The Navigators Group, Inc. “Insuring a World in Motion”

The Navigators Group, Inc.Insuring a World in Motion

Friedman Billings Ramsey11th Annual Investor ConferenceNovember 30, 2004New York CityStanley A. Galanski, President & Chief Executive OfficerPaul J. Malvasio, Executive Vice President & Chief Financial Officer

This presentation 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. We cannot assure that results which we anticipate will be achieved, since results may differ materially because of known and unknown risks and uncertainties which 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 which may affect that business. Navigators undertakes no obligation to publicly update or revise any forward- looking statement.2

Navigators Investment HighlightsA global leader in marine insuranceBusiness founded through Navigators Agencies in 1974Lloyds presence through Syndicate 1221 acquired in 1998Complements US operations and provides global market accessCommitment to underwriting profitWorld-class specialty underwriting teamsEmphasis on bottom-line results, not market shareDiversifying opportunistically into attractive new business linesSpecialty Property & Casualty and Professional LiabilityExcellent market opportunities and producer supportPortfolio diversification for stronger earnings stream across market cyclesOperating from a strong and leveragable platformRated A by A.M. Best and Standard and PoorsLloyds licenses provide access to major world marketsNo debt3

Deep, Experienced Underwriting TeamSenior Underwriting management team has an average of approximately 30 years in the industry and 14 years at Navigators.4

Navigators Core ValuesUnderwriting Profit is the Primary ObjectiveSpecialization in High Margin BusinessesIntellectual Capital Hire and Build Top Notch ExpertsUnderwrite Severity but Utilize Reinsurance to Protect our Balance SheetDiscipline Dont be Afraid to Shrink or Exit a NicheTeamworkIntegrity, Professionalism and Pride5

Growth and Portfolio DiversificationGross Premium Written by Segment($s in millions)9%

22%

37%

32%5%

26%

29%

40%$607$448$50910%

22%

37%

31%8%

21%

38%

33%$4566Nine MonthsYear

Lloyds Marine & Energy

Navigators Marine & EnergyLargest and longest standing area of specialization for over 30 yearsNavigators has an 80% participation in marine insurance pool operated by Navigators Agencies in 2004 and 2003Renewal rate increases averaged 4% in the nine months of 2004, 13% in 2003, and 21% in 2002Every regional office produced an underwriting profit in 2003 (excluding asbestos reserve strengthening) 2004 nine month combined ratio of 90.9% (85.9% excluding Hurricane Ivan)30% of 2003 Year NWP 26% of Nine Months 2004 NWP7

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&L&7Credit Suisse First Boston

Marine & Energy (Lloyd's)

