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Schedule II - Condensed Financial Information of Registrant
 12 Months Ended
Dec. 31, 2021
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)20232022
Assets:  
Cash and cash equivalents$128,434 $103,522 
Fixed maturity securities available for sale at fair value (cost $190,708 and $285,900 at December 31, 2023 and 2022, respectively)
189,189 275,511 
Loans receivable (net of allowance for expected credit losses of $1,146 and $559 at December 31, 2023 and 2022, respectively)
91,304 109,793 
Equity securities, at fair value (cost $3,430 in both 2023 and 2022)
3,430 3,430 
Investment in subsidiaries9,887,117 8,888,455 
Current federal income taxes— 34,452 
Deferred federal income taxes278,946 304,191 
Property, furniture and equipment at cost, less accumulated depreciation10,382 11,356 
Other assets44,186 39,741 
Total assets$10,632,988 $9,770,451 
Liabilities and stockholders’ equity: 
Liabilities: 
Due to subsidiaries$178,676 $53,029 
Other liabilities166,399 139,150 
Current federal income taxes1,721 — 
Subordinated debentures1,009,090 1,008,371 
Senior notes1,821,671 1,821,569 
Total liabilities3,177,557 3,022,119 
Stockholders’ equity: 
Preferred stock— 
Common stock105,803 105,803 
Additional paid-in capital1,017,691 997,534 
Retained earnings (including accumulated undistributed net income of subsidiaries of $8,497,674 and $7,975,360 at December 31, 2023 and 2022, respectively)
11,040,908 10,161,005 
Accumulated other comprehensive loss(925,838)(1,264,581)
Treasury stock, at cost(3,783,133)(3,251,429)
Total stockholders’ equity7,455,431 6,748,332 
Total liabilities and stockholders’ equity$10,632,988 $9,770,451 
________________
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)
202320222021
Management fees and investment income including dividends from subsidiaries of $1,261,166, $22,807, and $520,251 for the years ended December 31, 2023, 2022 and 2021, respectively
$1,325,997 $32,585 $548,512 
Net investment (losses) gains(5,895)1,007 1,474 
Other income368 1,916 1,138 
  Total revenues1,320,470 35,508 551,124 
Operating costs and expense272,750 192,175 214,995 
Interest expense126,397 129,633 144,837 
Income (loss) before federal income taxes921,323 (286,300)191,292 
Federal income taxes:   
Federal income taxes provided by subsidiaries on a separate return basis253,292 414,660 294,731 
Federal income tax expense on a consolidated return basis(284,757)(258,776)(226,900)
  Net federal income tax (expense) benefit(31,465)155,884 67,831 
Income (loss) before undistributed equity in net income of subsidiaries889,858 (130,416)259,123 
Equity in undistributed net income of subsidiaries491,501 1,511,478 763,367 
  Net income$1,381,359 $1,381,062 $1,022,490 
________________
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)202320222021
Cash flow from (used in) operating activities:   
Net income$1,381,359 $1,381,062 $1,022,490 
Adjustments to reconcile net income to net cash from operating activities:
Net investment losses (gains)5,895 (1,007)(1,474)
Depreciation and (accretion) amortization(6,753)4,281 18,761 
Equity in undistributed earnings of subsidiaries(491,501)(1,511,478)(763,367)
Tax payments received from subsidiaries373,504 321,682 328,851 
Federal income taxes provided by subsidiaries on a separate return basis(253,291)(414,660)(294,731)
Stock incentive plans51,000 49,411 48,440 
Change in:
Federal income taxes(15,793)(40,746)(22,017)
Other assets(5,648)3,163 (33,319)
Other liabilities(88,954)87,100 (11,758)
Accrued investment income1,200 890 755 
Net cash from (used in) operating activities951,018 (120,302)292,631 
Cash from (used in) investing activities:   
Proceeds from sales of fixed maturity securities748,825 543,549 402,046 
Proceeds from maturities and prepayments of fixed maturity securities82,075 83,134 654,134 
Cost of purchases of fixed maturity securities(732,685)(109,289)(1,071,823)
Change in loans receivable17,843 (16,249)(18,227)
Investments in and advances to subsidiaries, net21,605 (171,062)(1,411)
Change in balance due to security broker(38)(10,289)10,487 
Net additions to real estate, furniture & equipment(18)(432)(1,496)
Other, net290 368 95 
Net cash from (used in) investing activities137,897 319,730 (26,195)
Cash (used in) from financing activities:   
Net proceeds from issuance of senior notes— (914)1,029,579 
Repayment and redemption of debt— (426,503)(400,000)
Purchase of common treasury shares(537,163)(94,140)(122,426)
Cash dividends to common stockholders(501,456)(235,192)(355,736)
Other, net(25,384)(23,194)(30,776)
Net cash (used in) from financing activities(1,064,003)(779,943)120,641 
Net increase (decrease) in cash and cash equivalents24,912 (580,515)387,077 
Cash and cash equivalents at beginning of year103,522 684,037 296,960 
Cash and cash equivalents at end of year$128,434 $103,522 $684,037 
________________
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, 2023
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 2022 and 2021 financial statements as originally reported to conform them to the presentation of the 2023 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.