8-K

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): July 24, 2012

     W. R. BERKLEY CORPORATION     (Exact name of registrant as specified in its charter)

Delaware	1-15202	22-1867895
(State or other jurisdiction	(Commission	(IRS Employer
of incorporation or organization)	File Number)	Identification No.)

475 Steamboat Road, Greenwich, CT	06830
(Address of principal executive offices)	(Zip Code)
Registrant's telephone number, including area code:	(203) 629-3000

Not Applicable
(Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

o    Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

o    Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

o    Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

o    Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Item 2.02Results of Operations and Financial Condition.

Reference is made to the press release of W. R. Berkley Corporation (the “Company”) relating to the announcement of the Company’s results of operations for the second quarter of 2012. The press release was issued on July 24, 2012. A copy of the press release is attached to this Form 8-K as Exhibit 99.1 and is incorporated herein by reference.

The information contained herein shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act.

Item 9.01 Financial Statements and Exhibits.

(d) Exhibits

99.1 Press Release dated July 24, 2012

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

W. R. BERKLEY CORPORATION

By: /s/ Eugene G. Ballard

Name: Eugene G. Ballard

Title:    Senior Vice President -         Chief Financial Officer

Date: July 24, 2012

EXHIBIT INDEX

Exhibit:

99.1 Press Release dated July 24, 2012

EX-99.1

	NEWS RELEASE
W. R. Berkley Corporation 475 Steamboat Road Greenwich, Connecticut 06830 (203) 629-3000
FOR IMMEDIATE RELEASE	CONTACT:	Karen A. Horvath
		Vice President - External
		Financial Communications
		(203) 629-3000

W. R. BERKLEY CORPORATION REPORTS SECOND QUARTER RESULTS

Net Income up 32%, Return on Equity 11%

Greenwich, CT, July 24, 2012 -- W. R. Berkley Corporation (NYSE: WRB) today reported net income for the second quarter of 2012 of $109 million, or 76 cents per share, compared with $82 million, or 56 cents per share, for the second quarter of 2011.

Summary Financial Data

(Amounts in thousands, except per share data)

	Second Quarter				Six Months
	2012		2011		2012		2011
Gross premiums written	$	1,430,920	$	1,245,276	$	2,832,446	$	2,515,134
Net premiums written	1,190,991		1,057,415		2,394,517		2,140,718
Net income	108,838		82,184		244,156		197,774
Net income per diluted share	0.76		0.56		1.70		1.34
Operating income (1)	92,988		67,848		197,224		164,648
Operating income per diluted share	0.65		0.46		1.37		1.12

(1) Operating income is a non-GAAP financial measure defined by the Company as net income excluding net investment gains and losses.

W. R. Berkley Corporation     Page2

Second quarter highlights included:

• Book value per share increased 83 cents, or 3%, to $30.68.

• Average rates on renewed policies increased 6%.

• GAAP combined ratio was 98.2%.

• Net premiums written increased 12.6%.

• The Company repurchased 1.3 million shares of its common stock at an average cost of $37.56 per share and an aggregate cost of $48.3 million.

Commenting on the Company's performance, William R. Berkley, chairman and chief executive officer, said: "We are pleased with the second quarter’s financial results. Premiums grew in excess of twelve percent, while average renewal rate increases were approximately six percent. The economy is not as robust as we had anticipated; thus, the pace of price increases is not accelerating as fast as we had expected. We still see pricing momentum throughout the balance of the year. Many companies are beginning to recognize their weakening loss reserve position, which will continue to put further upward pressure on the current pricing environment.

"Investment income was substantially higher in the second quarter primarily as a result of the strong performance of our investment funds. In spite of the more difficult environment, our overall investment returns have proved to be satisfactory, and we have continued to benefit from substantial realized gains from our non-fixed income portfolio. This is in part a result of our continuing ability to find small opportunities offering attractive returns.

"Overall, we have been able to deliver satisfactory after-tax returns on our capital, both because of our improving underwriting results and our stable investment income. We continue to have a positive outlook for the second half of the year as we work diligently to grow our business and effectively manage our capital," Mr. Berkley concluded.

