Exhibit 99.1

W. R. Berkley Corporation		NEWS RELEASE
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 THIRD QUARTER RESULTS
Net Premiums Written Increased 14%

     Greenwich, CT, October 26, 2011 — W. R. Berkley Corporation (NYSE: WRB) today reported net income for the third quarter of 2011 of $77 million, or 53 cents per share, compared with $94 million, or 61 cents per share, for the third quarter of 2010.

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

		Third Quarter								Nine Months
		2011				2010				2011				2010
Gross premiums written		$	1,306,300			$	1,121,395			$	3,821,434			$	3,360,984
Net premiums written			1,126,139				986,706				3,266,857				2,932,010
Net income			77,308				93,619				276,877				322,436
Net income per diluted share			0.53				0.61				1.89				2.05
Operating income (1)			63,524				90,255				229,967				307,780
Operating income per diluted share			0.44				0.59				1.57				1.96

W. R. Berkley Corporation		Page 2

Third quarter highlights included:

	•		Premiums written increased 14% on a net basis and 16% on a gross basis.
	•		Average premium rates increased 3%.
	•		GAAP combined ratio was 99.1% including catastrophe losses and 94.3% excluding catastrophe losses.
	•		The Company repurchased 4 million shares of common stock at an average cost of $29.70 per share and an aggregate cost of $118 million.

     Commenting on the Company’s performance, William R. Berkley, chairman and chief executive officer, said: “We are pleased with our third quarter results, especially given the level of catastrophe activity, the difficult economic environment and historically low interest rates. Our net written premiums increased by more than 14% in the quarter as our operating units found opportunities to grow profitably. The visibility of a cycle change is even more evident, with prices for the quarter up three percent over last year. We believe that price increases and premium volume growth will continue.

     “Our investment results continue to be more than satisfactory. The yield on our fixed income portfolio is approximately the same as it was a year ago. While we anticipate more volatility in the balance of the portfolio from quarter to quarter, we do not expect our investment returns over a longer period of time to vary significantly from historical levels.

     “While some industry observers suggest that excess capital is a major restraint on pricing levels, history does not support their perception. Capital has never been the primary driver of cyclical change in the business; it has merely added impetus or restraint. Given the current interest rate environment, the industry needs significant price increases in nearly all lines of business in order to achieve even minimally adequate returns.

     “We are confident that our results will benefit from the improving market conditions as well as our focus on optimizing risk adjusted returns and increasing book value for our shareholders,” 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 Thursday, October 27, 2011 at 9:30 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 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, real estate, merger arbitrage and private equity investments; the impact of significant competition; the uncertain nature of damage theories and loss amounts; natural and man-made catastrophic losses, including as a result of terrorist activities; 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 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 key personnel and 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 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		Page 4

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

		Third Quarter								Nine Months
		2011				2010				2011				2010
Revenues:
Net premiums written		$	1,126,139			$	986,706			$	3,266,857			$	2,932,010
Change in unearned premiums			(70,316	)			(19,409	)			(211,293	)			(86,024	)
Net premiums earned			1,055,823				967,297				3,055,564				2,845,986
Net investment income			114,063				119,143				409,261				392,435
Insurance service fees			22,279				22,175				69,487				64,050
Net investment gains:
Net realized gains on sales			21,238				6,327				73,812				26,355
Other-than-temporary impairments			—				(1,123	)			(400	)			(3,705	)
Net investment gains			21,238				5,204				73,412				22,650
Revenues from wholly-owned investees			65,922				61,983				175,943				166,488
Other income			406				310				1,364				1,118
Total revenues			1,279,731				1,176,112				3,785,031				3,492,727
Expenses:
Losses and loss expenses			683,980				597,907				1,965,351				1,718,355
Other operating costs and expenses			405,850				369,217				1,193,040				1,108,007
Expenses from wholly-owned investees			64,388				60,963				174,059				159,871
Interest expense			28,068				26,725				84,317				78,780
Total expenses			1,182,286				1,054,812				3,416,767				3,065,013
Income before income taxes			97,445				121,300				368,264				427,714
Income tax expense			(20,176	)			(27,631	)			(91,485	)			(105,040	)
Net income before noncontrolling interests			77,269				93,669				276,779				322,674
Noncontrolling interests			39				(50	)			98				(238	)
Net income to common stockholders		$	77,308			$	93,619			$	276,877			$	322,436
Net income per share:
Basic		$	0.56			$	0.64			$	1.97			$	2.14
Diluted		$	0.53			$	0.61			$	1.89			$	2.05
Average shares outstanding:
Basic			138,816				147,079				140,535				150,556
Diluted			144,538				154,160				146,553				157,054

