Consolidated Balance Sheets - USD ($) $ in Millions	Dec. 31, 2016	Dec. 31, 2015
ASSETS:
Fixed maturity investments trading, at fair value (amortized cost: 2016: $6,847.4; 2015: $7,290.6)	$ 6,737.7	$ 7,201.5
Equity securities trading, at fair value (cost: 2016: $235.0; 2015: $395.3)	243.9	403.0
Other invested assets	960.7	966.7
Total investments	7,942.3	8,571.2
Cash and cash equivalents	720.9	608.0
Restricted cash	76.5	60.6
Insurance balances receivable	784.0	745.9
Funds held	466.8	640.8
Prepaid reinsurance	486.4	392.3
Reinsurance recoverable	1,625.0	1,480.0
Reinsurance recoverable on paid losses	104.4	96.4
Accrued investment income	36.0	38.3
Net deferred acquisition costs	121.1	165.2
Goodwill	389.7	388.1
Intangible assets	104.7	116.6
Balances receivable on sale of investments	114.7	36.9
Net deferred tax assets	38.7	24.4
Other assets	167.8	147.2
Total assets	13,179.0	13,511.9
LIABILITIES:
Reserve for losses and loss expenses	6,639.2	6,456.2
Unearned premiums	1,688.1	1,683.3
Reinsurance balances payable	223.3	214.4
Balances due on purchases of investments	79.7	125.1
Senior notes:
Principal amount	800.0	1,300.0
Less unamortized discount and debt issuance costs	5.8	7.1
Senior notes, net of unamortized discount and debt issuance costs	794.2	1,292.9
Other long-term debt	22.0	23.0
Accounts payable and accrued liabilities	180.7	184.5
Total liabilities	9,627.2	9,979.4
SHAREHOLDERS’ EQUITY:
Common shares: 2016 and 2015: par value CHF 4.10 per share (2016: 93,586,418; 2015: 95,523,230 shares issued and 2016: 87,098,120; 2015: 90,959,635 shares outstanding)	378.8	386.7
Treasury shares, at cost (2016: 6,488,298; 2015: 4,563,595)	(233.8)	(155.1)
Accumulated other comprehensive loss	(11.6)	(9.3)
Retained earnings	3,418.4	3,310.2
Total shareholders’ equity	3,551.8	3,532.5
Total liabilities and shareholders’ equity	$ 13,179.0	$ 13,511.9