Nasdaq GlobeNewswire

Navigators to Acquire Belgian Specialty Insurer

Del

STAMFORD, CT, December 18, 2017 - The Navigators Group, Inc. (NASDAQ:NAVG) today announced that it has entered into a share purchase agreement for the purchase of all of the shares of Assurances Continentales - Continentale Verzekeringen NV ("ASCO") and Bracht, Deckers & Mackelbert NV ("BDM").  ASCO and BDM are both based in Antwerp, Belgium.

The proposed acquisition is part of Navigators' strategy of expanding its well-established specialty insurance expertise to more brokers and insureds across Europe. ASCO is a specialty insurance company offering marine and property and casualty insurance. BDM is an insurance underwriting agency that underwrites risk coverage in niche markets on behalf of ASCO and a number of major international insurers. Additionally, as part of the transaction, Navigators will acquire all the shares of Canal Re SA, a Luxembourg reinsurance company that is a wholly-owned subsidiary of ASCO.  The acquisition reinforces Navigators' presence in the European Union's single market, enabling Navigators to best serve its European clients after Brexit, and also provides opportunity for BDM and ASCO to take their well-established expertise to a wider European audience.

"We are delighted to announce the proposed acquisition of ASCO and BDM. Europe is an important market to us today and vital to our international growth strategy-this transaction is an important step to enhancing our presence in and relevance to this dynamic market. BDM has a strong reputation, a rich history and a well-established culture of underwriting expertise that mirrors our own. Together with ASCO, they provide Navigators with a scalable platform to support our product lines and geographic expansion across continental Europe," said Stanley A. Galanski, President and Chief Executive Officer of Navigators. "We intend to combine our existing European underwriting operations with those of BDM, with Antwerp serving as the hub for continental Europe after the closing of the transaction. We believe the combination provides a wonderful opportunity for the employees and significantly enhances the growth potential of both organizations."

"We are excited and look forward to becoming part of Navigators," said Jos Gielen, Chief Executive Officer of ASCO and BDM. "As specialty underwriters, we share a common culture and a common vision for the future. Our combined operations will be well positioned for growth by enhancing our product and service capabilities in our chosen specialties."

As aggregate consideration for the acquisition of ASCO and BDM, Navigators will pay EUR 35 million in cash at the closing of the transaction.  The transaction is subject to the satisfaction or waiver of customary closing conditions, including among other things, the receipt of regulatory approval, and is anticipated to close in the first half of 2018.  Additional information regarding the transaction can be found in a Current Report on Form 8-K filed today with the Securities and Exchange Commission and on Navigators' website, navg.com, on the SEC Filings page, which can be accessed via the Investor Relations section menu.

About Navigators

The Navigators Group, Inc. (Nasdaq: NAVG) 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 broker partners and their clients-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 ASCO and BDM

BDM (bdmantwerp.be) is one of the most reputable specialty insurance underwriting agencies in the Benelux region of Belgium, the Netherlands and Luxembourg, providing a range of insurance products and services in the marine and property and casualty lines of business.  Established in 1934, BDM underwrites on behalf of ASCO and a number of other international insurers in organized insurance "pools."

ASCO (ascocontinentale.be) is a specialty insurance company with a diversified portfolio of insurance products and services in the marine and property and casualty lines of business. Founded in 1929, ASCO cooperates closely with underwriting agent BDM, acting as one of BDM's risk carriers and fulfills certain operational services for the account of ASCO. ASCO also owns Canal Re S.A (Canal Re), a Luxembourg reinsurance company that reinsures certain business of ASCO.

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.

Investors

Ciro M. DeFalco

Executive Vice President and Chief Financial Officer

cdefalco@navg.com

203-905-6343

Media

Courtney Oldrin

Head of Communications

coldrin@navg.com

203-905-6531




This announcement is distributed by Nasdaq Corporate Solutions on behalf of Nasdaq Corporate Solutions clients.
The issuer of this announcement warrants that they are solely responsible for the content, accuracy and originality of the information contained therein.
Source: The Navigators Group, Inc. via Globenewswire

Om Nasdaq GlobeNewswire

Nasdaq GlobeNewswire
Nasdaq GlobeNewswire
One Liberty Plaza - 165 Broadway
NY 10006 New York

+1 212 401 8700http://www.nasdaqomx.com

NASDAQ (NASDAQ: NDAQ) is a leading provider of trading, exchange technology, information and public company services across six continents.

Følg saker fra Nasdaq GlobeNewswire

Registrer deg med din epostadresse under for å få de nyeste sakene fra Nasdaq GlobeNewswire på epost fortløpende. Du kan melde deg av når som helst.

Siste saker fra Nasdaq GlobeNewswire

In-Memory Computing Summit North America 2018 Lays Out Vision for Digital Technology Evolution, Provides Practical Advice for Addressing Performance and Scalability Challenges17.10.2018 09:00Pressemelding

Keynotes, Breakout Sessions from Industry Leaders and Technology Experts Offer Actionable Advice on Navigating the Trends, Challenges and Solutions of Digital Transformation FOSTER CITY, Calif., Oct. 17, 2018 (GLOBE NEWSWIRE) -- GridGain® Systems, provider of enterprise-grade in-memory computing solutions based on Apache® Ignite™, today discussed the success of the fourth annual In-Memory Computing Summit® North America, which took place October 2-3, 2018 at the Hyatt Regency San Francisco Airport. The In-Memory Computing Summits (IMCSs), held annually in Europe and North America, are the only industry-wide events focusing on the full range of in-memory computing technologies and solutions. Nearly 450 people representing 227 organizations from 10 countries across 4 continents and 19 U.S. states registered to listen to speakers from American Airlines, ING Belgium, Intel Corp., Oracle, Salesforce.com, Huawei, SNIA, Wellington Management, GridGain Systems and many more. Recordings and sli

