Exhibit



	NEWS RELEASE
W. R. Berkley Corporation 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 Income of $162 Million; Return on Equity of 12.0%

Greenwich, CT, October 23, 2018 -- W. R. Berkley Corporation (NYSE: WRB)

today reported net income for the third quarter of 2018 of $162 million, or $1.26 per share.

Summary Financial Data

(Amounts in thousands, except per share data)



	Third Quarter						Nine Months
	2018			2017			2018			2017

Gross premiums written	$	1,927,785		$	1,874,158		$	5,855,280		$	5,697,517
Net premiums written	1,624,214			1,571,183			4,913,656			4,782,272

Net income to common stockholders	161,920			162,054			508,392			394,505
Net income per diluted share	1.26			1.26			3.96			3.05

Return on equity (1)	12.0		%	12.8		%	12.5		%	10.4		%


(1)	Return on equity represents net income expressed on an annualized basis as a percentage of beginning of year stockholders’ equity.

W. R. Berkley Corporation Page 2

Third quarter highlights included:


•	Annualized pre-tax return on equity of 15.3%. (Excluding the accounting change for equity securities that became effective January 1, 2018, the annualized pre-tax return on equity would have been 25.0%.)


•	Insurance net premiums written increased 5.1%.


•	Investment income increased 30.6%.


•	The accident year combined ratio excluding catastrophes was 93.9%.


•	Total catastrophe losses were $39 million.


•	Net realized pre-tax gains and net unrealized pre-tax gains on equity securities of $15 million, net of performance-based compensatory costs⁽¹⁾.


•	Total capital returned to shareholders was $79 million, including $61 million of special dividends.


•	Before dividends, book value per share grew 1.3%.

The Company commented:

The third quarter of 2018 was another outstanding quarter in light of the elevated worldwide catastrophe activity. Our approach to managing volatility has been a key component of delivering superior risk-adjusted returns to shareholders for over 50 years.

Sound underwriting and investment results, combined with strong investment fund income, drove a 12% annualized return on equity. At the same time, we grew book value adjusted for dividends and share repurchases by 3.9% year to date, despite the mark-to-market impact of rising interest rates on our balance sheet. We became concerned with inflation some time ago and made a strategic decision to shorten the duration of our bond portfolio, without compromising asset quality.

Net premiums written in the Insurance segment grew by 5%, while we continued to actively reduce our volume in the Reinsurance segment due to competitive market conditions. Underwriting results included $39 million of estimated catastrophe losses from Hurricane Florence, Typhoon Jebi and a number of other smaller Property Claims Services (PCS) defined catastrophe events. Our expense ratio has begun to decline modestly, and we anticipate further gradual improvement over the next twelve to eighteen months as new ventures gain scale and other initiatives take hold.

Net investment income grew nearly 31% over the prior year due primarily to very strong results in our investment funds, as well as an increase in the yield on fixed-income securities and a higher base of invested assets. In addition, we realized gains on sales of investments of $154 million, before consideration of the change in accounting for unrealized gains on equity securities.

In today’s environment, inflation is an ever-increasing reality that we have anticipated and continue to consider in both our investment portfolio and our insurance operations. We remain focused on creating value for our shareholders over the long-term and are confident that we will be able to deliver strong risk-adjusted returns throughout the remainder of this year and in 2019.

(1) Net realized pre-tax gains and net unrealized pre-tax gains on equity securities before performance-based compensatory costs were $22 million.

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 October 23, 2018, at 5:00 p.m. eastern time. The conference call will be webcast live on the Company's website at http://www.wrberkley.com/investor-relations/events-and-presentations.aspx. Please log on at least ten minutes early to register and download and install any necessary software. A replay of the webcast 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 worldwide in two segments of the property casualty business: Insurance and Reinsurance.