W. R. Berkley Corporation     Page3

Webcast Conference Call and Supplementary Information

The Company will hold its quarterly conference call with analysts and investors to discuss its earnings and other information on Wednesday July 25, 2012 at 10:00 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 2012 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 impact of significant competition; 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, real estate, merger arbitrage and private equity investments; the effects of emerging claim and coverage issues; the uncertain nature of damage theories and loss amounts; natural and man-made catastrophic losses, including as a result of terrorist activities; general economic and market activities, including inflation, interest rates, and volatility in the credit and capital markets; the impact of the conditions in the financial markets and the global economy, and the potential effect of legislative, regulatory, accounting or other initiatives taken in response to it, on our results and financial condition; continued availability of capital and financing; 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 Act of 2002, as amended; 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; credit risk related to our policyholders, independent agents and brokers; 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 key personnel and qualified employees; potential difficulties with technology and/or data security; the effectiveness of our controls to ensure compliance with guidelines, policies and legal and regulatory standards; 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 2012 and beyond to differ materially from those expressed in any forward-looking statement we make. Any projections of growth in our revenues would not necessarily result in commensurate levels of earnings. 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     Page4

Consolidated Financial Summary

(Amounts in thousands, except per share data)

	Second Quarter						Six Months
	2012			2011			2012			2011
Revenues:
Net premiums written	$	1,190,991		$	1,057,415		$	2,394,517		$	2,140,718
Change in unearned premiums	(43,634		)	(40,171		)	(147,509		)	(140,977		)
Net premiums earned	1,147,357			1,017,244			2,247,008			1,999,741
Net investment income	161,250			149,072			318,869			295,198
Insurance service fees	27,036			25,035			50,913			47,208
Net investment gains:
Net realized gains on investment sales	24,286			23,290			67,763			52,574
Change in valuation allowance, net of other-than-temporary impairments	—			(400		)	4,014			(400		)
Net investment gains	24,286			22,890			71,777			52,174
Revenues from wholly-owned investees	55,434			56,134			105,109			110,021
Other income	384			574			776			958
Total revenues	1,415,747			1,270,949			2,794,452			2,505,300
Expenses:
Losses and loss expenses	731,202			674,276			1,410,674			1,281,371
Other operating costs and expenses	448,758			403,658			880,537			789,787
Expenses from wholly-owned investees	54,931			55,855			106,261			109,671
Interest expense	32,417			28,132			61,238			56,249
Total expenses	1,267,308			1,161,921			2,458,710			2,237,078
Income before income taxes	148,439			109,028			335,742			268,222
Income tax expense	(39,535		)	(26,908		)	(91,606		)	(70,507		)
Net income before noncontrolling interests	108,904			82,120			244,136			197,715
Noncontrolling interests	(66		)	64			20			59
Net income to common stockholders	$	108,838		$	82,184		$	244,156		$	197,774
Net income per share:
Basic	$	0.79		$	0.58		$	1.77		$	1.40
Diluted	$	0.76		$	0.56		$	1.70		$	1.34
Average shares outstanding:
Basic	138,181			141,637			137,997			141,408
Diluted	143,528			147,677			143,506			147,614

W. R. Berkley Corporation     Page5

Operating Results by Segment

(Amounts in thousands, except ratios (1) (2))

	Second Quarter						Six Months
	2012			2011			2012			2011
Specialty:
Gross premiums written	$	542,052		$	473,849		$	992,673		$	889,579
Net premiums written	454,028			405,433			843,556			763,550
Premiums earned	408,142			349,943			795,252			680,150
Pre-tax income	76,466			77,109			144,727			167,023
Loss ratio	61.6		%	60.6		%	61.5		%	57.5		%
Expense ratio	32.7		%	32.1		%	33.1		%	32.9		%
GAAP combined ratio	94.3		%	92.7		%	94.6		%	90.4		%
Regional:
Gross premiums written	$	290,999		$	280,841		$	604,583		$	579,682
Net premiums written	267,650			260,579			557,849			540,203
Premiums earned	268,177			266,764			532,443			528,281
Pre-tax income (loss)	14,205			(16,042		)	45,992			8,393
Loss ratio	66.3		%	77.6		%	62.7		%	70.1		%
Expense ratio	37.0		%	36.5		%	36.8		%	36.4		%
GAAP combined ratio	103.3		%	114.1		%	99.5		%	106.5		%
Alternative Markets:
Gross premiums written	$	218,087		$	178,792		$	492,316		$	433,639
Net premiums written	147,641			121,819			350,857			322,373
Premiums earned	170,415			148,999			329,108			297,336
Pre-tax income	53,969			41,486			101,656			83,023
Loss ratio	71.7		%	72.2		%	72.1		%	72.4		%
Expense ratio	26.1		%	27.4		%	26.3		%	26.8		%
GAAP combined ratio	97.8		%	99.6		%	98.4		%	99.2		%
Reinsurance:
Gross premiums written	$	121,665		$	106,866		$	241,665		$	219,430
Net premiums written	113,383			99,550			226,263			205,904
Premiums earned	109,515			105,836			215,853			211,314
Pre-tax income	25,927			25,336			53,624			50,673
Loss ratio	58.3		%	58.8		%	57.6		%	60.7		%
Expense ratio	41.1		%	42.0		%	41.2		%	40.6		%
GAAP combined ratio	99.4		%	100.8		%	98.8		%	101.3		%
International:
Gross premiums written	$	258,117		$	204,928		$	501,209		$	392,804
Net premiums written	208,289			170,034			415,992			308,688
Premiums earned	191,108			145,702			374,352			282,660
Pre-tax income	15,309			11,248			34,949			13,501
Loss ratio	60.8		%	58.7		%	60.4		%	62.5		%
Expense ratio	38.7		%	41.3		%	38.2		%	40.3		%
GAAP combined ratio	99.5		%	100.0		%	98.6		%	102.8		%

