Exhibit 99.1

The Navigators Group, Inc.
CORPORATE NEWS

Navigators Reports Third Quarter Earnings

New York — November 3, 2011 — The Navigators Group, Inc. (NASDAQ:NAVG) reported net income of $13.9 million, or $0.92 per diluted share, for the three months ended September 30, 2011 compared to net income of $16.2 million, or $1.00 per diluted share, for the comparable period in 2010. Operating earnings were $12.0 million, or $0.80 per diluted share for the third quarter of 2011 compared to earnings of $13.7 million, or $0.85 per diluted share, for the comparable period in 2010.

For the nine months ended September 30, 2011, the Company reported net income of $15.5 million, or $1.00 per diluted share, compared to $52.2 million, or $3.17 per diluted share, for the comparable period in 2010. Operating earnings were $13.3 million, or $0.85 per diluted share for the nine months ended September 30, 2011 compared to $38.8 million, or $2.35 per diluted share, for the comparable period in 2010.

Gross written premiums and net written premiums for the three months ended September 30, 2011 were $255.3 million and $175.4 million, respectively, an increase of 9.3% and 11.1%, respectively, from the comparable periods in 2010. Gross written premiums and net written premiums for the nine months ended September 30, 2011 were $830.3 million and $551.8 million, respectively, an increase of 9.6% and 7.7%, respectively, from the comparable periods in 2010.

The combined loss and expense ratio for the three and nine months ended September 30, 2011 were 99.1% and 105.6%, respectively, compared to 97.8% and 98.9% for the comparable periods in 2010.

Navigators’ Chief Executive Officer Stan Galanski commented, “We are pleased to have met our primary objective of underwriting profitability while continuing to grow our book value per share. We achieved meaningful premium growth in targeted specialty niches while walking away from business that did not meet our underwriting and pricing requirements. Cash flow was strong and, despite ongoing investments in talent and technology, we were able to maintain our non-commission operating expenses about flat with third quarter 2010.”

Stockholders’ equity was $799.5 million, or $55.82 per share, as of September 30, 2011 compared to $829.4 million, or $52.68 per share, as of December 31, 2010. During the three and nine months ended September 30, 2011, the Company repurchased 749,076 and 1,602,196 shares of its common stock for an aggregate purchase price of $32.2 million and $73.7 million, respectively, pursuant to its share repurchase program. The Company repurchased an additional 31,680 shares of its common stock for an aggregate purchase price of $1.3 million between October 1, 2011 and November 2, 2011 pursuant to its share repurchase program. Approximately $15.9 million remains available under the Company’s current share repurchase program which expires on December 31, 2011.

		6 International Drive				Rye Brook, NY 10573
		TEL (914) 933-6000				FAX (914) 934-2355

News Release
November 3, 2011
Page 2

Net investment income for the three and nine months ended September 30, 2011 was $16.3 million and $51.1 million, which was a decrease of 8.9% and 4.8% from the comparable periods in 2010. The annualized pre-tax investment yield, excluding net realized gains and losses and net other-than-temporary impairment losses recognized in earnings, was 3.1% and 3.2% for the three and nine months ended September 30, 2011, compared to 3.4% and 3.5% for the comparable periods in 2010. The effective tax rate on net investment income was 28.6% for the three and nine months ended September 30, 2011, compared to 28.4% and 26.7% for the comparable periods in 2010.

The Company’s investment portfolio mainly consists of fixed income securities with an average quality rating of “AA/Aa” as defined by Standard & Poor’s and Moody’s, respectively, and an average effective duration of 3.6 years as of September 30, 2011. As of September 30, 2011, net unrealized gains within our investment portfolio were $73.7 million, an increase of $24.6 million compared to December 31, 2010. There were $2.6 million and $3.5 million of net realized gains and other-than-temporary impairment losses recognized in earnings for the three and nine months ended September 30, 2011.

