W. R. Berkley (WRB) 8-K W. R. Berkley Corporation Reports First Quarter Results Net Income Per Share Up 11% to $1.03

Exhibit 99.1

W. R. Berkley Corporation
475 Steamboat Road
Greenwich, Connecticut 06830
(203) 629-3000 NEWS
RELEASE

FOR IMMEDIATE RELEASE	CONTACT:	Karen A. Horvath
		Vice President — External
		Financial Communications
		(203) 629-3000

W. R. BERKLEY CORPORATION REPORTS FIRST QUARTER RESULTS
NET INCOME PER SHARE UP 11% TO $1.03

     Greenwich, CT, April 24, 2008 — W. R. Berkley Corporation (NYSE: WRB)today reported net income for the first quarter of 2008 of $1.03 per share, or $188 million, compared with 93 cents per share, or $188 million, for the first quarter of 2007. Operating income for the first quarter of 2008 was 83 cents per share, or $153 million, compared with 91 cents per share, or $184 million, for the corresponding quarter of 2007. Operating income is a non-GAAP financial measure defined by the Company as net income excluding realized investment gains and losses.

Summary Financial Data
(Amounts in thousands, except per share data)

	First Quarter
	2008		2007
Gross premiums written	$	1,285,173	$	1,383,362
Net premiums written		1,157,565		1,254,772
Income before income taxes		264,311		267,943
Net income		188,438		188,426
Net income per diluted share		1.03		0.93
Operating income		153,326		183,630
Operating income per diluted share		0.83		0.91

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First quarter 2008 highlights included:

• Return on equity was 21.1% on an annualized basis.

• GAAP combined ratio was 90.2%.

• Paid loss ratio was 46.5%.

• The Company repurchased 10.4 million shares of its common stock.

     Commenting on the Company’s performance, William R. Berkley, chairman and chief executive officer, said: “We were generally pleased with our overall performance for the quarter. Our underwriting results were in line with our expectations. The quarterly decline in our investment income was a result of lower returns on our alternative investment portfolio, principally from reduced profits from our arbitrage accounts. In addition, investment income was impacted by the $750 million we utilized over the past twelve months to repurchase our stock.

     “Our operating units continue to perform well and are maintaining the appropriate level of underwriting discipline. We remain risk averse investors, constantly adjusting our portfolio mix to reflect the current economic climate. We have invested a somewhat larger portion of our portfolio with a focus on achieving capital gains as well as ordinary investment income. We believe this will give us a better total return in the current environment. We are optimistic that our return on equity after tax in the current year will continue to comfortably exceed our long-term targeted return,” Mr. Berkley concluded.

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Webcast Conference Call

     The Company will hold its quarterly conference call with analysts and investors to discuss its earnings and other information on Friday, April 25, 2008 at 9:30 a.m. eastern time. The conference call will be webcast live on the Company’s website at www.wrberkley.com. A recording of the call will be available on the Company’s website approximately two hours after the end of the conference call.

About W. R. Berkley Corporation

     Founded in 1967, W. R. Berkley Corporation is an insurance holding company that is among the largest commercial lines writers in the United States and operates in five segments of the property casualty insurance business: specialty insurance, regional property casualty insurance, alternative markets, reinsurance and international.

