The Company is licensed and managed in the Cayman Islands to reinsure risks from the issuing insurance company, which is licensed and provides coverage in the United States. The types of coverage underwritten by Navigator are Workers’ Compensation, Automobile, and General Liability.
Each Shareholder, regardless of premium size, has one vote. A simple majority by the Board of Directors governs. The Company follows a three-year accounting cycle. Each year will stand-alone and will not be closed until the end of the third year after the policy year-end or as determined by the Board of Directors.
The Company’s management strength lies in its strong committee structure and individual involvement by shareholders. Presently, the committees and their primary responsibilities are:
- Underwriting - Advises the Board on desirable risks to be assumed and ensures that the assumed risks are adequately underwritten;
- Risk Control - Sets loss control goals for the members. Reviews loss control reports and works with members to meet the required loss control goals of the Company;
- Finance and Investment - Advises the Board on policies for the investment of the Company’s assets and reviews the annual audited financial statements.
Each shareholder is encouraged to attend all Navigator meetings and actively participate on the committee of his/her choice. The Board will rely on the recommendations of these committees to establish policies.