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Schedule II - Condensed Financial Information of Registrant
 12 Months Ended
Dec. 31, 2018
Condensed Financial Information Disclosure [Abstract]  
Schedule II - Condensed Financial Information of Registrant
Schedule II
W. R. Berkley Corporation
Condensed Financial Information of Registrant
Balance Sheets (Parent Company)

 December 31,
(In thousands)20202019
Assets:  
Cash and cash equivalents$296,960 $389,801 
Fixed maturity securities available for sale at fair value (cost $792,752 and $718,642 at December 31, 2020 and 2019, respectively)
800,263 723,959 
Loans receivable75,789 55,794 
Equity securities, at fair value (cost $3,430 in 2020 and 2019 respectively.)
3,430 3,430 
Investment in subsidiaries7,957,501 7,623,639 
Current federal income taxes— 18,857 
Property, furniture and equipment at cost, less accumulated depreciation11,412 12,323 
Other assets11,231 13,294 
Total assets$9,156,586 $8,841,097 
Liabilities and stockholders’ equity: 
Liabilities: 
Due to subsidiaries$77,860 $107,245 
Other liabilities106,064 118,593 
Current federal income taxes15,662 — 
Deferred federal income taxes31,851 22,846 
Subordinated debentures1,102,309 1,198,704 
Senior notes1,512,038 1,318,770 
Total liabilities2,845,784 2,766,158 
Stockholders’ equity: 
Preferred stock— — 
Common stock70,535 70,535 
Additional paid-in capital1,012,483 1,056,042 
Retained earnings (including accumulated undistributed net income of subsidiaries of $5,700,515 and $5,564,980 at December 31, 2020 and 2019, respectively)
8,348,381 7,932,372 
Accumulated other comprehensive income(62,172)(257,299)
Treasury stock, at cost(3,058,425)(2,726,711)
Total stockholders’ equity6,310,802 6,074,939 
Total liabilities and stockholders’ equity$9,156,586 $8,841,097 
________________
See Report of Independent Registered Public Accounting Firm and note to condensed financial information.
Schedule II, Continued

W. R. Berkley Corporation
Condensed Financial Information of Registrant, Continued
Statements of Income (Parent Company)
 Year Ended December 31,
(In thousands)
202020192018
Management fees and investment income including dividends from subsidiaries of $617,424, $416,027, and $639,477 for the years ended December 31, 2020, 2019 and 2018, respectively
$654,485 $470,773 $697,687 
Net investment gains (losses) 3,580 850 (1,685)
Other income568 117 530 
  Total revenues658,633 471,740 696,532 
Operating costs and expense166,892 204,812 191,873 
Interest expense145,417 148,282 155,082 
Income before federal income taxes346,324 118,646 349,577 
Federal income taxes:   
Federal income taxes provided by subsidiaries on a separate return basis188,490 207,647 409,439 
Federal income tax expense on a consolidated return basis(139,679)(141,190)(113,138)
  Net federal income tax expense48,811 66,457 296,301 
Income before undistributed equity in net income of subsidiaries395,135 185,103 645,878 
Equity in undistributed net income (loss) of subsidiaries135,535 496,841 (5,129)
  Net income$530,670 $681,944 $640,749 
________________
See Report of Independent Registered Public Accounting Firm and note to condensed financial information.
Schedule II, Continued

W. R. Berkley Corporation
Condensed Financial Information of Registrant, Continued
Statements of Cash Flows (Parent Company)
 Year Ended December 31,
(In thousands)202020192018
Cash flows from operating activities:   
Net income$530,670 $681,944 $640,749 
Adjustments to reconcile net income to net cash from operating activities:
Net investment (gains) losses(3,580)(850)1,685 
Depreciation and amortization15,133 7,058 9,441 
Equity in undistributed earnings of subsidiaries(135,535)(496,841)5,129 
Tax payments received from subsidiaries165,495 192,407 282,084 
Federal income taxes provided by subsidiaries on a separate return basis(188,489)(207,646)(409,439)
Stock incentive plans49,599 28,389 28,531 
Change in:
Federal income taxes32,069 11,841 (77,415)
Other assets1,220 (5,343)1,348 
Other liabilities3,964 11,866 109,016 
Accrued investment income836 4,395 (2,870)
Net cash from operating activities471,382 227,220 588,259 
Cash (used in) from investing activities:   
Proceeds from sales of fixed maturity securities414,802 619,334 668,447 
Proceeds from maturities and prepayments of fixed maturity securities258,413 435,473 255,528 
Cost of purchases of fixed maturity securities(747,713)(459,418)(1,188,821)
Change in loans receivable(20,023)(4,250)1,475 
Investments in and advances to subsidiaries, net(100,704)(36,170)(184,597)
Change in balance due to security broker(245)245 — 
Net additions to real estate, furniture & equipment(81)(112)(264)
Other, net103 142 — 
Net cash (used in) from investing activities(195,448)555,244 (448,232)
Cash used in financing activities:   
Net proceeds from issuance of senior notes736,609 290,454 178,562 
Repayment and redemption of debt(650,000)(440,651)— 
Purchase of common treasury shares(346,357)(18,225)(24,750)
Cash dividends to common stockholders(84,147)(308,191)(254,951)
Other, net(24,880)— — 
Net cash used in financing activities(368,775)(476,613)(101,139)
Net (decrease) increase in cash and cash equivalents(92,841)305,851 38,888 
Cash and cash equivalents at beginning of year389,801 83,950 45,062 
Cash and cash equivalents at end of year$296,960 $389,801 $83,950 
________________
See Report of Independent Registered Public Accounting Firm and note to condensed financial information.
W. R. Berkley Corporation
Condensed Financial Information of Registrant, Continued
December 31, 2020
Note to Condensed Financial Information (Parent Company)
The accompanying condensed financial information should be read in conjunction with the notes to consolidated financial statements included elsewhere herein. Reclassifications have been made in the 2019 and 2018 financial statements as originally reported to conform them to the presentation of the 2020 financial statements.
The Company files a consolidated federal tax return with the results of its domestic insurance subsidiaries included on a statutory basis. Under present Company policy, federal income taxes payable by subsidiary companies on a separate-return basis are paid to W. R. Berkley Corporation, and the Company pays the tax due on a consolidated return basis.