Consolidated Balance Sheets (unaudited) - USD ($) $ in Millions	Mar. 31, 2016	Dec. 31, 2015
Investment portfolio:
Fixed-maturity securities, available-for-sale, at fair value (amortized cost of $10,123 and $10,275)	$ 10,588	$ 10,627
Short-term investments, at fair value	459	396
Other invested assets	167	169
Total investment portfolio	11,214	11,192
Cash	112	166
Premiums receivable, net of commissions payable	662	693
Ceded unearned premium reserve	236	232
Deferred acquisition costs	113	114
Reinsurance recoverable on unpaid losses	72	69
Salvage and subrogation recoverable	206	126
Credit derivative assets	55	81
Deferred tax asset, net	278	276
Current income tax receivable	11	40
Financial guaranty variable interest entities’ assets, at fair value	1,191	1,261
Other assets	302	294
Total assets	14,452	14,544
Liabilities and shareholders’ equity
Unearned premium reserve	3,810	3,996
Loss and loss adjustment expense reserve	1,112	1,067
Reinsurance balances payable, net	58	51
Long-term debt	1,302	1,300
Credit derivative liabilities	489	446
Financial guaranty variable interest entities’ liabilities with recourse, at fair value	1,165	1,225
Financial guaranty variable interest entities’ liabilities without recourse, at fair value	119	124
Other liabilities	284	272
Total liabilities	$ 8,339	$ 8,481
Commitments and contingencies
Common stock ($0.01 par value, 500,000,000 shares authorized; 135,083,637 and 137,928,552 shares issued and outstanding)	$ 1	$ 1
Additional paid-in capital	1,269	1,342
Retained earnings	4,519	4,478
Accumulated other comprehensive income, net of tax of $127 and $104	319	237
Deferred equity compensation (320,193 and 320,193 shares)	5	5
Total shareholders’ equity	6,113	6,063
Total liabilities and shareholders’ equity	$ 14,452	$ 14,544