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 2010 RESULTS
Net Income Up 45% in 2010

     Greenwich, CT, February 2, 2011 — W. R. Berkley Corporation (NYSE: WRB) today reported net income for 2010 of $449 million, or $2.90 per share, compared with $309 million, or $1.86 per share, for 2009. Operating income for 2010 was $418 million, or $2.69 per share, compared with $447 million, or $2.68 per share, for 2009. Net income for the fourth quarter of 2010 was $127 million, or 85 cents per share, compared with $134 million, or 81 cents per share, for the fourth quarter of 2009. Operating income for the fourth quarter of 2010 was $102 million, or 68 cents per share, compared with $118 million, or 71 cents per share, for the corresponding quarter of 2009. 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)

		Fourth Quarter								Full Year
		2010				2009				2010				2009
Gross premiums written		$	1,055,093			$	953,880			$	4,416,077			$	4,253,439
Net premiums written			918,916				828,382				3,850,926				3,730,095
Net income			126,851				134,294				449,287				309,057
Net income per diluted share			0.85				0.81				2.90				1.86
Operating income			101,671				117,768				417,725				446,740
Operating income per diluted share			0.68				0.71				2.69				2.68

W. R. Berkley Corporation		Page 2

Fourth quarter highlights included:

	•		Net premiums written increased 11%.
	•		GAAP combined ratio was 94.1%.
	•		Net income return on equity was 14.1%.
	•		Book value per share was $26.26.
	•		Repurchased 4.8 million shares of common stock at an average cost of $27.19 per share and an aggregate cost of $130 million.

     Commenting on the Company’s performance, William R. Berkley, chairman and chief executive officer, said: “The Company once again delivered good results in the fourth quarter in spite of the competitive marketplace, with a return on equity for the quarter of 14%. Over the past four years, we have repurchased over 30% of our common stock while maintaining substantial financial flexibility.

     “Our net premiums written grew by eleven percent in the quarter. This growth came mainly from our business written outside the U.S., with modest domestic growth driven by our newer units. Overall, rates are relatively flat. We have been able to increase rates in some of our units, and with the slowly improving economy, we have seen a modest increase in our exposure base.

     “Investment income was in line with our expectations. During the quarter, we purchased more dividend paying common stocks and took advantage of short-term market inefficiencies that offered us investment opportunities with favorable returns. Our asset quality remains outstanding and our portfolio had over $516 million in unrealized gains as of December 31, 2010. We continue to maintain a healthy level of liquidity to allow us to be opportunistic in the future.

     “Current premium rates are at unsustainably low levels. Existing inadequate pricing combined with declining investment returns will result in an overall lack of industry profitability.

     “Whether the cycle turns this quarter or next, our strategy remains unchanged: find outstanding people; provide them with the platform and resources they require to build a business; and select places in the domestic and global marketplace that offer the best opportunities. It is W. R. Berkley’s long-term commitment and stability, along with these outstanding people, that attracts agents and brokers to be our underwriting partners.

     “While 2011 will undoubtedly continue to be challenging for the industry, the Company is well-positioned to navigate the current environment and to capitalize on the hard market when it returns,” Mr. Berkley concluded.

W. R. Berkley Corporation		Page 3

Webcast Conference Call

     The Company will hold its quarterly conference call with analysts and investors to discuss its earnings and other information on Wednesday, February 2, 2011 at 5:30 p.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 2011 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; 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 impact of significant competition; the potential impact of the economic downturn, and any legislative, regulatory, accounting or other initiatives taken in response to it, on our results and financial condition; the uncertain nature of damage theories and loss amounts; natural and man-made catastrophic losses, including as a result of terrorist activities; 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 Programs Reauthorization Act of 2007; 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; 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 2011 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.

# # #

W. R. Berkley Corporation		Page 4

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

		Fourth Quarter								Full Year
		2010				2009				2010				2009
Revenues:
Net premiums written		$	918,916			$	828,382			$	3,850,926			$	3,730,095
Change in unearned premiums			70,680				103,947				(15,344	)			75,754
Net premiums earned			989,596				932,329				3,835,582				3,805,849
Net investment income			133,477				141,181				538,698				552,561
Income (losses) from investment funds			4,613				4,999				(8,173	)			(173,553	)
Insurance service fees			21,355				19,366				85,405				93,245
Net investment gains (losses):
Net realized gains on investment sales			39,431				32,243				65,786				104,453
Other-than-temporary impairments			(5,500	)			(12,279	)			(9,205	)			(151,727	)
Less other-than-temporary impairments recognized in other comprehensive income			—				457				—				8,866
Net investment gains (losses)			33,931				20,421				56,581				(38,408	)
Revenues from wholly-owned investees			47,966				57,301				214,454				189,347
Other income			404				553				1,522				2,137
Total revenues			1,231,342				1,176,150				4,724,069				4,431,178
Expenses:
Losses and loss expenses			591,512				543,031				2,309,867				2,336,707
Other operating costs and expenses			388,355				364,855				1,496,362				1,440,838
Expenses from wholly-owned investees			47,695				56,820				207,566				183,414
Interest expense			28,189				25,953				106,969				87,989
Total expenses			1,055,751				990,659				4,120,764				4,048,948
Income before income taxes			175,591				185,491				603,305				382,230
Income tax expense			(48,699	)			(51,347	)			(153,739	)			(73,150	)
Net income before noncontrolling interests			126,892				134,144				449,566				309,080
Noncontrolling interests			(41	)			150				(279	)			(23	)
Net income to common stockholders		$	126,851			$	134,294			$	449,287			$	309,057
Net income per share:
Basic		$	0.88			$	0.84			$	3.02			$	1.93
Diluted		$	0.85			$	0.81			$	2.90			$	1.86
Average shares outstanding:
Basic			143,400				159,873				148,752				160,357
Diluted			150,033				166,193				155,081				166,574