W. R. Berkley Corporation Page 4

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 2018 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 impact of significant competition, including new alternative entrants to the 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, including real estate, merger arbitrage, energy related and private equity investments; the effects of emerging claim and coverage issues; the uncertain nature of damage theories and loss amounts; natural and man-made catastrophic losses, including as a result of terrorist activities; general economic and market activities, including inflation, interest rates, and volatility in the credit and capital markets; the impact of the conditions in the financial markets and the global economy, and the potential effect of legislative, regulatory, accounting or other initiatives taken in response, on our results and financial condition; foreign currency and political risks (including those associated with the United Kingdom's withdrawal from the European Union, or "Brexit") relating to our international operations; our ability to attract and retain key personnel and qualified employees; continued availability of capital and financing; 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 Program Reauthorization Act of 2015; the ability of our reinsurers to pay reinsurance recoverables owed to us; other legislative and regulatory developments, including those related to business practices in the insurance industry; credit risk related to our policyholders, independent agents and brokers; changes in the ratings assigned to us or our insurance company subsidiaries by rating agencies; the availability of dividends from our insurance company subsidiaries; potential difficulties with technology and/or data security; the effectiveness of our controls to ensure compliance with guidelines, policies and legal and regulatory standards; 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 2018 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 5

Consolidated Financial Summary

(Amounts in thousands, except per share data)



	Third Quarter						Nine Months
	2018			2017			2018			2017
Revenues:
Net premiums written	$	1,624,214		$	1,571,183		$	4,913,656		$	4,782,272
Change in unearned premiums	(20,729		)	10,317			(161,709		)	(62,028		)
Net premiums earned	1,603,485			1,581,500			4,751,947			4,720,244
Net investment income	186,124			142,479			514,419			426,601
Net realized and unrealized gains on investments (1)	22,334			183,959			140,429			276,760
Revenues from non-insurance businesses	95,168			89,786			242,037			225,033
Insurance service fees	30,782			33,612			91,175			100,475
Other income	9			6			59			695
Total revenues	1,937,902			2,031,342			5,740,066			5,749,808
Expenses:
Losses and loss expenses	1,017,720			1,081,174			2,954,575			3,025,475
Other operating costs and expenses	577,648			600,822			1,781,230			1,821,155
Expenses from non-insurance businesses	93,463			86,412			238,198			221,389
Interest expense	39,848			36,821			116,608			110,419
Total expenses	1,728,679			1,805,229			5,090,611			5,178,438
Income before income taxes	209,223			226,113			649,455			571,370
Income tax expense	(44,780		)	(63,295		)	(136,661		)	(174,305		)
Net income before noncontrolling interests	164,443			162,818			512,794			397,065
Noncontrolling interests	(2,523		)	(764		)	(4,402		)	(2,560		)
Net income to common stockholders	$	161,920		$	162,054		$	508,392		$	394,505

Net income per share:
Basic	$	1.28		$	1.29		$	4.02		$	3.17
Diluted	$	1.26		$	1.26		$	3.96		$	3.05

Average shares outstanding (2):
Basic	126,827			125,818			126,575			124,363
Diluted	128,561			128,944			128,404			129,289

(1) Includes net realized gains on investment sales of $154 million reduced by a change in unrealized gains on equity securities of $132 million in the third quarter of 2018. For the nine months ended September 30, 2018, includes net realized gains on investment sales of $420 million reduced by a change in unrealized gains on equity securities of $280 million. The inclusion of change in unrealized gains on equity securities within net income commenced January 1, 2018 due to our adoption of ASU 2016-01.

(2) Basic shares outstanding consist of the weighted average number of common shares outstanding during the period (including shares held in a grantor trust). Diluted shares outstanding consist of the weighted average number of basic and common equivalent shares outstanding during the period.

W. R. Berkley Corporation Page 6

Business Segment Operating Results

(Amounts in thousands, except ratios) (1)



	Third Quarter						Nine Months
	2018			2017			2018			2017
Insurance:
Gross premiums written	$	1,794,104		$	1,718,552		$	5,453,303		$	5,233,692
Net premiums written	1,504,792			1,432,334			4,561,370			4,364,638
Premiums earned	1,488,658			1,433,729			4,377,003			4,262,485
Pre-tax income	226,856			171,478			653,936			557,605
Loss ratio	63.0		%	63.2		%	61.8		%	61.7		%
Expense ratio	31.9		%	32.4		%	32.5		%	32.8		%
GAAP combined ratio	94.9		%	95.6		%	94.3		%	94.5		%

