Condensed Consolidated Balance Sheets (unaudited) - USD ($) $ in Millions	Sep. 30, 2019	Dec. 31, 2018
Investment portfolio:
Fixed-maturity securities, available-for-sale, at fair value (amortized cost of $8,811 and $9,884)	$ 9,277	$ 10,089
Short-term investments, at fair value	1,142	729
Other invested assets	57	55
Total investment portfolio	10,476	10,873
Cash	229	104
Premiums receivable, net of commissions payable	844	904
Deferred acquisition costs	107	105
Salvage and subrogation recoverable	725	490
Financial guaranty variable interest entities’ assets, at fair value	469	569
Other assets	517	558
Total assets	13,367	13,603
Liabilities and shareholders’ equity
Unearned premium reserve	3,334	3,512
Loss and loss adjustment expense reserve	1,007	1,177
Long-term debt	1,234	1,233
Credit derivative liabilities	214	209
Financial guaranty variable interest entities’ liabilities with recourse, at fair value	388	517
Financial guaranty variable interest entities’ liabilities without recourse, at fair value	105	102
Other liabilities	433	298
Total liabilities	6,715	7,048
Commitments and contingencies (see Note 12)
Common stock ($0.01 par value, 500,000,000 shares authorized; 96,495,143 and 103,672,592 shares issued and outstanding)	1	1
Additional paid-in capital	0	86
Retained earnings	6,331	6,374
Accumulated other comprehensive income, net of tax of $77 and $38	319	93
Deferred equity compensation	1	1
Total shareholders’ equity	6,652	6,555
Total liabilities and shareholders’ equity	$ 13,367	$ 13,603