Exhibit 99.1

W. R. Berkley Corporation
475 Steamboat Road
Greenwich, Connecticut 06830
(203) 629-3000 NEWS
RELEASE

FOR IMMEDIATE RELEASE	CONTACT:	Karen A. Horvath Vice President — External Financial Communications
		(203) 629-3000

W. R. BERKLEY CORPORATION REPORTS THIRD QUARTER RESULTS
Operating ROE 14.7%; Book Value per Share Up 9%

     Greenwich, CT, October 26, 2009 — W. R. Berkley Corporation (NYSE: WRB) today reported net income for the third quarter of 2009 of $98 million, or 59 cents per share, compared with a net loss of $28 million, or 17 cents per share, for the third quarter of 2008. Operating income for the third quarter of 2009 was $112 million, or 67 cents per share, compared with $103 million, or 63 cents per share, for the corresponding quarter of 2008. Operating income is a non-GAAP financial measure defined by the Company as net income excluding income and losses from investment funds and net investment gains and losses.

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

	Third Quarter					Nine Months
	2009		2008			2009		2008
Gross premiums written	$	1,096,740	$	1,120,134		$	3,299,559	$	3,520,117
Net premiums written		969,329		996,333			2,901,713		3,145,447
Net income (loss)		97,722		(27,880	)		174,763		240,815
Net income (loss) per diluted share		0.59		(0.17	)		1.05		1.37
Operating income		111,746		102,546			328,972		391,283
Operating income per diluted share		0.67		0.63			1.97		2.23

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Third quarter highlights included:

• Annualized operating return on equity was 14.7%.

• Book value per share increased by 9% to $22.42.

• Investment income increased 15%.

• GAAP combined ratio was 95.0%.

• Cash flow from operations was $268 million (before cash transferred to investment trading account).

     Commenting on the Company’s activities, William R. Berkley, chairman and chief executive officer, said: “We were pleased with our third quarter results. Investment income increased by 15%, the combined ratio was 95% and the operating return on equity was 14.7%. Our balanced approach to managing the insurance cycle and our overall conservative risk management have enabled us to meet our risk-adjusted return objectives, even as we approach the bottom of the insurance cycle.

     “Our capital position is exceptionally strong, and we have approximately $500 million of available liquidity at the holding company. The duration of the investment portfolio continues to be slightly shorter than the duration of our liabilities, while maintaining an average credit quality of AA.

     “Although the insurance cycle has not yet turned, for the quarter pricing on renewal business year over year is down less than one half percent and our premium volume is down less than three percent. New business from our start-ups is, in part, offsetting premium declines from our established companies.

     “At current pricing levels with existing low interest rates, we believe the industry is operating at a net loss on an accident year basis; and a turn in the cycle is inevitable. We anticipate modest improvement in the economy and a turn in the insurance pricing environment in the first half of next year. We continue to believe that we will meet our objective of a return of 15% on equity,” 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 Tuesday, October 27, 2009 at 9:00 a.m. eastern time. The conference call will be webcast live on the Company’s website at www.wrberkley.com, and related charts will be posted there prior to the call. 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 2009 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 potential impact of the current conditions in the financial markets and the ongoing economic downturn on our results and financial condition, particularly if such conditions continue; the potential impact of current legislative, regulatory, accounting and other initiatives taken or which may be taken in response to the current conditions in the financial markets and the ongoing economic downturn; 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, merger arbitrage and private equity investments; 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 Programs Reauthorization Act of 2007; the ability of our reinsurers to pay reinsurance recoverables owed to us; the impact of current conditions in the financial markets and the ongoing economic downturn on our ability to raise debt or equity capital if needed; foreign currency and political risks relating to our international operations; other legislative and regulatory developments, including those related to alleged anti-competitive or other improper business practices in the insurance industry; 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 qualified employees; 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 2009 and beyond to differ materially from those expressed in any forward-looking statement we make. Any projections of growth in our 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)

