Keefe, Bruyette & Woods Insurance Conference New York, NY September 7, 2010

1. The Navigators Group, Inc.“Insuring a World in Motion” Stan GalanskiPresident and CEO • Frank McDonnellSenior Vice President & CFO Keefe, Bruyette & Woods Insurance ConferenceNew York, NYSeptember 7, 2010

2. Forward Looking Statements 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.

3. The Navigators Group, Inc. EXCHANGE/TICKER MARKET CAP (8/27/10) SHARE PRICE (8/27/10) BOOK VALUE/SHARE (6/30/10) FINANCIAL STRENGTH WEBSITE NASDAQ/NAVG $672 MILLION $42.49 $51.48 A (A.M. BEST/S&P) WWW.NAVG.COM 3

4. The Navigators Group, Inc. • Specialty insurer operating in targeted property/casualty niches worldwide • Two U.S. domiciled insurance companies and Navigators Syndicate 1221 at Lloyd’s • Rated “A” by Standard & Poor’s and A.M. Best • Top 5 U.S. Marine insurer • Top 25 U.S. Excess & Surplus Lines casualty insurer • Emerging leader in D&O / Professional Liability • #15 New York’s fastest-growing companies, 2009 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 Company” by Forbes.com

5. Core Values • 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. • Weconduct our business with Integrity, Professionalism and Pride.

6. Track Record of Underwriting Excellence

7. Successful Growth and Diversification Strategy Gross Written Premium • 2001 • D&O • Chicago Marine • 2004 • Excess Casualty • Antwerp Branch • 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 • 2009 • UK D&O Expansion • Architect & Engineering Team • Philadelphia Office • Pittsburgh Office • Charlotte Office • Copenhagen Office • 2010 • Los Angeles Office $1,044.9 4% 7% 18% 13% 34% $278.2 38% 21% 23% 39%

8. Core Businesses 17.3% 41.5% 41.2% $1.045 Billion Gross Written Premium Full Year 2009

9. A Market Leader In Marine Gross Written Premium $433 million 41% of 2009 Group Total Market LeadersIn: • Marine Liability • Bluewater Hull • Specie / Cash In Transit Policyholders Include: • Terminal Operators • Port Authorities • Ship Owners • Logistics Providers • Importers / Exporters • Armed Car Services (Green = Higher Growth Potential) The Navigators Group, Inc. 9

10. Specialty Property & Casualty Focus Gross Written Premium $430 million 41% of 2009 Group Total • 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 (Green = Higher Growth Potential) The Navigators Group, Inc.

11. Management & Professional Liability Niche Focus Gross Written Premium $181 million 17% of 2009 Group Total • Specializing In: • US D&O • Primary and Excess on • Small to Mid Cap Public Companies • Private Companies • Not for Profit Organization • International D&O • Excess D&O on Large Cap • Primary D&O on SME • First Lloyd’s Syndicate with an Underwriter in China • E&O • Lawyers • Architects & Engineers • Miscellaneous Professional (Green = Higher Growth Potential) The Navigators Group, Inc.

12. Taking Our Products to New Geographic Markets in The U.S. Navigators U.S. Footprint - 2001

13. Navigators U. S. Footprint - 2010

14. Expanding Our International Presence 2001

15. Expanding Our International Presence 2010

16. Strategies For A Softening Market • Emphasize Profit Not Premium • Identify 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 • Preserve & Grow our Intellectual Capital • Responsible Capital Management • Share Re-Purchase • Conservative Investment Strategy • Enterprise Risk Management The Navigators Group, Inc.

17. Strong Book Value Growth Stockholders’ Equity ($ in millions) 106.6% - A&E Charge 101.3% - Hurricanes 93.8% - Hurricanes Stockholders’ Equity Combined Ratio 17 The Navigators Group, Inc.

18. High Quality Investment Portfolio At December 31, 2009 • Invested assets: $2.1 billion • Fixed Maturities, Cash and Short-term Investments: • 97% of portfolio • Average AA rating • Duration of approximately 4.2 years • Average 2009 investment yield of 3.8% • Equity securities: 3% 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 The Navigators Group, Inc.

19. Strong Growth in Invested Assets ($ in millions) $2,110 $2,057 $1,918 $1,767 $1,476 $1,282 $855 $694 $453 $278 2001 2002 2003 2004 2005 2006 2007 2008 2009 6/30/10 The Navigators Group, Inc.

20. Prudent & Consistent Loss Reserving ($ in millions) Historical ConsolidatedNet Loss Reserves $1,113 $1,000 39% 61% $847 37% 63% $696 34% 66% $579 35% 65% $464 39% 61% $374 41% 59% $265 $203 41% 59% 51% 49% 54% 46% 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 The Navigators Group, Inc.

21. Reinsurance - Integral Part of Our Business • Utilize reinsurance to reduce exposure to individual risks & catastrophic losses • Stabilize underwriting & loss ratios • Ratio of NWP to GWP for 2009 was 67.1% Philosophy • Diversification of reinsurers • High credit quality • Strong collateral position • Reserve for Uncollectible Reinsurance • Integration of reinsurance risk into ERM practices Mitigate Risks The Navigators Group, Inc.

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

23. Managing the Cycle ($ in thousands) Construction Liability UltimatePremium UltimateLoss Ratio $ 2001 2002 2003 2004 2005 2006 2007 2008 2009

24. Summary • Specialty underwriter with proven track record of profitable growth • 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 The Navigators Group, Inc.