Condensed Consolidated Balance Sheets (unaudited) - USD ($) $ in Millions	Jun. 30, 2019	Dec. 31, 2018
Investment portfolio:
Fixed-maturity securities, available-for-sale, at fair value (amortized cost of $9,137 and $9,884)	$ 9,574	$ 10,089
Short-term investments, at fair value	1,159	729
Other invested assets	60	55
Total investment portfolio	10,793	10,873
Cash	190	104
Premiums receivable, net of commissions payable	866	904
Deferred acquisition costs	106	105
Salvage and subrogation recoverable	580	490
Financial guaranty variable interest entities’ assets, at fair value	526	569
Other assets	520	558
Total assets	13,581	13,603
Liabilities and shareholders’ equity
Unearned premium reserve	3,387	3,512
Loss and loss adjustment expense reserve	1,102	1,177
Long-term debt	1,233	1,233
Credit derivative liabilities	224	209
Financial guaranty variable interest entities’ liabilities with recourse, at fair value	446	517
Financial guaranty variable interest entities’ liabilities without recourse, at fair value	105	102
Other liabilities	362	298
Total liabilities	6,859	7,048
Commitments and contingencies (see Note 12)
Common stock ($0.01 par value, 500,000,000 shares authorized; 99,801,012 and 103,672,592 shares issued and outstanding)	1	1
Additional paid-in capital	0	86
Retained earnings	6,425	6,374
Accumulated other comprehensive income, net of tax of $71 and $38	295	93
Deferred equity compensation	1	1
Total shareholders’ equity	6,722	6,555
Total liabilities and shareholders’ equity	$ 13,581	$ 13,603