Consolidated cash flow from operations for the three and nine months ended September 30, 2011 was $71.9 million and $86.3 million respectively, compared to $49.8 million and $114.1 million for the comparable periods in 2010.

The Company will hold a conference call on Friday, November 4, 2011 starting at 8:30 a.m. ET to discuss the 2011 third quarter results. The call will be available via live webcast on Navigators’ website (www.navg.com).

To participate by telephone, the domestic dial-in number is (800) 850-2903 and the international dial-in is (224) 357-2399. Participants may connect to the webcast at:

http://investor.shareholder.com/navg/eventdetail.cfm?eventid=103189

Operating earnings, or net income excluding after-tax net realized gains (losses) and net other-than-temporary impairment losses recognized in earnings, is a non-GAAP financial measure that is a common performance measurement for insurance companies. We believe this presentation enhances the understanding of our results of operations by highlighting the underlying profitability of our insurance business.

The Navigators Group, Inc. is an international specialty insurance holding company with insurance company operations, underwriting management companies, and operations at Lloyd’s of London. Headquartered in New York, Navigators has offices in major insurance centers in the United States, the United Kingdom and Continental Europe.

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November 3, 2011
Page 3

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” 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 reports on 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.

Contact:		Ciro M. DeFalco Chief Financial Officer (914) 933-6043 cdefalco@navg.com www.navg.com

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THE NAVIGATORS GROUP, INC. AND SUBSIDIARIES
Financial Highlights
($ in thousands, except share and per share data)
(unaudited)

		Three Months Ended												Nine Months Ended
		September 30,												September 30,
Results of Operations		2011				2010				Change				2011				2010				Change
Gross written premiums		$	255,318			$	233,638				9.3	%		$	830,315			$	757,351				9.6	%
Net written premiums			175,357				157,807				11.1	%			551,796				512,129				7.7	%
Revenues:
Net earned premiums			173,633				168,233				3.2	%			499,888				493,773				1.2	%
Commission income
Net investment income			16,259				17,839				-8.9	%			51,072				53,664				-4.8	%
Total other-than-temporary impairment losses			(1,241	)			(1,034	)		NM					(2,338	)			(1,774	)		NM
Portion of loss recognized in other comprehensive income (before tax)			618				365				69.3	%			941				870				8.2	%
Net other-than-temporary impairment losses recognized in earnings			(623	)			(669	)		NM					(1,397	)			(904	)		NM
Net realized gains (losses)			3,238				4,521				-28.4	%			4,856				21,653				-77.6	%
Other income			(921	)			2,767			NM					643				2,938				-78.1	%
Total revenues			191,586				192,691				-0.6	%			555,062				571,124				-2.8	%
Expenses:
Net losses and loss adjustment expenses			110,242				107,463				2.6	%			340,893				311,133				9.6	%
Commission expenses			25,934				25,185				3.0	%			80,164				76,178				5.2	%
Other operating expenses			34,989				34,682				0.9	%			107,341				103,781				3.4	%
Interest expense			2,047				2,045				0.1	%			6,140				6,133				0.1	%
Total expenses			173,212				169,375				2.3	%			534,538				497,225				7.5	%
Income before income taxes			18,374				23,316				-21.2	%			20,524				73,899				-72.2	%
Income tax expense (benefit)			4,476				7,091				-36.9	%			5,015				21,659				-76.8	%
Net income (loss)		$	13,898			$	16,225				-14.3	%		$	15,509			$	52,240				-70.3	%
Per Share Data
Net income per common share:
Basic		$	0.94			$	1.03				-8.8	%		$	1.02			$	3.23				-68.5	%
Diluted		$	0.92			$	1.00				-8.0	%		$	1.00			$	3.17				-68.6	%
Average common shares outstanding:
Basic			14,796,309				15,779,902								15,243,603				16,170,493
Diluted			15,104,424				16,148,990								15,569,370				16,503,098
Underwriting Ratios
Loss Ratio			63.5	%			63.9	%							68.2	%			63.0	%
Expense Ratio			35.6	%			33.9	%							37.4	%			35.9	%
Combined Ratio			99.1	%			97.8	%							105.6	%			98.9	%

