W. R. Berkley (WRB) 8-K W. R. Berkley Corporation Reports First Quarter Results

W. R. Berkley Corporation																						Exhibit 99.2
Selected Financial Statement Balances
										2011
	2008			2009			2010			1st Quarter			2nd Quarter			3rd Quarter			4th Quarter			Full Year
After Retrospective Change in Accounting for Deferred Policy Acquisition Costs
Underwriting expenses	$	1,305,593		$	1,250,815		$	1,318,878		$	340,483		$	355,113		$	363,889		$	378,644		$	1,438,129
Tax on operations	169,196			85,883			132,519			33,105			18,354			12,321			14,331			78,111
After-tax operating income	511,753			332,380			409,531			96,800			67,848			62,626			82,290			309,564
Net income	279,795			307,506			446,405			115,590			82,184			76,410			117,027			391,211
Operating earnings per share	2.95			2.00			2.64			0.66			0.46			0.43			0.58			2.13
Net income earnings per share	1.61			1.85			2.88			0.78			0.56			0.53			0.82			2.69
Return on equity	7.9		%	10.3		%	12.6		%	12.7		%	9		%	8.4		%	12.8		%	10.7		%
Loss ratio	62.7		%	61.4		%	60.2		%	61.8		%	66.3		%	64.8		%	62.7		%	63.9		%
Expense ratio	30.4		%	32.9		%	34.4		%	34.7		%	34.9		%	34.5		%	34.3		%	34.6		%
Combined Ratio	93.1		%	94.3		%	94.6		%	96.5		%	101.2		%	99.3		%	97		%	98.5		%
Deferred Acquisition costs	322,895			317,093			327,282			349,975			359,387			367,995			364,937			364,937
Deferred income tax asset (liability)	354,285			216,121			92,676			103,751			42,942			23,195			(2,834		)	(2,834		)
Common stockholders' equity	2,999,271			3,547,473			3,651,397			3,739,411			3,859,535			3,808,222			3,953,356			3,953,356
Book value per share	18.58			22.66			25.89			26.41			27.39			27.78			28.75			28.75
As Originally Reported
Underwriting expenses	$	1,303,551		$	1,248,463		$	1,314,483		$	339,185		$	353,814		$	362,590		$	377,343		$	1,432,932
Tax on operations	169,892			86,684			134,032			33,506			18,755			12,722			14,733			79,716
After-tax operating income	513,099			333,931			412,413			97,697			68,746			63,524			83,189			313,156
Net income	281,141			309,057			449,287			116,487			83,082			77,308			117,926			394,803
Operating earnings per share	2.96			2.00			2.66			0.66			0.46			0.44			0.58			2.15
Net income earnings per share	1.62			1.86			2.90			0.79			0.56			0.53			0.82			2.71
Return on equity	7.8		%	10.1		%	12.5		%	12.6		%	9		%	8.4		%	12.7		%	10.7		%
Loss ratio	62.7		%	61.4		%	60.2		%	61.8		%	66.3		%	64.8		%	62.7		%	63.9		%
Expense ratio	30.4		%	32.8		%	34.3		%	34.5		%	34.8		%	34.3		%	34.1		%	34.4		%
Combined Ratio	93.1		%	94.2		%	94.5		%	96.3		%	101.1		%	99.1		%	96.8		%	98.3		%
Deferred Acquisition costs	394,807			391,360			405,942			429,933			440,644			450,552			448,795			448,795
Deferred income tax asset (liability)	329,417			190,450			65,492			76,167			14,957			(5,192		)	(31,623		)	(31,623		)
Common stockholders' equity	3,046,319			3,596,067			3,702,876			3,791,784			3,912,807			3,862,393			4,008,426			4,008,426
Book value per share	18.87			22.97			26.26			26.78			27.77			28.18			29.15			29.15