Navigators (NAVG) 8-K Operating Earnings $1.37 per diluted share

Exhibit 99.1

The Navigators Group, Inc.

CORPORATE NEWS

Navigators Reports Third Quarter Earnings,

Operating Earnings $1.37 per diluted share

Stamford, CT – November 5, 2015 — The Navigators Group, Inc. (NASDAQ:NAVG) reported net income of $18.2 million, or $1.23 per diluted share, for the three months ended September 30, 2015 compared to $31.2 million, or $2.14 per diluted share, for the comparable period in 2014. Operating earnings were $20.3 million, or $1.37 per diluted share, for the three months ended September 30, 2015 compared to $26.1 million, or $1.79 per diluted share, for the comparable period in 2014.

For the nine months ended September 30, 2015, the Company reported net income of $63.3 million, or $4.29 per diluted share compared to $76.1 million, or $5.22 per diluted share, for the comparable period in 2014. 2014 results included a one-time foreign exchange gain of $10.0 million ($6.6 million after-tax) due to a change in the functional currency of our Lloyd’s Syndicate, which was equally offset by a reversal within the Accumulated Other Comprehensive Income component of stockholders’ equity. Excluding this gain, the nine months ended September 30, 2014 net income per diluted share would have been $4.77. Operating earnings were $60.7 million, or $4.11 per diluted share, for the nine months ended September 30, 2015 compared to $62.0 million, or $4.25 per diluted share, for the comparable period in 2014. The one-time foreign exchange gain discussed above had no impact on operating earnings.

Gross written premiums and net written premiums for the three months ended September 30, 2015 were $354.1 million and $251.9 million, respectively, an increase of 8.1% and 10.3% from the comparable period in 2014.

Gross written premiums and net written premiums for the nine months ended September 30, 2015 were $1.1 billion and $799.1 million, respectively, an increase of 2.8% and 3.5% from the comparable period in 2014.

The combined ratio for the three and nine months ended September 30, 2015 was 93.4% and 93.0%, respectively, compared to 89.5% and 92.3% for the comparable periods in 2014.

Stan Galanski, President and Chief Executive Officer commented, “We are pleased to report profitable underwriting results and good premium growth for the third quarter and for the first nine months of 2015. The U.S. Insurance and GlobalRe segments generated excellent results for the quarter. We remain optimistic about targeted growth initiatives across all three of our operating segments. Net investment income increased 9.7% for the quarter, contributing to an increase in book value per share to $74.70.”

Stockholders’ equity was $1.1 billion, or $74.70 per share, as of September 30, 2015 compared to $1.0 billion, or $71.93 per share, as of December 31, 2014.

400 Atlantic Street	Stamford, CT 06901
TEL (203) 905-6090	FAX (203) 658-1821

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November 5, 2015

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Net investment income for the three and nine months ended September 30, 2015 was $17.4 million and $50.2 million, respectively, an increase of 9.7% and 4.4% from the comparable periods in 2014. The annualized pre-tax investment yield, excluding net realized gains and losses and other-than-temporary impairment losses recognized in earnings, was 2.5% and 2.4% for the three and nine months ended September 30, 2015, compared to 2.2% and 2.4%, respectively for the comparable periods in 2014.

The Company’s investment portfolio mainly consists of fixed income securities with an average quality rating of “AA-/Aa3” as defined by Standard & Poor’s and Moody’s, respectively, and an average effective duration of 3.8 years as of September 30, 2015. As of September 30, 2015, net unrealized gains within our investment portfolio were $39.0 million, a decrease of $32.4 million compared to December 31, 2014.

There were $0.8 million of net realized losses recognized in earnings for the three months ended September 30, 2015, compared to $6.7 million of net realized gains for the same period in 2014. For the nine months ended September 30, 2015, there were $8.8 million of net realized gains, compared to $12.0 million for the same period in 2014.

Other income (loss) for the three months ended September 30, 2015 was a $2.5 million loss, compared to $1.3 million of income for the same period in 2014. For the nine months ended September 30, 2015, Other income (loss) was a $4.6 million loss compared to $10.1 million of income for the same period in the prior year, largely impacted by a one-time foreign exchange gain in the first quarter of 2014. Other income (loss) primarily consists of realized and unrealized foreign exchange gains and losses.

