CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Dec. 31, 2018	Dec. 31, 2017
Investment portfolio:
Fixed income, available-for-sale, at fair value (amortized cost, 2018 - $5,196,784; 2017 - $4,946,278)	$ 5,151,987	$ 4,983,315
Equity securities, at fair value	3,932
Equity securities, at fair value (cost, 2018 - $3,993; 2017 - $7,223)		7,246
Other invested assets, at cost	3,100	0
Total investment portfolio	5,159,019	4,990,561
Cash and cash equivalents	151,892	99,851
Restricted cash and cash equivalents	3,146	0
Accrued investment income	48,001	46,060
Reinsurance recoverable on loss reserves	33,328	48,474
Reinsurance recoverable on paid losses	2,948	3,872
Premiums receivable	55,090	54,045
Home office and equipment, net	51,734	44,936
Deferred insurance policy acquisition costs	17,888	18,841
Deferred income taxes, net	69,184	234,381
Other assets	85,572	78,478
Total assets	5,677,802	5,619,499
Liabilities:
Loss reserves	674,019	985,635
Unearned premiums	409,985	392,934
FHLB Advance	155,000	155,000
Senior notes	419,713	418,560
Convertible junior subordinated debentures	256,872	256,872
Other liabilities	180,322	255,972
Total liabilities	2,095,911	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; outstanding 2018 - 355,371; 2017 - 370,567)	371,353	370,567
Paid-in capital	1,862,536	1,850,582
Treasury stock (shares at cost 2018 - 15,982)	(175,059)	0
Accumulated other comprehensive loss, net of tax	(124,214)	(43,783)
Retained earnings	1,647,275	977,160
Total shareholders' equity	3,581,891	3,154,526
Total liabilities and shareholders' equity	$ 5,677,802	$ 5,619,499