The Navigators Group Inc. announced that The Navigators Pro division of its principal underwriting agency subsidiary, Navigators Management Co., increased its capacity for directors and officers (D&O) liability insurance.
In this heightened litigation environment and against the backdrop of recent government action to bolster confidence in the financial markets, corporate directors face unprecedented risks, the company said. A corporation’s stock price volatility can trigger the filing of a class action securities lawsuit against the company, its directors and executive officers. To address the recent turmoil, Navigators will now provide D&O liability insurance solutions with increased capacity of up to $25 million
“The request of our D&O policy holders and insurance brokers to increase capacity is being driven in part by the flight to quality,” stated Chris Duca, President of Navigators Pro. “This is a natural step for Navigators to maintain underwriting discipline by judiciously and prudently offering additional capacity while meeting the needs of our clients.”
Navigators Pro underwrites D&O liability on behalf of Navigators Insurance Co., Navigators Specialty Insurance Co. and Navigators Syndicate 1221 at Lloyd’s for privately held and publicly traded corporations listed on NASDAQ OMX, NYSE Euronext and local exchanges worldwide. Navigators Insurance Co. and Navigators Specialty Insurance Co. are 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 additional D&O policy limits are for select insureds that meet Navigators’ underwriting requirements.
Source: The Navigators Group, www.navg.com
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