W. R. Berkley Corporation		Page 5

Operating Results by Segment
(Amounts in thousands, except ratios (1) (2))

		Third Quarter								Nine Months
		2011				2010				2011				2010
Specialty:
Gross premiums written		$	454,560			$	383,877			$	1,344,139			$	1,131,216
Net premiums written			382,541				330,985				1,146,091				975,188
Premiums earned			367,417				326,239				1,047,567				955,705
Pre-tax income			71,046				61,989				238,979				212,836
Loss ratio			58.3	%			61.6	%			57.8	%			59.0	%
Expense ratio			32.7	%			32.0	%			32.7	%			32.7	%
GAAP combined ratio			91.0	%			93.6	%			90.5	%			91.7	%
Regional:
Gross premiums written		$	301,542			$	300,010			$	881,224			$	889,362
Net premiums written			277,177				272,116				817,380				802,691
Premiums earned			267,142				268,089				795,423				798,387
Pre-tax income (loss)			(10,700	)			22,946				(1,381	)			90,415
Loss ratio			74.2	%			62.6	%			71.5	%			60.7	%
Expense ratio			35.7	%			35.6	%			36.0	%			35.5	%
GAAP combined ratio			109.9	%			98.2	%			107.5	%			96.2	%
Alternative Markets:
Gross premiums written		$	222,423			$	184,568			$	656,062			$	572,518
Net premiums written			174,744				152,068				497,117				479,565
Premiums earned			156,820				148,830				454,156				458,842
Pre-tax income			33,076				42,007				116,285				138,563
Loss ratio			70.9	%			68.0	%			71.9	%			65.9	%
Expense ratio			26.7	%			26.0	%			26.7	%			25.8	%
GAAP combined ratio			97.6	%			94.0	%			98.6	%			91.7	%
Reinsurance:
Gross premiums written		$	118,266			$	102,785			$	337,696			$	323,800
Net premiums written			113,620				98,428				319,524				304,832
Premiums earned			103,906				103,126				315,220				308,316
Pre-tax income			16,134				26,508				66,857				91,085
Loss ratio			61.5	%			53.7	%			60.9	%			53.3	%
Expense ratio			40.9	%			39.5	%			40.7	%			41.4	%
GAAP combined ratio			102.4	%			93.2	%			101.6	%			94.7	%
International:
Gross premiums written		$	209,509			$	150,155			$	602,313			$	444,088
Net premiums written			178,057				133,109				486,745				369,734
Premiums earned			160,538				121,013				443,198				324,736
Pre-tax income			14,182				12,712				28,208				19,671
Loss ratio			60.0	%			60.1	%			61.6	%			62.8	%
Expense ratio			38.9	%			38.3	%			39.7	%			40.9	%
GAAP combined ratio			98.9	%			98.4	%			101.3	%			103.7	%

W. R. Berkley Corporation		Page 6

Operating Results by Segment (Continued)
(Amounts in thousands, except ratios(1) (2))