The Company will hold a conference call on Friday, November 6, 2015 starting at 8:30 a.m. EST to discuss the 2015 third quarter results. The call will be available via live webcast on Navigators’ website (www.navg.com).

To participate by telephone, the domestic dial-in number is (888) 572-7033 and the international dial-in is (719) 325-2454. Participants may connect to the webcast at:

http://edge.media-server.com/m/p/rtf74zgm

Net operating earnings, or net income excluding after-tax net realized gains (losses), after-tax net other-than-temporary impairment losses recognized in earnings, and after-tax foreign exchange gains and losses resulting from foreign currency transactions (transactions denominated in a currency other than the entity’s functional currency) and translation adjustments (translation of foreign currency denominated assets and liabilities into the entity’s functional currency), is a non-GAAP financial measure that is a common performance measurement for insurance companies. We believe this presentation enhances the understanding of our results of operations by highlighting the underlying profitability of our insurance business.

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.

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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” or similar expressions are intended to identify such forward-looking statements. Forward-looking statements are derived from information that we currently have and assumptions that we make. 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 reports on 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.

Contact: Ciro M. DeFalco

Senior Vice President and Chief Financial Officer

(203) 905-6343

cdefalco@navg.com

www.navg.com

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November 5, 2015

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THE NAVIGATORS GROUP, INC. AND SUBSIDIARIES

Financial Highlights

($ in thousands, except share and per share data)

(unaudited)

	Three Months Ended									Nine Months Ended
	September 30,									September 30,
	2015			2014			Change			2015			2014			Change
Results of Operations
Gross written premiums	$	354,062		$	327,469			8.1	%	$	1,129,993		$	1,099,054			2.8	%
Net written premiums		251,939			228,417			10.3	%		799,141			772,131			3.5	%
Revenues:
Net earned premiums		254,082			245,367			3.6	%		732,542			701,723			4.4	%
Net investment income		17,371			15,839			9.7	%		50,219			48,097			4.4	%
Net realized gains (losses):
Total other-than-temporary impairment losses		(1,298	)		(41	)		NM			(1,747	)		158			NM
Portion of loss recognized in other comprehensive income (before tax)		23			41			-43.9	%		49			(158	)		NM
Net other-than-temporary impairment losses recognized in earnings		(1,275	)		—			NM			(1,698	)		—			NM
Other realized gains (losses)		518			6,718			-92.3	%		10,453			12,024			-13.1	%
Net realized gains (losses)		(757	)		6,718			NM			8,755			12,024			-27.2	%
Other income (loss)		(2,518	)		1,336			NM			(4,638	)		10,070			NM
Total revenues		268,178			269,260			-0.4	%		786,878			771,914			1.9	%
Expenses:
Net losses and loss adjustment expenses		146,546			135,284			8.3	%		418,717			410,571			2.0	%
Commission expenses		34,253			33,943			0.9	%		98,638			91,820			7.4	%
Other operating expenses		56,599			50,388			12.3	%		164,297			145,526			12.9	%
Interest expense		3,856			3,388			13.8	%		11,567			11,559			0.1	%
Total expenses		241,254			223,003			8.2	%		693,219			659,476			5.1	%
Income before income taxes		26,924			46,257			-41.8	%		93,659			112,438			-16.7	%
Income tax expense (benefit)		8,723			15,032			-42.0	%		30,345			36,384			-16.6	%
Net income (loss)	$	18,201		$	31,225			-41.7	%	$	63,314		$	76,054			-16.8	%
Per Share Data
Net income per common share:
Basic	$	1.26		$	2.19			-42.3	%	$	4.40		$	5.34			-17.5	%
Diluted	$	1.23		$	2.14			-42.5	%	$	4.29		$	5.22			-17.8	%
Average common shares outstanding:
Basic		14,411,927			14,265,260						14,384,291			14,252,910
Diluted		14,811,095			14,613,744						14,767,949			14,577,297
Underwriting Ratios
Loss Ratio		57.7	%		55.1	%					57.2	%		58.5	%
Expense Ratio		35.7	%		34.4	%					35.8	%		33.8	%
Combined Ratio		93.4	%		89.5	%					93.0	%		92.3	%
	Sept. 30,			June 30,						Sept. 30,			Dec. 31,
Balance Sheet Data	2015			2015						2015			2014
Stockholders’ equity	$	1,076,855		$	1,053,629			2.2	%	$	1,076,855		$	1,027,224			4.8	%
Book value per share	$	74.70		$	73.18			2.1	%	$	74.70		$	71.93			3.9	%