Navigators Pro

Navigators Specialty

Graph Data

Marine & Energy (NAVG Agencies)115.2857142857Lloyd's Marine126

Marine & Energy (Lloyd's)126

Navigators Pro23

Navigators Specialty120

384.2857142857

Examples

Bar ChartIndustryVolume

Insurance$1,312.0

Entertainment$1,035.0

Health Care$953.0

Energy$653.0

Retail$576.0

Technology$432.0

Chemicals$325.0

Bar-Floating ChartCategoryMinimumMaximum

Category 128

Category 2410

Category 3612

Category 4814

Category 51016

Column ChartRatingA RatedBBB RatedBB RatedB Rated

Net Sales2,435.01,735.01,345.0807.0

Book Equity1,247.0645.0201.0301.0

Total Assets1,756.01,645.01,345.0724.0

Column Line Combination ChartDateRevenueEBIT Margin

1992$15.517.0%

1993$16.819.0%

1994$23.523.0%

1995$27.821.0%

1996$35.819.0%

1997$43.723.0%

1998$55.827.0%

1999$60.828.0%

Column Stacked ChartIndustryIPOSECCVT

Communications$1,315.0$1,195.0$555.0

Technology$1,135.0$1,100.0$815.0

REITs$798.0$744.0$585.0

Health Care$775.0$715.0$575.0

International$715.0$615.0$555.0

Energy$645.0$541.0$200.0

Insurance$425.0$321.0$45.0

Retail$321.0$222.0$35.0

Line ChartIndustryGross MarginEBIT Margin

Insurance52%22.0%

Entertainment55%24.0%

Health Care56%25.0%

Energy55%24.0%

Market Share ChartIndustryVolumeIndustryVolumeMarket Share

Insurance$1,312.0Insurance$1,312.012%

Entertainment$1,035.0Entertainment$1,035.015%

Health Care$953.0Health Care$953.011%

Energy$653.0Energy$653.08%

Retail$576.0Retail$576.08%

Technology$432.0Technology$432.08%

Chemicals$325.0Chemicals$325.09%

Pie ChartDivisionAmount

Broadcasting$6.5

Cable$5.5

Consumer$7.8

Film$1.7

Publishing$3.3

Theme Parks$5.5

Video / Music$3.8

Ranking ChartInvestment BankVolumeInvestment BankVolumeMarket Share

CSFB$10,768.0CSFB$10,768.017%

Merrill Lynch$6,732.0Merrill Lynch$6,732.011%

Goldman, Sachs$6,381.0Goldman, Sachs$6,381.010%

Bear, Stearns$5,075.0Bear, Stearns$5,075.08%

Morgan Stanley$4,676.0Morgan Stanley$4,676.08%

Valuation ChartValuation MethodologyLowHigh

PublicComparableCompanies$9.5$11.5

ComparablePremiums$10.5$11.8

M&AComparableTransactions$9.8$13.5

DCFBaseCase$10.8$14.5