		Third Quarter								Nine Months
		2011				2010				2011				2010
Corporate and Eliminations:
Net investment gains		$	21,238			$	5,204			$	73,412			$	22,650
Interest expense			(28,068	)			(26,725	)			(84,317	)			(78,780	)
Other revenues and expenses (3)			(19,463	)			(23,341	)			(69,779	)			(68,726	)
Pre-tax loss			(26,293	)			(44,862	)			(80,684	)			(124,856	)
Consolidated:
Gross premiums written		$	1,306,300			$	1,121,395			$	3,821,434			$	3,360,984
Net premiums written			1,126,139				986,706				3,266,857				2,932,010
Premiums earned			1,055,823				967,297				3,055,564				2,845,986
Pre-tax income			97,445				121,300				368,264				427,714
Loss ratio			64.8	%			61.8	%			64.3	%			60.4	%
Expense ratio			34.3	%			33.6	%			34.5	%			34.3	%
GAAP combined ratio			99.1	%			95.4	%			98.8	%			94.7	%

W. R. Berkley Corporation		Page 7

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

		September 30, 2011				December 31, 2010
Net invested assets (1)		$	14,352,064			$	13,918,768
Total assets			18,330,821				17,528,547
Reserves for losses and loss expenses			9,261,584				9,016,549
Senior notes and other debt			1,501,773				1,500,419
Junior subordinated debentures			242,945				242,784
Common stockholders’ equity (2)(3)			3,862,393				3,702,876
Common stock outstanding (3)			137,082				141,010
Common stockholders’ equity per share (3)			28.18				26.26

W. R. Berkley Corporation		Page 8

Supplemental Information
(Amounts in thousands)

		Third Quarter								Nine Months
		2011				2010				2011				2010
Reconciliation of operating income to net income:
Operating income (1)		$	63,524			$	90,255			$	229,967			$	307,780
Investment gains, net of tax			13,784				3,364				46,910				14,656
Net income		$	77,308			$	93,619			$	276,877			$	322,436
Return on equity (2)			8.4	%			10.4	%			10.0	%			12.0	%
Cash flow from operations		$	268,851			$	204,047			$	485,243			$	390,717
Other operating costs and expenses:
Underwriting expenses		$	362,590			$	325,340			$	1,055,589			$	975,542
Service expenses			18,873				17,487				55,764				54,442
Net foreign currency gains			(2,700	)			(1,916	)			(2,171	)			(5,627	)
Other costs and expenses			27,087				28,306				83,858				83,650
Total		$	405,850			$	369,217			$	1,193,040			$	1,108,007

W. R. Berkley Corporation		Page 9

Investment Portfolio
September 30, 2011
(Amounts in thousands)

		Carrying				Percent
		Value				of Total
Fixed maturity securities:
United States government and government agencies		$	1,073,737				7.5	%
State and municipal:
Special revenue			2,114,164				14.7	%
Pre-refunded			1,361,871				9.5	%
State general obligation			965,393				6.7	%
Corporate backed			480,074				3.3	%
Local general obligation			438,318				3.1	%
Total state and municipal (1)			5,359,820				37.3	%
Mortgage-backed securities:
Agency			1,155,843				8.0	%
Residential — Prime			243,817				1.7	%
Residential — Alt A			83,850				0.6	%
Commercial			55,277				0.4	%
Total mortgage-backed securities			1,538,787				10.7	%
Corporate:
Industrial			1,281,946				8.9	%
Financial			810,086				5.7	%
Asset-backed			323,099				2.3	%
Utilities			198,627				1.4	%
Other			106,689				0.7	%
Total corporate			2,720,447				19.0	%
Foreign government and foreign government agencies			537,979				3.7	%
Total fixed maturity securities (1)			11,230,770				78.2	%
Equity securities available for sale:
Common stocks			310,938				2.2	%
Preferred stocks
Financial			64,846				0.5	%
Utilities			44,591				0.3	%
Real estate			18,090				0.1	%
Total equity securities available for sale			438,465				3.1	%
Cash and cash equivalents (2)			1,116,332				7.8	%
Investment funds (3)			552,433				3.8	%
Real estate			346,015				2.4	%
Arbitrage trading account			327,883				2.3	%
Loans receivable			283,560				2.0	%
Investment in arbitrage funds			56,606				0.4	%
Net invested assets		$	14,352,064				100.0	%