This Navigators Insurance Company Auto Insurance Review explores the Navigators Insurance Group, Inc. of Rye Brook, New York. Navigators Insurance Group helps a variety of businesses, including seagoing customers, to manage property & casualty risks in the United States and United Kingdom.
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Navigators Insurance, along with Navigators Underwriting Agency (NUA), focuses on meeting customer’s insurance needs (including cargo, various types of hulls, and energy required). Navigators Specialty considers high-risk insurance requirements and offers excess and surplus insurance coverage.
As you learn more about Navigators Insurance Group, consider the company’s products and services, agents, claims process, and financial strength in comparison to your auto insurance needs.
Navigators Insurance Group Products and Services
The company offers a complete array of property & casualty insurance lines, including commercial auto insurance. In addition, Navigators Insurance Group offers admitted property & casualty products, including “package” policies (combining coverage such as auto, property, umbrella, inland marine, general liability, and crime) for transport, contracting, manufacturing, and real estate companies.
The company doesn’t seek personal dwellings or long-haul transportation, West Coast builders and construction, or long-haul transportation/trucking companies. The company isn’t looking to write small to medium-sized business owner policies (BOPs) or workers comp contracts for employers.
In 2011, the company announced it will no longer write auto insurance coverage for small to medium-sized companies. Navigators Insurance Group is licensed to write property & casualty insurance, such as commercial auto, in all states exception Hawaii and Alaska.
Navigators Insurance Group provides professional and management liability coverage (for officers and directors) and general liability coverage for builders and contractors. The company also writes catastrophic risk solutions.
Navigators Insurance Group Insurance Agents
Navigators Insurance Group uses a national network of independent insurance agents and brokers to distribute and sell its financial services. The company is selective about its independent agent relationships, and wants to build a collaborative relationship with new agencies. Navigators’ resources can help agencies to develop niche-within-a-niche business segments and revenues. The company offers the necessary size and financial strength to offer flexibility and client customization.
Navigators’ goal to foster a paperless environment encourages agents and brokers to submit quotes and policies via a secure intranet. Commissions earned each month are calculated and paid monthly. The company seeks agencies producing substantial revenues of at least $500,000 in annual volume. Navigators Insurance offers a competitive commission structure and a profit-sharing plan for producers.
The company has developed an international network of wholesale and retail agents and brokers in Sweden, Denmark, and Belgium (capitalizing upon the firm’s relationship with Lloyd’s of London Syndicate 1221), and continues to develop affiliates in high-growth China and Brazil markets.
According to the company’s annual report, Navigators Insurance Group continues to control costs and reinvest funds into its operations. The company says it wants to expand into new products and underserved regional markets. Companies with high value assets and infrequent loss claims are of special interest to the company.
Navigators Insurance Group created a new subsidiary, Navigators Re, in 2010, to focus upon medical expense, agribusiness, and property treaty opportunities throughout the North and South Americas.
Navigators Insurance Company Claims
The company believes in a fast, efficient, and fair processing of customer claims, according to the company website. Clients may download claims forms or contact the company by telephone to initiate the claims submission process.
Navigators Insurance Group Financial Information
Navigators Insurance Group is publicly-owned and the company’s shares trade on the NASDAQ (Symbol: NAVG). The company reported 2010 sales of $776.9 million and achieved annual sales growth of about 1.85% during the period. Navigator Insurance reported net income of $69.58 million during the fiscal year, and achieved annual net income growth of about 10.17%.
Navigators Insurance Group competes most directly with AXA Corporate Solutions, the Travelers Companies, and Allianz Global Risks. The company competes with Arch Insurance Group, Berkshire Hathaway, CNA Financial, Amica Mutual, Aspen Insurance, Chubb Corp., ProSight Specialty Insurance Group, Specialty Underwriters Alliance, Global Indemnity, RLI, White Mountain Insurance Group, Safeco, Zurich American, and XL Group plc in regional markets.
The company employs approximately 494 people in all locations.
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