Mr. Galanski: The Navigators Group, Inc., is an international property casualty specialty insurance holding company traded on the NASDAQ under ticker symbol NAVG. We operate two insurance companies, which are rated A by both A.M. Best and S&P, and manage a syndicate at Lloyds of London. Navigators is one of the largest ocean marine insurers in the US, which is our largest and most long-standing area of specialization. Our other specialty products include general liability and surety bonds for contractors, directors and officers liability, professional liability and personal umbrella liability.
TWST: Could you give us a general sense of the industry as it is now and
an outlook for the industry overall?
Mr. Galanski: The property casualty industry experienced a dramatic
improvement in pricing and tightening of policy forms in 2001 as a
result of a number of events, including adverse historical loss
development, major directors and officers liability and surety losses
generated by the well documented financial problems of several large
multi-national companies, and the World Trade Center losses. These
events resulted in a dramatic hardening of the market over a three to
six-month period. Currently, market conditions remain quite firm,
although the dramatic double and triple digit rate increases achieved in
2001 and 2002 have moderated. The pricing environment varies by product
line. Navigators' business is focused on specialty niches, most of which
continue to experience strong pricing.
Tickers included in this excerpt: NAVG
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