Exhibit 99.1

W. R. Berkley Corporation 475 Steamboat Road Greenwich, Connecticut 06830		NEWS RELEASE
(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 $80 Million / Operating Return on Equity 15%

     Greenwich, CT, July 23, 2008 — W. R. Berkley Corporation (NYSE: WRB) today reported operating income for the second quarter of 2008 of 77 cents per share, or $134 million, compared with 92 cents per share, or $187 million, for the corresponding quarter of 2007. Net income for the second quarter of 2008 was 46 cents per share, or $80 million, compared with 93 cents per share, or $191 million, for the second quarter of 2007. Operating income is a non-GAAP financial measure defined by the Company as net income excluding realized investment gains and losses.

Summary Financial Data
(Amounts in thousands, except per share data)

	Second Quarter				Six Months
	2008		2007		2008		2007
Gross premiums written	$	1,114,810	$	1,265,679	$	2,399,983	$	2,649,041
Net premiums written		991,549		1,136,764		2,149,114		2,391,536
Net income		80,257		190,633		268,695		379,059
Net income per diluted share		0.46		0.93		1.50		1.86
Operating income		133,677		187,216		287,003		370,846
Operating income per diluted share		0.77		0.92		1.61		1.82

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Second quarter highlights included:

• Operating return on equity was 15.0% on an annualized basis.

• GAAP combined ratio was 93.2%, inclusive of abnormal weather-related losses.

• Paid loss ratio was 52.8%.

• The Company repurchased 7 million shares of its common stock.

     Commenting on the Company’s activities, William R. Berkley, chairman and chief executive officer, said: “The Company had acceptable second quarter results with a 15% after tax return on equity and a combined ratio of 93.2%. Continued underwriting discipline along with further price deterioration resulted in our writing less premiums. Furthermore, our underwriting margins were compressed as a consequence of the more competitive environment and the impact of storm losses which were $15 million more than the prior year period.

     “Our investment income and yield both improved from the first quarter of 2008 despite substantial share repurchases and lower returns from one of our limited partnership investments. In addition, we recognized an “other than temporary” market decline for preferred stocks of certain financial institutions resulting in a realized investment loss for the quarter.

     “ We continue to buy back stock and invest in new opportunities to better position ourselves for the inevitable turn in the insurance cycle. We would not expect this to take place for at least eighteen months. We continue to anticipate achieving returns in excess of 15% after tax, although the accelerating deterioration in margins may make 2009 more challenging than even a few months ago,” Mr. Berkley concluded.

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Webcast Conference Call

     The Company will hold its quarterly conference call with analysts and investors to discuss its earnings and other information on Thursday, July 24, 2008 at 8:30 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 2008 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 long-tail and potentially volatile nature of the insurance and reinsurance business, product demand and pricing, claims development and the process of estimating reserves, the uncertain nature of damage theories and loss amounts, natural and man-made catastrophic losses, including as a result of terrorist activities, the impact of significant and increasing competition, the success of our new ventures or acquisitions and the availability of other opportunities, the availability of reinsurance, exposure as to coverage for terrorist acts, our retention under the Terrorism Risk Insurance Program Reauthorization Act of 2007 (“TRIPRA”), the ability of our reinsurers to pay reinsurance recoverables owed to us, investment risks, including those of our portfolio of fixed income securities and investments in equity securities, including investments in financial institutions, merger arbitrage investments, exchange rate and political risks relating to our international operations, legislative and regulatory developments, including those related to alleged anti-competitive or other improper business practices in the insurance or reinsurance industry, changes in the ratings assigned to us by ratings agencies, the availability of dividends from our insurance company subsidiaries, our ability to attract and retain qualified employees, and other risks detailed from time to time in the Company’s filings with the Securities and Exchange Commission. These risks could cause actual results of the industry or our actual results for the year 2008 and beyond to differ materially from those expressed in any forward-looking statement made by or on behalf of the Company. Any projections of growth in the Company’s net premiums written and management fees would not necessarily result in commensurate levels of underwriting and operating profits. 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.

