CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Mar. 31, 2018	Dec. 31, 2017
Investment portfolio:
Fixed income, available for sale, at fair value (amortized cost, 2018 - $4,974,616; 2017 - $4,946,278)	$ 4,930,063	$ 4,983,315
Equity securities, at fair value (cost, 2018 - $4,143; 2017 - $7,223)	4,099
Equity securities, at fair value (cost, 2018 - $4,143; 2017 - $7,223)		7,246
Other invested assets, at cost	3,100	0
Total investment portfolio	4,937,262	4,990,561
Cash and cash equivalents	177,488	99,851
Accrued investment income	45,123	46,060
Reinsurance recoverable on loss reserves	45,474	48,474
Reinsurance recoverable on paid losses	3,718	3,872
Premiums receivable	52,701	54,045
Home office and equipment, net	48,382	44,936
Deferred insurance policy acquisition costs	18,928	18,841
Deferred income taxes, net	211,994	234,381
Other assets	75,273	78,478
Total assets	5,616,343	5,619,499
Liabilities:
Loss reserves	924,171	985,635
Unearned premiums	397,688	392,934
Federal Home Loan Bank advance	155,000	155,000
Senior notes	418,848	418,560
Convertible junior subordinated debentures	256,872	256,872
Other liabilities	232,361	255,972
Total liabilities	2,384,940	2,464,973
Contingencies
Shareholders’ equity:
Common stock (one dollar par value, shares authorized 1,000,000; shares issued 2018 - 371,348; 2017 - 370,567; shares outstanding 2018 - 371,348; 2017 - 370,567)	371,348	370,567
Paid-in capital	1,847,000	1,850,582
Accumulated other comprehensive loss, net of tax	(107,760)	(43,783)
Retained earnings	1,120,815	977,160
Total shareholders’ equity	3,231,403	3,154,526
Total liabilities and shareholders’ equity	$ 5,616,343	$ 5,619,499