The Navigators Group, Inc. (NASDAQ:NAVG) today announced that its principal underwriting agency subsidiary, Navigators Management Company, has established the Life Sciences business unit. This business unit will focus on underwriting specialized property/casualty products for the life sciences industry on a global basis, as well as help to deliver the CompanyÂ™s existing portfolio of relevant products.
Lyn Rossano has joined Navigators as Senior Vice President of the Life Sciences business unit and will be located in the CompanyÂ™s New York City office. Rossano has specialized in the life sciences risk transfer and risk management niche for almost 20 years and has been a leader in developing the overall insurance industry approach to this business sector.
Christopher Duca, President of the CompanyÂ™s Navigators Pro division, commented, “The mapping of the human genome has accelerated drug discovery that is in part driving the growth of the life sciences sector. Navigators has responded to the needs of life science companies and their directors and officers, who face complex management liability exposures, with our breakthrough coverage InNAVation(sm) line of products. We are pleased to strengthen our solid market position in the life sciences sector with a complete suite of innovative insurance solutions.”
Biotechnology companies are vulnerable to liability lawsuits, said Chris Day, President of the Primary Casualty unit. With LynÂ™s deep experience in life sciences, she can help companies recognize vulnerabilities and offer insurance solutions to address exposures. We are excited to have Lyn spearhead this new unit.
I am pleased to join an organization with the commitment to customer service and established underwriting culture of Navigators, said Lyn Rossano. I look forward to implementing proactive strategies to help life science companies mitigate risks.
The Navigators Group, Inc. is an international specialty insurance holding company with insurance company operations, underwriting management companies, and operations at Lloyd’s of London. Headquartered in New York City, Navigators has offices in major insurance centers in the United States, the United Kingdom and Continental Europe. For more information, please visit our web site at www.navg.com.
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. 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 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.
Navigators Management Company, Inc.
Lyn Rossano, 212-613-4335
Senior Vice President, Life Sciences
Mariane Ceballo, 914-933-6235
Corporate Communications Director