STAMFORD, Conn., 2017-12-18 07:30 CET (GLOBE NEWSWIRE) --
The Navigators Group, Inc. (NASDAQ:NAVG) today announced that it has entered
into a share purchase agreement for the purchase of all of the shares of
Assurances Continentales - Continentale Verzekeringen NV ("ASCO") and Bracht,
Deckers & Mackelbert NV ("BDM"). ASCO and BDM are both based in Antwerp,
Belgium.
The proposed acquisition is part of Navigators' strategy of expanding its
well-established specialty insurance expertise to more brokers and insureds
across Europe. ASCO is a specialty insurance company offering marine and
property and casualty insurance. BDM is an insurance underwriting agency that
underwrites risk coverage in niche markets on behalf of ASCO and a number of
major international insurers. Additionally, as part of the transaction,
Navigators will acquire all the shares of Canal Re SA, a Luxembourg reinsurance
company that is a wholly-owned subsidiary of ASCO. The acquisition reinforces
Navigators' presence in the European Union's single market, enabling Navigators
to best serve its European clients after Brexit, and also provides opportunity
for BDM and ASCO to take their well-established expertise to a wider European
audience.
"We are delighted to announce the proposed acquisition of ASCO and BDM. Europe
is an important market to us today and vital to our international growth
strategy-this transaction is an important step to enhancing our presence in and
relevance to this dynamic market. BDM has a strong reputation, a rich history
and a well-established culture of underwriting expertise that mirrors our own.
Together with ASCO, they provide Navigators with a scalable platform to support
our product lines and geographic expansion across continental Europe," said
Stanley A. Galanski, President and Chief Executive Officer of Navigators. "We
intend to combine our existing European underwriting operations with those of
BDM, with Antwerp serving as the hub for continental Europe after the closing
of the transaction. We believe the combination provides a wonderful opportunity
for the employees and significantly enhances the growth potential of both
organizations."
"We are excited and look forward to becoming part of Navigators," said Jos
Gielen, Chief Executive Officer of ASCO and BDM. "As specialty underwriters, we
share a common culture and a common vision for the future. Our combined
operations will be well positioned for growth by enhancing our product and
service capabilities in our chosen specialties."
As aggregate consideration for the acquisition of ASCO and BDM, Navigators will
pay EUR 35 million in cash at the closing of the transaction. The transaction
is subject to the satisfaction or waiver of customary closing conditions,
including among other things, the receipt of regulatory approval, and is
anticipated to close in the first half of 2018. Additional information
regarding the transaction can be found in a Current Report on Form 8-K filed
today with the Securities and Exchange Commission and on Navigators' website,
navg.com, on the SEC Filings page, which can be accessed via the Investor
Relations section menu.
About Navigators
The Navigators Group, Inc. (Nasdaq: NAVG) is a global specialty insurance
holding company. We provide customized insurance solutions designed to protect
clients from the complex risks they face. For more than 40 years, Navigators
has added value for broker partners and their clients-both in underwriting and
in claims-through the depth and quality of our technical and industry
expertise. Industries we serve include maritime, construction, energy,
environmental, professional services and life sciences. Headquartered in
Stamford, Connecticut, Navigators has offices in the United States, the United
Kingdom, Continental Europe and Asia. For more information, please visit
navg.com.
About ASCO and BDM
BDM (bdmantwerp.be) is one of the most reputable specialty insurance
underwriting agencies in the Benelux region of Belgium, the Netherlands and
Luxembourg, providing a range of insurance products and services in the marine
and property and casualty lines of business. Established in 1934, BDM
underwrites on behalf of ASCO and a number of other international insurers in
organized insurance "pools."
ASCO (ascocontinentale.be) is a specialty insurance company with a diversified
portfolio of insurance products and services in the marine and property and
casualty lines of business. Founded in 1929, ASCO cooperates closely with
underwriting agent BDM, acting as one of BDM's risk carriers and fulfills
certain operational services for the account of ASCO. ASCO also owns Canal Re
S.A (Canal Re), a Luxembourg reinsurance company that reinsures certain
business of ASCO.
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. Forward-looking
statements are derived from information that we currently have and assumptions
that we make. 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
reports on 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.
Investors
Ciro M. DeFalco
Executive Vice President and Chief Financial Officer
cdefalco@navg.com
203-905-6343
Media
Courtney Oldrin
Head of Communications
coldrin@navg.com
203-905-6531© 2017 GlobeNewswire