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THE NAVIGATORS GROUP, INC. AND SUBSIDIARIES

CONSOLIDATED BALANCE SHEETS (Unaudited)

amounts in thousands, except share and per share amounts
	September 30,			December 31,
	2015			2014
ASSETS
Investments and cash:
Fixed maturities, available-for-sale, at fair value (amortized cost: 2015: $2,367,172; 2014: $2,323,959)	$	2,396,987		$	2,365,934
Equity securities, available-for-sale, at fair value (cost: 2015: $265,760; 2014: $154,843)		274,928			184,295
Short-term investments, at fair value (amortized cost: 2015: $233,109; 2014: $179,527)		233,142			179,506
Cash		69,483			90,751
Total investments and cash	$	2,974,540		$	2,820,486
Premiums receivable		343,214		$	342,479
Prepaid reinsurance premiums		252,488			237,851
Reinsurance recoverable on paid losses		53,174			51,347
Reinsurance recoverable on unpaid losses and loss adjustment expenses		794,235			851,498
Deferred policy acquisition costs		88,959			79,452
Accrued investment income		16,130			14,791
Goodwill and other intangible assets		6,906			7,013
Current income tax receivable, net		14,011			14,549
Deferred income tax, net		9,955			—
Receivable for investments sold		2,727			326
Other assets		40,188			44,384
Total assets	$	4,596,527		$	4,464,176
LIABILITIES AND STOCKHOLDERS’ EQUITY
Liabilities:
Reserves for losses and loss adjustment expenses	$	2,175,317		$	2,159,634
Unearned premiums		847,403			766,167
Reinsurance balances payable		133,542			152,774
Senior notes		263,544			263,440
Deferred income tax, net		—			1,467
Payable for investments purchased		31,000			134
Accounts payable and other liabilities		68,866			93,336
Total liabilities	$	3,519,672		$	3,436,952
Stockholders’ equity:
Preferred stock, $.10 par value, authorized 1,000,000 shares, none issued	$	—		$	—
Common stock, $.10 par value, authorized 50,000,000 shares, issued 17,926,323 shares for 2015 and 17,792,846 shares for 2014		1,792			1,778
Additional paid-in capital		354,527			347,022
Treasury stock, at cost (3,511,380 shares for 2015 and 2014)		(155,801	)		(155,801	)
Retained earnings		850,980			787,666
Accumulated other comprehensive income		25,357			46,559
Total stockholders’ equity	$	1,076,855		$	1,027,224
Total liabilities and stockholders’ equity	$	4,596,527		$	4,464,176

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THE NAVIGATORS GROUP, INC. AND SUBSIDIARIES

Segment Information

	Three Months Ended September 30, 2015
	U.S.			Int’l
amounts in thousands	Insurance			Insurance			GlobalRe			Corporate (1)			Total
Gross written premiums	$	218,783		$	98,788		$	36,491			—		$	354,062
Ceded written premiums		(63,753	)		(37,804	)		(566	)		—			(102,123	)
Net written premiums		155,030			60,984			35,925			—			251,939
Net earned premiums		142,409			68,533			43,140			—			254,082
Net losses and LAE		(85,140	)		(39,182	)		(22,224	)		—			(146,546	)
Commission expenses		(15,157	)		(12,780	)		(7,705	)		1,389			(34,253	)
Other operating expenses		(32,948	)		(19,937	)		(3,714	)		—			(56,599	)
Other underwriting income (expense)		1,013			—			395			(1,389	)		19
Underwriting profit (loss)	$	10,177		$	(3,366	)	$	9,892		$	—		$	16,703
Net investment income											17,371			17,371
Net realized gains (losses)											(757	)		(757	)
Interest expense											(3,856	)		(3,856	)
Other income (loss)											(2,537	)		(2,537	)
Income before income taxes	$	10,177		$	(3,366	)	$	9,892		$	10,221		$	26,924
Income tax (expense) benefit											(8,723	)		(8,723	)
Net income (loss)													$	18,201
Losses and LAE ratio		59.8	%		57.2	%		51.5	%					57.7	%
Commission expense ratio		10.6	%		18.6	%		17.9	%					13.5	%
Other operating expense ratio(2)		22.5	%		29.1	%		7.7	%					22.2	%
Combined ratio		92.9	%		104.9	%		77.1	%					93.4	%

(1) - Includes Corporate segment intercompany eliminations.

