Consolidated Balance Sheets Consolidated Balance Sheets - USD ($) $ in Thousands	Sep. 30, 2020	Dec. 31, 2019
Investments:
Fixed maturity securities (amortized cost of $13,536,264 and $13,976,647; allowance for expected credit losses of $2,567 at September 30, 2020)	$ 13,893,046	$ 14,180,961
Real estate	2,106,474	2,105,950
Investment funds	1,163,707	1,213,535
Arbitrage trading account	595,727	400,809
Equity securities	435,303	480,620
Loans receivable (net of allowance for expected credit losses of $5,843 at September 30, 2020)	84,771	91,799
Total investments	18,279,028	18,473,674
Cash and cash equivalents	2,571,447	1,023,710
Premiums and fees receivable (net of allowance for expected credit losses of $23,033 at September 30, 2020)	2,162,192	1,997,186
Due from reinsurers (net of allowance for expected credit losses of $7,741 at September 30, 2020)	2,323,833	2,133,683
Deferred policy acquisition costs	560,739	517,364
Prepaid reinsurance premiums	626,229	567,595
Trading account receivables from brokers and clearing organizations	252,223	423,543
Property, furniture and equipment	410,228	422,091
Goodwill	169,652	169,652
Accrued investment income	128,370	138,789
Federal and foreign income taxes	30,069	0
Other assets	698,360	762,743
Total assets	28,212,370	26,630,030
Liabilities:
Reserves for losses and loss expenses	13,459,359	12,583,249
Unearned premiums	4,054,471	3,656,507
Due to reinsurers	406,844	360,314
Trading account securities sold but not yet purchased	19,254	36,143
Federal and foreign income taxes	0	4,308
Other liabilities	1,159,957	1,244,888
Senior notes and other debt	1,629,077	1,427,575
Subordinated debentures	1,443,736	1,198,704
Total liabilities	22,172,698	20,511,688
Equity:
Perferred 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, 177,930,502 and 183,411,907 shares, respectively	70,535	70,535
Additional paid-in capital	1,064,719	1,056,042
Retained earnings	8,057,556	7,932,372
Accumulated other comprehensive loss	(170,886)	(257,299)
Treasury stock, at cost, 174,458,963 and 169,264,857 shares, respectively	(3,026,812)	(2,726,711)
Total stockholders’ equity	5,995,112	6,074,939
Noncontrolling interests	44,560	43,403
Total equity	6,039,672	6,118,342
Total liabilities and equity	$ 28,212,370	$ 26,630,030