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Schedule II - Condensed Financial Information of Registrant
 12 Months Ended
Dec. 31, 2020
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)20222021
Assets:  
Cash and cash equivalents$103,522 $684,037 
Fixed maturity securities available for sale at fair value (cost $285,900 and $805,211 at December 31, 2022 and 2021, respectively)
275,511 806,074 
Loans receivable (net of allowance for expected credit losses of $559 and $647 at December 31, 2022 and 2021, respectively)
109,793 93,397 
Equity securities, at fair value (cost $3,430 in both 2022 and 2021)
3,430 3,430 
Investment in subsidiaries8,888,455 8,516,916 
Current federal income taxes34,452 23,424 
Deferred federal income taxes304,191 11,796 
Property, furniture and equipment at cost, less accumulated depreciation11,356 11,916 
Other assets39,741 43,793 
Total assets$9,770,451 $10,194,783 
Liabilities and stockholders’ equity: 
Liabilities: 
Due to subsidiaries$53,029 $138,376 
Other liabilities139,150 146,892 
Subordinated debentures1,008,371 1,007,652 
Senior notes1,821,569 2,248,852 
Total liabilities3,022,119 3,541,772 
Stockholders’ equity: 
Preferred stock— — 
Common stock105,803 105,803 
Additional paid-in capital997,534 981,104 
Retained earnings (including accumulated undistributed net income of subsidiaries of $7,975,360 and $6,463,882 at December 31, 2022 and 2021, respectively)
10,161,005 9,015,135 
Accumulated other comprehensive loss(1,264,581)(281,955)
Treasury stock, at cost(3,251,429)(3,167,076)
Total stockholders’ equity6,748,332 6,653,011 
Total liabilities and stockholders’ equity$9,770,451 $10,194,783 
________________
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)
202220212020
Management fees and investment income including dividends from subsidiaries of $22,807, $520,251, and $617,424 for the years ended December 31, 2022, 2021 and 2020, respectively
$32,585 $548,512 $654,485 
Net investment gains1,007 1,474 3,580 
Other income1,916 1,138 568 
  Total revenues35,508 551,124 658,633 
Operating costs and expense192,175 214,995 166,892 
Interest expense129,633 144,837 145,417 
(Loss) income before federal income taxes(286,300)191,292 346,324 
Federal income taxes:   
Federal income taxes provided by subsidiaries on a separate return basis414,660 294,731 188,490 
Federal income tax expense on a consolidated return basis(258,776)(226,900)(139,679)
  Net federal income tax expense155,884 67,831 48,811 
(Loss) income before undistributed equity in net income of subsidiaries(130,416)259,123 395,135 
Equity in undistributed net income of subsidiaries1,511,478 763,367 135,535 
  Net income$1,381,062 $1,022,490 $530,670 
________________
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)202220212020
Cash flow (used in) from operating activities:   
Net income$1,381,062 $1,022,490 $530,670 
Adjustments to reconcile net income to net cash from operating activities:
Net investment gains(1,007)(1,474)(3,580)
Depreciation and amortization4,281 18,761 15,133 
Equity in undistributed earnings of subsidiaries(1,511,478)(763,367)(135,535)
Tax payments received from subsidiaries321,682 328,851 165,495 
Federal income taxes provided by subsidiaries on a separate return basis(414,660)(294,731)(188,489)
Stock incentive plans49,411 48,440 49,599 
Change in:
Federal income taxes(40,746)(22,017)32,069 
Other assets3,163 (33,319)1,220 
Other liabilities87,100 (11,758)3,964 
Accrued investment income890 755 836 
Net cash (used in) from operating activities(120,302)292,631 471,382 
Cash from (used in) investing activities:   
Proceeds from sales of fixed maturity securities543,549 402,046 414,802 
Proceeds from maturities and prepayments of fixed maturity securities83,134 654,134 258,413 
Cost of purchases of fixed maturity securities(109,289)(1,071,823)(747,713)
Change in loans receivable(16,249)(18,227)(20,023)
Investments in and advances to subsidiaries, net(171,062)(1,411)(100,704)
Change in balance due to security broker(10,289)10,487 (245)
Net additions to real estate, furniture & equipment(432)(1,496)(81)
Other, net368 95 103 
Net cash from (used in) investing activities319,730 (26,195)(195,448)
Cash (used in) from financing activities:   
Net proceeds from issuance of senior notes(914)1,029,579 736,609 
Repayment and redemption of debt(426,503)(400,000)(650,000)
Purchase of common treasury shares(94,140)(122,426)(346,357)
Cash dividends to common stockholders(235,192)(355,736)(84,147)
Other, net(23,194)(30,776)(24,880)
Net cash (used in) from financing activities(779,943)120,641 (368,775)
Net (decrease) increase in cash and cash equivalents(580,515)387,077 (92,841)
Cash and cash equivalents at beginning of year684,037 296,960 389,801 
Cash and cash equivalents at end of year$103,522 $684,037 $296,960 
________________
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, 2022
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 2021 and 2020 financial statements as originally reported to conform them to the presentation of the 2022 financial statements.
The Company files a consolidated federal income 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.