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Schedule II - Condensed Financial Information of Registrant
 12 Months Ended
Dec. 31, 2019
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)20212020
Assets:  
Cash and cash equivalents$684,037 $296,960 
Fixed maturity securities available for sale at fair value (cost $805,211 and $792,752 at December 31, 2021 and 2020, respectively)
806,074 800,263 
Loans receivable (net of allowance for expected credit losses of $647 and $28 at December 31, 2021 and 2020, respectively)
93,397 75,789 
Equity securities, at fair value (cost $3,430 in 2021 and 2020 respectively)
3,430 3,430 
Investment in subsidiaries8,516,916 7,957,501 
Current federal income taxes23,424 — 
Deferred federal income taxes11,796 — 
Property, furniture and equipment at cost, less accumulated depreciation11,916 11,412 
Other assets43,793 11,231 
Total assets$10,194,783 $9,156,586 
Liabilities and stockholders’ equity: 
Liabilities: 
Due to subsidiaries$138,376 $77,860 
Other liabilities146,892 106,064 
Current federal income taxes— 15,662 
Deferred federal income taxes— 31,851 
Subordinated debentures1,007,652 1,102,309 
Senior notes2,248,852 1,512,038 
Total liabilities3,541,772 2,845,784 
Stockholders’ equity: 
Preferred stock— — 
Common stock70,535 70,535 
Additional paid-in capital1,016,372 1,012,483 
Retained earnings (including accumulated undistributed net income of subsidiaries of $6,463,882 and $5,700,515 at December 31, 2021 and 2020, respectively)
9,015,135 8,348,381 
Accumulated other comprehensive loss(281,955)(62,172)
Treasury stock, at cost(3,167,076)(3,058,425)
Total stockholders’ equity6,653,011 6,310,802 
Total liabilities and stockholders’ equity$10,194,783 $9,156,586 
________________
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)
202120202019
Management fees and investment income including dividends from subsidiaries of $520,251, $617,424, and $416,027 for the years ended December 31, 2021, 2020 and 2019, respectively
$548,512 $654,485 $470,773 
Net investment gains1,474 3,580 850 
Other income1,138 568 117 
  Total revenues551,124 658,633 471,740 
Operating costs and expense214,995 166,892 204,812 
Interest expense144,837 145,417 148,282 
Income before federal income taxes191,292 346,324 118,646 
Federal income taxes:   
Federal income taxes provided by subsidiaries on a separate return basis294,731 188,490 207,647 
Federal income tax expense on a consolidated return basis(226,900)(139,679)(141,190)
  Net federal income tax expense67,831 48,811 66,457 
Income before undistributed equity in net income of subsidiaries259,123 395,135 185,103 
Equity in undistributed net income of subsidiaries763,367 135,535 496,841 
  Net income$1,022,490 $530,670 $681,944 
________________
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)202120202019
Cash flows from operating activities:   
Net income$1,022,490 $530,670 $681,944 
Adjustments to reconcile net income to net cash from operating activities:
Net investment gains(1,474)(3,580)(850)
Depreciation and amortization18,761 15,133 7,058 
Equity in undistributed earnings of subsidiaries(763,367)(135,535)(496,841)
Tax payments received from subsidiaries328,851 165,495 192,407 
Federal income taxes provided by subsidiaries on a separate return basis(294,731)(188,489)(207,646)
Stock incentive plans48,440 49,599 28,389 
Change in:
Federal income taxes(22,017)32,069 11,841 
Other assets(33,319)1,220 (5,343)
Other liabilities(11,758)3,964 11,866 
Accrued investment income755 836 4,395 
Net cash from operating activities292,631 471,382 227,220 
Cash (used in) from investing activities:   
Proceeds from sales of fixed maturity securities402,046 414,802 619,334 
Proceeds from maturities and prepayments of fixed maturity securities654,134 258,413 435,473 
Cost of purchases of fixed maturity securities(1,071,823)(747,713)(459,418)
Change in loans receivable(18,227)(20,023)(4,250)
Investments in and advances to subsidiaries, net(1,411)(100,704)(36,170)
Change in balance due to security broker10,487 (245)245 
Net additions to real estate, furniture & equipment(1,496)(81)(112)
Other, net95 103 142 
Net cash (used in) from investing activities(26,195)(195,448)555,244 
Cash from (used in) financing activities:   
Net proceeds from issuance of senior notes1,029,579 736,609 290,454 
Repayment and redemption of debt(400,000)(650,000)(440,651)
Purchase of common treasury shares(122,426)(346,357)(18,225)
Cash dividends to common stockholders(355,736)(84,147)(308,191)
Other, net(30,776)(24,880)— 
Net cash from (used in) financing activities120,641 (368,775)(476,613)
Net increase (decrease) in cash and cash equivalents387,077 (92,841)305,851 
Cash and cash equivalents at beginning of year296,960 389,801 83,950 
Cash and cash equivalents at end of year$684,037 $296,960 $389,801 
________________
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, 2021
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 2020 and 2019 financial statements as originally reported to conform them to the presentation of the 2021 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.