W. R. Berkley Corporation Announces Estimate of Losses from Storm Sandy
W. R. Berkley Corporation (NYSE: WRB) today announced that it expects catastrophe losses attributable to Storm Sandy will be between $40 million and $50 million, before tax. The Company's loss estimate gives consideration to all currently available reinsurance and is inclusive of reinstatement premiums.
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 in five segments of the property casualty insurance business: specialty insurance, regional property casualty insurance, alternative markets, reinsurance and international.
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 Storm Sandy 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, the ability of our reinsurers to pay 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 actual results of the industry or 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.
W. R. Berkley Corporation
Karen A. Horvath, 203-629-3000
Vice President – External