* * PROPERTY AND CASUALTY COMPANIES ASSOCIATION EDITION

Transcription

1 * * PROPERTY AND CASUALTY COMPANIES ASSOCIATION EDITION ANNUAL STATEMENT FOR THE YEAR ENDED DECEMBER, 00 OF THE CONDITION AND AFFAIRS OF THE Navigators Insurance Company NAIC Group Code NAIC Company Code 0 Employer s ID Number -0 (Current Period) (Prior Period) Organized under the Laws of New York, State of Domicile or Port of Entry New York Country of Domicile United States Incorporated/Organized 0// Commenced Business 0/0/ Statutory Home Office One Penn Plaza - th Floor, New York, NY (Street and Number) (City or Town, State and Zip Code) Main Administrative Office International Drive Rye Brook, NY 0 -- (Street and Number) (City or Town, State and Zip Code) (Area Code) (Telephone Number) Mail Address International Drive, Rye Brook, NY 0 (Street and Number or P.O. Box) (City or Town, State and Zip Code) Primary Location of Books and Records International Drive Rye Brook, NY (Street and Number) (City or Town, State and Zip Code) (Area Code) (Telephone Number) Internet Website Address Statutory Statement Contact Mary Elizabeth Lynn --0 (Name) (Area Code) (Telephone Number) (Extension) [email protected] --0 ( Address) (Fax Number) Policyowner Relations Contact International Drive Rye Brook, NY 0 -- (Street and Number) (City or Town, State and Zip Code) (Area Code) (Telephone Number) (Extension) OFFICERS Name Title Name Title Stanley Adam Galanski, President & CEO Paul John Malvasio, Executive Vice President & CFO Elliot Scott Orol, Senior Vice President & Secretary Salvatore Alfred Margarella, Vice President & Treasurer OTHER OFFICERS Richard Scott Eisdorfer, Senior Vice President Jane Ellen Keller, Senior Vice President Bradley Dale Wiley, Senior Vice President Paul Francis Clayden, Vice President Callum McIntosh Duncan, Vice President Ramona Lucinda Eiseman, Vice President Daniel Paul Reale, Vice President Jeff Lyle Saunders, Vice President Christopher Mohr Steinbach, Vice President Charles Derek Valentine, Vice President DIRECTORS OR TRUSTEES Michael Louis Civisca Terence Norman Deeks (Chairman) Christopher Carmine Duca Richard Scott Eisdorfer Stanley Adam Galanski Noel Higgitt Christopher Alban Johnson Russell John Johnson John Wayne Jones Jane Ellen Keller Paul John Malvasio Salvatore Alfred Margarella Gregory Donald Olson Richard Charles Fitzgerald Rea Jeff Lyle Saunders Bradley Dale Wiley State of New York County of New York ss The officers of this reporting entity, being duly sworn, each depose and say that they are the described officers of said reporting entity, and that on the reporting period stated above, all of the herein described assets were the absolute property of the said reporting entity, free and clear from any liens or claims thereon, except as herein stated, and that this statement, together with related exhibits, schedules and explanations therein contained, annexed or referred to is a full and true statement of all the assets and liabilities and of the condition and affairs of the said reporting entity as of the reporting period stated above, and of its income and deductions therefrom for the period ended, and have been completed in accordance with the NAIC Annual Statement Instructions and Accounting Practices and Procedures Manual except to the extent that: () state law may differ; or, () that state rules or regulations require differences in reporting not related to accounting practices and procedures, according to the best of their information, knowledge and belief, respectively. Furthermore, the scope of this attestation by the described officers also includes the related corresponding electronic filing with the NAIC, when required, that is an exact copy (except for formatting differences due to electronic filing) of the enclosed statement. The electronic filing may be requested by various regulators in lieu of or in addition to the enclosed statement. Stanley Adam Galanski Elliot Scott Orol Salvatore Alfred Margarella President & CEO Senior Vice President & Secretary Vice President & Treasurer a. Is this an original filing? Yes [ X ] No [ ] Subscribed and sworn to before me this b. If no, day of February, 00. State the amendment number. Date filed. Number of pages attached Agustin R. Cruz, Notary Public, State of New York April 0, 00 No. 0CR Qualified in Queens County

2 ANNUAL STATEMENT FOR THE YEAR 00 OF THE Navigators Insurance Company ASSETS Current Year Prior Year Net Admitted Assets Net Admitted Assets Nonadmitted Assets (Cols. - ) Assets. Bonds (Schedule D),,,,,,. Stocks (Schedule D):. Preferred stocks. Common stocks,0,0,0,0,,0. Mortgage loans on real estate (Schedule B):. First liens. Other than first liens. Real estate (Schedule A):. Properties occupied by the company (less $ encumbrances). Properties held for the production of income (less $ encumbrances). Properties held for sale (less $ encumbrances). Cash ($,,, Schedule E, Part ), cash equivalents ($,,, Schedule E, Part ) and short-term investments ($,,0, Schedule DA),,0,,0,0,. Contract loans, (including $ premium notes). Other invested assets (Schedule BA). Receivables for securities,0. Aggregate write-ins for invested assets 0. Subtotals, cash and invested assets (Lines to ),0,,0,0,,0,00,. Title plants less $ charged off (for Title insurers only). Investment income due and accrued 0,,0 0,,0,,. Premiums and considerations:. Uncollected premiums and agents balances in the course of collection 0,,,0, 0,0,,,. Deferred premiums, agents balances and installments booked but deferred and not yet due (including $ earned but unbilled premium),,,,,,. Accrued retrospective premium. Reinsurance:. Amounts recoverable from reinsurers,,,, 0,,. Funds held by or deposited with reinsured companies. Other amounts receivable under reinsurance contracts. Amounts receivable relating to uninsured plans. Current federal and foreign income tax recoverable and interest thereon. Net deferred tax asset,, 0,,,,0,0,. Guaranty funds receivable or on deposit. Electronic data processing equipment and software,0,,0,,,0. Furniture and equipment, including health care delivery assets ($ ),,,, 0. Net adjustment in assets and liabilities due to foreign exchange rates. Receivables from parent, subsidiaries and affiliates. Health care ($ ) and other amounts receivable. Aggregate write-ins for other than invested assets,,,. Total assets excluding Separate Accounts, Segregated Accounts and Protected Cell Accounts (Lines 0 to ),,0,,,0,,,,0,,. From Separate Accounts, Segregated Accounts and Protected Cell Accounts. Total (Lines and ),,0,,,0,,,,0,, DETAILS OF WRITE-INS 0. Summary of remaining write-ins for Line from overflow page 0. Totals (Lines 00 thru 00 plus 0)(Line above) 0. Prepaid expense,0,0 0. Prepaid insurance,, 0. Other assets,,. Summary of remaining write-ins for Line from overflow page. Totals (Lines 0 thru 0 plus )(Line above),,,

3 ANNUAL STATEMENT FOR THE YEAR 00 OF THE Navigators Insurance Company LIABILITIES, SURPLUS AND OTHER FUNDS Current Year Prior Year. Losses (Part A, Line, Column ),,,0,. Reinsurance payable on paid losses and loss adjustment expenses (Schedule F, Part, Column ). Loss adjustment expenses (Part A, Line, Column ),,,0,00. Commissions payable, contingent commissions and other similar charges,,0,,. Other expenses (excluding taxes, licenses and fees),,,0,. Taxes, licenses and fees (excluding federal and foreign income taxes),,0,,.current federal and foreign income taxes (including $, on realized capital gains (losses)),,,,. Net deferred tax liability. Borrowed money $ and interest thereon $. Unearned premiums (Part A, Line, Column ) (after deducting unearned premiums for ceded reinsurance of $ 0,, and including warranty reserves of $ ),,,, 0. Advance premium. Dividends declared and unpaid:. Stockholders. Policyholders. Ceded reinsurance premiums payable (net of ceding commissions),,00,0,0. Funds held by company under reinsurance treaties (Schedule F, Part, Column ),,,,. Amounts withheld or retained by company for account of others, 0,. Remittances and items not allocated. Provision for reinsurance (Schedule F, Part ),0,,,. Net adjustments in assets and liabilities due to foreign exchange rates. Drafts outstanding. Payable to parent, subsidiaries and affiliates 0,,00,, 0. Payable for securities,. Liability for amounts held under uninsured plans. Capital notes $ and interest thereon $. Aggregate write-ins for liabilities,00,. Total liabilities excluding protected cell liabilities (Lines through ),0, 0,,. Protected cell liabilities. Total liabilities (Lines and ),0, 0,,. Aggregate write-ins for special surplus funds. Common capital stock,000,000,000,000. Preferred capital stock 0. Aggregate write-ins for other than special surplus funds. Surplus notes. Gross paid in and contributed surplus,,0,,0. Unassigned funds (surplus),0, 0,,. Less treasury stock, at cost:. shares common (value included in Line $ ). shares preferred (value included in Line $ ). Surplus as regards policyholders (Lines to, less ) (Page, Line ),,,,0. Totals (Page, Line, Col. ),,,,0,, DETAILS OF WRITE-INS 0. Other payables,00, Summary of remaining write-ins for Line from overflow page. Totals (Lines 0 through 0 plus ) (Line above),00, Summary of remaining write-ins for Line from overflow page. Totals (Lines 0 through 0 plus ) (Line above) Summary of remaining write-ins for Line 0 from overflow page 0. Totals (Lines 00 through 00 plus 0) (Line 0 above)

4 ANNUAL STATEMENT FOR THE YEAR 00 OF THE Navigators Insurance Company STATEMENT OF INCOME Current Year Prior Year UNDERWRITING INCOME. Premiums earned (Part, Line, Column ),, 0,0, DEDUCTIONS:. Losses incurred (Part, Line, Column ),, 0,,0. Loss expenses incurred (Part, Line, Column ),,,0,. Other underwriting expenses incurred (Part, Line, Column ) 0,,,,. Aggregate write-ins for underwriting deductions. Total underwriting deductions (Lines through ),,,,. Net income of protected cells. Net underwriting gain (loss) (Line minus Line plus Line ),,,, INVESTMENT INCOME. Net investment income earned (Exhibit of Net Investment Income, Line ),,00,, 0. Net realized capital gains (losses) less capital gains tax of $ (,) (Exhibit of Capital Gains (Losses)) (,),0,0. Net investment gain (loss) (Lines + 0),,,0, OTHER INCOME. Net gain (loss) from agents' or premium balances charged off (amount recovered $ amount charged off $ ). Finance and service charges not included in premiums. Aggregate write-ins for miscellaneous income,,. Total other income (Lines through ),,. Net income before dividends to policyholders, after capital gains tax and before all other federal and foreign income taxes (Lines + + ),,,0,. Dividends to policyholders. Net income, after dividends to policyholders, after capital gains tax and before all other federal and foreign income taxes (Line minus Line ),,,0,. Federal and foreign income taxes incurred,,,, 0. Net income (Line minus Line ) (to Line ),,,, CAPITAL AND SURPLUS ACCOUNT. Surplus as regards policyholders, December prior year (Page, Line, Column ),,0,,. Net income (from Line 0),,,,. Net transfers (to) from Protected Cell accounts. Change in net unrealized capital gains or (losses) less capital gains tax of $,,,,0,00,. Change in net unrealized foreign exchange capital gain (loss) (,0). Change in net deferred income tax,, 0,,. Change in nonadmitted assets (Exhibit of Nonadmitted Assets, Line, Col. ) (,,00) (,,). Change in provision for reinsurance (Page, Line, Column minus Column ),0, (,,0). Change in surplus notes 0. Surplus (contributed to) withdrawn from protected cells. Cumulative effect of changes in accounting principles. Capital changes:.. Paid in.. Transferred from surplus (Stock Dividend).. Transferred to surplus. Surplus adjustments:.. Paid in 00,000,000 0,000,000.. Transferred to capital (Stock Dividend).. Transferred from capital. Net remittances from or (to) Home Office. Dividends to stockholders (,000,000). Change in treasury stock (Page, Lines. and., Column minus Column ). Aggregate write-ins for gains and losses in surplus. Change in surplus as regards policyholders for the year (Lines through ),0, 0,,0. Surplus as regards policyholders, December current year (Line plus Line ) (Page, Line ),,,,0 DETAILS OF WRITE-INS Summary of remaining write-ins for Line from overflow page 0. Totals (Lines 00 through 00 plus 0) (Line above) 0. Realized foreign exchange gain,0 0. Miscellaneous income 0,, 0.. Summary of remaining write-ins for Line from overflow page. Totals (Lines 0 through 0 plus ) (Line above),, Summary of remaining write-ins for Line from overflow page. Totals (Lines 0 through 0 plus ) (Line above)

5 ANNUAL STATEMENT FOR THE YEAR 00 OF THE Navigators Insurance Company CASH FLOW Current Year Prior Year Cash from Operations. Premiums collected net of reinsurance,0,,,0. Net investment income,,0,,. Miscellaneous income,,. Total (Lines through ),0,,00,. Benefit and loss related payments,,,0,. Net transfers to Separate, Segregated Accounts and Protected Cell Accounts. Commissions, expenses paid and aggregate write-ins for deductions,0,0,,. Dividends paid to policyholders. Federal and foreign income taxes paid (recovered) $,, net of tax on capital gains (losses),,,0,0 0. Total (Lines through ) 0,, 0,,. Net cash from operations (Line minus Line 0),,,,0 Cash from Investments. Proceeds from investments sold, matured or repaid:. Bonds,,,,0. Stocks,,,,0. Mortgage loans. Real estate. Other invested assets. Net gains or (losses) on cash, cash equivalents and short-term investments 0,,,. Miscellaneous proceeds,0,0. Total investment proceeds (Lines. to.),, 0,,. Cost of investments acquired (long-term only):. Bonds,0,,0,. Stocks,,,,. Mortgage loans. Real estate. Other invested assets. Miscellaneous applications,0,,. Total investments acquired (Lines. to.),0,0,,0. Net increase (decrease) in contract loans and premium notes. Net cash from investments (Line. minus Line. minus Line ) (,0,) (,0,) Cash from Financing and Miscellaneous Sources. Cash provided (applied):. Surplus notes, capital notes. Capital and paid in surplus, less treasury stock 00,000,000 0,000,000. Borrowed funds. Net deposits on deposit-type contracts and other insurance liabilities. Dividends to stockholders,000,000. Other cash provided (applied) (,,0),,. Net cash from financing and miscellaneous sources (Line. to Line. minus Line. plus Line.),, 0,, RECONCILIATION OF CASH, CASH EQUIVALENTS AND SHORT-TERM INVESTMENTS. Net change in cash, cash equivalents and short-term investments (Line, plus Lines and Line ),0 0,,. Cash, cash equivalents and short-term investments:. Beginning of year,0,,,. End of year (Line plus Line.),,0,0,

6 ANNUAL STATEMENT FOR THE YEAR 00 OF THE Navigators Insurance Company UNDERWRITING AND INVESTMENT EXHIBIT Lines of Business PART - PREMIUMS EARNED Net Premiums Written per Column, Part B Unearned Premiums Dec. Prior Year - per Col., Last Year s Part Unearned Premiums Dec. Current Year - per Col. Part A Premiums Earned During Year (Cols. + - ). Fire. Allied lines. Farmowners multiple peril. Homeowners multiple peril. Commercial multiple peril,,0,00,0,0,,,. Mortgage guaranty. Ocean marine,0,,,,0, 0,,. Inland marine,,,0, 0. Financial guaranty. Medical malpractice - occurrence. Medical malpractice - claims-made. Earthquake. Group accident and health. Credit accident and health (group and individual). Other accident and health. Workers' compensation. Other liability - occurrence,0,,,,,0,,. Other liability - claims-made,0,,,,0,,,0. Products liability - occurrence. Products liability - claims-made.,. Private passenger auto liability.,. Commercial auto liability,,,,,,,. Auto physical damage,,0,,0,,. Aircraft (all perils) (,),,,. Fidelity. Surety,00,,0,,,0,,. Burglary and theft. Boiler and machinery. Credit. International 0. Reinsurance - Nonproportional Assumed Property. Reinsurance - Nonproportional Assumed Liability. Reinsurance - Nonproportional Assumed Financial Lines. Aggregate write-ins for other lines of business. TOTALS,,,,0,,,, DETAILS OF WRITE-INS Summary of remaining write-ins for Line from overflow page. Totals (Lines 0 through 0 plus ) (Line above)

7 ANNUAL STATEMENT FOR THE YEAR 00 OF THE Navigators Insurance Company UNDERWRITING AND INVESTMENT EXHIBIT PART A - RECAPITULATION OF ALL PREMIUMS Line of Business Amount Unearned Amount Unearned (Running One Year or (Running More Than Less from Date of One Year from Date Policy) of Policy) (a) (a) Earned but Unbilled Premium Reserve for Rate Credits and Retrospective Adjustments Based on Experience Total Reserve for Unearned Premiums Cols Fire. Allied lines. Farmowners multiple peril. Homeowners multiple peril. Commercial multiple peril,,,,0,. Mortgage guaranty. Ocean marine,,,,,0,. Inland marine,,,0 0. Financial guaranty. Medical malpractice - occurrence. Medical malpractice - claims-made. Earthquake. Group accident and health. Credit accident and health (group and individual). Other accident and health. Workers' compensation. Other liability - occurrence,,,,,,0. Other liability - claims-made,0,,,,0,. Products liability - occurrence. Products liability - claims-made.,. Private passenger auto liability.,. Commercial auto liability,,,,. Auto physical damage,0,,0,. Aircraft (all perils),,. Fidelity. Surety,,,,,0. Burglary and theft. Boiler and machinery. Credit. International 0. Reinsurance - Nonproportional Assumed Property. Reinsurance - Nonproportional Assumed Liability. Reinsurance - Nonproportional Assumed Financial Lines. Aggregate write-ins for other lines of business. TOTALS,,0,,,,. Accrued retrospective premiums based on experience. Earned but unbilled premiums. Balance (Sum of Line through ),, DETAILS OF WRITE-INS. Summary of remaining write-ins for Line from overflow page. Totals (Lines 0 thru 0 plus ) (Line above) (a) State here basis of computation used in each case. Pro rata

8 . Fire Line of Business. Allied lines. Farmowners multiple peril. Homeowners multiple peril ANNUAL STATEMENT FOR THE YEAR 00 OF THE Navigators Insurance Company UNDERWRITING AND INVESTMENT EXHIBIT Direct Business (a) PART B - PREMIUMS WRITTEN Reinsurance Assumed Reinsurance Ceded From From To To Affiliates Non-Affiliates Affiliates Non-Affiliates Net Premiums Written Cols Commercial multiple peril,,,,,,,,,0. Mortgage guaranty. Ocean marine 0,, 0, 0,,,0,0,0,. Inland marine,,,,0,, 0. Financial guaranty. Medical malpractice - occurrence. Medical malpractice - claims-made. Earthquake. Group accident and health. Credit accident and health (group and individual). Other accident and health. Workers' compensation. Other liability - occurrence,,,,0 0,00,,0,. Other liability - claims-made. Products liability - occurrence. Products liability - claims-made.,. Private passenger auto liability,,,,,,,0,.,. Commercial auto liability,,0,,,. Auto physical damage,,,,,0. Aircraft (all perils),0,0,0, (,). Fidelity. Surety,,,,,0,00,. Burglary and theft. Boiler and machinery. Credit. International 0. Reinsurance - Nonproportional Assumed Property. Reinsurance - Nonproportional Assumed Liability. Reinsurance - Nonproportional Assumed Financial Lines. Aggregate write-ins for other lines of business XXX XXX XXX. TOTALS,,,,,0,0,,0,, DETAILS OF WRITE-INS. Summary of remaining writeins for Line from overflow page. Totals (Lines 0 through 0 plus ) (Line above) (a) Does the company s direct premiums written include premiums recorded on an installment basis? Yes [ ] No [ X ] If yes:. The amount of such installment premiums $. Amount at which such installment premiums would have been reported had they been reported on an annualized basis $

9 ANNUAL STATEMENT FOR THE YEAR 00 OF THE Navigators Insurance Company UNDERWRITING AND INVESTMENT EXHIBIT PART - LOSSES PAID AND INCURRED Losses Paid Less Salvage Net Losses Unpaid Net Losses Losses Incurred Reinsurance Net Payments Current Year Unpaid Current Year Recovered (Cols. + - ) (Part A, Col. ) Prior Year (Cols. + - ) Reinsurance Assumed Percentage of Losses Incurred (Col., Part ) to Premiums Earned (Col., Part ) Line of Business Direct Business. Fire. Allied lines. Farmowners multiple peril. Homeowners multiple peril. Commercial multiple peril,00, 0,,,,, 0,,,,0,,0.. Mortgage guaranty. Ocean marine,,,,,0,,0,0,,,,0,,.. Inland marine,0, 0,0,,,,,,. 0. Financial guaranty. Medical malpractice - occurrence. Medical malpractice - claims-made. Earthquake. Group accident and health. Credit accident and health (group and individual). Other accident and health. Workers' compensation. Other liability - occurrence,,,,0,,,,0 0,,,0,,,.. Other liability - claims-made,0,0,,,,,0,,,,,,,.. Products liability - occurrence. Products liability - claims-made.,. Private passenger auto liability.,. Commercial auto liability 0,,0 0,0,,00,,,.. Auto physical damage,,0,0,,,0,,0 0.. Aircraft (all perils) (,0),, (,),,,,0 (0,00) (,.). Fidelity. Surety,,,,0,,0,,,,.. Burglary and theft. Boiler and machinery. Credit. International 0. Reinsurance - Nonproportional Assumed Property XXX,0,0,0,. Reinsurance - Nonproportional Assumed Liability XXX,,,,0,,00,. Reinsurance - Nonproportional Assumed Financial Lines XXX,,,, (,0). Aggregate write-ins for other lines of business. TOTALS,,0,,,0,,0,0,,0,0,,, 0. DETAILS OF WRITE-INS Summary of remaining write-ins for Line from overflow page. Totals (Lines 0 through 0 + ) (Line above)

10 ANNUAL STATEMENT FOR THE YEAR 00 OF THE Navigators Insurance Company 0 UNDERWRITING AND INVESTMENT EXHIBIT PART A - UNPAID LOSSES AND LOSS ADJUSTMENT EXPENSES Reinsurance Assumed Reported Losses Incurred But Not Reported Deduct Reinsurance Recoverable from Net Losses Excl. Authorized and Incurred But Net Losses Unauthorized Not Reported Reinsurance Reinsurance Unpaid Companies (Cols. + - ) Direct Assumed Ceded (Cols ) Line of Business Direct. Fire. Allied lines. Farmowners multiple peril. Homeowners multiple peril. Commercial multiple peril,,,,0,,,0,,,,,,00,0 0,,,0,0. Mortgage guaranty. Ocean marine 0,,0,0,,0, 0,0,0,,,,,0,,,,0,0. Inland marine,00,,,,,,00,, 0. Financial guaranty. Medical malpractice - occurrence. Medical malpractice - claims-made. Earthquake. Group accident and health (a). Credit accident and health (group and individual). Other accident and health (a). Workers' compensation. Other liability - occurrence,,,,,,0,, 0,, 00,0, 0,0, 0,, 0,,00. Other liability - claims-made,,,,,,,0,,,0,0,,,,,,,. Products liability - occurrence. Products liability - claims-made.,. Private passenger auto liability.,. Commercial auto liability,,,0,,,,0,,00,. Auto physical damage,0,,0,,,,,,. Aircraft (all perils),0,,,,0,,0,0,,,,0,,0,,,,. Fidelity. Surety,,,,0,0,0,,,0,. Burglary and theft. Boiler and machinery. Credit. International 0. Reinsurance - Nonproportional Assumed Property XXX,, XXX,,0,0. Reinsurance - Nonproportional Assumed Liability XXX,, XXX,0,0,,0,0. Reinsurance - Nonproportional Assumed Financial Lines XXX,, XXX,,,. Aggregate write-ins for other lines of business. TOTALS,0,,, 0,0,,,,,,,0,,,,0,, DETAILS OF WRITE-INS Summary of remaining write-ins for Line from overflow page. Totals (Lines 0 through 0 + ) (Line above) (a) Including $ for present value of life indemnity claims. Unpaid Loss Adjustment Expenses

11 ANNUAL STATEMENT FOR THE YEAR 00 OF THE Navigators Insurance Company UNDERWRITING AND INVESTMENT EXHIBIT PART - EXPENSES Loss Adjustment Expenses Other Underwriting Expenses Investment Expenses Total. Claim adjustment services:. Direct,0,,0,. Reinsurance assumed,0,0,0,0. Reinsurance ceded 0,,0 0,,0. Net claim adjustment services ( ),,,,. Commission and brokerage:. Direct, excluding contingent,0,,0,. Reinsurance assumed, excluding contingent 0,,0 0,,0. Reinsurance ceded, excluding contingent,,0,,0. Contingent-direct,00,,00,. Contingent-reinsurance assumed. Contingent-reinsurance ceded. Policy and membership fees. Net commission and brokerage ( ),,,,. Allowances to manager and agents. Advertising,0,0. Boards, bureaus and associations 00, 00,. Surveys and underwriting reports. Audit of assureds' records. Salary and related items:. Salaries,0,,0,,0,. Payroll taxes,,,0,,. Employee relations and welfare,0,0,,,0 0. Insurance 0,,0,00,0,. Directors' fees. Travel and travel items,,0,,,. Rent and rent items,,,,,. Equipment,,,,0,. Cost or depreciation of EDP equipment and software,0,,0,. Printing and stationery,,,0,0,0. Postage, telephone and telegraph, exchange and express,, 0,. Legal and auditing 0,,0,,,0,,. Totals (Lines to ),,,0,,,0,,0 0. Taxes, licenses and fees: 0. State and local insurance taxes deducting guaranty association credits of $,,0,0,0,0 0. Insurance department licenses and fees,, 0. Gross guaranty association assessments,, 0. All other (excluding federal and foreign income and real estate),0 0, 0, 0. Total taxes, licenses and fees ( ),0,,,,. Real estate expenses. Real estate taxes. Reimbursements by uninsured plans. Aggregate write-ins for miscellaneous expenses,,,,0,. Total expenses incurred,, 0,,,,0 (a),,. Less unpaid expenses - current year,,,0,,,,0. Add unpaid expenses - prior year,0,00,0,, 0,,0. Amounts receivable relating to uninsured plans, prior year. Amounts receivable relating to uninsured plans, current year 0. TOTAL EXPENSES PAID (Lines ),, 0,,,0,,0,0 DETAILS OF WRITE-INS 0. Miscellaneous,,,,0, Summary of remaining write-ins for Line from overflow page. Totals (Lines 0 through 0 plus ) (Line above),,,,0, (a) Includes management fees of $,,0 to affiliates and $ to non-affiliates.

