NEW YORK, NY, April 9, 2013 (GLOBE NEWSWIRE) -- The Navigators Group, Inc. (NASDAQ:NAVG) today announced the hiring of Colin Sprott as President, Global Marine. Mr. Sprott will be responsible for U.S. and international Ocean Marine underwriting operations, reporting to Clay Bassett, Chief Underwriting Officer of The Navigators Group, Inc. Based in the Company's London office, Mr. Sprott will also serve as a Director on the Board of Navigators Underwriting Agency Ltd. (NUAL), the underwriting agency managing the Company's operations at Lloyd's (subject to regulatory approval).
Mr. Sprott most recently served as Managing Director, XL Ltd, responsible for the Global Marine & Offshore Energy operations there, as well as serving as the Deputy Underwriter of XL's Syndicate 1209 at Lloyd's. Previous to that, he held various management positions with American International Group and Sedgwick Insurance Brokers. Mr. Sprott has held committee memberships supporting the London Market Association (LMA) and International Union of Marine Insurance (IUMI).
Mr. Bassett commented, "We are pleased to have Colin join Navigators in this important leadership role. His track record of profitable underwriting management, leadership and clear market presence gives us confidence that he will make a strong contribution to our culture of underwriting excellence, specialization and growth in book value.""I am excited to join a company with Navigators' long-standing stature in the global marine market, with strong underwriting teams in both the U.S. and London," Mr. Sprott said. "I look forward to working with my new colleagues to continue building the book value of the Company." The Navigators Group, Inc. is an international specialty insurance holding company with insurance company operations, underwriting management companies, and operations at Lloyd's. Headquartered in New York, 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," "may," "will," "intend," "continue" 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. Navigators undertakes no obligation to publicly update or revise any forward-looking statement.
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