DCFUpsideCase$12.0$16.0

XY Scatter Line ChartDateGross MarginEBIT Margin

3/31/9452%22.0%

6/30/9455%24.0%

9/30/9456%25.0%

12/31/9455%24.0%

3/31/9551%20.0%

6/30/9552%22.0%

9/30/9556%25.0%

12/31/9553%21.0%

3/31/9649%17.0%

6/30/9647%18.0%

9/30/9648%17.0%

12/31/9644%15.0%

3/31/9746%17.0%

6/30/9748%19.0%

XY Scatter Plot ChartCompanyP/E MultipleEPS Growth

Microtest46.0x55%

Webdata40.0x41%

Utilifix36.0x39%

Kingsoft31.0x37%

Cobra24.0x28%

Samachi18.0x20%

Cascom16.0x15%

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Navigators Pro


Graph Data



Navigators Pro23


364.0054127199

Examples


Insurance$1,312.0


Health Care$953.0

Energy$653.0

Retail$576.0

Technology$432.0

Chemicals$325.0


Category 128

Category 2410

Category 3612

Category 4814

Category 51016


Net Sales2,435.01,735.01,345.0807.0

Book Equity1,247.0645.0201.0301.0

Total Assets1,756.01,645.01,345.0724.0


1992$15.517.0%

1993$16.819.0%

1994$23.523.0%

1995$27.821.0%

1996$35.819.0%

1997$43.723.0%

1998$55.827.0%

1999$60.828.0%


Communications$1,315.0$1,195.0$555.0

Technology$1,135.0$1,100.0$815.0

REITs$798.0$744.0$585.0

Health Care$775.0$715.0$575.0


Energy$645.0$541.0$200.0

Insurance$425.0$321.0$45.0

Retail$321.0$222.0$35.0


Insurance52%22.0%


Health Care56%25.0%

Energy55%24.0%










Broadcasting$6.5

Cable$5.5

Consumer$7.8

Film$1.7

Publishing$3.3

Theme Parks$5.5

Video / Music$3.8


CSFB$10,768.0CSFB$10,768.017%












3/31/9452%22.0%

6/30/9455%24.0%

9/30/9456%25.0%

12/31/9455%24.0%

3/31/9551%20.0%

6/30/9552%22.0%

9/30/9556%25.0%

12/31/9553%21.0%

3/31/9649%17.0%

6/30/9647%18.0%

9/30/9648%17.0%

12/31/9644%15.0%

3/31/9746%17.0%

6/30/9748%19.0%


Microtest46.0x55%

Webdata40.0x41%

Utilifix36.0x39%

Kingsoft31.0x37%

Cobra24.0x28%

Samachi18.0x20%

Cascom16.0x15%

Scratch

Marine & Energy Mix of Business 200434%15%8% 10%18%3% 6% 86% Nine Months Ended September 30, 2004

Marine & Energy Rate Increases9

2003 U.S. Market Share($ in thousands)Note: As reported by the AIMU.10

U.S. Companies

Navigators

Market Share

Cargo

$613,864

$39,826

6.5%

Bluewater Hull

107,000 Est.

