-sale and reported at fair value under GAAP. Changes in the fair value of investments classified as available-for-sale are not recognized in income during the period, but rather are recognized as a separate component of shareholders’ equity until realized. Fair values of these investments are estimated using prices obtained from third-party pricing services, where available. For securities where we are unable to obtain fair values from a pricing service or broker, fair values are estimated using information obtained from investment advisors. Management performed several processes to ascertain the reasonableness of investment values included in our consolidated financial statements at December 31, 2016, including i) obtaining and reviewing internal control reports for our accounting service providers that obtain fair values from third-party pricing services, ii) discussing with our investment managers their process for reviewing and validating pricing obtained from outside services and obtained values for all securities from our investment managers and iii) comparing the security pricing received from the investment managers with the prices used in our consolidated financial statements and obtained additional information for variances that exceeded a certain threshold. As of December 31, 2016, investments classified as available-for-sale for which we did not receive a fair value from a pricing service or broker accounted for less than 1% of our investment portfolio. The actual value at which such securities could be sold or settled with a willing buyer or seller may differ from such estimated fair values depending on a number of factors including, but not limited to, current and future economic conditions, the quantity sold or settled, the presence of an active market and the availability of a willing buyer or seller. Our investments in hedge and private equity funds and other private equity direct investments are accounted for under the equity method of accounting, with changes in the value of investments recognized in net investment income during the period. We have one available-for-sale private equity investment with changes in the value of investment recognized as a separate component of shareholders’ equity. We also have two small private equity investments accounted for at cost.
For purposes of evaluating goodwill for impairment, we determined that our reporting units are the same as our business segments because all components of each segment are similar and none of the components were determined to be separate reporting units. Additionally, each business segment has discrete financial information available that is regularly reviewed by the chief operating decision maker to make decisions about resources to be allocated and to assess performance. We allocated the assets, including goodwill, and liabilities of our reporting units consistent with our business segment reporting and prior periods. No material changes in the accounting methodology used to evaluate goodwill were made during 2016.