CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Mar. 31, 2019	Dec. 31, 2018
Investment portfolio:
Fixed income, available-for-sale, at fair value (amortized cost 2019 - $5,229,535; 2018 - $5,196,784)	$ 5,287,360	$ 5,151,987
Equity securities, at fair value (cost 2019 - $4,016; 2018 - $3,993)	4,057	3,932
Other invested assets, at cost	3,100	3,100
Total investment portfolio	5,294,517	5,159,019
Cash and cash equivalents	259,351	151,892
Restricted cash and cash equivalents	3,161	3,146
Accrued investment income	46,699	48,001
Reinsurance recoverable on loss reserves	31,875	33,328
Reinsurance recoverable on paid losses	3,069	2,948
Premiums receivable	51,596	55,090
Home office and equipment, net	50,388	51,734
Deferred insurance policy acquisition costs	17,630	17,888
Deferred income taxes, net	39,440	69,184
Other assets	72,371	85,572
Total assets	5,870,097	5,677,802
Liabilities:
Loss reserves	655,264	674,019
Unearned premiums	404,504	409,985
Federal Home Loan Bank advance	155,000	155,000
Senior notes	420,002	419,713
Convertible junior subordinated debentures	256,872	256,872
Other liabilities	162,272	180,322
Total liabilities	2,053,914	2,095,911
Contingencies
Shareholders’ equity:
Common stock (one dollar par value, shares authorized 1,000,000; shares issued 2019 - 371,353; 2018 - 371,353; shares outstanding 2019 - 355,986; 2018 - 355,371	371,353	371,353
Paid-in capital	1,856,236	1,862,536
Treasury stock at cost (shares 2019 - 15,367; 2018 - 15,982)	(169,129)	(175,059)
Accumulated other comprehensive loss, net of tax	(41,493)	(124,214)
Retained earnings	1,799,216	1,647,275
Total shareholders’ equity	3,816,183	3,581,891
Total liabilities and shareholders’ equity	$ 5,870,097	$ 5,677,802