Consolidation in the P&C insurance industry continues with the August 22nd announcement by The Hartford that it has reached an agreement to acquire The Navigators Group, Inc. for $2.1 billion in cash. The deal is expected to close in early 2019. Panel counsel members for The Hartford and Navigators will be watching this merger closely.
The Hartford is one of the nation’s largest insurance and financial services companies. The company is a leading provider of investment products, life insurance and group benefits; automobile and homeowners products; and commercial property and casualty insurance.
The merger broadens and deepens The Hartford’s product offerings and underwriting risk appetite. It also expands its global underwriting reach as a result of The Navigator’s established presence at Lloyd’s.
Navigators is headquartered in Stamford, Conn., with 22 locations in the U.S. and eight locations internationally. The company has approximately 820 employees globally who will join The Hartford upon closing.
Navigator property and casualty insurance products include:
- Inland marine
- Primary casualty
- Management liability (including employment practices liability)
- Excess casualty
- Professional liability
- Energy and engineering
Navigator’s Lloyd’s operations are primarily engaged in underwriting marine insurance; energy and engineering insurance with a concentration in offshore energy products and onshore energy construction products, assumed reinsurance, management liability insurance and E&O insurance at Lloyd’s of London (Lloyd’s) through Lloyd’s Syndicate 1221 (Syndicate 1221).
Navigators Underwriting Agency Ltd. is a Lloyd’s underwriting agency that manages Syndicate 1221. The Company controls 100% of Syndicate 1221’s stamp capacity through its wholly owned subsidiary, Navigators Corporate Underwriters Ltd.
Panel Counsel Considerations at The Hartford and Navigators
The Hartford maintains an extensive panel counsel program and is known among insurance defense law firms for its rigorous application process.
Panel counsel law firms that have the good fortune to maintain positions on both The Hartford and Navigator panels probably don’t need to worry about much beyond monitoring what is likely to eventually result in a panel review process.
Members of the Navigators panel counsel program will want to stay alert to potential panel consolidation efforts. Insurance defense law firms that rely on Navigators for a significant portion of their revenue may want to start thinking of launching a business development for purposes of diversification.
Panel Counsel Marketing Consultant for Insurance Defense Law Firms
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