Consolidated Balance Sheets Consolidated Balance Sheets - USD ($) $ in Thousands	Mar. 31, 2018	Dec. 31, 2017
Investments:
Fixed maturity securities	$ 13,343,132	$ 13,551,250
Investment funds	1,161,127	1,155,677
Real estate	1,833,337	1,469,601
Arbitrage trading account	744,859	617,649
Equity securities	496,034	576,647
Loans receivable	75,902	79,684
Total investments	17,654,391	17,450,508
Cash and cash equivalents	956,603	950,471
Premiums and fees receivable	1,845,723	1,773,844
Due from reinsurers	1,868,667	1,783,200
Deferred policy acquisition costs	513,586	507,549
Prepaid reinsurance premiums	490,582	472,009
Trading account receivables from brokers and clearing organizations	26,667	189,280
Property, furniture and equipment	424,751	422,960
Goodwill	178,945	178,945
Accrued investment income	143,974	136,597
Other assets	483,943	434,554
Total assets	24,587,832	24,299,917
Liabilities:
Reserves for losses and loss expenses	11,784,895	11,670,408
Unearned premiums	3,404,003	3,290,180
Due to reinsurers	248,746	246,460
Trading account securities sold but not yet purchased	29,453	64,358
Federal and foreign income taxes	96,735	98,091
Other liabilities	852,255	981,987
Senior notes and other debt	1,782,139	1,769,052
Subordinated debentures	897,426	728,218
Total liabilities	19,095,652	18,848,754
Equity:
Preferred stock, par value $.10 per share: Authorized 5,000,000 shares; issued and outstanding - none	0	0
Common stock, par value $.20 per share: Authorized 500,000,000 shares, issued and outstanding, net of treasury shares, 121,769,109 and 121,193,599 shares, respectively	47,024	47,024
Additional paid-in capital	1,057,230	1,048,283
Retained earnings	7,322,201	6,956,882
Accumulated other comprehensive (loss) income	(258,982)	68,541
Treasury stock, at cost, 113,573,967 and 113,603,066 shares, respectively	2,715,697	2,709,386
Total stockholders’ equity	5,451,776	5,411,344
Noncontrolling interests	40,404	39,819
Total equity	5,492,180	5,451,163
Total liabilities and equity	$ 24,587,832	$ 24,299,917