12 ANNUAL STATEMENT FOR THE YEAR 00 OF THE Navigators Insurance Company EXHIBIT OF NET INVESTMENT INCOME Collected During Year Earned During Year. U.S. Government bonds (a),,,,. Bonds exempt from U.S. tax (a),, 0,,. Other bonds (unaffiliated) (a),,0,,. Bonds of affiliates (a). Preferred stocks (unaffiliated) (b). Preferred stocks of affiliates (b). Common stocks (unaffiliated),0,,,0. Common stocks of affiliates. Mortgage loans (c). Real estate (d). Contract loans. Cash, cash equivalents and short-term investments (e),,00,,0. Derivative instruments (f). Other invested assets. Aggregate write-ins for investment income 0. Total gross investment income,,,0,. Investment expenses (g),,. Investment taxes, licenses and fees, excluding federal income taxes (g). Interest expense (h). Depreciation on real estate and other invested assets (i). Aggregate write-ins for deductions from investment income,0. Total (Lines through ),,0. Net Investment Income - (Line 0 minus Line ),,0 DETAILS OF WRITE-INS Summary of remaining write-ins for Line from overflow page 0. Totals (Lines 00 through 00 plus 0) (Line, above) 0. interest expense on funds held, Summary of remaining write-ins for Line from overflow page. Total (Lines 0 through 0 plus ) (Line, above),0 (a) Includes $,,0 accrual of discount less $,,0 amortization of premium and less $,, paid for accrued interest on purchases. (b) Includes $ accrual of discount less $ amortization of premium and less $ paid for accrued dividends on purchases. (c) Includes $ accrual of discount less $ amortization of premium and less $ paid for accrued interest on purchases. (d) Includes $ for company s occupancy of its own buildings; and excludes $ interest on encumbrances. (e) Includes $,0,0 accrual of discount less $, amortization of premium and less $ paid for accrued interest on purchases. (f) Includes $ accrual of discount less $ amortization of premium. (g) Includes $,, investment expenses and $ investment taxes, licenses and fees, excluding federal income taxes, attributable to segregated and Separate Accounts. (h) Includes $ interest on surplus notes and $ interest on capital notes. (i) Includes $ depreciation on real estate and $ depreciation on other invested assets. EXHIBIT OF CAPITAL GAINS (LOSSES) Realized Gain (Loss) On Sales or Maturity Other Realized Adjustments Unrealized Increases (Decreases) by Adjustment Total. U.S. Government bonds (,,) (,,). Bonds exempt from U.S. tax. Other bonds (unaffiliated),,. Bonds of affiliates. Preferred stocks (unaffiliated). Preferred stocks of affiliates. Common stocks (unaffiliated),,,0,,. Common stocks of affiliates,,,,. Mortgage loans. Real estate. Contract loans. Cash, cash equivalents and short-term investments,,. Derivative instruments. Other invested assets. Aggregate write-ins for capital gains (losses) 0. Total capital gains (losses) (,),,,, DETAILS OF WRITE-INS Summary of remaining write-ins for Line from overflow page 0. Totals (Lines 00 through 00 plus 0) (Line, above)

13 ANNUAL STATEMENT FOR THE YEAR 00 OF THE Navigators Insurance Company. Bonds (Schedule D). Stocks (Schedule D):. Preferred stocks. Common stocks. Mortgage loans on real estate (Schedule B):. First liens. Other than first liens. Real estate (Schedule A):. Properties occupied by the company. Properties held for the production of income. Properties held for sale. Cash, (Schedule-E, Part ), cash equivalents (Schedule-E, Part ) and short-term investments (Schedule DA). Contract loans. Other invested assets (Schedule BA). Receivables for securities. Aggregate write-ins for invested assets 0. Subtotals, cash and invested assets (Lines to ). Title plants (for Title insurers only). Investment income due and accrued. Premiums and considerations:. Uncollected premiums and agents balances in the course of EXHIBIT OF NONADMITTED ASSETS Current Year Total Nonadmitted Assets Prior Year Nonadmitted Assets Change in Total Nonadmitted Assets (Col. - Col. ) collection,0,,, (,,). Deferred premiums, agents balances and installments booked but deferred and not yet due. Accrued retrospective premium. Reinsurance:. Amounts recoverable from reinsurers. Funds held by or deposited with reinsured companies. Other amounts receivable under reinsurance contracts. Amounts receivable relating to uninsured plans. Current federal and foreign income tax recoverable and interest thereon. Net deferred tax asset 0,,,0, (,,0). Guaranty funds receivable or on deposit. Electronic data processing equipment and software,0,, (,0). Furniture and equipment, including health care delivery assets,,,0, (,,0) 0. Net adjustment in assets and liabilities due to foreign exchange rates. Receivables from parent, subsidiaries and affiliates. Health care and other amounts receivable. Aggregate write-ins for other than invested assets,, (0,). Total assets excluding Separate Accounts, Segregated Accounts and Protected Cell Accounts (Lines 0 to ),,0,, (,,00). From Separate Accounts, Segregated Accounts and Protected Cell Accounts. Total (Lines and ),,0,, (,,00) DETAILS OF WRITE-INS 0. Summary of remaining write-ins for Line from overflow page 0. Totals (Lines 00 through 00 plus 0)(Line above) 0. Prepaid expense,0, (,) 0. Prepaid insurance,,, 0.. Summary of remaining write-ins for Line from overflow page. Totals (Lines 0 through 0 plus )(Line above),, (0,)

14 ANNUAL STATEMENT FOR THE YEAR 00 OF THE Navigators Insurance Company NOTES TO FINANCIAL STATEMENTS. Summary of Significant Accounting Policies A. Accounting Practices The financial statements of Navigators Insurance Company are presented on the basis of accounting practices prescribed or permitted by the New York Insurance Department. The New York Insurance Department recognizes only statutory accounting practices prescribed or permitted by the state of New York for determining and reporting the financial condition and results of operations of an insurance company, for determining its solvency under the New York Insurance Law. The National Association of Insurance Commissioners (NAIC) Accounting Practices and Procedures Manual (NAIC SAP) has been adopted as a component of prescribed or permitted practices by the state of New York. B. Use of Estimates in the Preparation of the Financial Statements The preparation of financial statements in conformity with Statutory Accounting Principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities. It also requires disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the period. Actual results could differ from those estimates. C. Accounting Policies Premiums are earned over the terms of the related insurance policies and reinsurance contracts. Unearned premium reserves are established to cover the unexpired portion of premiums written. Such reserves are computed by pro rata methods for direct business and are based on reports received from ceding companies for reinsurance. Expenses incurred in connection with acquiring new insurance business, including such acquisition costs as sales commissions, are charged to operations as incurred. Expenses incurred are reduced for ceding allowances received or receivable. In addition, the company uses the following accounting policies: ) ) ) ) ) ) Asset values are generally stated as follows: Short-term investments are valued at amortized cost. Bonds not backed by other loans, asset and mortgage backed bonds and structured securities are valued at amortized cost using the effective interest method; preferred stocks are valued at lower of cost or market; and common stocks in which the Company has an interest of less than 0% are valued at market. The Company owns 00% of the common stock of NIC Insurance Company. The stock is valued at cost adjusted for operating results as described in the Valuation Procedures and Instructions for Bonds and Stocks of the Purposes and Procedures manual of the Securities Valuation Office of the NAIC. Prepayment assumptions and market values for loan backed bonds and structured securities were obtained from broker/dealer survey values or from outside investment managers. The assumptions are consistent with the current interest rate and economic environment. The retrospective adjustment method is used for these securities. Any securities that are permanently impaired are written down to realizable value using factors that recognize maintaining the original yield on the bond. The Company has no mortgage loans or derivatives. The Company anticipates investment income as a factor in the premium deficiency calculation, in accordance with SSAP No., Property Casualty Contracts-Premiums. Unpaid losses and loss adjustment expenses include an amount determined from individual case estimates and loss reports and an amount, based on past experience, for losses incurred but not reported. Such liabilities are necessarily based on assumptions and estimates and while management believes the amount is adequate, the ultimate liability may be in excess of or less than the amount provided. The methods for making such estimates and for establishing the resulting liabilities are continually reviewed and any adjustments are reflected in the period determined.... Accounting Changes and Corrections of Errors - None Business Combinations and Goodwill - None Discontinued Operations None

15 . ANNUAL STATEMENT FOR THE YEAR 00 OF THE Navigators Insurance Company NOTES TO FINANCIAL STATEMENTS. Investments A. B. C. D. E. F. G. Mortgage Loans None Debt Restructuring - None Reverse Mortgages None Loan Backed Securities - See item.c. above. Repurchase Agreements None Real Estate None Low-Income Housing Tax Credits - None.. Joint Ventures, Partnerships and Limited Liability Companies - None Investment Income A. B. Any due and accrued investment income over 0 days past due would be excluded from surplus. At December, 00, there was no due and accrued investment income excluded from surplus... Derivative Investments - None Income Taxes A. The components of the net deferred tax asset/(liability) at December are as follows: December, 00 December, 00 Total of gross deferred tax assets $,, $,0, Total of deferred tax liabilities,0,0, Net deferred tax asset,,,, Deferred tax asset nonadmitted 0,,,0, Net admitted deferred tax asset $,,0 $,0, Increase (decrease) in nonadmitted asset $,,0 $,, B. C. Deferred tax liabilities are not recognized for the following amounts - None The main components of the 00 deferred tax amounts are as follows: December, 00 December, 00 Deferred tax assets Discount of unpaid losses and LAE $,, $,, 0% of unearned premium reserve,0,00,, Nonadmitted assets,0,,, Total deferred tax asset,,,0, Nonadmitted deferred tax assets 0,,,0, Admitted deferred tax assets,00,00,, Deferred tax liabilities Net unrealized capital gains,0,0, Total deferred tax liabilities,0,0, Net admitted deferred tax assets $,,0 $,0, The change in net deferred income tax is comprised of the following: December, 00 December, 00 Change Total gross deferred tax assets $,, $,0,,, Total gross deferred tax liabilities,0,0,,, Net deferred tax asset,,,,,,0 Deferred tax on change in net unrealized capital gains,,,,

16 . ANNUAL STATEMENT FOR THE YEAR 00 OF THE Navigators Insurance Company NOTES TO FINANCIAL STATEMENTS D. Among the more significant book to tax adjustments were the following: Amount Tax Effected Income before taxes and capital gains $,0,0 $,, Book over tax reserves,,0,, Unearned premium discount,,,,0 Leasehold amortization,, TIPS investment income (,) (,00) Capital Gains/Losses,,0 Dividends received deduction (,) (,) Tax exempt interest deduction (,,) (,0,) Meals and entertainment,,00 Total adjustments,,00,,0 Taxable income $,0, $,, E. Tax Carry Forwards : ) ) The Company has no operating loss or tax credit carry forwards. The amount of Federal income tax incurred and available for recoupment in the event of future net losses is: current year $,, first preceding year $,,; second preceding year $,,0. F. Federal Income Tax Allocation ) ) The Company s federal income tax return is consolidated with the following entities: The Navigators Group, Inc. NIC Insurance Company Navigators Management Company, Inc. Navigators Insurance Services of Washington, Inc. Navigators California Insurance Services, Inc. Navigators Insurance Services of Texas, Inc. The method of allocation between the companies is subject to written agreement, approved by the Board of Directors. Allocation is based upon separate return calculations. Intercompany tax balances are settled in the first quarter. 0. Information Concerning Parent, Subsidiaries and Affiliates A. B. C. D. All outstanding shares of Navigators Insurance Company are owned by The Navigators Group, Inc. ( Parent ), a holding company domiciled in the State of Delaware. The company paid a cash dividend to its Parent of $,000,000 in May 00. The Company's parent contributed $00,000,000 to surplus in April 00, $,000,000 to surplus in October 00 and $,000,000 in December 00. The Company also contributed $0,000,000 to its wholly owned subsidiary, NIC Insurance Company in October 00. The Company assumed $,, of premiums from NIC Insurance Company ( NIC ), its 00% owned subsidiary, under a reinsurance agreement whereby the Company assumes all business written by NIC. The Company incurred commission expense of $,,0 under agency/management agreements with several agencies owned by the parent (the Navigators Agencies ). Navigators Management Company, Inc. one of the Navigators Agencies, provides management and administrative services to the Company. The Navigators Agencies produced $,, of gross written premium (direct and assumed including the premium assumed from NIC) for the Company. The Company was party to a pooling agreement with several nonaffiliated insurance companies under which the Company participated for % of the marine premium written by the Navigators Agencies in 00. Beginning with the 00 underwriting year, the marine pool was eliminated and, therefore, all of the marine business generated by the Navigators Agencies that formerly generated business for the marine pool will be exclusively for the Navigators Insurance Company. As of January, 00, its subsidiary NIC Insurance Company changed its name to Navigators Specialty Insurance Company. The only amounts due between the Company and its affiliates are insurance related items which are settled monthly when due.

17 . ANNUAL STATEMENT FOR THE YEAR 00 OF THE Navigators Insurance Company NOTES TO FINANCIAL STATEMENTS E. F. G. H. I. J. K. There are no guarantees or undertakings for the benefit of an affiliate or related party except that the Company s common stock is pledged as collateral for the Parent s bank credit facility. See item 0.C above and Schedule Y contained herein for material arrangements with related parties. See items 0. A and 0. F above concerning the relationship with other companies under common control. The Company does not own any shares of its Parent or affiliated companies other than 00% of NIC Insurance Company. The Company owns no investment in an SCA. The Company owns no investment in an impaired SCA. The Company owns no investment in a foreign insurance subsidiary... Debt - None Retirement Plans, Deferred Compensation, Postemployment Benefits and Compensated Absences and Other Postretirement Benefit Plans A. B. C. D. E. Defined Benefit Plan None Defined Contribution Plan None Multiemployer Plans None Consolidated/Holding Company Plans - The Company participates in a defined contribution Money Purchase Plan and a 0(k) Plan sponsored by its Parent. The Company s expense for the Money Purchase Plan was $,0,000 for 00. The Company makes no contribution to the 0(k) Plan. It does not have or participate in any other post retirement benefit plans. Post Employment Benefits and Compensated Absences - The Company has no post employment benefits except as disclosed in item.d above. It does accrue for carry over vacation pay.. Capital and Surplus, Shareholders Dividend Restrictions and Quasi-Reorganizations The Company has 00 common shares authorized, issued and outstanding with a $0,000 par value. The Company has no preferred stock outstanding. The maximum amount of dividends which may be paid by State of New York insurance companies to shareholders without prior approval of the Insurance Commissioner is subject to restrictions relating to statutory surplus and investment income. The maximum dividend which may be paid without prior approval is 0% of the Company s statutory surplus. Subject to. above, there are no restrictions placed on the portion of profits that may be paid as ordinary dividends to the Company s stockholders. Subject to. above, there are no restrictions placed on the Company s surplus. The Company is not a mutual. There is no stock held by the Company for special purposes. There are no special surplus funds. The portion of unassigned funds (surplus) represented or reduced by each item below is cumulative unrealized gains and losses. a) b) c) d) Unrealized gains - $,,0 Net deferred income tax - $,, Nonadmitted assets ($,,0) Provision for reinsurance ($,0,)

18 . ANNUAL STATEMENT FOR THE YEAR 00 OF THE Navigators Insurance Company NOTES TO FINANCIAL STATEMENTS 0. Surplus Notes None. Quasi-reorganizations - None.. Contingencies None, other than various lawsuits that have arisen in the normal course of the Company s business which are not considered material in relation to the financial position of the company. Leases A. Lessee Leases. The Company leases several properties under various agreements that expire through October, 0. Rental expense for 00 was approximately $,,.. At January, 00, the minimum aggregate rental commitments are as follows: 00 $,, 00 $,, 00 $,, 00 $,, 0 $ 0, 0 0 $,. The Company is not involved in any sales leaseback transactions. B. Lessor Leases - None.... Financial Instruments with Off-Balance Sheet Risk and with Concentration of Credit Risk None Sale, Transfer and Servicing of Financial Assets and Extinguishments of Liabilities None Gain or Loss from Uninsured Plans and the Uninsured Portion of Partially Insured Plans None Direct Premium Written/Produced by Managing General Agents/Third Party Administrators: Type of Type of Direct Exclusive Business Authority Premium Name and Address FEI Number Contract Written Granted* Written Navigators Management Company Inc. Marine & U, C, CA, One Penn Plaza -0 No Liability R, B, P $,0, New York, NY 0 Navigators CA Ins. Svcs., Inc. -0 No M arine & U, R, B, P,0, California Street, Suite 0 Liability San Francis co, CA 0 Navigators Ins. Svcs. of TX, Inc. -0 No Marine U, C, CA,, Sage Park One R, B, P Sage, Suite Navigators Ins. Svcs. of W A, Inc. - No Marine U, R, B, P,000, 0 Fourth A venue, Suite 0 Seattle, W A Marine & U, C, CA Navigators Management (UK) Ltd N/A No Liability R, B, P,0, Total $,, *Type of Authority Granted: U = Underwriting, C = Claims Payments, CA = Claims Adjusting, B = Binding Authority, R = Reinsurance, P = Premium Collection 0. September Events: The Company incurred gross losses of $,0,000 which were 00% ceded and recovered during 00 from the September Events. No additional losses were recorded during 00 and 00. The Company incurred gross losses of $,000 during 00 and $,000 during 00. There are no outstanding loss reserves as of December, 00. All incurred losses were 00% ceded.

19 . ANNUAL STATEMENT FOR THE YEAR 00 OF THE Navigators Insurance Company NOTES TO FINANCIAL STATEMENTS. Other Items: A. B. C. D. E. F. G. H. Extraordinary Items None Troubled Debt Restructuring for Debtors None Other Disclosures None Uncollectible Premium Balances - Uncollectible amounts are written off as they are identified. Business Interruption Insurance Recoveries None Hybrid Securities None State Transferable Tax Credits None Impact of Medicare Modernization Act on Postretirement Benefits - None.. Events Subsequent - None Reinsurance: A. Unsecured Reinsurance Recoverables The Company has unsecured reinsurance recoverables for losses, paid and unpaid including IBNR, loss adjustment expenses and unearned premium exceeding % of policyholders surplus with the following reinsurers: NAIC Code Federal ID # Name of Reinsurer Aggregate Recoverable (in 000's) 0-00 General Reinsurance Company $, - Swiss Re America Corp, -000 Everest Reinsurance Company, - Folksamerica Reinsurance Company, - GE Reinsurance Corporation, Arch Reinsurance Company, 0 - Munich Reinsurance America, 0 - Platinum Underwriters Reinsurance, - Transatlantic Reinsurance Company 0, -0 Partner Reinsurance Company, B. C. Reinsurance Recoverables in Dispute None Reinsurance Assumed and Ceded: () The following table summarizes assumed and ceded unearned premiums and the related commission equity at December, 00. () () () () () () Net Unearned Commission Unearned Commission Unearned Commission Premiums Equity Premiums Equity Premiums Equity a. Affiliates $,, $,, $ - $ - $,, $,, b. All other,0,,, 0,, 0,0, (0,0,) (,0,0) c. Total $ 0,0,0 $,,0 $ 0,, $ 0,0, $,0,0 $ (,,) d. Direct Unearned Premium Reserve $,00, () The additional or return commission, predicated on loss experience or on any other form of profit sharing arrangements in this annual statement as a result of existing contractual arrangements is accrued as follows:

20 . ANNUAL STATEMENT FOR THE YEAR 00 OF THE Navigators Insurance Company NOTES TO FINANCIAL STATEMENTS () () () () Description Direct Net a. Contingent Commission $ - $ - $,0, $ (,0,) b. Sliding Scale Adjustments c. Other Profit Commissions d. Arrangements*,,, -,, e. Total $,, $, $,0, $,,0 *Profit Commission is due to Managing General Agents. D. Uncollectible Reinsurance The company has written off in the current year uncollectible reinsurance balances in the amount of $,0 which is reflected as: Statement of Income Account Amount a. Losses incurred $,0 Total $,0 Reinsurer Amount Various $,0 Total $,0 E. Commutation of Ceded Reinsurance None F. Retroactive Reinsurance - None G. Reinsurance Accounted for as a Deposit - None.. Retrospectively Rated Contracts and Contracts Subject to Redetermination - None Changes in Net Incurred Losses and Loss Adjustment Expenses Net incurred losses and loss adjustment expenses attributed to insured events of prior years resulted in a decrease of ($,0,000) in 00. The redundancy was generated mainly from prior year savings in the specialty construction liability business and professional liability business from favorable loss experience in years 00 and 00. Savings were partially offset by adverse development from specialty construction liability business for years 00 to 000 and from the marine liability and cargo business written in 00.. Intercompany Pooling Arrangements NIC Insurance Company ( NIC ) a wholly owned subsidiary of the Company, underwrites a book of surplus lines insurance. Pursuant to a reinsurance agreement, NIC cedes 00% of its gross written premium to the Company Structured Settlements None Heath Care Receivables None Participating Policies None Premium Deficiency Reserves - None High Deductibles None Discounting of Liabilities for Unpaid Losses and Loss Adjustment Expenses None Asbestos/Environmental Reserves A. Does the Company have on the books, or has it ever written an insured for which you have identified a potential for the existence of, a liability due to asbestos losses? Yes (X) No ( ) The Company has limited exposure in high excess layers of coverage and does not lead but will generally follow the leaders decisions in resolutions either by buy-out, declaratory judgment negotiations or otherwise. The Company establishes a reserve based on a review of each policy for which a potential loss notification has been received. In cases where the Company is involved in a participating market, the market reserve is followed.

21 . ANNUAL STATEMENT FOR THE YEAR 00 OF THE Navigators Insurance Company NOTES TO FINANCIAL STATEMENTS Following are asbestos-related losses (including coverage dispute costs) for each of the five most current calendar years: Gross of Reinsurance: a. Beginning reserves $,000 $,000 $,,000 $,,000 $,,000 b. Incurred losses and LAE,000,,000,,000 (,0,000),00 c. Calendar year payments for losses and LAE,000,000,,000,,000,, d. Ending reserves $,000 $,,000 $,,000 $,,000 $,0, Net of Re insurance: a. Beginning reserves $,000 $,000 $,0,000 $,,000 $ 0,, b. Incurred losses and LAE,000,0,000 0,000 0,000,0 c. Calendar year payments for losses and LAE,000,000,0,000,,000,,0 d. Ending reserves $,000 $,0,000 $,,000 $ 0,,000 $,, B. State the amount of the ending reserves for Bulk + IBNR included in (A) (Loss & LAE): ) ) Gross of Reinsurance Basis $,0,000 Net of Reinsurance Basis,0,000 C. State the amount of ending reserves for loss adjustment expenses included in (A) (Case, Bulk + IBNR): ) ) Gross of Reinsurance Basis $,,000 Net of Reinsurance Basis,,000 D. Does the company have on the books, or has it ever written an insured for which you have defined a potential for the existence of, a liability due to environmental losses? Yes ( ) No ( X ). Subscriber Savings Accounts None. Multiple Peril Crop Insurance - None

22 ANNUAL STATEMENT FOR THE YEAR 00 OF THE Navigators Insurance Company SUMMARY INVESTMENT SCHEDULE Investment Categories Amount Gross Investment Holdings Percentage Admitted Assets as Reported in the Annual Statement Amount Percentage. Bonds:. U.S. treasury securities,0,0.,0,0.. U.S. government agency obligations (excluding mortgage-backed securities):. Issued by U.S. government agencies. Issued by U.S. government sponsored agencies,0, 0.0,0, 0.0. Foreign government (including Canada, excluding mortgaged-backed securities),, 0.0,, 0.0. Securities issued by states, territories, and possessions and political subdivisions in the U.S.:. States, territories and possessions general obligations 0,00,00. 0,00,00.. Political subdivisions of states, territories and possessions and political subdivisions general obligations,,.,,.. Revenue and assessment obligations 0,0,0. 0,0,0.. Industrial development and similar obligations 0,0,. 0,0,.. Mortgage-backed securities (includes residential and commercial MBS):. Pass-through securities:. Issued or guaranteed by GNMA,,.,,.. Issued or guaranteed by FNMA and FHLMC,,.,,.. All other. CMOs and REMICs:. Issued or guaranteed by GNMA, FNMA, FHLMC or VA 0,0,0. 0,0,0.. Issued by non-u.s. Government issuers and collateralized by mortgage-backed securities issued or guaranteed by agencies shown in Line.. All other,,.,,.. Other debt and other fixed income securities (excluding short-term):. Unaffiliated domestic securities (includes credit tenant loans rated by the SVO),0, 0.0,0, 0.0. Unaffiliated foreign securities,,.0,,.0. Affiliated securities. Equity interests:. Investments in mutual funds 0, 0.0 0, 0.0. Preferred stocks:. Affiliated. Unaffiliated. Publicly traded equity securities (excluding preferred stocks):. Affiliated. Unaffiliated,,.0,,.0. Other equity securities:. Affiliated 0,,. 0,,.. Unaffiliated. Other equity interests including tangible personal property under lease:. Affiliated. Unaffiliated. Mortgage loans:. Construction and land development. Agricultural. Single family residential properties. Multifamily residential properties. Commercial loans. Mezzanine real estate loans. Real estate investments:. Property occupied by the company. Property held for the production of income (including $ of property acquired in satisfaction of debt). Property held for sale (including $ property acquired in satisfaction of debt). Contract loans. Receivables for securities. Cash, cash equivalents and short-term investments,,0.,,0.. Other invested assets 0. Total invested assets,0,, ,0,,

23 ANNUAL STATEMENT FOR THE YEAR 00 OF THE Navigators Insurance Company GENERAL INTERROGATORIES PART - COMMON INTERROGATORIES GENERAL. Is the reporting entity a member of an Insurance Holding Company System consisting of two or more affiliated persons, one or more of which is an insurer? Yes [ X ] No [ ]. If yes, did the reporting entity register and file with its domiciliary State Insurance Commissioner, Director or Superintendent, or with such regulatory official of the state of domicile of the principal insurer in the Holding Company System, a registration statement providing disclosure substantially similar to the standards adopted by the National Association of Insurance Commissioners (NAIC) in its Model Insurance Holding Company System Regulatory Act and model regulations pertaining thereto, or is the reporting entity subject to standards and disclosure requirements substantially similar to those required by such Act and regulations? Yes [ X ] No [ ] NA [ ]. State Regulating? New York. Has any change been made during the year of this statement in the charter, by-laws, articles of incorporation, or deed of settlement of the reporting entity? Yes [ ] No [ X ]. If yes, date of change:. State as of what date the latest financial examination of the reporting entity was made or is being made. //00. State the as of date that the latest financial examination report became available from either the state of domicile or the reporting entity. This date should be the date of the examined balance sheet and not the date the report was completed or released. //000. State as of what date the latest financial examination report became available to other states or the public from either the state of domicile or the reporting entity. This is the release date or completion date of the examination report and not the date of the examination (balance sheet date). 0/0/00. By what department or departments? New York State Insurance Department. During the period covered by this statement, did any agent, broker, sales representative, non-affiliated sales/service organization or any combination thereof under common control (other than salaried employees of the reporting entity), receive credit or commissions for or control a substantial part (more than 0 percent of any major line of business measured on direct premiums) of:. sales of new business? Yes [ X ] No [ ]. renewals? Yes [ X ] No [ ]. During the period covered by this statement, did any sales/service organization owned in whole or in part by the reporting entity or an affiliate, receive credit or commissions for or control a substantial part (more than 0 percent of any major line of business measured on direct premiums) of:. sales of new business? Yes [ X ] No [ ]. renewals? Yes [ X ] No [ ]. Has the reporting entity been a party to a merger or consolidation during the period covered by this statement? Yes [ ] No [ X ]. If yes, provide the name of the entity, NAIC Company Code, and state of domicile (use two letter state abbreviation) for any entity that has ceased to exist as a result of the merger or consolidation. Name of Entity NAIC Company Code State of Domicile. Has the reporting entity had any Certificates of Authority, licenses or registrations (including corporate registration, if applicable) suspended or revoked by any governmental entity during the reporting period? Yes [ ] No [ X ]. If yes, give full information. Does any foreign (non-united States) person or entity directly or indirectly control 0% or more of the reporting entity? Yes [ ] No [ X ]. If yes,. State the percentage of foreign control;. State the nationality(s) of the foreign person(s) or entity(s) or if the entity is a mutual or reciprocal, the nationality of its manager or attorney in fact; and identify the type of entity(s) (e.g., individual, corporation or government, manager or attorney in fact). Nationality Type of Entity

24 ANNUAL STATEMENT FOR THE YEAR 00 OF THE Navigators Insurance Company GENERAL INTERROGATORIES. Is the company a subsidiary of a bank holding company regulated by the Federal Reserve Board? Yes [ ] No [ X ]. If response to. is yes, please identify the name of the bank holding company.. Is the company affiliated with one or more banks, thrifts or securities firms? Yes [ ] No [ X ]. If response to. is yes, please provide the names and location (city and state of the main office) of any affiliates regulated by a federal financial regulatory services agency [i.e. the Federal Reserve Board (FRB), the Office of the Comptroller of the Currency (OCC), the Office of Thrift Supervision (OTS), the Federal Deposit Insurance Corporation (FDIC) and the Securities Exchange Commission (SEC) and identify the affiliate s primary federal regulator.] Affiliate Name Location (City, State) FRB OCC OTS FDIC SEC. What is the name and address of the independent certified public accountant or accounting firm retained to conduct the annual audit? KPMG, Park Avenue, New York, NY 0 0. What is the name, address and affiliation (officer/employee of the reporting entity or actuary/consultant associated with an actuarial consulting firm) of the individual providing the statement of actuarial opinion/certification? Claus S. Metzner, F.S.A., F.C.A.S., M.A.A.A., Aktuar-SAV Actuary Milliman USA, Coldbrook Road, South Glastonbury, CT 00. Does the reporting entity own any securities of a real estate holding company or otherwise hold real estate indirectly? Yes [ ] No [ X ]. Name of real estate holding company. Number of parcels involved. Total book/adjusted carrying value $. If yes, provide explanation. FOR UNITED STATES BRANCHES OF ALIEN REPORTING ENTITIES ONLY:. What changes have been made during the year in the United States Manager or the United States Trustees of the reporting entity?. Does this statement contain all business transacted for the reporting entity through its United States Branch on risks wherever located? Yes [ ] No [ ]. Have there been any changes made to any of the trust indentures during the year? Yes [ ] No [ ]. If answer to (.) is yes, has the domiciliary or entry state approved the changes? Yes [ ] No [ ] NA [ ] BOARD OF DIRECTORS. Is the purchase or sale of all investments of the reporting entity passed upon either by the board of directors or a subordinate committee thereof? Yes [ X ] No [ ]. Does the reporting entity keep a complete permanent record of the proceedings of its board of directors and all subordinate committees thereof? Yes [ X ] No [ ]. Has the reporting entity an established procedure for disclosure to its board of directors or trustees of any material interest or affiliation on the part of any of its officers, directors, trustees or responsible employees that is in conflict or likely to conflict with the official duties of such person? Yes [ X ] No [ ] FINANCIAL. Total amount loaned during the year (inclusive of Separate Accounts, exclusive of policy loans):. To directors or other officers $. To stockholders not officers $. Trustees, supreme or grand (Fraternal only) $. Total amount of loans outstanding at end of year (inclusive of Separate Accounts, exclusive of policy loans):. To directors or other officers $. To stockholders not officers $. Trustees, supreme or grand (Fraternal only) $. Were any of the assets reported in this statement subject to a contractual obligation to transfer to another party without the liability for such obligation being reported in this statement? Yes [ ] No [ X ]. If yes, state the amount thereof at December of the current year:. Rented from others $. Borrowed from others $. Leased from others $. Other $. Does this statement include payments for assessments as described in the Annual Statement Instructions other than guaranty fund or guaranty association assessments? Yes [ ] No [ X ]. If answer is yes,. Amount paid as losses or risk adjustment $. Amount paid as expenses $. Other amounts paid $. Does the reporting entity report any amounts due from the parent, subsidiaries or affiliates on Page of this statement? Yes [ ] No [ X ]. If yes, indicated any amounts receivable from parent included in the Page amount: $.

