Sidoti & Company, LLC Eighteenth Annual Emerging Growth Research Institutional Investor Forum

New York, NY March 17, 2014

The Navigators Group, Inc. Insuring a World in Motion® (NASDAQ: NAVG) www.navg.com

Stan Galanski

President & CEO

Ciro DeFalco Senior Vice President & CFO

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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.

Forward Looking Statements

®

Executive Management Team

3

Executive Role Years @ NAVG

Years in Industry

Functional Career Experience

Stan Galanski President & CEO 13 34 15 years public company CEO; underwriting executive at Chubb & AIG

Ciro DeFalco Chief Financial Officer 3 33 Senior finance executive with broad insurance industry expertise

Vince Tizzio President U.S. Insurance

2 17 Former President of Commercial Markets at Zurich Financial Services; AIG

Paul Hennessy President Int’l Insurance

6 36 Former CUO of CNA Europe & Chubb Europe

Clay Bassett Chief Underwriting Officer

6 27 Former CUO of specialty insurer and international reinsurer

Colin Sprott President Global Marine

1 26 Global Marine Underwriting Executive

Stephen Coward President NavTech

12 43 Global Property/Energy Underwriting Executive

LoriAnn Lowery-Biggers

Chief Marketing Officer

5 22 Former President of Lloyd’s America

Denise Lowsley Human Resource Director

6 17 Global Human Resource management

Emily Miner General Counsel 6 6 Corporate Legal and Compliance

Scott Eisdorfer Chief Administrative Officer

15 28 Career insurance & reinsurance technology executive

®

The Navigators Group, Inc. (NASDAQ: NAVG)

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Navigators Group Inc. (“Navigators” or “NAVG”), is a global specialty insurance underwriter focused on marine, energy, specialty casualty, and D&O / professional liability

— Two U.S. domiciled insurance companies

— Navigators Syndicate 1221 at Lloyd's provides global access to desired markets

— Approximately 33% of Navigators premiums are produced outside the U.S.

Distributed through multiple channels utilizing global, national and regional retail and wholesale insurance brokers

Financial Strength Rating: ‘A’ (Excellent) by A. M. Best and ‘A’ (Strong) by S&P

Senior Debt Ratings: BBB (Stable) by S&P

2013 GWP by Specialty Financial Highlights

Total GWP $1,371 million

Casualty 33%

Marine 26%

Nav Tech 14%

Nav Re 13%

Mgmt. and Professional Liability, 14%

2013 2012 YoY

GWP $ 1,371 $ 1,286 6.5%

NEP $ 842 $ 782 7.7%

Net Income $ 63 $ 64 -0.5%

Operating Earnings $ 62 $ 38 64.1%

AY Loss Ratio 61.7 % 69.4 % -11.1%

CY Loss Ratio 61.6 % 63.6 % -3.1%

Expense Ratio 33.2 % 35.7 % -7.0%

Combined Ratio 94.8% 99.3% -4.5%

GAAP Equity $ 902 $ 879 2.6%

Equity (ex. AOCI) $ 874 $ 804 8.7%

®

Navigators Mission Statement

We are a global specialty insurer focused on targeted high-margin niches for which the quality of our intellectual capital, both in underwriting and claims, provide a meaningful competitive advantage. We specialize in insuring complex risks that require proven technical expertise, utilizing reinsurance to protect our conservative balance sheet. We always emphasize underwriting profit over market share and conduct our business with integrity, professionalism and pride.

Recognized Leader in Specialty Insurance

• One of “100 Most Trustworthy Companies” by Forbes.com

• Ranked as fourth leading U.S. Marine insurer by National Underwriter

• 96th Largest U.S. Insurance Group

• Ranked as fifth in net premium growth

Established Track Record of Underwriting Excellence

• Formed in 1974 as a family-owned underwriting agency

• Insurance Company formed in 1983

• The Navigators Corp. Inc (NAVG) listed on NASDAQ in 1986

• Acquired our Lloyd’s operation in 1998

5

Leadership in Specialty Insurance

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Successful Execution of a Growth and Diversification Strategy