		Sept. 30,				June 30,								Sept. 30,				Dec. 31,
Balance Sheet Data		2011				2011								2011				2010
Stockholders’ equity		$	799,455			$	817,919				-2.3	%		$	799,455			$	829,354				-3.6	%
Book value per share		$	55.82			$	54.44				2.5	%		$	55.82			$	52.68				6.0	%

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THE NAVIGATORS GROUP, INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
($ in thousands, except share data)

		September 30,				December 31,
		2011				2010
		(unaudited)
ASSETS
Investments and cash:
Fixed maturities, available-for-sale, at fair value (amortized cost: 2011, $1,768,428; 2010, $1,855,598)		$	1,827,973			$	1,882,245
Equity securities, available-for-sale, at fair value (cost: 2011, $133,616; 2010, $64,793)			147,794				87,258
Short-term investments, at cost which approximates fair value			159,549				153,057
Cash			58,935				31,768
Total investments and cash			2,194,251				2,154,328
Premiums receivable			249,834				188,368
Prepaid reinsurance premiums			170,180				156,869
Reinsurance recoverable on paid losses			49,232				56,658
Reinsurance recoverable on unpaid losses and loss adjustment expenses			843,546				843,296
Deferred policy acquisition costs			61,975				55,201
Accrued investment income			14,741				15,590
Goodwill and other intangible assets			6,897				6,925
Current income tax receivable, net			9,817				1,054
Deferred income tax, net			4,250				15,141
Other assets			18,652				38,029
Total assets		$	3,623,375			$	3,531,459
LIABILITIES AND STOCKHOLDERS’ EQUITY
Liabilities:
Reserves for losses and loss adjustment expenses		$	2,044,709			$	1,985,838
Unearned premiums			528,463				463,515
Reinsurance balances payable			113,188				105,904
Senior notes			114,240				114,138
Accounts payable and other liabilities			23,320				32,710
Total liabilities			2,823,920				2,702,105
Stockholders’ equity:
Preferred stock, $.10 par value, authorized 1,000,000 shares, none issued			—				—
Common stock, $.10 par value, authorized 50,000,000 shares, issued 17,451,233 shares for 2011 and 17,274,440 shares for 2010			1,745				1,728
Additional paid-in capital			324,257				312,588
Treasury stock, at cost (3,134,469 shares for 2011 and 1,532,273 shares for 2010)			(138,611	)			(64,935	)
Retained earnings			555,021				539,512
Accumulated other comprehensive income			57,043				40,461
Total stockholders’ equity			799,455				829,354
Total liabilities and stockholders’ equity		$	3,623,375			$	3,531,459

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THE NAVIGATORS GROUP, INC. AND SUBSIDIARIES
Comparative Premium Data
($ in thousands)

		Three Months												Nine Months
		2011				2010				Change				2011				2010				Change
Gross Written Premiums:
Insurance Companies:
Marine		$	47,141			$	49,406				-5	%		$	175,812			$	172,136				2	%
Property Casualty			110,975				81,351				36	%			323,994				242,494				34	%
Professional Liability			33,059				32,586				1	%			84,912				97,192				-13	%
			191,175				163,343				17	%			584,718				511,822				14	%
Lloyd’s Operations:
Marine			26,979				32,788				-18	%			127,585				133,758				-5	%
Property Casualty			29,682				27,687				7	%			91,106				76,768				19	%
Professional Liability			7,482				9,820				-24	%			26,906				35,003				-23	%
			64,143				70,295				-9	%			245,597				245,529				0	%
Total		$	255,318			$	233,638				9	%		$	830,315			$	757,351				10	%

