UPDATE 1-Insurer WR Berkley swings to Q1 loss

* Q1 loss/shr $0.13 vs $1.03/shr profit last year

* Q1 oper EPS $0.25 vs $0.83 last year

* $115.1 mln loss from investment funds

April 27 (Reuters) - Property and casualty insurer WR Berkley Corp (WRB.N) posted a net loss for the first quarter, hurt mainly by losses from investment funds.

Loss from investment funds was $115.1 million for the quarter, the company said. Realized investment losses including other-than-temporary impairments totaled $96.8 million.

However, the company sees start-up ventures to boost earnings by the first quarter of 2010, Chief Executive William Berkley said in a statement.

The company posted a quarterly loss of $20 million, or 13 cents a share for the first quarter, compared with a profit of $188 million, or $1.03 a share, a year earlier.

Net operating income fell 72 percent to $42 million, or 25 cents a share.

Analysts were looking for a profit of 28 cents a share, excluding items, according to Reuters Estimates.