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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 (Date of earliest event reported) February 11, 2000
W.R. BERKLEY CORPORATION
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(Exact Name of Registrant as Specified in its Charter)
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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 06836-2518
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(Address of Principal Executive Offices) (Zip Code)
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Registrant's telephone number, including area code (203) 629-3000
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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
February 11, 2000, 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)
/s/ Eugene G. Ballard
February 14, 2000 By: _______________________
_________________ Eugene G. Ballard
Senior Vice President,
Chief Financial Officer and Treasurer
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EXHIBIT INDEX
Exhibits:
99.1 Press Release dated February 11, 2000
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W. R. BERKLEY CORPORATION NEWS
165 MASON STREET, P.O. BOX 2518 RELEASE
GREENWICH, CONNECTICUT 06836-2518
(203) 629-3000
FOR IMMEDIATE RELEASE CONTACT: Eugene G. Ballard
Senior Vice President,
Chief Financial Officer
and Treasurer
203-629-3000
W. R. BERKLEY CORPORATION TO INCREASE LOSS RESERVES $55 MILLION,
WILL REPORT FULL YEAR OPERATING LOSS
GREENWICH, CT, FEBRUARY 11, 2000 -- W.R. BERKLEY CORPORATION (NASDAQ:
BKLY) announced that it expects to increase loss reserves by $55 million ($36
million after-tax) in the fourth quarter of 1999. The Company will report an
operating loss, presently estimated to be 91 cents per diluted share, for the
year. Final 1999 results will be announced on February 24, 2000.
The reserve increase is related to the Company's regional business, with the
majority attributable to the New England regional company. The reserve increase
represents approximately 3% of the Company's total loss reserves.
William R. Berkley, Chairman and Chief Executive Officer, stated: "We believe
that, while the reserve adjustment creates a loss in the 1999 year, it is
necessary to allow us to maintain our historical level of reserve adequacy going
forward. With regard to the regional units, we have taken significant actions to
strengthen their management and performance, including implementing price
increases averaging more than 10%. We have also substantially completed our 1999
restructuring of these units and have realized the expense savings that we
anticipated from that effort. These actions should result in substantially
improved performance for the regional group. The Company's other operating
segments continue to perform satisfactorily."
Mr. Berkley also said that the Company believes that the analyst consensus
earnings estimate of approximately $1.28 per share is a reasonable expectation
for the Company's performance for the year 2000.
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W.R. Berkley Corporation
W.R. Berkley Corporation is a holding company which, through its subsidiaries,
operates in all segments of the property casualty insurance business. The
operating units are grouped for management purposes into five segments according
to market served: Regional Property Casualty Insurance, Reinsurance, Specialty
Insurance, Alternative Markets and International.
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This is a "Safe Harbor" Statement under the Private Securities
Litigation Reform Act of 1995. Any forward-looking statements contained herein,
including those relating to the Company's performance for the year 2000, are
based upon the Company's historical performance and on current plans, estimates
and expectations. They are subject to various risks and uncertainties, including
but not limited to the impact of competition, product demand and pricing, claims
development, catastrophe and storm losses, investment results, legislative and
regulatory developments and other risks detailed from time to time in the
Company's filings with the Securities and Exchange Commission. These risks could
cause the Company's actual results for the 2000 fiscal year and beyond to differ
materially from those expressed in any forward-looking statement made by or on
behalf of the Company. 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.