		Three Months												Nine Months
		2011				2010				Change				2011				2010				Change
Net Written Premiums:
Insurance Companies:
Marine		$	34,180			$	35,546				-4	%		$	130,200			$	123,702				5	%
Property Casualty			77,056				52,677				46	%			201,978				156,674				29	%
Professional Liability			24,056				19,693				22	%			57,058				60,281				-5	%
			135,292				107,916				25	%			389,236				340,657				14	%
Lloyd’s Operations:
Marine			20,649				27,142				-24	%			102,362				111,205				-8	%
Property Casualty			16,296				17,414				-6	%			47,364				43,049				10	%
Professional Liability			3,120				5,335				-42	%			12,834				17,218				-25	%
			40,065				49,891				-20	%			162,560				171,472				-5	%
Total		$	175,357			$	157,807				11	%		$	551,796			$	512,129				8	%

		Three Months												Nine Months
		2011				2010				Change				2011				2010				Change
Net Earned Premiums:
Insurance Companies:
Marine		$	41,951			$	41,091				2	%		$	124,387			$	122,739				1	%
Property Casualty			58,585				50,976				15	%			156,871				152,228				3	%
Professional Liability			18,796				20,131				-7	%			51,881				58,867				-12	%
			119,332				112,198				6	%			333,139				333,834				0	%
Lloyd’s Operations:
Marine			34,510				38,254				-10	%			109,222				108,541				1	%
Property Casualty			15,952				12,202				31	%			44,105				34,880				26	%
Professional Liability			3,839				5,579				-31	%			13,422				16,518				-19	%
			54,301				56,035				-3	%			166,749				159,939				4	%
Total		$	173,633			$	168,233				3	%		$	499,888			$	493,773				1	%

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THE NAVIGATORS GROUP, INC. AND SUBSIDIARIES
Segment Information
Three Months Ended
September 30, 2011

($ in thousands)

		Insurance				Lloyd’s
		Companies				Operations				Corporate(1)				Total
Gross written premiums		$	191,175			$	64,143			$	—			$	255,318
Net written premiums			135,292				40,065				—				175,357
Net earned premiums			119,332				54,301				—				173,633
Net losses and loss adjustment expenses			(76,755	)			(33,487	)			—				(110,242	)
Commission expenses			(16,514	)			(9,953	)			533				(25,934	)
Other operating expenses			(25,735	)			(9,254	)			—				(34,989	)
Other income (expense)			554				(942	)			(533	)			(921	)
Underwriting profit (loss)			882				665				0				1,547
Net investment income			14,037				2,158				64				16,259
Net realized gains (losses)			2,809				(226	)			32				2,615
Interest expense			—				—				(2,047	)			(2,047	)
Income (loss) before income taxes			17,728				2,597				(1,951	)			18,374
Income tax expense (benefit)			4,379				780				(683	)			4,476
Net income (loss)		$	13,349			$	1,817			$	(1,268	)		$	13,898
Losses and loss adjustment expenses ratio			64.3	%			61.7	%							63.5	%
Commission expense ratio			13.8	%			18.3	%							14.9	%
Other operating expense ratio (2)			21.2	%			18.8	%							20.7	%
Combined ratio			99.3	%			98.8	%							99.1	%

(1)		The Corporate segment includes intercompany eliminations.
(2)		The Other operating expense ratio includes Other income (expense).