25 . ANNUAL STATEMENT FOR THE YEAR 00 OF THE Navigators Insurance Company GENERAL INTERROGATORIES INVESTMENT 0. Were all the stocks, bonds and other securities owned December of current year, over which the reporting entity has exclusive control, in the actual possession of the reporting entity on said date, except as shown by Schedule E - Part - Special Deposits? Yes [ ] No [ X ] 0. If no, give full and complete information relating thereto: Securities are held in the company custodial accounts at Brown Brothers Harriman & Co. and State Street Bank and Trust Company.. Were any of the stocks, bonds or other assets of the reporting entity owned at December of the current year not exclusively under the control of the reporting entity, except as shown on the Schedule E - Part - Special Deposits, or has the reporting entity sold or transferred any assets subject to a put option contract that is currently in force? (Exclude securities subject to Interrogatory.) Yes [ X ] No [ ]. If yes, state the amount thereof at December of the current year:. Loaned to others $. For category (.) provide the following:. Subject to repurchase agreements $. Subject to reverse repurchase agreements $. Subject to dollar repurchase agreements $. Subject to reverse dollar repurchase agreements $. Pledged as collateral $ 0,000. Placed under option agreements $. Letter stock or other securities restricted as to sale $. Other $ Nature of Restriction Description Amount. Does the reporting entity have any hedging transactions reported on Schedule DB? Yes [ ] No [ X ]. If yes, has a comprehensive description of the hedging program been made available to the domiciliary state? Yes [ ] No [ ] NA [ X ] If no, attach a description with this statement.. Were any preferred stocks or bonds owned as of December of the current year mandatorily convertible into equity, or, at the option of the issuer, convertible into equity? Yes [ ] No [ X ]. If yes, state the amount thereof at December of the current year. $

26 . ANNUAL STATEMENT FOR THE YEAR 00 OF THE Navigators Insurance Company GENERAL INTERROGATORIES. Excluding items in Schedule E, real estate, mortgage loans and investments held physically in the reporting entity s offices, vaults or safety deposit boxes, were all stocks, bonds and other securities, owned throughout the current year held pursuant to a custodial agreement with a qualified bank or trust company in accordance with Part General, Section IV.H-Custodial or Safekeeping Agreements of the NAIC Financial Condition Examiners Handbook? Yes [ X ] No [ ].0 For agreements that comply with the requirements of the NAIC Financial Condition Examiners Handbook, complete the following: Name of Custodian(s) Custodian s Address Brown Brothers Harriman & Company 0 Broadway, New York, NY State Street Bank and Trust Company One Canada Square, London E AF.0 For all agreements that do not comply with the requirements of the NAIC Financial Condition Examiners Handbook, provide the name, location and a complete explanation: Name(s) Location(s) Complete Explanation(s).0 Have there been any changes, including name changes, in the custodian(s) identified in.0 during the current year? Yes [ ] No [ X ].0 If yes, give full and complete information relating thereto: Old Custodian New Custodian Date of Change Reason.0 Identify all investment advisors, brokers/dealers or individuals acting on behalf of broker/dealers that have access to the investment accounts, handle securities and have authority to make investments on behalf of the reporting entity: Central Registration Depository Number(s) Name Address 0 Schafer Cullen Capital Management, Inc. Fifth Avenue, New York, NY 00 Pond View Corporate Center, 000 General Re - New England Asset Management, Inc. Batterson Park Road, Farmington, CT 00 0 Wellington Management Company, LLP State Street, Boston, MA 00. Does the reporting entity have any diversified mutual funds reported in Schedule D, Part (diversified according to the Securities and Exchange Commission (SEC) in the Investment Company Act of 0 [Section (b) ()])? Yes [ ] No [ X ]. If yes, complete the following schedule: CUSIP # Name of Mutual Fund Book/Adjusted Carrying Value. TOTAL. For each mutual fund listed in the table above, complete the following schedule: Name of Mutual Fund (from above table) Name of Significant Holding Of the Mutual Fund Amount of Mutual Fund s Book/Adjusted Carrying Value Attributable to the Holding Date of Valuation

27 . ANNUAL STATEMENT FOR THE YEAR 00 OF THE Navigators Insurance Company GENERAL INTERROGATORIES. Provide the following information for all short-term and long-term bonds and all preferred stocks. Do not substitute amortized value or statement value for fair value. Statement (Admitted) Value Fair Value Excess of Statement over Fair Value (-) or Fair Value over Statement (+). Bonds,,,0, (,,0). Preferred stocks. Totals,,,0, (,,0). Describe the sources or methods utilized in determining fair values: The market value of bonds and stocks was based upon the closing prices of publicly traded issues. The market value of other issues was obtained from Merrill Lynch Index prices, Reuters, FT-Interactive, Bloomberg or independent security dealers. Short-terms and CashEquivalents are at Amortized Cost.. Have all the filing requirements of the Purposes and Procedures Manual of the NAIC Securities Valuation Office been followed? Yes [ X ] No [ ]. If no, list the exceptions: OTHER. Amount of payments to trade associations, service organizations and statistical or rating bureaus, if any? $,0. List the name of the organization and the amount paid if any such payment represented % or more of the total payments to trade associations, service organizations and statistical or rating bureaus during the period covered by this statement. Name Amount Paid Insurance Services Office,. Amount of payments for legal expenses, if any? $ 0,0. List the name of the firm and the amount paid if any such payment represented % or more of the total payments for legal expenses during the period covered by this statement. Name Amount Paid Katten Muchin Rosenman, LLP 0,00 0. Amount of payments for expenditures in connection with matters before legislative bodies, officers or departments of government, if any? $ 0. List the name of the firm and the amount paid if any such payment represented % or more of the total payment expenditures in connection with matters before legislative bodies, officers or departments of government during the period covered by this statement. Name Amount Paid

28 ANNUAL STATEMENT FOR THE YEAR 00 OF THE Navigators Insurance Company GENERAL INTERROGATORIES (continued) PART - PROPERTY & CASUALTY INTERROGATORIES. Does the reporting entity have any direct Medicare Supplement Insurance in force? Yes [ ] No [ X ]. If yes, indicate premium earned on U.S. business only. $. What portion of Item (.) is not reported on the Medicare Supplement Insurance Experience Exhibit? $. Reason for excluding. Indicate amount of earned premium attributable to Canadian and/or Other Alien not included in Item (.) above. $. Indicate total incurred claims on all Medicare Supplement insurance. $. Individual policies: Most current three years:. Total premium earned $. Total incurred claims $. Number of covered lives All years prior to most current three years:. Total premium earned $. Total incurred claims $. Number of covered lives. Group policies: Most current three years:. Total premium earned $. Total incurred claims $. Number of covered lives All years prior to most current three years:. Total premium earned $. Total incurred claims $. Number of covered lives. Health Test: Current Year. Premium Numerator $ $ Prior Year. Premium Denominator $,, $ 0,0,. Premium Ratio (./.). Reserve Numerator $ $. Reserve Denominator $,,0 $,0,0. Reserve Ratio (./.). Does the reporting entity issue both participating and non-participating policies? Yes [ ] No [ X ]. If yes, state the amount of calendar year premiums written on:. Participating policies $. Non-participating policies $. For Mutual reporting entities and Reciprocal Exchanges only:. Does the reporting entity issue assessable policies? Yes [ ] No [ ]. Does the reporting entity issue non-assessable policies? Yes [ ] No [ ]. If assessable policies are issued, what is the extent of the contingent liability of the policyholders? %. Total amount of assessments paid or ordered to be paid during the year on deposit notes or contingent premiums. $. For Reciprocal Exchanges Only:. Does the exchange appoint local agents? Yes [ ] No [ ]. If yes, is the commission paid:. Out of Attorney's-in-fact compensation Yes [ ] No [ ] NA [ ]. As a direct expense of the exchange Yes [ ] No [ ] NA [ ]. What expenses of the Exchange are not paid out of the compensation of the Attorney-in-fact?. Has any Attorney-in-fact compensation, contingent on fulfillment of certain conditions, been deferred? Yes [ ] No [ ]. If yes, give full information

29 . ANNUAL STATEMENT FOR THE YEAR 00 OF THE Navigators Insurance Company GENERAL INTERROGATORIES PART - PROPERTY & CASUALTY INTERROGATORIES. What provision has this reporting entity made to protect itself from an excessive loss in the event of a catastrophe under a workers compensation contract issued without limit of loss: The Company does not write workers' compensation insurance.. Describe the method used to estimate this reporting entity s probable maximum insurance loss, and identify the type of insured exposures comprising that probable maximum loss, the locations of concentrations of those exposures and the external resources (such as consulting firms or computer software models), if any, used in the estimation process: Probable maximum insurance loss is based on management's large loss scenarios. The net retention for a "worst case" loss scenario is less than % of PHS. Aggregation and modeling software monitors exposure to catastrophic losses.. What provision has this reporting entity made (such as a catastrophic reinsurance program) to protect itself from an excessive loss arising from the types and concentrations of insured exposures comprising its probable maximum property insurance loss? The Company purchases catastrophic reinsurance protection.. Does the reporting entity carry catastrophe reinsurance protection for at least one reinstatement, in an amount sufficient to cover its estimated probable maximum loss attributable to a single loss event or occurrence? Yes [ X ] No [ ]. If no, describe any arrangements or mechanisms employed by the reporting entity to supplement its catastrophe reinsurance program or to hedge its exposure to unreinsured catastrophic loss.. Has the reporting entity reinsured any risk with any other entity under a quota share reinsurance contract that includes a provision that would limit the reinsurer's losses below the stated quota share percentage (e.g., a deductible, a loss ratio corridor, a loss cap, an aggregate limit or any similar provisions)? Yes [ ] No [ X ]. If yes, indicate the number of reinsurance contracts containing such provisions.. If yes, does the amount of reinsurance credit taken reflect the reduction in quota share coverage caused by any applicable limiting provision(s)? Yes [ ] No [ ]. Has this reporting entity reinsured any risk with any other entity and agreed to release such entity from liability, in whole or in part, from any loss that may occur on the risk, or portion thereof, reinsured? Yes [ ] No [ X ]. If yes, give full information. Has the reporting entity ceded any risk under any reinsurance contract (or under multiple contracts with the same reinsurer or its affiliates) for which during the period covered by the statement: (i) it recorded a positive or negative underwriting result greater than % of prior yearend surplus as regards policyholders or it reported calendar year written premium ceded or year-end loss and loss expense reserves ceded greater than % of prior year-end surplus as regards policyholders; (ii) it accounted for that contract as reinsurance and not as a deposit; and (iii) the contract(s) contain one or more of the following features or other features that would have similar results: (a) A contract term longer than two years and the contract is noncancellable by the reporting entity during the contract term; (b) A limited or conditional cancellation provision under which cancellation triggers an obligation by the reporting entity, or an affiliate of the reporting entity, to enter into a new reinsurance contract with the reinsurer, or an affiliate of the reinsurer; (c) Aggregate stop loss reinsurance coverage; (d) An unconditional or unilateral right by either party to commute the reinsurance contract except for such provisions which are only triggered by a decline in the credit status of the other party; (e) A provision permitting reporting of losses, or payment of losses, less frequently than on a quarterly basis (unless there is no activity during the period); or (f) Payment schedule, accumulating retentions from multiple years or any features inherently designed to delay timing of the reimbursement to the ceding entity. Yes [ ] No [ X ]. Has the reporting entity during the period covered by the statement ceded any risk under any reinsurance contract (or under multiple contracts with the same reinsurer or its affiliates), excluding cessions to approved pooling agreements or to captive insurance companies that are directly or indirectly controlling, controlled by, or under common control with (i) one or more unaffiliated policyholders of the reporting entity, or (ii) an association of which one or more unaffiliated policyholders of the reporting entity is a member, where: (a) The written premium ceded to the reinsurer by the reporting entity or its affiliates represents fifty percent (0%) or more of the entire direct and assumed premium written by the reinsurer based on its most recently available financial statement; or (b) Twenty five percent (%) or more of the written premium ceded to the reinsurer has been retroceded back to the reporting entity or its affiliates. Yes [ ] No [ X ]. If yes to. or., please provide the following information in the Reinsurance Summary Supplemental Filing for General Interrogatory : (a) The aggregate financial statement impact gross of all such ceded reinsurance contracts on the balance sheet and statement of income; (b) A summary of the reinsurance contract terms and indicate whether it applies to the contracts meeting the criteria in. or.; and (c) A brief discussion of management's principle objectives in entering into the reinsurance contract including the economic purpose to be achieved.. Except for transactions meeting the requirements of paragraph 0 of SSAP No., Property and Casualty Reinsurance, has the reporting entity ceded any risk under any reinsurance contract (or multiple contracts with the same reinsurer or its affiliates) during the period covered by the financial statement, and either: (a) Accounted for that contract as reinsurance (either prospective or retroactive) under statutory accounting principles ( SAP ) and as a deposit under generally accepted accounting principles ( GAAP ); or (b) Accounted for that contract as reinsurance under GAAP and as a deposit under SAP? Yes [ ] No [ X ]. If yes to., explain in the Reinsurance Summary Supplemental Filing for General Interrogatory (Section D) why the contract(s) is treated differently for GAAP and SAP. 0. If the reporting entity has assumed risks from another entity, there should be charged on account of such reinsurances a reserve equal to that which the original entity would have been required to charge had it retained the risks. Has this been done? Yes [X] No [ ] N/A [ ]. Has this reporting entity guaranteed policies issued by any other entity and now in force: Yes [ ] No [ X ]. If yes, give full information

30 . ANNUAL STATEMENT FOR THE YEAR 00 OF THE Navigators Insurance Company GENERAL INTERROGATORIES PART - PROPERTY & CASUALTY INTERROGATORIES. If the reporting entity recorded accrued retrospective premiums on insurance contracts on Line. of the asset schedule, Page, state the amount of corresponding liabilities recorded for:. Unpaid losses $. Unpaid underwriting expenses (including loss adjustment expenses) $. Of the amount on Line., Page, state the amount that is secured by letters of credit, collateral and other funds? $. If the reporting entity underwrites commercial insurance risks, such as workers compensation, are premium notes or promissory notes Yes [ ] No [ ] NA [ ] accepted from its insureds covering unpaid premiums and/or unpaid losses?. If yes, provide the range of interest rates charged under such notes during the period covered by this statement:. From %. To %. Are letters of credit or collateral and other funds received from insureds being utilized by the reporting entity to secure premium notes or promissory notes taken by the reporting entity, or to secure any of the reporting entity s reported direct unpaid loss reserves, including unpaid losses under loss deductible features of commercial policies? Yes [ ] No [ X ]. If yes, state the amount thereof at December of the current year:. Letters of Credit $. Collateral and other funds $. Largest net aggregate amount insured in any one risk (excluding workers compensation): $,00,000. Does any reinsurance contract considered in the calculation of this amount include an aggregate limit of recovery without also including a Yes [ ] No [ X ] reinstatement provision?. State the number of reinsurance contracts (excluding individual facultative risk certificates, but including facultative programs, automatic facilities or facultative obligatory contracts) considered in the calculation of the amount.. Is the company a cedant in a multiple cedant reinsurance contract?. If yes, please describe the method of allocating and recording reinsurance among the cedants: Cedent is allocated its pro-rata share as detailed in the respective multiple cedent reinsurance contracts.. If the answer to. is yes, are the methods described in item. entirely contained in the respective multiple cedant reinsurance contracts?. If the answer to. is no, are all the methods described in. entirely contained in written agreements?. If answer to. is no, please explain: If the multiple cedant allocation is not detailed in the contract, losses are allocated on an equitable percent to total basis.. Has the reporting entity guaranteed any financed premium accounts?. If yes, give full information Yes [ X ] No [ ] Yes [ ] No [ X ] Yes [ ] No [ X ] Yes [ ] No [ X ]. Does the reporting entity write any warranty business? Yes [ ] No [ X ] If yes, disclose the following information for each of the following types of warranty coverage: Direct Losses Incurred Direct Losses Unpaid Direct Written Premium Direct Premium Unearned. Home $ $ $ $ $. Products $ $ $ $ $. Automobile $ $ $ $ $. Other* $ $ $ $ $ * Disclose type of coverage: Direct Premium Earned

31 . ANNUAL STATEMENT FOR THE YEAR 00 OF THE Navigators Insurance Company GENERAL INTERROGATORIES PART - PROPERTY & CASUALTY INTERROGATORIES. Does the reporting entity include amounts recoverable on unauthorized reinsurance in Schedule F Part that it excludes from Schedule F Part. Yes [ ] No [ X ] Incurred but not reported losses on contracts not in force on July, or subsequently renewed are exempt from inclusion in Schedule F Part. Provide the following information for this exemption:. Gross amount of unauthorized reinsurance in Schedule F Part excluded from Schedule F Part $. Unfunded portion of Interrogatory. $. Paid losses and loss adjustment expenses portion of Interrogatory.. Case reserves portion of Interrogatory. $. Incurred but not reported portion of Interrogatory. $. Unearned premium portion of Interrogatory. $. Contingent commission portion of Interrogatory. $ $ Provide the following information for all other amounts included in Schedule F Part and excluded from Schedule F Part, not included above.. Gross amount of unauthorized reinsurance in Schedule F Part excluded from Schedule F Part $. Unfunded portion of Interrogatory. $.0 Paid losses and loss adjustment expenses portion of Interrogatory.. Case reserves portion of Interrogatory. $. Incurred but not reported portion of Interrogatory. $. Unearned premium portion of Interrogatory. $. Contingent commission portion of Interrogatory. $ $

32 ANNUAL STATEMENT FOR THE YEAR 00 OF THE Navigators Insurance Company FIVE-YEAR HISTORICAL DATA Show amounts in whole dollars only, no cents; show percentages to one decimal place, i.e Gross Premiums Written (Page, Part B, Cols., & ). Liability lines (Lines.,.,,.,.,.,.,.,. &.,.),, 0,0, 0,, 0,,,0,. Property lines (Lines,,,, & ),,,,,000,,0,0,,. Property and liability combined lines (Lines,,,, & ),,0 0,,,,,,,0,0. All other lines (Lines, 0,,,,,,, & ),,0,,,0,0,,,0. Nonproportional reinsurance lines (Lines 0, & ),0,0. Total (Line ),,,0,0,,0,,,0, Net Premiums Written (Page, Part B, Col. ). Liability lines (Lines.,.,,.,.,.,.,.,. &.,.),0,,,,,0,,,,. Property lines (Lines,,,, & ),,,0,,,,,00,,. Property and liability combined lines (Lines,,,, & ),0,0,0,0 0,,,,0,0,0 0. All other lines (Lines, 0,,,,,,, & ),00,,0,,0,,,0,0. Nonproportional reinsurance lines (Lines 0, & ),0,0. Total (Line ),,,,,,,,,,0 Statement of Income (Page ). Net underwriting gain (loss) (Line ),,,,,, (,,0) (,,). Net investment gain (loss) (Line ),,,0,,,,,,,. Total other income (Line ),,,,,,. Dividends to policyholders (Line ). Federal and foreign income taxes incurred (Line ),,,,,,0,,,,. Net income (Line 0),,,, 0,, (,,),,0 Balance Sheet Lines (Pages and ). Total admitted assets excluding protected cell business (Page, Line, Col. ),,,,0,, 0,0,,,0,,0 0. Premiums and considerations (Page, Col. ) 0. In course of collection (Line.) 0,0,,,,,,,,, 0. Deferred and not yet due (Line.),,,,,,0,0,,, 0. Accrued retrospective premiums (Line.). Total liabilities excluding protected cell business (Page, Line ),0, 0,,,,,,0 0,,. Losses (Page, Line ),,,0,,,,,0,,. Loss adjustment expenses (Page, Line ),,,0,00,,,,,0,. Unearned premiums (Page, Line ),,,,,, 0,,,0,. Capital paid up (Page, Lines & ),000,000,000,000,000,000,000,000,000,000. Surplus as regards policyholders (Page, Line ),,,,0,, 0,,00,,0 Risk-Based Capital Analysis. Total adjusted capital,,,,0,, 0,,00,,0. Authorized control level risk-based capital,,,,0,,,, 0,, Percentage Distribution of Cash, Cash Equivalents and Invested Assets (Page, Col. )(Item divided by Page, Line 0, Col. ) x Bonds (Line ) Stocks (Lines. &.) Mortgage loans on real estate (Lines. and.). Real estate (Lines.,. &.). Cash, cash equivalents and short-term investments (Line ) Contract loans (Line ) XXX. Other invested assets (Line ). Receivables for securities (Line ) 0.0. Aggregate write-ins for invested assets (Line ). Cash, cash equivalents and invested assets (Line 0) Investments in Parent, Subsidiaries and Affiliates. Affiliated bonds, (Sch. D, Summary, Line, Col. ) 0. Affiliated preferred stocks (Sch. D, Summary, Line, Col. ). Affiliated common stocks (Sch. D, Summary, Line, Col. ) 0,, 0,,0,,,,,0,00. Affiliated short-term investments (subtotals included in Schedule DA, Part, Col., Line ). Affiliated mortgage loans on real estate. All other affiliated. Total of above Lines to 0,, 0,,0,,,,,0,00. Percentage of investments in parent, subsidiaries and affiliates to surplus as regards policyholders (Line above divided by Page, Col., Line x 00.0)

33 ANNUAL STATEMENT FOR THE YEAR 00 OF THE Navigators Insurance Company Capital and Surplus Accounts (Page ) FIVE-YEAR HISTORICAL DATA 00 (Continued) Net unrealized capital gains (losses) (Line ),,0,00,,,,, (,). Dividends to stockholders (Line ) (,000,000) (,000,000) (,000,000) (,00,000). Change in surplus as regards policyholders for the year (Line ),0, 0,,0,,0,0,,, Gross Losses Paid (Page, Part, Cols. & ) 0. Liability lines (Lines.,.,,.,.,.,.,.,. &.,.),0,,,,,,, 0,,. Property lines (Lines,,,, & ),,,,,0,0,,,,. Property and liability combined lines (Lines,,,, & ),,,,,,,,,,. All other lines (Lines, 0,,,,,,, & ),,0,,,. Nonproportional reinsurance lines (Lines 0, & ),0,,,,,,0. Total (Line ),0,,,,, 0,0,0,, Net Losses Paid (Page, Part, Col. ). Liability lines (Lines.,.,,.,.,.,.,.,. &.,.),,0,,,0,0 0,,,,. Property lines (Lines,,,, & ),0,,0,,0,,0,. Property and liability combined lines (Lines,,,, & ),,,,,0,,,0,,. All other lines (Lines, 0,,,,,,, & ),0 0, 0, 0, 0. Nonproportional reinsurance lines (Lines 0, & ),0,,,,,,0. Total (Line ),0,0,,,0,,,,,0 Operating Percentages (Page ) (Item divided by Page, Line ) x Premiums earned (Line ) Losses incurred (Line ) Loss expenses incurred (Line ) Other underwriting expenses incurred (Line ) Net underwriting gain (loss) (Line ) (.) (.) Other Percentages. Other underwriting expenses to net premiums written (Page, Lines + - divided by Page, Part B, Col., Line x 00.0) Losses and loss expenses incurred to premiums earned (Page, Lines + divided by Page, Line x 00.0) Net premiums written to policyholders' surplus (Page, Part B, Col., Line divided by Page, Line, Col. x 00.0) One Year Loss Development (000 omitted) 0. Development in estimated losses and loss expenses incurred prior to current year (Schedule P, Part - Summary, Line, Col. ) (,0) (0,0),,,. Percent of development of losses and loss expenses incurred to policyholders' surplus of prior year end (Line 0 above divided by Page, Line, Col. x 00.0) (.) (.)... Two Year Loss Development (000 omitted). Development in estimated losses and loss expenses incurred years before the current year and prior year (Schedule P, Part - Summary, Line, Col. ) (,) (,),0,0. Percent of development of losses and loss expenses incurred to reported policyholders' surplus of second prior year end (Line above divided by Page, Line, Col. x 00.0) (.0) (.).. 0.

34 0.GT *000000* ANNUAL STATEMENT FOR THE YEAR 00 OF THE Navigators Insurance Company EXHIBIT OF PREMIUMS AND LOSSES (Statutory Page ) NAIC Group Code 00 BUSINESS IN THE STATE OF Consolidated DURING THE YEAR 00 NAIC Company Code 0 Gross Premiums, Including Policy and 0 Membership Fees Less Return Premiums and Premiums on Policies not Taken Dividends Paid Direct Direct Losses Direct Defense and Cost Direct Defense and Cost Direct Defense and Cost Line of Business Direct Premiums Written Direct Premiums Earned or Credited to Policyholders on Direct Business Unearned Premium Reserves Paid (deducting salvage) Direct Losses Incurred Direct Losses Unpaid Containment Expense Paid Containment Expense Incurred Containment Expense Unpaid Commissions and Brokerage Expenses Taxes, Licenses and Fees. Fire. Allied lines. Multiple peril crop. Federal flood. Farmowners multiple peril. Homeowners multiple peril. Commercial multiple peril (non-liability portion),0,,0,0,,,0,,,, 0,, 0, 0, 0,. Commercial multiple peril (liability portion),00, 0,,,,0,0,,,00, 0,00,,,,,,,. Mortgage guaranty. Ocean marine 0,,,0,,,,,,,,,0,, (,0,),,0,0,0,. Inland marine,,,0,,,0,,,0,,0, 0, 0,, 0. Financial guaranty. Medical malpractice. Earthquake. Group accident and health (b). Credit A & H (group and individual). Collectively renewable A & H (b). Non-cancelable A & H (b). Guaranteed renewable A & H (b). Non-renewable for stated reasons only (b). Other accident only. All other A & H (b). Federal employees health benefits program premium (b). Workers' compensation. Other liability 0,, 0,,,,,,,,,,,,0,0,0,0,0,,,,. Products liability. Private passenger auto no-fault (personal injury protection). Other private passenger auto liability. Commercial auto no-fault (personal injury protection),0 (,0) (,). Other commercial auto liability,,0,0,00,, 0,,,,,0, (,),,00,0. Private passenger auto physical damage. Commercial auto physical damage,,,,,0,0,,,,,0, (,0), 0,,0. Aircraft (all perils),,0,0 (,0) (,0,),0,0, (,) 0,,. Fidelity. Surety,,,00,,,,,,,, 0,0, 0,,,,. Burglary and theft. Boiler and machinery. Credit. Aggregate write-ins for other lines of business. TOTALS (a),,,0,,00,,,0,,,,0,,,,0,,00,0,,, DETAILS OF WRITE-INS Summary of remaining write-ins for Line from overflow page. Totals (Lines 0 through 0 plus ) (Line above) (a) Finance and service charges not included in Lines to $. (b) For health business on indicated lines report: Number of persons insured under PPO managed care products and number of persons insured under indemnity only products

35 ANNUAL STATEMENT FOR THE YEAR 00 OF THE Navigators Insurance Company SCHEDULE A - VERIFICATION BETWEEN YEARS Real Estate. Book/adjusted carrying value, December, prior year. Increase (decrease) by adjustment:. Totals, Part, Column. Totals, Part, Column. Cost of acquired, (Totals, Part, Column, net of encumbrances (Column ) and net of additions and permanent improvements (Column ). Cost of additions and permanent improvements:. Totals, Part, Column. Totals, Part, Column. Total profit (loss) on sales, Part, Column. Increase (decrease) by foreign exchange adjustment:. Totals, Part, Column. Totals, Part, Column. Amounts received on sales, Part, Column and Part, Column. Book/adjusted carrying value at end of current period. Total valuation allowance 0. Subtotal (Lines plus ). Total nonadmitted amounts. Statement value, current period (Page, real estate lines, Net Admitted Assets column) SCHEDULE B - VERIFICATION BETWEEN YEARS Mortgage Loans. Book value/recorded investment excluding accrued interest of mortgages owned, December of prior year. Amount loaned during year:. Actual cost at time of acquisitions. Additional investment made after acquisitions. Accrual of discount and mortgage interest points and commitment fees. Increase (decrease) by adjustment. Total profit (loss) on sale. Amounts paid on account or in full during the year. Amortization of premium. Increase (decrease) by foreign exchange adjustment. Book value/recorded investment excluding accrued interest on mortgages owned at end of current period 0. Total valuation allowance. Subtotal (Lines plus 0). Total nonadmitted amounts. Statement value of mortgages owned at end of current period (Page, mortgage lines, Net Admitted Assets column) SCHEDULE BA - VERIFICATION BETWEEN YEARS Long-Term Invested Assets. Book/adjusted carrying value of long-term invested assets owned, December of prior year. Cost of acquisitions during year:. Actual cost at time of acquisitions. Additional investment made after acquisitions. Accrual of discount. Increase (decrease) by adjustment. Total profit (loss) on sale. Amounts paid on account or in full during the year. Amortization of premium. Increase (decrease) by foreign exchange adjustment. Book/adjusted carrying value of long-term invested assets at end of current period 0. Total valuation allowance. Subtotal (Lines plus 0). Total nonadmitted amounts. Statement value of long-term invested assets at end of current period (Page, Line, Column )

