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Consolidated Balance Sheets - USD ($)
$ in Thousands
Mar. 31, 2020
Dec. 31, 2019
ASSETS:    
Fixed maturities - available for sale, at market value (amortized cost: 2020, $16,493,187; 2019, $16,473,491, credit allowances: 2020, $21,774; 2019, $0) $ 16,545,895 $ 16,824,944
Fixed maturities - available for sale, at fair value 4,703 5,826
Equity securities, at fair value 722,851 931,457
Short-term investments (cost: 2020, $441,707; 2019, $414,639) 441,722 414,706
Other invested assets (cost: 2020, $1,803,785; 2019, $1,763,531) 1,803,785 1,763,531
Cash 817,626 808,036
Total investments and cash 20,336,582 20,748,500
Accrued investment income 117,791 116,804
Premiums receivable 2,340,392 2,259,088
Reinsurance receivables 1,808,601 1,763,471
Funds held by reinsureds 515,076 489,901
Deferred acquisition costs 603,735 581,863
Prepaid reinsurance premiums 438,308 445,716
Income taxes 406,413 305,711
Other assets 655,740 612,997
TOTAL ASSETS 27,222,638 27,324,051
LIABILITIES:    
Reserve for losses and loss adjustment expenses 13,820,504 13,611,313
Future policy benefit reserve 41,677 42,592
Unearned premium reserve 3,176,292 3,056,735
Funds held under reinsurance treaties 9,163 10,668
Other net payable to reinsurers 369,385 291,660
Loss in course of payment 50,510 51,950
Senior notes due 6/1/2044 397,104 397,074
Long term notes due 5/1/2067 235,083 236,758
Revolving credit borrowings 50,000
Accrued interest on debt and borrowings 7,589 2,878
Equity index put option liability 20,958 5,584
Unsettled securities payable 77,042 30,650
Other liabilities 386,387 453,264
Total liabilities 18,641,694 18,191,126
Commitments and contingencies (Note 9)
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; (2020) 69,624 and (2019) 69,464 outstanding before treasury shares 696 694
Additional paid-in capital 2,216,479 2,219,660
Accumulated other comprehensive income (loss), net of deferred income tax expense (benefit) of $(5,682) at 2020 and $30,996 at 2019 (269,751) 28,152
Treasury shares, at cost; 29,636 shares (2020) and 28,665 shares (2019) (3,622,172) (3,422,152)
Retained earnings 10,255,692 10,306,571
Total shareholders' equity 8,580,944 9,132,925
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY $ 27,222,638 $ 27,324,051