CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Sep. 30, 2020	Dec. 31, 2019
Investment portfolio:
Fixed income, available-for-sale, at fair value (amortized cost 2020 - $6,037,701; 2019 - $5,562,550, allowance for expected credit loss, 2020- $362)	$ 6,344,718	$ 5,737,892
Equity securities, at fair value (cost 2020 - $17,486; 2019 - $17,188)	18,060	17,328
Other invested assets, at cost	3,100	3,100
Total investment portfolio	6,365,878	5,758,320
Cash and cash equivalents	380,055	161,847
Restricted cash and cash equivalents	8,755	7,209
Accrued investment income	47,782	49,705
Reinsurance recoverable on loss reserves	83,143	21,641
Reinsurance recoverable on paid losses	1,062	1,521
Premiums receivable	53,971	55,587
Home office and equipment, net	47,546	50,121
Deferred insurance policy acquisition costs	21,238	18,531
Other assets	140,080	105,089
Total assets	7,149,510	6,229,571
Liabilities:
Loss reserves	840,449	555,334
Unearned premiums	315,071	380,302
Federal Home Loan Bank advance	155,000	155,000
Senior notes	878,838	420,867
Convertible junior subordinated debentures	208,814	256,872
Other liabilities	237,716	151,962
Total liabilities	2,635,888	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 - 338,573; 2019 - 347,308)	371,353	371,353
Paid-in capital	1,856,570	1,869,719
Treasury stock at cost (shares 2020 - 32,779; 2019 - 24,045)	(393,326)	(283,196)
Accumulated other comprehensive income, net of tax	167,777	72,708
Retained earnings	2,511,248	2,278,650
Total shareholders’ equity	4,513,622	4,309,234
Total liabilities and shareholders’ equity	$ 7,149,510	$ 6,229,571