W. R. Berkley Corporation		Page 5

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

		Fourth Quarter								Full Year
		2010				2009				2010				2009
Specialty:
Gross premiums written		$	394,640			$	352,050			$	1,525,856			$	1,464,205
Net premiums written			336,643				298,699				1,311,831				1,260,451
Premiums earned			332,668				323,730				1,288,373				1,354,355
Pre-tax income			83,809				71,031				296,645				220,906
Loss ratio			56.3	%			61.2	%			58.3	%			61.9	%
Expense ratio			32.7	%			32.4	%			32.7	%			31.1	%
GAAP combined ratio			89.0	%			93.6	%			91.0	%			93.0	%
Regional:(2)
Gross premiums written		$	270,774			$	278,110			$	1,160,136			$	1,229,786
Net premiums written			241,656				244,238				1,044,347				1,081,100
Premiums earned			268,535				272,983				1,066,922				1,116,871
Pre-tax income			26,938				45,749				117,353				106,078
Loss ratio			60.9	%			55.3	%			60.7	%			61.4	%
Expense ratio			36.8	%			36.4	%			35.9	%			34.2	%
GAAP combined ratio			97.7	%			91.7	%			96.6	%			95.6	%
Alternative Markets:
Gross premiums written		$	130,199			$	110,422			$	702,717			$	664,749
Net premiums written			102,480				95,222				582,045				589,637
Premiums earned			149,349				145,024				608,191				597,932
Pre-tax income			40,044				52,767				178,607				162,875
Loss ratio			72.7	%			61.0	%			67.6	%			63.4	%
Expense ratio			24.9	%			27.0	%			25.6	%			25.8	%
GAAP combined ratio			97.6	%			88.0	%			93.2	%			89.2	%
Reinsurance:(2)
Gross premiums written		$	101,497			$	100,116			$	425,297			$	455,968
Net premiums written			96,407				92,574				401,239				423,425
Premiums earned			111,040				104,586				419,356				411,511
Pre-tax income			38,837				35,870				129,922				86,358
Loss ratio			50.3	%			54.3	%			52.5	%			57.9	%
Expense ratio			39.7	%			38.5	%			41.0	%			39.1	%
GAAP combined ratio			90.0	%			92.8	%			93.5	%			97.0	%
International:(2)
Gross premiums written		$	157,983			$	113,182			$	602,071			$	438,731
Net premiums written			141,730				97,649				511,464				375,482
Premiums earned			128,004				86,006				452,740				325,180
Pre-tax income			1,503				6,335				21,174				22,719
Loss ratio			59.4	%			56.6	%			61.8	%			59.9	%
Expense ratio			39.1	%			43.3	%			40.4	%			40.2	%
GAAP combined ratio			98.5	%			99.9	%			102.2	%			100.1	%

W. R. Berkley Corporation		Page 6

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

		Fourth Quarter								Full Year
		2010				2009				2010				2009
Corporate and Eliminations:
Net investment gains (losses)		$	33,931			$	20,421			$	56,581			$	(38,408	)
Interest expense			(28,189	)			(25,953	)			(106,969	)			(87,989	)
Other revenues and expenses (3)			(21,282	)			(20,729	)			(90,008	)			(90,309	)
Pre-tax loss			(15,540	)			(26,261	)			(140,396	)			(216,706	)
Consolidated:
Gross premiums written		$	1,055,093			$	953,880			$	4,416,077			$	4,253,439
Net premiums written			918,916				828,382				3,850,926				3,730,095
Premiums earned			989,596				932,329				3,835,582				3,805,849
Pre-tax income			175,591				185,491				603,305				382,230
Loss ratio			59.8	%			58.2	%			60.2	%			61.4	%
Expense ratio			34.3	%			34.4	%			34.3	%			32.8	%
GAAP combined ratio			94.1	%			92.6	%			94.5	%			94.2	%

