CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Jun. 30, 2025	Dec. 31, 2024
Investment portfolio:
Fixed income available-for-sale	$ 5,802,331	$ 5,851,689
Equity securities, at fair value (cost 2025 - $16,214; 2024 - $16,146)	15,038	14,762
Other invested assets, at cost	1,109	1,109
Total investment portfolio	5,818,478	5,867,560
Cash and cash equivalents	294,871	229,485
Restricted cash and cash equivalents	4,024	5,142
Accrued investment income	59,106	61,064
Reinsurance recoverable on loss reserves	53,781	47,281
Reinsurance recoverable on paid losses	2,041	4,197
Premiums receivable	57,236	57,536
Home office and equipment, net	33,210	35,679
Deferred insurance policy acquisition costs	10,274	11,694
Deferred income taxes, net	41,818	69,875
Other assets	167,488	157,722
Total assets	6,542,327	6,547,235
Liabilities:
Loss reserves	452,154	462,662
Unearned premiums	105,049	120,360
Senior notes	645,402	644,667
Other liabilities	184,778	147,171
Total liabilities	1,387,383	1,374,860
Contingencies
Shareholders’ equity:
Common stock	233,138	248,449
Paid-in capital	1,801,159	1,808,236
Accumulated other comprehensive income (loss), net of tax	(204,969)	(288,162)
Retained earnings	3,325,616	3,403,852
Total shareholders’ equity	5,154,944	5,172,375
Total liabilities and shareholders’ equity	6,542,327	6,547,235
Fixed income
Investment portfolio:
Fixed income available-for-sale	5,459,483	5,511,564
Short-Term Investments
Investment portfolio:
Fixed income available-for-sale	$ 342,848	$ 340,125