CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Sep. 30, 2021	Dec. 31, 2020
Investment portfolio:
Fixed income, available-for-sale, at fair value (amortized cost 2021 - $6,650,315; 2020 - $6,317,164)	$ 6,897,734	$ 6,661,596
Equity securities, at fair value (cost 2021 - $14,981; 2020 - $17,522)	15,361	18,215
Other invested assets, at cost	3,100	3,100
Total investment portfolio	6,916,195	6,682,911
Cash and cash equivalents	176,426	287,953
Restricted cash and cash equivalents	9,486	8,727
Accrued investment income	53,595	49,997
Reinsurance recoverable on loss reserves	107,029	95,042
Reinsurance recoverable on paid losses	526	669
Premiums receivable	56,388	56,044
Home office and equipment, net	45,303	47,144
Deferred insurance policy acquisition costs	22,284	21,561
Other assets	124,077	104,478
Total assets	7,511,309	7,354,526
Liabilities:
Loss reserves	932,909	880,537
Unearned premiums	256,517	287,099
Federal Home Loan Bank advance	155,000	155,000
Senior notes	880,976	879,379
Convertible junior subordinated debentures	208,814	208,814
Other liabilities	199,673	244,711
Total liabilities	2,633,889	2,655,540
Contingencies
Shareholders’ equity:
Common stock (one dollar par value, shares authorized 1,000,000; shares issued 2021 - 371,353; 2020 - 371,353; shares outstanding 2021 - 329,335; 2020 - 338,573)	371,353	371,353
Paid-in capital	1,789,874	1,862,042
Treasury stock at cost (shares 2021 - 42,018; 2020 - 32,779)	(534,447)	(393,326)
Accumulated other comprehensive income, net of tax	147,645	216,821
Retained earnings	3,102,995	2,642,096
Total shareholders’ equity	4,877,420	4,698,986
Total liabilities and shareholders’ equity	$ 7,511,309	$ 7,354,526