Consolidated Balance Sheets - USD ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018
Investments, at fair value:
Fixed maturity securities (amortized cost $2,973,276; $2,969,541)	$ 3,093,275	$ 2,985,161
Equity securities (cost $648,282; $544,082)	724,751	529,631
Short-term investments (cost $494,060; $254,518)	494,135	253,299
Total investments	4,312,161	3,768,091
Cash	294,398	314,291
Receivables:
Premiums	604,871	555,038
Accrued investment income	40,107	45,373
Other	6,464	6,132
Total receivables	651,442	606,543
Reinsurance recoverables	78,774	221,088
Deferred policy acquisition costs	233,166	215,131
Fixed assets, net	168,986	153,023
Operating lease right-of-use assets	44,909
Current income taxes	7,642	38,885
Deferred income taxes	0	13,339
Goodwill	42,796	42,796
Other intangible assets, net	10,636	15,534
Other assets	44,247	45,008
Total assets	5,889,157	5,433,729
Liabilities
Loss and loss adjustment expense reserves	1,921,255	1,829,412
Unearned premiums	1,355,547	1,236,181
Notes payable	372,133	371,734
Accounts payable and accrued expenses	143,318	115,071
Operating lease liabilities	47,996
Deferred income taxes	27,964	0
Other liabilities	221,442	263,647
Total liabilities	4,089,655	3,816,045
Commitments and contingencies
Shareholders’ equity:
Authorized 70,000 shares; issued and outstanding 55,358; 55,340	98,828	98,026
Retained earnings	1,700,674	1,519,658
Total shareholders’ equity	1,799,502	1,617,684
Total liabilities and shareholders’ equity	$ 5,889,157	$ 5,433,729