STAMFORD, CT, Oct. 22, 2014 (GLOBE NEWSWIRE) -- The Navigators Group, Inc. (NASDAQ:NAVG) announced today that Martin J. Sullivan has been elected to the Board of Directors of Navigators Underwriting Agency Limited (NUAL), the Company's Lloyd's of London managing agency subsidiary. It is anticipated that Mr. Sullivan will become non-executive Chairman of NUAL in the first quarter of 2015, at which time the current non-executive Chairman, Alec Foster, will relinquish the role of Chairman, which he has held since 2010, while remaining a non-executive Director of NUAL. Mr. Sullivan's appointment remains subject to regulatory approval.
Mr. Sullivan worked for thirty-seven years for American International Group, ultimately as its President and Chief Executive Officer, and subsequently served as Deputy Chairman of Willis Group Holdings, Plc. He is a Past President of British American Business Inc. and, in 2007, was made an Officer of the Order of the British Empire.
Stanley A. Galanski, President and Chief Executive Officer of The Navigators Group, Inc., commented, "It is with great pleasure that we welcome Martin Sullivan to the Board of NUAL, our Lloyd's managing agency. His significant accomplishments and experiences as a global insurance leader will certainly bring enhanced vision to our ongoing initiative to expand our international specialty business and further strengthen our strong underwriting culture. Reflecting our commitment to transparent and effective governance, we are pleased to pre-announce the anticipated change in the Chairman's position at NUAL in 2015. We are most appreciative of the fine work done by Alec Foster in leading the NUAL Board and for his willingness to continue to serve as a Director."
The Navigators Group, Inc. is an international specialty insurance holding company with insurance company operations, underwriting management companies and operations at Lloyd's. Navigators has offices in the United States, the United Kingdom and Continental Europe, as well as representative offices in China and Brazil.
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.
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Source:The Navigators Group, Inc.