Consolidated Balance Sheets Consolidated Balance Sheets - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020
Investments:
Fixed maturity securities (amortized cost of $15,350,553 and $13,755,858; allowance for expected credit losses of $19,364 and $2,580 at June 30, 2021 and December 31, 2020, respectively)	$ 15,653,508	$ 14,159,369
Real estate	1,811,263	1,960,914
Investment funds	1,369,453	1,309,430
Arbitrage trading account	634,276	341,473
Equity securities	642,993	625,667
Loans receivable (net of allowance for expected credit losses of $1,970 and $5,437 at June 30, 2021 and December 31, 2020, respectively)	116,009	84,913
Total investments	20,227,502	18,481,766
Cash and cash equivalents	1,790,199	2,372,366
Premiums and fees receivable (net of allowance for expected credit losses of $24,808 and $22,883 at June 30, 2021 and December 31, 2020, respectively)	2,487,649	2,167,799
Due from reinsurers (net of allowance for expected credit losses of $7,283 and $7,801 at June 30, 2021 and December 31, 2020, respectively)	2,681,266	2,424,502
Deferred policy acquisition costs	627,647	556,168
Prepaid reinsurance premiums	680,773	648,376
Trading account receivables from brokers and clearing organizations	361,586	524,727
Property, furniture and equipment	428,723	405,930
Goodwill	169,652	169,652
Accrued investment income	122,524	120,464
Current and deferred federal and foreign income taxes	44,659
Other assets	675,737	700,215
Total assets	30,297,917	28,571,965
Liabilities:
Reserves for losses and loss expenses	14,480,947	13,784,430
Unearned premiums	4,544,524	4,073,191
Due to reinsurers	535,286	426,124
Trading account securities sold but not yet purchased	190	10,048
Current and deferred federal and foreign income taxes	0	48,495
Other liabilities	1,229,970	1,178,546
Senior notes and other debt	1,911,753	1,623,025
Subordinated debentures	1,007,293	1,102,309
Total liabilities	23,709,963	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	1,035,166	1,012,483
Retained earnings	8,682,088	8,348,381
Accumulated other comprehensive loss	(122,444)	(62,172)
Treasury stock, at cost, 175,262,530 and 174,851,350 shares, respectively	(3,087,069)	(3,058,425)
Total stockholders’ equity	6,578,276	6,310,802
Noncontrolling interests	9,678	14,995
Total equity	6,587,954	6,325,797
Total liabilities and equity	$ 30,297,917	$ 28,571,965