Navigators Ranked Among Top Ten Profit Leaders in Commercial Lines by National Underwriter

December 20, 2006,

Dear Valued Agency Partner:

Navigators has been named one of the Top Ten Commercial Lines Profit Leaders in National Underwriter Magazine's Profit Leader list of commercial lines property & casualty insurance companies. National Underwriter’s criterion classified 111 commercial lines property & casualty insurance companies based upon six years of underwriting results.

The National Underwriter December 4, 2006 issue highlights the following:
- The biggest insurance carriers are not necessarily the most profitable.
- Focused insurance carriers lead the pack.
- Specialization distinguishes insurers with the best long-term underwriting profitability.

“Navigators has a deeply embedded culture of specialization and commitment to underwriting excellence,” said Stan Galanski, President and Chief Executive Officer of The Navigators Group, Inc. He added, “We appreciate the recognition of being named among the Top Ten Commercial Lines Profit Leaders from one of the leading property & casualty insurance magazines – National Underwriter. We thank all of our Agents and Brokers for their support in helping us achieve the underwriting results that warrant this distinction."

Good Selling,
Paul Hohlbein
Senior Vice President of Marketing

Builders & Tradesmen's Insurance Services, Inc.
6610 Sierra College Boulevard, Rocklin CA 95677
Phone 916.772.9200 Fax 916.772.9292 License #OD10271
Website: http://www.btisinc.com

All Non-Admitted business is placed through LAE Insurance Services, Inc.
License # 0E44215