Business & Finance
Business and Finance
Business and Finance
Wed, January 21, 2009 Navigators Announces Group-Wide Approach to Energy Risks
NEW YORK--([ BUSINESS WIRE ])--The Navigators Group, Inc. (NASDAQ:NAVG) today announced that its Offshore Energy, Onshore Energy, Engineering/Construction and other technical industrial risks will now be aligned under Navigators Technical Risk, a global business unit which will underwrite on behalf of Navigators Insurance Company and the Company's wholly-owned subsidiary, Navigators Underwriting Agency Limited (NUAL), which manages Syndicate 1221 at Lloyd's. This Group-wide approach to energy-related risks will provide a better service to clients, including greater technical underwriting focus and a wider penetration of international markets.
Based in London, Stephen Coward, Managing Director of NUAL, will lead this newly formed business unit, NavTech. Pat Milner will be responsible for the practice leadership of Upstream Energy, Philip Hancock will continue to head up Engineering, and Scott Christy will lead the Downstream Energy practice. "We expect that technical focus will drive future success across the entire Energy spectrum and with our team of experienced underwriters and engineers we are positioned favorably to respond to the challenge," comments Mr. Coward. "Understanding ever-changing risk exposures, providing appropriate insurance solutions coupled with the efficient use of meaningful capacity and exposure management are some of the requirements of those striving for sustained success in this complex area. Navigators will continue to use its capacity according to the quality of risk and the unit also expects to take a greater leadership role when responding to growing worldwide demand for insurance of energy-related risks."
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 City, Navigators has offices in major insurance centers in the United States, the United Kingdom and Continental Europe.
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. 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. Navigator undertakes no obligation to publicly update or revise any forward-looking statement.
