Navigators launches new wholesale unit.
Navigators Group Inc. is looking to tap the firming excess and surplus lines markets by launching a new wholesale business unit.
Navigators said its principal underwriting Underwriting
1. The process by which investment bankers raise investment capital from investors on behalf of corporations and governments that are issuing securities (both equity and debt).
2. The process of issuing insurance policies. agency subsidiary, Navigators Management Co., has created Navigators Specialty to focus on working with U.S. wholesale brokers. Navigators Specialty will initially underwrite To insure; to sell an issue of stocks and bonds or to guarantee the purchase of unsold stocks and bonds after a public issue.
The word underwrite has two meanings. primary and excess casualty products, said Jeff L. Saunders, who's been named to lead the new unit. He was previously president of Navigators excess casualty division.
The excess and surplus lines markets is showing signs of firming, with price increases in the single digits, Saunders said. "We are also seeing some increase in the exposure base, indicating a slightly growing economy," he said.
"During firming markets, the wholesale brokers are really called upon more extensively for solutions. By having a unit dedicated to working with wholesale brokers, we will be even more responsive to their needs, given a projected increase in business opportunity," Saunders said.
The executive management team for Navigators Specialty also consists of Mark J. Richards Rich·ards , Dickinson Woodruff 1895-1973.
American physician. He shared a 1956 Nobel Prize for developing cardiac catheterization. , president of primary casualty, and Don W. Roberts, chief underwriting officer. Also joining the new unit are Noel Higgitt and Henry A. Lopez Lo·pez , Nancy Born 1957.
American golfer who in 1987 achieved her 35th career victory and was inducted into the Ladies Professional Golf Association Hall of Fame. , formerly regional vice presidents of Navigators Management Co.
The new unit combines the company's primary and excess casualty lines, Saunders said.