(2) - Includes Other operating expenses and Other underwriting income (expense).

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THE NAVIGATORS GROUP, INC. AND SUBSIDIARIES

Segment Information

	Three Months Ended September 30, 2014
	U.S.			Int’l
amounts in thousands	Insurance			Insurance			GlobalRe			Corporate (1)			Total
Gross written premiums	$	199,723		$	94,161		$	33,585		$	—		$	327,469
Ceded written premiums		(61,654	)		(36,607	)		(791	)		—			(99,052	)
Net written premiums		138,069			57,554			32,794			—			228,417
Net earned premiums		130,420			66,278			48,669			—			245,367
Net losses and LAE		(80,722	)		(24,910	)		(29,652	)		—			(135,284	)
Commission expenses		(12,870	)		(12,792	)		(8,831	)		550			(33,943	)
Other operating expenses		(29,160	)		(17,288	)		(3,940	)		—			(50,388	)
Other underwriting income (expense)		534			1			122			(550	)		107
Underwriting profit (loss)	$	8,202		$	11,289		$	6,368		$	—		$	25,859
Net investment income											15,839			15,839
Net realized gains (losses)											6,718			6,718
Interest expense											(3,388	)		(3,388	)
Other income (loss)											1,229			1,229
Income before income taxes	$	8,202		$	11,289		$	6,368		$	20,398		$	46,257
Income tax (expense) benefit											(15,032	)		(15,032	)
Net income (loss)													$	31,225
Losses and LAE ratio		61.9	%		37.6	%		60.9	%					55.1	%
Commission expense ratio		9.9	%		19.3	%		18.1	%					13.8	%
Other operating expense ratio(2)		21.9	%		26.1	%		7.9	%					20.6	%
Combined ratio		93.7	%		83.0	%		86.9	%					89.5	%

(1) - Includes Corporate segment intercompany eliminations.

(2) - Includes Other operating expenses and Other underwriting income (expense).

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THE NAVIGATORS GROUP, INC. AND SUBSIDIARIES

Segment Information

	Nine Months Ended September 30, 2015
	U.S.			Int’l
amounts in thousands	Insurance			Insurance			GlobalRe			Corporate (1)			Total
Gross written premiums	$	658,097		$	330,005		$	141,891			—		$	1,129,993
Ceded written premiums		(211,365	)		(113,681	)		(5,806	)		—			(330,852	)
Net written premiums		446,732			216,324			136,085			—			799,141
Net earned premiums		410,804			197,244			124,494			—			732,542
Net losses and LAE		(247,094	)		(101,236	)		(70,387	)		—			(418,717	)
Commission expenses		(41,777	)		(35,491	)		(23,042	)		1,672			(98,638	)
Other operating expenses		(98,010	)		(54,312	)		(11,975	)		—			(164,297	)
Other underwriting income (expense)		1,330			—			441			(1,672	)		99
Underwriting profit (loss)	$	25,253		$	6,205		$	19,531		$	—		$	50,989
Net investment income											50,219			50,219
Net realized gains (losses)											8,755			8,755
Interest expense											(11,567	)		(11,567	)
Other income (loss)											(4,737	)		(4,737	)
Income (loss) before income taxes	$	25,253		$	6,205		$	19,531		$	42,670		$	93,659
Income tax (expense) benefit											(30,345	)		(30,345	)
Net income (loss)													$	63,314
Losses and LAE ratio		60.1	%		51.3	%		56.5	%					57.2	%
Commission expense ratio		10.2	%		18.0	%		18.5	%					13.5	%
Other operating expense ratio(2)		23.6	%		27.6	%		9.3	%					22.3	%
Combined ratio		93.9	%		96.9	%		84.3	%					93.0	%

(1) - Includes Corporate segment intercompany eliminations.

(2) - Includes Other operating expenses and Other underwriting income (expense).

