Navigators Announces New Credit Agreement

February 2, 2005

The Navigators Group Inc. has announced the completion of a new $125 million credit facility with a syndicate of banks led by JPMorgan Chase.

The new financing consists of a $115 million letter of credit facility and a $10 million line of credit. It replaces an existing $80 million letter of credit facility. “The letters of credit will continue to be used primarily to support the Company’s capacity at its Lloyd’s of London operations,” said the announcement. “The Company expects to use the line of credit for general corporate purposes.”

CEO Stan Galanski commented, “We are pleased that our equity and our balance sheet have grown to support the expanded credit facility. It reflects the importance of our Lloyd’s operation as the foundation for building our business outside the United States.”

The Navigators Group Inc. is an international 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 Belgium.

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