W. R. Berkley Corporation     Page6

Operating Results by Segment (Continued)

(Amounts in thousands, except ratios (1)(2))

	Second Quarter						Six Months
	2012			2011			2012			2011
Corporate and Eliminations:
Net investment gains	$	24,286		$	22,890		$	71,777		$	52,174
Interest expense	(32,417		)	(28,132		)	(61,238		)	(56,249		)
Other revenues and expenses (3)	(29,306		)	(24,867		)	(55,745		)	(50,316		)
Pre-tax loss	(37,437		)	(30,109		)	(45,206		)	(54,391		)
Consolidated:
Gross premiums written	$	1,430,920		$	1,245,276		$	2,832,446		$	2,515,134
Net premiums written	1,190,991			1,057,415			2,394,517			2,140,718
Premiums earned	1,147,357			1,017,244			2,247,008			1,999,741
Pre-tax income	148,439			109,028			335,742			268,222
Loss ratio	63.7		%	66.3		%	62.8		%	64.1		%
Expense ratio	34.5		%	34.9		%	34.6		%	34.8		%
GAAP combined ratio	98.2		%	101.2		%	97.4		%	98.9		%

(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. GAAP combined ratio is the sum of loss ratio and expense ratio.

(2) Losses from catastrophes were as follows (in thousands):

	Second Quarter				Six Months
	2012		2011		2012		2011
Specialty	$	6,321	$	9,211	$	6,823	$	9,211
Regional	19,071		44,425		22,917		53,119
Alternative Markets	321		384		351		384
Reinsurance	458		6,796		486		11,296
International	54		2,606		54		13,656
Total	$	26,225	$	63,422	$	30,631	$	87,666

(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     Page7

Selected Balance Sheet Information

(Amounts in thousands, except per share data)

	June 30, 2012		December 31, 2011
Net invested assets (1)	$	15,388,680	$	14,559,781
Total assets	19,462,106		18,403,873
Reserves for losses and loss expenses	9,488,668		9,337,134
Senior notes and other debt	1,865,380		1,500,503
Junior subordinated debentures	243,102		242,997
Common stockholders’ equity (2) (3) (4)	4,207,784		3,953,356
Common stock outstanding (3) (4)	137,167		137,520
Book value per share (4) (5)	30.68		28.75
Tangible book value per share (4) (5)	29.97		28.04

(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) After-tax unrealized investment gains were $492 million and $430 million as of June 30, 2012 and December 31, 2011, respectively. Unrealized currency translation losses were $63 million and $61 million as of June 30, 2012 and December 31, 2011, respectively.

(3) During 2012, the Company repurchased 1.3 million shares of its common stock at an average cost of $37.56 per share and an aggregate cost of $48.3 million.

(4) The Financial Accounting Standards Board recently issued guidance regarding the treatment of costs associated with acquiring or renewing insurance contracts. This guidance modifies the definition of the types of costs that can be capitalized and specifies that the costs must be directly related to the successful acquisition of a new or renewed insurance contract. We adopted this guidance effective January 1, 2012 and retrospectively adjusted our previously issued financial statements (including the applicable 2011 information contained herein). The effect of adopting this guidance retrospectively was to decrease deferred acquisition costs by $84 million, common stockholders' equity by $55 million and book value per share by 40 cents as of December 31, 2011. The new guidance also resulted in minor changes to other operating costs and expenses and expense ratios.

