Navigators Adds Professional Liability Reinsurance Unit

Navigators Management Co. Inc., the principal underwriting subsidiary of the Navigators Group Inc., is expanding its reinsurance division with a professional liability unit, the company said in a statement.

The unit will be led by William C. Redington, who formerly served as head of professional liability at Munich Re America from 2004 to 2011, Navigators said in a statement. Redington was also Munich Re America's chief underwriting officer of specialty markets and served in various underwriting management positions with several other companies.

"Bill will be underwriting both medical and non-medical professional liability reinsurance through our reinsurance broker partners," H. Clay Bassett Jr., president of Navigators Re said in a statement.

The new professional liability unit is the New York-based company's fourth, adding to its portfolio of agriculture, accident and health and Latin American property/casualty.

Navigators Group specializes in the marine sector, which is about 45% of its business, according to BestLink. The group in recent years has been diversifying its risk in other sectors, including general liability coverage for small general and artisan contractors, speciality coverage and reinsurance. The group writes professional director and officer coverages to a variety of market niches, like lawyers and architects. This coverage is largely offered to small and midsize companies as opposed to Fortune 1000 companies.

Navigators' reinsurance division was formed in November 2010 in an effort to help balance the underwriting results of the group (Best's News Service, Nov. 2, 2010).

Navigators Group net premiums written were $477.7 million in 2009 and $429.4 million in 2010, according to BestLink.

Navigators Group currently has a Best's Financial Strength Rating of A (Excellent).

In late afternoon trading Jan. 19, shares of Navigators (NASDAQ: NAVG) were trading at $48.09, down 0.29% from the previous close.

(By Michael Buck, senior associate editor, BestWeek: [email protected])