CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Mar. 31, 2025	Dec. 31, 2024
Investment portfolio:
Fixed income available-for-sale	$ 5,885,033	$ 5,851,689
Equity securities, at fair value (cost 2025 - $16,180; 2024 - $16,146)	14,915	14,762
Other invested assets, at cost	1,109	1,109
Total investment portfolio	5,901,057	5,867,560
Cash and cash equivalents	206,988	229,485
Restricted cash and cash equivalents	5,705	5,142
Accrued investment income	58,768	61,064
Reinsurance recoverable on loss reserves	51,864	47,281
Reinsurance recoverable on paid losses	1,847	4,197
Premiums receivable	56,273	57,536
Home office and equipment, net	34,468	35,679
Deferred insurance policy acquisition costs	11,114	11,694
Deferred income taxes, net	46,196	69,875
Other assets	160,856	157,722
Total assets	6,535,136	6,547,235
Liabilities:
Loss reserves	465,033	462,662
Unearned premiums	111,987	120,360
Senior notes	645,035	644,667
Other liabilities	173,197	147,171
Total liabilities	1,395,252	1,374,860
Contingencies
Shareholders’ equity:
Common stock	240,194	248,449
Paid-in capital	1,796,475	1,808,236
Accumulated other comprehensive income (loss), net of tax	(236,445)	(288,162)
Retained earnings	3,339,660	3,403,852
Total shareholders’ equity	5,139,884	5,172,375
Total liabilities and shareholders’ equity	6,535,136	6,547,235
Fixed income
Investment portfolio:
Fixed income available-for-sale	5,542,864	5,511,564
Short-Term Investments
Investment portfolio:
Fixed income available-for-sale	$ 342,169	$ 340,125