	Third Quarter						Nine Months
	2009			2008			2009			2008
Revenues:
Net premiums written	$	969,329		$	996,333		$	2,901,713		$	3,145,447
Change in unearned premiums		(26,189	)		58,908			(28,193	)		108,814
Net premiums earned		943,140			1,055,241			2,873,520			3,254,261
Net investment income		141,029			122,345			411,380			423,449
Income (losses) from investment funds		(25,657	)		31,057			(178,552	)		28,389
Insurance service fees		22,039			25,628			73,879			77,501
Net investment gains (losses):
Net realized gains on investment sales		9,594			8,080			72,210			80,946
Other-than-temporary impairments		(5,316	)		(228,110	)		(139,448	)		(329,113	)
Portion of impairments reclassified to (from) other comprehensive income		(195	)		—			8,409			—
Net investment gains (losses)		4,083			(220,030	)		(58,829	)		(248,167	)
Revenues from wholly-owned investees		51,201			40,496			132,046			92,515
Other income		474			893			1,584			2,025
Total revenues		1,136,309			1,055,630			3,255,028			3,629,973
Expenses:
Losses and loss expenses		585,964			694,254			1,793,676			2,056,998
Other operating costs and expenses		353,122			358,580			1,075,983			1,115,002
Expenses from wholly-owned investees		49,849			39,337			126,594			90,615
Interest expense		21,599			20,251			62,036			64,391
Total expenses		1,010,534			1,112,422			3,058,289			3,327,006
Income (loss) before income taxes		125,775			(56,792	)		196,739			302,967
Income tax (expense) benefit		(27,987	)		28,964			(21,803	)		(61,915	)
Net income (loss) before noncontrolling interests		97,788			(27,828	)		174,936			241,052
Noncontrolling interests		(66	)		(52	)		(173	)		(237	)
Net income (loss) to common shareholders	$	97,722		$	(27,880	)	$	174,763		$	240,815
Net income (loss) per share:
Basic	$	0.61		$	(0.17	)	$	1.09		$	1.43
Diluted	$	0.59		$	(0.17	)	$	1.05		$	1.37
Average shares outstanding:
Basic		160,468			162,675			160,520			168,826
Diluted		166,736			162,675			166,765			175,369

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

	Third Quarter						Nine Months
	2009			2008			2009			2008
Specialty (2):
Gross premiums written	$	352,372		$	373,078		$	1,112,155		$	1,207,800
Net premiums written		300,512			335,782			961,752			1,109,508
Premiums earned		326,645			389,967			1,030,625			1,228,720
Pre-tax income		56,211			87,147			149,875			308,662
Loss ratio		63.8	%		62.9	%		62.2	%		59.9	%
Expense ratio		31.5	%		28.8	%		30.6	%		28.2	%
GAAP combined ratio		95.3	%		91.7	%		92.8	%		88.1	%
Regional (2):
Gross premiums written	$	311,430		$	343,016		$	951,676		$	1,077,644
Net premiums written		277,097			299,504			836,862			938,368
Premiums earned		276,369			306,892			843,888			927,585
Pre-tax income		30,287			17,894			60,329			80,973
Loss ratio		62.6	%		69.3	%		63.4	%		66.8	%
Expense ratio		33.1	%		32.5	%		33.5	%		31.9	%
GAAP combined ratio		95.7	%		101.8	%		96.9	%		98.7	%
Alternative Markets:
Gross premiums written	$	191,493		$	201,347		$	554,327		$	590,592
Net premiums written		169,214			178,634			494,415			517,447
Premiums earned		149,606			157,149			452,908			468,243
Pre-tax income		42,713			51,800			110,108			165,480
Loss ratio		63.9	%		64.8	%		64.1	%		62.2	%
Expense ratio		26.6	%		24.2	%		25.4	%		23.8	%
GAAP combined ratio		90.5	%		89.0	%		89.5	%		86.0	%
Reinsurance (2):
Gross premiums written	$	131,779		$	104,507		$	355,852		$	367,555
Net premiums written		122,963			99,368			330,851			347,960
Premiums earned		107,045			124,710			306,925			408,911
Pre-tax income		26,261			29,540			50,488			96,473
Loss ratio		57.1	%		68.9	%		59.1	%		66.1	%
Expense ratio		39.7	%		33.7	%		39.3	%		34.3	%
GAAP combined ratio		96.8	%		102.6	%		98.4	%		100.4	%
International:
Gross premiums written	$	109,666		$	98,186		$	325,549		$	276,526
Net premiums written		99,543			83,045			277,833			232,164
Premiums earned		83,475			76,523			239,174			220,802
Pre-tax income		9,496			13,440			16,384			31,365
Loss ratio		57.4	%		63.3	%		61.1	%		63.6	%
Expense ratio		41.0	%		36.7	%		39.1	%		37.7	%
GAAP combined ratio		98.4	%		100.0	%		100.2	%		101.3	%

(Continued)