W. R. Berkley Corporation		Page 7

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

		December 31,
		2010				2009
Net invested assets (1)		$	13,918,768			$	13,726,213
Total assets			17,528,547				17,328,596
Reserves for losses and loss expenses			9,016,549				9,071,671
Senior notes and other debt			1,500,419				1,345,481
Junior subordinated debentures			242,784				249,793
Common stockholders’ equity (2) (3)			3,702,876				3,596,067
Common stock outstanding (3)			141,010				156,552
Common stockholders’ equity per share (3)			26.26				22.97

W. R. Berkley Corporation		Page 8

Supplemental Information
(Amounts in thousands)

		Fourth Quarter								Full Year
		2010				2009				2010				2009
Reconciliation of operating income to net income:
Operating income (1)		$	101,671			$	117,768			$	417,725			$	446,740
Investment gains (losses), net of tax			22,218				13,276				36,874				(24,874	)
Income (losses) from investment funds, net of tax			2,962				3,250				(5,312	)			(112,809	)
Net income		$	126,851			$	134,294			$	449,287			$	309,057
Return on equity:
Net income (2)			14.1	%			17.6	%			12.5	%			10.1	%
Operating income (1) (2)			11.3	%			15.5	%			11.6	%			14.7	%
Cash flow:
Cash flow from operations before cash transfers to trading account (3) (4)		$	60,600			$	150,757			$	451,317			$	699,395
Cash transfers to trading account			—				—				—				(383,341	)
Cash flow from operations		$	60,600			$	150,757			$	451,317			$	316,054
Other operating costs and expenses:
Underwriting expenses		$	338,941			$	320,919			$	1,314,483			$	1,248,463
Service expenses			17,930				16,001				72,372				78,331
Net foreign currency losses			7,753				2,885				2,126				4,213
Other costs and expenses			23,731				25,050				107,381				109,831
Total		$	388,355			$	364,855			$	1,496,362			$	1,440,838

W. R. Berkley Corporation		Page 9

Investment Portfolio
December 31, 2010
(Amounts in thousands)

		Carrying				Percent
		Value				of Total
Fixed maturity securities:
United States government and government agencies		$	1,347,875				9.7	%
State and municipal:
Special revenue			2,204,898				15.8	%
State general obligation			1,067,012				7.7	%
Local general obligation			424,188				3.0	%
Pre-refunded			1,468,700				10.6	%
Corporate backed			368,646				2.7	%
Total state and municipal (2)			5,533,444				39.8	%
Mortgage-backed securities:
Agency			1,058,216				7.6	%
Residential — Prime			265,381				1.9	%
Residential — Alt A			73,581				0.5	%
Commercial			53,670				0.4	%
Total mortgage-backed securities			1,450,848				10.4	%
Corporate:
Industrial			1,112,855				8.0	%
Financial			671,298				4.8	%
Utilities			187,204				1.3	%
Asset-backed			285,117				2.1	%
Other			128,783				0.9	%
Total corporate			2,385,257				17.1	%
Foreign government and foreign government agencies			491,730				3.5	%
Total fixed maturity securities (2)			11,209,154				80.5	%
Equity securities available for sale:
Preferred stocks
Financial			101,900				0.7	%
Real estate			89,446				0.6	%
Utilities			53,651				0.4	%
Common stocks			316,056				2.3	%
Total equity securities available for sale			561,053				4.0	%
Arbitrage trading account			359,192				2.6	%
Investment in arbitrage funds			60,660				0.4	%
Investment funds			451,751				3.3	%
Loans receivable			353,583				2.6	%
Cash and cash equivalents (1)			923,375				6.6	%
Net invested assets		$	13,918,768				100.0	%

W. R. Berkley Corporation		Page 10

State and Municipal Bonds
December 31, 2010
(Amounts in thousands)

		Carrying				Percent
		Value				of Total
General obligation (1)
Washington		$	145,283				2.6	%
New Jersey			119,786				2.2	%
Virginia			118,205				2.1	%
Ohio			116,902				2.1	%
New York			106,738				1.9	%
Pennsylvania			76,199				1.4	%
North Carolina			75,858				1.4	%
Texas			72,929				1.3	%
Maryland			62,603				1.1	%
Oregon			63,372				1.1	%
Massachusetts			62,108				1.1	%
California			61,961				1.1	%
Tennessee			48,009				0.9	%
Minnesota			34,934				0.6	%
Illinois			32,901				0.6	%
Georgia			31,335				0.6	%
Oklahoma			26,906				0.5	%
Wisconsin			26,615				0.5	%
Others under $25 million			208,556				3.8	%
Total (1)			1,491,200				26.9	%
Special revenue (2)			2,204,898				39.9	%
Pre-refunded (3)			1,468,700				26.5	%
Corporate backed			368,646				6.7	%
Total		$	5,533,444				100.0	%