CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019
Investment portfolio:
Fixed income, available-for-sale, at fair value (amortized cost 2020 - $5,375,382; 2019 - $5,562,550)	$ 5,458,846	$ 5,737,892
Equity securities, at fair value (cost 2020 - $29,559; 2019 - $17,188)	28,892	17,328
Other invested assets, at cost	3,100	3,100
Total investment portfolio	5,490,838	5,758,320
Cash and cash equivalents	365,303	161,847
Restricted cash and cash equivalents	4,223	7,209
Accrued investment income	46,942	49,705
Reinsurance recoverable on loss reserves	25,756	21,641
Reinsurance recoverable on paid losses	1,691	1,521
Premiums receivable	53,440	55,587
Home office and equipment, net	49,010	50,121
Deferred insurance policy acquisition costs	19,514	18,531
Deferred income taxes, net	8,867	5,742
Other assets	89,703	99,347
Total assets	6,155,287	6,229,571
Liabilities:
Loss reserves	574,753	555,334
Unearned premiums	365,408	380,302
Federal Home Loan Bank advance	155,000	155,000
Senior notes	421,155	420,867
Convertible junior subordinated debentures	256,872	256,872
Other liabilities	140,271	151,962
Total liabilities	1,913,459	1,920,337
Contingencies
Shareholders’ equity:
Common stock (one dollar par value, shares authorized 1,000,000; shares issued 2020 - 371,353; 2019 - 371,353; shares outstanding 2020 - 338,567; 2019 - 347,308)	371,353	371,353
Paid-in capital	1,855,371	1,869,719
Treasury stock at cost (shares 2020 - 32,786; 2019 - 24,045)	(393,425)	(283,196)
Accumulated other comprehensive income, net of tax	1,224	72,708
Retained earnings	2,407,305	2,278,650
Total shareholders’ equity	4,241,828	4,309,234
Total liabilities and shareholders’ equity	$ 6,155,287	$ 6,229,571