(5) Book value per share is total common stockholders’ equity divided by the number of common shares outstanding. Tangible book value per share is total common stockholders’ equity excluding the after-tax value of goodwill and other intangible assets divided by the number of common shares outstanding.

W. R. Berkley Corporation     Page8

Supplemental Information

(Amounts in thousands)

	Second Quarter						Six Months
	2012			2011			2012			2011
Reconciliation of operating income to net income:
Operating income (1)	$	92,988		$	67,848		$	197,224		$	164,648
Investment gains, net of tax	15,850			14,336			46,932			33,126
Net income	$	108,838		$	82,184		$	244,156		$	197,774
Return on equity (2)	11.0		%	9.0		%	12.4		%	10.8		%
Cash flow from operations	$	238,649		$	160,949		$	312,411		$	216,392
Other operating costs and expenses:
Underwriting expenses	$	395,920		$	355,113		$	777,943		$	695,596
Service expenses	21,635			19,562			41,227			36,891
Net foreign currency losses (gains)	137			9			(1,297		)	529
Other costs and expenses	31,066			28,974			62,664			56,771
Total	$	448,758		$	403,658		$	880,537		$	789,787

(1) Operating income is a non-GAAP financial measure defined by the Company as net income excluding net investment gains and losses. Management believes that excluding net investment gains and losses, which are often discretionary and frequently relate to economic factors, provides a useful indicator of trends in the Company’s underlying operations.

(2) Return on equity represents net income expressed on an annualized basis as a percentage of beginning of year stockholders’ equity.

W. R. Berkley Corporation     Page9

Investment Portfolio

June 30, 2012

(Amounts in thousands)

	Carrying Value		Percent of Total
Fixed maturity securities:
United States government and government agencies	$	985,544	6.4	%
State and municipal:
Special revenue	2,232,298		14.5	%
State general obligation	930,140		6.1	%
Local general obligation	454,977		3.0	%
Pre-refunded	1,145,838		7.4	%
Corporate backed	468,082		3.0	%
Total state and municipal	5,231,335		34.0	%
Mortgage-backed securities:
Agency	1,119,253		7.3	%
Residential - Prime	238,175		1.5	%
Residential - Alt A	129,447		0.8	%
Commercial	178,719		1.2	%
Total mortgage-backed securities	1,665,594		10.8	%
Corporate:
Industrial	1,434,608		9.3	%
Financial	663,598		4.3	%
Utilities	222,999		1.5	%
Asset-backed	486,623		3.2	%
Other	109,956		0.7	%
Total corporate	2,917,784		19.0	%
Foreign	1,026,671		6.7	%
Total fixed maturity securities (1)	11,826,928		76.9	%
Equity securities available for sale:
Common stocks	439,246		2.9	%
Preferred stocks	122,539		0.8	%
Total equity securities available for sale	561,785		3.7	%
Cash and cash equivalents (2)	1,209,331		7.9	%
Investment funds (2)	685,527		4.5	%
Real estate	360,787		2.2	%
Arbitrage trading account	419,249		2.7	%
Loans receivable	325,073		2.1	%
Net invested assets	$	15,388,680	100.0	%

(1)Total fixed maturity securities had an average rating of AA- and an average duration of 3.4 years.

(2) Cash equivalents includes trading accounts receivable from brokers and clearing organizations, trading account securities sold but not yet purchased and unsettled purchases. Investment funds are net of related liabilities of $43 million.

W. R. Berkley Corporation     Page10

Foreign Fixed Maturity Securities

June 30, 2012

(Amounts in thousands)

	Government		Corporate		Total
Australia	$	181,857	$	111,278	$	293,135
United Kingdom	123,948		41,882		165,830
Germany	91,594		27,532		119,126
Canada	101,176		48,834		150,010
Argentina	115,728		—		115,728
Brazil	46,695		—		46,695
Supranational (1)	38,185		—		38,185
Norway	36,891		—		36,891
Switzerland	—		31,507		31,507
Finland	—		6,694		6,694
Netherlands	—		11,144		11,144
Singapore	8,394		—		8,394
Uruguay	2,917		—		2,917
New Zealand	415		—		415
Total	$	747,800	$	278,871	$	1,026,671

(1) Supranational represents investments in the North American Development Bank, European Investment Bank and Inter-American Development Bank.