W. R. Berkley (WRB) 8-K W. R. BERKLEY CORPORATION REPORTS 2010 RESULTS Net Income Up 45% in 2010

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 2010 RESULTS
Net Income Up 45% in 2010

     Greenwich, CT, February 2, 2011 — W. R. Berkley Corporation (NYSE: WRB)today reported net income for 2010 of $449 million, or $2.90 per share, compared with $309 million, or $1.86 per share, for 2009. Operating income for 2010 was $418 million, or $2.69 per share, compared with $447 million, or $2.68 per share, for 2009. Net income for the fourth quarter of 2010 was $127 million, or 85 cents per share, compared with $134 million, or 81 cents per share, for the fourth quarter of 2009. Operating income for the fourth quarter of 2010 was $102 million, or 68 cents per share, compared with $118 million, or 71 cents per share, for the corresponding quarter of 2009. Operating income is a non-GAAP financial measure defined by the Company as net income excluding income and losses from investment funds and net investment gains and losses.

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

	Fourth Quarter				Full Year
	2010		2009		2010		2009
Gross premiums written	$	1,055,093	$	953,880	$	4,416,077	$	4,253,439
Net premiums written		918,916		828,382		3,850,926		3,730,095
Net income		126,851		134,294		449,287		309,057
Net income per diluted share		0.85		0.81		2.90		1.86
Operating income		101,671		117,768		417,725		446,740
Operating income per diluted share		0.68		0.71		2.69		2.68

W. R. Berkley Corporation Page 2

Fourth quarter highlights included:

• Net premiums written increased 11%.

• GAAP combined ratio was 94.1%.

• Net income return on equity was 14.1%.

• Book value per share was $26.26.

• Repurchased 4.8 million shares of common stock at an average cost of $27.19 per share and an aggregate cost of $130 million.

     Commenting on the Company’s performance, William R. Berkley, chairman and chief executive officer, said: “The Company once again delivered good results in the fourth quarter in spite of the competitive marketplace, with a return on equity for the quarter of 14%. Over the past four years, we have repurchased over 30% of our common stock while maintaining substantial financial flexibility.

     “Our net premiums written grew by eleven percent in the quarter. This growth came mainly from our business written outside the U.S., with modest domestic growth driven by our newer units. Overall, rates are relatively flat. We have been able to increase rates in some of our units, and with the slowly improving economy, we have seen a modest increase in our exposure base.

     “Investment income was in line with our expectations. During the quarter, we purchased more dividend paying common stocks and took advantage of short-term market inefficiencies that offered us investment opportunities with favorable returns. Our asset quality remains outstanding and our portfolio had over $516 million in unrealized gains as of December 31, 2010. We continue to maintain a healthy level of liquidity to allow us to be opportunistic in the future.

     “Current premium rates are at unsustainably low levels. Existing inadequate pricing combined with declining investment returns will result in an overall lack of industry profitability.

     “Whether the cycle turns this quarter or next, our strategy remains unchanged: find outstanding people; provide them with the platform and resources they require to build a business; and select places in the domestic and global marketplace that offer the best opportunities. It is W. R. Berkley’s long-term commitment and stability, along with these outstanding people, that attracts agents and brokers to be our underwriting partners.

     “While 2011 will undoubtedly continue to be challenging for the industry, the Company is well-positioned to navigate the current environment and to capitalize on the hard market when it returns,” Mr. Berkley concluded.

W. R. Berkley Corporation Page 3

Webcast Conference Call

     The Company will hold its quarterly conference call with analysts and investors to discuss its earnings and other information on Wednesday, February 2, 2011 at 5:30 p.m. eastern time. The conference call will be webcast live on the Company’s website atwww.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 2011 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; investment risks, including those of our portfolio of fixed maturity securities and investments in equity securities, including investments in financial institutions, municipal bonds, mortgage-backed securities, loans receivable, investment funds, merger arbitrage and private equity investments; the impact of significant competition; the potential impact of the economic downturn, and any legislative, regulatory, accounting or other initiatives taken in response to it, on our results and financial condition; the uncertain nature of damage theories and loss amounts; natural and man-made catastrophic losses, including as a result of terrorist activities; the success of our new ventures or acquisitions and the availability of other opportunities; the availability of reinsurance; our retention under the Terrorism Risk Insurance Programs Reauthorization Act of 2007; the ability of our reinsurers to pay reinsurance recoverables owed to us; foreign currency and political risks relating to our international operations; other legislative and regulatory developments, including those related to business practices in the insurance industry; changes in the ratings assigned to us or our insurance company subsidiaries by rating 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 and uncertainties could cause our actual results for the year 2011 and beyond to differ materially from those expressed in any forward-looking statement we make. Any projections of growth in our 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.

