Consolidated Balance Sheets Consolidated Balance Sheets - USD ($) $ in Thousands	Mar. 31, 2019	Dec. 31, 2018
Investments:
Fixed maturity securities	$ 13,640,669	$ 13,606,812
Real estate	2,019,123	1,957,092
Investment funds	1,359,908	1,332,818
Arbitrage trading account	504,633	452,548
Equity securities	341,981	279,006
Loans receivable	95,557	94,813
Total investments	17,961,871	17,723,089
Cash and cash equivalents	937,428	817,602
Premiums and fees receivable	1,964,244	1,807,762
Due from reinsurers	1,941,311	1,932,291
Deferred policy acquisition costs	515,595	497,629
Prepaid reinsurance premiums	516,691	498,880
Trading account receivables from brokers and clearing organizations	322,925	347,228
Property, furniture and equipment	406,841	416,372
Goodwill	173,037	173,037
Accrued investment income	150,294	144,481
Federal and foreign income taxes	0	36,193
Other assets	695,023	501,413
Total assets	25,585,260	24,895,977
Liabilities:
Reserves for losses and loss expenses	12,093,110	11,966,448
Unearned premiums	3,496,199	3,359,991
Due to reinsurers	262,781	256,917
Trading account securities sold but not yet purchased	58,148	38,120
Federal and foreign income taxes	43,243	0
Other liabilities	1,046,286	1,005,184
Senior notes and other debt	1,875,018	1,882,028
Subordinated debentures	907,679	907,491
Total liabilities	19,782,464	19,416,179
Equity:
Perferred 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, 121,716,402 and 121,514,852 shares, respectively	70,535	70,535
Additional paid-in capital	1,053,372	1,039,633
Retained earnings	7,721,039	7,558,619
Accumulated other comprehensive loss	(364,983)	(510,470)
Treasury stock, at cost, 169,652,871 and 169,683,237 shares, respectively	(2,720,011)	(2,720,466)
Total stockholders’ equity	5,759,952	5,437,851
Noncontrolling interests	42,844	41,947
Total equity	5,802,796	5,479,798
Total liabilities and equity	$ 25,585,260	$ 24,895,977