24,966

23.3%

Craft/Fishing

205,963

11,695

5.7%

Liability

268,036

69,290

25.9%

Offshore Energy

242,018

37,354

15.4%

Lloyds Marine & Energy

Lloyds Marine & EnergyNavigators Underwriting Agency, Ltd. manages Syndicate 1221Navigators provides 97.4% of Syndicate 1221s gross capacity / $255mm for 2004 underwriting year compared to $200mm for 2003 A Lloyds market leader in cargo and specie insuranceMillennium Consortium at Lloyds for construction/engineering risksExpansion of Pennine operations positioned in three regional U.K. officesRenewal rate decreases averaged 1.1% in nine months of 2004, compared to increases of 15% in year 2003 and 26% in year 20022004 nine month combined ratio of 93.8% (91.0% excluding Hurricane Ivan)37% of 2003 Year NWP 40% of Nine Months 2004 NWP11

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Navigators Pro


Graph Data


Marine & Energy (Lloyd's)169.3813560149

Navigators Pro23


455.3262258464

Examples


Insurance$1,312.0


Health Care$953.0

Energy$653.0

Retail$576.0

Technology$432.0

Chemicals$325.0


Category 128

Category 2410

Category 3612

Category 4814

Category 51016


Net Sales2,435.01,735.01,345.0807.0

Book Equity1,247.0645.0201.0301.0

Total Assets1,756.01,645.01,345.0724.0


1992$15.517.0%

1993$16.819.0%

1994$23.523.0%

1995$27.821.0%

1996$35.819.0%

1997$43.723.0%

1998$55.827.0%

1999$60.828.0%


Communications$1,315.0$1,195.0$555.0

Technology$1,135.0$1,100.0$815.0

REITs$798.0$744.0$585.0

Health Care$775.0$715.0$575.0


Energy$645.0$541.0$200.0

Insurance$425.0$321.0$45.0

Retail$321.0$222.0$35.0


Insurance52%22.0%


Health Care56%25.0%

Energy55%24.0%










Broadcasting$6.5

Cable$5.5

Consumer$7.8

Film$1.7

Publishing$3.3

Theme Parks$5.5

Video / Music$3.8


CSFB$10,768.0CSFB$10,768.017%












3/31/9452%22.0%

6/30/9455%24.0%

9/30/9456%25.0%

12/31/9455%24.0%

3/31/9551%20.0%

6/30/9552%22.0%

9/30/9556%25.0%

12/31/9553%21.0%

3/31/9649%17.0%

6/30/9647%18.0%

9/30/9648%17.0%

12/31/9644%15.0%

3/31/9746%17.0%

6/30/9748%19.0%


Microtest46.0x55%

Webdata40.0x41%

Utilifix36.0x39%

Kingsoft31.0x37%

Cobra24.0x28%

Samachi18.0x20%

Cascom16.0x15%

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Display

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142.9448698315

247.5343649288

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Navigators Pro


Graph Data


Marine & Energy (Lloyd's)247.5343649288

Navigators Pro23


533.4792347603

Examples


Insurance$1,312.0


Health Care$953.0

Energy$653.0

Retail$576.0

Technology$432.0

Chemicals$325.0


Category 128

Category 2410

Category 3612

Category 4814

Category 51016


Net Sales2,435.01,735.01,345.0807.0

Book Equity1,247.0645.0201.0301.0

Total Assets1,756.01,645.01,345.0724.0


1992$15.517.0%

1993$16.819.0%

1994$23.523.0%

1995$27.821.0%

1996$35.819.0%

1997$43.723.0%

1998$55.827.0%

1999$60.828.0%


Communications$1,315.0$1,195.0$555.0

Technology$1,135.0$1,100.0$815.0

REITs$798.0$744.0$585.0

Health Care$775.0$715.0$575.0


Energy$645.0$541.0$200.0

Insurance$425.0$321.0$45.0

Retail$321.0$222.0$35.0


Insurance52%22.0%


Health Care56%25.0%

Energy55%24.0%










Broadcasting$6.5

Cable$5.5

Consumer$7.8

Film$1.7

Publishing$3.3

Theme Parks$5.5

Video / Music$3.8


CSFB$10,768.0CSFB$10,768.017%












3/31/9452%22.0%

6/30/9455%24.0%

9/30/9456%25.0%

12/31/9455%24.0%

3/31/9551%20.0%

6/30/9552%22.0%

9/30/9556%25.0%

12/31/9553%21.0%

3/31/9649%17.0%

6/30/9647%18.0%

9/30/9648%17.0%

12/31/9644%15.0%

3/31/9746%17.0%

6/30/9748%19.0%


Microtest46.0x55%

Webdata40.0x41%

Utilifix36.0x39%

Kingsoft31.0x37%

Cobra24.0x28%

Samachi18.0x20%

Cascom16.0x15%

Scratch

2003 Lloyds Market Share( in thousands)Source: Lloyds Market Association 12

Lloyds Market

Syndicate 1221

Market Share

Cargo

328,000

31,000

9.5%

Bluewater Hull

392,000

7,000

1.8%

Marine Excess of Loss

223,000

12,000

5.4%

Liability

315,000

16,000

5.1%

Offshore energy

500,000

10,000

2.0%

Lloyds Marine Premium Rates%Base Year = 199213

Lloyds Marine & EnergyNavigators Specialty28% of 2003 Year NWP 26% of Nine Months 2004 NWPSince 1995 has underwritten general liability insurance for small general and artisan contractors, mostly in California Written on a non-admitted basisInstituted a premium cap of $100 million GWP in 2003Achieved rate increases of 6.9% in the nine months of 2004 on top of 49% in 2003 and 30% in 2002, resulting in substantially reduced exposure and adequate pricingStrategy to diversify by product line and geographically generated approximately 26% of 2004 Specialty GWPMidwest branch operation since 2002 Personal umbrellaSuretyLaunched new product line, Umbrella Excess Liability, in November, 20042004 nine month combined ratio of 97.3%14

