CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Jun. 30, 2018	Dec. 31, 2017
Investment portfolio:
Fixed income, available for sale, at fair value (amortized cost, 2018 - $4,983,355; 2017 - $4,946,278)	$ 4,926,247	$ 4,983,315
Equity securities, at fair value (cost, 2018 - $4,111; 2017 - $7,223)	4,048
Equity securities, at fair value (cost, 2018 - $4,111; 2017 - $7,223)		7,246
Other invested assets, at cost	3,100	0
Total investment portfolio	4,933,395	4,990,561
Cash and cash equivalents	191,894	99,851
Accrued investment income	47,125	46,060
Reinsurance recoverable on loss reserves	37,051	48,474
Reinsurance recoverable on paid losses	3,295	3,872
Premiums receivable	56,213	54,045
Home office and equipment, net	49,461	44,936
Deferred insurance policy acquisition costs	18,807	18,841
Deferred income taxes, net	161,488	234,381
Other assets	93,287	78,478
Total assets	5,592,016	5,619,499
Liabilities:
Loss reserves	813,015	985,635
Unearned premiums	406,159	392,934
Federal Home Loan Bank advance	155,000	155,000
Senior notes	419,136	418,560
Convertible junior subordinated debentures	256,872	256,872
Other liabilities	227,959	255,972
Total liabilities	2,278,141	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 - 362,150; 2017 - 370,567)	371,348	370,567
Paid-in capital	1,852,251	1,850,582
Treasury stock at cost (shares 2018 - 9,198)	(100,059)	0
Accumulated other comprehensive loss, net of tax	(117,294)	(43,783)
Retained earnings	1,307,629	977,160
Total shareholders’ equity	3,313,875	3,154,526
Total liabilities and shareholders’ equity	$ 5,592,016	$ 5,619,499