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Consolidated Financial Summary
(Amounts in thousands, except per share data)

	Second Quarter						Six Months
	2008			2007			2008			2007
Revenues:
Net premiums written	$	991,549		$	1,136,764		$	2,149,114		$	2,391,536
Change in unearned premiums		83,162			34,876			49,906			(64,963	)
Net premiums earned		1,074,711			1,171,640			2,199,020			2,326,573
Net investment income		153,939			168,943			298,436			334,364
Insurance service fees		24,761			25,343			51,873			51,336
Realized investment gains (losses)		(82,163	)		5,280			(28,137	)		12,670
Revenues from wholly-owned investees		27,131			14,684			52,019			19,488
Other income		760			693			1,132			1,173
Total revenues		1,199,139			1,386,583			2,574,343			2,745,604
Operating costs and expenses:
Losses and loss expenses		679,703			703,669			1,362,744			1,388,816
Other operating costs and expenses		376,249			376,604			756,422			757,225
Expenses from wholly-owned investees		26,343			13,187			51,278			17,797
Interest expense		21,396			22,700			44,140			43,400
Total expenses		1,103,691			1,116,160			2,214,584			2,207,238
Income before income taxes and minority interest		95,448			270,423			359,759			538,366
Income tax expense		(15,173	)		(79,376	)		(90,879	)		(158,511	)
Minority interest		(18	)		(414	)		(185	)		(796	)
Net income	$	80,257		$	190,633		$	268,695		$	379,059
Earnings per share:
Basic	$	0.48		$	0.98		$	1.56		$	1.96
Diluted	$	0.46		$	0.93		$	1.50		$	1.86
Average shares outstanding:
Basic		167,172			194,345			171,935			193,775
Diluted		173,684			203,922			178,723			203,930

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Operating Results by Segment
(Amounts in thousands, except ratios (1))

	Second Quarter						Six Months
	2008			2007			2008			2007
Specialty:
Gross premiums written	$	406,580		$	480,674		$	834,722		$	938,526
Net premiums written		375,939			452,610			773,726			886,585
Premiums earned		409,417			442,110			838,753			885,565
Pre-tax income		108,729			136,843			221,515			264,555
Loss ratio		58.8	%		55.7	%		58.4	%		56.9	%
Expense ratio		28.3	%		26.4	%		27.9	%		26.2	%
GAAP combined ratio		87.1	%		82.1	%		86.3	%		83.1	%
Regional (2):
Gross premiums written	$	361,633		$	371,879		$	734,628		$	749,297
Net premiums written		315,288			330,057			638,864			655,430
Premiums earned		309,424			309,812			620,693			614,179
Pre-tax income		25,275			51,903			63,079			107,224
Loss ratio		67.6	%		60.1	%		65.6	%		59.3	%
Expense ratio		31.9	%		31.0	%		31.5	%		31.0	%
GAAP combined ratio		99.5	%		91.1	%		97.1	%		90.3	%
Alternative Markets:
Gross premiums written	$	121,161		$	123,906		$	389,245		$	404,334
Net premiums written		100,776			100,808			338,813			351,331
Premiums earned		155,885			159,266			311,094			321,930
Pre-tax income		52,698			63,592			113,680			131,310
Loss ratio		64.1	%		57.2	%		60.8	%		56.7	%
Expense ratio		23.3	%		24.2	%		23.5	%		23.4	%
GAAP combined ratio		87.4	%		81.4	%		84.3	%		80.1	%
Reinsurance:
Gross premiums written	$	126,583		$	210,053		$	263,048		$	415,235
Net premiums written		118,946			190,705			248,592			381,566
Premiums earned		131,767			196,986			284,201			382,264
Pre-tax income		33,644			45,892			66,933			92,299
Loss ratio		65.7	%		70.2	%		64.8	%		67.5	%
Expense ratio		34.7	%		26.9	%		34.7	%		29.5	%
GAAP combined ratio		100.4	%		97.1	%		99.5	%		97.0	%
International:
Gross premiums written	$	98,853		$	79,167		$	178,340		$	141,649
Net premiums written		80,600			62,584			149,119			116,624
Premiums earned		68,218			63,466			144,279			122,635
Pre-tax income		7,279			7,900			17,925			15,271
Loss ratio		63.5	%		65.8	%		63.8	%		65.5	%
Expense ratio		37.7	%		33.3	%		35.8	%		32.5	%
GAAP combined ratio		101.2	%		99.1	%		99.6	%		98.0	%

(Continued)

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Operating Results by Segment (continued)
(Amounts in thousands, except ratios (1))