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THE NAVIGATORS GROUP, INC. AND SUBSIDIARIES

Segment Information

	Nine Months Ended September 30, 2014
	U.S.			Int’l
amounts in thousands	Insurance			Insurance			GlobalRe			Corporate (1)			Total
Gross written premiums	$	604,774		$	334,085		$	160,195		$	—		$	1,099,054
Ceded written premiums		(186,724	)		(135,534	)		(4,665	)		—			(326,923	)
Net written premiums		418,050			198,551			155,530			—			772,131
Net earned premiums		370,864			187,993			142,866			—			701,723
Net losses and LAE		(226,817	)		(91,423	)		(92,331	)		—			(410,571	)
Commission expenses		(35,598	)		(32,656	)		(25,171	)		1,605			(91,820	)
Other operating expenses		(85,993	)		(47,783	)		(11,750	)		—			(145,526	)
Other underwriting income (expense)		1,783			18			301			(1,605	)		497
Underwriting profit (loss)	$	24,239		$	16,149		$	13,915		$	—		$	54,303
Net investment income											48,097			48,097
Net realized gains (losses)											12,024			12,024
Interest expense											(11,559	)		(11,559	)
Other income (loss)											9,573			9,573
Income (loss) before income taxes	$	24,239		$	16,149		$	13,915		$	58,135		$	112,438
Income tax (expense) benefit											(36,384	)		(36,384	)
Net income (loss)													$	76,054
Losses and LAE ratio		61.2	%		48.6	%		64.6	%					58.5	%
Commission expense ratio		9.6	%		17.4	%		17.6	%					13.1	%
Other operating expense ratio(2)		22.7	%		25.4	%		8.1	%					20.7	%
Combined ratio		93.5	%		91.4	%		90.3	%					92.3	%

(1) - Includes Corporate segment intercompany eliminations.

(2) - Includes Other operating expenses and Other underwriting income (expense).

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THE NAVIGATORS GROUP, INC. AND SUBSIDIARIES

Reportable Segment Results

	U.S. Insurance
	Three months ended September 30, 2015												Three months ended September 30, 2014												% Change
amounts in thousands	Marine			P&C			Professional Liability			Total			Marine			P&C			Professional Liability			Total			Total
Gross written premiums	$	35,529		$	154,009		$	29,245		$	218,783		$	34,576		$	138,181		$	26,966		$	199,723			9.5	%
Ceded written premiums		(13,865	)		(34,902	)		(14,986	)		(63,753	)		(13,338	)		(41,180	)		(7,136	)		(61,654	)		3.4	%
Net written premiums		21,664			119,107			14,259			155,030			21,238			97,001			19,830			138,069			12.3	%
Net earned premiums		24,292			104,473			13,644			142,409			27,207			82,635			20,578			130,420			9.2	%
Net losses and LAE		(7,349	)		(69,054	)		(8,737	)		(85,140	)		(13,581	)		(53,955	)		(13,186	)		(80,722	)		5.5	%
Commission expenses		(2,412	)		(11,711	)		(1,034	)		(15,157	)		(3,486	)		(6,697	)		(2,687	)		(12,870	)		17.8	%
Other operating expenses		(6,754	)		(20,581	)		(5,613	)		(32,948	)		(6,086	)		(17,935	)		(5,139	)		(29,160	)		13.0	%
Other underwriting income (expense)		214			735			64			1,013			168			331			35			534			89.7	%
Underwriting profit (loss)	$	7,991		$	3,862			(1,676	)	$	10,177		$	4,222		$	4,379			(399	)	$	8,202			24.1	%
Losses and LAE ratio		30.3	%		66.1	%		64.0	%		59.8	%		49.9	%		65.3	%		64.1	%		61.9	%
Commission expense ratio		9.9	%		11.2	%		7.6	%		10.6	%		12.8	%		8.1	%		13.1	%		9.9	%
Other operating expense ratio(1)		26.9	%		19.0	%		40.7	%		22.5	%		21.8	%		21.3	%		24.7	%		21.9	%
Combined ratio		67.1	%		96.3	%		112.3	%		92.9	%		84.5	%		94.7	%		101.9	%		93.7	%

(1) - Includes Other operating expenses and Other underwriting income (expense).

