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W. R. Berkley Corporation Announces Estimate of Third Quarter Catastrophe Losses

^{Published on 2011-10-10 05:10:16 - Market Wire}
 

GREENWICH, Conn.--([ BUSINESS WIRE ])--W. R. Berkley Corporation (NYSE: WRB) today announced that its estimate of catastrophe losses in the third quarter of 2011 is $50 million to $60 million, before tax. The Company's loss estimate is net of reinsurance recoveries and is inclusive of reinstatement premiums.

The Company will release its third quarter 2011 earnings after the market closes on Wednesday, October 26, 2011. A copy of the earnings release will be available on the Company's website at [ www.wrberkley.com ].

The Company has scheduled 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. A live audio webcast of the conference call may be accessed via the Company's website at [ www.wrberkley.com ]. A recording of the conference call will be available on the Company's website approximately two hours after the end of the call.

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.

This is a "Safe Harbor" Statement under the Private Securities Litigation Reform Act of 1995. Any forward-looking statements contained herein 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. In particular, statements and estimates with respect to the catastrophe losses in third quarter 2011 are preliminary and subject to revision as we obtain additional information. Any forward-looking information is subject to various risks and uncertainties, including but not limited to, the long-tail and potentially volatile nature of the insurance and reinsurance business, claims development and the process of estimating reserves, the uncertain nature of damage theories and loss amounts, natural and man-made catastrophic losses, including as a result of terrorist activities, the ability of our reinsurers to pay reinsurance recoverables owed to us, and other risks detailed from time to time in the Company's filings with the Securities and Exchange Commission. These risks could cause actual results of the industry or our actual results for the year 2011 and beyond to differ materially from those expressed in any forward-looking statement made by or on behalf of the Company. Any projections of growth in the Company's 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.