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United States Securities and Exchange Commission
 Washington, D.C. 20549
 Form 11-K
 Annual Report
 Pursuant to Section 15(d) of the Securities Exchange Act of 1934
 (Mark One)
 þ
    
    Annual Report Pursuant to Section 15(d) of the Securities Exchange Act of 1934
 For the fiscal year ended December 31, 2010
 o
    
    Transition Report Pursuant to Section 15(d) of the Securities Exchange Act of 1934
 For the transition period from  to
 Commission file number 001-15202
 A.
    
    Full title of the plan and the address of the plan, if different from that of the issuer
named below:
 W. R. Berkley Corporation Profit Sharing Plan
 B.
    
    Name of issuer of the securities held pursuant to the plan and the address of its principal
executive office:




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##### 



W. R. BERKLEY CORPORATION PROFIT SHARING PLAN
  Index to Financial Statements and Supplemental Schedules
 Page(s)Report of Independent Registered Public Accounting Firm
    
    1Financial Statements:Statements of Net Assets Available for Plan Benefits as of December 31, 2010 and 2009
    
    2Statement of Changes in Net Assets Available for Plan Benefits for the year ended
December 31, 2010
    
    3Notes to Financial Statements
    
    4-13Supplemental Schedules*:Supplemental Schedule H, Line 4i  Schedule of Assets (Held at End of Year) December
31, 2010
    
    14Supplemental Schedule H, Line 4a  Schedule of Nonexempt Transactions for Delinquent
Participant Contributions  Year ended December 31, 2010
    
    15Exhibit 23- Consent of Independent Registered Public Accounting FirmEX-23
  
 *
    
    Schedules required by Form 5500 which are not applicable have not been included herein.




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Report of Independent Registered Public Accounting Firm
 
        1




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W. R. BERKLEY CORPORATION PROFIT SHARING PLAN
 
   2010
    
    
    2009Assets:Investments, at fair value (note 6):W. R. Berkley Corporation Common Stock Fund
    
    $
    57,039,981
    
    
    
    49,072,522Mutual Funds
    
    
    450,858,445
    
    
    
    380,793,145Total investments
    
    
    507,898,426
    
    
    
    429,865,667Participant loans Receivable
    
    
    13,955,600
    
    
    
    12,226,530Contributions receivable:Employer
    
    
    26,107,164
    
    
    
    23,735,111Participants
    
    
    889,482
    
    
    
    886,828Other
    
    
    
    
    
    
    28,512Total receivables
    
    
    26,996,646
    
    
    
    24,650,451Net assets available for plan benefits
    
    $
    548,850,672
    
    
    
    466,742,648
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W. R. BERKLEY CORPORATION PROFIT SHARING PLAN
 
   Additions to net assets attributed to:Investment income:Net appreciation in fair value of investments (note 6)
    
    $
    47,483,527Interest and dividends
    
    
    8,372,446Net investment income
    
    
    55,855,973Interest on participant loans
    
    
    575,809Contributions:Employer
    
    
    26,107,164Participants
    
    
    23,805,893Rollovers
    
    
    3,166,183Total contributions
    
    
    53,079,240Total additions
    
    
    109,511,022Deductions from net assets attributed to:Benefits paid to participants
    
    
    27,354,675Administrative expenses
    
    
    48,323Total deductions
    
    
    27,402,998Net increase in net assets
available for plan
benefits
    
    
    82,108,024Net assets available for plan benefits at:Beginning of year
    
    
    466,742,648End of year
    
    $
    548,850,672
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W. R. BERKLEY CORPORATION PROFIT SHARING PLAN
 
   (1)
    
    Plan DescriptionThe following brief description of the W. R. Berkley Corporation (the Company) Profit
Sharing Plan (the Plan) is provided for general information purposes only. This brief
description is qualified in its entirety by the text of the Plan, and Participants should
refer to the Plan document for a more complete description of the Plan. Capitalized terms
used herein shall have the respective meanings as set forth in the Plan.
 (a)
    
