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SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of Report: October 23, 1998
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W.R. BERKLEY CORPORATION
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(Exact Name of Registrant as Specified in its Charter)
Delaware 0-7849 22-1867895
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(State or Other Jurisdiction of (Commission File No.) (IRS Employer
Incorporation) Identification Number)
165 Mason Street, P.O. Box 2518, Greenwich, CT 06830-2518
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(Address of Principal Executive Offices) (Zip Code)
Not Applicable
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(Former name or former address, if changed since last report)
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ITEM 5. OTHER EVENTS
Reference is made to the press release of Registrant, issued on October
14, 1998, which contains information meeting the requirements of this Item 5,
and which is incorporated herein by this reference. A copy of the press release
is attached to this Form 8-K as Exhibit 99.1
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SIGNATURES
Pursuant to the requirements of the Securities and Exchange Act of
1934, the Registrant has duly caused this report to be signed on its behalf by
the undersigned thereunto duly authorized.
W.R. BERKLEY CORPORATION
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(Registrant)
October 24, 1998 By: /s/ John D. Vollaro
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Date John D. Vollaro,
President and Chief Operating Officer
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EXHIBIT INDEX
Exhibits:
99.1 Press Release dated October 14, 1998
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EXHIBIT 99.1
W. R. BERKLEY CORPORATION NEWS RELEASE
165 MASON STREET, P.O. BOX 2518
GREENWICH, CONNECTICUT 06836-2518
CONTACT: Anthony J. Del Tufo
Chief Financial Officer
(203) 629-3000
W.R. BERKLEY CORPORATION EXPECTS
LOWER THIRD-QUARTER EARNINGS
GREENWICH, CT., October 14, 1998 -- W.R. Berkley Corporation
(NASDAQ:BKLY), today announced that it expects third-quarter 1998 operating
earnings to be below current analysts' estimates of approximately 61 cents per
share. While the company still anticipates a considerable operating profit for
the period, it cited continuing catastrophe losses, including hurricane Georges,
as the primary factor impacting 1998 results. In addition, intense ongoing price
competition in the marketplace as well as lower investment returns contributed
to the substantial reduction in third-quarter earnings expectations.
A company spokesman noted: "Unusually high catastrophe losses
notwithstanding, intense price competition continued to erode underwriting
margins in the third quarter. As a company, our long-term objectives remain
unchanged. We will continue to maintain a strong balance sheet, adequate loss
reserves and a critical focus on steadily building value for our shareholders
over time."
W.R. Berkley Corporation is a holding company which, through its
subsidiaries, does business in all segments of the property casualty insurance
business. The operating units are grouped for management purposes in five
segments according to market served: Regional Property Casualty Insurance,
Reinsurance, Specialty Insurance, Alternative Markets and International.
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