	Int’l Insurance
	Three months ended September 30, 2015												Three months ended September 30, 2014												% Change
amounts in thousands	Marine			P&C			Professional Liability			Total			Marine			P&C			Professional Liability			Total			Total
Gross written premiums	$	41,002		$	37,449		$	20,337		$	98,788		$	41,593		$	35,399		$	17,169		$	94,161			4.9	%
Ceded written premiums		(10,985	)		(20,034	)		(6,785	)		(37,804	)		(6,924	)		(24,267	)		(5,416	)		(36,607	)		3.3	%
Net written premiums		30,017			17,415			13,552			60,984			34,669			11,132			11,753			57,554			6.0	%
Net earned premiums		36,792			16,879			14,862			68,533			40,207			14,300			11,771			66,278			3.4	%
Net losses and LAE		(23,002	)		(8,051	)		(8,129	)		(39,182	)		(14,657	)		(3,565	)		(6,688	)		(24,910	)		57.3	%
Commission expenses		(8,227	)		(2,779	)		(1,774	)		(12,780	)		(9,755	)		(2,565	)		(472	)		(12,792	)		-0.1	%
Other operating expenses		(8,233	)		(6,604	)		(5,100	)		(19,937	)		(7,573	)		(5,675	)		(4,040	)		(17,288	)		15.3	%
Other underwriting income (expense)		—			—			—			—			1			—			—			1			NM
Underwriting profit (loss)		(2,670	)		(555	)		(141	)		(3,366	)	$	8,223		$	2,495		$	571		$	11,289			NM
Losses and LAE ratio		62.5	%		47.7	%		54.7	%		57.2	%		36.5	%		24.9	%		56.8	%		37.6	%
Commission expense ratio		22.4	%		16.5	%		11.9	%		18.6	%		24.3	%		17.9	%		4.0	%		19.3	%
Other operating expense ratio(1)		22.4	%		39.1	%		34.4	%		29.1	%		18.7	%		39.8	%		34.4	%		26.1	%
Combined ratio		107.3	%		103.3	%		101.0	%		104.9	%		79.5	%		82.6	%		95.2	%		83.0	%

NM - Percentage change not meaningful

(1) - Includes Other operating expenses and Other underwriting income (expense).

News Release

November 5, 2015

Page 11

THE NAVIGATORS GROUP, INC. AND SUBSIDIARIES

Reportable Segment Results

	U.S. Insurance
	Nine months ended September 30, 2015												Nine months ended September 30, 2014												% Change
amounts in thousands	Marine			P&C			Professional Liability			Total			Marine			P&C			Professional Liability			Total			Total
Gross written premiums	$	118,167		$	458,371		$	81,559		$	658,097		$	120,149		$	400,437		$	84,188		$	604,774			8.8	%
Ceded written premiums		(45,177	)		(123,765	)		(42,423	)		(211,365	)		(34,095	)		(127,788	)		(24,841	)		(186,724	)		13.2	%
Net written premiums		72,990			334,606			39,136			446,732			86,054			272,649			59,347			418,050			6.9	%
Net earned premiums		74,193			291,648			44,963			410,804			81,920			224,151			64,793			370,864			10.8	%
Net losses and LAE		(28,952	)		(194,910	)		(23,232	)		(247,094	)		(38,873	)		(150,924	)		(37,020	)		(226,817	)		8.9	%
Commission expenses		(8,873	)		(29,018	)		(3,886	)		(41,777	)		(10,134	)		(16,737	)		(8,727	)		(35,598	)		17.4	%
Other operating expenses		(20,129	)		(60,976	)		(16,905	)		(98,010	)		(17,720	)		(52,923	)		(15,350	)		(85,993	)		14.0	%
Other underwriting income (expense)		389			876			65			1,330			691			971			121			1,783			-25.4	%
Underwriting profit (loss)	$	16,628		$	7,620		$	1,005		$	25,253		$	15,884		$	4,538		$	3,817		$	24,239			4.2	%
Losses and LAE ratio		39.0	%		66.8	%		51.7	%		60.1	%		47.5	%		67.3	%		57.1	%		61.2	%
Commission expense ratio		12.0	%		9.9	%		8.6	%		10.2	%		12.4	%		7.5	%		13.5	%		9.6	%
Other operating expense ratio (1)		26.6	%		20.7	%		37.5	%		23.6	%		20.7	%		23.2	%		23.5	%		22.7	%
Combined ratio		77.6	%		97.4	%		97.8	%		93.9	%		80.6	%		98.0	%		94.1	%		93.5	%

(1) - Includes Other operating expenses and Other underwriting income (expense).