0

200

400

600

800

1000

1200

1400

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013

77% 54% 53%

53% 57% 41% 38% 41% 41% 41 36% 31%

26%

22%

41%

38%

37%

31%

47% 50% 45%

42% 42%

50%

55% 60%

1%

5%

9% 10%

12%

12%

12% 14%

17%

17%

14%

14%

14%

Marine Property Casualty Professional Liability

2001 D&O

2004 Excess Casualty

2005 Acquired 100% Control of Lloyd’s Syndicate 1221

2006 Primary Casualty

2008 Brazilian License

Environmental

Lloyd’s China

2009 International D&O Architect & Engineers

2010 Lloyd’s Brazil

2011 Navigators Re

2013 Stamford, CT Headquarters

Focused Growth in Core Specialties

Marine 55%

Casualty (Primary)

27%

Management & Professional

Liability 5%

Energy 13%

Gross Written Premium by Product Line 2002,

Four Core Specialties

GWP Total $448 million

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Marine 26%

Casualty 33%

Management & Professional

Liability 14%

Nav Tech 14%

Nav Re 13%

Gross Written Premium by Product Line 2013,

Five Core Specialties

GWP Total $1,371 million

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Global Leader In Marine

Marine and Energy Liability,

35%

Cargo, 21% Craft and

Fishing Vessel, 9%

Transport, 6%

Specie, 6%

Hull, 5% P&I, 5%

Inland Marine, 4%

All Other, 9%

Gross Written Premiums $353 Million 26% of 2013 Group Total

• Market leaders: Our underwriters have the expertise and reputation to set rates and terms in a subscription market

• Underwrite the following risks: — Marine liability protects against third

party bodily injury & property damage — Marine protection and indemnity

protects against liability for injury to third parties, including crew (largely non-U.S. clients)

— Bluewater hull covering physical damage to ocean-going vessels

— Harbor craft and small craft property damage and liability

— Cargo in transit providing coverage for physical damage

• Customers include:

— Terminal operators

— Port authorities

— Ship owners

— Third party logistics providers

— Cruise Lines

— Major museums

— Cash-in-transit operations

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• Navigators has a strong presence in the U.S. Excess and Surplus lines casualty market

— Business is written on both admitted and non-admitted (free of rate and form regulation) basis and is placed through wholesalers

• Primary Casualty provides general liability insurance on a primary basis

— Navigators has specialized in writing California construction liability since 1995

— Since 2006, the portfolio has diversified to include a balance of product liability, real estate risks, and commercial contractors

• Excess Casualty provides commercial umbrella and excess casualty insurance coverage

— Areas of specialty include manufacturing and wholesale distribution, commercial and residential construction, business services, hospitality and real estate

• Other casualty products include environmental liability, product liability for life sciences firms, and commercial automobile

• Navigators does not write workers compensation

• Limited Property/Catastrophe Exposure

Specialty Property/Casualty Building Upon a Strong Casualty Franchise in the Excess and Surplus Lines Market

Excess Casualty, 56%

Primary Casualty, 30%

Other, 14%

Gross Written Premiums $458 Million 33% of Group Total

®

10

Nav Re: Niche Market Strategy

10

Accident & Health, 50%

LatAm, 24%

Agriculture, 21%

Professional Liability, 5%

Gross Written Premiums $178 Million 13% of 2013 Group Total

• Underwrites a handful of product specialties and regions in which treaty reinsurance is a more efficient manner in which to participate in the market

• The Accident and Health Reinsurance unit provides stop loss and other treaty reinsurance to self-funded medical plans and other insured health programs. There is no personal accident insurance in the portfolio

• Latin American Treaty Navigators underwrites a portfolio of property, casualty, and surety reinsurance throughout Central and South America from Miami

• Crop Reinsurance currently is underwritten in the U.S. and Canada, with some emerging markets currently under review

• Professional Liability treaty provides treaty reinsurance to medical professional liability insurers and others

• Added International Property Treaty in 2014

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Nav Tech: First-Party Energy Insurance

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Offshore Energy, 64%

Engineering & Construction, 20%

Onshore Energy, 16%

Gross Written Premiums $194 Million, 14% of 2013 Group Total

• Organized onshore/offshore energy and

engineering and construction businesses under Navigators Technical Risk (“NavTech”) in 2009

• Experts in first party exposures of upstream and downstream energy risks ranging from oil platforms to refinery operations, and the construction and operational risks of engineering and power generation risks globally

