8-K

UNITED STATESSECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15 (d) of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): April 24, 2008

The Navigators Group, Inc.
(Exact name of registrant as specified in its charter)

DELAWARE	0-15886	13-3138397
(State of organization)	(Commission File Number)	(IRS Employer Identification No.)

One Penn Plaza, New York, NY	10119
(Address of Principal Executive Offices)	(Zip Code)

Registrant’s telephone number, including area code: (914) 934-8999

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

⃞ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

⃞ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

⃞ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

⃞ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Item 2.02 Results of Operations and Financial Condition.

Item 7.01 Regulation FD Disclosure.

The following information is furnished pursuant to Item 2.02 "Results of Operations and Financial Condition", and Item 7.01 "Regulation FD Disclosure". This information, including the Exhibits attached hereto, shall not be deemed filed for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), or incorporated by reference into any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such filing.

On April 28, 2008, The Navigators Group, Inc. (the “Company”) issued a press release announcing its earnings for the first quarter of 2008. This press release is attached hereto as Exhibit 99.1.

Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.

(b) On April 28, 2008, the Company issued a press release announcing the retirement of Paul J. Malvasio, Executive Vice President and Chief Financial Officer of the Company. Mr. Malvasio will continue to be employed by the Company until his retirement date of August 15, 2008, and will continue to serve as Chief Financial Officer until the earlier of such retirement date or the date on which the Company hires a new chief financial officer. This press release is attached hereto as Exhibit 99.2.

(e) On April 24, 2008, the Company entered into a letter agreement with Mr. Malvasio (the “Letter Agreement”). The Letter Agreement provides for the continued payment of compensation and benefits at their current levels to Mr. Malvasio through his retirement date. In addition, it provides that the Company and Mr. Malvasio will enter into a Retirement Agreement effective as of his retirement date, which will provide for (i) the accelerated vesting of certain outstanding stock and option grants consisting of 7,015 shares of the Company’s common stock and options to purchase 5,000 shares of the Company’s common stock, (ii) the continued vesting in accordance with the current vesting schedule of 10,000 shares of stock previously awarded pursuant to the Company’s Admirals’ Program, and (iii) the payment of an amount reflecting the unvested contributions made for Mr. Malvasio’s account by the Company pursuant to its Money Purchase Plan, in consideration for Mr. Malvasio’s agreeing to a general release of all claims and to certain covenants with respect to confidentiality, nonsolicitation of employees and noncompetition.

SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

		THE NAVIGATORS GROUP, INC.
		(Registrant)
			/s/ Elliot S. Orol
			Name:	Elliot S. Orol
			Title:	Senior Vice President, General Counsel
				and Secretary
Date:	April 28, 2008

INDEX TO EXHIBITS

Number	Description
99.1	First Quarter Earnings Press Release dated April 28, 2008.
99.2	Retirement of Chief Financial Officer Press Release dated April 28, 2008.

EX-99.1

Exhibit 99.1

Navigators Reports First Quarter Earnings Up 18%

NEW YORK--(BUSINESS WIRE)--The Navigators Group, Inc. (NASDAQ:NAVG) reported net income of $23,250,000 or $1.36 per share for the 2008 first quarter compared to net income of $19,672,000 or $1.17 per share for the 2007 first quarter. The 2008 first quarter results include a net realized capital loss of $76,000 or $0.00 per share and the 2007 first quarter results include a net realized capital gain of $201,000 or $0.01 per share.

Gross written premium and net written premium for the 2008 first quarter were $287,146,000 and $187,722,000, respectively, a decrease of 5% and an increase of 8%, respectively, from the comparable 2007 period.

The combined loss and expense ratio was 89.2% for the 2008 first quarter compared to 89.4% for the comparable 2007 period. The 2008 and 2007 first quarters’ combined ratios were reduced by 8.8 and 4.9 loss ratio points, respectively, for net loss reserve redundancies relating to prior periods. The 2008 first quarter net paid loss ratio was 32.7% compared to 31.3% for the comparable 2007 period.

