CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Mar. 31, 2017	Dec. 31, 2016
Securities, available-for-sale, at fair value:
Fixed income (amortized cost, 2017 - $4,655,457; 2016 - $4,717,211)	$ 4,642,119	$ 4,685,222
Equity securities	7,162	7,128
Total investment portfolio	4,649,281	4,692,350
Cash and cash equivalents	427,074	155,410
Accrued investment income	43,786	44,073
Reinsurance recoverable on loss reserves	46,658	50,493
Reinsurance recoverable on paid losses	5,129	4,964
Premiums receivable	51,907	52,392
Home office and equipment, net	38,314	36,088
Deferred insurance policy acquisition costs	18,236	17,759
Deferred income taxes, net	552,469	607,655
Other assets	71,034	73,345
Total assets	5,903,888	5,734,529
Liabilities:
Loss reserves	1,335,042	1,438,813
Unearned premiums	337,322	329,737
Revolving credit facility	150,000	0
Federal Home Loan Bank advance	155,000	155,000
Senior notes	417,695	417,406
Convertible senior notes	349,848	349,461
Convertible junior subordinated debentures	256,872	256,872
Other liabilities	254,578	238,398
Total liabilities	3,256,357	3,185,687
Contingencies
Shareholders' equity:
Common stock (one dollar par value, shares authorized 1,000,000; shares issued 2017 - 360,171; 2016 - 359,400; shares outstanding 2017 - 341,434; 2016 - 340,663)	360,171	359,400
Paid-in capital	1,778,305	1,782,337
Treasury stock at cost (shares 2017 and 2016 - 18,737)	(150,359)	(150,359)
Accumulated other comprehensive loss, net of tax	(63,101)	(75,100)
Retained earnings	722,515	632,564
Total shareholders’ equity	2,647,531	2,548,842
Total liabilities and shareholders’ equity	$ 5,903,888	$ 5,734,529