Forward Looking Information

     This is a “Safe Harbor” Statement under the Private Securities Litigation Reform Act of 1995. Any forward-looking statements contained herein, including statements related to our outlook for the industry and for our performance for the year 2008 and beyond, are based upon the Company’s historical performance and on current plans, estimates and expectations. The inclusion of this forward-looking information should not be regarded as a representation by us or any other person that the future plans, estimates or expectations contemplated by us will be achieved. They are subject to various risks and uncertainties, including but not limited to, the cyclical nature of the property casualty industry, the long-tail and potentially volatile nature of the insurance and reinsurance business, product demand and pricing, claims development and the process of estimating reserves, the uncertain nature of damage theories and loss amounts, natural and man-made catastrophic losses, including as a result of terrorist activities, the impact of competition, the success of our new ventures or acquisitions and the availability of other opportunities, the availability of reinsurance, exposure as to coverage for terrorist acts, our retention under the Terrorism Risk Insurance Program Reauthorization Act of 2007 (“TRIPRA”), the ability of our reinsurers to pay reinsurance recoverables owed to us, investment risks, including those of our portfolio of fixed income securities and investments in equity securities, including merger arbitrage investments, exchange rate and political risks relating to our international operations, legislative and regulatory developments, including those related to alleged anti-competitive or other improper business practices in the insurance or reinsurance industry, changes in the ratings assigned to us by ratings agencies, the availability of dividends from our insurance company subsidiaries, our ability to attract and retain qualified employees, and other risks detailed from time to time in the Company’s filings with the Securities and Exchange Commission. These risks could cause actual results of the industry or our actual results for the year 2008 and beyond to differ materially from those expressed in any forward-looking statement made by or on behalf of the Company. Any projections of growth in the Company’s net premiums written and management fees would not necessarily result in commensurate levels of underwriting and operating profits. Forward-looking statements speak only as of the date on which they are made, and the Company undertakes no obligation to update publicly or revise any forward-looking statement, whether as a result of new information, future developments or otherwise.

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W.R. Berkley Corporation Page 4

Consolidated Financial Summary
(Amounts in thousands, except per share data)

	First Quarter
	2008			2007
Revenues:
Net premiums written	$	1,157,565		$	1,254,772
Change in unearned premiums		(33,256	)		(99,839	)
Premiums earned		1,124,309			1,154,933
Net investment income		144,497			165,421
Service fees		27,112			25,993
Realized investment gains		54,026			7,390
Revenues from wholly owned investees		24,888			4,804
Other income		372			480
Total revenues		1,375,204			1,359,021
Expenses:
Losses and loss expenses		683,041			685,147
Other operating expenses		380,173			380,621
Expenses from wholly-owned investees		24,935			4,610
Interest expense		22,744			20,700
Total expenses		1,110,893			1,091,078
Income before income taxes and minority interest		264,311			267,943
Income tax expense		(75,706	)		(79,135	)
Minority interest		(167	)		(382	)
Net Income	$	188,438		$	188,426
Earnings per share:
Basic	$	1.07		$	0.98
Diluted	$	1.03		$	0.93
Average shares outstanding:
Basic		176,699			193,199
Diluted		183,804			202,076

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W. R. Berkley Corporation Page 5

Operating Results by Segment
(Amounts in thousands, except ratios (1))

	First Quarter
	2008			2007
Specialty:
Gross premiums written	$	428,142		$	457,852
Net premiums written		397,787			433,975
Premiums earned		429,336			443,455
Pre-tax income		112,786			127,712
Loss ratio		58.1	%		58.0	%
Expense ratio		27.6	%		26.0	%
GAAP combined ratio		85.7	%		84.0	%
Regional (2):
Gross premiums written	$	372,995		$	377,418
Net premiums written		323,576			325,373
Premiums earned		311,269			304,367
Pre-tax income		37,804			55,321
Loss ratio		63.6	%		58.6	%
Expense ratio		31.1	%		31.0	%
GAAP combined ratio		94.7	%		89.6	%
Alternative Markets:
Gross premiums written	$	268,084		$	280,428
Net premiums written		238,037			250,523
Premiums earned		155,209			162,664
Pre-tax income		60,982			67,718
Loss ratio		57.5	%		56.2	%
Expense ratio		23.8	%		22.6	%
GAAP combined ratio		81.3	%		78.8	%
Reinsurance:
Gross premiums written	$	136,465		$	205,182
Net premiums written		129,646			190,861
Premiums earned		152,434			185,278
Pre-tax income		33,289			46,407
Loss ratio		64.0	%		64.6	%
Expense ratio		34.7	%		32.2	%
GAAP combined ratio		98.7	%		96.8	%
International:
Gross premiums written	$	79,487		$	62,482
Net premiums written		68,519			54,040
Premiums earned		76,061			59,169
Pre-tax income		10,646			7,371
Loss ratio		64.0	%		65.2	%
Expense ratio		34.0	%		31.9	%
GAAP combined ratio		98.0	%		97.1	%

