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Schedule II - Condensed Financial Information of Registrant | 12 Months Ended
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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) | 2022 |  | 2021
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 subsidiaries | 8,888,455 |  |  | 8,516,916 |
Current federal income taxes | 34,452 |  |  | 23,424 |
Deferred federal income taxes | 304,191 |  |  | 11,796 |
Property, furniture and equipment at cost, less accumulated depreciation | 11,356 |  |  | 11,916 |
Other assets | 39,741 |  |  | 43,793 |
Total assets | $ | 9,770,451 |  |  | $ | 10,194,783 |
Liabilities and stockholders’ equity: |  |  |
Liabilities: |  |  |
Due to subsidiaries | $ | 53,029 |  |  | $ | 138,376 |
Other liabilities | 139,150 |  |  | 146,892 |
Subordinated debentures | 1,008,371 |  |  | 1,007,652 |
Senior notes | 1,821,569 |  |  | 2,248,852 |
Total liabilities | 3,022,119 |  |  | 3,541,772 |
Stockholders’ equity: |  |  |
Preferred stock | — |  |  | — |
Common stock | 105,803 |  |  | 105,803 |
Additional paid-in capital | 997,534 |  |  | 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’ equity | 6,748,332 |  |  | 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) | 2022 |  | 2021 |  | 2020
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 gains | 1,007 |  |  | 1,474 |  |  | 3,580 |
Other income | 1,916 |  |  | 1,138 |  |  | 568 |
Total revenues | 35,508 |  |  | 551,124 |  |  | 658,633 |
Operating costs and expense | 192,175 |  |  | 214,995 |  |  | 166,892 |
Interest expense | 129,633 |  |  | 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 basis | 414,660 |  |  | 294,731 |  |  | 188,490 |
Federal income tax expense on a consolidated return basis | (258,776) |  |  | (226,900) |  |  | (139,679) |
Net federal income tax expense | 155,884 |  |  | 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 subsidiaries | 1,511,478 |  |  | 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) | 2022 |  | 2021 |  | 2020
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 amortization | 4,281 |  |  | 18,761 |  |  | 15,133 |
Equity in undistributed earnings of subsidiaries | (1,511,478) |  |  | (763,367) |  |  | (135,535) |
Tax payments received from subsidiaries | 321,682 |  |  | 328,851 |  |  | 165,495 |
Federal income taxes provided by subsidiaries on a separate return basis | (414,660) |  |  | (294,731) |  |  | (188,489) |
Stock incentive plans | 49,411 |  |  | 48,440 |  |  | 49,599 |
Change in: |  |  |  |  |
Federal income taxes | (40,746) |  |  | (22,017) |  |  | 32,069 |
Other assets | 3,163 |  |  | (33,319) |  |  | 1,220 |
Other liabilities | 87,100 |  |  | (11,758) |  |  | 3,964 |
Accrued investment income | 890 |  |  | 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 securities | 543,549 |  |  | 402,046 |  |  | 414,802 |
Proceeds from maturities and prepayments of fixed maturity securities | 83,134 |  |  | 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, net | 368 |  |  | 95 |  |  | 103 |
Net cash from (used in) investing activities | 319,730 |  |  | (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 year | 684,037 |  |  | 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.

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- Definition The entire disclosure for condensed financial information, including the financial position, cash flows, and the results of operations of the registrant (parent company) as of the same dates or for the same periods for which audited consolidated financial statements are being presented. Alternatively, the details of this disclosure can be reported by the specific parent company taxonomy elements, indicating the appropriate date and period contexts in an instance document. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 10 -Section S99 -Paragraph 6 -Subparagraph (SX 210.5-04(Schedule I)) -URI http://asc.fasb.org/extlink&oid=120391182&loc=d3e5864-122674 Reference 2: http://www.xbrl.org/2003/role/recommendedDisclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 810 -SubTopic 10 -Section 45 -Paragraph 11 -URI http://asc.fasb.org/extlink&oid=123454820&loc=d3e5283-111683 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 235 -SubTopic 10 -Section S99 -Paragraph 3 -Subparagraph (SX 210.12-04(a)) -URI http://asc.fasb.org/extlink&oid=120395691&loc=d3e24072-122690 + Details
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