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Navigators Reports Fourth Quarter Earnings

NEW YORK, Feb. 17, 2011 (GLOBE NEWSWIRE) -- The Navigators Group, Inc. (Nasdaq:NAVG) reported net income of $17.3 million, or $1.07 per diluted share, for the three months ended December 31, 2010 compared to net income of $6.1 million, or $0.35 per diluted share, for the comparable period in 2009. Operating earnings (1) were $4.7 million, or $0.29 per diluted share for the fourth quarter of 2010 compared to $5.3 million, or $0.30 per diluted share, for the comparable period in 2009. As previously announced on January 21, 2011, during the fourth quarter of 2010 Navigators recognized $9.2 million of after-tax reinsurance reinstatement costs related to the April 2010 Deepwater Horizon loss event in the Gulf of Mexico, which reduced net written and net earned premiums by $14.2 million.

For the twelve months ended December 31, 2010, the Company reported net income of $69.6 million, or $4.24 per diluted share, compared to $63.2 million, or $3.65 per diluted share, for the comparable period in 2009. Operating earnings were $43.4 million, or $2.65 per diluted share for the twelve months ended December 31, 2010 compared to $65.2 million, or $3.76 per diluted share, for the comparable period of 2009. For the twelve months ended December 31, 2010, Navigators recognized $12.4 million of after-tax reinstatement costs related to the Deepwater Horizon loss event, which reduced net written and net earned premiums by $19.0 million.

Gross written premiums and net written premiums for the three months ended December 31, 2010 were $229.9 million and $141.8 million, respectively, a decrease of 8.7% and 12.2% from the comparable 2009 periods.  Gross written premiums and net written premiums for the twelve months ended December 31, 2010 were $987.2 million and $653.9 million, respectively, a decrease of 5.5% and 6.7% from the comparable 2009 periods.

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