    GeneralThe Plan is a defined contribution plan and was established for the benefit of eligible
Employees of the Company and its participating subsidiaries. An Employee becomes eligible
to participate in the Plan on the first day of the Calendar Quarter following the first
full Calendar Quarter in which the Employee completes 250 Hours-of-Service, or on the
first day of the Calendar Quarter following the Employees first year in which the
Employee completes 1,000 Hours-of-Service. The Plan is subject to the provisions of the
Employee Retirement Income Security Act of 1974, as amended (ERISA). The Plan allows
for mandatory distributions to terminated Participants whose vested Account balance is
less than $1,000.Fidelity Management Trust Company (Fidelity) is the Trustee, custodian and recordkeeper
for the Plan. The Company has a Profit Sharing Plan Finance Committee to select the
investment alternatives provided by the Plan. The Company has a Profit Sharing Plan
Administrative Committee to assist in the administration of the Plan.(b)
    
    ContributionsEmployer ContributionsEach Plan Year, the Company makes an Employer Profit Sharing Contribution to the Plan.
The Companys current minimum Employer Profit Sharing Contribution for each Plan Year is
5% of a Participants Eligible Earnings, as defined in the Plan for the period of the
calendar year that the Employee was a Participant, up to the Internal Revenue Codes
(IRC) maximum for any one year. The Companys contribution is allocated as
follows: 60% to the Participants Company Profit Sharing Account, subject to the
Plans Vesting Schedule; and 40% to the Participants Company 401(k) Account which is
100% vested.Employer Profit Sharing Contributions are determined separately for each Participating
Employer prior to the end of each calendar year and are allocated as of the last day of
the calendar year among the proper Accounts of all Participants who were employed by a
Participating Employer on the last day of the calendar year and who were credited with at
least 1,000 Hours-of-Service at the end of the calendar year based on the Participants
Earnings for the period of the calendar year he or she was a Participant. If the
Participants employment during a single Plan Year was divided between two or more
Participating Employers, and the Participant is eligible for an Employer Profit Sharing
Contribution for the Plan Year, each Participating Employer for which the Participant
worked will make the appropriate contribution to the Participants Account based on their
period of service with, and Earnings from, the Participating Employer.
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W. R. BERKLEY CORPORATION PROFIT SHARING PLAN
   Nonexempt TransactionThere were unintentional delays during 2010 and 2009 by the Company in submitting certain
Participant contributions to the Trustee in the amount of $1,015 and $16,923. The Company reimbursed
lost interest of $49 and $9 to the Plan on June 6, 2011 and August 21, 2009 respectively.Participant ContributionsTax-Deferred ContributionsA Participant in the Plan may elect to have voluntary tax-deferred contributions deducted
from their pay, for each pay period, in any amount from 1% to 50% of their Eligible
Earnings. A Participant may also elect to have an amount in excess of 50% of their
Earnings for a pay period deducted provided that their aggregate Tax-Deferred
Contributions for the calendar year does not exceed 50% of the Participants Earnings to
date up to a statutory limit ($16,500 for 2010). A Participant may change or suspend
their Tax-Deferred Contributions election.Roth ContributionsA Participant may designate part or all of their Plan contributions as either
Tax-Deferred Contributions or as after-tax Roth Contributions combined not to exceed 50%
of the Participants Earnings for the Plan year up to a statutory limit ($16,500 for
2010).Rollover Contributions/Transfer AmountsA Participant who receives a qualifying rollover distribution from an eligible retirement
plan may make a Rollover Contribution even though the Participant has not otherwise
become eligible to participate in the Plan. Amounts that are attributable to Roth
Contributions may be rolled into the Plan only from another employers eligible
retirement plan; they may not be rolled into the Plan from a Roth IRA, even if the only
monies held in the Roth IRA were previously distributed from an eligible retirement plan.
In addition, amounts attributable to Roth Contributions must be rolled over to the Plan
by means of a Direct Rollover.Catch-Up ContributionsIn addition to the regular Tax-Deferred Contributions and/or Roth Contributions described
above, Plan Participants who will be at least 50 years old by the end of the calendar
year and who have contributed the maximum amount of regular Tax-Deferred Contributions
and/or Roth Contributions for the year may make additional Catch-Up Contributions to
the Plan. For 2010, Tax-Deferred and Roth Catch-up Contributions have a combined limit of
$5,500.(c)
    