36 ANNUAL STATEMENT FOR THE YEAR 00 OF THE Navigators Insurance Company SCHEDULE D - SUMMARY BY COUNTRY Long-Term Bonds and Stocks OWNED December of Current Year Description Book/Adjusted Carrying Value Fair Value Actual Cost Par Value of Bonds BONDS. United States 00,,,, 00,,0,,0 Governments. Canada (Including all obligations guaranteed. Other Countries,,,,,0,,00,000 by governments). Totals 0,, 0,0, 0,,,,0 States, Territories and Possessions. United States 0,00,00,0, 0,,,,000 ( guaranteed). Canada. Other Countries. Totals 0,00,00,0, 0,,,,000 Political Subdivisions of States,. United States,,,,,,,0,000 Territories and Possessions 0. Canada ( guaranteed). Other Countries. Totals,,,,,,,0,000 Special revenue and special assessment obligations and all non-guaranteed. United States,,,,,0,00 0,, obligations of agencies and authorities of. Canada governments and their political subdivisions. Other Countries. Totals,,,,,0,00 0,, Public Utilities (unaffiliated). United States,,,,,,,0,000. Canada. Other Countries,,,, Totals,0,,0,,,,,000 Industrial and Miscellaneous and Credit Tenant. United States,,00 0,0,0,,,0, Loans (unaffiliated). Canada,0,,,0,,,,000. Other Countries,0,,,0,,0,,000. Totals 0,00,0 0,0, 0,,0 0,0, Parent, Subsidiaries and Affiliates. Totals PREFERRED STOCKS. United States Public Utilities (unaffiliated). Canada. Other Countries. Total Bonds,,,,,,,,0 0. Totals Banks, Trust and Insurance Companies. United States (unaffiliated). Canada. Other Countries. Totals Industrial and Miscellaneous (unaffiliated). United States. Canada. Other Countries. Totals Parent, Subsidiaries and Affiliates. Totals 0. Total Preferred Stocks COMMON STOCKS. United States,,0,,0,, Public Utilities (unaffiliated). Canada. Other Countries. Totals,,0,,0,, Banks, Trust and Insurance Companies. United States,,,,,,0 (unaffiliated). Canada. Other Countries,,,. Totals,,,,,, Industrial and Miscellaneous (unaffiliated). United States,,0,,0,0, 0. Canada. Other Countries,0,,0,,,. Totals 0,, 0,,,, Parent, Subsidiaries and Affiliates. Totals 0,, 0,,,,. Total Common Stocks,0,0,0,0,,. Total Stocks,0,0,0,0,,. Total Bonds and Stocks,,,0,,0,0,0,0,0 SCHEDULE D - VERIFICATION BETWEEN YEARS Bonds and Stocks. Book/adjusted carrying value of bonds and stocks, prior year,,. Amortization of premium,,0. Cost of bonds and stocks acquired, Column, Part,,. Foreign Exchange Adjustment:. Accrual of discount,,0. Column, Part. Increase (decrease) by adjustment:. Column, Part, Sec.. Columns -, Part (0,00). Column, Part, Sec.. Columns -, Part, Sec.. Column, Part. Column, Part, Sec.,,. Book/adjusted carrying value at end of current period,,,0. Columns -, Part (,0),,00 0. Total valuation allowance. Total gain (loss), Column, Part (,). Subtotal (Lines plus 0),,,0. Deduct consideration for bonds and stocks disposed of. Total nonadmitted amounts Column, Part,,. Statement value of bonds and stocks, current period,,,0

37 ANNUAL STATEMENT FOR THE YEAR 00 OF THE Navigators Insurance Company SCHEDULE D - PART A - SECTION Quality and Maturity Distribution of All Bonds Owned December, at Book/Adjusted Carrying Values by Major Types of Issues and NAIC Designations Over Year Through Over Years Through Over 0 Years Col. as a Total from Col. Years 0 Years Through 0 Years Over 0 Years Total Current Year % of Line 0. Prior Year % From Col. Prior Year 0 Total Publicly Traded Quality Rating per the NAIC Designation Year or Less. U.S. Governments, Schedules D & DA (Group ). Class,,,,,0,0,0, 0,,0,,00.,0,.,,000. Class. Class. Class. Class. Class. Totals,,,,,0,0,0, 0,,0,,00.,0,.,,000. All Other Governments, Schedules D & DA (Group ). Class,0,0,,,, 0.,0 0.,,. Class. Class. Class. Class. Class. Totals,0,0,,,, 0.,0 0.,,. States, Territories and Possessions etc., Guaranteed, Schedules D & DA (Group ). Class,0,,0,,,,,0 0, 0,00,00.,,. 0,00,00. Class. Class. Class. Class. Class. Totals,0,,0,,,,,0 0, 0,00,00.,,. 0,00,00. Political Subdivisions of States, Territories and Possessions, Guaranteed, Schedules D & DA (Group ). Class,0,,,,,,,,,,.0,,.0,,. Class. Class. Class. Class. Class. Totals,0,,,,,,,,,,.0,,.0,,. Special Revenue & Special Assessment Obligations etc., Non-Guaranteed, Schedules D & DA (Group ). Class,,0,,,,,,0,,,,0.,,.,,0. Class 0,0,,,0,, 0.,, 0.,,. Class. Class. Class. Class. Totals,,0,,,,0,,,,,,.,,.,, Total Privately Placed (a)

38 ANNUAL STATEMENT FOR THE YEAR 00 OF THE Navigators Insurance Company SCHEDULE D - PART A - SECTION (continued) Quality and Maturity Distribution of All Bonds Owned December, at Book/Adjusted Carrying Values by Major Types of Issues and NAIC Designations Over Year Through Over Years Through Over 0 Years Col. as a Total from Col. Years 0 Years Through 0 Years Over 0 Years Total Current Year % of Line 0. Prior Year % From Col. Prior Year 0 Total Publicly Traded Total Privately Placed (a) Quality Rating per the NAIC Designation Year or Less. Public Utilities (Unaffiliated), Schedules D & DA (Group ). Class,,,,, 0,,.,,0.,, 0,. Class,,,0,,,0, 0.,, 0.,0,. Class. Class. Class. Class. Totals,,,0,,,,,0,.,,.,0, 0,. Industrial & Miscellaneous (Unaffiliated), Schedules D & DA (Group ). Class,,,, 0,,,,,0,,00,.0,,.,,,,. Class 0,,,,,,,,,,,.,,.,,,,. Class. Class. Class. Class. Totals,,00 0,,,,0,,0,, 0,,0.,0,.,,0,,0. Credit Tenant Loans, Schedules D & DA (Group ). Class. Class. Class. Class. Class. Class. Totals. Parent, Subsidiaries and Affiliates, Schedules D & DA (Group ). Class. Class. Class. Class. Class. Class. Totals

39 ANNUAL STATEMENT FOR THE YEAR 00 OF THE Navigators Insurance Company SCHEDULE D - PART A - SECTION (continued) Quality and Maturity Distribution of All Bonds Owned December, at Book/Adjusted Carrying Values by Major Types of Issues and NAIC Designations Over Year Through Over Years Through Over 0 Years Col. as a Total from Col. Years 0 Years Through 0 Years Over 0 Years Total Current Year % of Line 0. Prior Year % From Col. Prior Year 0 Total Publicly Traded Total Privately Placed (a) Quality Rating per the NAIC Designation Year or Less 0. Total Bonds Current Year 0. Class 0,,,0,,0,,,,,,,00. XXX XXX,,0,0, 0. Class,0,,,0 0,,0,,,,,,0. XXX XXX,0,0,, 0. Class XXX XXX 0. Class XXX XXX 0. Class (c) XXX XXX 0. Class (c) XXX XXX 0. Totals 0,,,,,,,,,, (b),, 00.0 XXX XXX,0,,,0 0. Line 0. as a % of Col XXX XXX XXX... Total Bonds Prior Year. Class 0,,0,,0,,0,,,, XXX XXX,0,.,,0,,0. Class,,,,,,,,0, XXX XXX,0,.,,0,,0. Class XXX XXX. Class XXX XXX. Class XXX XXX (c). Class XXX XXX (c). Totals 0,, 0,,,,,,0,, XXX XXX (b),, 00.0,,,0,. Line. as a % of Col XXX XXX 00.0 XXX... Total Publicly Traded Bonds. Class 0,,,,,,,,0,,0,,.,,0.,, XXX. Class,0,,,,,,,,,,0,0.,,0.,0,0 XXX. Class XXX. Class XXX. Class XXX. Class XXX. Totals 0,,,,,,0 0,,,,,0,.,,.,0, XXX. Line. as a % of Col XXX XXX XXX 00.0 XXX. Line. as a % of Line 0., Col., Section XXX XXX XXX. XXX. Total Privately Placed Bonds. Class,,0,,,,,,,,,0,0.,,0. XXX,0,0. Class,0,,,0,, 0.,,0 0. XXX,,. Class XXX. Class XXX. Class XXX. Class XXX. Totals,,0 0,,,,,,,,,,.,0,. XXX,,. Line. as a % of Col XXX XXX XXX XXX Line. as a % of Line 0., Col., Section XXX XXX XXX XXX. (a) Includes $,, freely tradable under SEC Rule or qualified for resale under SEC Rule A. (b) Includes $ current year, $ prior year of bonds with Z designations and $, current year, $ Securities Valuation Office (SVO) at the date of the statement. Z* means the SVO could not evaluate the obligation because valuation procedures for the security class is under regulatory review. (c) Includes $ prior year of bonds with * designations and current year, $ $ reliance on the insurer s certification that the issuer is current in all principal and interest payments. * means the NAIC designation was assigned by the SVO due to inadequate certification of principal and interest payments. prior year of bonds with Z* designations. The letter Z means the NAIC designation was not assigned by the, current year, $ prior year of bonds with * designations. * means the NAIC designation was assigned by the SVO in

40 ANNUAL STATEMENT FOR THE YEAR 00 OF THE Navigators Insurance Company SCHEDULE D - PART A - SECTION Maturity Distribution of All Bonds Owned December, at Book/Adjusted Carrying Values by Major Type and Subtype of Issues Over Year Over Years Over 0 Years Col. as a % Year or Less Through Years Through 0 Years Through 0 Years Over 0 Years Total Current Year of Line 0. Total from Col Prior Year % From Col. Prior Year 0 Total Publicly Traded Distribution by Type. U.S. Governments, Schedules D & DA (Group ). Issuer Obligations,,,,,,,,,,,,.,,0.,,. Single Class Mortgage-Backed/Asset-Backed Securities,,,,,,,,,,,,.,, 0.,,. Totals,,,,0,0,,0, 0,,0,,00.,0,.,,000. All Other Governments, Schedules D & DA (Group ). Issuer Obligations,0,0,,,, 0.,0 0.,,. Single Class Mortgage-Backed/Asset-Backed Securities MULTI-CLASS RESIDENTIAL MORTGAGE-BACKED SECURITIES. Defined. Other MULTI-CLASS COMMERCIAL MORTGAGE-BACKED/ASSET- BACKED SECURITIES. Defined. Other. Totals,0,0,,,, 0.,0 0.,,. States, Territories, and Possessions Guaranteed, Schedules D & DA (Group ). Issuer Obligations,0,,0,,,,,0 0, 0,00,00.,,0. 0,00,00. Single Class Mortgage-Backed/Asset-Backed Securities,,0 MULTI-CLASS RESIDENTIAL MORTGAGE-BACKED SECURITIES. Defined. Other MULTI-CLASS COMMERCIAL MORTGAGE-BACKED/ASSET- BACKED SECURITIES. Defined. Other. Totals,0,,0,,,,,0 0, 0,00,00.,,. 0,00,00. Political Subdivisions of States, Territories and Possessions, Guaranteed, Schedules D & DA (Group ). Issuer Obligations,0,,,,,,,,,,.0,0,.0,,. Single Class Mortgage-Backed/Asset-Backed Securities, MULTI-CLASS RESIDENTIAL MORTGAGE-BACKED SECURITIES. Defined. Other MULTI-CLASS COMMERCIAL MORTGAGE-BACKED/ASSET- BACKED SECURITIES. Defined. Other. Totals,0,,,,,,,,,,.0,,.0,,. Special Revenue & Special Assessment Obligations etc., Non-Guaranteed, Schedules D & DA (Group ). Issuer Obligations 0,,,0,,,,0, 0,, 0,,.,, 0. 0,,. Single Class Mortgage-Backed/Asset-Backed Securities,,,,,,0,,00,,,,.,,.,, MULTI-CLASS RESIDENTIAL MORTGAGE-BACKED SECURITIES. Defined,,,,,0,,0,.,, 0.,0,. Other MULTI-CLASS COMMERCIAL MORTGAGE-BACKED/ASSET- BACKED SECURITIES. Defined,0,0,,0,,,0, ,0,0. Other. Totals,,0,,,,0,,,,,,.,,.,, Total Privately Placed

41 ANNUAL STATEMENT FOR THE YEAR 00 OF THE Navigators Insurance Company Distribution by Type Year or Less SCHEDULE D - PART A - SECTION (continued) Maturity Distribution of All Bonds Owned December, at Book/Adjusted Carrying Values by Major Type and Subtype of Issues Over Year Through Over Years Over 0 Years Col. as a Total from Col. Years Through 0 Years Through 0 Years Over 0 Years Total Current Year % of Line 0. Prior Year % From Col. Prior Year 0 Total Publicly Traded Total Privately Placed. Public Utilities (Unaffiliated), Schedules D & DA (Group ). Issuer Obligations,,,0,,,,,0,.,,.,0, 0,. Single Class Mortgage-Backed/Asset-Based Securities MULTI-CLASS RESIDENTIAL MORTGAGE- BACKED SECURITIES. Defined. Other MULTI-CLASS COMMERCIAL MORTGAGE- BACKED/ASSET-BACKED SECURITIES. Defined. Other. Totals,,,0,,,,,0,.,,.,0, 0,. Industrial & Miscellaneous (Unaffiliated), Schedules D & DA (Group ). Issuer Obligations,,,00,,,,,,,,0,.,,. 0,0,0,,. Single Class Mortgage-Backed/Asset-Based Securities MULTI-CLASS RESIDENTIAL MORTGAGE- BACKED SECURITIES. Defined,0,0 0,,,,,,. 0,,0.,,. Other,, , MULTI-CLASS COMMERCIAL MORTGAGE- BACKED/ASSET-BACKED SECURITIES. Defined,0,,,,0 0,,0,0,0,.,,.,,0,,0. Other,,,0,,,0,,0.,,.,,,0,0. Totals,,00 0,,,,0,,0,, 0,,0.,0,.,,0,,0. Credit Tenant Loans, Schedules D & DA (Group ). Issuer Obligations. Totals. Parents, Subsidiaries and Affiliates, Schedules D & DA (Group ). Issuer Obligations. Single Class Mortgage-Backed/Asset-Based Securities MULTI-CLASS RESIDENTIAL MORTGAGE- BACKED SECURITIES. Defined. Other MULTI-CLASS COMMERCIAL MORTGAGE- BACKED/ASSET-BACKED SECURITIES. Defined. Other. Totals

42 ANNUAL STATEMENT FOR THE YEAR 00 OF THE Navigators Insurance Company SCHEDULE D - PART A - SECTION (continued) Maturity Distribution of All Bonds Owned December, at Book/Adjusted Carrying Values by Major Type and Subtype of Issues Over Year Over Years Over 0 Years Total Year or Less Through Years Through 0 Years Through 0 Years Over 0 Years Current Year Col. as a % of Line 0. Total From Col. Prior Year % From Col. Prior Year 0 Total Publicly Traded Total Privately Placed Distribution by Type 0. Total Bonds Current Year 0. Issuer Obligations,,0,,,,0,,,,00,, 0. XXX XXX,,,,0 0. Single Class Mortgage-Backed/Asset-Backed Securities,0,0,,,,,,,,,0, 0.0 XXX XXX,0, MULTI-CLASS RESIDENTIAL MORTGAGE-BACKED SECURITIES 0. Defined,,,0,,,,,. XXX XXX,, 0. Other,, 0.0 XXX XXX, MULTI-CLASS COMMERCIAL MORTGAGE-BACKED/ASSET-BACKED SECURITIES 0. Defined,,,,,,,,0,0,,0. XXX XXX 0,,,,0 0. Other,,,0,,,0,,0. XXX XXX,,,0,0 0. Totals 0,,,,,,,,,,,, 00.0 XXX XXX,0,,, 0. Line 0. as a % of Col XXX XXX XXX... Total Bonds Prior Year. Issuer Obligations,0,,0,0,,,0,,,0 XXX XXX,,.,,,,. Single Class Mortgage-Backed/Asset-Backed Securities,, 0,,0,,,0,,, XXX XXX,0,.,0, MULTI-CLASS RESIDENTIAL MORTGAGE-BACKED SECURITIES. Defined,,,,,,,,,, XXX XXX,0,0.,0,0. Other XXX XXX 0. MULTI-CLASS COMMERCIAL MORTGAGE-BACKED/ASSET-BACKED SECURITIES. Defined,,,0,,00, 0, XXX XXX,,.,0, 0,. Other,0,00,,0,0,0 XXX XXX,,.,,,,. Totals 0,, 0,,,,,,0,, XXX XXX,, 00.0,,0,0,. Line. as a % of Col XXX XXX 00.0 XXX... Total Publicly Traded Bonds. Issuer Obligations,, 0,,,,,,,,,,.,,.,, XXX. Single Class Mortgage-Backed/Asset-Backed Securities,0,0,,,,,,,,,0, 0.0,0,.,0, XXX MULTI-CLASS RESIDENTIAL MORTGAGE-BACKED SECURITIES. Defined,,,0,,,,,.,0,0.,, XXX. Other,, , XXX MULTI-CLASS COMMERCIAL MORTGAGE-BACKED/ASSET-BACKED SECURITIES. Defined,,,,,,, 0,,.,0,. 0,, XXX. Other,0,0,0,,,0,,.0,,.,, XXX. Totals 0,,,,,,0 0,,,,,0,.,,0.,0, XXX. Line. as a % of Col XXX XXX XXX 00.0 XXX. Line. as a % of Line 0., Col., Section XXX XXX XXX. XXX. Total Privately Placed Bonds. Issuer Obligations,,,,,,,,,,0.,,. XXX,,0. Single Class Mortgage-Backed/Asset-Backed Securities XXX MULTI-CLASS RESIDENTIAL MORTGAGE-BACKED SECURITIES. Defined XXX. Other XXX MULTI-CLASS COMMERCIAL MORTGAGE-BACKED/ASSET-BACKED SECURITIES. Defined 0,,0,0,,0 0. 0, 0.0 XXX,,0. Other,,,,,0,0 0.,, 0. XXX,0,0. Totals,,0 0,,,,,,,,,,.,0,. XXX,,. Line. as a % of Col XXX XXX XXX XXX Line. as a % of Line 0., Col., Section XXX XXX XXX XXX.

43 ANNUAL STATEMENT FOR THE YEAR 00 OF THE Navigators Insurance Company SCHEDULE DA - PART - VERIFICATION BETWEEN YEARS Short-Term Investments Total Bonds Mortgage Loans Other Short-term Investment Assets(a) Investments in Parent, Subsidiaries and Affiliates. Book/adjusted carrying value, prior year,,,,. Cost of short-term investments acquired,0,,0,. Increase (decrease) by adjustment,,. Increase (decrease) by foreign exchange adjustment. Total profit (loss) on disposal of short-term investments 0,0 0,0. Consideration received on disposal of short-term investments,,,,. Book/adjusted carrying value, current year,,0,,0. Total valuation allowance. Subtotal (Lines plus ),,0,,0 0. Total nonadmitted amounts. Statement value (Lines minus 0),,0,,0. Income collected during year,,. Income earned during year 0,0 0,0 (a) Indicate the category of such assets, for example, joint ventures, transportation equipment:

44 0 ANNUAL STATEMENT FOR THE YEAR 00 OF THE Navigators Insurance Company SCHEDULE DB - PART A - VERIFICATION BETWEEN YEARS Options, Caps, Floors and Insurance Futures Options Owned. Book value, December, prior year (Line, prior year). Cost/Option Premium (Section, Column ). Increase/(Decrease) by Adjustment (Section, Column )+(Section, Column ). Gain/(Loss) on Termination:. Recognized (Section, Column ). Used to Adjust Basis of Hedged Item (Section, Column ). Consideration Received on Terminations (Section, Column ). Used to Adjust Basis on Open Contracts (Section, Column ). Disposition of Deferred Amount on Contracts Terminated in Prior Year:. Recognized. Used to Adjust Basis of Hedged Item. Book value, December, current year (Lines ) SCHEDULE DB - PART B - VERIFICATION BETWEEN YEARS Options, Caps, Floors and Insurance Futures Options Written. Book value, December, prior year (Line, prior year),. Consideration received (Section, Column ). Increase/(Decrease) by Adjustment (Section, Column )+(Section, Column ). Gain/(Loss) on Termination:. Recognized (Section, Column ),. Used to Adjust Basis (Section, Column ),. Consideration Paid on Terminations (Section, Column ). Used to Adjust Basis on Open Contracts (Section, Column ). Disposition of Deferred Amount on Contracts Terminated in Prior Year:. Recognized. Used to Adjust Basis. Book value, December, current year

45 ,, ANNUAL STATEMENT FOR THE YEAR 00 OF THE Navigators Insurance Company Schedule DB - Part C - VBY Schedule DB - Part D - VBY Schedule DB - Part E - VBY Schedule DB - Part F - Section Schedule DB - Part F - Section

46 ANNUAL STATEMENT FOR THE YEAR 00 OF THE Navigators Insurance Company Federal ID Number SCHEDULE F - PART Assumed Reinsurance as of December, Current Year (000 Omitted) Reinsurance On 0 Amount of Assets Pledged or Funds Held By or Compensating NAIC Paid Losses and Contingent Assumed Deposited With Balances to Company Domiciliary Assumed Loss Adjustment Known Case Commissions Premiums Unearned Reinsured Letters of Credit Secure Letters Code Name of Reinsured Jurisdiction Premium Expenses Losses and LAE Cols. + Payable Receivable Premium Companies Posted of Credit - 0 NIC Insurance Company NY,,,, 0 - Total - Affiliates - U.S. Non-Pool,,,, AA- Lloyd's Syndicate # GB 0 - Total - Affiliates - Other (Non-U.S.) 0 - Total - Affiliates,,,, -00 Employers Mutual Casualty Company IA 0-0 Evanston Insurance Company IL Farmers Mutual Hail Insurance Corp of Io IA - Folksamerica Rein Co NY -00 Great American Insurance Company OH 0-00 Harlysville Mutual Insurance Company PA K-M Ins Co OK Lumbermans Ins Co MA,, - Midland Insurance Co NY,, National Indemnity Re CT,0,0-00 National Union Fire Ins NY -000 Northwestern Natl Ins Co WI,, -00 Pennsylvania Lumbermans Mutual Ins. Co. PA -0 Ranger Insurance Company TX,0,0-000 Reliance Insurance Co PA Republic Ins Co NY,0,0 0 - Swiss Re America Corp NY The Insurance Corporation of New York NY (),, 0-0 Worcester Insurance Co. MA - Zurich American Ins Co NY Other U.S. Unaffil Insurers - Reins Col < 00, Total - Other U.S. Unaffiliated Insurers,, Pools and Associations - Reins Col < 00, Total - Pools, Associations - Mandatory Pools AA-0 LDG Re Underwriters Occupational A&H Fac MA Pools and Associations - Reins Col < 00, Total - Pools, Associations - Voluntary Pools Total - Pools and Associations 0 0 AA-00 AGF - MAT FR AA-0 ALVADA INS. INC. BM AA-00 Anglo-American Insurance GB 0 0 AA-0 Arig GB AA-0 Astro Ltd BM AA-00 Aviafrance FR AA-00 AXA Global Risks (Paris) FR AA-0 Bermaco BM,, AA-000 BHP Marine & General Insurances GB (),, AA-00 Bituach Haklai Central Cooperative Socie IS AA-00 Cavalier Insurance Co GB AA-000 China Ins Co HK,,, (0) AA-0 China Pacific Insurance Co CA AA-0 Compagnie Centrale de Rea AE AA-0 Cornhill Insurance Plc GB AA-0 Cruz Suza Compania De Seguros AG AA-0 Dalacfes Ins Co RU AA-000 Deutscher Luftpool GW () AA-00 Dhipaya Insurance Company LTD TH AA Ensa AO 0 AA-00 Ethniki Hellenic Insurance Co. SA GR 0 0 AA-00 Fubron Insurance Co Ltd TW (0) 0 AA-00 Gerling Konzern GW Amount of Assets Pledged or Collateral Held in Trust

47 ANNUAL STATEMENT FOR THE YEAR 00 OF THE Navigators Insurance Company. Federal ID Number SCHEDULE F - PART Assumed Reinsurance as of December, Current Year (000 Omitted) Reinsurance On 0 Amount of Assets Pledged or Funds Held By or Compensating NAIC Paid Losses and Contingent Assumed Deposited With Balances to Company Domiciliary Assumed Loss Adjustment Known Case Commissions Premiums Unearned Reinsured Letters of Credit Secure Letters Code Name of Reinsured Jurisdiction Premium Expenses Losses and LAE Cols. + Payable Receivable Premium Companies Posted of Credit AA-00 Hellenic Mutual War Risks Association BM, 0 AA-00 Hyundai Marine & Fire Insurance Co KR, AA-000 IF P & C Insurance SE AA-0 IRB Inst de Ress Do Brazil BR,,, AA-0 Jamestown Insurance Company BM 0 0 AA-000 Korean Reinsurance Co. KR 0 0 AA-0 Kot Insurance Company LTD BM, AA-0 Kuwait Insurance Company KW 0 AA-0 La Previsora S.A. Compania De Seguros CK () 0 AA-000 La Reunion Aerienne FR AA-00 La Seguridad VE AA-00 Liberty Seguros CK () AA-000 Lloyd's of London GB,0,0 (0) AA-000 Malayan Insurance Company Inc. MY 0 AA-00 Malaysia National Ins Berhad MY 0 AA-0 Mapfre Aconcagua ca de Seguros AG AA-00 Mapfre Seguros De Colombia CK AA-0 Menorah Insurance Company IS AA-000 Meritz Fire & Marine Insurance Co LTD KR AA-000 Ming An Insurance Company (H.K.)Ltd. HK () AA-0 Musini Spad Mutua de Segu ES,0,0 AA-000 National Insurance Corp NR 0 0 AA-00 New Hampshire Insurance Company GB,, AA-0 Omnium Ins & Reinsurance BM AA-0 Pakistan Re PK AA-000 Peoples Insurance Company CC AA-000 Polygon Insurance Company GB AA-0 PT Tugu Pratama Indonesia ID,,, () 0 AA-00 Red Sea Insurance E.C. SA AA-000 Royal Insurance Corp GB AA-000 Sasa Assicurazioni Riassicurazioni SA IT AA-000 Seguros del Comercia SA CK (0) AA-00 Seguros Interamerica SA MX 0 AA-000 Smedvig Insurance BM 0 AA-00 Societa Italiana Assicura IT () AA-00 Societa Navale di Assicurazioni IT AA-00 Sompo Japan Insurance JP 0 0 AA-000 Tai Ping Ins. Co. Ltd. TW 0 0 AA-00 Taiwan Insurance Co TW AA-000 Takaful Islamic Insurance BN () AA-000 The Deves Insurance Public Company TH AA-00 The West of England Ship Owners Mutual I GB AA-000 Tokio Fire and Marine Insurance Co. Ltd. JP 0 AA-0 UMS Generali Marine IT,,, AA-0 United India IN,0,0 AA-00 United Reinsurnace Company IE AA-000 Zurich Specialities London Ltd. GB 0 - Other Non-U.S. Insurers - Reins Col < 00,000,,0,0,, 0 - Total - Other Non-U.S. Insurers 0,,0,0,0,0 Totals,0,,, 0,0 0 Amount of Assets Pledged or Collateral Held in Trust

48 ANNUAL STATEMENT FOR THE YEAR 00 OF THE Navigators Insurance Company Federal ID Number NAIC Company Code SCHEDULE F - PART Premium Portfolio Reinsurance Effected or (Canceled) during Current Year Name of Company Date of Contract Original Premium Reinsurance Premium