	Int’l Insurance
	Nine months ended September 30, 2015												Nine months ended September 30, 2014												% Change
amounts in thousands	Marine			P&C			Professional Liability			Total			Marine			P&C			Professional Liability			Total			Total
Gross written premiums	$	149,844		$	112,014		$	68,147		$	330,005		$	151,107		$	128,954		$	54,024		$	334,085			-1.2	%
Ceded written premiums		(30,933	)		(60,676	)		(22,072	)		(113,681	)		(36,351	)		(80,015	)		(19,168	)		(135,534	)		-16.1	%
Net written premiums		118,911			51,338			46,075			216,324			114,756			48,939			34,856			198,551			9.0	%
Net earned premiums		114,716			43,112			39,416			197,244			112,428			47,207			28,358			187,993			4.9	%
Net losses and LAE		(63,945	)		(17,015	)		(20,276	)		(101,236	)		(57,316	)		(20,460	)		(13,647	)		(91,423	)		10.7	%
Commission expenses		(26,912	)		(3,961	)		(4,618	)		(35,491	)		(29,763	)		(2,370	)		(523	)		(32,656	)		8.7	%
Other operating expenses		(21,677	)		(18,754	)		(13,881	)		(54,312	)		(20,454	)		(16,526	)		(10,803	)		(47,783	)		13.7	%
Other underwriting income (expense)		—			—			—			—			9			5			4			18			NM
Underwriting profit (loss)	$	2,182		$	3,382		$	641		$	6,205		$	4,904		$	7,856		$	3,389		$	16,149			-61.6	%
Losses and LAE ratio		55.7	%		39.5	%		51.4	%		51.3	%		51.0	%		43.3	%		48.1	%		48.6	%
Commission expense ratio		23.5	%		9.2	%		11.7	%		18.0	%		26.5	%		5.0	%		1.8	%		17.4	%
Other operating expense ratio (1)		18.9	%		43.5	%		35.3	%		27.6	%		18.1	%		35.1	%		38.2	%		25.4	%
Combined ratio		98.1	%		92.2	%		98.4	%		96.9	%		95.6	%		83.4	%		88.1	%		91.4	%

NM - Percentage change not meaningful

(1) - Includes Other operating expenses and Other underwriting income (expense).

News Release

November 5, 2015

Page 12

THE NAVIGATORS GROUP, INC. AND SUBSIDIARIES

Net Incurred Loss Activity

($ in thousands)

	For the Three Months Ended September 30,
	Amounts					Loss Ratio
Net Incurred Loss Activity	2015		2014			2015			2014
US Insurance:
Loss and LAE payments	$	67,327	$	64,436			47.3	%		49.4	%
Change in reserves		17,813		16,286			12.5	%		12.5	%
Net incurred loss and LAE		85,140		80,722			59.8	%		61.9	%
International Insurance:
Loss and LAE payments		29,306		27,018			42.8	%		40.8	%
Change in reserves		9,876		(2,108	)		14.4	%		-3.2	%
Net incurred loss and LAE		39,182		24,910			57.2	%		37.6	%
Global Reinsurance:
Loss and LAE payments		16,899		16,626			39.2	%		34.1	%
Change in reserves		5,325		13,026			12.3	%		26.8	%
Net incurred loss and LAE		22,224		29,652			51.5	%		60.9	%
Total
Loss and LAE payments		113,532		108,080			44.7	%		44.0	%
Change in reserves		33,014		27,204			13.0	%		11.1	%
Net incurred loss and LAE	$	146,546	$	135,284			57.7	%		55.1	%
	Amounts					Loss Ratio Impact
Impact of Prior Years Reserves	Sept. 30,		Sept. 30,			Sept. 30,			Sept. 30,
Favorable / (Unfavorable) Development	2015		2014			2015			2014
US Insurance	$	7,057	$	4,831			2.8	%		2.0	%
International Insurance		2,794		10,139			1.1	%		4.1	%
Global Reinsurance		4,264		500			1.7	%		0.2	%
Total	$	14,115	$	15,470			5.6	%		6.3	%

News Release

November 5, 2015

Page 13

THE NAVIGATORS GROUP, INC. AND SUBSIDIARIES

Net Incurred Loss Activity

($ in thousands)

