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Navigators Receives Approval in Brazil
NEW YORK-(Business Wire)-August 12, 2008 - The Navigators Group, Inc. (NASDAQ:NAVG) today announced that its principal insurance company subsidiary, Navigators Insurance Company, has received regulatory approval to underwrite reinsurance in the newly de-regulated Brazilian reinsurance market.
Stan Galanski, Chief Executive Officer of Navigators, commented, "We are very pleased to have received this approval from SUSEP, the Brazilian reinsurance authority. This new license will support Navigators' strategic objective of growing our Latin American book of business by enabling us to better serve the newly-opened Brazilian reinsurance market through both Navigators Insurance Company and our Lloyd's Syndicate 1221."
Current regulations in Brazil allow three forms of market participation: local reinsurers, as classified by Brazilian law, are incorporated in Brazil and dedicated solely to reinsurance; admitted reinsurers are incorporated outside Brazil with representative offices in the country; and occasional reinsurers are incorporated outside Brazil without local offices. Navigators Insurance Company has been approved in the category of occasional reinsurer.
Navigators Insurance Company is rated "A" (Excellent) by A.M. Best, and Navigators Syndicate 1221 at Lloyd's is rated "A" (Excellent) by A.M. Best and "A+" (Strong) by Standard & Poor's.
The Navigators Group, Inc. is an international specialty insurance holding company with insurance company operations, underwriting management companies, and operations at Lloyd's of London. Headquartered in New York City, Navigators has offices in major insurance centers in the United States, the United Kingdom and Continental Europe. For more information, please visit our web site at www.navg.com.
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