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Consolidated Balance Sheets - USD ($)
$ in Thousands
Mar. 31, 2019
Dec. 31, 2018
ASSETS:    
Fixed maturities - available for sale, at market value (amortized cost: 2019, $15,440,999; 2018, $15,406,572) $ 15,513,287 $ 15,225,263
Fixed maturities - available for sale, at fair value 2,350 2,337
Equity securities, at fair value 883,191 716,639
Short-term investments (cost: 2019, $597,107; 2018, $241,010) 597,138 240,987
Other invested assets (cost: 2019, $1,644,004; 2018, $1,591,745) 1,644,004 1,591,745
Cash 583,974 656,095
Total investments and cash 19,223,944 18,433,066
Accrued investment income 105,859 104,619
Premiums receivable 2,392,094 2,218,283
Reinsurance receivables 1,785,052 1,787,648
Funds held by reinsureds 432,736 445,040
Deferred acquisition costs 528,491 511,573
Prepaid reinsurance premiums 360,136 343,343
Income taxes 475,851 592,385
Other assets 326,344 358,042
TOTAL ASSETS 25,630,507 24,793,999
LIABILITIES:    
Reserve for losses and loss adjustment expenses 13,247,102 13,119,090
Future policy benefit reserve 46,881 46,778
Unearned premium reserve 2,666,339 2,517,612
Funds held under reinsurance treaties 9,759 13,099
Other net payable to reinsurers 287,807 218,439
Senior notes due 6/1/2044 396,984 396,954
Long term notes due 5/1/2067 236,684 236,659
Accrued interest on debt and borrowings 7,515 3,093
Equity index put option liability 8,727 11,958
Unsettled securities payable 110,723 51,112
Other liabilities 185,357 275,401
Total liabilities 17,203,878 16,890,195
Commitments and contingencies (Note 8)
SHAREHOLDERS' EQUITY:    
Preferred shares, par value: $0.01; 50,000 shares authorized; no shares issued and outstanding
Common shares, par value: $0.01; 200,000 shares authorized; (2019) 69,396 and (2018) 69,202 outstanding before treasury shares 694 692
Additional paid-in capital 2,189,544 2,188,777
Accumulated other comprehensive income (loss), net of deferred income tax expense (benefit) of $4,562 at 2019 and ($20,697) at 2018 (216,111) (462,557)
Treasury shares, at cost; 28,626 shares (2019) and 28,551 shares (2018) (3,413,701) (3,397,548)
Retained earnings 9,866,203 9,574,440
Total shareholders' equity 8,426,629 7,903,804
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY $ 25,630,507 $ 24,793,999