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Schedule II - Condensed Financial Information of Registrant
 12 Months Ended
Dec. 31, 2022
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)20242023
Assets:  
Cash and cash equivalents$112,931 $128,434 
Fixed maturity securities available for sale at fair value (cost $251,938 and $190,708 at December 31, 2024 and 2023, respectively)
251,800 189,189 
Loans receivable (net of allowance for expected credit losses of $591 and $1,146 at December 31, 2024 and 2023, respectively)
27,659 91,304 
Equity securities, at fair value (cost $3,430 at both December 31, 2024 and 2023)
3,430 3,430 
Investment in subsidiaries10,770,734 9,887,117 
Current federal income taxes36,417 — 
Deferred federal income taxes228,329 278,946 
Property, furniture and equipment at cost, less accumulated depreciation9,320 10,382 
Other assets126,799 44,186 
Total assets$11,567,419 $10,632,988 
Liabilities and stockholders’ equity: 
Liabilities: 
Due to subsidiaries$182,445 $178,676 
Other liabilities158,281 166,399 
Current federal income taxes— 1,721 
Subordinated debentures1,009,808 1,009,090 
Senior notes1,821,774 1,821,671 
Total liabilities3,172,308 3,177,557 
Stockholders’ equity: 
Preferred stock— — 
Common stock158,705 158,705 
Additional paid-in capital984,825 964,789 
Retained earnings (including accumulated undistributed net income of subsidiaries of $9,216,210 and $8,497,674 at December 31, 2024 and 2023, respectively)
12,265,070 11,040,908 
Accumulated other comprehensive loss(934,269)(925,838)
Treasury stock, at cost(4,079,220)(3,783,133)
Total stockholders’ equity8,395,111 7,455,431 
Total liabilities and stockholders’ equity$11,567,419 $10,632,988 
________________
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)
202420232022
Management fees and investment income including dividends from subsidiaries of $1,196,538, $1,261,166, and $22,807 for the years ended December 31, 2024, 2023 and 2022, respectively
$1,252,194 $1,325,997 $32,585 
Net investment gains (losses)90,284 (5,895)1,007 
Other income853 368 1,916 
  Total revenues1,343,331 1,320,470 35,508 
Operating costs and expense277,679 272,750 192,175 
Interest expense126,400 126,397 129,633 
Income (loss) before federal income taxes939,252 921,323 (286,300)
Federal income taxes:   
Federal income taxes provided by subsidiaries on a separate return basis424,456 253,292 414,660 
Federal income tax expense on a consolidated return basis(356,943)(284,757)(258,776)
  Net federal income tax benefit (expense) 67,513 (31,465)155,884 
Income (loss) before undistributed equity in net income of subsidiaries1,006,765 889,858 (130,416)
Equity in undistributed net income of subsidiaries749,350 491,501 1,511,478 
  Net income$1,756,115 $1,381,359 $1,381,062 
________________
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)202420232022
Cash flow from (used in) operating activities:   
Net income$1,756,115 $1,381,359 $1,381,062 
Adjustments to reconcile net income to net cash from operating activities:
Net investment (gains) losses(90,284)5,895 (1,007)
Depreciation and (accretion) amortization(5,120)(6,753)4,281 
Equity in undistributed earnings of subsidiaries(749,350)(491,501)(1,511,478)
Tax payments received from subsidiaries432,402 373,504 321,682 
Federal income taxes provided by subsidiaries on a separate return basis(424,456)(253,292)(414,660)
Stock incentive plans54,381 51,000 49,411 
Change in:
Federal income taxes(9,346)(15,793)(40,746)
Equity in undistributed earnings of other investments(10,444)— — 
Other assets(9,888)(5,647)3,163 
Other liabilities114,418 (88,954)87,100 
Accrued investment income(1,740)1,200 890 
Net cash from (used in) operating activities1,056,688 951,018 (120,302)
Cash (used in) from investing activities:   
Proceeds from sales of fixed maturity securities598,915 748,825 543,549 
Proceeds from maturities and prepayments of fixed maturity securities260,999 82,075 83,134 
Cost of purchases of fixed maturity securities(824,476)(732,685)(109,289)
Change in loans receivable64,200 17,843 (16,249)
Investments in and advances to subsidiaries, net(238,337)21,605 (171,062)
Change in balance due to security broker(71,143)(38)(10,289)
Net additions to real estate, furniture & equipment(37)(18)(432)
Other, net73 290 368 
Net cash (used in) from investing activities(209,806)137,897 319,730 
Cash used in financing activities:   
Net proceeds from issuance of senior notes— — (914)
Repayment and redemption of debt— — (426,503)
Purchase of common treasury shares(303,655)(537,163)(94,140)
Cash dividends to common stockholders(531,953)(501,456)(235,192)
Other, net(26,777)(25,384)(23,194)
Net cash used in from financing activities(862,385)(1,064,003)(779,943)
Net (decrease) increase in cash and cash equivalents(15,503)24,912 (580,515)
Cash and cash equivalents at beginning of year128,434 103,522 684,037 
Cash and cash equivalents at end of year$112,931 $128,434 $103,522 
________________
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, 2024
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 2023 and 2022 financial statements as originally reported to conform them to the presentation of the 2024 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.