# # #

W. R. Berkley Corporation Page 4

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

	Fourth Quarter						Full Year
	2010			2009			2010			2009
Revenues:
Net premiums written	$	918,916		$	828,382		$	3,850,926		$	3,730,095
Change in unearned premiums		70,680			103,947			(15,344	)		75,754
Net premiums earned		989,596			932,329			3,835,582			3,805,849
Net investment income		133,477			141,181			538,698			552,561
Income (losses) from investment funds		4,613			4,999			(8,173	)		(173,553	)
Insurance service fees		21,355			19,366			85,405			93,245
Net investment gains (losses):
Net realized gains on investment sales		39,431			32,243			65,786			104,453
Other-than-temporary impairments		(5,500	)		(12,279	)		(9,205	)		(151,727	)
Less other-than-temporary impairments recognized in other comprehensive income		—			457			—			8,866
Net investment gains (losses)		33,931			20,421			56,581			(38,408	)
Revenues from wholly-owned investees		47,966			57,301			214,454			189,347
Other income		404			553			1,522			2,137
Total revenues		1,231,342			1,176,150			4,724,069			4,431,178
Expenses:
Losses and loss expenses		591,512			543,031			2,309,867			2,336,707
Other operating costs and expenses		388,355			364,855			1,496,362			1,440,838
Expenses from wholly-owned investees		47,695			56,820			207,566			183,414
Interest expense		28,189			25,953			106,969			87,989
Total expenses		1,055,751			990,659			4,120,764			4,048,948
Income before income taxes		175,591			185,491			603,305			382,230
Income tax expense		(48,699	)		(51,347	)		(153,739	)		(73,150	)
Net income before noncontrolling interests		126,892			134,144			449,566			309,080
Noncontrolling interests		(41	)		150			(279	)		(23	)
Net income to common stockholders	$	126,851		$	134,294		$	449,287		$	309,057
Net income per share:
Basic	$	0.88		$	0.84		$	3.02		$	1.93
Diluted	$	0.85		$	0.81		$	2.90		$	1.86
Average shares outstanding:
Basic		143,400			159,873			148,752			160,357
Diluted		150,033			166,193			155,081			166,574

W. R. Berkley Corporation Page 5

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

	Fourth Quarter						Full Year
	2010			2009			2010			2009
Specialty:
Gross premiums written	$	394,640		$	352,050		$	1,525,856		$	1,464,205
Net premiums written		336,643			298,699			1,311,831			1,260,451
Premiums earned		332,668			323,730			1,288,373			1,354,355
Pre-tax income		83,809			71,031			296,645			220,906
Loss ratio		56.3	%		61.2	%		58.3	%		61.9	%
Expense ratio		32.7	%		32.4	%		32.7	%		31.1	%
GAAP combined ratio		89.0	%		93.6	%		91.0	%		93.0	%
Regional:(2)
Gross premiums written	$	270,774		$	278,110		$	1,160,136		$	1,229,786
Net premiums written		241,656			244,238			1,044,347			1,081,100
Premiums earned		268,535			272,983			1,066,922			1,116,871
Pre-tax income		26,938			45,749			117,353			106,078
Loss ratio		60.9	%		55.3	%		60.7	%		61.4	%
Expense ratio		36.8	%		36.4	%		35.9	%		34.2	%
GAAP combined ratio		97.7	%		91.7	%		96.6	%		95.6	%
Alternative Markets:
Gross premiums written	$	130,199		$	110,422		$	702,717		$	664,749
Net premiums written		102,480			95,222			582,045			589,637
Premiums earned		149,349			145,024			608,191			597,932
Pre-tax income		40,044			52,767			178,607			162,875
Loss ratio		72.7	%		61.0	%		67.6	%		63.4	%
Expense ratio		24.9	%		27.0	%		25.6	%		25.8	%
GAAP combined ratio		97.6	%		88.0	%		93.2	%		89.2	%
Reinsurance:(2)
Gross premiums written	$	101,497		$	100,116		$	425,297		$	455,968
Net premiums written		96,407			92,574			401,239			423,425
Premiums earned		111,040			104,586			419,356			411,511
Pre-tax income		38,837			35,870			129,922			86,358
Loss ratio		50.3	%		54.3	%		52.5	%		57.9	%
Expense ratio		39.7	%		38.5	%		41.0	%		39.1	%
GAAP combined ratio		90.0	%		92.8	%		93.5	%		97.0	%
International:(2)
Gross premiums written	$	157,983		$	113,182		$	602,071		$	438,731
Net premiums written		141,730			97,649			511,464			375,482
Premiums earned		128,004			86,006			452,740			325,180
Pre-tax income		1,503			6,335			21,174			22,719
Loss ratio		59.4	%		56.6	%		61.8	%		59.9	%
Expense ratio		39.1	%		43.3	%		40.4	%		40.2	%
GAAP combined ratio		98.5	%		99.9	%		102.2	%		100.1	%