Navigators’ Chief Executive Officer Stan Galanski commented, “We are pleased with the financial results and the operating performance of our organization during the first quarter. In an increasingly challenging environment, our underwriters continue to focus on risk quality, pricing discipline and underwriting integrity. While gross written premium is down, our net written premium growth reflects the ongoing impact of our strategy to selectively reduce reinsurance purchasing and increase the net retentions for our mature lines of business when prudent. Loss emergence patterns continue to be favorable, particularly in our construction liability business and at Lloyd’s. Both our cash flow and investment income were strong this quarter.”

Net investment income for the 2008 first quarter was $18,838,000, an increase of 16% from the comparable 2007 period. The pre-tax investment yield for the 2008 first quarter was 4.2% compared to 4.4% for the comparable 2007 period. The effective tax rate on net investment income was 26.4% for the 2008 first quarter compared to 28.4% for the comparable 2007 period.

Consolidated cash flow from operations for the 2008 first quarter was $59,652,000 compared to $20,078,000 for the comparable 2007 period.

During the 2008 first quarter, the Company repurchased 136,026 shares of its common stock at an average cost of $53.82 per share, for an aggregate amount of $7,321,000. At March 31, 2008 there is approximately $22.7 million remaining capacity from the $30 million stock repurchase program approved in October 2007.

Stockholders’ equity was $676,877,000 or $40.29 per share at March 31, 2008 compared to $662,106,000 or $39.24 per share at December 31, 2007. Statutory surplus of Navigators Insurance Company was $584,498,000 at March 31, 2008.

The Company will hold a conference call on Tuesday, April 29, 2008 starting at 8:30 a.m. ET to discuss the 2008 first quarter’s results. The call will be available via live webcast on Navigators’ website (www.navg.com) by clicking on the Earnings Webcast link.

To participate by telephone, the domestic dial-in number is 888-679-8040 and the international dial-in is 617-213-4851. The access code is 88285038. Participants may pre-register for the call at www.theconferencingservice.com/prereg/key.process?key=PG7FQHY8W. Pre-registrants will be issued a pin number to use when dialing into the live call that will provide quick access by bypassing the operator upon connection.

The webcast will be available for replay on the "News & Events" page of Navigators' website.

The Navigators Group, Inc. is an international specialty insurance holding company with insurance company operations, underwriting management companies, and operations at Lloyd’s of London. Headquartered in New York, Navigators has offices in major insurance centers in the United States, the United Kingdom and Continental Europe.

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. 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 Form 10-K 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.

THE NAVIGATORS GROUP, INC. AND SUBSIDIARIES
Financial Highlights
($'s in thousands, except per share data)
		Three Months Ended
		March 31,
Financial Highlights		2008			2007			Change
Gross written premium		$	287,146		$	300,861		-5	%
Net written premium			187,722			173,019		8	%
Revenues:
	Net earned premium		155,740			139,046		12	%
	Commission income		261			408		-36	%
	Investment income		18,838			16,216		16	%
	Net realized capital gains (losses)		(76	)		201		NM
	Other income (expense)		11			(71	)	NM
	Total revenues		174,774			155,800		12	%
Operating expenses:
	Net losses and loss adjustment
	expenses incurred		88,420			81,192		9	%
	Commission expense		20,948			17,099		23	%
	Other operating expenses		29,756			26,289		13	%
	Interest expense		2,217			2,215		NM
	Total operating expenses		141,341			126,795		11	%
Income before income taxes			33,433			29,005		15	%
Income tax expense (benefit):
	Current		10,306			9,276		11	%
	Deferred		(123	)		57		NM
Income tax expense (benefit)			10,183			9,333		9	%
Net income		$	23,250		$	19,672		18	%
Per Share Data
Net income per common share:
	Basic	$	1.38		$	1.17		17	%
	Diluted	$	1.36		$	1.17		17	%
Average shares outstanding:
	Basic		16,862			16,756
	Diluted		17,052			16,884
Underwriting Ratios
Loss Ratio			56.8	%		58.4	%
Expense Ratio			32.4	%		31.0	%
Combined Ratio			89.2	%		89.4	%
Balance Sheet Data		Mar. 31, 2008			Dec. 31, 2007
Stockholders' equity		$	676,877		$	662,106		2	%
Book value per share		$	40.29		$	39.24		3	%