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Graph Data



Navigators Pro23


384.2857142857

Examples


Insurance$1,312.0


Health Care$953.0

Energy$653.0

Retail$576.0

Technology$432.0

Chemicals$325.0


Category 128

Category 2410

Category 3612

Category 4814

Category 51016


Net Sales2,435.01,735.01,345.0807.0

Book Equity1,247.0645.0201.0301.0

Total Assets1,756.01,645.01,345.0724.0


1992$15.517.0%

1993$16.819.0%

1994$23.523.0%

1995$27.821.0%

1996$35.819.0%

1997$43.723.0%

1998$55.827.0%

1999$60.828.0%


Communications$1,315.0$1,195.0$555.0

Technology$1,135.0$1,100.0$815.0

REITs$798.0$744.0$585.0

Health Care$775.0$715.0$575.0


Energy$645.0$541.0$200.0

Insurance$425.0$321.0$45.0

Retail$321.0$222.0$35.0


Insurance52%22.0%


Health Care56%25.0%

Energy55%24.0%










Broadcasting$6.5

Cable$5.5

Consumer$7.8

Film$1.7

Publishing$3.3

Theme Parks$5.5

Video / Music$3.8


CSFB$10,768.0CSFB$10,768.017%












3/31/9452%22.0%

6/30/9455%24.0%

9/30/9456%25.0%

12/31/9455%24.0%

3/31/9551%20.0%

6/30/9552%22.0%

9/30/9556%25.0%

12/31/9553%21.0%

3/31/9649%17.0%

6/30/9647%18.0%

9/30/9648%17.0%

12/31/9644%15.0%

3/31/9746%17.0%

6/30/9748%19.0%


Microtest46.0x55%

Webdata40.0x41%

Utilifix36.0x39%

Kingsoft31.0x37%

Cobra24.0x28%

Samachi18.0x20%

Cascom16.0x15%

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Display

Chart

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Navigators Pro


Graph Data



Navigators Pro23


365.4891304348

Examples


Insurance$1,312.0


Health Care$953.0

Energy$653.0

Retail$576.0

Technology$432.0

Chemicals$325.0


Category 128

Category 2410

Category 3612

Category 4814

Category 51016


Net Sales2,435.01,735.01,345.0807.0

Book Equity1,247.0645.0201.0301.0

Total Assets1,756.01,645.01,345.0724.0


1992$15.517.0%

1993$16.819.0%

1994$23.523.0%

1995$27.821.0%

1996$35.819.0%

1997$43.723.0%

1998$55.827.0%

1999$60.828.0%


Communications$1,315.0$1,195.0$555.0

Technology$1,135.0$1,100.0$815.0

REITs$798.0$744.0$585.0

Health Care$775.0$715.0$575.0


Energy$645.0$541.0$200.0

Insurance$425.0$321.0$45.0

Retail$321.0$222.0$35.0


Insurance52%22.0%


Health Care56%25.0%

Energy55%24.0%










Broadcasting$6.5

Cable$5.5

Consumer$7.8

Film$1.7

Publishing$3.3

Theme Parks$5.5

Video / Music$3.8


CSFB$10,768.0CSFB$10,768.017%












3/31/9452%22.0%

6/30/9455%24.0%

9/30/9456%25.0%

12/31/9455%24.0%

3/31/9551%20.0%

6/30/9552%22.0%

9/30/9556%25.0%

12/31/9553%21.0%

3/31/9649%17.0%

6/30/9647%18.0%

9/30/9648%17.0%

12/31/9644%15.0%

3/31/9746%17.0%

6/30/9748%19.0%


Microtest46.0x55%

Webdata40.0x41%

Utilifix36.0x39%

Kingsoft31.0x37%

Cobra24.0x28%

Samachi18.0x20%

Cascom16.0x15%

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Navigators SpecialtyExposure Management Strategy Dramatic Reduction in IFCIn Force Policy Counts15

Lloyds Marine & EnergyIntroduced D&O liability insurance in late 2001 with team of experienced professionalsIn late 2002, introduced lawyers professional liability and other miscellaneous professional liability coveragesTargeting small cap to mid cap public corporations and private companiesClaims made policies reserves are substantially IBNRAs we have grown comfortable with the quality of underwriting, we have increased our net retention through a variable quota shareEstablished a London Branch presence in 2004; will expand to utilize Lloyds licenses in 20052004 nine month combined ratio of 79.1%5% of 2003 Year NWP 8% of Nine Months 2004 NWPNavigators Pro16

