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Navigators Reports Fourth Quarter Earnings

NEW YORK, Feb. 13, 2013 (GLOBE NEWSWIRE) -- The Navigators Group, Inc. (Nasdaq:NAVG) reported net income of $28.0 million, or $1.96 per diluted share, for the three months ended December 31, 2012 compared to $10.1 million, or $0.70 per diluted share, for the comparable period in 2011. Operating earnings were $8.5 million, or $0.59 per diluted share, for the fourth quarter of 2012 compared to operating earnings of $5.8 million, or $0.41 per diluted share, for the comparable period in 2011.

For the twelve months ended December 31, 2012, the Company reported net income of $63.8 million, or $4.45 per diluted share, compared to $25.6 million, or $1.69 per diluted share, for the comparable period in 2011. Operating earnings were $37.6 million, or $2.63 per diluted share, for the twelve months ended December 31, 2012 compared to $19.1 million, or $1.26 per diluted share, for the comparable period in 2011.

Gross written premiums and net written premiums for the three months ended December 31, 2012 were $321.6 million and $212.3 million, respectively, an increase of 15.7% and 5.1% from the comparable period in 2011. Gross written premiums and net written premiums for the twelve months ended December 31, 2012 were $1,286.5 million and $833.7 million, respectively, an increase of 16.1% and 10.6% from the comparable period in 2011.

The combined loss and expense ratios for the three and twelve months ended December 31, 2012 were 100.2% and 99.3%, respectively, compared to 102.5% and 104.7% for the comparable periods in 2011. The current quarter includes net reserve releases of $28.0 million from our Lloyd's Operations, most notably from our Lloyd's Marine business in connection with favorable settlement of several large losses and the continued favorable loss emergence for underwriting years 2010 and prior. The current quarter also includes a net loss from Superstorm Sandy of $20.4 million, inclusive of $8.3 million in reinsurance reinstatement premiums.

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