CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Sep. 30, 2025	Dec. 31, 2024
Investment portfolio:
Fixed income available-for-sale	$ 5,868,594	$ 5,851,689
Equity securities, at fair value (cost 2025 - $16,250; 2024 - $16,146)	15,286	14,762
Other invested assets, at cost	1,109	1,109
Total investment portfolio	5,884,989	5,867,560
Cash and cash equivalents	266,901	229,485
Restricted cash and cash equivalents	4,891	5,142
Accrued investment income	56,688	61,064
Reinsurance recoverable on loss reserves	57,565	47,281
Reinsurance recoverable on paid losses	2,352	4,197
Premiums receivable	56,531	57,536
Home office and equipment, net	32,737	35,679
Deferred insurance policy acquisition costs	9,394	11,694
Deferred income taxes, net	59,486	69,875
Other assets	194,109	157,722
Total assets	6,625,643	6,547,235
Liabilities:
Loss reserves	452,160	462,662
Unearned premiums	98,527	120,360
Senior notes	645,770	644,667
Federal tax credits payable	139,591	12,535	[1]
Other liabilities	116,896	134,636	[1]
Total liabilities	1,452,944	1,374,860
Contingencies
Shareholders’ equity:
Common stock	226,155	248,449
Paid-in capital	1,806,807	1,808,236
Accumulated other comprehensive income (loss), net of tax	(159,221)	(288,162)
Retained earnings	3,298,958	3,403,852
Total shareholders’ equity	5,172,699	5,172,375
Total liabilities and shareholders’ equity	6,625,643	6,547,235
Fixed income
Investment portfolio:
Fixed income available-for-sale	5,497,303	5,511,564
Short-Term Investments
Investment portfolio:
Fixed income available-for-sale	$ 371,291	$ 340,125

[1] (1) Certain amounts have been reclassified to conform with current year presentation