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

	Third Quarter						Nine Months
	2009			2008			2009			2008
Corporate and Eliminations:
Net investment gains (losses)	$	4,083		$	(220,030	)	$	(58,829	)	$	(248,167	)
Interest expense		(21,599	)		(20,251	)		(62,036	)		(64,391	)
Other revenues and expenses (3)		(21,677	)		(16,332	)		(69,580	)		(67,428	)
Pre-tax loss		(39,193	)		(256,613	)		(190,445	)		(379,986	)
Total:
Gross premiums written	$	1,096,740		$	1,120,134		$	3,299,559		$	3,520,117
Net premiums written		969,329			996,333			2,901,713			3,145,447
Premiums earned		943,140			1,055,241			2,873,520			3,254,261
Pre-tax income (loss)		125,775			(56,792	)		196,739			302,967
Loss ratio		62.1	%		65.8	%		62.4	%		63.2	%
Expense ratio		32.9	%		30.3	%		32.3	%		30.0	%
GAAP combined ratio		95.0	%		96.1	%		94.7	%		93.2	%

(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 third quarters of 2009 and 2008, weather-related losses were $23 million and $62 million, respectively. For the first nine months of 2009 and 2008, weather-related losses were $59 million and $108 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)

	September 30,		December 31,
	2009		2008
Net invested assets (1)	$	13,725,103	$	12,522,360
Total assets		17,392,514		16,121,158
Reserves for losses and loss expenses		9,115,137		8,999,596
Senior notes and other debt		1,340,295		1,021,869
Junior subordinated debentures		249,742		249,584
Total equity (2) (3)		3,608,545		3,051,680
Common stockholders’ equity (4)		3,603,045		3,046,319
Common shares outstanding (4)		160,734		161,467
Common stockholders’ equity per share		22.42		18.87

(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)	The Company adopted FASB Statement 160, “Non-controlling Interests in Consolidated Financial Statements”, (Accounting Standards Codification Topic 810-10-65) effective January 1, 2009. This guidance requires that noncontrolling (minority) interests in a subsidiary be reported as equity in the consolidated financial statements. The presentation requirements were applied retrospectively to the 2008 financial statements. The effect of the adoption of this guidance was to increase total equity as of December 31, 2008 by $5 million.
(3)	After-tax unrealized investment gains were $249 million at September 30, 2009, compared with after-tax unrealized investment losses of $142 million at December 31, 2008. Unrealized currency translation losses were $45 million and $72 million as of September 30, 2009 and December 31, 2008, respectively.
(4)	During the first nine months of 2009, the Company repurchased 1.6 million shares of its common stock for $32 million.

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Supplemental Information
(Amounts in thousands)

	Third Quarter						Nine Months
	2009			2008			2009			2008
Reconciliation of operating income to net income (loss):
Operating income (1)	$	111,746		$	102,546		$	328,972		$	391,283
Investment gains (losses), net of tax		2,653			(143,020	)		(38,150	)		(161,328	)
Income (losses) from investment funds, net of tax		(16,677	)		20,187			(116,059	)		18,453
Effective tax rate adjustment		—			(7,593	)		—			(7,593	)
Net income (loss)	$	97,722		$	(27,880	)	$	174,763		$	240,815
Return on equity:
Net income (2)		12.8	%		N/M			7.6	%		8.9	%
Operating income (2)		14.7	%		11.4	%		14.4	%		14.5	%
Cash flow:
Cash flow from operations before cash transfers to/from trading account (3)	$	267,870		$	378,305		$	548,638		$	736,156
Cash transfers to/from trading account		(93,341	)		—			(383,341	)		50,000
Cash flow from operations	$	174,529		$	378,305		$	165,297		$	786,156
Other operating costs and expenses:
Underwriting expenses	$	310,618		$	320,184		$	927,544		$	976,598
Service expenses		19,770			21,513			62,330			66,009
Net foreign currency (gains) losses		(4,631	)		(4,021	)		1,328			(7,345	)
Other costs and expenses		27,365			20,904			84,781			79,740
Total	$	353,122		$	358,580		$	1,075,983		$	1,115,002

(1)	Operating income is a non-GAAP financial measure defined by the Company as net income (loss) excluding income or losses from investment funds and net investment gains and losses. The Company refined its definition of operating income beginning with the second quarter of 2009. Management believes that excluding income and losses from investment funds and net 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)	Return on equity represents net income and net operating income expressed on an annualized basis as a percentage of beginning of year stockholders’ equity.
(3)	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 investment allocations and that excluding such transfers provides a useful measure of the Company’s cash flow.