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Proc-Type: 2001,MIC-CLEAR
Originator-Name: webmaster@www.sec.gov
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MIC-Info: RSA-MD5,RSA,
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 htKhaypp8N+HYkSnkPGX4g==

<SEC-DOCUMENT>0000899140-03-000829.txt : 20031017
<SEC-HEADER>0000899140-03-000829.hdr.sgml : 20031017
<ACCEPTANCE-DATETIME>20031017143345
ACCESSION NUMBER:		0000899140-03-000829
CONFORMED SUBMISSION TYPE:	4
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20031015
FILED AS OF DATE:		20031017

REPORTING-OWNER:	

	OWNER DATA:	
		COMPANY CONFORMED NAME:			BERKLEY WILLIAM R
		CENTRAL INDEX KEY:			0000918186
		STATE OF INCORPORATION:			CT
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		4
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-15202
		FILM NUMBER:		03945670

	BUSINESS ADDRESS:	
		STREET 1:		165 MASON STREET
		CITY:			GREENWICH
		STATE:			CT
		ZIP:			06830
		BUSINESS PHONE:		203-629-2880

	MAIL ADDRESS:	
		STREET 1:		165 MASON STREET
		CITY:			GREENWICH
		STATE:			CT
		ZIP:			06830

ISSUER:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			BERKLEY W R CORP
		CENTRAL INDEX KEY:			0000011544
		STANDARD INDUSTRIAL CLASSIFICATION:	FIRE, MARINE & CASUALTY INSURANCE [6331]
		IRS NUMBER:				221867895
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	BUSINESS ADDRESS:	
		STREET 1:		475 STEAMBOAT ROAD
		STREET 2:		.
		CITY:			GREENWICH
		STATE:			CT
		ZIP:			06830
		BUSINESS PHONE:		2036293000

	MAIL ADDRESS:	
		STREET 1:		475 STEAMBOAT ROAD
		STREET 2:		.
		CITY:			GREENWICH
		STATE:			CT
		ZIP:			06830
</SEC-HEADER>
<DOCUMENT>
<TYPE>4
<SEQUENCE>1
<FILENAME>berkley_wrb4-101703ex.xml
<TEXT>
<XML>
<?xml version="1.0"?>
<!-- - EDGAR Ease Plus 1.0                                   07/25/03  TT    -->
<ownershipDocument>
    <schemaVersion>X0201</schemaVersion>