• Provides property damage and business interruption coverage

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U.S. E&O 46%

U.S. D&O 24%

International D&O 22%

International E&O 8%

Gross Written Premium $188 Million 14% of Group Total

37%

14% 12%

11%

9%

6%

6% 5%

All Other U.K. Canada Sweden

Australia Norway U.S. Israel

• Entered market in 2001

• Strong growth in the attractive international D&O and professional liability niches, headquartered in London

• U.S. D&O portfolio has been re-positioned to largely an excess portfolio

• Realigned professional liability with Navigators Specialty to leverage strong wholesale broker relationships

• Targeting growth in small professional firms including architects, accountants, and real estate & insurance agents

Management & Professional Liability (“NavPro”) Lloyd’s D&O Geographic Split

NavPro: Management & Professional Liability

(December 31, 2013)

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Broad Distribution Network December 31, 2013

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Top 25 Broker Relationships = 77% of Total Group Gross Written Premium

41%

35%

10%

7% 6%

1%

Top 25 Premium Brokers By Type

Global Retailer

U.S. Wholesaler

Reinsurance Broker

U.S. Retailer

London Wholesaler

Direct Business

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Performance Measure: Combined Ratio

80.00%

85.00%

90.00%

95.00%

100.00%

105.00%

110.00%

115.00%

120.00%

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013*

Co

mb

ine

d R

ati

o

Calendar Year

U.S. P&C Industry (Source: ISO, a Verisk analytics company)

Navigators

*2013 U.S. P&C Industry estimate provided by A.M.Best: Best Week Publication

® 15

Stockholders’ Equity ($ in millions)

Performance Measure: Book Value Growth

< A&E

Charge < KRW

Hurricanes >

Deep >

Water

Horizon

< Large

Energy

Losses

< Share

Buy

Back

< Sandy

&

Marine

Losses

106.5%

98.6% 94.9%

92.2% 90.8% 87.8% 87.5%

89.5%

97.2% 97.8% 96.1% 95.0% 94.8%

11.7%

10.5%

4.3%

2.9%

8.6% 4.3%

$147 $171

$291 $329

$470

$551

$662 $689

$802 $829

$803

$880

$902

0.0%

30.0%

60.0%

90.0%

120.0%

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 12/31/10 12/31/11 12/31/12 12/31/13

Combined Ratio Stockholders' Equity

B.V.P.S. $17.47 $ 20.18 $ 23.14 $ 25.96 $ 28.30 $32.94 $39.24 $40.89 $47.58 $52.68 $57.57 $62.61 $63.54

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Corporate Strategic Priorities

Target financial objective: $100 Book Value Per Share

Retain more of our existing business by reducing the utilization of reinsurance

Expand Lloyd’s Syndicate 1221 and London operations

Build upon our leadership position in ocean marine insurance

Strengthen market position in U.S. excess & surplus lines market

Bolster earnings contribution in D&O and professional liability globally

Selectively grow our treaty reinsurance business for those products and geographies in which reinsurance is the preferred method to penetrate the market

Continue to invest in and develop high-quality, cost-efficient policy administration and management information systems

Grow and nurture our intellectual capital

®

Financial Overview

The Navigators Group, Inc.

®

Quarterly Financial Overview – Fourth Quarter 2013

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• Combined ratio of 94.0% with net underwriting profit of $13.2 million

• Gross written premiums of $333 million, an increase of 3.6%

• Net written premiums of $223 million, and increase of 5.2%

• Net earned premiums of $220 million, and increase of 9.1%

• Net investment income of $14.3 million along with net capital gains of $15.8 million and OTTI of ($0.5) million

• Net income of $14.3 million, or $1.00 of earnings per diluted share (EPS) including $1.13 of operating earnings per diluted share (OEPS)

• Excluding the call premium, net income of $26.0 million, or $1.80 of earnings per diluted share (EPS)

• Book value of $902 million, or $63.54 per diluted share, a decrease of 0.1%

• Excluding the call premium, book value of $914 million, or $64.36 per diluted share

• Net cash flow from operations of $6.9 million

®

Year-To-Date Financial Overview – December 31, 2013

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• Combined ratio of 94.8% with net underwriting profit of $43.9 million

