Consolidated Balance Sheets - USD ($) $ in Thousands	Dec. 31, 2018	Dec. 31, 2017
Investments:
Fixed maturity securities	$ 13,606,812	$ 13,551,250
Investment funds	1,332,818	1,155,677
Real estate	1,957,092	1,469,601
Arbitrage trading account	452,548	617,649
Equity securities	279,006	576,647
Loans receivable	94,813	79,684
Total investments	17,723,089	17,450,508
Cash and cash equivalents	817,602	950,471
Premiums and fees receivable	1,807,762	1,773,844
Due from reinsurers	1,932,291	1,783,200
Deferred policy acquisition costs	497,629	507,549
Prepaid reinsurance premiums	498,880	472,009
Trading account receivable from brokers and clearing organizations	347,228	189,280
Property, furniture and equipment	416,372	422,960
Goodwill	173,037	178,945
Accrued investment income	144,481	136,597
Current federal and foreign income taxes	703	0
Deferred federal and foreign income taxes	35,490	0
Other assets	501,413	434,554
Total assets	24,895,977	24,299,917
Liabilities:
Reserves for losses and loss expenses	11,966,448	11,670,408
Unearned premiums	3,359,991	3,290,180
Due to reinsurers	256,917	246,460
Trading account securities sold but not yet purchased	38,120	64,358
Current federal and foreign income taxes	0	11,327
Deferred federal and foreign income taxes	0	86,764
Other liabilities	1,005,184	981,987
Senior notes and other debt	1,882,028	1,769,052
Subordinated debentures	907,491	728,218
Total liabilities	19,416,179	18,848,754
Equity:
Preferred stock, par value $.10 per share: Authorized 5,000,000 shares; issued and outstanding - none	0	0
Common stock, par value $.20 per share: Authorized 500,000,000 shares, issued and outstanding, net of treasury shares, 121,995,760 and 121,514,852 shares, respectively	47,024	47,024
Additional paid-in capital	1,063,144	1,048,283
Retained earnings	7,558,619	6,956,882
Accumulated other comprehensive (loss) income	(510,470)	68,541
Treasury stock, at cost, 113,122,158 and 113,603,066 shares, respectively	(2,720,466)	(2,709,386)
Total common stockholders’ equity	5,437,851	5,411,344
Noncontrolling interests	41,947	39,819
Total equity	5,479,798	5,451,163
Total liabilities and equity	$ 24,895,977	$ 24,299,917