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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 PROPOSED PUBLIC OFFERING



     GREENWICH, CT, November 14, 2002 -- W. R. Berkley Corporation (NYSE: BER)
announced today that it intends to file a preliminary prospectus supplement with
respect to a public offering of 4,100,000 shares of its common stock. Proceeds
of the offering will be used to provide additional capital for its insurance
subsidiaries and for general corporate purposes. The Company also intends to
grant the underwriters an option to purchase up to 615,000 additional shares to
cover over-allotments.

     Merrill Lynch & Co. will be the sole bookrunner on the transaction with
Morgan Stanley as a joint lead manager and Salomon Smith Barney as a co-manager.
A written prospectus relating to the offering may be obtained from the
underwriters.

     A registration statement relating to these securities has been filed with
the Securities and Exchange Commission and has become effective. 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.

     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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