• Gross written premiums of $1,371 million, an increase of 6.5%

• Net written premiums of $888 million, and increase of 6.5%

• Net earned premiums of $842 million, and increase of 7.7%

• Net investment income of $56.3 million along with net capital gains of $22.9 million and OTTI of ($2.4) million

• Net income of $63.5 million, or $4.42 of earnings per diluted share (EPS) including $4.30 of operating earnings per diluted share (OEPS)

• Excluding the call premium, net income of $75.1 million, or $5.23 of earnings per diluted share (EPS)

• Book value of $902 million, or $63.54 per diluted share, an increase of 1.5%

• Excluding the call premium, a book value of $914 million, or $64.36 per diluted shared

• Annualized ROE of 7.2% (8.5% excluding call premium) with operating ROE of 7.0%

• Net cash flow from operations of $136.9 million

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The Navigators Group, Inc. and Subsidiaries

Financial Highlights – QTD/YTD2013 and 2012

Percentage Change

In thousands, except per share amounts 2013 2012 2013 2012 QTD YTD

Gross written premiums 333,091$ 321,587$ 1,370,517$ 1,286,465$ 3.6% 6.5%

Net written premiums 223,445 212,312 887,922 833,655 5.2% 6.5%

Net earned premiums 219,902 201,566 841,939 781,964 9.1% 7.7%

Net losses and loss adjustment expenses (131,385) (127,191) (518,961) (497,433) 3.3% 4.3%

Commission expenses (30,863) (31,259) (113,494) (121,470) -1.3% -6.6%

Other operating expenses (43,826) (42,841) (164,434) (159,079) 2.3% 3.4%

Other income (expense) (665) (599) (1,172) 1,488 11.0% NM

Underwriting profit (loss) 13,163 (324) 43,878 5,470 NM NM

Net investment income 14,254 13,616 56,251 54,248 4.7% 3.7%

Net other-than-temporary impairment losses

recognized in earnings (530) (208) (2,393) (858) NM NM

Net realized gains (losses) 15,768 30,254 22,939 41,074 -47.9% -44.2%

Call premium on Senior Notes (17,895) - (17,895) - NM NM

Interest expense (4,351) (2,051) (10,507) (8,198) 112.1% 28.2%

Income (loss) before income taxes 20,409$ 41,287$ 92,273$ 91,736$ -50.6% 0.6%

Income tax expense (benefit) 6,076 13,243 28,807 27,974 -54.1% 3.0%Net income (loss) 14,333$ 28,044$ 63,466$ 63,762$ -48.9% -0.5%

Net income per common share:

Basic 1.01$ 2.00$ 4.49$ 4.54$ -49.4% -1.0%

Diluted 1.00$ 1.96$ 4.42$ 4.45$ -48.7% -0.6%

Operating earnings per common share:

Basic 1.13$ 0.61$ 4.37$ 2.68$

Diluted 1.13$ 0.59$ 4.30$ 2.63$

Underwriting Ratios:

Losses and loss adjustment expenses ratio 59.7% 63.1% 61.6% 63.6%

Commission expense ratio 14.0% 15.5% 13.5% 15.5%

Other operating expense ratio 20.3% 21.6% 19.7% 20.2%Combined ratio 94.0% 100.2% 94.8% 99.3%

Balance Sheet Data: Dec. 31, Sept. 30, Dec. 31, Dec. 31,

2013 2013 2013 2012

Stockholders' Equity 902,212$ 899,882$ 902,212$ 879,485$ 0.3% 2.6%

Book value per share 63.54$ 63.61$ 63.54$ 62.61$ -0.1% 1.5%

Three Months Ended Year Ended

December 31, December 31,

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• Invested assets: $2.6 billion

• Fixed Maturities, Cash and Short-term Investments:

o 94% of portfolio

o Average AA/Aa rating (S&P/Moody’s)

o Duration of approximately 3.7 years

o Average 2013 investment yield of 2.4%

• Equity securities: 6% of portfolio

• Substantially all mortgage and asset-backed securities are investment grade

• No CDO’s or asset-backed commercial paper

• Underlying credit rating of A+ for credit enhanced securities

High Quality Investment Portfolio December 31, 2013

2%

19%

6%

15%

17%

17%

7%

5% 12%

CMO's

Corporate Bonds

Equities

Cash & Short Term Securities

U.S. Treasury Bonds & Foreign Government Bonds

Municipal Bonds

Commercial Mortgages

Asset-Backed

Mortgage-Backed

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US Treasury Bonds & Foreign Government Bonds