W. R. Berkley Corporation Page 6

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

	Fourth Quarter						Full Year
	2010			2009			2010			2009
Corporate and Eliminations:
Net investment gains (losses)	$	33,931		$	20,421		$	56,581		$	(38,408	)
Interest expense		(28,189	)		(25,953	)		(106,969	)		(87,989	)
Other revenues and expenses (3)		(21,282	)		(20,729	)		(90,008	)		(90,309	)
Pre-tax loss		(15,540	)		(26,261	)		(140,396	)		(216,706	)
Consolidated:
Gross premiums written	$	1,055,093		$	953,880		$	4,416,077		$	4,253,439
Net premiums written		918,916			828,382			3,850,926			3,730,095
Premiums earned		989,596			932,329			3,835,582			3,805,849
Pre-tax income		175,591			185,491			603,305			382,230
Loss ratio		59.8	%		58.2	%		60.2	%		61.4	%
Expense ratio		34.3	%		34.4	%		34.3	%		32.8	%
GAAP combined ratio		94.1	%		92.6	%		94.5	%		94.2	%

(1)	Loss ratio is losses and loss expenses incurred 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 fourth quarter of 2010 and 2009, catastrophe and weather-related losses were $6 million and $4 million, respectively. For the full year of 2010 and 2009, catastrophe and weather-related losses were $81 million and $63 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.

W. R. Berkley Corporation Page 7

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

	December 31,
	2010		2009
Net invested assets (1)	$	13,918,768	$	13,726,213
Total assets		17,528,547		17,328,596
Reserves for losses and loss expenses		9,016,549		9,071,671
Senior notes and other debt		1,500,419		1,345,481
Junior subordinated debentures		242,784		249,793
Common stockholders’ equity (2) (3)		3,702,876		3,596,067
Common stock outstanding (3)		141,010		156,552
Common stockholders’ equity per share (3)		26.26		22.97

(1)	Net invested assets include investments, cash investments and cash equivalents, trading accounts receivable from brokers and clearing organizations, trading account securities sold but not yet purchased and unsettled purchases.
(2)	After-tax unrealized investment gains were $335 million and $219 million as of December 31, 2010 and 2009, respectively. Unrealized currency translation losses were $42 million and $40 million as of December 31, 2010 and 2009, respectively.
(3)	During 2010, the Company repurchased 17 million shares of its common stock at an average cost of $26.40 per share and an aggregate cost of $449 million.

W. R. Berkley Corporation Page 8

Supplemental Information
(Amounts in thousands)

	Fourth Quarter						Full Year
	2010			2009			2010			2009
Reconciliation of operating income to net income:
Operating income (1)	$	101,671		$	117,768		$	417,725		$	446,740
Investment gains (losses), net of tax		22,218			13,276			36,874			(24,874	)
Income (losses) from investment funds, net of tax		2,962			3,250			(5,312	)		(112,809	)
Net income	$	126,851		$	134,294		$	449,287		$	309,057
Return on equity:
Net income (2)		14.1	%		17.6	%		12.5	%		10.1	%
Operating income (1) (2)		11.3	%		15.5	%		11.6	%		14.7	%
Cash flow:
Cash flow from operations before cash transfers to trading account (3) (4)	$	60,600		$	150,757		$	451,317		$	699,395
Cash transfers to trading account		—			—			—			(383,341	)
Cash flow from operations	$	60,600		$	150,757		$	451,317		$	316,054
Other operating costs and expenses:
Underwriting expenses	$	338,941		$	320,919		$	1,314,483		$	1,248,463
Service expenses		17,930			16,001			72,372			78,331
Net foreign currency losses		7,753			2,885			2,126			4,213
Other costs and expenses		23,731			25,050			107,381			109,831
Total	$	388,355		$	364,855		$	1,496,362		$	1,440,838

