W. R. Berkley Corporation Announces Preliminary Estimate of Catastrophe Losses

Business Wire

GREENWICH, Conn.--(BUSINESS WIRE)-- W. R. Berkley Corporation (NYSE: WRB) today announced that its preliminary estimated catastrophe losses attributable to Hurricanes Harvey, Irma and Maria and the earthquakes in Mexico are expected to be less than $110 million, before tax, or $72 million, after tax. The Company's loss estimate gives consideration to all expected reinsurance recoveries and is inclusive of reinstatement premiums.

Our thoughts and prayers go out to those who have been affected by these unprecedented events. The devastation has been catastrophic, and we remain committed, as a company and as individuals, to our role in assisting those in need.

Celebrating 50 years, 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.

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 attributable to Hurricanes Harvey, Irma and Maria and the earthquakes in Mexico 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, claims development and the process of estimating reserves, the uncertain nature of damage theories and loss amounts, our ability to collect reinsurance recoverables owed to us, coverage and regulatory issues, and other risks detailed from time to time in the Company's filings with the Securities and Exchange Commission. These risks could cause our actual results 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.