Friedman, Billings, Ramsey & Co. New York, NY November 30, 2010 The Navigators Group, Inc. “Insuring a World in Motion” Stan Galanski President and CEO Frank McDonnell Senior Vice President & CFO

2 This presentation contains forward-looking statements that are subject to risks and uncertainties. All statements other than statements of historical fact included in this presentation are forward-looking statements. Forward-looking statements give our current expectations and projections relating to our financial condition, results of operations, plans, objectives, future performance and business. You can identify forward-looking statements by the fact that they do not relate strictly to historical or current facts. These statements may include words such as "anticipate," "estimate," "expect," "project," "plan,“ "intend," "believe" and other words and terms of similar meaning in connection with any discussion of the timing or nature of future operating or financial performance or other events. These forward-looking statements are based on assumptions that we have made in light of our industry experience and on our perceptions of historical trends, current conditions, expected future developments and other factors we believe are appropriate under the circumstances. As you consider this presentation, you should understand that these statements are not guarantees of performance or results. They involve risks, uncertainties (some of which are beyond our control) and assumptions. Although we believe that these forward-looking statements are based on reasonable assumptions, you should be aware that many factors could affect our actual financial results and cause them to differ materially from those anticipated in the forward-looking statements. Because of these factors, we caution that you should not place undue reliance on any of our forward-looking statements. Further, any forward-looking statement speaks only as of the date on which it is made. New risks and uncertainties arise from time to time, and it is impossible for us to predict those events or how they may affect us. Except as required by law, we have no duty to, and do not intend to, update or revise the forward-looking statements in this presentation after the date of this presentation. Forward Looking Statements

 Specialty insurer operating in targeted property/casualty niches –Top 5 U.S. Marine insurer –Top 25 U.S. Excess & Surplus Lines casualty insurer –Emerging leader in D&O / Professional Liability  A global specialty insurance platform –Two U.S. domiciled insurance companies with licenses in the U.K. and South America –Navigators Syndicate 1221 at Lloyd’s provides global access to desired markets –40% of Navigators premiums are produced outside the U.S.  A growing brand and market reputation –#66 New York’s fastest-growing companies, 2010 Crain’s New York Business –#137 New York’s largest publicly held companies, 2010, Crain’s New York Business –Recognized as one of “100 Most Trustworthy Companies” by Forbes.com  Financial Strength rated “A” by Standard & Poor’s and A.M. Best 3 The Navigators Group, Inc.

4  Underwriting Profit, not premium volume.  Specialization in complex risks where the know-how of our Intellectual Capital is a competitive advantage.  Commitment to Customer Service backed by a Strong Balance Sheet.  Discipline to walk away from business that doesn’t meet our terms and standards.  Expense Control by spending money like it is our own.  Teamwork gets the job done.  We conduct our business with Integrity, Professionalism and Pride. Core Values

5 Track Record of Underwriting Excellence

 2001 –D&O –Chicago Marine  2004 –Excess Casualty –Antwerp Office  2005 –Acquired 100% Control of Lloyd’s Syndicate 1221  2006 –Primary Casualty –Inland Marine  2007 –Orange County Office –Miami Office (Latin America)  2008 –New Jersey Office –Stockholm Office –Brazilian License –Environmental Underwriting Team –Professional Liability Expansion –Lloyd’s China  2009 –UK D&O Expansion –Architect & Engineering Team –Philadelphia Office –Pittsburgh Office –Charlotte Office –Copenhagen Office  2010 –Los Angeles Office –Lloyd’s Brazil –Navigators Re 6 Gross Written Premium ($ in millions) $1, % 4% 7% 23% 34% 13% $ % 38% 39% $ % 27% 11% 27% 30% A Decade of Successful Growth and Diversification

7 41.2% Specialty Focus $1.045 Billion Gross Written Premium Full Year % 17.3%

Market Leaders In: –Marine Liability –Bluewater Hull –Specie / Cash In Transit –Transport Policyholders Include: –Terminal Operators –Port Authorities –Cruise Ships –Ship Owners –Logistics Providers –Importers / Exporters –Armored Car Services –Museums 8 Gross Written Premium $433 million 41% of 2009 Group Total A Market Leader In Marine (Green = Higher Growth Potential)

9 Focus on Select Specialty Property & Casualty Niches Gross Written Premium $430 million 41% of 2009 Group Total (Green = Higher Growth Potential)  Nav Tech: Property Insurance for Energy and Power Generation Risks  Excess Casualty: Monoline Commercial Umbrella & Commercial Excess Liability  Western States Construction: A Market Leader in California Construction Liability Since 1995  E&S Primary Casualty: Construction East of the Rockies, Product Liability, Real Estate and Environmental Casualty  NAV PAC: Admitted Niche Property/Casualty Products for Middle Market Businesses  Life Sciences: Product Liability and Clinical Trials Coverage

