W. R. Berkley Corporation 1
--------------------------------------------------------------------------------
EXHIBIT 99.1
W. R. Berkley Corporation 2
--------------------------------------------------------------------------------
----------------------------------------
W. R. Berkley Corporation NEWS
165 Mason Street, P.O. Box 2518 RELEASE
Greenwich, Connecticut 06836-2518
(203) 629-3000
----------------------------------------
FOR IMMEDIATE RELEASE CONTACT:
Eugene G. Ballard
Senior Vice President -
Chief Financial Officer
and Treasurer
203-629-3000
W. R. BERKLEY CORPORATION ISSUES STATEMENT
ON WORLD TRADE CENTER TRAGEDY
Company Estimates Potential Pre-Tax Losses
GREENWICH, CT., September 14, 2001 - W. R. Berkley Corporation (NYSE: BER)
Chairman William R. Berkley issued the following statement today, "The events of
the past several days have created much sadness in America as well as a sense of
deep personal concern within our organization. This has not altered our
confidence in our institutions or the importance of individual freedom. We have
many friends who lost their lives in this abominable terrorist act and to all
the families that suffered we offer our condolences."
In addressing the business issue, Mr. Berkley commented, "Although it is
too early to make a precise assessment of the financial impact to the company of
these events, based on our preliminary analysis and our examination of all known
exposures, we do not expect our pre-tax losses to exceed $10 million. In the
unlikely event all reinsurance retentions are exhausted, our company's net
pre-tax losses would be less than $25 million. We do not currently believe that
we have any significant liability exposures."
Founded in 1967, W. R. Berkley Corporation is an insurance holding company,
which operates in five segments of the property casualty insurance business:
specialty insurance, alternative markets, reinsurance, regional property
casualty insurance and international.
*******
This is a "Safe Harbor" Statement under the Private Securities Litigation
Reform Act of 1995. Any forward-looking statements contained herein, including
those related to the Company's performance for the year 2001 and beyond, are
based upon the Company's historical performance and on current plans, estimates
and expectations. 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 reinsurance business, the
impact of competition, product demand and pricing, claims development and the
process of estimating reserves, catastrophe and storm losses, the preliminary
nature of the World Trade Center related losses and the complexity involved,
legislative and regulatory developments, investment results, availability and
use of reinsurance, and other risks detailed from time to time in the Company's
filings with the Securities and Exchange Commission. These risks could cause the
Company's actual results for the year 2001 and beyond to differ materially from
those expressed in any forward-looking statement made by or on behalf of the
Company. 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.