    Participants AccountsEach Participants Account is credited with the Participants contributions, the
appropriate amount of the Companys contributions and an allocation of investment fund
earnings or losses in which the Participant has directed his or her contribution. The
benefit to which a Participant is entitled is the benefit that can be provided from the
Participants vested Account. The Account of each Participant is valued on a daily basis.
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W. R. BERKLEY CORPORATION PROFIT SHARING PLAN
   (d)
    
    VestingParticipants are fully vested in their tax-deferred and after tax Roth contributions,
roll-over contributions, catch-up contributions, the employer contribution to their
401(k) Account, and earnings thereon. Effective January 1, 2007, the vesting percent in
the portion of the employer contribution is allocated to the Participants Company Profit
Sharing Account occurs at the rate of
20% per year beginning after two years of continuous employment. Prior to 2007s vesting
in the portion of the employer contribution that is allocated to the Participants Profit
Sharing Account occurs at the rate of 20% per year beginning after three years of
continuous employment. In the event of death, disability or retirement, in accordance
with the provisions of the Plan, the Participant becomes fully vested.(e)
    
    Payments of BenefitsOn termination of employment, retirement or death, a Participant or Participants
beneficiary may elect to receive the payment benefits in a lump sum or in annual
installments not to exceed 15 years. Distributions to terminated Participants are based
upon the closing price of the funds on the date the Participant requests the distribution
from Fidelity. Withdrawals to active Participants are based on the date the withdrawals
have been approved by the Plan Administrator and are processed by Fidelity.Hardship withdrawals are allowed under certain circumstances as defined in the Plan
Document. Participants are suspended from making contributions for six months after
taking a hardship withdrawal from the Plan.(f)
    
    ForfeituresForfeitures are retained in the Plan and are allocated among the Accounts of the
remaining active Participants as of the last day of the Plan Year in which the forfeiture
occurs. Forfeitures are allocated in the subsequent year and totaled $869,972 and
$432,671 for years ended December 31, 2010 and 2009, respectively.(g)
    
    Participant LoansThe Plan allows Participants to borrow from their Account. Participants may borrow up to
50% of their vested Account balance; the minimum amount of any loan from the Plan is
$1,000, and the maximum amount is the lesser of $50,000 or 50% of the value of the
Participants vested Account. A Participant may request a loan for any reason and the
loan may be repaid over 60 months. For the purchase of a primary residence, however, the
loan may be repaid over 25 years. At December 31, 2010 and 2009, there were 1,864 and
1,685 individual loans outstanding bearing an interest rate ranging from 3.25% to 9.50%,
and 3.25% to 9.50%, respectively, with maturities ranging from 1 to 25 years.The interest rate charged on the loan and repaid to the Participants Account is set to
the prime rate as of the first of each quarter and fixed for the duration of the loan. A
Participant may have up to two loans outstanding at a time. Payment is made through
payroll deductions or the loan may be paid in full by a lump-sum payment. A partial
repayment is not permitted. A Participant with an outstanding
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W. R. BERKLEY CORPORATION PROFIT SHARING PLAN
   loan balance who separates
from service with the Company has the option of repaying the loan in a lump sum or
continuing to pay the monthly loan payment amount directly to Fidelity.(h)
    