10 Management & Professional Liability Niche Focus Gross Written Premium $181 million 17% of 2009 Group Total (Green = Higher Growth Potential) Specializing In: US D&O  Primary and Excess on –Small to Mid Cap Public Companies –Private Companies –Not for Profit Organization International D&O  High Excess D&O on Large Cap  Primary D&O on Small to Mid Cap  Underwriters in London, Stockholm, Copenhagen and Shanghai E&O  Lawyers  Architects & Engineers  Insurance Agents  Miscellaneous Professional

11 Navigators U.S. Footprint – 2001 $278 Million Gross Written Premium Taking Our Products to New Geographic Markets in The U.S. Number of Products One – Black Two – Blue Multiple - Red

12 Navigators U.S. Footprint – 2010 $1 Billion Gross Written Premium Taking Our Products to New Geographic Markets in The U.S. Number of Products One – Black Two – Blue Multiple - Red

13  Project: 42 story, 116 unit residential condominium in Dallas, Texas  Duration: 3 years  Number of contractors: 40  Solution: One shared liability program with primary limits of $2 million  NAVG advantages: –Contract review –Proprietary terms and conditions –Construction claims expertise Specialty Expertise Construction Wrap-up

14  Emphasize Profit Not Premium –Reduce premium when profit margins are not apparent –Reward underwriters for profit, not premiums –Diligent commission negotiations and expense management  Targeted Growth Opportunities in High Margin/Low Market Share Products –NavTech –Excess Casualty –International D&O –Professional Liability  Expansion of Distribution System/Regional Office Network  Improve Productivity / Service Efficiency –“Navigate” Proprietary Policy Administration Systems –Expansion of remote service centers  Preserve & Grow our Intellectual Capital  Responsible Capital Management –Share Re-Purchase –Conservative Investment Strategy –Enterprise Risk Management Strategies For A Softening Market

Global Leadership Team 15

Financial Overview The Navigators Group, Inc.

17 The Navigators Group, Inc. EXCHANGE/TICKER MARKET CAP (11/18/10) SHARE PRICE (11/18/10) BOOK VALUE/SHARE (9/30/10) FINANCIAL STRENGTH WEBSITE NASDAQ/NAVG $855 MILLION $49.52 $54.17 A (A.M. BEST/S&P)

18 Stockholders’ Equity ($ in millions) - A&E Charge - Hurricanes 106.6% 101.3% 93.8% - Hurricanes Combined Ratio Stockholders’ Equity Strong Book Value Growth

19  Invested assets: $2.2 billion  Fixed Maturities, Cash and Short-term Investments: ― 96% of portfolio ― Average AA rating ― Duration of approximately 4.1 years ― Average 2010 investment yield of 3.5%  Equity securities: 4% of portfolio  Substantially all mortgage and asset- backed securities are investment grade  No CDO’s, CLO’s or asset-backed commercial paper  Underlying credit rating of A+ for credit enhanced securities High Quality Investment Portfolio At September 30, 2010

/30/10 $1,918 $1,767 $1,476 $1,282 $855 $694 $453 $278 $2,057 Strong Growth in Invested Assets $2,199 Invested Assets ($ in millions)

21 12/31/01 12/31/02 12/31/03 12/31/04 12/31/05 12/31/06 12/31/07 12/31/08 12/31/09 09/30/10 Historical Consolidated Net Loss Reserves 54% 46% 51% 49% 41% 59% 41% 59% 39% 61% 35% 65% 34% 66% 37% 63% 39% 61% $696 $579 $847 $464 $374 $265 $203 $1,000 $1,113 Prudent & Consistent Loss Reserving 40% 60% $1,137

22 Mitigate Risks  Diversification of reinsurers  High credit quality  Strong collateral position  Reserve for Uncollectible Reinsurance  Integration of reinsurance risk into ERM practices  Utilize reinsurance to reduce exposure to individual risks & catastrophic losses  Stabilize underwriting results  Ratio of NWP to GWP for 2009 was 67.1% Philosophy Reinsurance - Integral Part of Our Business

Reinsurer Financial Strength Ratings 23 Total Recoverables $1,046 Total Offsets/Funds Held(179) Net Recoverables $867 (A.M. Best or equivalent ratings - December 31, 2009) ($ in millions)

24 West Coast Construction Liability Ultimate Premium Ultimate Loss Ratio ($ in thousands) $ Managing the Cycle – Underwriting Discipline

Managing the Cycle – Aggregate Management Offshore Energy Gulf of Mexico Wind Aggregate Exposure 25 ($ in millions)

Managing the Cycle – Capital Management  Maintain financial strength ratings  Grow book value per share –Conservative & proactive investment management –Accretive debt repurchase - $3 million gain –Accretive share repurchases $11.5 million $ 6.8 million $ 50.3 million Average cost per share through 9/30/ $

2010 Financial Highlights The Navigators Group, Inc.

28 The Navigators Group, Inc. and Subsidiaries 2010 Financial Highlights ($ in thousands, except per share data, unaudited)

 Specialty underwriter with proven track record of profitable growth  Track record of attracting/retaining strong underwriting expertise  Strong balance sheet  High quality, liquid and conservative investment portfolio  Experienced at insurance cycle management  Experienced at capital management  Focused on growing book value per share 29 Summary