49 ANNUAL STATEMENT FOR THE YEAR 00 OF THE Navigators Insurance Company Federal ID Number SCHEDULE F - PART Ceded Reinsurance as of December, Current Year (000 Omitted) Reinsurance Recoverable On Reinsurance Payable Reinsurance 0 Contracts Net Amount Ceding % Recoverable or More of Other From NAIC Direct Reinsurance Known Case Known Case Contingent Cols. Ceded Amounts Reinsurers Company Domiciliary Premiums Premiums Paid Paid Loss LAE IBNR Loss IBNR LAE Unearned Commissions thru Balances Due to Cols. - Code Name of Reinsurer Jurisdiction Written Ceded Losses LAE Reserves Reserves Reserves Reserves Premiums Totals Payable Reinsurers [ + ] AA- Lloyd's Syndicate # GB 0 () 0 - Authorized - Affiliates - Other (Non-U.S.) 0 () 0 - Total - Authorized - Affiliates 0 () Ace Property and Casualty Insurance Comp CT,00,0,,0,,,, 0-0 Alea North America Insurance Company CT,,,, - 00 American Agricultural Ins. Co. IL,0,,,0, Arch Reinsurance Company CT,,0,,,0,,0,,, -0 Atlantic Mutual Insurance Company NJ (0) - AXA Corporate Solution Reinsurance Co. DE () 00 0 () AXA Insurance Co. NY () Berkley Insurance Company DE 0, 0,0,,,,00-0 Berkley Regional Insurance Company CT 0,0 0,0-00 Clearwater Insurance Co CT Continental Insurance Co. IL Converium Reins North Amer Inc CT 0 0,0 0,0, -00 Employers Mutual Casualty Company IA (0), ,0,0-00 Employers Reinsurance Corporation KS () 0-00 Endurance Reinsurance Corp of America NY,0 0,0,,0 0,,0-000 Everest Reinsurance Company NJ, 0,,,0,,,,, -00 Farmers Mutual Hail Insurance Corp of Io IA - 0 Federal Insurance Co. NJ,,,0,,, -00 Fireman's Fund Insurance Company CA Folksamerica Reinsurance Company NY,,,0 0,,,0, - GE Reinsurance Corporation IL,,,,,,0,0, General Reinsurance Corporation CT 0,,,0,,0,0,0, 0,,, -0 General Security National Ins Co NY 0 () 0-00 Hartford Fire Insurance Company CT () Houston Casualty Company TX,,,0 (),0-0 0 Markel Insurance Company VA Metropolitan Direct Property & Causualty RI Munich Reinsurance America Inc. DE,,, 0, 0,,0,00, National Indemnity Company CT,,,,,,, National Liability & Fire Insurance Comp CT,0 0,0 0,,00 0, -00 Nationwide Mutual Insurance Co OH Odyssey American Reinsurance Corporation CT,,0,, -0 Partner Reinsurance Company of the U.S. CT,,0 00,,,0,,0,0, -00 Pennsylvania Lumbermans Mutual Ins. Co. PA () 0 (0) - 0 Platinum Underwriters Re MD 0,0 0,,0,,0,,,, -0 PMA Capital Insurance Company PA Republic Insurance Company TX Scor Reinsurance Company NY () 0,, (), Shelter Mutual Insurance Company MO (0) 0 () -0 Sompo Japan Insurance Co of America NY St. Paul Fire & Marine Insurance Company MN 0 00,, - Swiss Reinsurance America Corporation NY,00,0,0,,,,,, - Toa Reinsurance Company of America NJ,,0,,,00 - Transatlantic Reinsurance Company NY,0, 0,0 0,0,0,, 0, -0 0 XL Reinsurance America Inc. CT 0,0 0,,,,,,0 0 - Other U.S. Unaffil Insurers (Under $00,000) 0 0 () 0 - Authorized - Other U.S. Unaffiliated Insurers,,,0,,, 0,00,,,, AA-0 Aspen Insurance UK Ltd. GB Axis Reinsurance Company GA,0 0,,,0 AA-0 Hannover Ruckversicherung GW 0,0,,,, AA-000 Lloyd's of London GB,,0,0 0,0,0 0,,0 AA- Lloyd's Syndicate # GB,,,, AA-0 Lloyd's Syndicate #0 GB,0 0 Funds Held By Company Under Reinsurance Treaties

50 ANNUAL STATEMENT FOR THE YEAR 00 OF THE Navigators Insurance Company. Federal ID Number SCHEDULE F - PART Ceded Reinsurance as of December, Current Year (000 Omitted) Reinsurance Recoverable On Reinsurance Payable Reinsurance 0 Contracts Net Amount Ceding % Recoverable or More of Other From NAIC Direct Reinsurance Known Case Known Case Contingent Cols. Ceded Amounts Reinsurers Company Domiciliary Premiums Premiums Paid Paid Loss LAE IBNR Loss IBNR LAE Unearned Commissions thru Balances Due to Cols. - Code Name of Reinsurer Jurisdiction Written Ceded Losses LAE Reserves Reserves Reserves Reserves Premiums Totals Payable Reinsurers [ + ] AA-0 Lloyd's Syndicate #0 GB AA- Lloyd's Syndicate # GB (0) 0 0,00 (), AA- Lloyd's Syndicate # GB,,,0 AA-0 Lloyd's Syndicate #0 GB () 0 00 AA- Lloyd's Syndicate # GB AA-00 Lloyd's Syndicate #00 GB, 0 AA-00 Lloyd's Syndicate #00 GB 0 AA- Lloyd's Syndicate # GB () 0 AA- Lloyd's Syndicate # GB 0 0 AA- Lloyd's Syndicate # GB AA- Lloyd's Syndicate # GB AA-000 Lloyd's Syndicate #000 GB, 0 0 AA- Lloyd's Syndicate # GB AA-00 Lloyd's Syndicate # GB,,0,,0,0 AA- Lloyd's Syndicate # GB,,,,,0 AA-0 Lloyd's Syndicate #0 GB,0, AA- Lloyd's Syndicate # GB, 0,0 (), AA- Lloyd's Syndicate # GB () () AA-0 Lloyd's Syndicate #0 GB 0 0 AA- Lloyd's Syndicate # GB AA- Lloyd's Syndicate # GB () AA-0 Lloyd's Syndicate #0 GB () 0 AA-0 Lloyd's Syndicate # GB () 0 0 (0) 0 AA-0 St Paul Reinsurance Company Ltd. (UK Cor GB Authorized - Other Non-U.S. Insurers (Under $00,000) () () () 0 - Authorized - Other Non-U.S. Insurers,0,,0, 0 0,,,,0,0,,,0 0 - Total - Authorized,0,,,,,0, 0,00,0,,00,,0 - Total - Unauthorized - Affiliates -0 Farm Bureau Mutual Insurance Company IA () 0 (0) Tamalpais NV,,,,,0, - Unauthorized - Other U.S. Unaffiliated Insurers (Under $00,000) Unauthorized - Other U.S. Unaffiliated Insurers,0,,0,,0, AA-0 Allianz Syndicate, Inc. NY AA-00 C.N.A Marine NJ AA-0 First State Syndicate NY AA- NRG America Syndicate Inc. NY - Unauthorized - Pools - Voluntary Pools AA-00 A.G.F. Assurances Generales De France I. FR 0 () AA-000 Aioi Insurance Company Ltd. JP (),00 00, (), AA-0 Alea London Ltd. GB 0 0 AA-0 Allianz Cornhill Insurance GB AA-00 Allianz Marine & Aviation Vers GW,,, 0, AA-000 Allianz Suisse Vers. Ges. AG SZ, 0 0, (), AA- Allied World Assurance Company, Ltd BM, (,),,,,0 AA- Arch Reinsurance Limited BM,0, 0,0,,,,, AA-0 Ariel Reinsurance Company Ltd. BM AA-00 Assicurazioni Generali S.P.A. IT 0 0 AA-00 Axa Corporate Solutions FR 0 00,0,0 AA-0 AXA Insurance UK plc GB 0 0,0 0 AA-0 AXA Reinsurance UK Plc GB 0 0,, AA-00 AXA Versicherung AG GW 0 () 0 0 () AA- AXIS Re Europe IE AA-00 Cigna International Reinsurance Co., Ltd BM 0,, AA-0 CNA Insurance Co ( Europe) Ltd. GB AA-0 CNA Reinsurance Co. Ltd. GB 0 0 AA-00 Converium AG SZ,0 0,0 Funds Held By Company Under Reinsurance Treaties

51 ANNUAL STATEMENT FOR THE YEAR 00 OF THE Navigators Insurance Company. Federal ID Number SCHEDULE F - PART Ceded Reinsurance as of December, Current Year (000 Omitted) Reinsurance Recoverable On Reinsurance Payable Reinsurance 0 Contracts Net Amount Ceding % Recoverable or More of Other From NAIC Direct Reinsurance Known Case Known Case Contingent Cols. Ceded Amounts Reinsurers Company Domiciliary Premiums Premiums Paid Paid Loss LAE IBNR Loss IBNR LAE Unearned Commissions thru Balances Due to Cols. - Code Name of Reinsurer Jurisdiction Written Ceded Losses LAE Reserves Reserves Reserves Reserves Premiums Totals Payable Reinsurers [ + ] AA-00 E&S Reinsurance (Ireland) Ltd. IE () ,0,0, AA- Endurance Worldwide Insurance Limited GB 0 AA-000 Europa Ruckversicherungs AG GW () 00,00,00 AA-0 Everest Reinsurance Bermuda Ltd BM (0) AA-00 Excess Insurance Co. Ltd. GB 0 0 AA-00 GAN Minster Insurance Co Ltd. GB 0 0 AA-000 GE Frankona Ruckversicherungs Ag GW,, 0,,,, AA-0 GE Speciality Insurance GB AA-0 General Cologne Re GW () 0 AA-00 General Insurance Corp. of India IN () 00 () AA-00 Gerling - Konzern Globale Rueckversichru GW (0) 0 () AA-00 Gerling Global General & Reinsurance Co. GB AA- Glacier Reinsurance AG SZ,0 0,, AA-00 Government Insurance Office of New South AT,00 0, 00, AA-00 Hannover Re (Ireland) IR (0),0,00,,,0 AA-00 Insurance Co. of North America (UK) Ltd GB 0 0 AA-0 Liberty Mutual Ins. Co. (UK) Ltd. GB (0) ,, AA-0 London & Edinburgh Insurance GB () () AA-0 Munchener Ruckversicherungs-Gesellschaft GW,,, 0,,0, AA-000 National Co. for Cooperative Ins. SU, 0 0,, AA-00 Neue Ruckversicherungs SZ (0) 0 AA-00 Norwegian Hull Club NO () AA-0 Norwich Union Insurance Ltd. GB 00 0 AA-0 NW Reinsurance Corporation Ltd. GB AA- Odyssey Re (London) Ltd GB 0 0 AA-0 PartnerRe SA FR, AA-000 QBE Insurance & Reinsurance ( Europe ) L IE 0 AA-0 QBE Int'L Insurance Ltd. GB,,,0 0, AA- Quanta Reinsurance Limited BM,00,0, 0,0 AA-000 R&V Versicherung AG GW (0) 0 0 AA-00 Royal & Sun Alliance Reinsurance Co Ltd GB 0 0 0,, AA-00 Sirius International Ins. Corp. SE AA-00 Sompo Japan Insurance Inc JP 0 (),000 00,0 (0), AA-0 Swiss Reinsurance Co. SZ,, 0 0,,, () AA-00 Swiss Reinsurance Company (UK) Ltd. GB,,,0, AA-00 Thuringia Versicherungs AG GW () AA-000 Uni-Polaris NO AA-00 Validus Reinsurance Ltd. BM, AA-0 Veriente Versicherung AG GW (0) 0 AA-00 Victoria Ruckversicherung GW 0 AA-0 Westfalische Provinzial GW (0) 0 AA-0 Wurttembergische Versicherung AG GW 0 AA-0 XL Re. Ltd. BM,0,,, 0, - Unauthorized - Other Non-U.S. Insurers (Under $00,000),0 0, (),, - Unauthorized - Other Non-U.S. Insurers 0,0,0,,0,,,0, 0,,,0, - Total - Unauthorized,,,,0,00,,0,,,,, - Total - Authorized and Unauthorized,,00 0, 0,0,,, 0,,0 0,,,0, 0 - Total - Protected Cells Totals,,00 0, 0,0,,, 0,,0 0,,,0, Funds Held By Company Under Reinsurance Treaties

52 . ANNUAL STATEMENT FOR THE YEAR 00 OF THE Navigators Insurance Company NOTE: A. Report the five largest provisional commission rates included in the cedant s reinsurance treaties. The commission rate to be reported is by contract with ceded premium in excess of $0,000: Name of Reinsurer Commission Rate Ceded Premium..... Report the five largest reinsurance recoverables reported in Column, due from any one reinsurer (based on the total recoverables, Line, Column ), B. the amount of ceded premium, and indicate whether the recoverables are due from an affiliated insurer. Name of Reinsurer Total Recoverables Ceded Premiums Affiliated. General Reinsurance Corporation 0,,.0 0,,0 Yes [ ] No [ X ]. Swiss Reinsurance America Corporation,,0.0,00, Yes [ ] No [ X ]. Everest Reinsurance Company,,0.00,, Yes [ ] No [ X ]. Folksamerica Reinsurance Company,,.0,, Yes [ ] No [ X ]. GE Reinsurance Corporation,0,.0,, Yes [ ] No [ X ]

53 ANNUAL STATEMENT FOR THE YEAR 00 OF THE Navigators Insurance Company SCHEDULE F - PART Aging of Ceded Reinsurance as of December, Current Year (000 Omitted) Reinsurance Recoverable on Paid Losses and Paid Loss Adjustment Expenses Overdue Federal ID Number NAIC Company Code Domiciliary Jurisdiction 0 Total Overdue Cols Total Due Cols. + 0 Percentage Overdue Col. 0/Col. Percentage more Than 0 Days Overdue Col. / Col. Name of Reinsurer Current to Days 0-0 Days - 0 Days Over 0 Days 0 - Authorized - Affiliates - U.S. Intercompany Pooling 0 - Authorized - Affiliates - U.S. Non-Pool AA- Lloyd's Syndicate # GB Authorized - Affiliates - Other (Non-U.S.) Total - Authorized - Affiliates Ace Property and Casualty Insurance Comp CT 0 0, Alea North America Insurance Company CT 0,0. -0 Allstate Insurance Company IL American Agricultural Ins. Co. IL (0) Arch Reinsurance Company CT,0 0,. -0 Atlantic Mutual Insurance Company NJ () () (0)..0 - AXA Corporate Solution Reinsurance Co. DE -0 0 AXA Insurance Co. NY Berkley Insurance Company DE Clearwater Insurance Co CT Continental Casualty Co. IL () Continental Insurance Co. IL 0 (0) Converium Reins North Amer Inc CT.0 - Crum & Forster Ins Co. NJ Dorinco Reinsurance Company MI Employers Mutual Casualty Company IA Employers Reinsurance Corporation KS Endurance Reinsurance Corp of America NY 0 () Everest Reinsurance Company NJ,0 0 0, Farmers Mutual Hail Insurance Corp of Io IA Federal Insurance Co. NJ -00 Fireman's Fund Insurance Company CA Folksamerica Reinsurance Company NY GE Reinsurance Corporation IL,, (),, General Reinsurance Corporation CT,0 00,. -0 General Security National Ins Co NY Generali (United States Branch) NY () Global Reinsurance Corp. of America NY Hanover Insurance Company NH () () () Hartford Fire Insurance Company CT Houston Casualty Company TX. -0 Mapfre Reinsurance Corporation CA Motors Insurance Corp. MI () () () Munich Reinsurance America Inc. DE, 0, National Indemnity Company CT Nationwide Mutual Insurance Co OH New England Reinsurance Corporation CT Odyssey American Reinsurance Corporation CT Partner Reinsurance Company of the U.S. CT,0, Pennsylvania Lumbermans Mutual Ins. Co. PA - 0 Platinum Underwriters Re MD 0 (0) (),. (0.0) -0 PMA Capital Insurance Company PA Praetorian Insurance Company IL () () () QBE Reinsurance Corp NY (0) Republic Insurance Company TX San Francisco Reinsurance Company CA Scor Reinsurance Company NY. -0 Scottsdale Insurance Company AZ Shelter Mutual Insurance Company MO Sompo Japan Insurance Co of America NY St. Paul Fire & Marine Insurance Company MN 0.0

54 ANNUAL STATEMENT FOR THE YEAR 00 OF THE Navigators Insurance Company SCHEDULE F - PART Aging of Ceded Reinsurance as of December, Current Year (000 Omitted) Reinsurance Recoverable on Paid Losses and Paid Loss Adjustment Expenses Overdue. Federal ID Number NAIC Company Code 0 Percentage Overdue Col. 0/Col. Percentage more Than 0 Days Overdue Col. / Col. Name of Reinsurer Domiciliary Jurisdiction Current to Days 0-0 Days - 0 Days Over 0 Days Total Overdue Cols Total Due Cols Swiss Reinsurance America Corporation NY,, (),,. - Toa Reinsurance Company of America NJ (0) 0. (0.0) - Transatlantic Reinsurance Company NY,. -00 Travelers Indemnity Co. of America CT Unione Italiana Reinsurance Co. of Ameri NY Westport Insurance Corporation KS XL Reinsurance America Inc. CT (0). (.) 0 - Authorized - Other U.S. Unaffiliated Insurers,,0,0, 0, Authorized - Pools - Mandatory Pools 0 - Authorized - Pools - Voluntary Pools AA-0 Aspen Insurance UK Ltd. GB 0 0. AA-0 Hannover Ruckversicherung GW 0. AA-000 Lloyd's of London GB,0, 0.0 AA-0 Lloyd's Syndicate # GB AA- Lloyd's Syndicate # GB () 0..0 AA-00 Lloyd's Syndicate #00 GB () () (.) (.) AA-0 Lloyd's Syndicate #0 GB AA-0 Lloyd's Syndicate #0 GB AA-0 Lloyd's Syndicate #0 GB AA-0 Lloyd's Syndicate #0 GB () 0 () (.) AA-0 Lloyd's Syndicate #0 GB AA- Lloyd's Syndicate # GB 00. AA- Lloyd's Syndicate # GB AA-0 Lloyds Syndicate #0 GB AA-0 Lloyd's Syndicate #0 GB () () (0).0 AA- Lloyd's Syndicate # GB () () (). AA- Lloyd's Syndicate # GB AA- Lloyd's Syndicate # GB (0). 0. AA- Lloyd's Syndicate # GB 0.. AA-00 Lloyd's Syndicate #00 GB 0 0. AA-00 Lloyd's Syndicate #00 GB () () (.) AA-00 Lloyd's Syndicate #00 GB () () (). AA- Lloyd's Syndicate # GB () () (0),. AA- Lloyd's Syndicate # GB (). 0. AA- Lloyd's Syndicate # GB 0.. AA- Lloyd's Syndicate # GB AA- Lloyd's Syndicate # GB AA- Lloyd's Syndicate # GB AA- Lloyd's Syndicate # GB 0. AA- Lloyd's Syndicate # GB 0. AA- Lloyd's Syndicate # GB.. AA-000 Lloyd's Syndicate #000 GB AA- Lloyd's Syndicate # GB AA- Lloyd's Syndicate # GB AA- Lloyd's Syndicate # GB.. AA- Lloyd's Syndicate # GB. AA-00 Lloyd's Syndicate #0 GB AA- Lloyd's Syndicate # GB.. AA-00 Lloyd's Syndicate # GB 0 ().. AA- Lloyd's Syndicate # GB 0 ()..0 AA-00 Lloyd's Syndicate #00 GB AA-0 Lloyd's Syndicate #0 GB ().. AA-0 Lloyd's Syndicate # GB AA- Lloyd's Syndicate # GB AA- Lloyd's Syndicate # GB. AA- Lloyd's Syndicate # GB 0 0..

55 ANNUAL STATEMENT FOR THE YEAR 00 OF THE Navigators Insurance Company SCHEDULE F - PART Aging of Ceded Reinsurance as of December, Current Year (000 Omitted) Reinsurance Recoverable on Paid Losses and Paid Loss Adjustment Expenses Overdue. Federal ID Number NAIC Company Code 0 Percentage Overdue Col. 0/Col. Percentage more Than 0 Days Overdue Col. / Col. Name of Reinsurer Domiciliary Jurisdiction Current to Days 0-0 Days - 0 Days Over 0 Days Total Overdue Cols Total Due Cols. + 0 AA-0 Lloyd's Syndicate # GB AA- Lloyd's Syndicate # GB () () () AA- Lloyd's Syndicate # GB AA- Lloyd's Syndicate # GB 0. AA- Lloyd's Syndicate # GB.. AA-0 Lloyd's Syndicate #0 GB 0..0 AA- Lloyd's Syndicate # GB AA- Lloyd's Syndicate # GB AA- Lloyd's Syndicate # GB AA- Lloyd's Syndicate # GB 0. AA-0 Lloyd's Syndicate #0 GB () () (0),. AA-0 Lloyd's Syndicate # GB.0 AA-0 Lloyd's Syndicate #0 GB AA- Lloyds Syndicate #0 GB AA-0 Lloyd's Syndicate #0 GB AA- Lloyd's Syndicate # GB AA-00 Mitsui Sumitomo Insurance Co. Ltd. JP AA-0 Riverstone Ins UK Ltd. GB 0 () () () AA-0 St Paul Reinsurance Company Ltd. (UK Cor GB AA-000 Zurich Specialities London Ltd. GB (0) () () () Authorized - Other Non-U.S. Insurers,,,, Total - Authorized,0,,, 0, Unauthorized - Affiliates - U.S. Intercompany Pooling - Unauthorized - Affiliates - U.S. Non-Pool - Unauthorized - Affiliates - Other (Non-U.S.) - Total - Unauthorized - Affiliates AA-00 Cia Intl De Seguros BR AA-00 Cie Europeenne De Reass Intl BE Farm Bureau Mutual Insurance Company IA Farmers Alliance Mutual Ins. Co KS () () () Lexington Insurance Company DE Ver Bes Insurance Company VT Unauthorized - Other U.S. Unaffiliated Insurers () Unauthorized - Pools - Mandatory Pools AA-0 Allianz Syndicate, Inc. NY AA-00 C.N.A Marine NJ AA-0 First State Syndicate NY AA- NRG America Syndicate Inc. NY Unauthorized - Pools - Voluntary Pools AA-00 A.G.F. Assurances Generales De France I. FR.. AA-000 Ace Insurance SA-NV BE AA-00 AGF - MAT FR 0.. AA-000 Aioi Insurance Company Ltd. JP () 0 () () () 0..0 AA-0 Alea Europe Limited SZ AA-0 Alea London Ltd. GB 0.. AA-0 Allianz Cornhill Insurance GB 0.. AA-00 Allianz Marine & Aviation Vers GW 0,,0.. AA-000 Allianz Suisse Vers. Ges. AG SZ AA- Allied World Assurance Company, Ltd BM AA- Arch Reinsurance Limited BM, 0,.. AA-00 Assicurazioni Generali S.P.A. IT AA-0 AXA Boreal Assurances Inc. CN AA-00 Axa Corporate Solutions FR AA-0 AXA Insurance UK plc GB 0..0 AA-0 AXA Marine & Aviation GB () () ()

56 ANNUAL STATEMENT FOR THE YEAR 00 OF THE Navigators Insurance Company SCHEDULE F - PART Aging of Ceded Reinsurance as of December, Current Year (000 Omitted) Reinsurance Recoverable on Paid Losses and Paid Loss Adjustment Expenses Overdue. Federal ID Number NAIC Company Code 0 Percentage Overdue Col. 0/Col. Percentage more Than 0 Days Overdue Col. / Col. Name of Reinsurer Domiciliary Jurisdiction Current to Days 0-0 Days - 0 Days Over 0 Days Total Overdue Cols Total Due Cols. + 0 AA-000 AXA Reassurances FR AA-0 AXA Reinsurance UK Plc GB AA-00 AXA Versicherung AG GW.. AA-00 Bison Ins. Co. BM AA-00 Brasil Cia De Seguros BR AA-00 Chesapeake Insurance Co. Ltd. BM AA-00 Cigna International Reinsurance Co., Ltd BM AA-00 Citadel insurance Co. LTD HK AA-0 CNA Insurance Co ( Europe) Ltd. GB (0) AA-0 CNA Reinsurance Co. Ltd. GB 0.. AA-00 Colbourne Ins. Co. GB AA-00 Commonwealth Insurance Co. CN AA-00 Converium AG SZ AA-0 Corifrance, Cie De Reassurance FR AA-0 Diversity Ins. Co. Ltd. BM AA-00 Dowa Insurance Company (Europe) Ltd. GB AA-00 E&S Reinsurance (Ireland) Ltd. IE (0) () AA-00 E&S Rueckversicherungs-Aktiengesellschaf GW AA-00 Egyptian Reinsurance Company UA () 0 0 () (.) AA-0 English & Scottish Maritime & General In GB () () () AA-00 Enterprise - Fennia Mutual Ins Co. FI AA-000 Europa Ruckversicherungs AG GW.. AA-00 Excess Insurance Co. Ltd. GB 0 (0) (0) (.) (.) AA-00 Forsikringsaktieselskabet Allianz Nordeu DK () () () AA-0 Gan Assurances IARD FR () () () AA-00 GAN Minster Insurance Co Ltd. GB AA-000 GE Frankona Ruckversicherungs Ag GW AA-0 GE Speciality Insurance GB AA-0 General Cologne Re GW () 0.. AA-00 General Insurance Corp. of India IN ().. AA-00 Gerling - Konzern Globale Rueckversichru GW () AA-00 Gerling Global General & Reinsurance Co. GB (0).. AA-00 GGU Insurance PLC GB AA-000 Gjensidige Nor Forsikring NO AA-0 GMF Reassurance FR AA-00 Gothaer Attemeine Versicherungsbank GW AA-00 Government Insurance Office of New South AT () () (0.) AA- GTE Reinsurance Co. Ltd BM AA-00 Hafnia Reins. Co. Ltd. DK 0 () (0) (0) AA-00 Hannover Re (Ireland) IR () () (.). AA-0 Hemisphere Manhe & Gem. Ass BM AA-0 Hiscox Insurance Co. Ltd. GB AA-0 Imperio Cia. De Seguros PT AA-00 Insurance Co. of North America (UK) Ltd GB AA-0 Iron Trades Insurance Co. GB AA-0 Kuwait Insurance Company S.A.K. KW AA-000 Lansforsakringsbolagens A/B SE () () () AA-000 Le Assicurazioni D'Italia IT AA-0 Leadenhall Insurance Ltd. GB AA-0 Liberty Mutual Ins. Co. (UK) Ltd. GB AA-0 London & Edinburgh Insurance GB AA-0 London Assurance GB AA-000 LVN Landwirtschaftlicher Versicherungsve GW 00.0 AA-000 Moderna Forsakringar SE AA-0 Munchener Ruckversicherungs-Gesellschaft GW, 0,. AA-000 National Co. for Cooperative Ins. SU.. AA-0 National Reinsurance Company (Sudan) Ltd SJ 0 0..

57 ANNUAL STATEMENT FOR THE YEAR 00 OF THE Navigators Insurance Company SCHEDULE F - PART Aging of Ceded Reinsurance as of December, Current Year (000 Omitted) Reinsurance Recoverable on Paid Losses and Paid Loss Adjustment Expenses Overdue. Federal ID Number NAIC Company Code 0 Percentage Overdue Col. 0/Col. Percentage more Than 0 Days Overdue Col. / Col. Name of Reinsurer Domiciliary Jurisdiction Current to Days 0-0 Days - 0 Days Over 0 Days Total Overdue Cols Total Due Cols. + 0 AA-00 Neue Ruckversicherungs SZ. AA-00 New India Assurance Co. Ltd. IN () () () AA-0 New Zealand Insurance PLC. GB AA-0 NIPPONKOA Ins. Co. (Europe) Ltd. GB 0 (0) AA-000 Nisshin Fire Marine Insur JP AA-0 Northern Assurance Co. Ltd. GB () () () AA-00 Norwegian Hull Club NO () () (,.) (,.) AA-0 Norwich Union Insurance Ltd. GB AA-0 NW Reinsurance Corporation Ltd. GB AA- Odyssey Re (London) Ltd GB AA-00 Osterreichische Hagel V.A.G. AU AA-00 Overseas Assurance Corp. Ltd. SI AA-0 PartnerRe Ltd BM 0 (0) 0.. AA-0 PartnerRe SA FR AA-00 Partners Reinsurance Comp TC AA- Phoenix Assurance PLC. GB 0 () () () AA-0 Provinzial Brandkasse Vers. Schleswig-Ho GW AA-000 QBE Insurance & Reinsurance ( Europe ) L IE.. AA-0 QBE Int'L Insurance Ltd. GB (),0, 0.. AA-0 QBE Reinsurance (UK) LTD GB (). (0.) AA- Quanta Reinsurance Limited BM (0),0. 0. AA-000 R&V Versicherung AG GW (0) (0).. AA-00 Royal & Sun Alliance Reinsurance Co Ltd GB.. AA-00 Sirius International Ins. Corp. SE AA-00 Sompo Japan Insurance Inc JP () () () AA-0 Sr International Business Insurance Co. GB AA-0 St. Johns Ins. Co Ltd. BM AA-0 Suecia Re Marine Ins Co L GB AA-00 Swedish Atlas Reinsurance GB AA-0 Swiss Reinsurance Co. SZ (0) AA-00 Swiss Reinsurance Company (UK) Ltd. GB AA-000 Taisho Marine & Fire Insurance (Asia) Pt SI AA-0 Taisho Marine & Fire Insurance Co. (UK) GB AA-00 Thuringia Versicherungs AG GW AA- Tokio Marine & Fire Ins Co (UK) Ltd. GB AA-000 Tokio Marine and Fire Insurance Co. JP AA-00 Transatlantic Re. Co. CN AA-0 Turegum Insurance Co. (UK) Limited GB AA-00 Turegum Vers.Ges. AG SZ () () () AA-000 UNAT SA FR AA-000 Uni-Polaris NO AA-0 Veriente Versicherung AG GW AA-00 Victoria Ruckversicherung GW AA-0 Westfalische Provinzial GW AA-0 Wurttembergische Versicherung AG GW. AA-0 XL Re. Ltd. BM 0, Unauthorized - Other Non-U.S. Insurers,,,0, 0,,.. - Total - Unauthorized,,,0,0 0,,.. - Total - Authorized and Unauthorized,,0,,0,,, Total - Protected Cells Totals,,0,,0,,,..

