CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Investment portfolio:
Fixed income, available-for-sale, at fair value (amortized cost, 2020 - $6,317,164; 2019 - $5,562,550)	$ 6,661,596	$ 5,737,892
Equity securities, at fair value (cost, 2020 - $17,522; 2019 - $17,188)	18,215	17,328
Other invested assets, at cost	3,100	3,100
Total investment portfolio	6,682,911	5,758,320
Cash and cash equivalents	287,953	161,847
Restricted cash and cash equivalents	8,727	7,209
Accrued investment income	49,997	49,705
Reinsurance recoverable on loss reserves	95,042	21,641
Reinsurance recoverable on paid losses	669	1,521
Premiums receivable	56,044	55,587
Home office and equipment, net	47,144	50,121
Deferred insurance policy acquisition costs	21,561	18,531
Other assets	104,478	105,089
Total assets	7,354,526	6,229,571
Liabilities:
Loss reserves	880,537	555,334
Unearned premiums	287,099	380,302
Federal Home Loan Bank Advance	155,000	155,000
Senior notes	879,379	420,867
Convertible junior subordinated debentures	208,814	256,872
Other liabilities	244,711	151,962
Total liabilities	2,655,540	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; outstanding 2020 - 338,573; 2019 - 347,308)	371,353	371,353
Paid-in capital	1,862,042	1,869,719
Treasury stock (shares at cost 2020 - 32,779; 2019 - 24,045)	(393,326)	(283,196)
Accumulated other comprehensive income, net of tax	216,821	72,708
Retained earnings	2,642,096	2,278,650
Total shareholders' equity	4,698,986	4,309,234
Total liabilities and shareholders' equity	$ 7,354,526	$ 6,229,571