Berkley Updates Q3 Losses

October 7, 2005

W. R. Berkley Corp. reported its estimate of aggregate losses attributable to hurricanes in the third quarter of 2005 to be approximately $50 million pre-tax and $32 million (or 24 cents per share) after-tax.

The company’s pre-tax estimates include losses of approximately $35 million from Hurricane Katrina and $15 million from Hurricane Rita, and are net of applicable reinsurance and reinstatement premiums. These potential losses relate principally to the company’s regional commercial lines insurance operations and its participation in Lloyd’s.

The increase in the company’s estimated losses related to Hurricane Katrina are attributable to its Lloyd’s participations.

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