Municipal Bonds

Mortgage & Asset-Backed

Corporate Bonds

Equity Securities

Cash & Short-Term Investments

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 12/31/10 12/31/11 12/31/12 12/31/13

$1,918

$1,767

$1,476

$1,182

$855

$694

$453

$278

$2,057

Growth in Invested Assets – 2001 to Present ($ in millions)

$2,154 $2,233

$2, 422

$2,575

®

($ in millions)

23

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 12/31/10 12/31/11 12/31/12 12/31/13

Historical Consolidated Net Loss Reserves

54%

46%

51%

49%

41%

59%

41%

59%

39%

61%

35%

65%

34%

66%

37%

63%

39%

61%

$696

$579

$847

$464

$374

$265

$203

$1,000

$1,113

41%

59%

$1,143

23

$222

119%

44%

56%

$150

135%

$1,237

$278

135%

$311

149%

$339

171%

$468

149%

$602

141%

$644

155%

$683

163%

$660

173%

$692

179%

Prudent & Consistent Loss Reserving

46%

54%

$782

156%

$1,217 Net IBNR Reserves Net Case Loss Reserves Net Reserves/NEP NEP

42%

58%

$842

145%

$1,223

®

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Mitigate Risks

• Diversification of reinsurers

• High credit quality

• Strong collateral position

• Reserve for uncollectible reinsurance

• Integration of reinsurance risk into ERM practices

• Utilize reinsurance to reduce exposure to individual risks & catastrophic losses

• Stabilize underwriting results

• Ratio of net written premiums to gross written premiums for year to date December 31, 2013 was 64.8%

Philosophy

Reinsurance - Integral Part of Our Business

®

Reinsurer Financial Strength Ratings December 31, 2013

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($ millions)

Total Group Recoverables $ 1, 108.6

Total Group Collateral (223.5)

Net Group Recoverables $ 885.1

Rating Recoverable Collateral

A++, A+ $68.4 $17.6

A, A- $165.0 $44.3

B++ and Below $23.7 $7.9

Total “Others” $257.1 $69.8

Note: A.M. Best and S&P ratings as of December 31, 2013

47%

49%

1% 2% 1%

Excellent A++, A+

Superior A, A-

Very Good B++, B+

Fair B, B-

Not Rated

ReinsurerName

Group

Recoverable

Group

Collateral AM Best S&P

National Indemnity Company 140.8$ 30.8$ A++ AA+

Transatlantic Reinsurance Company 95.5 8.5 A A+

Everest Reinsurance Company 90.1 7.7 A+ A+

Munich Reinsurance America Inc. 75.3 4.3 A+ AA-

Swiss Reinsurance America Corporation 74.0 9.6 A+ AA-

Lloyd's Syndicate #2003 52.0 10.3 A A+

Allied World Reinsurance 44.1 4.0 A A

Partner Reinsurance Europe 40.7 17.0 A+ A+

Scor Global P&C SE 36.3 9.9 A A+

Tower Insurance Company 23.3 - B NR

Atlantic Specialty Insurance 22.9 3.5 A A-

Employers Mutual Casualty Company 21.5 9.7 A NR

Validus Reinsurance Ltd. 19.7 14.5 A A

Lloyd's Syndicate #4000 19.6 0.4 A A+

QBE Reinsurance Corp 18.4 1.8 A A+

Ace Property and Casualty Insurance Company 17.5 7.3 A+ AA-

Odyssey American Reinsurance Corporation 15.5 2.2 A A-

Berkley Insurance Company 15.4 0.5 A+ A+

Ironshore Indemnity Inc. 14.8 8.0 A NR

AXIS Re Europe 14.1 3.7 A+ A+

Top 20 Reinsurers 851.5 153.7

Others 257.1 69.8

Total 1,108.6$ 223.5$

®

• We focus on underwriting profit, not premium volume

• We specialize in complex risks where the know-how of our intellectual capital is a competitive advantage

• We are committed to customer service backed by a strong balance sheet

• We have the discipline to underwrite business that meets our terms and standards

• We practice expense control by spending money like it is our own

• Teamwork gets the job done

• We conduct our business with integrity, professionalism and pride

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Navigators Core Values