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THE NAVIGATORS GROUP, INC. AND SUBSIDIARIES
Segment Information
Three Months Ended
September 30, 2010

($ in thousands)

		Insurance				Lloyd’s
		Companies				Operations				Corporate(1)				Total
Gross written premiums		$	163,343			$	70,295			$	—			$	233,638
Net written premiums			107,916				49,891				—				157,807
Net earned premiums			112,198				56,035				—				168,233
Net losses and loss adjustment expenses			(72,306	)			(35,157	)			—				(107,463	)
Commission expenses			(14,374	)			(10,459	)			(352	)			(25,185	)
Other operating expenses			(26,398	)			(8,301	)			—				(34,699	)
Other income (expense)			1,380				1,052				352				2,784
Underwriting profit (loss)			500				3,170				—				3,670
Net investment income			15,736				1,982				121				17,839
Net realized gains (losses)			4,206				(354	)			—				3,852
Interest expense			—				—				(2,045	)			(2,045	)
Income (loss) before income taxes			20,442				4,798				(1,924	)			23,316
Income tax expense (benefit)			6,049				1,715				(673	)			7,091
Net income (loss)		$	14,393			$	3,083			$	(1,251	)		$	16,225
Losses and loss adjustment expenses ratio			64.4	%			62.7	%							63.9	%
Commission expense ratio			12.8	%			18.7	%							15.0	%
Other operating expense ratio (2)			22.4	%			12.9	%							18.9	%
Combined ratio			99.6	%			94.3	%							97.8	%

(1)		The Corporate segment includes intercompany eliminations.
(2)		The Other operating expense ratio includes Other income (expense).

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THE NAVIGATORS GROUP, INC. AND SUBSIDIARIES
Segment Information
Nine Months Ended
September 30, 2011

($ in thousands)

		Insurance				Lloyd’s
		Companies				Operations				Corporate(1)				Total
Gross written premiums		$	584,718			$	245,597			$	—			$	830,315
Net written premiums			389,236				162,560				—				551,796
Net earned premiums			333,139				166,749				—				499,888
Net losses and loss adjustment expenses			(228,882	)			(112,011	)			—				(340,893	)
Commission expenses			(45,256	)			(36,402	)			1,494				(80,164	)
Other operating expenses			(79,050	)			(28,291	)			—				(107,341	)
Other income (expense)			2,871				(734	)			(1,494	)			643
Underwriting profit (loss)			(17,178	)			(10,689	)			0				(27,867	)
Net investment income			44,009				6,733				330				51,072
Net realized gains (losses)			5,664				(2,409	)			204				3,459
Interest expense			—				—				(6,140	)			(6,140	)
Income (loss) before income taxes			32,495				(6,365	)			(5,606	)			20,524
Income tax expense (benefit)			9,224				(2,247	)			(1,962	)			5,015
Net income (loss)		$	23,271			$	(4,118	)		$	(3,644	)		$	15,509
Losses and loss adjustment expenses ratio			68.7	%			67.2	%							68.2	%
Commission expense ratio			13.6	%			21.8	%							16.0	%
Other operating expense ratio (2)			22.9	%			17.4	%							21.4	%
Combined ratio			105.2	%			106.4	%							105.6	%

(1)		The Corporate segment includes intercompany eliminations.
(2)		The Other operating expense ratio includes Other income (expense).

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THE NAVIGATORS GROUP, INC. AND SUBSIDIARIES
Segment Information
Nine Months Ended
September 30, 2010

($ in thousands)

		Insurance				Lloyd’s
		Companies				Operations				Corporate(1)				Total
Gross written premiums		$	511,822			$	245,529			$	—			$	757,351
Net written premiums			340,657				171,472				—				512,129
Net earned premiums			333,834				159,939				—				493,773
Net losses and loss adjustment expenses			(205,571	)			(105,562	)			—				(311,133	)
Commission expenses			(43,351	)			(32,827	)			—				(76,178	)
Other operating expenses			(79,658	)			(24,161	)			—				(103,819	)
Other income (expense)			289				2,687				—				2,976
Underwriting profit			5,543				76				—				5,619
Net investment income			47,040				6,179				445				53,664
Net realized gains (losses)			20,140				378				231				20,749
Interest expense			—				—				(6,133	)			(6,133	)
Income (loss) before income taxes			72,723				6,633				(5,457	)			73,899
Income tax expense (benefit)			21,166				2,403				(1,910	)			21,659
Net income (loss)		$	51,557			$	4,230			$	(3,547	)		$	52,240
Losses and loss adjustment expenses ratio			61.6	%			66.0	%							63.0	%
Commission expense ratio			13.0	%			20.5	%							15.4	%
Other operating expense ratio (2)			23.7	%			13.5	%							20.5	%
Combined ratio			98.3	%			100.0	%							98.9	%

(1)		The Corporate segment includes intercompany eliminations.
(2)		The Other operating expense ratio includes Other income (expense).

