CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Investment portfolio:
Fixed income, available-for-sale, at fair value (amortized cost, 2022 - $5,926,785; 2021 - $6,397,658)	$ 5,409,698	$ 6,587,581
Equity securities, at fair value (cost, 2022 - $15,924; 2021 - $15,838)	14,140	16,068
Other invested assets, at cost	850	3,100
Total investment portfolio	5,424,688	6,606,749
Cash and cash equivalents	327,384	284,690
Restricted cash and cash equivalents	5,529	20,268
Accrued investment income	55,178	51,902
Reinsurance recoverable on loss reserves	28,240	66,905
Reinsurance recoverable on paid losses	18,081	36,275
Premiums receivable	58,000	56,540
Home office and equipment, net	41,419	45,614
Deferred insurance policy acquisition costs	19,062	21,671
Deferred income taxes, net	124,769	0
Other assets	111,443	134,394
Total assets	6,213,793	7,325,008
Liabilities:
Loss reserves	557,988	883,522
Unearned premiums	195,289	241,690
Federal Home Loan Bank Advance	0	155,000
Senior notes	641,724	881,508
Convertible junior subordinated debentures	21,086	110,204
Other liabilities	154,966	191,702
Total liabilities	1,571,053	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 - 293,433; 2021 - 320,336)	371,353	371,353
Paid-in capital	1,798,842	1,794,906
Treasury stock at cost (shares 2022 - 77,920; 2021 - 51,017)	(1,050,238)	(675,265)
Accumulated other comprehensive (loss) income, net of tax	(481,511)	119,697
Retained earnings	4,004,294	3,250,691
Total shareholders' equity	4,642,740	4,861,382
Total liabilities and shareholders' equity	$ 6,213,793	$ 7,325,008