    InvestmentsParticipants are responsible for directing the investment of their respective Accounts.
Investment changes requested by Participants are implemented as soon as administratively
practical in accordance with the Plan document.Effective as of the close of business on April 7, 2010, seven Fidelity investment options
were changed to the Fidelity Freedom K Fund series. The Account balances prior to April
7, 2010 were transferred automatically to the investment options under Investment Options
for Future Contributions after April 7, 2010.The Fidelity Freedom K Funds have the same management team, investment objectives
and will invest in the same underlying investments as the Fidelity Freedom Funds®
(although the Fidelity Freedom K Funds will often invest in a different share class of
the underlying funds). Since they are designated as Fidelitys institutional target date
series of mutual funds, Fidelity Freedom K Funds have lower expense ratios than the
corresponding target date Fidelity Freedom Funds.(i)
    
    Other Accounts ReceivableIn 2010, Invesco Funds Group distributed settlement proceeds as a result of U.S.
Securities and Exchange Commission proceedings related to late trading and/or market
timing activities which occurred from January 1, 2000  July 31, 2003. Fidelity, as an
intermediary received $28,512 in proceeds that were used to pay for Plan expenses.
 (2)
    
    Summary of Significant Accounting PoliciesThe following are the more significant accounting policies followed by the Plan:
 (a)
    
    Recent Accounting PronouncementsIn January 2010, the Financial Accounting Standards Board (FASB) issued Accounting
Standards Update (ASU) 2010-06, Fair Value Measurements and Disclosures(Topic 820):
Improving Disclosures about Fair Value Measurements. This guidance requires: (i)
separate disclosure of significant transfers between Level 1 and Level 2 of the fair
value hierarchy and reasons for the transfers; (ii) disclosure, on a gross basis, of
purchases, sales, issuances, and net settlements within Level 3 of the fair value
hierarchy; (iii) disclosures by class of assets and liabilities; and (iv) a description
of the valuation techniques and inputs used to measure fair value for both recurring and
nonrecurring fair value measurements. This guidance was effective for reporting periods
beginning after December 15, 2009, except for the Level 3 disclosure requirements, which
will be effective for fiscal years beginning after December 15, 2010 and interim periods
within those fiscal years. Disclosures required by this guidance have been included in
the notes to financial statements, where appropriate.
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W. R. BERKLEY CORPORATION PROFIT SHARING PLAN
   In September 2010, the FASB issued ASU 2010-25, Plan Accounting  Defined
Contribution Pension Plans (Topic 962): Reporting Loans to Participants by Defined
Contribution Pension Plans. This guidance, which was effective for fiscal years ending
after December 15, 2010, requires that participant
loans be classified as notes receivable from participants, which are segregated from plan
investments and measured at their unpaid principal balance plus any accrued but unpaid
interest. The adoption of this guidance, which was applied retrospectively to all prior
periods presented in this report, did not have a material impact on the Plans net assets
or financial condition.(b)
    
    Basis of Accounting and Use of EstimatesThe financial statements of the Plan are prepared under the accrual method of accounting.
The preparation of financial statements in conformity with GAAP requires the Plan to make
estimates and assumptions that affect the reported amounts of assets and liabilities and
changes therein, as well as disclosure of contingent assets and liabilities at the date
of the financial statements. Actual results could differ from those estimates and
assumptions.(c)
    
    Investment Valuation and Income RecognitionThe Plans investments are stated at fair value. Shares of registered investment
companies (mutual funds) are valued at quoted market prices, which represent the net
asset value of shares held by the Plan at year-end. The  W. R. Berkley
Company Common Stock Fund (the Company Common Stock Fund) is
valued at its year-end unit closing price. A net asset value (NAV) per unit is
determined on a daily basis. In determining the NAV, the value of the Company Common Stock Fund is based on the closing price
of the Companys Shares on the New York Stock Exchange (NYSE). The NAV
will be adjusted by dividends paid on common stock, interest on short-term investments
held in the fund and expenses of the fund. Purchases and sales of investments are
recorded on a trade date basis. Realized gains and losses are based on specific
identification method and are included in net appreciation in fair value of investments.
Interest income is recorded on the accrual basis. Dividends are recorded on the
ex-dividend date.Investment management fees, including brokerage fees and commissions on the purchase and
sale of securities and other related portfolio management expenses, are paid from assets
of, and applied against the investment performance of, the respective investment funds.(d)
    
