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      W. R. BERKLEY CORPORATION
      165 MASON STREET, P.O. BOX 2518
      GREENWICH, CONNECTICUT  06836-2518
      (203) 629-3000

         NEWS
        RELEASE

CONTACT: John D. Vollaro
                  President and Chief Operating Officer
                  W. R. Berkley Corporation
                  (203) 629-3038


                        W.R. BERKLEY CORPORATION EXPECTS
                          LOWER SECOND-QUARTER EARNINGS

         GREENWICH, CT., June 24, 1998 -- W.R. Berkley Corporation, (NASDAQ:
BKLY), today announced it expects that significant storm activity and intense
ongoing price competition will produce second-quarter 1998 earnings that will be
approximately ten percent below the level reported for the same quarter a year
ago.

         A company spokesman noted: "While we continue to develop and exploit
opportunities that generate growth, intense price competition continues to erode
underwriting margins. Our objective will continue to be the maintenance of a
strong balance sheet and adequate loss reserves which are critical to the
creation of long-term value for our shareholders."

         W.R. Berkley Corporation is a holding company which, through its
subsidiaries, does business in all segments of the property casualty insurance
business. The operating units are grouped for management purposes in five
segments according to market served: Regional Property Casualty Insurance,
Reinsurance, Specialty Insurance, Alternative Markets and International.
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