Navigators Announces Preliminary Loss Estimate For Superstorm Sandy

NEW YORK, NY, Dec. 21, 2012 (GLOBE NEWSWIRE) -- The Navigators Group, Inc. (NASDAQ:NAVG) announced today that itspreliminary estimate of losses relating to Superstorm Sandy rangesbetween $18 million and $25 million, net of reinsurance and theeffects of reinstatement premiums. 

The Company's preliminary estimate for the storm includes the sumof estimates of claims and claim expenses incurred, reinsurancerecoveries and reinsurance reinstatement premiums. The Company'sestimates are based on claims information reported to date, areview of its potential exposures, preliminary discussions withcertain insureds, and catastrophe modeling techniques. Given themagnitude and recent occurrence of Superstorm Sandy, relativelylimited claims data received to date, the contingent nature ofbusiness interruption and other exposures, the unusual complexityof the coverage and legal issues relating to Superstorm Sandy, andthe other uncertainties inherent in loss estimation, meaningfuladditional uncertainty remains regarding total covered losses forthe insurance industry from Superstorm Sandy and, accordingly, theCompany's estimate is subject to change based on new or reviseddata being received from the Company's insureds as well as otherfactors. Accordingly, the Company's actual losses from SuperstormSandy will vary from this preliminary estimate, perhaps materiallyso. Change in this estimate will be recorded in the period in whichit occurs.

The Navigators Group, Inc. is an international specialtyinsurance holding company with insurance company operations,underwriting management companies, and operations at Lloyd's.Headquartered in New York, Navigators has offices in majorinsurance centers in the United States, the UnitedKingdom and Continental Europe.

This press release may contain "forward-looking statements" asdefined in the Private Securities Litigation Reform Act of 1995.Whenever used in this release, the words "estimate," "expect,""believe," "may," "will," "intend," "continue" or similarexpressions are intended to identify such forward-lookingstatements. We cannot assure that results that we anticipate willbe achieved, since results may differ materially because of knownand unknown risks and uncertainties that we face. Please refer toNavigators' most recent Forms 10-K and 10-Q and its other filingswith the Securities and Exchange Commission for adescription of Navigators' business and the important factors thatmay affect that business. Navigators undertakes no obligation topublicly update or revise any forward-lookingstatement. 
CONTACT: Ciro DeFalco         Senior Vice President & Chief Financial Officer         (914) 933-6043          

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