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THE NAVIGATORS GROUP, INC. AND SUBSIDIARIES
Underwriting Results
($ in thousands)

		Three Months Ended September 30, 2011
		Net				Losses
		Earned				and LAE				Underwriting				Underwriting				Loss				Expense				Combined
		Premiums				Incurred				Expenses				Profit (Loss)				Ratio				Ratio				Ratio
Insurance Companies:
Marine		$	41,951			$	28,082			$	15,054			$	(1,185	)			66.9	%			35.9	%			102.8	%
Property Casualty			58,585				36,272				19,605				2,708				61.9	%			33.5	%			95.4	%
Professional Liability			18,796				12,401				7,036				(641	)			66.0	%			37.4	%			103.4	%
			119,332				76,755				41,695				882				64.3	%			35.0	%			99.3	%
Lloyd’s Operations			54,301				33,487				20,149				665				61.7	%			37.1	%			98.8	%
Total		$	173,633			$	110,242			$	61,844			$	1,547				63.5	%			35.6	%			99.1	%

		Three Months Ended September 30, 2010
		Net				Losses
		Earned				and LAE				Underwriting				Underwriting				Loss				Expense				Combined
		Premiums				Incurred				Expenses				Profit (Loss)				Ratio				Ratio				Ratio
Insurance Companies:
Marine		$	41,091			$	26,257			$	13,467			$	1,367				63.9	%			32.8	%			96.7	%
Property Casualty			50,976				32,575				18,350				51				63.9	%			36.0	%			99.9	%
Professional Liability			20,131				13,474				7,575				(918	)			66.9	%			37.7	%			104.6	%
			112,198				72,306				39,392				500				64.4	%			35.2	%			99.6	%
Lloyd’s Operations			56,035				35,157				17,708			$	3,170				62.7	%			31.6	%			94.3	%
Total		$	168,233			$	107,463			$	57,100			$	3,670				63.9	%			33.9	%			97.8	%

		Amounts								Loss Ratio
Net Incurred Loss Activity		Sept. 30,				Sept. 30,				Sept. 30,				Sept. 30,
For the Three Months Ended:		2011				2010				2011				2010
Insurance Companies:
Loss and LAE payments		$	63,475			$	67,343				53.2	%			60.1	%
Change in reserves			13,280				4,963				11.1	%			4.3	%
Net incurred loss and LAE			76,755				72,306				64.3	%			64.4	%
Lloyd’s Operations:
Loss and LAE payments			26,168				22,572				48.2	%			40.2	%
Change in reserves			7,319				12,585				13.5	%			22.5	%
Net incurred loss and LAE			33,487				35,157				61.7	%			62.7	%
Total
Loss and LAE payments			89,643				89,915				51.6	%			53.5	%
Change in reserves			20,599				17,548				11.9	%			10.4	%
Net incurred loss and LAE		$	110,242			$	107,463				63.5	%			63.9	%

Impact of Prior Years Reserves		Amounts								Loss Ratio Impact
Favorable / (Unfavorable) Development		Sept. 30,				Sept. 30,				Sept. 30,				Sept. 30,
For the Three Months Ended:		2011				2010				2011				2010
Insurance Companies		$	2,144			$	157				1.8	%			0.1	%
Lloyd’s Operations			(531	)			4,002				-1.0	%			7.1	%
Total		$	1,613			$	4,159				0.9	%			2.5	%