    Plan ExpensesCertain general expenses of operating and administering the Plan are paid by the Company
but may be charged against investment fund assets in the future, as determined by the
Company.(e)
    
    Payment of BenefitsBenefit payments are recorded when paid.
 (3)
    
    Risks and UncertaintiesThe Plan offers a number of investment options including the Company Common Stock Fund and a
variety of pooled investment funds, which consist of registered investment companies. The
investment funds are comprised of U.S. equities, international equities, and fixed income
securities. Investment securities, in
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W. R. BERKLEY CORPORATION PROFIT SHARING PLAN
   general, are exposed to various risks, such as interest
rate, credit, and overall market volatility risk. Due to the level of risk associated with
certain investment securities, it is reasonable to expect that changes in the
values of investment securities will occur in the near term and that such changes could
materially affect Participant Account balances and the Statement of Changes in Net Assets
Available for Plan Benefits.The Plans exposure to a concentration of credit risk is limited by the diversification of
investments across all Participant-directed fund elections. Additionally, the investments
within each Participant-directed fund election are further diversified into varied financial
instruments, with the exception of the Company Common Stock Fund, which principally invests in
a security of a single issuer. More than 10% of the Plans net assets were invested in the
Company Common Stock Fund as of December 31, 2010 and 2009.The Plan investments include mutual funds that may directly or indirectly invest in securities
with contractual cash flows, such as asset backed securities, collateralized mortgage
obligations and commercial mortgage backed securities, including securities backed by sub
prime mortgage loans. The value, liquidity and related income of these securities are
sensitive to changes in economic conditions, including real estate value, delinquencies or
defaults, or both, and may be adversely affected by shifts in the markets perception of the
issuers and changes in interest rates.(4)
    
    Plan TerminationAlthough it has not expressed any intent to do so, the Company has the right under the Plan to
discontinue its contributions at any time and to terminate the Plan subject to the provisions
of ERISA.In the event of termination of the Plan, all amounts credited to the Participants will become
fully vested, and all assets remaining after payments of any expenses properly chargeable
against the Plan will be distributed to the Participants in accordance with the value of each
Participants Account on the date of such termination.(5)
    
    Tax StatusThe Internal Revenue Service has determined and informed the Company by a letter dated June
24, 1999 that the Plan and related trust are designed in accordance with applicable sections
of the Internal Revenue Code of 1986, as amended (the Code). The Plan has been amended since
receiving the determination letter. The Company applied for a new determination letter in
2007. The Plan Administrator and the Plans tax counsel believe that the Plan, as amended, is
designed and is currently being operated in compliance with the applicable requirements of the
Code. The Internal Revenue Service, the primary tax oversight body of the Plan, generally has
the ability to examine plan activity for up to three prior years.Accounting principles generally accepted in the United States of America require plan
management to evaluate tax positions taken by the plan and recognize a tax liability (or
asset) if the plan has taken an uncertain position that more likely than not would not be
sustained upon examination by the Internal Revenue Service. The plan administrator has
analyzed the tax positions taken by the plan, and has concluded that as of December 31, 2010,
there are no uncertain positions taken or expected to be taken that would require recognition
of a liability (or asset) or disclosure in the financial statements.During the past several years, nonexempt transactions have been identified due to the
delinquent remittance of certain participant contributions. In 2009, the Plan Sponsor
submitted a filing under the
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W. R. BERKLEY CORPORATION PROFIT SHARING PLAN
   Department of Labors Voluntary Fiduciary Correction Program.
The Department of Labor has decided
not to take any further action against the Plan. These operational issues have been
subsequently corrected and management has taken action to improve controls in this area.(6)
    
