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W. R. BERKLEY CORPORATION ANNOUNCES RESULTS OF OPERATIONS FOR THE FIRST NINE MONTHS AND THIRD QUARTER OF 1992

 W. R. BERKLEY CORPORATION ANNOUNCES RESULTS OF OPERATIONS
 FOR THE FIRST NINE MONTHS AND THIRD QUARTER OF 1992
 GREENWICH, Conn., Nov. 6 /PRNewswire/ -- W. R. Berkley Corporation (NASDAQ: BKLY), an insurance holding company, today announced that net income for the first nine months of 1992 was $37,093,000 ($2.07 per share) compared with $35,485,000 ($1.99 per share) earned during the corresponding 1991 period. For the quarter ended Sept. 30, 1992 net income was $9,877,000 ($.55 per share) in comparison with $13,089,000 ($.73 per share) recorded in the comparable prior year period. Catastrophe losses resulting from hurricanes Andrew and Iniki reduced the 1992 year-to-date and third quarter results on an after-tax basis by $2,632,000 ($.15 per share).
 Operating income, which we define as net income minus realized investment gains or losses, was $34,696,000 ($1.96 per share) and $9,328,000 ($.52 per share) for the 1992 year-to-date and quarterly periods. The corresponding 1991 amounts were $38,301,000 ($2.15 per share) and $12,532,000 ($.70 per share), respectively.
 Total revenues (excluding investment gains or losses) of $423,276,000 and $141,144,000 for the first nine months and third quarter of 1992 represented increases of 3 percent and 2 percent, respectively, from the comparable 1991 levels. These increases resulted primarily from growth in investment income attributable to income earned on the proceeds of $100 million of senior debt issued in January 1992. Net premiums written for the 1992 year-to-date and quarterly periods were $318,968,000 and $109,418,000, respectively. These amounts represented slight decreases from the comparable 1991 figures as the company's subsidiaries maintained pricing discipline in an insurance market that remains highly competitive.
 William R. Berkley, chairman of the board and chief executive officer, commenting on recent developments affecting the property casualty insurance industry, said, "Several recent events, including the well-publicized hurricanes, have had a substantial adverse impact on the property casualty industry but a more modest effect on our company. Although these events have had a significant influence on the industry, they alone are not likely to bring about the end of the current cycle of intense price competition. We believe that, although uneconomic price competition remains a problem in many segments of our industry, the end of the current 'soft market' is now clearly visible. We will continue to preserve our capital and maintain our underwriting and pricing discipline as we await the inevitable improvement in the operating environment. Upon its arrival, we will be ready to take maximum advantage of the significant opportunities we foresee for profitable growth."
 W. R. Berkley Corporation is a holding company which operates, through its subsidiaries, in three segments of the insurance business: regional property casualty insurance; specialty lines of insurance (including excess and surplus lines, commercial transportation and reinsurance); and insurance services operations (including management of alternative insurance market mechanisms).
 The comparative figures are as follows:
 W. R. BERKLEY CORPORATION
 (Amounts in thousands, except per share data)
 Period ended Three months Nine months
 Sept. 30 1992 1991 1992 1991
 Revenues:
 Net premiums written $109,418 $111,756 $318,968 $319,722
 Increase in unearned
 premiums (5,231) (7,489) (6,806) (10,662)
 Premiums earned 104,187 104,267 312,162 309,060
 Net investment income 22,365 21,240 69,406 63,541
 Management fees and
 commission income earned 14,230 13,031 40,892 38,036
 Realized gains (losses)
 on investments 549 557 2,397 (2,816)
 Other income 362 558 816 2,246
 Total revenues 141,693 139,653 425,673 410,067
 Operating costs and expenses:
 Losses and loss expenses (79,498) (75,421) (229,088) (223,063)
 Other operating costs
 and expenses (46,422) (45,077) (138,122) (132,867)
 Interest expense (4,896) (2,716) (14,370) (7,902)
 Income before federal
 income taxes 10,877 16,439 44,093 46,235
 Federal income tax
 provision (1,000) (3,350) (7,000) (10,750)
 Net income (A) 9,877 13,089 37,093 35,485
 Net income per share(A) .55 .73 2.07 1.99
 Average shares outstanding 17,940 17,893 17,926 17,851
 (A) Results of operations include realized gains on investments of $549,000 ($.03 per share) and $2,397,000 ($.13 per share) for the three and nine months ended Sept. 30, 1992, respectively. For the comparable 1991 periods, results of operations include realized investment gains (losses) on investments of $557,000 ($.03 per share) and ($2,816,000) (($.16) per share), respectively.
 -0- 11/6/92
 /CONTACT: John D. Vollaro, executive vice president of W.R. Berkley Corporation, 203-629-2880/
 (BKLY) CO: W. R. Berkley Corporation ST: Connecticut IN: INS SU: ERN


SH-OS -- NY001 -- 8091 11/06/92 10:04 EST
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Date:Nov 6, 1992
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