Consolidated Balance Sheets - USD ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018
Investments:
Fixed maturity securities	$ 14,180,961	$ 13,606,812
Investment funds	1,213,535	1,332,818
Real estate	2,105,950	1,957,092
Arbitrage trading account	400,809	452,548
Equity securities	480,620	279,006
Loans receivable	91,799	94,813
Total investments	18,473,674	17,723,089
Cash and cash equivalents	1,023,710	817,602
Premiums and fees receivable	1,997,186	1,807,762
Due from reinsurers	2,133,683	1,932,291
Deferred policy acquisition costs	517,364	497,629
Prepaid reinsurance premiums	567,595	498,880
Trading account receivable from brokers and clearing organizations	423,543	347,228
Property, furniture and equipment	422,091	416,372
Goodwill	169,652	173,037
Accrued investment income	138,789	144,481
Current federal and foreign income taxes	13,398	703
Deferred federal and foreign income taxes	0	35,490
Other assets	762,743	501,413
Total assets	26,643,428	24,895,977
Liabilities:
Reserves for losses and loss expenses	12,583,249	11,966,448
Unearned premiums	3,656,507	3,359,991
Due to reinsurers	360,314	256,917
Trading account securities sold but not yet purchased	36,143	38,120
Deferred federal and foreign income taxes	17,706	0
Other liabilities	1,244,888	1,005,184
Senior notes and other debt	1,427,575	1,882,028
Subordinated debentures	1,198,704	907,491
Total liabilities	20,525,086	19,416,179
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, 183,411,907 and 182,993,640 shares, respectively	70,535	70,535
Additional paid-in capital	1,056,042	1,039,633
Retained earnings	7,932,372	7,558,619
Accumulated other comprehensive loss	(257,299)	(510,470)
Treasury stock, at cost, 169,264,857 and 169,683,237 shares, respectively	(2,726,711)	(2,720,466)
Total common stockholders’ equity	6,074,939	5,437,851
Noncontrolling interests	43,403	41,947
Total equity	6,118,342	5,479,798
Total liabilities and equity	$ 26,643,428	$ 24,895,977