    InvestmentsThe following investments represent 5% or more of the Plans net assets as of December 31,
2010 and 2009:
 2010
    
    2009W. R. Berkley Corporation Common Stock Fund
    
    $
    57,039,981
    
    
    
    49,072,522Mutual Funds:Fidelity Contrafund®  Class K
    
    
    64,640,512
    
    
    
    55,819,145Fidelity Retirement Money Market Portfolio
    
    
    53,924,169
    
    
    
    52,438,140Fidelity Puritan® Fund  Class K
    
    
    29,954,235
    
    
    
    26,618,582
 The net appreciation (depreciation) on investments (including gains and losses on investments
bought and sold, as well as held) for the year ended December 31, 2010 are as follows:
 W. R. Berkley Corporation Common
Stock Fund
    
    $
    6,076,685Mutual funds
    
    
    41,406,842Net appreciation in fair value
of investments
    
    $
    47,483,527
 (7)
    
    Fair Value Measurement of InvestmentsFair value is defined as the exchange price that would be received for an asset or paid to
transfer a liability (an exit price) in the principal or most advantageous market for the
asset or liability in an orderly transaction between market participants on the measurement
date. The Plan uses FAS 157s fair value hierarchy, which requires an entity to maximize the
use of observable inputs and minimize the use of unobservable inputs when measuring fair value
as follows:Level 1  Quoted prices in active markets for identical assets or liabilities.Level 2  Observable inputs other than Level 1 prices such as quoted prices for similar
assets or liabilities; quoted prices in markets that are not active; or inputs that are
observable or corroborated by observable market date for substantially the full term of the
assets or liabilities.Level 3  Unobservable inputs supported by little or no market activity and that reflect the
reporting entitys own assumptions about the exit price, including assumptions that market
participants would use in pricing the asset or liability.
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W. R. BERKLEY CORPORATION PROFIT SHARING PLAN
      Money Market Funds and Equity Securities 
 Mutual Funds 
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The following table sets forth by level, within the fair value hierarchy, the Plans assets at
fair value as of December 31, 2010 and 2009:
 Fair Value Measurements at December 31, 2010Quoted
    
    
    SignificantPrices in
    
    
    Other
    
    
    SignificantTotal assets
    
    
    active
    
    
    observable
    
    
    Unobservablemeasured at
    
    
    markets
    
    
    market data
    
    
    market datafair value
    
    
    (Level I)
    
    
    (Level II)
    
    
    (Level III)W. R. Berkley Corporation
Common Stock Fund
    
    $
    57,039,981
    
    
    $
    57,039,981
    
    
    $
    
    
    
    $
    Mutual funds:Large Cap equity funds
    
    
    168,304,274
    
    
    
    168,304,274
    
    
    
    
    
    
    
    Fixed Income funds
    
    
    69,683,284
    
    
    
    69,683,284
    
    
    
    
    
    
    
    Money Market fund
    
    
    53,924,169
    
    
    
    53,924,169
    
    
    
    
    
    
    
    Target Date blended funds
    
    
    45,265,454
    
    
    
    45,265,454
    
    
    
    
    
    
    
    International equity funds
    
    
    38,492,126
    
    
    
    38,492,126
    
    
    
    
    
    
    
    Small Cap equity fund
    
    
    37,345,061
    
    
    
    37,345,061
    
    
    
    
    
    
    
    Other blended fund
    
    
    29,954,235
    
    
    
    29,954,235
    
    
    
    
    
    
    
    Specialty fund
    
    
    5,543,194
    
    
    
    5,543,194
    
    
    
    
    
    
    
    Mid Cap equity fund
    
    
    2,346,648
    
    
    
    2,346,648
    
    
    
    
    
    
    
