NEW YORK, NY, March 21, 2013 (GLOBE NEWSWIRE) -- The Navigators Group, Inc. (NASDAQ:NAVG) today announced that
Company founder, Terence N. Deeks (age 73), plans to retire from
his role as Chairman of the Board after the upcoming stockholders
meeting on May 23, 2013. Mr. Deeks plans to continue to serve as a
Director. Mr. Deeks has served as Chairman since the Company's
formation in 1974 and was Chief Executive Officer through December
2002. Mr. Deeks retired from full time employment with the Company
on June 30, 2010. He began his career at Lloyd's of London in 1957.
The Board has chosen Robert V. Mendelsohn (age 66) to succeed
Mr. Deeks as Chairman of the Board. Mr. Mendelsohn has served on
the Board of Directors since 2010 and has extensive insurance
industry experience. He formerly served as Chief Executive of Royal
& Sun Alliance Insurance Group, plc in London and as Chief
Executive Officer of Royal Insurance Group, Inc., President and
Chief Operating Officer of W.R. Berkley Corp. and Chairman of the
American Insurance Association.
The Company also announced that Marjorie D. Raines (age 66) will
retire from the Board of Directors at the conclusion of her current
term on May 23, 2013. Ms. Raines has been a Director since 2010 and
served as the Chair of the Company's Finance Committee and as a
member of the Audit Committee. Ms. Raines retired from the Chubb
Group of Insurance Companies in December 2008, where she was
Executive Vice President - Chief Investment Officer for Chubb's
The Company announced that the Board has nominated David M.
Platter (age 53) to stand for election as a Director at the
Company's upcoming stockholders meeting. Mr. Platter is an
investment partner at Coller Capital, a leading global investor in
private equity "secondaries" -- the acquisition of positions in
private equity funds from Limited Partners and of portfolios of
companies from corporate or institutional owners. Previously, Mr.
Platter served as a Vice Chairman and Managing Director at Credit
Suisse in the Investment Banking Department'sFinancial
Institutions Group. Throughout his twenty-seven year career as an
investment banker, Mr. Platter provided mergers & acquisitions,
capital raising and strategic advisory services to numerous
insurance and healthcare companies, banks, thrifts, asset managers
and other financial institutions.
Mr. Deeks commented, "I am very proud of what Navigators has
become over the last forty years. I look forward to working with
Bob Mendelsohn and the other Directors as we continue to nurture
and leverage Navigators' unique culture of underwriting excellence
for the continued benefit of our stockholders."
Mr. Deeks continued, "I also wish to thank Marjorie Raines for
her dedicated service to our Company, the leadership she brought to
the management of our investment portfolio as Chair of our Finance
Committee and the sound advice and counsel she has provided to me
and the management team during her tenure. We are also very pleased
to nominate David Platter to succeed Marjorie. David's extensive
investment banking experience in the insurance industry will
provide a valuable perspective to the Board."
In accordance with the Company's By-Laws, Directors are elected
annually by vote of the stockholders for one year terms. In
addition to the nomination of Mr. Platter, the Board has nominated
all of the current Directors to stand for re-election at the
upcoming annual meeting of the Company's stockholders, other than
Ms. Raines, who is retiring.
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, Navigators has offices in major
insurance centers in the United States, the United Kingdom and
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.
CONTACT: Taha Ebrahimi
Source: The Navigators Group, Inc.