58 ANNUAL STATEMENT FOR THE YEAR 00 OF THE Navigators Insurance Company Federal ID Number NAIC Company Code Domiciliary Jurisdiction Reinsurance Recoverable all Items Schedule F Part, Col. SCHEDULE F - PART Provision for Unauthorized Reinsurance as of December, Current Year (000 Omitted) 0 Funds Held By Company Under Reinsurance Treaties Letters of Credit Ceded Balances Payable Miscellaneous Balances Other Allowed Offset Items Sum of Cols. thru 0 but not in excess of Col. Subtotal Col. minus Col. Recoverable Paid Losses & LAE Expenses Over 0 Days Past Due not in Dispute 0% of Amount in Col. Smaller of Col. or Col. Smaller of Col. or 0% of Amount in Dispute Included in Col. Total Provision Name of Reinsurer 0 - Total - Affiliates AA-00 Cia Intl De Seguros BR AA-00 Cie Europeenne De Reass Intl BE -0 Farm Bureau Mutual Insurance Company IA 0 (0) -000 Farmers Alliance Mutual Ins. Co KS () () () () () - Lexington Insurance Company DE - Shelter Re Company MO Tamalpais NV,,,, -00 Underwriters Reinsurance Company NH Ver Bes Insurance Company VT Other U.S. Unaffiliated Insurers,0, 0,, 0 () 0 AA-0 All American Marine Slip NY AA-0 Allianz Syndicate, Inc. NY AA-00 C.N.A Marine NJ 0 AA-0 First State Syndicate NY AA- NRG America Syndicate Inc. NY AA- South Place Syndicate, The NY Pools - Voluntary AA-00 A.G.F. Assurances Generales De France I. FR AA-000 Ace Insurance SA-NV BE AA-00 Aegon Ins. Co. (UK) Ltd. GB AA-00 AGF - MAT FR 0 AA-00 Aioi Insurance Company of Europe GB (0) (0) (0) (0) (0) (0) AA-000 Aioi Insurance Company Ltd. JP,, (), () () AA-0 Alea Europe Limited SZ AA-0 Alea London Ltd. GB AA-0 Allianz Cornhill Insurance GB AA-00 Allianz Marine & Aviation Vers GW,, 0, 0 AA-000 Allianz Suisse Vers. Ges. AG SZ,, (),0 0 AA- Allied World Assurance Company, Ltd BM,,00, AA- Arch Reinsurance Limited BM,,,, 0 AA-0 Ariel Reinsurance Company Ltd. BM AA-00 Assicurazioni Generali S.P.A. IT 0 AA-00 Athel Reinsurance Co. Ltd. GB AA-000 Australian Reinsurance Pool Corp AT AA-0 AXA Boreal Assurances Inc. CN AA-00 Axa Corporate Solutions FR,,0 0, AA-0 AXA Insurance UK plc GB,0,0 0, AA-0 AXA Marine & Aviation GB 0 0 () () 0 AA-000 AXA Reassurances FR 0 0 AA-0 AXA Reinsurance UK Plc GB,,, AA-00 AXA Versicherung AG GW () 0 AA- AXIS Re Europe IE AA-00 Baloise Insurance Company Ltd (Basler Ve SZ AA-00 Bison Ins. Co. BM 0 0 AA-00 Brasil Cia De Seguros BR 0 AA-0 Brit Ins Ltd GB 0 0 AA-0 CGU International Ins PLC GB AA-00 Chesapeake Insurance Co. Ltd. BM AA-00 China Ins. Co. Ltd. CC AA-00 China Mariners Assurance Corp. TW AA-00 Cigna International Reinsurance Co., Ltd BM,,, AA-0 Cigna Reinsurance (UK) Ltd. GB (0) (0) (0) AA-00 Citadel insurance Co. LTD HK AA-00 City General Ins. Co. Ltd. GB 0 0 (0) (0) for Unauthorized Reinsurance Smaller of Col. or Cols. + +

59 ANNUAL STATEMENT FOR THE YEAR 00 OF THE Navigators Insurance Company. Federal ID Number NAIC Company Code Reinsurance Recoverable all Items Schedule F Part, Col. SCHEDULE F - PART Provision for Unauthorized Reinsurance as of December, Current Year (000 Omitted) 0 Funds Held By Company Under Reinsurance Treaties Ceded Balances Payable Other Allowed Offset Items Sum of Cols. thru 0 but not in excess of Col. Subtotal Col. minus Col. Recoverable Paid Losses & LAE Expenses Over 0 Days Past Due not in Dispute 0% of Amount in Col. Smaller of Col. or Col. Smaller of Col. or 0% of Amount in Dispute Included in Col. Total Provision Domiciliary Letters of Miscellaneous Name of Reinsurer Jurisdiction Credit Balances AA-0 CNA Insurance Co ( Europe) Ltd. GB AA-0 CNA Reinsurance Co. Ltd. GB 0 AA-00 Colbourne Ins. Co. GB AA-00 Commonwealth Insurance Co. CN AA-00 Continental Reins. Corp. (UK) Ltd. GB (0) (0) 0 0 (0) AA-00 Converium AG SZ,0 AA-0 Corifrance, Cie De Reassurance FR AA-0 Diversity Ins. Co. Ltd. BM 0 AA-00 Donau Allgemeine Versicherungs AG DE AA-00 Dowa Insurance Company (Europe) Ltd. GB AA-00 E&S Reinsurance (Ireland) Ltd. IE,0,,0 AA-00 E&S Rueckversicherungs-Aktiengesellschaf GW AA-00 Egyptian Reinsurance Company UA () () () AA-000 Elvia Vers. Ges. AG SZ 00 AA- Endurance Worldwide Insurance Limited GB AA-0 English & Scottish Maritime & General In GB 0 0 () () AA-00 Enterprise - Fennia Mutual Ins Co. FI AA-000 Europa Ruckversicherungs AG GW,00,0,00 AA-0 Everest Reinsurance Bermuda Ltd BM AA-00 Excess Insurance Co. Ltd. GB (0) () AA-0 Fairview Insurance Group BM AA-00 Forsikringsaktieselskabet Allianz Nordeu DK (0) (0) () (0) (0) AA-00 Fuji Fire and Marine Insurance Co. JP AA-0 Gan Assurances IARD FR 0 () (0) AA-00 GAN Minster Insurance Co Ltd. GB 00 0 AA-000 GE Frankona Ruckversicherungs Ag GW,,, AA-0 GE Speciality Insurance GB AA-0 General Cologne Re GW 0 AA-00 General Insurance Corp. of India IN 0 () AA-00 Gerling - Konzern Globale Rueckversichru GW 0 () AA-00 Gerling Global General & Reinsurance Co. GB 0 AA-00 GGU Insurance PLC GB AA-000 Gjensidige Nor Forsikring NO AA- Glacier Reinsurance AG SZ,,, AA-0 GMF Reassurance FR 0 0 AA-00 Gothaer Attemeine Versicherungsbank GW AA-00 Government Insurance Office of New South AT,, 00, AA- GTE Reinsurance Co. Ltd BM AA-00 Hafnia Reins. Co. Ltd. DK (0) (0) (0) (0) (0) AA-00 Hannover Re (Ireland) IR,,0, AA-0 Hanseatica Ruckversicherungs AG GW AA-0 Hemisphere Manhe & Gem. Ass BM AA-0 Hiscox Insurance Co. Ltd. GB AA-0 Imperio Cia. De Seguros PT (0) (0) (0) AA-00 Insurance Co. of North America (UK) Ltd GB AA-00 Intercontinental Re AU AA-0 Int'L Ins. Co. of Hannover Ltd GB AA-0 Iron Trades Insurance Co. GB AA-0 Kuwait Insurance Company S.A.K. KW AA-00 La Mutuelle Du Mans Assurances I.A.R.D. FR AA-000 Lansforsakringsbolagens A/B SE () () () () () AA-000 Le Assicurazioni D'Italia IT AA-0 Leadenhall Insurance Ltd. GB AA-0 Liberty Mutual Ins. Co. (UK) Ltd. GB,,0, 0 AA-0 London & Edinburgh Insurance GB 0 () AA-0 London Assurance GB 0 0 for Unauthorized Reinsurance Smaller of Col. or Cols. + +

60 ANNUAL STATEMENT FOR THE YEAR 00 OF THE Navigators Insurance Company. Federal ID Number NAIC Company Code Reinsurance Recoverable all Items Schedule F Part, Col. SCHEDULE F - PART Provision for Unauthorized Reinsurance as of December, Current Year (000 Omitted) 0 Funds Held By Company Under Reinsurance Treaties Ceded Balances Payable Other Allowed Offset Items Sum of Cols. thru 0 but not in excess of Col. Subtotal Col. minus Col. Recoverable Paid Losses & LAE Expenses Over 0 Days Past Due not in Dispute 0% of Amount in Col. Smaller of Col. or Col. Smaller of Col. or 0% of Amount in Dispute Included in Col. Total Provision Domiciliary Letters of Miscellaneous Name of Reinsurer Jurisdiction Credit Balances AA-000 LVN Landwirtschaftlicher Versicherungsve GW AA- Marine Ins. Co. Ltd. GB 0 0 AA-000 Moderna Forsakringar SE AA- Montpelier Reinsurance Ltd BM AA-0 Munchener Ruckversicherungs-Gesellschaft GW,,0,0, 0 0 AA-000 National Co. for Cooperative Ins. SU,,, AA-0 National Reinsurance Company (Sudan) Ltd SJ AA-00 Neue Ruckversicherungs SZ AA-00 New India Assurance Co. Ltd. IN () () () (0) () AA-0 New Zealand Insurance PLC. GB AA-0 NIPPONKOA Ins. Co. (Europe) Ltd. GB 0 0 AA-00 Nipponkoa Insurance Co JP 0 (0) (0) 0 AA-000 Nisshin Fire Marine Insur JP AA-0 Northern Assurance Co. Ltd. GB () 0 () () () () AA-00 Norwegian Hull Club NO 0 0 () () AA-0 Norwich Union Insurance Ltd. GB AA-0 NW Reinsurance Corporation Ltd. GB AA- Odyssey Re (London) Ltd GB 0 0 AA-00 Osterreichische Hagel V.A.G. AU (0) (0) (0) AA-00 Overseas Assurance Corp. Ltd. SI () () () AA-0 PartnerRe Ltd BM AA-0 PartnerRe SA FR AA-00 Partners Reinsurance Comp TC AA-00 PFA Tiard SA FR AA- Phoenix Assurance PLC. GB 0 0 () () AA-000 Pohjola Group Insurance Corporation FI AA-000 Provident Insurance Corporation PH AA-0 Provinzial Brandkasse Vers. Schleswig-Ho GW (0) (0) (0) AA-000 Pt Asurani Bintang ID AA-000 QBE Insurance & Reinsurance ( Europe ) L IE 0 AA-0 QBE Int'L Insurance Ltd. GB,0 0 0,,0 AA-0 QBE Reinsurance (UK) LTD GB () () () () () AA- Quanta Reinsurance Limited BM,, 0,0 AA-000 R&V Versicherung AG GW AA-00 Royal & Sun Alliance Reinsurance Co Ltd GB,,0, AA-0 Sai - Societa Assicuratrice Industriale IT AA-00 Scor (U.K.) Reins. Co. Ltd. GB AA-0 Scottish Lion Ins. Co. Ltd. ST 0 AA-00 Sirius International Ins. Corp. SE 0 AA-00 Sompo Japan Insurance Inc JP,0, (0),0 () () AA-0 Sr International Business Insurance Co. GB AA-0 St. Johns Ins. Co Ltd. BM 0 0 AA-0 Suecia Re Marine Ins Co L GB 0 AA-00 Swedish Atlas Reinsurance GB AA-0 Swiss Reinsurance Co. SZ,,, AA-00 Swiss Reinsurance Company (UK) Ltd. GB,0,,0 0 0 AA-000 Taisho Marine & Fire Insurance (Asia) Pt SI AA-0 Taisho Marine & Fire Insurance Co. (UK) GB AA- Terra Nova (Bermuda) Ins. Co. BM AA-00 The Swedish Club SE AA-00 Thuringia Versicherungs AG GW 0 AA- Tokio Marine & Fire Ins Co (UK) Ltd. GB 0 0 AA-000 Tokio Marine and Fire Insurance Co. JP AA-00 Transatlantic Re. Co. CN AA-0 Transatlantische Beteiligungs-AG GW AA-00 Transcontinentale De Reassurance (Cie) FR for Unauthorized Reinsurance Smaller of Col. or Cols. + +

61 . Federal ID Number NAIC Company Code ANNUAL STATEMENT FOR THE YEAR 00 OF THE Navigators Insurance Company Reinsurance Recoverable all Items Schedule F Part, Col. SCHEDULE F - PART Provision for Unauthorized Reinsurance as of December, Current Year (000 Omitted) 0 Funds Held By Company Under Reinsurance Treaties Ceded Balances Payable Other Allowed Offset Items Sum of Cols. thru 0 but not in excess of Col. Subtotal Col. minus Col. Recoverable Paid Losses & LAE Expenses Over 0 Days Past Due not in Dispute 0% of Amount in Col. Smaller of Col. or Col. Smaller of Col. or 0% of Amount in Dispute Included in Col. Total Provision Domiciliary Letters of Miscellaneous Name of Reinsurer Jurisdiction Credit Balances AA-0 Turegum Insurance Co. (UK) Limited GB AA-00 Turegum Vers.Ges. AG SZ 0 0 () () AA-000 UNAT SA FR 0 AA- Unione Italiana (UK) Reinsurance Co. GB AA-000 Uni-Polaris NO 0 AA-00 Validus Reinsurance Ltd. BM AA-0 Veriente Versicherung AG GW AA-00 Victoria Ruckversicherung GW 0 AA-0 Warta Insurance & Reinsurance Co Ltd. PL 0 0 AA-0 Westfalische Provinzial GW AA-0 Wurttembergische Versicherung AG GW AA-0 XL Re. Ltd. BM,, 0, Other Non-U.S. Insurers 0,,,,,,0, (), 0 - Total - Affiliates and Others,,,,,,, (0), 0 - Total - Protected Cells for Unauthorized Reinsurance Smaller of Col. or Cols. + + Totals,,,,,,, (0),. Amounts in dispute totaling $, are included in Column.. Amounts in dispute totaling $ are excluded from Column.

62 ANNUAL STATEMENT FOR THE YEAR 00 OF THE Navigators Insurance Company Federal ID Number NAIC Company Code SCHEDULE F - PART Provision for Overdue Authorized Reinsurance as of December, Current Year Reinsurance Recoverable on Paid Losses and LAE More Than 0 Days Overdue (a) Total Reinsurance Recoverable on Paid Losses and Paid LAE (b) Amounts in Col. for Companies Reporting less than 0% in Col. Amounts in Dispute Excluded from Col. for Companies Reporting less than 0% in Col. Amounts Received Col. divided by 0% of Amount Amount Reported in Name of Reinsurer Prior 0 Days (Cols. + ) in Col. Col. x 0% + Col Ace Property and Casualty Insurance Comp,, Alea North America Insurance Company,0, -0 Allstate Insurance Company,, American Agricultural Ins. Co.,0,.0,0,0-0 American Fuji Fire & Mari Arch Reinsurance Company,, AA-0 Aspen Insurance UK Ltd., -0 Atlantic Mutual Insurance Company (,) (0,).0 - AXA Corporate Solution Reinsurance Co., -0 0 AXA Insurance Co.,,.,, Axis Reinsurance Company -0 0 Berkley Insurance Company, Berkley Regional Insurance Company - 00 Clearwater Insurance Co,. - 0 Continental Casualty Co.,,0.0,, -000 Continental Insurance Co. 0, 0,. - 0 Continental Reinsurance Corporation Converium Reins North Amer Inc, 0,.,, - Crum & Forster Ins Co., Dorinco Reinsurance Company, 0, Employers Mutual Casualty Company,,.0-00 Employers Reinsurance Corporation, 0,.0,, -00 Endurance Reinsurance Corp of America, -0 Erie Insurance Exchange Everest Reinsurance Company,0, -00 Farmers Mutual Hail Insurance Corp of Io, 0, Federal Insurance Co., -00 Fireman's Fund Insurance Company,0,.00 - Folksamerica Reinsurance Company,,.,, - GE Reinsurance Corporation (,),, (.) (,) General Reinsurance Corporation,, (,,) -0 General Security National Ins Co, Generali (United States Branch),, Global Reinsurance Corp. of America AA-0 Hannover Ruckversicherung,0,0.,0, - Hanover Insurance Company (,0) (,0) Hartford Fire Insurance Company,,0.,, 0-00 Hartford Steam Boiler (,) - Houston Casualty Company,0-00 Insurance Company of North America Insurance Corporation of New York AA-000 Lloyd's of London,, AA-0 Lloyd's Syndicate # 0,.0 AA- Lloyd's Syndicate #,,.,, AA-00 Lloyd's Syndicate #00 (,), (.) (,) AA-0 Lloyd's Syndicate #0 AA-0 Lloyd's Syndicate #0,0, AA-0 Lloyd's Syndicate #0, AA-0 Lloyd's Syndicate #0,, AA-0 Lloyd's Syndicate #0,00. AA-0 Lloyd's Syndicate #0 AA-0 Lloyd's Syndicate #0,0, AA- Lloyd's Syndicate #,,0.,, AA- Lloyd's Syndicate #, 0,0.0,, AA-0 Lloyds Syndicate #0,0, AA-0 Lloyd's Syndicate #0 () (.0) AA- Lloyd's Syndicate # 0, 0. AA- Lloyd's Syndicate #, (,0) (.), AA- Lloyd's Syndicate # 0

63 ANNUAL STATEMENT FOR THE YEAR 00 OF THE Navigators Insurance Company. Federal ID Number NAIC Company Code SCHEDULE F - PART Provision for Overdue Authorized Reinsurance as of December, Current Year Reinsurance Recoverable on Paid Losses and LAE More Than 0 Days Overdue (a) Total Reinsurance Recoverable on Paid Losses and Paid LAE (b) Amounts in Col. for Companies Reporting less than 0% in Col. Amounts in Dispute Excluded from Col. for Companies Reporting less than 0% in Col. Amounts Received Col. divided by 0% of Amount Amount Reported in Name of Reinsurer Prior 0 Days (Cols. + ) in Col. Col. x 0% + Col. 0 AA- Lloyd's Syndicate #,,.0,, AA- Lloyd's Syndicate # 0,. 0 AA- Lloyd's Syndicate # AA- Lloyd's Syndicate # AA-00 Lloyd's Syndicate #00,0 AA-00 Lloyd's Syndicate #00,,.0,, AA-00 Lloyd's Syndicate #00, (,) (.), AA-0 Lloyd's Syndicate # AA- Lloyd's Syndicate #,0 () (.),0 AA- Lloyd's Syndicate #,,0. AA- Lloyd's Syndicate #,,0.0 AA- Lloyd's Syndicate # 0, 0, AA- Lloyd's Syndicate #,0, AA- Lloyd's Syndicate # 0 AA- Lloyd's Syndicate # AA- Lloyd's Syndicate #, 0. AA- Lloyd's Syndicate # 0 0, AA- Lloyd's Syndicate #,,.0, AA-000 Lloyd's Syndicate #000, AA-0 Lloyd's Syndicate # AA-0 Lloyd's Syndicate #0 AA- Lloyd's Syndicate #,, AA- Lloyd's Syndicate #,0. AA- Lloyd's Syndicate #,0 0,0. AA- Lloyd's Syndicate #, AA-00 Lloyd's Syndicate #0,. AA- Lloyd's Syndicate #,,.,,0 AA-00 Lloyd's Syndicate #, 0,.0,, AA- Lloyd's Syndicate # 0,,. 0,, AA-00 Lloyd's Syndicate # AA-0 Lloyd's Syndicate #0,,0.,, AA-0 Lloyd's Syndicate #,. AA- Lloyd's Syndicate #,0, AA- Lloyd's Syndicate #,0 AA- Lloyd's Syndicate #,. 0 AA-0 Lloyd's Syndicate #,, AA- Lloyd's Syndicate # (,0) (,0) AA- Lloyd's Syndicate #,0, AA- Lloyd's Syndicate #, AA- Lloyd's Syndicate # 0,0,0. 0,0, AA- Lloyd's Syndicate # AA-0 Lloyd's Syndicate #0,,., AA- Lloyd's Syndicate # AA- Lloyd's Syndicate #,0.0 AA- Lloyd's Syndicate # AA- Lloyd's Syndicate # AA- Lloyd's Syndicate #, 0. AA- Lloyd's Syndicate #,,., AA-0 Lloyd's Syndicate #0,0 () (.),0 AA-0 Lloyd's Syndicate #, AA-0 Lloyd's Syndicate #0,0, AA-0 Lloyd's Syndicate #0 AA- Lloyds Syndicate #0,0, AA- Lloyd's Syndicate # AA-0 Lloyd's Syndicate #0,0, AA- Lloyd's Syndicate #,00, Mapfre Reinsurance Corporation,, Markel Insurance Company -0 Metropolitan Direct Property & Causualty. 0

64 ANNUAL STATEMENT FOR THE YEAR 00 OF THE Navigators Insurance Company. Federal ID Number NAIC Company Code SCHEDULE F - PART Provision for Overdue Authorized Reinsurance as of December, Current Year Reinsurance Recoverable on Paid Losses and LAE More Than 0 Days Overdue (a) Total Reinsurance Recoverable on Paid Losses and Paid LAE (b) Amounts in Col. for Companies Reporting less than 0% in Col. Amounts in Dispute Excluded from Col. for Companies Reporting less than 0% in Col. Amounts Received Col. divided by 0% of Amount Amount Reported in Name of Reinsurer Prior 0 Days (Cols. + ) in Col. Col. x 0% + Col. 0 AA-00 Mitsui Sumitomo Insurance Co. Ltd.,, Mitsui Sumitomo Insurance USA Inc Motors Insurance Corp. (,) (,) Munich Reinsurance America Inc.,,00,0 (,0) 0.,, National Indemnity Company, National Liability & Fire Insurance Comp -00 Nationwide Mutual Insurance Co,0,. 0-0 New England Reinsurance Corporation,, New Hampshire Insurance Co Odyssey American Reinsurance Corporation, (,) -0 Partner Reinsurance Company of the U.S.,,0,.,,0-00 Pennsylvania Lumbermans Mutual Ins. Co., Phoenix Insurance Company - 0 Platinum Underwriters Re (),, (0.0) () -0 PMA Capital Insurance Company,,., -00 Praetorian Insurance Company (,) (,) Public Service Mutual Insurance Co QBE Reinsurance Corp,,. -0 Republic Insurance Company 0, 0, AA-0 Riverstone Ins UK Ltd. (,) (,) San Francisco Reinsurance Company,, Scor Reinsurance Company,,0.0,,0-0 Scottsdale Insurance Company,0, Shelter Mutual Insurance Company,,0 0., 0-0 Sompo Japan Fire & Marine Ins Co of Amer -0 Sompo Japan Insurance Co of America, AA-0 St Paul Reinsurance Company Ltd. (UK Cor 0,0-000 St. Paul Fire & Marine Insurance Company, Swiss Reinsurance America Corporation,,00 (0,) - Toa Reinsurance Company of America,,0 0.,, - Transatlantic Reinsurance Company,, (,) -00 Travelers Indemnity Co. of America, Trygg-Hansa Insurance Company Ltd. (US B. - 0 Unione Italiana Reinsurance Co. of Ameri, Westport Insurance Corporation 0, 0, XL Reinsurance America Inc. (,),0 (.) (,) AA-000 Zurich Specialities London Ltd. (,) (,). Totals, 0,0, (,0,) XXX,, (a) From Schedule F - Part Columns +, total authorized, less $ (b) From Schedule F - Part Columns +, total authorized, less $ in dispute. in dispute. 0

65 ANNUAL STATEMENT FOR THE YEAR 00 OF THE Navigators Insurance Company 0 SCHEDULE F - PART Provision for Overdue Reinsurance as of December, Current Year Federal ID Number NAIC Company Code Name of Reinsurer Reinsurance Recoverable All Items Funds Held By Company Under Reinsurance Treaties Letters of Credit Ceded Balances Payable Other Miscellaneous Balances Other Allowed Offset Items 0 Sum of Cols. thru but not in excess of Col. Col. minus Col. 0 Greater of Col. or Schedule F - Part Cols Allstate Insurance Company,,,,, - 0 American Fuji Fire & Mari -0 Atlantic Mutual Insurance Company,,,,, -000 Continental Insurance Co.,,,, 0, 0, - 0 Continental Reinsurance Corporation Crum & Forster Ins Co.,,, - Dorinco Reinsurance Company,,, -00 Employers Mutual Casualty Company,0,,000,000,0,0,0,, -0 Erie Insurance Exchange -00 Farmers Mutual Hail Insurance Corp of Io,0,,,00,00-00 Fireman's Fund Insurance Company,,, -0 Generali (United States Branch),0 (,0) (,0),0, Global Reinsurance Corp. of America (,) (,),0,0 - Hanover Insurance Company,,,,, -00 Insurance Company of North America - Insurance Corporation of New York AA-0 Lloyd's Syndicate #0,0,,0 AA-0 Lloyd's Syndicate #0, (,0) (,0) 0, 0, AA-0 Lloyd's Syndicate #0,0,,0 AA-0 Lloyds Syndicate #0,0,0,0 AA-0 Lloyd's Syndicate #0 AA- Lloyd's Syndicate #,,, 0, 0, AA- Lloyd's Syndicate #, (,) (,),, AA- Lloyd's Syndicate # 0,,,, 0, AA- Lloyd's Syndicate #,0 0 0,0,0 AA- Lloyd's Syndicate #,,,,, AA- Lloyd's Syndicate #,0 (,) (,),, AA- Lloyd's Syndicate #,0,,0 AA-0 Lloyd's Syndicate #, 0,0,, AA- Lloyd's Syndicate # (,) (,) AA- Lloyd's Syndicate #,0,,0 AA-0 Lloyd's Syndicate #0,0 () (),, AA- Lloyds Syndicate #0,0,0,0 AA-0 Lloyd's Syndicate #0,0,,0 AA- Lloyd's Syndicate #,00,0,0,0,00-0 Mapfre Reinsurance Corporation,,00,00,, AA-00 Mitsui Sumitomo Insurance Co. Ltd. 0,0 (0) (0) 0, 0, - Mitsui Sumitomo Insurance USA Inc Motors Insurance Corp. (,) (,) -00 Nationwide Mutual Insurance Co 0,0,,,, 0-0 New England Reinsurance Corporation,,,,0,0-00 Praetorian Insurance Company (,) (,) -0 0 Public Service Mutual Insurance Co.,0,0,0-0 QBE Reinsurance Corp,,,,, -0 Republic Insurance Company,,, AA-0 Riverstone Ins UK Ltd.,,,,, -00 San Francisco Reinsurance Company,,, -0 Scottsdale Insurance Company,0,0,0-000 Trygg-Hansa Insurance Company Ltd. (US B - 0 Unione Italiana Reinsurance Co. of Ameri,,, - 0 Westport Insurance Corporation,,, AA-000 Zurich Specialities London Ltd. (,), (,0) (,) Totals,,0,,0,0,,0,,,,. Total,,. Line x.,. Schedule F - Part Col.,. Provision for Overdue Authorized Reinsurance (Lines + ),0. Provision for Unauthorized Reinsurance (Schedule F - Part Col. x 000),,. Provision for Reinsurance (sum Lines + ) [Enter this amount on Page, Line ],0,

