CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Jun. 30, 2020	Dec. 31, 2019
Investment portfolio:
Fixed income, available-for-sale, at fair value (amortized cost 2020 - $5,597,554; 2019 - $5,562,550)	$ 5,862,262	$ 5,737,892
Equity securities, at fair value (cost 2020 - $17,467; 2019 - $17,188)	17,953	17,328
Other invested assets, at cost	3,100	3,100
Total investment portfolio	5,883,315	5,758,320
Cash and cash equivalents	366,715	161,847
Restricted cash and cash equivalents	4,678	7,209
Accrued investment income	46,790	49,705
Reinsurance recoverable on loss reserves	63,444	21,641
Reinsurance recoverable on paid losses	1,351	1,521
Premiums receivable	54,028	55,587
Home office and equipment, net	47,738	50,121
Deferred insurance policy acquisition costs	20,645	18,531
Deferred income taxes, net	0	5,742
Other assets	85,884	99,347
Total assets	6,574,588	6,229,571
Liabilities:
Loss reserves	797,396	555,334
Unearned premiums	343,229	380,302
Federal Home Loan Bank advance	155,000	155,000
Senior notes	421,443	420,867
Convertible junior subordinated debentures	256,872	256,872
Other liabilities	217,293	151,962
Total liabilities	2,191,233	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	1,859,195	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	145,412	72,708
Retained earnings	2,400,820	2,278,650
Total shareholders’ equity	4,383,355	4,309,234
Total liabilities and shareholders’ equity	$ 6,574,588	$ 6,229,571