CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Jun. 30, 2017	Dec. 31, 2016
Securities, available-for-sale, at fair value:
Fixed income (amortized cost, 2017 - $4,674,965; 2016 - $4,717,211)	$ 4,701,211	$ 4,685,222
Equity securities	7,209	7,128
Total investment portfolio	4,708,420	4,692,350
Cash and cash equivalents	127,908	155,410
Accrued investment income	44,030	44,073
Reinsurance recoverable on loss reserves	44,783	50,493
Reinsurance recoverable on paid losses	6,151	4,964
Premiums receivable	51,344	52,392
Home office and equipment, net	42,212	36,088
Deferred insurance policy acquisition costs	18,677	17,759
Deferred income taxes, net	481,389	607,655
Other assets	75,254	73,345
Total assets	5,600,168	5,734,529
Liabilities:
Loss reserves	1,187,089	1,438,813
Unearned premiums	352,010	329,737
Federal Home Loan Bank advance	155,000	155,000
Senior notes	417,983	417,406
Convertible senior notes	0	349,461
Convertible junior subordinated debentures	256,872	256,872
Other liabilities	236,153	238,398
Total liabilities	2,605,107	3,185,687
Contingencies
Shareholders’ equity:
Common stock (one dollar par value, shares authorized 1,000,000; shares issued 2017 - 370,557; 2016 - 359,400; shares outstanding 2017 - 370,557; 2016 - 340,663)	370,557	359,400
Paid-in capital	1,842,601	1,782,337
Treasury stock at cost (shares 2016 - 18,737)	0	(150,359)
Accumulated other comprehensive loss, net of tax	(37,494)	(75,100)
Retained earnings	819,397	632,564
Total shareholders’ equity	2,995,061	2,548,842
Total liabilities and shareholders’ equity	$ 5,600,168	$ 5,734,529