    Total investments
    
    $
    507,898,426
    
    
    $
    507,898,426
    
    
    $
    
    
    
    $
    
 Fair Value Measurements at December 31, 2009Quoted
    
    
    SignificantPrices in
    
    
    Other
    
    
    SignificantTotal assets
    
    
    active
    
    
    observable
    
    
    Unobservablemeasured at
    
    
    markets
    
    
    market data
    
    
    market datafair value
    
    
    (Level I)
    
    
    (Level II)
    
    
    (Level III)W. R. Berkley Corporation
Common Stock Fund
    
    $
    49,072,522
    
    
    $
    49,072,522
    
    
    $
    
    
    
    $
    Mutual funds:Large Cap equity funds
    
    
    142,742,478
    
    
    
    142,742,478
    
    
    
    
    
    
    
    Fixed Income funds
    
    
    59,912,214
    
    
    
    59,912,214
    
    
    
    
    
    
    
    Money Market fund
    
    
    52,438,140
    
    
    
    52,438,140
    
    
    
    
    
    
    
    Target Date blended funds
    
    
    36,421,816
    
    
    
    36,421,816
    
    
    
    
    
    
    
    International equity funds
    
    
    32,297,229
    
    
    
    32,297,229
    
    
    
    
    
    
    
    Small Cap equity fund
    
    
    28,299,753
    
    
    
    28,299,753
    
    
    
    
    
    
    
    Other blended fund
    
    
    26,618,582
    
    
    
    26,618,582
    
    
    
    
    
    
    
    Specialty fund
    
    
    1,822,112
    
    
    
    1,822,112
    
    
    
    
    
    
    
    Mid Cap equity fund
    
    
    240,821
    
    
    
    240,821
    
    
    
    
    
    
    
    Total investments
    
    $
    429,865,667
    
    
    $
    429,865,667
    
    
    $
    
    
    
    $
    
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W. R. BERKLEY CORPORATION PROFIT SHARING PLAN
   (8)
    
    Related Party TransactionsCertain Plan investments are managed or sponsored by Fidelity Investments, an affiliate of
Fidelity Management Trust Company who is the Trustee as defined by the Plan and accordingly,
these transactions with Fidelity Investments qualify as party-in-interest transactions.
Investments in the Company Common Stock Fund also qualify as party-in-interest transactions.
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W. R. BERKLEY CORPORATION PROFIT SHARING PLAN
 