	Second Quarter						Six Months
	2008			2007			2008			2007
Corporate and Eliminations:
Realized investment gains (losses)	$	(82,163	)	$	5,280		$	(28,137	)	$	12,670
Interest expense		(21,396	)		(22,700	)		(44,140	)		(43,400	)
Other revenues and expenses (3)		(28,618	)		(18,287	)		(51,096	)		(41,563	)
Pre-tax loss		(132,177	)		(35,707	)		(123,373	)		(72,293	)
Total:
Gross premiums written	$	1,114,810		$	1,265,679		$	2,399,983		$	2,649,041
Net premiums written		991,549			1,136,764			2,149,114			2,391,536
Premiums earned		1,074,711			1,171,640			2,199,020			2,326,573
Pre-tax income		95,448			270,423			359,759			538,366
Loss ratio		63.2	%		60.1	%		62.0	%		59.7	%
Expense ratio		30.0	%		27.8	%		29.7	%		28.0	%
GAAP combined ratio		93.2	%		87.9	%		91.7	%		87.7	%

(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. Underwriting expenses do not include expenses related to insurance services or unallocated corporate expenses. GAAP combined ratio is the sum of the loss ratio and the expense ratio.
(2)	For the second quarters of 2008 and 2007, weather-related losses for the regional segment were $31 million and $16 million, respectively. For the first six months of 2008 and 2007, weather-related losses for the regional segment were $45 million and $22 million, respectively.
(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.

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Selected Balance Sheet Information
(Amounts in thousands, except per share data)

	June 30,		December 31,
	2008		2007
Net invested assets (1)	$	12,726,268	$	13,188,302
Total assets		16,547,507		16,832,170
Reserves for losses and loss expenses		8,910,469		8,678,034
Senior notes and other debt		1,021,668		1,121,793
Junior subordinated debentures		249,482		249,375
Stockholders’ equity (2)		3,276,738		3,569,775
Shares outstanding		163,869		180,321
Stockholders’ equity per share (3)		20.00		19.80

(1)	Net invested assets include investments, cash investments and cash equivalents, trading accounts receivable from brokers and clearing organizations, trading account securities sold but not yet purchased and unsettled purchases.
(2)	Stockholders’ equity includes after-tax unrealized loss from investments and currency translation adjustments of $13 million as of June 30, 2008 and after-tax unrealized gains from investments and currency translation adjustments of $67 million as of December 31, 2007, respectively.
(3)	During the first six months of 2008, the Company repurchased 18 million shares of its common stock for $484 million. Share repurchases in the first six months of 2008 resulted in a reduction of stockholder’s equity per share of 73 cents.

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Supplemental Information
(Amounts in thousands)

	Second Quarter						Six Months
	2008			2007			2008			2007
Reconciliation of net operating income to net income:
Net operating income (1)	$	133,677		$	187,216		$	287,003		$	370,846
Realized investment gains (losses), net of taxes (2)		(53,420	)		3,417			(18,308	)		8,213
Net income	$	80,257		$	190,633		$	268,695		$	379,059
Return on equity:
Net income (3)		9.0	%		22.9	%		15.1	%		22.7	%
Net operating income (3)		15.0	%		22.5	%		16.1	%		22.2	%
Cash flow:
Cash flow from operations before cash transfers to/from trading account (4)	$	141,380		$	279,993		$	355,327		$	637,214
Trading account transfers		50,000			—			50,000			—
Cash flow from operations	$	191,380		$	279,993		$	405,327		$	637,214

	June 30, 2008
	Amortized		Market		Unrealized
	Cost		Value		Gain (Loss)
Investments in Fannie Mae and Freddie Mac securities
Preferred stock	$	224,913	$	216,607	$	(8,306	)
Issuer obligations		154,915		155,090		175
Securitized bonds		911,995		927,985		15,990
Total	$	1,291,823	$	1,299,682	$	7,859

(1)	Net operating income is a non-GAAP financial measure defined by the Company as net income excluding realized investment gains and losses. Management believes that excluding realized investment gains and losses, which result primarily from changes in general economic conditions, provides a useful indicator of trends in the Company’s underlying operations.
(2)	Realized losses include after-tax write-downs of securities determined to have other-than-temporary declines in fair value of $54 million and $66 million for the second quarter and first six months of 2008, respectively. The write-downs in the second quarter of 2008 related to preferred stocks of financial institutions, including approximately $33 million (after-tax) of preferred stocks issued by Fannie Mae and Freddie Mac.
(3)	Return on equity represents net income and net operating income expressed on an annualized basis as a percentage of beginning of year stockholders’ equity.
(4)	Cash flow from operations before cash transfers to/from trading account is a non-GAAP financial measure that excludes cash contributions to and withdrawals from the arbitrage trading account. Management believes that cash transfers to and withdrawals from the arbitrage trading account are the result of changes in investments allocations and that excluding such transfers provides a useful measure of the Company’s cash flow.