FORM 4
[ ] Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).         
UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP OF SECURITIES
                                                                                  
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Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934, Section 17(a) of the Public
Utility Holding Company Act of 1935 or Section 30(f) of the Investment Company Act of 1940
                      

1. Name and Address of Reporting Person *

HANCOCK PAUL J 		2. Issuer Name and Ticker or Trading Symbol

BERKLEY W R CORP [ BER ] 		5. Relationship of Reporting Person(s) to Issuer (Check all applicable)

_____ Director                      _____ 10% Owner
__ X __ Officer (give title below)      _____ Other (specify below)
SVP - Chief Corporate Actuary
(Last)          (First)          (Middle)

W. R. BERKLEY CORPORATION, 475 STEAMBOAT ROAD 		3. Date of Earliest Transaction (MM/DD/YYYY)

3/31/2008
(Street)

GREENWICH, CT 06830
(City)        (State)        (Zip)
4. If Amendment, Date Original Filed (MM/DD/YYYY)

 
6. Individual or Joint/Group Filing (Check Applicable Line)

_ X _ Form filed by One Reporting Person
___ Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1.Title of Security
(Instr. 3) 		2. Trans. Date 2A. Deemed Execution Date, if any 3. Trans. Code
(Instr. 8) 		4. Securities Acquired (A) or Disposed of (D)
(Instr. 3, 4 and 5) 		5. Amount of Securities Beneficially Owned Following Reported Transaction(s)
(Instr. 3 and 4) 		6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4) 7. Nature of Indirect Beneficial Ownership (Instr. 4)
Code V Amount (A) or (D) Price
Common Stock   3/31/2008     M    25313   A $9.35   90468   (1) (2) D  
 

Table II - Derivative Securities Beneficially Owned ( e.g. , puts, calls, warrants, options, convertible securities)
1. Title of Derivate Security
(Instr. 3) 		2. Conversion or Exercise Price of Derivative Security 3. Trans. Date 3A. Deemed Execution Date, if any 4. Trans. Code
(Instr. 8) 		5. Number of Derivative Securities Acquired (A) or Disposed of (D)
(Instr. 3, 4 and 5) 		6. Date Exercisable and Expiration Date 7. Title and Amount of Securities Underlying Derivative Security
(Instr. 3 and 4) 		8. Price of Derivative Security
(Instr. 5) 		9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4) 10. Ownership Form of Derivative Security: Direct (D) or Indirect (I) (Instr. 4) 11. Nature of Indirect Beneficial Ownership (Instr. 4)
Code V (A) (D) Date Exercisable Expiration Date Title Amount or Number of Shares
Employee Stock Option (Right to Buy)   $9.35   3/31/2008     M        25313   (3)     (4) 5/12/2008   Common Stock   25313   $0   0   D  
 

Explanation of Responses:
( 1)  On April 4, 2006, the common stock of W. R. Berkley Corporation split 3-for-2 resulting in the reporting person's acquisition of 21,718 additional shares.
( 2)  Includes 42,375 Restricted Stock Units ("RSUs") which are scheduled to vest as follows: 16,875 on April 4, 2008; 13,500 on May 11, 2009; and 12,000 on December 5, 2010.
( 3)  This option was originally reported as covering 5,000 shares at an exercise price of $47.375 per share, and has been adjusted to reflect the 3-for-2 stock splits of July 2002, Augut 2003, April 2005 and April 2006.
( 4)  Stock option grant vested in four equal installments on May 12, 2001, May 12, 2002, May 12, 2003 and May 12, 2004.

Reporting Owners
Reporting Owner Name / Address
Relationships
Director 10% Owner Officer Other
HANCOCK PAUL J
W. R. BERKLEY CORPORATION
475 STEAMBOAT ROAD
GREENWICH, CT 06830

SVP - Chief Corporate Actuary

Signatures
Paul J. Hancock 3/31/2008
** Signature of Reporting Person Date


Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4(b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations. See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
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