    <documentType>4</documentType>
   <periodOfReport>2003-10-15</periodOfReport>
   <notSubjectToSection16>0</notSubjectToSection16>
    <issuer>
        <issuerCik>0000011544</issuerCik>
        <issuerName>BERKLEY W R CORP</issuerName>
        <issuerTradingSymbol>BER</issuerTradingSymbol>
   </issuer>
   <reportingOwner>
        <reportingOwnerId>
            <rptOwnerCik>0000918186</rptOwnerCik>
            <rptOwnerName>BERKLEY WILLIAM R</rptOwnerName>
        </reportingOwnerId>
        <reportingOwnerAddress>
            <rptOwnerStreet1>C/O W R BERKLEY CORPORATION</rptOwnerStreet1>
            <rptOwnerStreet2>475 STEAMBOAT RD</rptOwnerStreet2>
            <rptOwnerCity>GREENWICH</rptOwnerCity>
            <rptOwnerState>CT</rptOwnerState>
            <rptOwnerZipCode>06830</rptOwnerZipCode>
            <rptOwnerStateDescription></rptOwnerStateDescription>
        </reportingOwnerAddress>
            <reportingOwnerRelationship>
         <isDirector>1</isDirector>
         <isOfficer>1</isOfficer>
         <isTenPercentOwner>1</isTenPercentOwner>
         <isOther>0</isOther>
         <officerTitle>Chairman and CEO</officerTitle>
      </reportingOwnerRelationship>
   </reportingOwner>
 <nonDerivativeTable>
   <nonDerivativeTransaction>
      <securityTitle>
         <value>Common Stock</value>
      </securityTitle>
      <transactionDate>
         <value>2003-10-15</value>
      </transactionDate>
      <transactionCoding>
         <transactionFormType>4</transactionFormType>
         <transactionCode>M</transactionCode>
         <equitySwapInvolved>0</equitySwapInvolved>
      </transactionCoding>
      <transactionAmounts>
         <transactionShares>
           <value>90000</value>
         </transactionShares>
         <transactionPricePerShare>
           <value>11.24</value>
         </transactionPricePerShare>
         <transactionAcquiredDisposedCode>
           <value>A</value>
         </transactionAcquiredDisposedCode>
      </transactionAmounts>
      <postTransactionAmounts>
         <sharesOwnedFollowingTransaction>
           <value>4415089</value>
            <footnoteId id="F1"/>
         </sharesOwnedFollowingTransaction>
      </postTransactionAmounts>
      <ownershipNature>
         <directOrIndirectOwnership>
            <value>D</value>
         </directOrIndirectOwnership>
      </ownershipNature>
   </nonDerivativeTransaction>
   <nonDerivativeHolding>
      <securityTitle>
         <value>Common Stock</value>
      </securityTitle>
      <postTransactionAmounts>
         <sharesOwnedFollowingTransaction>
           <value>4726674</value>
            <footnoteId id="F1"/>
         </sharesOwnedFollowingTransaction>
      </postTransactionAmounts>
      <ownershipNature>
         <directOrIndirectOwnership>
            <value>I</value>
            <footnoteId id="F2"/>
         </directOrIndirectOwnership>
         <natureOfOwnership>
            <value>By William R. Berkley, LLC</value>
         </natureOfOwnership>
      </ownershipNature>
   </nonDerivativeHolding>
   <nonDerivativeHolding>
      <securityTitle>
         <value>Common Stock</value>
      </securityTitle>
      <postTransactionAmounts>
         <sharesOwnedFollowingTransaction>
           <value>26914</value>
            <footnoteId id="F1"/>
         </sharesOwnedFollowingTransaction>
      </postTransactionAmounts>
      <ownershipNature>
         <directOrIndirectOwnership>
            <value>I</value>
         </directOrIndirectOwnership>
         <natureOfOwnership>
            <value>By spouse</value>
         </natureOfOwnership>
      </ownershipNature>
   </nonDerivativeHolding>
   <nonDerivativeHolding>
      <securityTitle>
         <value>Common Stock</value>
      </securityTitle>
      <postTransactionAmounts>
         <sharesOwnedFollowingTransaction>
           <value>1396</value>
            <footnoteId id="F1"/>
         </sharesOwnedFollowingTransaction>
      </postTransactionAmounts>
      <ownershipNature>
         <directOrIndirectOwnership>
            <value>I</value>
         </directOrIndirectOwnership>
         <natureOfOwnership>
            <value>By spouse as custodian for William R. Berkley, Jr.</value>
         </natureOfOwnership>
      </ownershipNature>
   </nonDerivativeHolding>
   <nonDerivativeHolding>
      <securityTitle>
         <value>Common Stock</value>
      </securityTitle>
      <postTransactionAmounts>
         <sharesOwnedFollowingTransaction>
           <value>3822</value>
            <footnoteId id="F1"/>
         </sharesOwnedFollowingTransaction>
      </postTransactionAmounts>
      <ownershipNature>
         <directOrIndirectOwnership>
            <value>I</value>
         </directOrIndirectOwnership>
         <natureOfOwnership>
            <value>By self as custodian for William R. Berkley, Jr.</value>
         </natureOfOwnership>
      </ownershipNature>
   </nonDerivativeHolding>
   <nonDerivativeHolding>
      <securityTitle>
         <value>Common Stock</value>
      </securityTitle>
      <postTransactionAmounts>
         <sharesOwnedFollowingTransaction>
           <value>3829</value>
            <footnoteId id="F1"/>
         </sharesOwnedFollowingTransaction>
      </postTransactionAmounts>
      <ownershipNature>
         <directOrIndirectOwnership>
            <value>I</value>
         </directOrIndirectOwnership>
         <natureOfOwnership>
            <value>By self as custodian for Lauren E. Berkley</value>
         </natureOfOwnership>
      </ownershipNature>
   </nonDerivativeHolding>
 </nonDerivativeTable>
 <derivativeTable>
   <derivativeTransaction>
      <securityTitle>
         <value>Employee Stock Option (Right to Buy)</value>
      </securityTitle>
      <conversionOrExercisePrice>
         <value>11.24</value>
            <footnoteId id="F3"/>
      </conversionOrExercisePrice>
      <transactionDate>
         <value>2003-10-15</value>
      </transactionDate>
      <transactionCoding>
         <transactionFormType>4</transactionFormType>
         <transactionCode>M</transactionCode>
         <equitySwapInvolved>0</equitySwapInvolved>
      </transactionCoding>
      <transactionAmounts>
         <transactionShares>
           <value>90000</value>
            <footnoteId id="F3"/>
         </transactionShares>
         <transactionPricePerShare>
            <footnoteId id="F3"/>
         </transactionPricePerShare>
         <transactionAcquiredDisposedCode>
           <value>D</value>
         </transactionAcquiredDisposedCode>
      </transactionAmounts>
      <exerciseDate>
            <footnoteId id="F4"/>
      </exerciseDate>
      <expirationDate>
         <value>2004-05-23</value>
      </expirationDate>
      <underlyingSecurity>
         <underlyingSecurityTitle>
           <value>Common Stock</value>
         </underlyingSecurityTitle>
         <underlyingSecurityShares>
           <value>90000</value>
            <footnoteId id="F3"/>
         </underlyingSecurityShares>
      </underlyingSecurity>
      <postTransactionAmounts>
         <sharesOwnedFollowingTransaction>
           <value>0</value>
         </sharesOwnedFollowingTransaction>
      </postTransactionAmounts>
      <ownershipNature>
         <directOrIndirectOwnership>
           <value>D</value>
         </directOrIndirectOwnership>
      </ownershipNature>
   </derivativeTransaction>
 </derivativeTable>
   <footnotes>
      <footnote id="F1"> On Aug. 27, 2003, the common stock of W. R. Berkley Corporation split 3-for-2, resulting in the reporting person's acquisition of an aggregate of 3,029,240 additional shares.</footnote>

      <footnote id="F2"> Since the date of the reporting person's last report, these shares, which were previously directly owned by the reporting person, were contributed to William R. Berkley, LLC, a limited liability company of which the reporting person is the sole member.</footnote>

      <footnote id="F3"> This option was originally reported as covering 40,000 shares at an exercise price of $37.94 per share, and has been adjusted to reflect the 3-for-2 stock splits of Sept. 1997, July 2002 and Aug. 2003, less options previously exercised.</footnote>

      <footnote id="F4"> Stock option grant vested in three equal installments on May 23, 1997, 1998 and 1999.</footnote>
   </footnotes>
   <ownerSignature>
      <signatureName>/s/ William R. Berkley</signatureName>
      <signatureDate>2003-10-17</signatureDate>
   </ownerSignature>
</ownershipDocument>

</XML>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
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