THE NAVIGATORS GROUP, INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
($'s in thousands)
		March 31,			December 31,
		2008			2007
ASSETS
Investments and cash:
	Fixed maturities, available-for-sale, at fair value (amortized cost: 2008, $1,554,999; 2007, $1,508,489)	$	1,570,971		$	1,522,320
	Equity securities, available-for-sale, at fair value (cost: 2008, $65,309; 2007, $65,492)		59,688			67,240
	Short-term investments, at cost which approximates fair value		171,447			170,685
	Cash		12,810			7,056
	Total investments and cash		1,814,916			1,767,301
	Premiums in course of collection		198,494			163,081
	Commissions receivable		272			2,381
	Prepaid reinsurance premiums		188,223			188,961
	Reinsurance receivable on paid losses		74,183			94,818
	Reinsurance receivable on unpaid losses and loss adjustment expenses		776,767			801,461
	Net deferred income tax benefit		31,260			29,249
	Deferred policy acquisition costs		53,450			51,895
	Accrued investment income		15,867			15,605
	Goodwill and other intangible assets		8,087			8,084
	Other assets		20,756			20,935
	Total assets	$	3,182,275		$	3,143,771
LIABILITIES AND STOCKHOLDERS' EQUITY
Liabilities:
	Reserves for losses and loss adjustment expenses	$	1,661,556		$	1,648,764
	Unearned premium		500,663			469,481
	Reinsurance balances payable		139,331			161,829
	Senior notes		123,702			123,673
	Federal income tax payable		18,965			10,868
	Payable for securities purchased		1,939			-
	Accounts payable and other liabilities		59,242			67,050
	Total liabilities		2,505,398			2,481,665
Stockholders' equity:
	Preferred stock, $.10 par value, authorized 1,000,000 shares, none issued		-			-
	Common stock, $.10 par value, 50,000,000 shares authorized for 2008 and 50,000,000 for 2007; issued and outstanding: 16,798,542 for 2008 and 16,873,094 for 2007		1,693			1,687
	Additional paid-in capital		294,146			291,616
	Retained earnings		378,334			355,084
	Treasury stock held at cost		(7,321	)		-
	Accumulated other comprehensive income (loss)		10,025			13,719
	Total stockholders' equity		676,877			662,106
	Total liabilities and stockholders' equity	$	3,182,275		$	3,143,771

THE NAVIGATORS GROUP, INC. AND SUBSIDIARIES
Comparative Premium Data
($'s in thousands)
Gross Written Premium:	First Quarter
Insurance Companies:	2008		2007		Change
Marine & Energy	$	82,535	$	86,856	-5	%
Specialty		78,882		89,416	-12	%
Professional Liability		19,287		20,482	-6	%
Middle Markets		8,014		6,304	27	%
Property/Other		2,878		5,816	NM
		191,596		208,874	-8	%
Lloyd's Operations:
Marine		74,953		77,679	-4	%
Professional Liability		10,670		5,478	95	%
Property/Other		9,927		8,830	12	%
		95,550		91,987	4	%
Total	$	287,146	$	300,861	-5	%
Net Written Premium:	First Quarter
Insurance Companies:	2008		2007		Change
Marine & Energy	$	49,671	$	45,736	9	%
Specialty		53,944		54,585	-1	%
Professional Liability		11,733		12,192	-4	%
Middle Markets		6,526		3,969	64	%
Property/Other		2,436		5,566	NM
		124,310		122,048	2	%
Lloyd's Operations:
Marine		52,502		45,488	15	%
Professional Liability		6,792		3,383	101	%
Property/Other		4,118		2,100	96	%
		63,412		50,971	24	%
Total	$	187,722	$	173,019	8	%
Net Earned Premium:	First Quarter
Insurance Companies:	2008		2007		Change
Marine & Energy	$	33,226	$	33,490	-1	%
Specialty		56,669		49,042	16	%
Professional Liability		14,073		13,037	8	%
Middle Markets		5,697		4,570	25	%
Property/Other		2,581		1,673	NM
		112,246		101,812	10	%
Lloyd's Operations:
Marine		33,992		32,341	5	%
Professional Liability		5,959		2,957	102	%
Property/Other		3,543		1,936	83	%
		43,494		37,234	17	%
Total	$	155,740	$	139,046	12	%

