Berkley Technology Underwriters

Fourth Quarter Net Premiums Written Grew 26.6% and Return on Equity of 18.7%

Fourth quarter highlights included:

• Return on equity of 18.7%
• Net premiums written grew 26.6%
• The current accident year combined ratio before catastrophe losses of 2.2 loss ratio points was 86.0%
• The reported combined ratio was 88.2%, including catastrophe losses of $48.5 million.
• Average rate increases excluding workers’ compensation were approximately 9.3%.
• Record quarterly underwriting income of $260.9 million
• Operating cash flow increased 35.1% to approximately $2.2 billion
• Total capital returned to shareholders was $478.1 million, including $265.3 million of special dividends, $90.4 million of regular dividends and $122.4 million of share repurchases
• Formed two new operating units, Berkley Management Protection and Berkley Small Business Solutions