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THE NAVIGATORS GROUP, INC. AGREES TO ACQUIRE SOMERSET COMPANIES

 NEW YORK, Oct. 27 /PRNewswire/ -- The Navigators Group, Inc. (NASDAQ: NAVG), a holding company ("Navigators"), has announced that it has entered into a definitive agreement to acquire the Somerset companies (the "Somerset Companies"), eight affiliated companies engaged in providing insurance underwriting management services to Navigators Insurance Company and other insurance companies. Shareholders of the Somerset Companies will receive 2,875,000 shares of Navigators common stock. The closing bid price of Navigators common stock yesterday was $36 per share.
 Under the terms of the agreement, a wholly owned subsidiary of Navigators will merge with and into each of the Somerset Companies. Pursuant to the proposed mergers, shareholders of the Somerset Companies will exchange their shares of common stock for common stock of Navigators. The mergers are expected to be tax free to the parties and their respective shareholders.
 Although the Somerset Companies have minimal book value per share, Navigators anticipates that no dilution in its earnings per share will result from the mergers.
 The boards of directors of Navigators and the Somerset Companies have approved the mergers. The mergers are subject to the approval of the shareholders of Navigators and of the Somerset Companies and to certain other conditions and are expected to close in the first quarter of 1994.
 Navigators, through its wholly owned subsidiaries Navigators Insurance Company and NIC Insurance Company, specializes in writing marine, aviation and property insurance and certain lines of specialty reinsurance.
 -0- 10/27/93
 /CONTACT: W. Allen Barnett of The Navigators Group, 212-406-2900/
 (NAVG)


CO: The Navigators Group, Inc.; Somerset Companies ST: New York, Wyoming IN: INS SU: TNM

KD -- NY016A -- 7282 10/27/93 12:18 EDT
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Publication:PR Newswire
Date:Oct 27, 1993
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