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Operating Results by Segment (continued)
(Amounts in thousands, except ratios (1))

	First Quarter
	2008			2007
Corporate and Eliminations:
Realized investment gains	$	54,026		$	7,390
Interest		(22,744	)		(20,700	)
Other revenues and expenses (3)		(22,478	)		(23,276	)
Pre-tax income (loss)		8,804			(36,586	)
Total:
Gross premiums written	$	1,285,173		$	1,383,362
Net premiums written		1,157,565			1,254,772
Premiums earned		1,124,309			1,154,933
Pre-tax income		264,311			267,943
Loss ratio		60.8	%		59.3	%
Expense ratio		29.4	%		28.2	%
GAAP combined ratio		90.2	%		87.5	%

(1)	Loss ratio is losses and loss expenses expressed as a percentage of premiums earned. Expense ratio is underwriting expenses expressed as a percentage of premiums earned. Underwriting expenses do not include expenses related to insurance services or unallocated corporate expenses. GAAP combined ratio is the sum of the loss ratio and the expense ratio.
(2)	For the first quarter of 2008 and 2007, weather-related losses were $14 million and $6 million, respectively.
(3)	Other revenues and expenses include corporate investment income, expenses not allocated to the business segments and revenues and expenses from investments in wholly-owned, non-insurance subsidiaries that are consolidated for financial reporting purposes.

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W. R. Berkley Corporation Page 7

Selected Balance Sheet Information
(Amounts in thousands, except per share data)

	March 31,		December 31,
	2008		2007
Net invested assets (1)	$	13,055,869	$	13,188,302
Total assets		16,834,811		16,832,170
Reserves for losses and loss expenses		8,835,741		8,678,034
Senior notes and other debt		1,110,318		1,121,793
Junior subordinated debentures		249,431		249,375
Stockholders’ equity (2)		3,448,740		3,569,775
Shares outstanding (2)		170,472		180,321
Stockholders’ equity per share		20.23		19.80

(1)	Net invested assets include investments, cash and cash equivalents, trading accounts receivable from brokers and clearing organizations, trading account securities sold but not yet purchased and unsettled purchases.
(2)	Stockholders’ equity includes after-tax unrealized gains from investments and currency translation adjustments of $52 million and $67 million as of March 31, 2008 and December 31, 2007, respectively. During the first quarter of 2008, the Company repurchased 10.4 million shares of its common stock for $294 million.

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Supplemental Information
(Amounts in thousands)

	First Quarter
	2008			2007
Reconciliation of operating income to net income:
Operating income (1)	$	153,326		$	183,630
Realized investment gains, net of taxes		35,112			4,796
Net income	$	188,438		$	188,426
Return on equity (2):
Net income		21.1	%		22.6	%
Operating income		17.2	%		22.0	%
Cash flow from operations	$	201,720		$	357,221
Investments
Fixed income	$	122,031		$	119,812
Arbitrage trading account		4,015			22,200
Equities, including affiliates		18,451			23,409
Total investment income		144,497			165,421
Realized gains		72,705			7,390
Other than temporary impairments		(18,679	)		—
Total return	$	198,523		$	172,811

(1)	Net operating income is a non-GAAP financial measure defined by the Company as net income excluding realized investment gains and losses. Management believes that excluding realized investment gains and losses, which result primarily from changes in general economic conditions, provides a useful indicator of trends in the Company’s underlying operations.
(2)	Return on equity represents net income and net operating income expressed on an annualized basis as a percentage of beginning of year stockholders’ equity.