66 ANNUAL STATEMENT FOR THE YEAR 00 OF THE Navigators Insurance Company SCHEDULE F - PART Restatement of Balance Sheet to Identify Net Credit for Reinsurance As Reported (Net of Ceded) Restatement Adjustments Restated (Gross of Ceded) ASSETS (Page, Col. ). Cash and invested assets (Line 0),0,,0,0,,0. Premiums and considerations (Line ),,,,. Reinsurance recoverable on loss and loss adjustment expense payments (Line.),, (,,) Funds held by or deposited with reinsured companies (Line.). Other assets 0,, 0,,. Net amount recoverable from reinsurers 0,, 0,,. Protected cell assets (Line ). Totals (Line ),,,,,0,,,0 LIABILITIES (Page ). Losses and loss adjustment expenses (Lines through ),0,,,0,00,, 0. Taxes, expenses, and other obligations (Lines through ),,,0,,,. Unearned premiums (Line ),, 0,,,0,0. Advance Premiums (Line 0). Dividends declared and unpaid (Line. and.). Ceded reinsurance premiums payable (net of ceded commissions) (Line ),,00 (,,00). Funds held by company under reinsurance treaties (Line ),, (,,). Amounts withheld or retained by company for account of others (Line ),,. Provision for reinsurance (Line ),0, (,0,). Other liabilities,,0,,0. Total liabilities excluding protected cell business (Line ),0,,,0,,0,0 0. Protected cell liabilities (Line ). Surplus as regards policyholders (Line ),, X X X,,. Totals (Line ),,,,,0,,,0 NOTE: Is the restatement of this exhibit the result of grossing up balances ceded to affiliates under 00 percent reinsurance or pooling arrangements? Yes [ ] No [ X ] If yes, give full explanation:

67 ,, ANNUAL STATEMENT FOR THE YEAR 00 OF THE Navigators Insurance Company Schedule H - Part Schedule H - Part Schedule H - Part Schedule H - Part Schedule H - Part

68 Years in Which Premiums Were Earned and Losses Were Incurred ANNUAL STATEMENT FOR THE YEAR 00 OF THE Navigators Insurance Company SCHEDULE P - ANALYSIS OF LOSSES AND LOSS EXPENSES SCHEDULE P - PART - SUMMARY ($000 Omitted) Premiums Earned Loss and Loss Expense Payments Defense and Cost Adjusting and Other 0 Loss Payments Containment Payments Payments Number of Salvage Total Net Claims and Paid (Cols. Reported - Net Subrogation (Cols. - ) Received + - ) Assumed. Prior XXX XXX XXX 0, 0,,,, XXX., 0,,0,00,,,0, 0, XXX. 0,0,0,0,,0,,,0,,0 XXX. 0,,,,,,,,,,0 XXX ,,0,,,,,,,, XXX. 00,,,0,0,0,,,0,,0 XXX. 00,00,,0, 0,0,,,0,, XXX. 00,0, 0,,,0,0,0,,, XXX. 00,,,,,,0,0,,, XXX 0. 00,, 0,0, 0,,,00,00,0,0 XXX. 00 0,,0,,,,0, 0, XXX. Totals XXX XXX XXX, 0,0, 0,,,, XXX Adjusting and Other Losses Unpaid Defense and Cost Containment Unpaid Unpaid Case Basis Bulk + IBNR Case Basis Bulk + IBNR Total Number of 0 Salvage and Subrogation Net Losses and Claims Outstanding - Anticipated Expenses Unpaid Assumed.,,,,, 0,0, XXX.,,,, 0,0 XXX.,,,, 0, XXX.,,00,,0 0 0, XXX.,,0,,0, 00,0, XXX.,,,,0,0,, XXX.,,,,,0,,00, XXX.,,, 0,,,0,0,0, XXX.,,,,,0,,,,,,0 XXX 0., 0,,,0,,0,,0,, 0, XXX.,0,,0,0,,,, 0,,, XXX. Totals 0, 0,0,0,,,0,0,0,000,,0 XXX Total Losses and Loss Expenses Incurred Assumed Ceded Net Loss and Loss Expense Percentage (Incurred/Premiums Earned) 0 Assumed Ceded Net Nontabular Discount Loss Loss Expense Inter- Company Pooling Participation Percentage Net Balance Sheet Reserves After Discount Loss Losses Expenses Unpaid Unpaid. XXX XXX XXX XXX XXX XXX XXX,,. 00,,,...,. 0,,,...,.,, 0,. 0.0.,0.,,0, ,0,. 0,0,, ,,. 0,0, 0, ,,.,, 0,0...,,.,0,,..., 0, 0.,,, 0...0,0,.,,0 0, 0...0,,. Totals XXX XXX XXX XXX XXX XXX XXX,,0 Note: Parts and are gross of all discounting, including tabular discounting. Part is gross of only nontabular discounting, which is reported in Columns and of Part. The tabular discount, if any, is reported in the Notes to Financial Statements which will reconcile Part with Parts and.

69 ANNUAL STATEMENT FOR THE YEAR 00 OF THE Navigators Insurance Company Years in Which Losses Were Incurred SCHEDULE P - PART - SUMMARY INCURRED NET LOSSES AND DEFENSE AND COST CONTAINMENT EXPENSES REPORTED AT YEAR END 000 ($000 OMITTED) DEVELOPMENT One Year Two Year. Prior 0,,,0,0,, 0, 00,,, (,) (,).,,00,,0 0,0,,,,,0,,. XXX,,00,, 0,0, 0, 0, 0, (). XXX XXX,,0,,,0,,, () (). 000 XXX XXX XXX 0,,0,0,,,0,0, XXX XXX XXX XXX,,,,0, 0,0, (0). 00 XXX XXX XXX XXX XXX,,,,,,,. 00 XXX XXX XXX XXX XXX XXX 00, 0, 00, 00, (,). 00 XXX XXX XXX XXX XXX XXX XXX,,, (,) (,) XXX XXX XXX XXX XXX XXX XXX XXX,, (,0) XXX. 00 XXX XXX XXX XXX XXX XXX XXX XXX XXX,0 XXX XXX. Totals (,0) (,) Years in Which Losses Were Incurred SCHEDULE P - PART - SUMMARY CUMULATIVE PAID NET LOSSES AND DEFENSE AND COST CONTAINMENT EXPENSES REPORTED AT YEAR END ($ OMITTED) Number of Number of Claims Claims Closed Closed With Without Loss Loss Payment Payment. Prior 000, 0,0, 0,, 0,0,0,, XXX XXX. 0,0,0,0,,,,,,0, XXX XXX. XXX, 0,,,,,,0,, XXX XXX. XXX XXX, 0,,, 0,0,,, XXX XXX. 000 XXX XXX XXX,,,0,,,00,0 XXX XXX. 00 XXX XXX XXX XXX,,,,00,, XXX XXX. 00 XXX XXX XXX XXX XXX,,, 0,, XXX XXX. 00 XXX XXX XXX XXX XXX XXX 0,,,, XXX XXX. 00 XXX XXX XXX XXX XXX XXX XXX,0, 0, XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX, 0,0 XXX XXX. 00 XXX XXX XXX XXX XXX XXX XXX XXX XXX,0 XXX XXX Years in Which Losses Were Incurred SCHEDULE P - PART - SUMMARY BULK AND IBNR RESERVES ON NET LOSSES AND DEFENSE AND COST CONTAINMENT EXPENSES REPORTED AT YEAR END ($000 OMITTED) Prior, 0,00,,,,,0,,,.,,0,,,,0,,0,0,. XXX,0,,,,0,,0,. XXX XXX, 0,,,,,,,. 000 XXX XXX XXX,0,,,,,,. 00 XXX XXX XXX XXX,,00, 0,,,. 00 XXX XXX XXX XXX XXX, 0,,,,. 00 XXX XXX XXX XXX XXX XXX,,,,. 00 XXX XXX XXX XXX XXX XXX XXX 0,,0, XXX XXX XXX XXX XXX XXX XXX XXX 0, 0,. 00 XXX XXX XXX XXX XXX XXX XXX XXX XXX,

70 ANNUAL STATEMENT FOR THE YEAR 00 OF THE Navigators Insurance Company SCHEDULE P - PART A - HOMEOWNERS/FARMOWNERS ($000 Omitted) Years in Premiums Earned Loss and Loss Expense Payments Which Defense and Cost Adjusting and Other 0 Premiums Loss Payments Containment Payments Payments Were Total Number of Earned and Losses Were Incurred Net (Cols. - ) Salvage and Subrogation Received Net Paid (Cols ) Claims Reported - Assumed. Prior XXX XXX XXX XXX. 0 () () (0). () () () Totals XXX XXX XXX () () () XXX Adjusting and Other Losses Unpaid Defense and Cost Containment Unpaid Unpaid Case Basis Bulk + IBNR Case Basis Bulk + IBNR Number of 0 Total Claims Salvage and Subrogation Anticipated Net Losses and Expenses Unpaid Outstanding - Direct and Assumed Total Losses and Loss Expenses Incurred Assumed Ceded Net Loss and Loss Expense Percentage (Incurred/Premiums Earned) 0 Assumed Ceded Net Nontabular Discount Loss Loss Expense Inter- Company Pooling Participation Percentage Net Balance Sheet Reserves After Discount Loss Losses Expenses Unpaid Unpaid. XXX XXX XXX XXX XXX XXX XXX. (0) (0) (.) (.). () () (.) (.) XXX XXX XXX XXX XXX XXX XXX

71 ANNUAL STATEMENT FOR THE YEAR 00 OF THE Navigators Insurance Company SCHEDULE P - PART B - PRIVATE PASSENGER AUTO LIABILITY/MEDICAL ($000 Omitted) Years in Premiums Earned Loss and Loss Expense Payments Which Defense and Cost Adjusting and Other 0 Premiums Loss Payments Containment Payments Payments Were Total Number of Earned and Losses Were Incurred Net (Cols. - ) Salvage and Subrogation Received Net Paid (Cols ) Claims Reported - Assumed. Prior XXX XXX XXX XXX Totals XXX XXX XXX XXX Adjusting and Other Losses Unpaid Defense and Cost Containment Unpaid Unpaid Case Basis Bulk + IBNR Case Basis Bulk + IBNR Number of 0 Total Claims Salvage and Subrogation Anticipated Net Losses and Expenses Unpaid Outstanding - Direct and Assumed Total Losses and Loss Expenses Incurred Assumed Ceded Net Loss and Loss Expense Percentage (Incurred/Premiums Earned) 0 Assumed Ceded Net Nontabular Discount Loss Loss Expense Inter- Company Pooling Participation Percentage Net Balance Sheet Reserves After Discount Loss Losses Expenses Unpaid Unpaid. XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX

72 ANNUAL STATEMENT FOR THE YEAR 00 OF THE Navigators Insurance Company SCHEDULE P - PART C - COMMERCIAL AUTO/TRUCK LIABILITY/MEDICAL ($000 Omitted) Years in Premiums Earned Loss and Loss Expense Payments Which Defense and Cost Adjusting and Other 0 Premiums Loss Payments Containment Payments Payments Were Total Number of Earned and Losses Were Incurred Net (Cols. - ) Salvage and Subrogation Received Net Paid (Cols ) Claims Reported - Assumed. Prior XXX XXX XXX XXX , ,0, ,0, 0. 00,, 0. Totals XXX XXX XXX,, XXX Adjusting and Other Losses Unpaid Defense and Cost Containment Unpaid Unpaid Case Basis Bulk + IBNR Case Basis Bulk + IBNR Number of 0 Total Claims Salvage and Subrogation Anticipated Net Losses and Expenses Unpaid Outstanding - Direct and Assumed ,., 0 0 0, Total Losses and Loss Expenses Incurred Assumed Ceded Net Loss and Loss Expense Percentage (Incurred/Premiums Earned) 0 Assumed Ceded Net Nontabular Discount Loss Loss Expense Inter- Company Pooling Participation Percentage Net Balance Sheet Reserves After Discount Loss Losses Expenses Unpaid Unpaid. XXX XXX XXX XXX XXX XXX XXX ,, ,00,0 0...,0. XXX XXX XXX XXX XXX XXX XXX,

73 0 ANNUAL STATEMENT FOR THE YEAR 00 OF THE Navigators Insurance Company SCHEDULE P - PART D - WORKERS' COMPENSATION ($000 Omitted) Years in Premiums Earned Loss and Loss Expense Payments Which Defense and Cost Adjusting and Other 0 Premiums Loss Payments Containment Payments Payments Were Total Number of Earned and Losses Salvage and Net Paid (Cols. - Claims Reported - Were Net Subrogation + - Incurred (Cols. - ) Received + - ) Assumed. Prior XXX XXX XXX XXX Totals XXX XXX XXX XXX... Adjusting and Other Losses Unpaid Defense and Cost Containment Unpaid Unpaid Case Basis Bulk + IBNR Case Basis Bulk + IBNR Number of 0 Total Claims Salvage Net Losses Outstanding and and - Direct Subrogation Expenses and Ceded Anticipated Unpaid Assumed Assumed Total Losses and Loss Expenses Incurred Assumed Ceded Net Loss and Loss Expense Percentage (Incurred/Premiums Earned) 0 Assumed Ceded Net Nontabular Discount Loss Loss Expense Inter- Company Pooling Participation Percentage Net Balance Sheet Reserves After Discount Loss Losses Expenses Unpaid Unpaid. XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX

74 ANNUAL STATEMENT FOR THE YEAR 00 OF THE Navigators Insurance Company SCHEDULE P - PART E - COMMERCIAL MULTIPLE PERIL ($000 Omitted) Years in Premiums Earned Loss and Loss Expense Payments Which Defense and Cost Adjusting and Other 0 Premiums Loss Payments Containment Payments Payments Were Total Number of Earned and Losses Were Incurred Net (Cols. - ) Salvage and Subrogation Received Net Paid (Cols ) Claims Reported - Assumed. Prior XXX XXX XXX () 0 XXX.,,00, ,0,,, ,,,, ,,, 0,,0 00,. 00,,,0,,,. 00,,,,0,,,. 00,,,0,,0 0,0. 00,,,, 0, ,0,,,0 0,. 00,0,0,. Totals XXX XXX XXX,,,,,, XXX Adjusting and Other Losses Unpaid Defense and Cost Containment Unpaid Unpaid Case Basis Bulk + IBNR Case Basis Bulk + IBNR Number of 0 Total Claims Salvage and Subrogation Anticipated Net Losses and Expenses Unpaid Outstanding - Direct and Assumed.,,0, ,0, (). 0,0. 0 0,.,0 0, 0,0 0.,0,0,, 0.,,, 0 00,0 00, 0.,,,,00, 00 0,, 0 Total Losses and Loss Expenses Incurred Assumed Ceded Net Loss and Loss Expense Percentage (Incurred/Premiums Earned) 0 Assumed Ceded Net Nontabular Discount Loss Loss Expense Inter- Company Pooling Participation Percentage Net Balance Sheet Reserves After Discount Loss Losses Expenses Unpaid Unpaid. XXX XXX XXX XXX XXX XXX XXX,.,, ,0, 0....,0, ,,,...0.,,,... 0 ().,0,0, ,,,....,,,..., 0.,0,0,.0. 0.,.,,, ,,. XXX XXX XXX XXX XXX XXX XXX 0,,0

75 , ANNUAL STATEMENT FOR THE YEAR 00 OF THE Navigators Insurance Company Schedule P - Part F - Medical Mal Occur Schedule P - Part F - Medical Mal Claim

76 ANNUAL STATEMENT FOR THE YEAR 00 OF THE Navigators Insurance Company SCHEDULE P - PART G - SPECIAL LIABILITY (OCEAN MARINE, AIRCRAFT (ALL PERILS), BOILER AND MACHINERY) ($000 Omitted) Years in Premiums Earned Loss and Loss Expense Payments Which Defense and Cost Adjusting and Other 0 Premiums Loss Payments Containment Payments Payments Were Total Number of Earned and Losses Were Incurred Net (Cols. - ) Salvage and Subrogation Received Net Paid (Cols ) Claims Reported - Assumed. Prior XXX XXX XXX, 0,0, 0, XXX.,,,,0,,, 0,0 XXX.,00,, 0,,0,,00,, XXX., 0,,,0,,,,,0, XXX. 000,0,0,,,0,,,0,, XXX. 00,,0 0,,,,,,,0, XXX. 00,,,0 0,,,,,,, XXX. 00 0,0,0,,,,,, 0, XXX. 00,, 0,0 0,0,, 0,0 0, XXX 0. 00,,0,, 0,0,,00,,, XXX. 00,,0 0,0,,,0, XXX. Totals XXX XXX XXX,,,0,,0,, XXX Adjusting and Other Losses Unpaid Defense and Cost Containment Unpaid Unpaid Case Basis Bulk + IBNR Case Basis Bulk + IBNR Number of 0 Total Claims Salvage and Subrogation Anticipated Net Losses and Expenses Unpaid Outstanding - Direct and Assumed.,,0 0,,0 0,0,000.,,,0.,, 0,.,,0 0 0,.,,, , 0.,,, 0,.,,,0, 0,.,, 0,,00 0,,0.,,,,,, 0. 0,,0 00, 0,0,,,,0,0, 0,,0.,0,0,,,,,0,0,0,0.,,0,,0,,,00,0,,0,,0 Total Losses and Loss Expenses Incurred Assumed Ceded Net Loss and Loss Expense Percentage (Incurred/Premiums Earned) 0 Assumed Ceded Net Nontabular Discount Loss Loss Expense Inter- Company Pooling Participation Percentage Net Balance Sheet Reserves After Discount Loss Losses Expenses Unpaid Unpaid. XXX XXX XXX XXX XXX XXX XXX,,.,,00,...,0 0.,,0,0 0..., 0.,,,0..0.,0.,,0, ,.,,,..., 0. 0,,,..0.,. 0,0,0,...,0,.,, 0,...,0, 0.,,,...,,.,0,, 0...,,. XXX XXX XXX XXX XXX XXX XXX,,0

77 ANNUAL STATEMENT FOR THE YEAR 00 OF THE Navigators Insurance Company SCHEDULE P - PART H - SECTION - OTHER LIABILITY - OCCURRENCE ($000 Omitted) Years in Premiums Earned Loss and Loss Expense Payments Which Defense and Cost Adjusting and Other 0 Premiums Loss Payments Containment Payments Payments Were Total Number of Earned and Losses Were Incurred Net (Cols. - ) Salvage and Subrogation Received Net Paid (Cols ) Claims Reported - Assumed. Prior XXX XXX XXX XXX.,00,,,,0,0, 0,.,0,,,,0 0, 00.,,0,,00,,,, ,,, 0,,0,0,,,,. 00,, 0,,, 0,,,,0,,. 00,,,,,,,,,0,0,. 00,0,0,0,,0,,,0 0,. 00,,,0,0,,,,0, ,0, 0,,,,,. 00,,,. Totals XXX XXX XXX 0,0,,,,, 0, XXX Adjusting and Other Losses Unpaid Defense and Cost Containment Unpaid Unpaid Case Basis Bulk + IBNR Case Basis Bulk + IBNR Number of 0 Total Claims Salvage and Subrogation Anticipated Net Losses and Expenses Unpaid Outstanding - Direct and Assumed.,,0 0,. 0.,.,, 0.,,,0, 0,.,,,,0 0,, 0.,,0,0,,,0,,.,0,0,,0,0,0,,0.,,,0,,, 0, 0, 0.,0,0,,, 0,,,00,0 0.,,0,00,,00,0,,,0.,,0,00 0,,,00,,0,0,0 0,0,0 Total Losses and Loss Expenses Incurred Assumed Ceded Net Loss and Loss Expense Percentage (Incurred/Premiums Earned) 0 Assumed Ceded Net Nontabular Discount Loss Loss Expense Inter- Company Pooling Participation Percentage Net Balance Sheet Reserves After Discount Loss Losses Expenses Unpaid Unpaid. XXX XXX XXX XXX XXX XXX XXX.,,, ,,, ,,, ,.,0,,..0 0.,,.,,0,0...,,.,,, 0...,,.,,00,...,,00.,,,0...,, 0.,0,0,.0..,,., 0,,0...,,0. XXX XXX XXX XXX XXX XXX XXX 0, 0,

78 ANNUAL STATEMENT FOR THE YEAR 00 OF THE Navigators Insurance Company SCHEDULE P - PART H - SECTION - OTHER LIABILITY - CLAIMS-MADE ($000 Omitted) Years in Premiums Earned Loss and Loss Expense Payments Which Defense and Cost Adjusting and Other 0 Premiums Loss Payments Containment Payments Payments Were Total Number of Earned and Losses Were Incurred Net (Cols. - ) Salvage and Subrogation Received Net Paid (Cols ) Claims Reported - Assumed. Prior XXX XXX XXX XXX ,0,, 0. 00,,,0,,,,0,. 00, 0,,0,,,,0,, 0. 00,0,0 0,,0,0,,00,,. 00,,0,,0 0,,. Totals XXX XXX XXX,0,,,,0,0, XXX Adjusting and Other Losses Unpaid Defense and Cost Containment Unpaid Unpaid Case Basis Bulk + IBNR Case Basis Bulk + IBNR Number of 0 Total Claims Salvage and Subrogation Anticipated Net Losses and Expenses Unpaid Outstanding - Direct and Assumed ,,,,,,0 0, 0.,,,,,00,0,0,,.,,0,,,,, 0,,,,00.,,,,, 0,0,,,,,, Total Losses and Loss Expenses Incurred Assumed Ceded Net Loss and Loss Expense Percentage (Incurred/Premiums Earned) 0 Assumed Ceded Net Nontabular Discount Loss Loss Expense Inter- Company Pooling Participation Percentage Net Balance Sheet Reserves After Discount Loss Losses Expenses Unpaid Unpaid. XXX XXX XXX XXX XXX XXX XXX ,,,....,,0,...,0, 0., 0,,..0.,,.,,0,0. 0..,,. XXX XXX XXX XXX XXX XXX XXX,,

79 ANNUAL STATEMENT FOR THE YEAR 00 OF THE Navigators Insurance Company SCHEDULE P - PART I - SPECIAL PROPERTY (FIRE, ALLIED LINES, INLAND MARINE, EARTHQUAKE, BURGLARY AND THEFT) ($000 Omitted) Years in Premiums Earned Loss and Loss Expense Payments Which Defense and Cost Adjusting and Other 0 Premiums Loss Payments Containment Payments Payments Were Total Number of Earned and Losses Were Incurred Net (Cols. - ) Salvage and Subrogation Received Net Paid (Cols ) Claims Reported - Assumed. Prior XXX XXX XXX 0 XXX. 00,, XXX. 00,0, 0 XXX. Totals XXX XXX XXX,0 XXX Adjusting and Other Losses Unpaid Defense and Cost Containment Unpaid Unpaid Case Basis Bulk + IBNR Case Basis Bulk + IBNR Number of 0 Total Claims Salvage and Subrogation Anticipated Net Losses and Expenses Unpaid Outstanding - Direct and Assumed. 0, ,0, 0, Total Losses and Loss Expenses Incurred Assumed Ceded Net Loss and Loss Expense Percentage (Incurred/Premiums Earned) 0 Assumed Ceded Net Nontabular Discount Loss Loss Expense Inter- Company Pooling Participation Percentage Net Balance Sheet Reserves After Discount Loss Losses Expenses Unpaid Unpaid. XXX XXX XXX XXX XXX XXX XXX, (). XXX XXX XXX XXX XXX XXX XXX, ()

80 ANNUAL STATEMENT FOR THE YEAR 00 OF THE Navigators Insurance Company SCHEDULE P - PART J - AUTO PHYSICAL DAMAGE ($000 Omitted) Years in Premiums Earned Loss and Loss Expense Payments Which Defense and Cost Adjusting and Other 0 Premiums Loss Payments Containment Payments Payments Were Total Number of Earned and Losses Were Incurred Net (Cols. - ) Salvage and Subrogation Received Net Paid (Cols ) Claims Reported - Assumed. Prior XXX XXX XXX 0 XXX. 00, 0, 0. 00, 0. Totals XXX XXX XXX, XXX Adjusting and Other Losses Unpaid Defense and Cost Containment Unpaid Unpaid Case Basis Bulk + IBNR Case Basis Bulk + IBNR Number of 0 Total Claims Salvage and Subrogation Anticipated Net Losses and Expenses Unpaid Outstanding - Direct and Assumed ,0 0,0 Total Losses and Loss Expenses Incurred Assumed Ceded Net Loss and Loss Expense Percentage (Incurred/Premiums Earned) 0 Assumed Ceded Net Nontabular Discount Loss Loss Expense Inter- Company Pooling Participation Percentage Net Balance Sheet Reserves After Discount Loss Losses Expenses Unpaid Unpaid. XXX XXX XXX XXX XXX XXX XXX.,... 0.,, XXX XXX XXX XXX XXX XXX XXX,

81 ANNUAL STATEMENT FOR THE YEAR 00 OF THE Navigators Insurance Company SCHEDULE P - PART K - FIDELITY/SURETY ($000 Omitted) Years in Premiums Earned Loss and Loss Expense Payments Which Defense and Cost Adjusting and Other 0 Premiums Loss Payments Containment Payments Payments Were Total Number of Earned and Losses Were Incurred Net (Cols. - ) Salvage and Subrogation Received Net Paid (Cols ) Claims Reported - Assumed. Prior XXX XXX XXX () () () XXX. 00,0,,0 XXX. 00,,, XXX. Totals XXX XXX XXX XXX Adjusting and Other Losses Unpaid Defense and Cost Containment Unpaid Unpaid Case Basis Bulk + IBNR Case Basis Bulk + IBNR Number of 0 Total Claims Salvage and Subrogation Anticipated Net Losses and Expenses Unpaid Outstanding - Direct and Assumed , 0.,0 0 0,.,,0 0,0 Total Losses and Loss Expenses Incurred Assumed Ceded Net Loss and Loss Expense Percentage (Incurred/Premiums Earned) 0 Assumed Ceded Net Nontabular Discount Loss Loss Expense Inter- Company Pooling Participation Percentage Net Balance Sheet Reserves After Discount Loss Losses Expenses Unpaid Unpaid. XXX XXX XXX XXX XXX XXX XXX.,, ,00,...,. XXX XXX XXX XXX XXX XXX XXX,

82 0, ANNUAL STATEMENT FOR THE YEAR 00 OF THE Navigators Insurance Company Schedule P - Part L - Other Schedule P - Part M - International

83 ANNUAL STATEMENT FOR THE YEAR 00 OF THE Navigators Insurance Company SCHEDULE P - PART N - REINSURANCE - NONPROPORTIONAL ASSUMED PROPERTY ($000 Omitted) Years in Premiums Earned Loss and Loss Expense Payments Which Defense and Cost Adjusting and Other 0 Premiums Loss Payments Containment Payments Payments Were Total Number of Earned and Losses Were Incurred Net (Cols. - ) Salvage and Subrogation Received Net Paid (Cols ) Claims Reported - Assumed. Prior XXX XXX XXX XXX.,,00 () XXX. 0 XXX. XXX. 000 XXX. 00 XXX. 00 XXX. 00 XXX. 00 () () XXX XXX. 00 XXX. Totals XXX XXX XXX () XXX Adjusting and Other Losses Unpaid Defense and Cost Containment Unpaid Unpaid Case Basis Bulk + IBNR Case Basis Bulk + IBNR Number of 0 Total Claims Salvage and Subrogation Anticipated Net Losses and Expenses Unpaid Outstanding - Direct and Assumed. 0 XXX. XXX. XXX. XXX. XXX. XXX. XXX. XXX. XXX 0. XXX. XXX. 0 XXX Total Losses and Loss Expenses Incurred Loss and Loss Expense Percentage (Incurred/Premiums Earned) Nontabular Discount Inter- Net Balance Sheet Reserves After Discount Assumed Ceded Net Assumed 0 Ceded Net Loss Loss Expense Company Pooling Participation Percentage Losses Unpaid Loss Expenses Unpaid. XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX

84 ANNUAL STATEMENT FOR THE YEAR 00 OF THE Navigators Insurance Company SCHEDULE P - PART O - REINSURANCE - NONPROPORTIONAL ASSUMED LIABILITY ($000 Omitted) Years in Premiums Earned Loss and Loss Expense Payments Which Defense and Cost Adjusting and Other 0 Premiums Loss Payments Containment Payments Payments Were Total Number of Earned and Losses Were Incurred Net (Cols. - ) Salvage and Subrogation Received Net Paid (Cols ) Claims Reported - Assumed. Prior XXX XXX XXX XXX. 0 XXX. () () XXX. (0) (0) XXX. 000 XXX. 00 XXX. 00 XXX. 00 XXX. 00 XXX XXX. 00 XXX. Totals XXX XXX XXX XXX Adjusting and Other Losses Unpaid Defense and Cost Containment Unpaid Unpaid Case Basis Bulk + IBNR Case Basis Bulk + IBNR Number of 0 Total Claims Salvage and Subrogation Anticipated Net Losses and Expenses Unpaid Outstanding - Direct and Assumed., 0, XXX. XXX. XXX. XXX. XXX. XXX. XXX. XXX. XXX 0. XXX. XXX.,0, XXX Total Losses and Loss Expenses Incurred Loss and Loss Expense Percentage (Incurred/Premiums Earned) Nontabular Discount Inter- Net Balance Sheet Reserves After Discount Assumed Ceded Net Assumed 0 Ceded Net Loss Loss Expense Company Pooling Participation Percentage Losses Unpaid Loss Expenses Unpaid. XXX XXX XXX XXX XXX XXX XXX, (,.) (,.) XXX XXX XXX XXX XXX XXX XXX,

