Consolidated Balance Sheets - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Investments:
Fixed maturities available for sale, at fair value (amortized cost: $18,143,305 and $16,598,808; net of allowance for credit losses: $2,397 at December 31, 2020)	$ 18,717,825	$ 16,894,526
Short-term investments available for sale, at fair value (amortized cost: $1,924,292 and $957,283; net of allowance for credit losses: $0 at December 31, 2020)	1,924,922	956,546
Collateral received under securities lending, at fair value (amortized cost: $301,089 and $388,366)	301,096	388,376
Equity securities, at fair value	1,444,830	838,925
Other investments (portion measured at fair value: $3,824,796 and $3,663,477)	4,324,796	3,663,477
Investments accounted for using the equity method	2,047,889	1,660,396
Total investments	28,761,358	24,402,246
Cash	906,448	726,230
Accrued investment income	103,299	117,937
Securities pledged under securities lending, at fair value (amortized cost: $294,493 and $378,738)	294,912	379,868
Premiums receivable (net of allowance for credit losses: $37,781 and $21,003)	2,064,586	1,778,717
Reinsurance recoverable on unpaid and paid losses and loss adjustment expenses (net of allowance for credit losses: $11,636 and $1,364)	4,500,802	4,346,816
Contractholder receivables (net of allowance for credit losses: $8,638 and $0)	1,986,924	2,119,460
Ceded unearned premiums	1,234,075	1,234,683
Deferred acquisition costs	790,708	633,400
Receivable for securities sold	92,743	24,133
Goodwill and intangible assets	692,863	738,083
Other assets	1,853,579	1,383,788
Total assets	43,282,297	37,885,361
Liabilities
Reserve for losses and loss adjustment expenses	16,513,929	13,891,842
Unearned premiums	4,838,965	4,339,549
Reinsurance balances payable	683,263	667,072
Contractholder payables	1,995,562	2,119,460
Collateral held for insured obligations	215,581	206,698
Senior notes	2,861,113	1,871,626
Revolving credit agreement borrowings	155,687	484,287
Securities lending payable	301,089	388,366
Payable for securities purchased	218,779	87,579
Other liabilities	1,510,888	1,513,330
Total liabilities	29,294,856	25,569,809
Commitments and Contingencies
Redeemable noncontrolling interests	58,548	55,404
Shareholders’ Equity
Accumulated other comprehensive income (loss), net of deferred income tax	488,895	212,091
Common shares held in treasury, at cost (shares: 172,280,199 and 168,997,994)	(2,500,000)
Total shareholders' equity available to Arch	13,105,886	11,497,371
Non-redeemable noncontrolling interests	823,007	762,777
Total shareholders' equity	13,928,893	12,260,148
Total liabilities, noncontrolling interests and shareholders' equity	$ 43,282,297	$ 37,885,361

Certain insurance policies written by the Company’s insurance operations feature large deductibles, primarily in its construction and national accounts lines of business. Under such contracts, the Company is obligated to pay the claimant for the full amount of the claim. The Company is subsequently reimbursed by the policyholder for the deductible amount. These amounts are included on a gross basis in the consolidated balance sheet in contractholder payables and contractholder receivables, respectively. In the event that the Company is unable to collect from the policyholder, the Company would be liable for such defaulted amounts. Collateral, primarily in the form of letters of credit, cash and trusts, is obtained from the policyholder to mitigate the Company’s credit risk. In the instances where the Company receives collateral in the form of cash, the Company reflects it in “Collateral held for insured obligations.”

No definition available.