CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018
Investment portfolio:
Fixed income, available-for-sale, at fair value (amortized cost, 2019 - $5,562,550; 2018 - $5,196,784)	$ 5,737,892	$ 5,151,987
Equity securities, at fair value (cost, 2019 - $17,188; 2018 - $3,993)	17,328	3,932
Other invested assets, at cost	3,100	3,100
Total investment portfolio	5,758,320	5,159,019
Cash and cash equivalents	161,847	151,892
Restricted cash and cash equivalents	7,209	3,146
Accrued investment income	49,705	48,001
Reinsurance recoverable on loss reserves	21,641	33,328
Reinsurance recoverable on paid losses	1,521	2,948
Premiums receivable	55,587	55,090
Home office and equipment, net	50,121	51,734
Deferred insurance policy acquisition costs	18,531	17,888
Deferred income taxes, net	5,742	69,184
Other assets	99,347	85,572
Total assets	6,229,571	5,677,802
Liabilities:
Loss reserves	555,334	674,019
Unearned premiums	380,302	409,985
Federal Home Loan Bank Advance	155,000	155,000
Senior notes	420,867	419,713
Convertible junior subordinated debentures	256,872	256,872
Other liabilities	151,962	180,322
Total liabilities	1,920,337	2,095,911
Contingencies
Shareholders' equity:
Common stock (one dollar par value, shares authorized 1,000,000; shares issued 2019 - 371,353; 2018 - 371,353; outstanding 2019 - 347,308; 2018 - 355,371)	371,353	371,353
Paid-in capital	1,869,719	1,862,536
Treasury stock (shares at cost 2019 - 24,045; 2018 - 15,982)	(283,196)	(175,059)
Accumulated other comprehensive income (loss), net of tax	72,708	(124,214)
Retained earnings	2,278,650	1,647,275
Total shareholders' equity	4,309,234	3,581,891
Total liabilities and shareholders' equity	$ 6,229,571	$ 5,677,802