	For the Nine Months Ended September 30,
	Amounts					Loss Ratio
Net Incurred Loss Activity	2015		2014			2015			2014
US Insurance:
Loss and LAE payments	$	186,780	$	163,863			45.4	%		44.2	%
Change in reserves		60,314		62,954			14.7	%		17.0	%
Net incurred loss and LAE		247,094		226,817			60.1	%		61.2	%
International Insurance:
Loss and LAE payments		98,734		90,254			50.0	%		48.0	%
Change in reserves		2,502		1,169			1.3	%		0.6	%
Net incurred loss and LAE		101,236		91,423			51.3	%		48.6	%
Global Reinsurance:
Loss and LAE payments		58,148		58,248			46.7	%		40.8	%
Change in reserves		12,239		34,083			9.8	%		23.8	%
Net incurred loss and LAE		70,387		92,331			56.5	%		64.6	%
Total
Loss and LAE payments		343,662		312,365			47.0	%		44.5	%
Change in reserves		75,055		98,206			10.2	%		14.0	%
Net incurred loss and LAE	$	418,717	$	410,571			57.2	%		58.5	%
	Amounts					Loss Ratio Impact
Impact of Prior Years Reserves	Sept. 30,		Sept. 30,			Sept. 30,			Sept. 30,
Favorable / (Unfavorable) Development	2015		2014			2015			2014
US Insurance	$	21,295	$	16,965			2.9	%		2.4	%
International Insurance		8,404		21,096			1.1	%		3.0	%
Global Reinsurance		4,270		(2,038	)		0.6	%		-0.3	%
Total	$	33,969	$	36,023			4.6	%		5.1	%

News Release

November 5, 2015

Page 14

THE NAVIGATORS GROUP, INC. AND SUBSIDIARIES

Net Loss Data

($ in thousands)

	As of September 30, 2015
	Case		IBNR
Net Loss Reserves:	Reserves		Reserves		Total
US Insurance:
Marine	$	69,067	$	61,475	$	130,542
Property Casualty		162,634		478,821		641,455
Professional Liability		38,642		66,637		105,279
Total US Insurance		270,343		606,933		877,276
International Insurance:
Marine		171,492		71,114		242,606
Property Casualty		37,906		17,793		55,699
Professional Liability		10,347		61,648		71,995
Total International Insurance		219,745		150,555		370,300
Global Reinsurance		27,907		105,601		133,508
Total Net Loss Reserves	$	517,995	$	863,089	$	1,381,084
	As of December 31, 2014
	Case		IBNR
Net Loss Reserves:	Reserves		Reserves		Total
US Insurance:
Marine	$	74,699	$	64,390	$	139,089
Property Casualty		144,334		391,643		535,977
Professional Liability		56,501		85,369		141,870
Total US Insurance		275,534		541,402		816,936
International Insurance:
Marine		168,575		75,673		244,248
Property Casualty		41,695		21,391		63,086
Professional Liability		12,466		49,712		62,178
Total International Insurance		222,736		146,776		369,512
Global Reinsurance		31,108		90,580		121,688
Total Net Loss Reserves	$	529,378	$	778,758	$	1,308,136

News Release

November 5, 2015

Page 15

THE NAVIGATORS GROUP, INC. AND SUBSIDIARIES

Investment Data

As of September 30, 2015, the average quality of the investment portfolio as rated by S&P and Moody’s was AA-/Aa3 with an average duration of 3.8 years. The Company does not own any collateralized debt obligations (CDO’s) or asset backed commercial paper.

The following table sets forth our investments as of September 30, 2015:

	As of September 30, 2015
amounts in thousands	Fair Value		Gross Unrealized Gains		Gross Unrealized (Losses)			Cost or Amortized Cost
Fixed maturities:
U.S. Treasury bonds, agency bonds and foreign government bonds	$	301,915	$	4,327	$	(8,812	)	$	306,400
States, municipalities and political subdivisions		571,104		17,402		(927	)		554,629
Mortgage-backed and asset-backed securities:
Agency mortgage-backed securities		360,198		7,200		(912	)		353,910
Residential mortgage obligations		31,568		854		(104	)		30,818
Asset-backed securities		197,934		591		(846	)		198,189
Commercial mortgage-backed securities		204,876		5,335		(958	)		200,499
Subtotal	$	794,576	$	13,980	$	(2,820	)	$	783,416
Corporate bonds		729,392		10,776		(4,111	)		722,727
Total fixed maturities	$	2,396,987	$	46,485	$	(16,670	)	$	2,367,172
Equity securities		274,928		16,486		(7,318	)		265,760
Short-term investments		233,142		33					233,109
Total investments	$	2,905,057	$	63,004	$	(23,988	)	$	2,866,041