CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Dec. 31, 2017	Dec. 31, 2016
Securities, available-for-sale, at fair value:
Fixed income (amortized cost, 2017 - $4,946,278; 2016 - $4,717,211)	$ 4,983,315	$ 4,685,222
Equity securities	7,246	7,128
Total investment portfolio	4,990,561	4,692,350
Cash and cash equivalents	99,851	155,410
Accrued investment income	46,060	44,073
Reinsurance recoverable on loss reserves	48,474	50,493
Reinsurance recoverable on paid losses	3,872	4,964
Premiums receivable	54,045	52,392
Home office and equipment, net	44,936	36,088
Deferred insurance policy acquisition costs	18,841	17,759
Deferred income taxes, net	234,381	607,655
Other assets	78,478	73,345
Total assets	5,619,499	5,734,529
Liabilities:
Loss reserves	985,635	1,438,813
Unearned premiums	392,934	329,737
FHLB Advance	155,000	155,000
Senior notes	418,560	417,406
Convertible senior notes	0	349,461
Convertible junior subordinated debentures	256,872	256,872
Other liabilities	255,972	238,398
Total liabilities	2,464,973	3,185,687
Contingencies
Shareholders' equity:
Common stock (one dollar par value, shares authorized 1,000,000; shares issued 2017 - 370,567; 2016 - 359,400; outstanding 2017 - 370,567; 2016 - 340,663)	370,567	359,400
Paid-in capital	1,850,582	1,782,337
Treasury stock (shares at cost 2016 - 18,737)	0	(150,359)
Accumulated other comprehensive loss, net of tax	(43,783)	(75,100)
Retained earnings	977,160	632,564
Total shareholders' equity	3,154,526	2,548,842
Total liabilities and shareholders' equity	$ 5,619,499	$ 5,734,529