1. 1 The Navigators Group, Inc. “Insuring a World in Motion” New York Society of Security Analysts, Inc. Insurance Industry Conference January 26, 2004 Stanley A. Galanski, President & Chief Executive Officer Paul J. Malvasio, Executive Vice President & Chief Financial Officer

2. 2 This press release may contain “forward looking statements” as defined in the Private Securities Litigation Act of 1995. We cannot assure that results which we anticipate will be achieved, since results may differ materially because of known and unknown risks and uncertainties which we face. Please refer to Navigators’ most recent Forms 10-K and 10-Q for a description of Navigators’ business and the important factors which may affect that business. Navigators undertakes no obligation to publicly update or revise any forward looking statement.

3. 3 Navigators – Corporate Overview Specialty Insurance Holding Company –Specialty niches include: Marine, Energy, Construction, D&O, Professional Liability, Specialty Property/Casualty Insurance subsidiaries “A” rated by A.M. Best and S&P Operations at Lloyd’s provide a global platform Offices in major ports/insurance centers in the U.S. and U.K. –New York, Seattle, San Francisco/Oakland, Houston, Chicago –London, Manchester, Leeds, Basingstoke

4. 4 Navigators – Investment Highlights A global leader in marine insurance –Business founded through Navigators Agencies in 1974 –Lloyd’s presence through Syndicate 1221 acquired in 1998 Complements US operations and provides global market access Commitment to underwriting profit –29 consecutive years of underwriting profit in marine agencies –Emphasis on bottom-line results, not market share Diversifying opportunistically into attractive new business lines –Specialty Property & Casualty and Professional Liability –Excellent market opportunities and producer support –Portfolio diversification for stronger earnings stream across market cycles Operating from a strong and leveragable platform –Rated “A” by A.M. Best and Standard and Poor’s –Lloyd’s licenses provide access to major world markets –No legacy balance sheet issues –No debt

5. 5 Senior underwriting management team has an average of approximately 29 years in the industry and 12 years at NAVG. Deep, Experienced Underwriting Team

6. 6 Navigators Agencies Marine & Energy For 2003 Navigators has 80% participation in marine insurance pool operated by Navigators Agencies in 2003 One of the largest marine portfolios in the U.S. market Recognized leader in the U.S. Bluewater Hull and Liability lines Navigators Agencies have produced 29 consecutive years of underwriting profit for the marine insurance pool it manages Rate increases on renewal business of 15% in first nine months of 2003 and 21% in the year 2002 33% of 2003 GPW

7. 7 2002 U.S. Market Share ($ in thousands) Note: As reported by the AIMU.

8. 8 Lloyd’s Marine & Energy Navigators Underwriting Agency, Ltd. manages Syndicate 1221 Navigators provides 97.4% of Syndicate 1221’s gross capacity / $200mm for 2003 and $255mm for 2004 underwriting year A Lloyd’s market leader in cargo and specie insurance Millennium Consortium at Lloyd’s for construction/engineering risks Rate increase of 14% for the first nine months of 2003, after 26% rate increase in 2002 37% of 2003 GPW

9. 9 2002 Lloyd’s Market Share ($ in thousands) Source: Lloyd’s Market Association

10. 10 Navigators Specialty Since 1995 has underwritten general liability insurance for small general and artisan contractors, mostly in California –Acquired Anfield Insurance Services in 1999 –Specialty underwriting/claims expertise Strategy to diversify by product line and geographically –Opened a Midwest branch in 2002 –Added surety and personal umbrella products Rate increase of 46% in first nine months of 2003, after 30% rate increase in 2002 for contractors liability business 21% of 2003 GPW

11. 11 Navigators Pro Introduced D&O liability insurance in late 2001 after attracting team of experienced professionals –Traditionally very profitable niche business in P&C industry –Compelling market opportunity given recent shareholder lawsuits –Focus on privately held and small to mid-size public corporations In late 2002, introduced employment practices liability, lawyers professional liability and other miscellaneous professional liability coverages Complementary products for D&O clients include: –Fiduciary liability –Crime insurance 8% of 2003 GPW

12. 12 Growth and Portfolio Diversification Gross Premium Written by Segment ($ in millions) CAGR: 54.1% Growth: 34.6%

13. 13 Underwriting Culture Focuses on Profitability (1) Based on statutory combined ratios for Navigators Insurance Companies only. (2) Source, A.M. Best. Navigators outperforms the industry in underwriting Combined ratio below 100% in 7 of 10 years –1994 and 1995 losses represent Northridge Earthquake –1999 loss reflects charge related to unrecoverable reinsurance (2) Statutory Combined Ratios (1) Operator: Be advised I cheated making this chart. The 1994 Navigator data is actually 151%. The banker requested that it be adjusted. So a text box has been placed over 130% and replaced w/150%. I also had to add a little line to extend the “y” axis. 6/30/03 9/30/03

14. 14 Improving Underwriting Results GAAP Loss, Expense and Combined Ratios 2000 2001 2001 PF2002 9/30/02 9/30/03 Note: 2001 PF results adjusted for World Trade Center losses of $4.5 million, or $0.53 per share.

15. 15 Net Income Growth ($ in millions except per share data) Note: 2001 PF results adjusted for World Trade Center losses of $4.5 million, or $0.53 per share. 2000 20012001PF 2002 9/30/02 9/30/03 EPS$0.84$0.43$0.91$1.89 $1.48 $2.06

16. 16 Prudent Reserving Practices (in millions)

17. 17 High Quality Investment Portfolio Total Portfolio Size: $562 million Fixed Maturities and Cash: 98% of portfolio –39% U.S. Treasury Bonds and GNMAs –Average AA rating –Duration of approximately 3.6 years –Average yield of 4.78% for 2002 Equity Securities: 2% of portfolio (as of 9/30/03)

18. 18 Capitalization (in millions, except per share data) *Offering completed on October 10, 2003 for 3.977 million shares at $28.50 per share with net proceeds received of $110.8 million (including underwriters’ over allotment).

19. 19 Why Navigators Now? Global leader in marine insurance Diversification strategy is on target Experienced management team Intellectual capital / specialty expertise Commitment to underwriting profit Proven track record Operating from a strong and leveragable platform

20. 20 “Insuring a World in Motion”