Reinsurance:
Gross premiums written	$	133,681		$	155,606		$	401,977		$	463,825
Net premiums written	119,422			138,849			352,286			417,634
Premiums earned	114,827			147,771			374,944			457,759
Pre-tax income	14,792			(57,644		)	50,687			(38,279		)
Loss ratio	69.3		%	118.7		%	67.1		%	86.1		%
Expense ratio	38.6		%	34.9		%	38.2		%	37.1		%
GAAP combined ratio	107.9		%	153.6		%	105.3		%	123.2		%

Corporate and Eliminations:
Net realized and unrealized gains on investments	$	22,334		$	183,959		$	140,429		$	276,760
Interest expense	(39,848		)	(36,821		)	(116,608		)	(110,419		)
Other revenues and expenses	(14,911		)	(34,859		)	(78,989		)	(114,297		)
Pre-tax (loss) income	(32,425		)	112,279			(55,168		)	52,044

Consolidated:
Gross premiums written	$	1,927,785		$	1,874,158		$	5,855,280		$	5,697,517
Net premiums written	1,624,214			1,571,183			4,913,656			4,782,272
Premiums earned	1,603,485			1,581,500			4,751,947			4,720,244
Pre-tax income	209,223			226,113			649,455			571,370
Loss ratio	63.5		%	68.4		%	62.2		%	64.1		%
Expense ratio	32.4		%	32.6		%	33.0		%	33.2		%
GAAP combined ratio	95.9		%	101.0		%	95.2		%	97.3		%

(1) Loss ratio is losses and loss expenses incurred expressed as a percentage of premiums earned. Expense ratio is underwriting expenses expressed as a percentage of premiums earned. GAAP combined ratio is the sum of the loss ratio and the expense ratio.

W. R. Berkley Corporation Page 7

Supplemental Information

(Amounts in thousands)



	Third Quarter					Nine Months
	2018			2017		2018			2017
Net premiums written:
Other liability	$	497,990		$	469,763	$	1,471,145		$	1,384,804
Workers' compensation	371,364			366,839		1,167,626			1,165,401
Short-tail lines (1)	305,597			280,698		909,033			847,876
Commercial automobile	189,474			174,388		589,923			552,544
Professional liability	140,367			140,646		423,643			414,013
Total Insurance	1,504,792			1,432,334		4,561,370			4,364,638
Casualty reinsurance	90,305			95,710		252,946			275,637
Property reinsurance	29,117			43,139		99,340			141,997
Total Reinsurance	119,422			138,849		352,286			417,634
Total	$	1,624,214		$	1,571,183	$	4,913,656		$	4,782,272

Losses from catastrophes:
Insurance	$	29,352		$	47,002	$	49,412		$	93,846
Reinsurance	9,650			72,105		10,534			72,727
Total	$	39,002		$	119,107	$	59,946		$	166,573

Net investment income:
Core portfolio (2)	$	137,487		$	122,861	$	399,188		$	359,622
Investment funds	41,005			15,200		94,075			50,744
Arbitrage trading account	7,632			4,418		21,156			16,235
Total	$	186,124		$	142,479	$	514,419		$	426,601

Net realized and unrealized gains on investments:
Net realized gains on investment sales	$	153,847		$	183,959	$	420,799		$	276,760
Change in unrealized gains on equity securities (3)	(131,513		)	—		(280,370		)	—
Total	$	22,334		$	183,959	$	140,429		$	276,760

Other operating costs and expenses:
Policy acquisition and insurance operating expenses	$	519,380		$	516,243	$	1,566,473		$	1,567,359
Insurance service expenses	27,268			32,451		90,970			97,308
Net foreign currency (gains) losses	(17,267		)	1,779		(22,033		)	14,255
Other costs and expenses	48,267			50,349		145,820			142,233
Total	$	577,648		$	600,822	$	1,781,230		$	1,821,155

Cash flow from operations	$	223,162		$	297,000	$	342,524		$	521,858

(1) Short-tail lines include commercial multi-peril (non-liability), inland marine, accident and health, fidelity and surety, boiler and machinery and other lines.

