CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Investment portfolio:
Fixed income, available-for-sale, at fair value (amortized cost 2022 - $6,088,948; 2021 - $6,397,658)	$ 5,935,916	$ 6,587,581
Equity securities, at fair value (cost 2022 - $15,966; 2021 - $15,838)	15,191	16,068
Other invested assets, at cost	850	3,100
Total investment portfolio	5,951,957	6,606,749
Cash and cash equivalents	477,113	284,690
Restricted cash and cash equivalents	12,784	20,268
Accrued investment income	50,400	51,902
Reinsurance recoverable on loss reserves	64,717	66,905
Reinsurance recoverable on paid losses	203	36,275
Premiums receivable	57,338	56,540
Home office and equipment, net	45,184	45,614
Deferred insurance policy acquisition costs	21,538	21,671
Other assets	163,567	134,394
Total assets	6,844,801	7,325,008
Liabilities:
Loss reserves	851,272	883,522
Unearned premiums	229,115	241,690
Federal Home Loan Bank advance	0	155,000
Senior notes	882,040	881,508
Convertible junior subordinated debentures	53,239	110,204
Other liabilities	218,780	191,702
Total liabilities	2,234,446	2,463,626
Contingencies
Shareholders’ equity:
Common stock (one dollar par value, shares authorized 1,000,000; shares issued 2022 - 371,353; 2021 - 371,353; shares outstanding 2022 - 312,581; 2021 - 320,336)	371,353	371,353
Paid-in capital	1,783,611	1,794,906
Treasury stock at cost (shares 2022 - 58,772; 2021 - 51,017)	(793,696)	(675,265)
Accumulated other comprehensive income, net of tax	(150,848)	119,697
Retained earnings	3,399,935	3,250,691
Total shareholders’ equity	4,610,355	4,861,382
Total liabilities and shareholders’ equity	$ 6,844,801	$ 7,325,008