Exhibit 99.1
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W. R. Berkley Corporation NEWS
475 Steamboat Road RELEASE
Greenwich, Connecticut 06830
(203) 629-3000
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FOR IMMEDIATE RELEASE CONTACT: Eugene G. Ballard
Chief Financial Officer
203-629-3000
W. R. BERKLEY CORPORATION ANNOUNCES PRICING
OF PUBLIC OFFERING OF 4,100,000 SHARES
Greenwich, CT, November 19, 2002 -- W. R. Berkley Corporation (NYSE: BER)
announced today that it has priced its previously announced public offering of
4,100,000 shares of its common stock at $37.32 per share. Proceeds of the
offering will be used to provide additional capital for the Company's insurance
subsidiaries and for general corporate purposes. The Company has also granted
the underwriters an over-allotment option to purchase up to 615,000 additional
shares at the offering price. Closing of the offering is expected on or about
November 22, 2002.
Merrill Lynch & Co. is the sole bookrunner on the transaction with Morgan
Stanley as a joint lead manager and Salomon Smith Barney as a co-manager.
This announcement is not an offer to sell these securities, and it is not
soliciting an offer to buy these securities in any state where the offer or sale
is not permitted. A shelf registration statement relating to these securities
has previously been filed with the Securities and Exchange Commission and has
become effective. Any offer will be made only by means of a prospectus,
including a prospectus supplement, forming a part of the effective registration
statement. Copies of the prospectus with respect to this offering may be
obtained from Merrill Lynch & Co., World Financial Center, 250 Vesey Street,
North Tower - 25th Floor, New York, New York 10281-1325 (212-449-1000).
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.
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