(2) Core portfolio includes fixed maturity securities, equity securities, cash and cash equivalents, real estate and loans receivable.

(3) The inclusion of change in unrealized gains on equity securities within net income commenced January 1, 2018 due to our adoption of ASU 2016-01.

W. R. Berkley Corporation Page 8

Selected Balance Sheet Information

(Amounts in thousands, except per share data)



	September 30, 2018		December 31, 2017

Net invested assets (1)	$	18,717,157	$	18,508,646
Total assets	24,855,649		24,299,917
Reserves for losses and loss expenses	11,872,162		11,670,408
Senior notes and other debt	1,790,498		1,769,052
Subordinated debentures	907,304		728,218
Common stockholders’ equity (2)	5,437,848		5,411,344
Common stock outstanding (3)	122,118		121,515
Book value per share (4)	44.53		44.53
Tangible book value per share (4)	42.61		42.51


(1)	Net invested assets include investments, cash and cash equivalents, trading accounts receivable from brokers and clearing organizations, trading account securities sold but not yet purchased and unsettled purchases, net of related liabilities.

(2)

As of September 30, 2018, reflected in common stockholders' equity are after-tax unrealized investment losses of $92 million and unrealized currency translation losses of $383 million. As of December 31, 2017, after-tax unrealized investment gains were $375 million and unrealized currency translation losses were $307 million. The decrease in unrealized investment gains during 2018 was primarily attributable to the change in accounting treatment of equity securities and the impact on fixed maturity securities from rising interest rates.


(3)	During the nine months ended September 30, 2018, the Company repurchased 101,000 shares of its common stock for $6.8 million. During the three months ended September 30, 2018, the Company did not repurchase any shares of its common stock. The number of shares of common stock outstanding excludes shares held in a grantor trust.


(4)	Book value per share is total common stockholders’ equity divided by the number of common shares outstanding. Tangible book value per share is total common stockholders’ equity excluding the after-tax value of goodwill and other intangible assets divided by the number of common shares outstanding.

W. R. Berkley Corporation Page 9

Investment Portfolio

September 30, 2018

(Amounts in thousands)



	Carrying Value		Percent of Total
Fixed maturity securities:
United States government and government agencies	$	487,042	2.6	%
State and municipal:
Special revenue	2,497,499		13.3	%
Pre-refunded	448,308		2.4	%
State general obligation	424,078		2.3	%
Local general obligation	419,042		2.2	%
Corporate backed	296,480		1.6	%
Total state and municipal	4,085,407		21.8	%
Mortgage-backed securities:
Agency	900,744		4.8	%
Commercial	339,931		1.8	%
Residential - Prime	278,614		1.5	%
Residential - Alt A	40,209		0.2	%
Total mortgage-backed securities	1,559,498		8.3	%
Asset-backed securities	2,549,874		13.6	%
Corporate:
Industrial	2,277,978		12.2	%
Financial	1,431,628		7.6	%
Utilities	299,472		1.6	%
Other	56,091		0.3	%
Total corporate	4,065,169		21.7	%
Foreign government	825,412		4.4	%
Total fixed maturity securities (1)	13,572,402		72.4	%
Equity securities available for sale:
Common stocks	166,938		0.9	%
Preferred stocks	158,316		0.9	%
Total equity securities available for sale	325,254		1.8	%
Real estate	1,917,250		10.2	%
Investment funds (2)	1,250,413		6.7	%
Cash and cash equivalents (3)	876,927		4.7	%
Arbitrage trading account	678,321		3.6	%
Loans receivable	96,590		0.6	%
Net invested assets	$	18,717,157	100.0	%


(1)	Total fixed maturity securities had an average rating of AA - and an average duration of 2.9 years, including cash and cash equivalents.


(2)	Investment funds are net of related liabilities of $1.3 million.


(3)	Cash and cash equivalents includes trading accounts receivable from brokers and clearing organizations, trading account securities sold but not yet purchased and unsettled purchases.