THE NAVIGATORS GROUP, INC. AND SUBSIDIARIES
Segment Information
Three Months Ended
March 31, 2008
($'s in thousands)
	Insurance			Lloyd's
	Companies			Operations			Corporate			Total
Gross written premium	$	191,596		$	95,550					$	287,146
Net written premium		124,310			63,412						187,722
Net earned premium		112,246			43,494						155,740
Net losses and loss adjustment expenses		(67,356	)		(21,064	)					(88,420	)
Commission expense		(12,948	)		(8,000	)					(20,948	)
Other operating expenses		(22,148	)		(7,608	)					(29,756	)
Other income (expense)		258			14						272
Underwriting profit		10,052			6,836						16,888
Investment income		15,465			2,982		$	391			18,838
Net realized capital gains		(102	)		26						(76	)
Interest expense								(2,217	)		(2,217	)
Income (loss) before income tax expense (benefit)		25,415			9,844			(1,826	)		33,433
Income tax expense (benefit)		7,370			3,452			(639	)		10,183
Net income (loss)	$	18,045		$	6,392		$	(1,187	)	$	23,250
Loss and loss expenses ratio		60.0	%		48.4	%					56.8	%
Commission expense ratio		11.5	%		18.4	%					13.5	%
Other operating expenses ratio (1)		19.5	%		17.5	%					18.9	%
Combined ratio		91.0	%		84.3	%					89.2	%
(1) The other operating expenses ratio includes other income (expense).

THE NAVIGATORS GROUP, INC. AND SUBSIDIARIES
Segment Information
Three Months Ended
March 31, 2007
($'s in thousands)
	Insurance			Lloyd's
	Companies			Operations			Corporate			Total
Gross written premium	$	208,874		$	91,987					$	300,861
Net written premium		122,048			50,971						173,019
Net earned premium		101,812			37,234						139,046
Net losses and loss adjustment expenses		(61,340	)		(19,852	)					(81,192	)
Commission expense		(11,083	)		(6,016	)					(17,099	)
Other operating expenses		(18,769	)		(7,520	)					(26,289	)
Other income (expense)		489			(152	)					337
Underwriting profit		11,109			3,694						14,803
Investment income		13,654			2,151		$	411			16,216
Net realized capital gains (losses)		243			(42	)					201
Interest expense								(2,215	)		(2,215	)
Income (loss) before income tax expense (benefit)		25,006			5,803			(1,804	)		29,005
Income tax expense (benefit)		7,911			2,054			(632	)		9,333
Net income (loss)	$	17,095		$	3,749		$	(1,172	)	$	19,672
Loss and loss expenses ratio		60.2	%		53.3	%					58.4	%
Commission expense ratio		10.9	%		16.2	%					12.3	%
Other operating expenses ratio (1)		18.0	%		20.6	%					18.7	%
Combined ratio		89.1	%		90.1	%					89.4	%
(1) The other operating expenses ratio includes other income (expense).

