Exhibit 99.1
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Navigators Announces End of“Go-Shop” Period
STAMFORD, CT, September 25, 2018 – The Navigators Group, Inc. (NASDAQ:NAVG) (“Navigators”) today announced the expiration of the30-day“go-shop” period provided for under the terms of the previously announced definitive merger agreement (the “Merger Agreement”), pursuant to which Navigators will be acquired by The Hartford Financial Services Group, Inc. Under the terms of the Merger Agreement, Navigators and its representatives were permitted to initiate, solicit and engage in discussions or negotiations with respect to alternative acquisition proposals from third parties until 12:01 a.m. (New York City time) on September 21, 2018 (the“go-shop period”).
During thego-shop period, Navigators and its financial advisors, Goldman Sachs & Co. LLC and Moelis & Company LLC, solicited 44 potential acquirers. Despite these efforts, Navigators did not receive any alternative acquisition proposals during thego-shop period.
Immediately following the expiration of thego-shop period, Navigators became subject to customary restrictions that limit Navigators’ and its representatives’ ability to initiate, solicit or engage in discussions or negotiations regarding alternative acquisition proposals from third parties, except as otherwise permitted by the Merger Agreement prior to the approval of the proposed merger by Navigators’ stockholders, including in connection with the compliance by Navigators’ Board of Directors with their fiduciary duties under applicable law.
About Navigators
The Navigators Group, Inc. (NASDAQ: NAVG) (“Navigators” or the “Company”) is a global specialty insurance holding company. We provide customized insurance solutions designed to protect clients from the complex risks they face. For more than 40 years, Navigators has added value for policyholders—both in underwriting and in claims—through the depth and quality of our technical and industry expertise. Industries we serve include maritime, construction, energy, environmental, professional services and life sciences. Headquartered in Stamford, Connecticut, Navigators has offices in the United States, the United Kingdom, Continental Europe and Asia. For more information, please visit navg.com.
About The Hartford
The Hartford Financial Services Group, Inc., (NYSE: HIG) (“The Hartford”) operates through its subsidiaries under the brand name, The Hartford, and is headquartered in Hartford, Connecticut. The Hartford is a leader in property and casualty insurance, group benefits and mutual funds. With more than 200 years of expertise, The Hartford is widely recognized for its service excellence, sustainability practices, trust and integrity. More information on the company and its financial performance is available at https://www.thehartford.com.