Consolidated Balance Sheets Consolidated Balance Sheets - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Investments:
Fixed maturity securities (amortized cost of $15,126,980 and $13,755,858; allowance for expected credit losses of $20,739 and $2,580 at March 31, 2021 and December 31, 2020, respectively)	$ 15,400,118	$ 14,159,369
Real estate	1,961,212	1,960,914
Investment funds	1,358,997	1,309,430
Arbitrage trading account	614,721	341,473
Equity securities	621,629	625,667
Loans receivable (net of allowance for expected credit losses of $4,198 and $5,437 at March 31, 2021 and December 31, 2020, respectively)	76,896	84,913
Total investments	20,033,573	18,481,766
Cash and cash equivalents	2,014,911	2,372,366
Premiums and fees receivable (net of allowance for expected credit losses of $24,264 and $22,883 at March 31, 2021 and December 31, 2020, respectively)	2,260,026	2,167,799
Due from reinsurers (net of allowance for expected credit losses of $7,373 and $7,801 at March 31, 2021 and December 31, 2020, respectively)	2,549,739	2,424,502
Deferred policy acquisition costs	594,309	556,168
Prepaid reinsurance premiums	668,111	648,376
Trading account receivables from brokers and clearing organizations	257,756	524,727
Property, furniture and equipment	404,281	405,930
Goodwill	169,652	169,652
Accrued investment income	123,755	120,464
Other assets	715,161	700,215
Total assets	29,791,274	28,571,965
Liabilities:
Reserves for losses and loss expenses	14,080,528	13,784,430
Unearned premiums	4,288,252	4,073,191
Due to reinsurers	463,467	426,124
Trading account securities sold but not yet purchased	218	10,048
Current and deferred federal and foreign income taxes	76,667	48,495
Other liabilities	1,141,444	1,178,546
Senior notes and other debt	2,021,142	1,623,025
Subordinated debentures	1,289,272	1,102,309
Total liabilities	23,360,990	22,246,168
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, 177,930,502 and 183,411,907 shares, respectively	70,535	70,535
Additional paid-in capital	1,023,556	1,012,483
Retained earnings	8,556,621	8,348,381
Accumulated other comprehensive loss	(148,252)	(62,172)
Treasury stock, at cost, 175,303,557 and 174,851,350 shares, respectively	(3,087,860)	(3,058,425)
Total stockholders’ equity	6,414,600	6,310,802
Noncontrolling interests	15,684	14,995
Total equity	6,430,284	6,325,797
Total liabilities and equity	$ 29,791,274	$ 28,571,965