THE NAVIGATORS GROUP, INC. AND SUBSIDIARIES
Underwriting Results
($'s in thousands)
	Three Months Ended March 31,2008
	Net		Losses
Insurance	Earned		and LAE		Underwriting		Loss		Expense		Combined
Companies:	Premium		Incurred		Expenses		Ratio		Ratio		Ratio
Marine & Energy	$	33,226	$	24,371	$	11,062	73.4	%	33.3	%	106.7	%
Specialty		56,669		29,480		15,498	52.0	%	27.3	%	79.3	%
Professional Liability		14,073		8,905		5,098	63.3	%	36.2	%	99.5	%
Middle Markets		5,697		4,284		1,989	75.2	%	34.8	%	110.0	%
Property/Other		2,581		316		1,191	12.2	%	46.1	%	58.3	%
		112,246		67,356		34,838	60.0	%	31.0	%	91.0	%
Lloyd's Operations		43,494		21,064		15,594	48.4	%	35.9	%	84.3	%
Total	$	155,740	$	88,420	$	50,432	56.8	%	32.4	%	89.2	%
	Three Months Ended March 31, 2007
	Net		Losses
Insurance	Earned		and LAE		Underwriting		Loss		Expense		Combined
Companies:	Premium		Incurred		Expenses		Ratio		Ratio		Ratio
Marine & Energy	$	33,490	$	20,323	$	7,773	60.7	%	23.2	%	83.9	%
Specialty		49,042		29,026		14,879	59.2	%	30.3	%	89.5	%
Professional Liability		13,037		8,484		4,323	65.1	%	33.1	%	98.2	%
Middle Markets		4,570		2,740		1,613	60.0	%	35.3	%	95.3	%
Property/Other		1,673		767		775	NM		NM		NM
		101,812		61,340		29,363	60.2	%	28.9	%	89.1	%
Lloyd's Operations		37,234		19,852		13,688	53.3	%	36.8	%	90.1	%
Total	$	139,046	$	81,192	$	43,051	58.4	%	31.0	%	89.4	%
			Amounts				Loss Ratio
Net Incurred Loss Activity For the Three Months Ended:			Mar. 31 2008		Mar. 31 2007		Mar. 31 2008		Mar. 31 2007
Insurance Companies:
Loss and LAE payments			$	34,164	$	29,343	30.4	%	28.8	%
Change in reserves				33,192		31,997	29.6	%	31.4	%
Net incurred loss and LAE				67,356		61,340	60.0	%	60.2	%
Lloyd's Operations:
Loss and LAE payments				16,771	$	14,117	38.6	%	37.9	%
Change in reserves				4,293		5,735	9.8	%	15.4	%
Net incurred loss and LAE				21,064		19,852	48.4	%	53.3	%
Total
Loss and LAE payments				50,935		43,460	32.7	%	31.3	%
Change in reserves				37,485		37,732	24.1	%	27.1	%
Net incurred loss and LAE			$	88,420	$	81,192	56.8	%	58.4	%
Impact of Prior Years Reserves			Amounts				Loss Ratio Impact
Favorable / (Unfavorable) Development For the Three Months Ended:			Mar. 31 2008		Mar. 31 2007		Mar. 31 2008		Mar. 31 2007
Insurance Companies			$	8,500	$	5,700	7.6	%	5.6	%
Lloyd's Operations				5,180		1,100	11.9	%	3.0	%
Total			$	13,680	$	6,800	8.8	%	4.9	%

THE NAVIGATORS GROUP, INC. AND SUBSIDIARIES
Net Loss Data
($'s in thousands)
	Case		IBNR
Net Loss Reserves, March 31, 2008:	Reserves		Reserves		Total
Insurance Companies:
Marine & Energy	$	103,002	$	103,627	$	206,629
Specialty		63,593		275,695		339,288
Professional Liability		23,195		53,278		76,473
Middle Markets		10,936		12,339		23,275
Property/Other		12,422		10,787		23,209
Total Insurance Companies		213,148		455,726		668,874
Lloyd's Operations:
Marine		95,940		87,360		183,300
Other		10,222		22,393		32,615
Total Lloyd's Operations		106,162		109,753		215,915
Total Net Loss Reserves	$	319,310	$	565,479	$	884,789
	Case		IBNR
Net Loss Reserves, December 31, 2007:	Reserves		Reserves		Total
Insurance Companies:
Marine & Energy	$	93,467	$	103,500	$	196,967
Specialty		53,276		268,485		321,761
Professional Liability		20,335		50,584		70,919
Middle Markets		11,469		10,329		21,798
Property/Other		12,790		11,446		24,236
Total Insurance Companies		191,337		444,344		635,681
Lloyd's Operations:
Marine		89,957		93,069		183,026
Other		7,485		21,111		28,596
Total Lloyd's Operations		97,442		114,180		211,622
Total Net Loss Reserves	$	288,779	$	558,524	$	847,303

	Professional Liability
	Reported Claims or Notices of Potential Claims
	Related to Subprime Exposure
	March 31, 2008
	($'s in thousands)
The following table sets forth claims data and other information related to subprime exposure for our professional liability business. Our management believes that its reserves for losses and loss adjustment expenses are adequate to cover the ultimate costs for such loss contingencies related to subprime exposure for our professional liability business.
		Number	Average		Average		Average
		of	Gross		Net		Excess
		Claims (1)	Limit		Limit (2)		Attachment
	Primary:
	D&O Securities/Other Claims	-	$	-	$	-
	Excess:
	D&O Securities Claims	4		7,500		4,500	$	37,500
	D&O Side A Securities Claims	2		5,000		3,500		137,500
	Other Claims	2		10,000		5,500		35,000
	Subtotal/Average	8		7,500		4,500
	Total	8	$	7,500	$	4,500
(1)	Claims data for professional liability policies written by the Insurance Companies. There are no reported claims or notices of potential claims reported for the Lloyd’s Operations. All policies are claims made. Defense costs are inside the limits of liability. There were no new claims or notices of potential claims reported during the three months ended March 31, 2008.
(2)	Amounts are net of reinsurance