(1)	Operating income is a non-GAAP financial measure defined by the Company as net income excluding income and losses from investment funds and net investment gains and losses. Management believes that excluding income and losses from investment funds and net 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.
(3)	Cash flow from operations before cash transfers to/from trading account is a non-GAAP financial measure that excludes cash contributions to and withdrawals from the arbitrage trading account. Management believes that cash transfers to and withdrawals from the arbitrage trading account are the result of changes in investment allocations and that excluding such transfers provides a useful measure of the Company’s cash flow.
(4)	Cash flow from operations before transfers to trading account for the fourth quarter of 2010 is net of cash payments of $78,800 related to two reinsurance commutations. Cash flow from operations before transfers to trading account and these reinsurance payments was $139,400.

W. R. Berkley Corporation Page 9

Investment Portfolio
December 31, 2010
(Amounts in thousands)

	Carrying		Percent
	Value		of Total
Fixed maturity securities:
United States government and government agencies	$	1,347,875		9.7	%
State and municipal:
Special revenue		2,204,898		15.8	%
State general obligation		1,067,012		7.7	%
Local general obligation		424,188		3.0	%
Pre-refunded		1,468,700		10.6	%
Corporate backed		368,646		2.7	%
Total state and municipal (2)		5,533,444		39.8	%
Mortgage-backed securities:
Agency		1,058,216		7.6	%
Residential — Prime		265,381		1.9	%
Residential — Alt A		73,581		0.5	%
Commercial		53,670		0.4	%
Total mortgage-backed securities		1,450,848		10.4	%
Corporate:
Industrial		1,112,855		8.0	%
Financial		671,298		4.8	%
Utilities		187,204		1.3	%
Asset-backed		285,117		2.1	%
Other		128,783		0.9	%
Total corporate		2,385,257		17.1	%
Foreign government and foreign government agencies		491,730		3.5	%
Total fixed maturity securities (2)		11,209,154		80.5	%
Equity securities available for sale:
Preferred stocks
Financial		101,900		0.7	%
Real estate		89,446		0.6	%
Utilities		53,651		0.4	%
Common stocks		316,056		2.3	%
Total equity securities available for sale		561,053		4.0	%
Arbitrage trading account		359,192		2.6	%
Investment in arbitrage funds		60,660		0.4	%
Investment funds		451,751		3.3	%
Loans receivable		353,583		2.6	%
Cash and cash equivalents (1)		923,375		6.6	%
Net invested assets	$	13,918,768		100.0	%

(1)	Includes trading accounts receivable from brokers and clearing organizations, trading account securities sold but not yet purchased and unsettled purchases.
(2)	For state and municipal securities, the average rating was AA and the average duration was 4.1 years. For total fixed maturity securities, the average rating was AA and the average duration was 3.6 years.

W. R. Berkley Corporation Page 10

State and Municipal Bonds
December 31, 2010
(Amounts in thousands)

	Carrying		Percent
	Value		of Total
General obligation (1)
Washington	$	145,283		2.6	%
New Jersey		119,786		2.2	%
Virginia		118,205		2.1	%
Ohio		116,902		2.1	%
New York		106,738		1.9	%
Pennsylvania		76,199		1.4	%
North Carolina		75,858		1.4	%
Texas		72,929		1.3	%
Maryland		62,603		1.1	%
Oregon		63,372		1.1	%
Massachusetts		62,108		1.1	%
California		61,961		1.1	%
Tennessee		48,009		0.9	%
Minnesota		34,934		0.6	%
Illinois		32,901		0.6	%
Georgia		31,335		0.6	%
Oklahoma		26,906		0.5	%
Wisconsin		26,615		0.5	%
Others under $25 million		208,556		3.8	%
Total (1)		1,491,200		26.9	%
Special revenue (2)		2,204,898		39.9	%
Pre-refunded (3)		1,468,700		26.5	%
Corporate backed		368,646		6.7	%
Total	$	5,533,444		100.0	%

(1)	Includes $1.067 billion of general obligation bonds issued by states and $0.424 billion of general obligation bonds issued by municipalities, counties and other local governments.
(2)	Bonds supported by a specific revenue pledge.
(3)	Bonds that have been pre-refunded with United States government securities.