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Graph Data

Marine & Energy (NAVG Agencies)178Lloyd's Marine126


Navigators Specialty120Navigators Specialty120

Navigators Pro28.9914529915

452.9914529915

Examples


Insurance$1,312.0


Health Care$953.0

Energy$653.0

Retail$576.0

Technology$432.0

Chemicals$325.0


Category 128

Category 2410

Category 3612

Category 4814

Category 51016


Net Sales2,435.01,735.01,345.0807.0

Book Equity1,247.0645.0201.0301.0

Total Assets1,756.01,645.01,345.0724.0


1992$15.517.0%

1993$16.819.0%

1994$23.523.0%

1995$27.821.0%

1996$35.819.0%

1997$43.723.0%

1998$55.827.0%

1999$60.828.0%


Communications$1,315.0$1,195.0$555.0

Technology$1,135.0$1,100.0$815.0

REITs$798.0$744.0$585.0

Health Care$775.0$715.0$575.0


Energy$645.0$541.0$200.0

Insurance$425.0$321.0$45.0

Retail$321.0$222.0$35.0


Insurance52%22.0%


Health Care56%25.0%

Energy55%24.0%










Broadcasting$6.5

Cable$5.5

Consumer$7.8

Film$1.7

Publishing$3.3

Theme Parks$5.5

Video / Music$3.8


CSFB$10,768.0CSFB$10,768.017%












3/31/9452%22.0%

6/30/9455%24.0%

9/30/9456%25.0%

12/31/9455%24.0%

3/31/9551%20.0%

6/30/9552%22.0%

9/30/9556%25.0%

12/31/9553%21.0%

3/31/9649%17.0%

6/30/9647%18.0%

9/30/9648%17.0%

12/31/9644%15.0%

3/31/9746%17.0%

6/30/9748%19.0%


Microtest46.0x55%

Webdata40.0x41%

Utilifix36.0x39%

Kingsoft31.0x37%

Cobra24.0x28%

Samachi18.0x20%

Cascom16.0x15%

Scratch

Display

Chart

178

126

120

47.1111111111

&R&8&F - &D - &T


Graph Data

Marine & Energy (NAVG Agencies)178Lloyd's Marine126


Navigators Specialty120Navigators Specialty120

Navigators Pro47.1111111111

471.1111111111

Examples


Insurance$1,312.0


Health Care$953.0

Energy$653.0

Retail$576.0

Technology$432.0

Chemicals$325.0


Category 128

Category 2410

Category 3612

Category 4814

Category 51016


Net Sales2,435.01,735.01,345.0807.0

Book Equity1,247.0645.0201.0301.0

Total Assets1,756.01,645.01,345.0724.0


1992$15.517.0%

1993$16.819.0%

1994$23.523.0%

1995$27.821.0%

1996$35.819.0%

1997$43.723.0%

1998$55.827.0%

1999$60.828.0%


Communications$1,315.0$1,195.0$555.0

Technology$1,135.0$1,100.0$815.0

REITs$798.0$744.0$585.0

Health Care$775.0$715.0$575.0


Energy$645.0$541.0$200.0

Insurance$425.0$321.0$45.0

Retail$321.0$222.0$35.0


Insurance52%22.0%


Health Care56%25.0%

Energy55%24.0%










Broadcasting$6.5

Cable$5.5

Consumer$7.8

Film$1.7

Publishing$3.3

Theme Parks$5.5

Video / Music$3.8


CSFB$10,768.0CSFB$10,768.017%












3/31/9452%22.0%

6/30/9455%24.0%

9/30/9456%25.0%

12/31/9455%24.0%

3/31/9551%20.0%

6/30/9552%22.0%

9/30/9556%25.0%

12/31/9553%21.0%

3/31/9649%17.0%

6/30/9647%18.0%

9/30/9648%17.0%

12/31/9644%15.0%

3/31/9746%17.0%

6/30/9748%19.0%


Microtest46.0x55%

Webdata40.0x41%

Utilifix36.0x39%

Kingsoft31.0x37%

Cobra24.0x28%

Samachi18.0x20%

Cascom16.0x15%

Scratch

Navigators Pro - Premium Distribution$30.8$14.3$5.1$1.82004 GWP $52 Million 17

Lloyds Marine & EnergyNavigators Insurance Company High Quality Investment PortfolioInvested Assets: $840 millionFixed Maturities and Cash:97.7% of portfolioAverage AA ratingDuration of approximately 3.7 yearsAverage yield of 3.5% for 3rd Quarter 2004Equity Securities: 2.3% of portfolioAt September 30, 20041814.6%2.3%31.4%14.9%19.7%17.3%

Key Summary Financial DataConsolidated Group Data($s in millions)19

Key Summary Financial DataConsolidated Group Data($s in thousands)20*At December 31, 2003

Sheet1

20042003

9 Months9 MonthsChange

Net income24,23017,17541%

Per share data:

Net income$1.91$1.99(4%)

Realized gains.03.12

$1.88$1.871%

Hurricane Ivan.26

Tax valuation benefit(.24)--

Adjusted net income$2.14$1.8731%

Book value$25.08$ 23.14*8%

Sheet2

Sheet3

Key Strategies: 2005 - 2007Maintain our Leadership Position in MarineMaintain a Profitable Construction SegmentComplete the Build Out of Specialty Admitted Unit in ChicagoExpand Product Lines of Navigators ProDevelop a Commercial Umbrella Book of BusinessExpansion of European Branch Operations Deploy Technologies to Reduce Costs and Enhance ResultsHire and Retain the Best and the Brightest21

Why Navigators Now?Global leader in marine insuranceDiversification strategy is on targetExperienced management teamIntellectual capital / specialty expertiseCommitment to underwriting profitProven track recordOperating from a strong and leveragable platform22

NavigatorsInsuring a World in Motion

The Navigators Group, Inc. “Insuring a World in Motion”

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Transcript of The Navigators Group, Inc. “Insuring a World in Motion”