CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Jun. 30, 2019	Dec. 31, 2018
Investment portfolio:
Fixed income, available-for-sale, at fair value (amortized cost 2019 - $5,357,436; 2018 - $5,196,784)	$ 5,504,823	$ 5,151,987
Equity securities, at fair value (cost 2019 - $3,991; 2018 - $3,993)	4,114	3,932
Other invested assets, at cost	3,100	3,100
Total investment portfolio	5,512,037	5,159,019
Cash and cash equivalents	218,908	151,892
Restricted cash and cash equivalents	6,275	3,146
Accrued investment income	48,272	48,001
Reinsurance recoverable on loss reserves	18,402	33,328
Reinsurance recoverable on paid losses	16,903	2,948
Premiums receivable	57,492	55,090
Home office and equipment, net	51,607	51,734
Deferred insurance policy acquisition costs	17,669	17,888
Deferred income taxes, net	20,932	69,184
Other assets	87,040	85,572
Total assets	6,055,537	5,677,802
Liabilities:
Loss reserves	621,902	674,019
Unearned premiums	400,999	409,985
Federal Home Loan Bank advance	155,000	155,000
Senior notes	420,290	419,713
Convertible junior subordinated debentures	256,872	256,872
Other liabilities	164,809	180,322
Total liabilities	2,019,872	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 - 354,177; 2018 - 355,371)	371,353	371,353
Paid-in capital	1,860,578	1,862,536
Treasury stock at cost (shares 2019 - 17,176; 2018 - 15,982)	(194,070)	(175,059)
Accumulated other comprehensive income (loss), net of tax	30,810	(124,214)
Retained earnings	1,966,994	1,647,275
Total shareholders’ equity	4,035,665	3,581,891
Total liabilities and shareholders’ equity	$ 6,055,537	$ 5,677,802