   Fair value atDescription and number of
    
    December 31,Identity of issuer
    
    shares/units
    
    2010* W. R. Berkley Corporation Common Stock Fund
    
    Common Stock Fund: 1,219,324 units
    
    $
    57,039,981* Fidelity Capital Appreciation Fund  Class K
    
    Mutual Funds: 207,157 shares
    
    
    5,253,513* Fidelity Contrafund®  Class K
    
    Mutual Funds: 954,808 shares
    
    
    64,640,512* Fidelity Diversified International Fund  Class K
    
    Mutual Funds: 693,786 shares
    
    
    20,896,840* Fidelity Equity-Income Fund  Class K
    
    Mutual Funds: 401,256 shares
    
    
    17,751,574* Fidelity Freedom K 2000 Fund
    
    Mutual Funds: 93,465 shares
    
    
    1,083,254* Fidelity Freedom K 2010 Fund
    
    Mutual Funds: 649,326 shares
    
    
    8,233,454* Fidelity Freedom K 2020 Fund
    
    Mutual Funds: 1,305,615 shares
    
    
    17,221,066* Fidelity Freedom K 2030 Fund
    
    Mutual Funds: 897,737 shares
    
    
    12,209,219* Fidelity Freedom K 2040 Fund
    
    Mutual Funds: 348,816 shares
    
    
    4,834,595* Fidelity Freedom K 2050 Fund
    
    Mutual Funds: 27,757 shares
    
    
    389,156* Fidelity Freedom K Income Fund
    
    Mutual Funds: 113,273 shares
    
    
    1,294,710* Fidelity Government Income Fund
    
    Mutual Funds: 1,811,471 shares
    
    
    18,893,643* Fidelity Growth Company Fund  Class K
    
    Mutual Funds: 294,413 shares
    
    
    24,465,749* Fidelity Intermediate Bond Fund
    
    Mutual Funds: 1,558,325 shares
    
    
    16,440,330* Fidelity Magellan® Fund  Class K
    
    Mutual Funds: 213,673 shares
    
    
    15,298,968* Fidelity Overseas Fund  Class K
    
    Mutual Funds: 309,389 shares
    
    
    10,036,586* Fidelity Puritan® Fund  Class K
    
    Mutual Funds: 1,672,487 shares
    
    
    29,954,235* Fidelity Retirement Money Market Portfolio
    
    Mutual Funds: 53,924,169 shares
    
    
    53,924,169* Fidelity Sel Gold
    
    Mutual Funds: 104,372 shares
    
    
    5,543,194* Fidelity US BD Index
    
    Mutual Funds: 57,630 shares
    
    
    652,953AIM Small Cap Growth Fund  Class I
    
    Mutual Funds: 231,918 shares
    
    
    6,964,506Janus Aspen Series: Worldwide Growth Portfolio 
Institutional Class
    
    Mutual Funds: 128,019 shares
    
    
    3,857,218Janus Research Fund
    
    Mutual Funds: 493,836 shares
    
    
    14,528,647Morgan Stanley Institutional Fund Trust:Value Portfolio  Class I Shares
    
    Mutual Funds: 202,553 shares
    
    
    3,131,463PIMCO Low Duration Fund  Institutional Class
    
    Mutual Funds: 629,364 shares
    
    
    6,539,093PIMCO Total Return Fund  Institutional Class
    
    Mutual Funds: 2,276,471 shares
    
    
    24,699,714Royce Low-Priced Stock Fund  Institutional Class
    
    Mutual Funds: 663,939 shares
    
    
    12,163,359RS Emerging Markets CL Y
    
    Mutual Funds: 97,642 shares
    
    
    2,611,932Spartan® U.S. Equity Index Fund  Investor Class
    
    Mutual Funds: 522,344 shares
    
    
    23,233,848Spartan® Extnd Mkt Index
    
    Mutual Funds: 61,479 shares
    
    
    2,346,648Spartan® Intl Index
    
    Mutual Funds: 30,980 shares
    
    
    1,089,550Vang Infl Prot Sec
    
    Mutual Funds: 189,042 shares
    
    
    2,457,551Wells Fargo Advantage Small Cap Value Fund 
Investor Class
    
    Mutual Funds: 559,324 shares
    
    
    18,217,196Total Mutual Funds
    
    
    
    
    450,858,445* Participant loans
    
    1,864 Participant loans (interest ratesrange from 3.25% to 9.50% withmaturities ranging from 1 to 25 years)
    
    
    13,955,600Total investments and
participant loans
    
    
    
    $
    521,854,026
    14




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##### Table of Contents



W. R. BERKLEY CORPORATION PROFIT SHARING PLAN
 
    Total That Constitute NonexemptProhibited TransactionsParticipant
    
    
    
    
    
    Contributions
    
    Contributions
    
    Total Fully CorrectedContributions
    
    Contributions
    
    Corrected
    
    Pending
    
    Under VFCP and PTETransferred Late to Plan
    
    Not Corrected
    
    Outside VFCP
    
    Correction in VFCP
    
    2002-51$1,015
    
    
    
    

    
    
    
    

    
    
    
    

    
    
    1,015
   15




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##### Table of Contents



Signatures
  W. R. BERKLEY CORPORATIONPROFIT SHARING PLANBy
    
    /s/ Eugene G. Ballard

Eugene G. BallardMember, Profit Sharing PlanAdministrative CommitteeJune 23, 2011
 Exhibit Index