CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Sep. 30, 2018	Dec. 31, 2017
Investment portfolio:
Fixed income, available for sale, at fair value (amortized cost, 2018 - $5,042,011; 2017 - $4,946,278)	$ 4,969,612	$ 4,983,315
Equity securities, at fair value (cost, 2018 - $4,134; 2017 - $7,223)	7,720
Equity securities, at fair value (cost, 2018 - $4,134; 2017 - $7,223)		7,246
Other invested assets, at cost	3,100	0
Total investment portfolio	4,980,432	4,990,561
Cash and cash equivalents	266,997	99,851
Accrued investment income	45,366	46,060
Reinsurance recoverable on loss reserves	33,281	48,474
Reinsurance recoverable on paid losses	3,111	3,872
Premiums receivable	51,640	54,045
Home office and equipment, net	50,055	44,936
Deferred insurance policy acquisition costs	18,665	18,841
Deferred income taxes, net	111,613	234,381
Other assets	95,948	78,478
Total assets	5,657,108	5,619,499
Liabilities:
Loss reserves	721,046	985,635
Unearned premiums	407,614	392,934
Federal Home Loan Bank advance	155,000	155,000
Senior notes	419,425	418,560
Convertible junior subordinated debentures	256,872	256,872
Other liabilities	207,620	255,972
Total liabilities	2,167,577	2,464,973
Contingencies
Shareholders’ equity:
Common stock (one dollar par value, shares authorized 1,000,000; shares issued 2018 - 371,353; 2017 - 370,567; shares outstanding 2018 - 362,155; 2017 - 370,567)	371,353	370,567
Paid-in capital	1,857,639	1,850,582
Treasury stock at cost (shares 2018 - 9,198)	(100,059)	0
Accumulated other comprehensive loss, net of tax	(128,931)	(43,783)
Retained earnings	1,489,529	977,160
Total shareholders’ equity	3,489,531	3,154,526
Total liabilities and shareholders’ equity	$ 5,657,108	$ 5,619,499