Consolidated Balance Sheets Consolidated Balance Sheets - USD ($) $ in Thousands	Sep. 30, 2021	Dec. 31, 2020
Investments:
Fixed maturity securities (amortized cost of $15,809,028 and $13,755,858; allowance for expected credit losses of $17,283 and $2,580 at September 30, 2021 and December 31, 2020, respectively)	$ 16,073,135	$ 14,159,369
Real estate	1,842,400	1,960,914
Investment funds	1,400,932	1,309,430
Arbitrage trading account	860,339	341,473
Equity securities	818,738	625,667
Loans receivable (net of allowance for expected credit losses of $1,737 and $5,437 at September 30, 2021 and December 31, 2020, respectively)	115,495	84,913
Total investments	21,111,039	18,481,766
Cash and cash equivalents	2,069,029	2,372,366
Premiums and fees receivable (net of allowance for expected credit losses of $23,676 and $22,883 at September 30, 2021 and December 31, 2020, respectively)	2,524,109	2,167,799
Due from reinsurers (net of allowance for expected credit losses of $7,277 and $7,801 at September 30, 2021 and December 31, 2020, respectively)	2,792,811	2,424,502
Deferred policy acquisition costs	662,636	556,168
Prepaid reinsurance premiums	670,913	648,376
Trading account receivables from brokers and clearing organizations	221,165	524,727
Property, furniture and equipment	419,941	405,930
Goodwill	169,652	169,652
Accrued investment income	126,245	120,464
Current and deferred federal and foreign income taxes	63,654
Other assets	713,094	700,215
Total assets	31,544,288	28,571,965
Liabilities:
Reserves for losses and loss expenses	14,919,576	13,784,430
Unearned premiums	4,769,313	4,073,191
Due to reinsurers	557,478	426,124
Trading account securities sold but not yet purchased	739	10,048
Current and deferred federal and foreign income taxes	0	48,495
Other liabilities	1,367,353	1,178,546
Senior notes and other debt	2,258,646	1,623,025
Subordinated debentures	1,007,472	1,102,309
Total liabilities	24,880,577	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	1,018,300	1,012,483
Retained earnings	8,920,334	8,348,381
Accumulated other comprehensive loss	(190,862)	(62,172)
Treasury stock, at cost, 176,037,616 and 174,851,350 shares, respectively	(3,169,866)	(3,058,425)
Total stockholders’ equity	6,648,441	6,310,802
Noncontrolling interests	15,270	14,995
Total equity	6,663,711	6,325,797
Total liabilities and equity	$ 31,544,288	$ 28,571,965