CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019
Investments:
Fixed maturities, available for sale, at fair value (Amortized cost 2020: $12,166,126; 2019: $12,263,240 Allowance for expected credit losses 2020: $20,019)	$ 12,076,186	$ 12,468,205
Equity securities, at fair value (Cost 2020: $390,941; 2019: $398,956)	404,945	474,207
Mortgage loans, held for investment, at fair value (Allowance for expected credit losses 2020: $nil)	517,181	432,748
Other investments, at fair value	797,808	770,923
Equity method investments	94,244	117,821
Short-term investments, at fair value	77,101	38,471
Total investments	13,967,465	14,302,375
Cash and cash equivalents	755,961	1,241,109
Restricted cash and cash equivalents	485,102	335,348
Accrued interest receivable	76,569	78,085
Insurance and reinsurance premium balances receivable (Allowance for expected credit losses 2020: $7,924)	3,485,043	3,071,390
Reinsurance recoverable on unpaid losses and loss expenses (Allowance for expected credit losses 2020: $18,954)	4,101,579	3,877,756
Reinsurance recoverable on paid losses and loss expenses	357,185	327,795
Deferred acquisition costs	611,229	492,119
Prepaid reinsurance premiums	1,281,808	1,101,889
Receivable for investments sold	34,137	35,659
Goodwill	102,003	102,003
Intangible assets	227,821	230,550
Value of business acquired	7,194	8,992
Operating lease right-of-use assets	140,149	111,092
Other assets	315,523	287,892
Total assets	25,948,768	25,604,054
Liabilities
Reserve for losses and loss expenses	13,082,273	12,752,081
Unearned premiums	4,395,240	3,626,246
Insurance and reinsurance balances payable	1,263,389	1,349,082
Debt	1,808,645	1,808,157
Payable for investments purchased	123,678	32,985
Operating lease liabilities	143,071	115,584
Other liabilities	292,894	375,911
Total liabilities	21,109,190	20,060,046
Shareholders’ equity
Preferred shares	550,000	775,000
Common shares (shares issued 2020: 176,580; 2019: 176,580 shares outstanding 2020: 84,298; 2019: 83,959)	2,206	2,206
Additional paid-in capital	2,307,998	2,317,212
Accumulated other comprehensive income (loss)	(89,919)	171,710
Retained earnings	5,836,007	6,056,686
Treasury shares, at cost (2020: 92,282; 2019: 92,621 shares)	(3,766,714)	(3,778,806)
Total shareholders’ equity	4,839,578	5,544,008
Total liabilities and shareholders’ equity	$ 25,948,768	$ 25,604,054