New York, United States
The Navigators Group, Inc. (NASDAQ:NAVG) announced today that its Lloyd's Syndicate 1221 is now underwriting insurance coverage in China through the Navigators Underwriting Division of Lloyd's Reinsurance Company (China) Ltd. (LRCCL). The establishment and recent licensing of LRCCL enable Lloyd's syndicates, including Navigators Syndicate 1221, to underwrite reinsurance business throughout China.
Navigators supplies 100% of the capacity of Syndicate 1221, which is managed by Navigators Underwriting Agency Limited and serves as Navigators' primary platform for business produced outside of the United States.
Junci Wu, formerly a casualty underwriter in Navigators' Chicago office, has relocated to Shanghai to underwrite on behalf of Syndicate 1221 at LRCCL. Ms. Wu is a native of Shanghai and is returning to China after a decade in the United States. During that time, she worked in the insurance industry while earning a master's degree in business administration, as well as professional designations as Registered Professional Liability Underwriter and Chartered Property Casualty Underwriter.
Stan Galanski, Chief Executive Officer of Navigators, commented, "We are delighted to become the fifth Lloyd's syndicate to establish a presence in Shanghai and are optimistic about the long term potential of the Chinese market. This initiative further enhances our ability to service the global needs of our agents, brokers and policyholders and provides access to this substantial market."
LRCCL has received ratings of "A" (Excellent) from A.M. Best and "A" (Strong) from Standard & Poor's.
The Navigators Group, Inc. is an international specialty insurance holding company with insurance company operations, underwriting management companies, and operations at Lloyd's of London. Headquartered in New York City, Navigators has offices in major insurance centers in the United States, the United Kingdom and Continental Europe.
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. 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: Business Wire (Business Wire India)