Consolidated Balance Sheets (unaudited) - USD ($) $ in Millions	Sep. 30, 2016	Dec. 31, 2015
Investment portfolio:
Fixed-maturity securities, available-for-sale, at fair value (amortized cost of $10,219 and $10,275)	$ 10,752	$ 10,627
Short-term investments, at fair value	528	396
Other invested assets	165	169
Total investment portfolio	11,445	11,192
Cash	98	166
Premiums receivable, net of commissions payable	608	693
Ceded unearned premium reserve	213	232
Deferred acquisition costs	108	114
Reinsurance recoverable on unpaid losses	87	69
Salvage and subrogation recoverable	455	126
Credit derivative assets	28	81
Deferred tax asset, net	459	276
Current income tax receivable	0	40
Financial guaranty variable interest entities’ assets, at fair value	877	1,261
Other assets	291	294
Total assets	14,669	14,544
Liabilities and shareholders’ equity
Unearned premium reserve	3,668	3,996
Loss and loss adjustment expense reserve	1,091	1,067
Reinsurance balances payable, net	71	51
Long-term debt	1,304	1,300
Credit derivative liabilities	509	446
Current income tax payable	26	0
Financial guaranty variable interest entities’ liabilities with recourse, at fair value	832	1,225
Financial guaranty variable interest entities’ liabilities without recourse, at fair value	153	124
Other liabilities	375	272
Total liabilities	8,029	8,481
Commitments and contingencies (See Note 14)
Common stock ($0.01 par value, 500,000,000 shares authorized; 130,972,620 and 137,928,552 shares issued and outstanding)	1	1
Additional paid-in capital	1,166	1,342
Retained earnings	5,110	4,478
Accumulated other comprehensive income, net of tax of $144 and $104	358	237
Deferred equity compensation (320,193 and 320,193 shares)	5	5
Total shareholders’ equity	6,640	6,063
Total liabilities and shareholders’ equity	$ 14,669	$ 14,544