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W.R. BERKLEY ANNOUNCES RESULTS OF OPERATIONS FOR THE SECOND QUARTER AND FIRST SIX MONTHS OF 1992

 W.R. BERKLEY ANNOUNCES RESULTS OF OPERATIONS FOR
 THE SECOND QUARTER AND FIRST SIX MONTHS OF 1992
 GREENWICH, Conn., July 30 /PRNewswire/ -- W. R. Berkley Corporation (NASDAQ: BKLY), an insurance holding company, today announced that net income for the quarter ended June 30, 1992, increased to $12,681,000 (71 cents per share) from $11,834,000 (66 cents per share) recorded in he comparable prior year period. For the first six months of 1992, net income was $27,216,000 ($1.52 per share) compared with $22,396,000 ($1.26 per share) earned during the corresponding 1991 period.
 Operating income, which we define as net income minus realized investment gains or losses, was $11,829,000 (66 cents per share) and $25,368,000 ($1.42 per share) for the 1992 quarterly and year-to-date periods. The corresponding 1991 amounts were $11,933,000 (67 cents per share) and $25,769,000 ($1.45 per share), respectively.
 Total revenues (excluding investment gains or losses) of $140,961,000 and $282,132,000 for the second quarter and first six months of 1992 represented increases of 2 percent and 3 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 quarter and year-to-date 1992 periods were $107,261,000 and $209,550,000, respectively. These amounts were essentially unchanged from the comparable 1991 figures as the company's subsidiaries maintained pricing discipline in a competitive insurance market.
 William R. Berkley, chairman of the board and chief executive officer, noted that the 1992 operating results were achieved under generally difficult insurance operating conditions. Mr. Berkley stated, "Despite the presence of an unfavorable business and intense competition in the property casualty industry, we continue to improve and prudently expand our operations without diminishing the integrity of our balance sheet. The recent expansion of our regional and insurance services segments into the state of Maine is just one of several opportunities that we believe will allow us to expand profitability even under the current difficult market conditions."
 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).
 W.R. BERKLEY CORPORATION
 (Amounts in thousands except per share data)
 Periods ended Three months Six months
 Jude 30 1992 1991 1992 1991
 Revenues:
 Net premiums written $107,261 $110,047 $209,550 $207,966
 Increase in unearned premiums (2,923) (7,038) (1,575) (3,173)
 Premiums earned 104,338 103,009 207,975 204,793
 Net investment income 23,345 21,338 47,041 42,301
 Management fees and
 commission income earned 13,018 12,869 26,662 25,005
 Realized gains (losses)
 on investments 852 (99) 1,848 (3,373)
 Other income 260 437 454 1,688
 Total revenues 141,813 137,554 283,980 270,414
 Operating costs and expenses:
 Losses and loss expenses (76,357) (76,318) (149,590) (147,642)
 Other operating costs
 and expenses (45,265) (43,519) (91,700) (87,790)
 Interest expense (4,895) (2,633) (9,474) (5,186)
 Income before Federal
 income taxes 15,296 15,084 33,216 29,796
 Federal income tax provision (2,615) (3,250) (6,000) (7,400)
 Net income(A) $12,681 $11,834 $27,216 $22,396
 Net income per share (A) $.71 $.66 $1.52 $1.26
 Average shares outstanding 17,927 17,868 17,918 17,829
 (A) -- Results of operations include realized investment gains of $852,000 (5 cents per share) and $1,848,000 (10 cents per share) for the three and six months ended June 30, 1992, respectively. For the comparable 1991 periods, results of operations include realized investment losses of ($99,000) ((1 cent) per share) and ($3,373,000) ((19 cents) per share), respectively.
 -0- 7/30/92
 /CONTACT: John D. Vollaro, executive vice president of W. R. Berkley, 203-629-2880/
 (BKLY) CO: W. R. Berkley Corporation ST: Connecticut IN: INS SU: ERN


SH-TS -- NY032 -- 5057 07/30/92 11:38 EDT
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Date:Jul 30, 1992
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