CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Sep. 30, 2019	Dec. 31, 2018
Investment portfolio:
Fixed income, available-for-sale, at fair value (amortized cost 2019 - $5,473,893; 2018 - $5,196,784)	$ 5,660,992	$ 5,151,987
Equity securities, at fair value (cost 2019 - $17,205; 2018 - $3,993)	17,360	3,932
Other invested assets, at cost	3,100	3,100
Total investment portfolio	5,681,452	5,159,019
Cash and cash equivalents	165,425	151,892
Restricted cash and cash equivalents	6,329	3,146
Accrued investment income	48,320	48,001
Reinsurance recoverable on loss reserves	19,566	33,328
Reinsurance recoverable on paid losses	1,573	2,948
Premiums receivable	51,804	55,090
Home office and equipment, net	50,540	51,734
Deferred insurance policy acquisition costs	18,010	17,888
Deferred income taxes, net	11,583	69,184
Other assets	92,149	85,572
Total assets	6,146,751	5,677,802
Liabilities:
Loss reserves	602,297	674,019
Unearned premiums	392,556	409,985
Federal Home Loan Bank advance	155,000	155,000
Senior notes	420,578	419,713
Convertible junior subordinated debentures	256,872	256,872
Other liabilities	159,831	180,322
Total liabilities	1,987,134	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 - 348,709; 2018 - 355,371)	371,353	371,353
Paid-in capital	1,864,973	1,862,536
Treasury stock at cost (shares 2019 - 22,644; 2018 - 15,982)	(263,196)	(175,059)
Accumulated other comprehensive income (loss), net of tax	63,782	(124,214)
Retained earnings	2,122,705	1,647,275
Total shareholders’ equity	4,159,617	3,581,891
Total liabilities and shareholders’ equity	$ 6,146,751	$ 5,677,802