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8-K - FORM 8-K - NAVIGATORS GROUP INC | c11147e8vk.htm |
Exhibit 99.1
The Navigators Group, Inc. CORPORATE NEWS |
Navigators Announces Sale of the Renewal Rights for its Middle Market Commercial Package Business
to Tower Insurance Company of New York
NEW YORK, January 14, 2011(BUSINESS WIRE) The Navigators Group, Inc. (NASDAQ:NAVG) today
announced that its subsidiary, Navigators Insurance Company, has entered into a transaction with
Tower Insurance Company of New York, a subsidiary of Tower Group, Inc. (NASDAQ:TWGP), to sell the
renewal rights for the middle market commercial package and commercial automobile business
underwritten through its NAV PAC division. The transaction did not include the NAV PAC Global or
Life Sciences products, which are also underwritten within the division. The portfolio of policies
subject to the transaction involves gross written premium of approximately $33 million in 2010.
Stan Galanski, President and CEO of The Navigators Group, Inc., commented: Due to the current
market conditions, our middle market commercial package business found it challenging to achieve
scale without sacrificing underwriting quality. In order to achieve the Companys business focus,
we felt that this book of business is better associated with a company that has far greater
existing presence in this segment.
The Navigators Group, Inc. is an international specialty insurance holding company with insurance
company operations, underwriting management companies, and operations at Lloyds of London.
Headquartered in New York City, Navigators has offices in major insurance centers in the United
States, the United Kingdom and Continental Europe. Navigators Insurance Company and Navigators
Specialty Insurance Company are both rated A (Excellent) by A.M. Best and A (Strong) by
Standard & Poors.
This press release may contain forward-looking statements as defined in the Private Securities
Litigation Reform Act of 1995. Whenever used in this release, the words estimate, expect,
believe, may, will, intend, continue or similar expressions are intended to identify such
forward-looking statements. Forward-looking statements are derived from information that we
currently have and assumptions that we make. We cannot assure that results that we anticipate will
be achieved, since results may differ materially because of known and unknown risks and
uncertainties that we face. Please refer to Navigators most recent Forms 10-K and 10-Q and its
other filings with the Securities and Exchange Commission for a description of Navigators business
and the important factors that may affect that business. Navigators undertakes no obligation to
publicly update or revise any forward-looking statement
Media Inquiries
The Navigators Group, Inc.
Taha Ebrahimi, 914-933-6209
tebrahimi@navg.com
www.navg.com
The Navigators Group, Inc.
Taha Ebrahimi, 914-933-6209
tebrahimi@navg.com
www.navg.com