THE NAVIGATORS GROUP, INC. AND SUBSIDIARIES
Investment Data
March 31, 2008
($'s in thousands)
At March 31, 2008, the average quality of the investment portfolio as rated by S&P and Moody’s was AA/Aa with an average duration of 4.2 years.  All of the Company’s mortgage-backed and asset-backed securities are rated AAA/Aaa by S&P and Moody’s except for four asset-backed securities approximating $5.3 million, three of which are rated A-/A3 and one rated BBB-/Baa3. The Company does not own any collateralized debt obligations (CDO’s), collateralized loan obligations (CLO’s) or asset backed commercial paper.
At March 31, 2008, the Company owned two asset-backed securities approximating $0.4 million with subprime mortgage exposures.  The securities are rated AAA/Aaa and have an effective maturity of 0.7 years.  In addition, the Company owned eleven collateralized mortgage obligations approximating $18.5 million classified as Alt-A which is a credit category between prime and subprime.  The Alt-A bonds, also rated AAA/Aaa, have an effective maturity of 2.2 years.  Such subprime and Alt-A categories are as defined by S&P.  The Company is receiving principal and/or interest payments on all these securities and believes such amounts are fully collectible.
The following table sets forth our cash and investments at March 31, 2008:
			Gross		Gross			Cost or
	Fair		Unrealized		Unrealized			Amortized
	Value		Gains		(Losses)			Cost
Fixed maturities:
U.S. Government Treasury Bonds, GNMAs and foreign government bonds	$	247,946	$	11,885	$	(101	)	$	236,162
States, municipalities and political subdivisions		572,056		9,224		(2,708	)		565,540
Mortgage- and asset-backed securities:
Non-guaranteed government agency bonds		34,802		872		-			33,930
Mortgage-backed securities		228,621		3,940		(114	)		224,795
Collateralized mortgage obligations		124,946		698		(6,107	)		130,355
Asset-backed securities		58,786		817		(266	)		58,235
Commercial mortgage-backed securities		111,458		132		(2,348	)		113,674
Subtotal		558,613		6,459		(8,835	)		560,989
Corporate bonds		192,356		3,555		(3,507	)		192,308
Total fixed maturities		1,570,971		31,123		(15,151	)		1,554,999
Equity securities - common stocks		59,688		3,699		(9,320	)		65,309
Cash		12,810		-		-			12,810
Short-term investments		171,447		-		-			171,447
Total	$	1,814,916	$	34,822	$	(24,471	)	$	1,804,565

The Navigators Group, Inc. and Subsidiaries
Investment Data
March 31, 2008
($'s in thousands)
The following three tables set forth our mortgage-backed securities, collateralized mortgage obligations, and asset-backed securities by those issued by FNMA and FHLMC and the quality category (prime, Alt-A and subprime) for all other such investments at March 31, 2008:
			Gross		Gross			Cost or
Mortgage-backed	Fair		Unrealized		Unrealized			Amortized
securities:	Value		Gains		(Losses)			Cost
FNMA	$	170,909	$	3,028	$	(96	)	$	167,977
FHLMC		57,712		912		(18	)		56,818
Prime		-		-		-			-
Alt-A		-		-		-			-
Subprime		-		-		-			-
Total	$	228,621	$	3,940	$	(114	)	$	224,795
			Gross		Gross			Cost or
Collateralized mortgage	Fair		Unrealized		Unrealized			Amortized
obligations:	Value		Gains		(Losses)			Cost
GNMA	$	517	$	9	$	-		$	508
FNMA		10,836		261		-			10,575
FHLMC		13,062		373		-			12,689
Prime		82,013		55		(4,451	)		86,409
Alt-A		18,518		-		(1,656	)		20,174
Subprime		-		-		-			-
Total	$	124,946	$	698	$	(6,107	)	$	130,355
			Gross		Gross			Cost or
	Fair		Unrealized		Unrealized			Amortized
Asset-backed securities:	Value		Gains		(Losses)			Cost
GNMA	$	2,880	$	182	$	-		$	2,698
FNMA		-		-		-			-
FHLMC		-		-		-			-
Prime		55,528		635		(235	)		55,128
Alt-A		-		-		-			-
Subprime		378		-		(31	)		409
Total	$	58,786	$	817	$	(266	)	$	58,235