IMRALDI™, Biogen’s Adalimumab Biosimilar Referencing Humira®, Is Launched in the European Union17.10.2018 08:00Pressemelding

IMRALDITM is approved in the European Union for the same 14 complex autoimmune conditions as its reference product In 2017 Biogen became the first company in Europe with approved biosimilars referencing the three most prescribed anti-TNF biologic treatments BAAR, Switzerland, Oct. 17, 2018 (GLOBE NEWSWIRE) -- Samsung Bioepis Co. Ltd, a joint venture between Samsung BioLogics and Biogen (Nasdaq: BIIB) today announced the European launch of IMRALDITM, an adalimumab biosimilar referencing Humira®.1 IMRALDI is approved in Europe for the treatment of rheumatoid arthritis (RA), juvenile idiopathic arthritis, axial spondyloarthritis, psoriatic arthritis, psoriasis, paediatric plaque psoriasis, adult and adolescent hidradenitis suppurativa, Crohn’s disease, paediatric Crohn’s disease, ulcerative colitis and uveitis. The launch of IMRALDI completes Biogen’s portfolio of three anti-TNF biosimilars in Europe, with BENEPALITM (etanercept), a biosimilar referencing Enbrel® 2, and FLIXABITM (inflixi

Atico Produces 5.36 Million Pounds of Cu and 3,010 Ounces of Au in Third Quarter 201816.10.2018 22:30Pressemelding

VANCOUVER, British Columbia, Oct. 16, 2018 (GLOBE NEWSWIRE) -- Atico Mining Corporation (the “Company” or “Atico”) (TSX.V: ATY | OTC: ATCMF) announces its operating results for the three months ended September 30, 2018 from its El Roble mine. Production for the quarter totaled 5.36 million pounds of copper and 3,010 ounces of gold in concentrates, an increase of 5% for copper and 6% for gold, respectively, over the same period in 2017. “We are pleased to report another strong quarter of production as the El Roble mine continues to operate at a steady state level while the Company remains on track to deliver on our 2018 operational objectives,” said Fernando E. Ganoza, CEO. “For remainder of the year, we will continue optimizing the operation and executing the aggressive exploration drilling program at the El Roble property looking for additional mineralization both regionally and at mine vicinity.” Third Quarter Operational Highlights Production of 5.36 million pounds of copper contain

SoftServe’s Research Team Takes Prize at Samsung AI Challenge16.10.2018 21:16Pressemelding

Artificial intelligence leveraged to deblur and dehaze photos and videos with exceptional quality AUSTIN, Texas, Oct. 16, 2018 (GLOBE NEWSWIRE) -- SoftServe, a leading digital authority and consulting company, announced its researchers won second place at the Samsung AI Challenge 2018 with innovative neural image restoration enhancement for mobile and embedded devices. “Artificial intelligence is at the center of future-proofing technologies for many businesses today,” said Serge Haziyev, senior vice president for Advanced Technology at SoftServe. “The opportunities for AI are endless and we are proud of our team and their commitment to creating an innovative AI algorithm that pushed the boundaries of existing deblurring and dehazing technologies as part of Samsung’s AI Hackathon.” The winning team, made up of SoftServe research engineers, Volodymyr Budzan and Orest Kupyn, participated in the worldwide event developing a solution that uses state-of-the-art deep learning and computer vi

IRYStec Selected as CIX Top 20 Innovator for 2018!16.10.2018 17:52Pressemelding

MONTREAL, Oct. 16, 2018 (GLOBE NEWSWIRE) -- IRYStec Software Inc., today announced it was selected as one of the CIX Top 20 most innovative companies of 2018 in Canada. Chosen from hundreds of profiles by industry experts and investors, the winner will represent Canada at the Start-up World Cup Grand Finale In 2019! The CIX Top 20 program is Canada’s largest national showcase of the 20 hottest and most innovative tech companies. Hundreds of applications are submitted each year from across Canada and the CIX Selection Committee evaluates and selects 20 based on 5 criteria: Business Model, Quality of Product and Service Offering, Innovation, Market Opportunity and Depth of Management. CTO and Co-founder, Tara Akhavan, will be presenting at CIX 2018 on Oct 23 at 1 PM. Both Tara and Simon Morris, CEO, will be attending both days demonstrating why all displays in the near future will be perceptual displays driven by IRYStec’s Perceptual Display Platform technology. A crowd of over 800 inves

Strategic Tax Leaders are Preparing Now for Tax Reform 2.016.10.2018 15:15Pressemelding

ATLANTA, Oct. 16, 2018 (GLOBE NEWSWIRE) -- This year organizations adjusted their tax approach due to the passing of the Tax Cuts and Jobs Act. Strategic tax teams are continuing to prepare for another round of amendments with the potential for Tax Reform 2.0. “Change is inevitable, so organizations can’t get complacent with their tax strategy,” said Nick Alexander, Senior Product Manager at PowerPlan. “Tax teams should maximize their use of technology to help them stay ahead of future modifications of tax code to minimize disruption to their financials, processes and compliance.” PowerPlan has published a new article, Get Ready: Reform Isn’t Over, which further covers the potential impacts of Tax Reform 2.0 and shares how tax teams can prepare. To access the article, please visit: http://bit.ly/2NE8ZDO. About PowerPlan PowerPlan software provides financial insight into how complex rules and regulations impact your organization – empowering you to make credible decisions that improve o

I vårt presserom finner du alle våre siste saker, kontaktpersoner, bilder, dokumenter og annen relevant informasjon om oss.

Besøk vårt presserom