NEW YORK, NY, March 21, 2013 (GLOBE NEWSWIRE) -- The Navigators Group, Inc. (NASDAQ:NAVG) today announced thatCompany founder, Terence N. Deeks (age 73), plans to retire fromhis role as Chairman of the Board after the upcoming stockholdersmeeting on May 23, 2013. Mr. Deeks plans to continue to serve as aDirector. Mr. Deeks has served as Chairman since the Company'sformation in 1974 and was Chief Executive Officer through December2002. Mr. Deeks retired from full time employment with the Companyon June 30, 2010. He began his career at Lloyd's of London in 1957. The Board has chosen Robert V. Mendelsohn (age 66) to succeedMr. Deeks as Chairman of the Board. Mr. Mendelsohn has served onthe Board of Directors since 2010 and has extensive insuranceindustry experience. He formerly served as Chief Executive of Royal& Sun Alliance Insurance Group, plc in London and as ChiefExecutive Officer of Royal Insurance Group, Inc., President andChief Operating Officer of W.R. Berkley Corp. and Chairman of theAmerican Insurance Association. The Company also announced that Marjorie D. Raines (age 66) willretire from the Board of Directors at the conclusion of her currentterm on May 23, 2013. Ms. Raines has been a Director since 2010 andserved as the Chair of the Company's Finance Committee and as amember of the Audit Committee. Ms. Raines retired from the ChubbGroup of Insurance Companies in December 2008, where she wasExecutive Vice President - Chief Investment Officer for Chubb'sinternational operations. The Company announced that the Board has nominated David M.Platter (age 53) to stand for election as a Director at theCompany's upcoming stockholders meeting. Mr. Platter is aninvestment partner at Coller Capital, a leading global investor inprivate equity "secondaries" -- the acquisition of positions inprivate equity funds from Limited Partners and of portfolios ofcompanies from corporate or institutional owners. Previously, Mr.Platter served as a Vice Chairman and Managing Director at CreditSuisse in the Investment Banking Department's FinancialInstitutions Group. Throughout his twenty-seven year career as aninvestment banker, Mr. Platter provided mergers & acquisitions,capital raising and strategic advisory services to numerousinsurance and healthcare companies, banks, thrifts, asset managersand other financial institutions.
Mr. Deeks commented, "I am very proud of what Navigators hasbecome over the last forty years. I look forward to working withBob Mendelsohn and the other Directors as we continue to nurtureand leverage Navigators' unique culture of underwriting excellencefor the continued benefit of our stockholders."Mr. Deeks continued, "I also wish to thank Marjorie Raines forher dedicated service to our Company, the leadership she brought tothe management of our investment portfolio as Chair of our FinanceCommittee and the sound advice and counsel she has provided to meand the management team during her tenure. We are also very pleasedto nominate David Platter to succeed Marjorie. David's extensiveinvestment banking experience in the insurance industry willprovide a valuable perspective to the Board." In accordance with the Company's By-Laws, Directors are electedannually by vote of the stockholders for one year terms. Inaddition to the nomination of Mr. Platter, the Board has nominatedall of the current Directors to stand for re-election at theupcoming annual meeting of the Company's stockholders, other thanMs. Raines, who is retiring. The Navigators Group, Inc. is an international specialtyinsurance holding company with insurance company operations,underwriting management companies, and operations at Lloyd's ofLondon. Headquartered in New York, Navigators has offices in majorinsurance centers in the United States, the United Kingdom andContinental 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 a description ofNavigators' business and the important factors that may affect thatbusiness. Navigators undertakes no obligation to publicly update orrevise any forward-looking statement.
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