THE NAVIGATORS GROUP, INC. AND SUBSIDIARIES
Investment Data
March 31, 2008
($'s in thousands)
The Company owns securities credit enhanced by financial guarantors.  The following two tables set forth the amount of credit enhanced securities in the fixed maturities portfolio at March 31, 2008, identify the amount insured by each financial guarantor and identify the average underlying credit rating of such credit enhanced securities.
										Average
			Gross		Gross			Cost or		Underlying
	Fair		Unrealized		Unrealized			Amortized		Credit
Fixed maturities:	Value		Gains		(Losses)			Cost		Rating
Credit enhanced securities:
States, municipalities and political subdivisions	$	318,022	$	4,885	$	(1,529	)	$	314,666
Mortgage & asset-backed securities		10,879		2		(250	)		11,127
Corporate bonds		2,174		12		(29	)		2,191
Total	$	331,075	$	4,899	$	(1,808	)	$	327,984
Financial guarantors:
AMBAC		65,878		809		(561	)		65,630	A+
Assured Guaranty LTD		3,952		20		-			3,932	A
FGIC		64,190		788		(232	)		63,634	AA-
Financial Security Assurance		79,470		1,791		(270	)		77,949	A+
MBIA		98,456		1,379		(578	)		97,655	AA-
Radian Group, Inc		7,702		98		(41	)		7,645	AA-
XL Capital		11,427		14		(126	)		11,539	A
Total	$	331,075	$	4,899	$	(1,808	)	$	327,984	AA-
The average underlying credit rating by bond insurer of the insured securities rated by S&P or Moody’s if such securities did not have the credit enhancing insurance is included in the “Underlying Credit Rating” column in the above table.  This average rating includes $22 million of prerefunded municipal bonds which have an implied rating of AAA but are not otherwise rated by S&P or Moody’s.  Such average ratings exclude a total of 40 credit enhanced securities approximating $29 million that do not have an underlying rating consisting of 20 municipal bonds approximating $16 million, 16 asset-backed securities approximating $11 million and 4 corporate bonds approximating $2 million.

CONTACT:
The Navigators Group, Inc.
Paul J. Malvasio, 914-933-6088
Executive Vice President and Chief Financial Officer
pmalvasio@navg.com
www.navg.com

EX-99.2

Exhibit 99.2

Navigators Announces Retirement of Paul J. Malvasio as Chief Financial Officer

NEW YORK--(BUSINESS WIRE)--The Navigators Group, Inc. (NASDAQ:NAVG) today announced that Paul J. Malvasio will retire, effective August 15, 2008, as Executive Vice President and Chief Financial Officer of the Company. Mr. Malvasio has served as the Company’s Chief Financial Officer since 2003. The Company has begun a search for a successor to Mr. Malvasio.

Stan Galanski, Navigators’ President and Chief Executive Officer, stated, "During the past five years, Paul Malvasio has led the Company’s successful efforts to strengthen our financial and accounting functions and to enhance the quality and transparency of our financial reporting. He also guided us through two public offerings, including the Company’s first debt offering. We are fortunate to have had such a capable Chief Financial Officer, and appreciate Paul’s willingness to assist with the transition to his successor.”

The Navigators Group, Inc. is an international specialty insurance holding company with insurance company operations, underwriting management companies, and operations at Lloyd's of London. Headquartered in New York City, Navigators has offices in major insurance centers in the United States, the United Kingdom and Continental Europe. For more information, please visit our website at www.navg.com.

CONTACT:
The Navigators Group, Inc.
Elliot S. Orol, 914-933-6027
Senior Vice President, General Counsel and Secretary
eorol@navg.com
www.navg.com