85 ANNUAL STATEMENT FOR THE YEAR 00 OF THE Navigators Insurance Company SCHEDULE P - PART P - REINSURANCE - NONPROPORTIONAL ASSUMED FINANCIAL LINES ($000 Omitted) Years in Premiums Earned Loss and Loss Expense Payments Which Defense and Cost Adjusting and Other 0 Premiums Loss Payments Containment Payments Payments Were Total Number of Earned and Losses Were Incurred Net (Cols. - ) Salvage and Subrogation Received Net Paid (Cols ) Claims Reported - Assumed. Prior XXX XXX XXX XXX. 0 XXX. XXX. (0) (0) XXX. 000 XXX. 00 XXX. 00 XXX. 00 XXX. 00 XXX XXX. 00 XXX. Totals XXX XXX XXX XXX Adjusting and Other Losses Unpaid Defense and Cost Containment Unpaid Unpaid Case Basis Bulk + IBNR Case Basis Bulk + IBNR Number of 0 Total Claims Salvage and Subrogation Anticipated Net Losses and Expenses Unpaid Outstanding - Direct and Assumed. XXX. XXX. XXX. XXX. XXX. XXX. XXX. XXX. XXX 0. XXX. XXX. XXX Total Losses and Loss Expenses Incurred Loss and Loss Expense Percentage (Incurred/Premiums Earned) Nontabular Discount Inter- Net Balance Sheet Reserves After Discount Assumed Ceded Net Assumed 0 Ceded Net Loss Loss Expense Company Pooling Participation Percentage Losses Unpaid Loss Expenses Unpaid. XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX

86 ,, ANNUAL STATEMENT FOR THE YEAR 00 OF THE Navigators Insurance Company Schedule P - Part R - Prod Liab Occur Schedule P - Part R - Prod Liab Claims Schedule P - Part S-Fin./Mtg. Guaranty

87 Years in Which Losses Were Incurred ANNUAL STATEMENT FOR THE YEAR 00 OF THE Navigators Insurance Company SCHEDULE P - PART A - HOMEOWNERS/FARMOWNERS INCURRED NET LOSSES AND DEFENSE AND COST CONTAINMENT EXPENSES REPORTED AT YEAR END ($000 OMITTED) 0 DEVELOPMENT One Year Two Year. Prior () (0) (0) (0) (0). XXX 0 () () () () () (). XXX XXX. 000 XXX XXX XXX. 00 XXX XXX XXX XXX. 00 XXX XXX XXX XXX XXX. 00 XXX XXX XXX XXX XXX XXX. 00 XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX. 00 XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX. Totals SCHEDULE P - PART B - PRIVATE PASSENGER AUTO LIABILITY/MEDICAL. Prior.. XXX. XXX XXX. 000 XXX XXX XXX. 00 XXX XXX XXX XXX. 00 XXX XXX XXX XXX XXX. 00 XXX XXX XXX XXX XXX XXX. 00 XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX. 00 XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX. Totals SCHEDULE P - PART C - COMMERCIAL AUTO/TRUCK LIABILITY/MEDICAL. Prior 0.. XXX. XXX XXX. 000 XXX XXX XXX. 00 XXX XXX XXX XXX. 00 XXX XXX XXX XXX XXX () (). 00 XXX XXX XXX XXX XXX XXX (0) (). 00 XXX XXX XXX XXX XXX XXX XXX,, (0) () XXX XXX XXX XXX XXX XXX XXX XXX,, (0) XXX. 00 XXX XXX XXX XXX XXX XXX XXX XXX XXX, XXX XXX. Totals () () SCHEDULE P - PART D- WORKERS COMPENSATION. Prior.. XXX. XXX XXX. 000 XXX XXX XXX. 00 XXX XXX XXX XXX. 00 XXX XXX XXX XXX XXX. 00 XXX XXX XXX XXX XXX XXX. 00 XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX. 00 XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX. Totals SCHEDULE P - PART E- COMMERCIAL MULTIPLE PERIL. Prior,0,00,,,,0,,,0, () (). () (). XXX 0 (0) (). XXX XXX,0,0, XXX XXX XXX,,,00,,,,0. 00 XXX XXX XXX XXX,,,,,,0 () (0). 00 XXX XXX XXX XXX XXX,0,,,,0 () (). 00 XXX XXX XXX XXX XXX XXX,,0,0, () (). 00 XXX XXX XXX XXX XXX XXX XXX,,, (0) () XXX XXX XXX XXX XXX XXX XXX XXX,, XXX. 00 XXX XXX XXX XXX XXX XXX XXX XXX XXX, XXX XXX. Totals () (,)

88 ANNUAL STATEMENT FOR THE YEAR 00 OF THE Navigators Insurance Company SCHEDULE P - PART F - SECTION - MEDICAL MALPRACTICE - OCCURRENCE INCURRED NET LOSSES AND DEFENSE AND COST CONTAINMENT EXPENSES REPORTED AT YEAR END ($000 OMITTED) DEVELOPMENT Years in Which 0 Losses Were Incurred One Year Two Year. Prior.. XXX. XXX XXX. 000 XXX XXX XXX. 00 XXX XXX XXX XXX. 00 XXX XXX XXX XXX XXX. 00 XXX XXX XXX XXX XXX XXX. 00 XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX. 00 XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX. Totals SCHEDULE P - PART F - SECTION - MEDICAL MALPRACTICE - CLAIMS-MADE. Prior.. XXX. XXX XXX. 000 XXX XXX XXX. 00 XXX XXX XXX XXX. 00 XXX XXX XXX XXX XXX. 00 XXX XXX XXX XXX XXX XXX. 00 XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX. 00 XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX. Totals SCHEDULE P - PART G - SPECIAL LIABILITY (OCEAN MARINE, AIRCRAFT (ALL PERILS), BOILER AND MACHINERY). Prior,0 0,,0,0,,0,,,, () (,).,,,,0,,,,,,,,. XXX,,, 0,0,0,,,, (). XXX XXX,,,,,0,,, () (). 000 XXX XXX XXX,,,,,,0,0 () (0). 00 XXX XXX XXX XXX,,,0,,, () (). 00 XXX XXX XXX XXX XXX,0,0,,0,0 () (). 00 XXX XXX XXX XXX XXX XXX,,,,. 00 XXX XXX XXX XXX XXX XXX XXX,,, (,0) (,) XXX XXX XXX XXX XXX XXX XXX XXX,, (,) XXX. 00 XXX XXX XXX XXX XXX XXX XXX XXX XXX, XXX XXX. Totals (,) (,) SCHEDULE P - PART H - SECTION - OTHER LIABILITY - OCCURRENCE. Prior,,,,,,0,0,0 0,0 0, () ().,,,,,0,,0,0,, (). XXX,,00,,0,,,,, () (). XXX XXX,,0,,,,,0, (). 000 XXX XXX XXX,,,0,0,0,,0,0,0. 00 XXX XXX XXX XXX,,0,,,,, (). 00 XXX XXX XXX XXX XXX,,,0 0,,0,,. 00 XXX XXX XXX XXX XXX XXX 0,,0,0,. 00 XXX XXX XXX XXX XXX XXX XXX,,, (,) (,00) XXX XXX XXX XXX XXX XXX XXX XXX,0, (,) XXX. 00 XXX XXX XXX XXX XXX XXX XXX XXX XXX, XXX XXX. Totals (,) (,) SCHEDULE P - PART H - SECTION - OTHER LIABILITY - CLAIMS-MADE. Prior.. XXX. XXX XXX. 000 XXX XXX XXX. 00 XXX XXX XXX XXX (). 00 XXX XXX XXX XXX XXX,, (0) (0). 00 XXX XXX XXX XXX XXX XXX,,,, () (,). 00 XXX XXX XXX XXX XXX XXX XXX,, 0, (,0) (,) XXX XXX XXX XXX XXX XXX XXX XXX,, XXX. 00 XXX XXX XXX XXX XXX XXX XXX XXX XXX,0 XXX XXX. Totals (,) (,)

89 0 ANNUAL STATEMENT FOR THE YEAR 00 OF THE Navigators Insurance Company SCHEDULE P - PART I - SPECIAL PROPERTY (FIRE, ALLIED LINES, INLAND MARINE, EARTHQUAKE, BURGLARY, AND THEFT) Years in Which Losses Were Incurred INCURRED NET LOSSES AND DEFENSE AND COST CONTAINMENT EXPENSES REPORTED AT YEAR END ($000 OMITTED) DEVELOPMENT One Year Two Year. Prior XXX XXX XXX XXX XXX XXX XXX,,, () (). 00 XXX XXX XXX XXX XXX XXX XXX XXX () XXX. 00 XXX XXX XXX XXX XXX XXX XXX XXX XXX 0 XXX XXX. Totals () () SCHEDULE P - PART J - AUTO PHYSICAL DAMAGE. Prior XXX XXX XXX XXX XXX XXX XXX (00) (). 00 XXX XXX XXX XXX XXX XXX XXX XXX XXX. 00 XXX XXX XXX XXX XXX XXX XXX XXX XXX, XXX XXX. Totals () () SCHEDULE P - PART K - FIDELITY, SURETY. Prior XXX XXX XXX XXX XXX XXX XXX,0,, (). 00 XXX XXX XXX XXX XXX XXX XXX XXX, () XXX. 00 XXX XXX XXX XXX XXX XXX XXX XXX XXX, XXX XXX. Totals () SCHEDULE P - PART L - OTHER (INCLUDING CREDIT, ACCIDENT AND HEALTH). Prior XXX XXX XXX XXX XXX XXX XXX. 00 XXX XXX XXX XXX XXX XXX XXX XXX XXX. 00 XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX. Totals. Prior. SCHEDULE P - PART M - INTERNATIONAL. XXX. XXX XXX. 000 XXX XXX XXX. 00 XXX XXX XXX XXX. 00 XXX XXX XXX XXX XXX. 00 XXX XXX XXX XXX XXX XXX. 00 XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX. 00 XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX. Totals

90 ANNUAL STATEMENT FOR THE YEAR 00 OF THE Navigators Insurance Company Years in Which Losses Were Incurred SCHEDULE P - PART N - REINSURANCE Nonproportional Assumed Property INCURRED NET LOSSES AND DEFENSE AND COST CONTAINMENT EXPENSES REPORTED AT YEAR END ($000 OMITTED) DEVELOPMENT One Year Two Year. Prior,,,0,,0,,,0,, ()., 0. XXX. XXX XXX. 000 XXX XXX XXX. 00 XXX XXX XXX XXX. 00 XXX XXX XXX XXX XXX. 00 XXX XXX XXX XXX XXX XXX. 00 XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX. 00 XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX. Totals () SCHEDULE P - PART O - REINSURANCE Nonproportional Assumed Liability. Prior,,,0,,,,0,,, () (). (). XXX (). XXX XXX. 000 XXX XXX XXX. 00 XXX XXX XXX XXX. 00 XXX XXX XXX XXX XXX. 00 XXX XXX XXX XXX XXX XXX. 00 XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX. 00 XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX. Totals () () SCHEDULE P - PART P - REINSURANCE Nonproportional Assumed Financial Lines. Prior,0,,0,, (0) ().. XXX. XXX XXX. 000 XXX XXX XXX. 00 XXX XXX XXX XXX. 00 XXX XXX XXX XXX XXX. 00 XXX XXX XXX XXX XXX XXX. 00 XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX. 00 XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX. Totals () ()

91 ANNUAL STATEMENT FOR THE YEAR 00 OF THE Navigators Insurance Company SCHEDULE P - PART R - SECTION - PRODUCTS LIABILITY - OCCURRENCE Years in Which Losses Were Incurred INCURRED NET LOSSES AND DEFENSE AND COST CONTAINMENT EXPENSES REPORTED AT YEAR END ($000 OMITTED) DEVELOPMENT One Year Two Year. Prior.. XXX. XXX XXX. 000 XXX XXX XXX. 00 XXX XXX XXX XXX. 00 XXX XXX XXX XXX XXX. 00 XXX XXX XXX XXX XXX XXX. 00 XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX. 00 XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX. Totals SCHEDULE P - PART R - SECTION - PRODUCTS LIABILITY - CLAIMS-MADE. Prior.. XXX. XXX XXX. 000 XXX XXX XXX. 00 XXX XXX XXX XXX. 00 XXX XXX XXX XXX XXX. 00 XXX XXX XXX XXX XXX XXX. 00 XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX. 00 XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX. Totals SCHEDULE P - PART S - FINANCIAL GUARANTY/MORTGAGE GUARANTY. Prior XXX XXX XXX XXX XXX XXX XXX. 00 XXX XXX XXX XXX XXX XXX XXX XXX XXX. 00 XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX. Totals

92 Years in Which Losses Were Incurred ANNUAL STATEMENT FOR THE YEAR 00 OF THE Navigators Insurance Company SCHEDULE P - PART A - HOMEOWNERS/FARMOWNERS CUMULATIVE PAID NET LOSSES AND DEFENSE AND COST CONTAINMENT EXPENSES REPORTED AT YEAR END ($000 OMITTED) Prior (0) (0) (0) (0) (0) (0) (0) (0). XXX () () () () () () () (). XXX XXX. 000 XXX XXX XXX. 00 XXX XXX XXX XXX. 00 XXX XXX XXX XXX XXX. 00 XXX XXX XXX XXX XXX XXX. 00 XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX. 00 XXX XXX XXX XXX XXX XXX XXX XXX XXX 0 Number of Claims Closed Without Loss Payment Number of Claims Closed With Loss Payment SCHEDULE P - PART B - PRIVATE PASSENGER AUTO LIABILITY/MEDICAL. Prior XXX. XXX XXX. 000 XXX XXX XXX. 00 XXX XXX XXX XXX. 00 XXX XXX XXX XXX XXX. 00 XXX XXX XXX XXX XXX XXX. 00 XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX. 00 XXX XXX XXX XXX XXX XXX XXX XXX XXX SCHEDULE P - PART C - COMMERCIAL AUTO/TRUCK LIABILITY/MEDICAL. Prior XXX. XXX XXX. 000 XXX XXX XXX. 00 XXX XXX XXX XXX. 00 XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX. 00 XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX. 00 XXX XXX XXX XXX XXX XXX XXX XXX XXX SCHEDULE P - PART D - WORKERS COMPENSATION. Prior XXX. XXX XXX. 000 XXX XXX XXX. 00 XXX XXX XXX XXX. 00 XXX XXX XXX XXX XXX. 00 XXX XXX XXX XXX XXX XXX. 00 XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX. 00 XXX XXX XXX XXX XXX XXX XXX XXX XXX SCHEDULE P - PART E - COMMERCIAL MULTIPLE PERIL. Prior 000,,,,,,,,, XXX 0 0. XXX XXX XXX XXX XXX,,,,, XXX XXX XXX XXX,,,0,0,0. 00 XXX XXX XXX XXX XXX 0,,,. 00 XXX XXX XXX XXX XXX XXX,,,. 00 XXX XXX XXX XXX XXX XXX XXX,0, XXX XXX XXX XXX XXX XXX XXX XXX 0, XXX XXX XXX XXX XXX XXX XXX XXX XXX 0 0

93 ANNUAL STATEMENT FOR THE YEAR 00 OF THE Navigators Insurance Company SCHEDULE P - PART F - SECTION - MEDICAL MALPRACTICE - OCCURRENCE CUMULATIVE PAID NET LOSSES AND DEFENSE AND COST CONTAINMENT EXPENSES REPORTED AT YEAR END ($000 OMITTED) 0 Years in Which Losses Were Incurred Prior XXX. XXX XXX. 000 XXX XXX XXX. 00 XXX XXX XXX XXX. 00 XXX XXX XXX XXX XXX. 00 XXX XXX XXX XXX XXX XXX. 00 XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX. 00 XXX XXX XXX XXX XXX XXX XXX XXX XXX Number of Number of Claims Claims Closed Closed With Without Loss Loss Payment Payment SCHEDULE P - PART F - SECTION - MEDICAL MALPRACTICE - CLAIMS-MADE. Prior XXX. XXX XXX. 000 XXX XXX XXX. 00 XXX XXX XXX XXX. 00 XXX XXX XXX XXX XXX. 00 XXX XXX XXX XXX XXX XXX. 00 XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX. 00 XXX XXX XXX XXX XXX XXX XXX XXX XXX SCHEDULE P - PART G - SPECIAL LIABILITY (OCEAN MARINE, AIRCRAFT (ALL PERILS), BOILER AND MACHINERY). Prior 000,, 0,,,0,,,, XXX XXX.,,,0,0,0,,,,, XXX XXX. XXX,, 0,,,,0,,0, XXX XXX. XXX XXX,,, 0,,00,,0, XXX XXX. 000 XXX XXX XXX,,,,,,,0 XXX XXX. 00 XXX XXX XXX XXX,,,,,0, XXX XXX. 00 XXX XXX XXX XXX XXX,,,,, XXX XXX. 00 XXX XXX XXX XXX XXX XXX,,,, XXX XXX. 00 XXX XXX XXX XXX XXX XXX XXX,,, XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX,,00 XXX XXX. 00 XXX XXX XXX XXX XXX XXX XXX XXX XXX, XXX XXX SCHEDULE P - PART H - SECTION - OTHER LIABILITY - OCCURRENCE. Prior 000,00,,0,,,,,, 0. 0,,,0,0,0,,,,. XXX,,,0,,,,0. XXX XXX,,0,,0,,,. 000 XXX XXX XXX,,0,,0 0,0 0,. 00 XXX XXX XXX XXX,,,0,0,0, XXX XXX XXX XXX XXX,,,,0,,. 00 XXX XXX XXX XXX XXX XXX,,,,0. 00 XXX XXX XXX XXX XXX XXX XXX,0 0, XXX XXX XXX XXX XXX XXX XXX XXX,. 00 XXX XXX XXX XXX XXX XXX XXX XXX XXX 0 SCHEDULE P - PART H - SECTION - OTHER LIABILITY - CLAIMS-MADE. Prior XXX. XXX XXX. 000 XXX XXX XXX. 00 XXX XXX XXX XXX. 00 XXX XXX XXX XXX XXX. 00 XXX XXX XXX XXX XXX XXX,0, XXX XXX XXX XXX XXX XXX XXX,0, XXX XXX XXX XXX XXX XXX XXX XXX,0. 00 XXX XXX XXX XXX XXX XXX XXX XXX XXX 0

94 ANNUAL STATEMENT FOR THE YEAR 00 OF THE Navigators Insurance Company SCHEDULE P - PART I - SPECIAL PROPERTY (FIRE, ALLIED LINES, INLAND MARINE, EARTHQUAKE, BURGLARY, AND THEFT) Years in Which Losses Were Incurred CUMULATIVE PAID NET LOSSES AND DEFENSE AND COST CONTAINMENT EXPENSES REPORTED AT YEAR END ($000 OMITTED) Number of Number of Claims Claims Closed Closed With Without Loss Loss Payment Payment. Prior XXX XXX XXX XXX XXX XXX XXX 000,,0 XXX XXX. 00 XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX. 00 XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX SCHEDULE P - PART J - AUTO PHYSICAL DAMAGE. Prior XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX. 00 XXX XXX XXX XXX XXX XXX XXX XXX XXX SCHEDULE P - PART K - FIDELITY/SURETY. Prior XXX XXX XXX XXX XXX XXX XXX 000 XXX XXX. 00 XXX XXX XXX XXX XXX XXX XXX XXX 0 XXX XXX. 00 XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX SCHEDULE P - PART L - OTHER (INCLUDING CREDIT, ACCIDENT AND HEALTH). Prior XXX XXX XXX XXX XXX XXX XXX 000 XXX XXX. 00 XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX. 00 XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX SCHEDULE P - PART M - INTERNATIONAL. Prior 000 XXX XXX. XXX XXX. XXX XXX XXX. XXX XXX XXX XXX. 000 XXX XXX XXX XXX XXX. 00 XXX XXX XXX XXX XXX XXX. 00 XXX XXX XXX XXX XXX XXX XXX. 00 XXX XXX XXX XXX XXX XXX XXX XXX. 00 XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX. 00 XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX

95 ANNUAL STATEMENT FOR THE YEAR 00 OF THE Navigators Insurance Company Years in Which Losses Were Incurred SCHEDULE P - PART N - REINSURANCE Nonproportional Assumed Property CUMULATIVE PAID NET LOSSES AND DEFENSE AND COST CONTAINMENT EXPENSES REPORTED AT YEAR END 000 ($000 OMITTED) Number of Number of Claims Claims Closed Closed With Without Loss Loss Payment Payment. Prior 000,0,,,,0,,0,, XXX XXX. 00 XXX XXX. XXX XXX XXX. XXX XXX XXX XXX. 000 XXX XXX XXX XXX XXX. 00 XXX XXX XXX XXX XXX XXX. 00 XXX XXX XXX XXX XXX XXX XXX. 00 XXX XXX XXX XXX XXX XXX XXX XXX. 00 XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX. 00 XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX SCHEDULE P - PART O - REINSURANCE Nonproportional Assumed Liability. Prior 000,0,0,,,,0,,, XXX XXX. XXX XXX. XXX XXX XXX. XXX XXX XXX XXX. 000 XXX XXX XXX XXX XXX. 00 XXX XXX XXX XXX XXX XXX. 00 XXX XXX XXX XXX XXX XXX XXX. 00 XXX XXX XXX XXX XXX XXX XXX XXX. 00 XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX. 00 XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX SCHEDULE P - PART P - REINSURANCE Nonproportional Assumed Financial Lines. Prior XXX XXX. XXX XXX. XXX XXX XXX. XXX XXX XXX XXX. 000 XXX XXX XXX XXX XXX. 00 XXX XXX XXX XXX XXX XXX. 00 XXX XXX XXX XXX XXX XXX XXX. 00 XXX XXX XXX XXX XXX XXX XXX XXX. 00 XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX. 00 XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX

96 ANNUAL STATEMENT FOR THE YEAR 00 OF THE Navigators Insurance Company SCHEDULE P - PART R - SECTION - PRODUCTS LIABILITY - OCCURRENCE Years in Which Losses Were Incurred CUMULATIVE PAID NET LOSSES AND DEFENSE AND COST CONTAINMENT EXPENSES REPORTED AT YEAR END ($000 OMITTED) Number of Number of Claims Claims Closed Closed With Without Loss Loss Payment Payment. Prior XXX. XXX XXX. 000 XXX XXX XXX. 00 XXX XXX XXX XXX. 00 XXX XXX XXX XXX XXX. 00 XXX XXX XXX XXX XXX XXX. 00 XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX. 00 XXX XXX XXX XXX XXX XXX XXX XXX XXX SCHEDULE P - PART R - SECTION - PRODUCTS LIABILITY - CLAIMS-MADE. Prior XXX. XXX XXX. 000 XXX XXX XXX. 00 XXX XXX XXX XXX. 00 XXX XXX XXX XXX XXX. 00 XXX XXX XXX XXX XXX XXX. 00 XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX. 00 XXX XXX XXX XXX XXX XXX XXX XXX XXX SCHEDULE P - PART S - FINANCIAL GUARANTY/MORTGAGE GUARANTY. Prior XXX XXX XXX XXX XXX XXX XXX 000 XXX XXX. 00 XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX. 00 XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX

97 Years in Which Losses Were Incurred ANNUAL STATEMENT FOR THE YEAR 00 OF THE Navigators Insurance Company SCHEDULE P - PART A - HOMEOWNERS/FARMOWNERS BULK AND IBNR RESERVES ON NET LOSSES AND DEFENSE AND COST CONTAINMENT EXPENSES REPORTED AT YEAR END ($000 OMITTED) Prior XXX 0 0. XXX XXX. 000 XXX XXX XXX. 00 XXX XXX XXX XXX. 00 XXX XXX XXX XXX XXX. 00 XXX XXX XXX XXX XXX XXX. 00 XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX. 00 XXX XXX XXX XXX XXX XXX XXX XXX XXX 00 SCHEDULE P - PART B - PRIVATE PASSENGER AUTO LIABILITY/MEDICAL. Prior XXX. XXX XXX. 000 XXX XXX XXX. 00 XXX XXX XXX XXX. 00 XXX XXX XXX XXX XXX. 00 XXX XXX XXX XXX XXX XXX. 00 XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX. 00 XXX XXX XXX XXX XXX XXX XXX XXX XXX SCHEDULE P - PART C - COMMERCIAL AUTO/TRUCK LIABILITY/MEDICAL. Prior.. XXX. XXX XXX. 000 XXX XXX XXX. 00 XXX XXX XXX XXX. 00 XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX. 00 XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX. 00 XXX XXX XXX XXX XXX XXX XXX XXX XXX SCHEDULE P - PART D - WORKERS COMPENSATION. Prior.. XXX. XXX XXX. 000 XXX XXX XXX. 00 XXX XXX XXX XXX. 00 XXX XXX XXX XXX XXX. 00 XXX XXX XXX XXX XXX XXX. 00 XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX. 00 XXX XXX XXX XXX XXX XXX XXX XXX XXX SCHEDULE P - PART E - COMMERCIAL MULTIPLE PERIL. Prior, XXX 0. XXX XXX. 000 XXX XXX XXX XXX XXX XXX XXX, XXX XXX XXX XXX XXX, XXX XXX XXX XXX XXX XXX,, XXX XXX XXX XXX XXX XXX XXX,0,0, XXX XXX XXX XXX XXX XXX XXX XXX,,. 00 XXX XXX XXX XXX XXX XXX XXX XXX XXX,

98 ANNUAL STATEMENT FOR THE YEAR 00 OF THE Navigators Insurance Company SCHEDULE P - PART F - SECTION - MEDICAL MALPRACTICE - OCCURRENCE BULK AND IBNR RESERVES ON NET LOSSES AND DEFENSE AND COST CONTAINMENT EXPENSES REPORTED AT YEAR END ($000 OMITTED) Years in Which 0 Losses Were Incurred Prior.. XXX. XXX XXX. 000 XXX XXX XXX. 00 XXX XXX XXX XXX. 00 XXX XXX XXX XXX XXX. 00 XXX XXX XXX XXX XXX XXX. 00 XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX. 00 XXX XXX XXX XXX XXX XXX XXX XXX XXX SCHEDULE P - PART F - SECTION - MEDICAL MALPRACTICE - CLAIMS-MADE. Prior.. XXX. XXX XXX. 000 XXX XXX XXX. 00 XXX XXX XXX XXX. 00 XXX XXX XXX XXX XXX. 00 XXX XXX XXX XXX XXX XXX. 00 XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX. 00 XXX XXX XXX XXX XXX XXX XXX XXX XXX SCHEDULE P - PART G - SPECIAL LIABILITY (OCEAN MARINE, AIRCRAFT (ALL PERILS), BOILER AND MACHINERY). Prior,,,00,00,00,0, 0,,0,.,,0,00,00,00,00,. XXX,,000,,,,,0. XXX XXX,,,,, XXX XXX XXX,,,0, XXX XXX XXX XXX,00,,,, XXX XXX XXX XXX XXX 0,,,,,. 00 XXX XXX XXX XXX XXX XXX,,,,. 00 XXX XXX XXX XXX XXX XXX XXX,0,0, XXX XXX XXX XXX XXX XXX XXX XXX,,. 00 XXX XXX XXX XXX XXX XXX XXX XXX XXX 0, SCHEDULE P - PART H - SECTION - OTHER LIABILITY - OCCURRENCE. Prior,0,,00 0 0,, 0.,0,, ,0. XXX,,00,,,,,,. XXX XXX,00,,,,0,,. 000 XXX XXX XXX,,,,,0,,. 00 XXX XXX XXX XXX,0,,,,,. 00 XXX XXX XXX XXX XXX,0,,,,. 00 XXX XXX XXX XXX XXX XXX, 0,, 0,. 00 XXX XXX XXX XXX XXX XXX XXX,,, XXX XXX XXX XXX XXX XXX XXX XXX,,. 00 XXX XXX XXX XXX XXX XXX XXX XXX XXX, SCHEDULE P - PART H - SECTION - OTHER LIABILITY - CLAIMS-MADE. Prior.. XXX. XXX XXX. 000 XXX XXX XXX. 00 XXX XXX XXX XXX. 00 XXX XXX XXX XXX XXX,0,. 00 XXX XXX XXX XXX XXX XXX,0,0. 00 XXX XXX XXX XXX XXX XXX XXX,0,0, XXX XXX XXX XXX XXX XXX XXX XXX, 0,. 00 XXX XXX XXX XXX XXX XXX XXX XXX XXX,

99 0 ANNUAL STATEMENT FOR THE YEAR 00 OF THE Navigators Insurance Company SCHEDULE P - PART I - SPECIAL PROPERTY (FIRE, ALLIED LINES, INLAND MARINE, EARTHQUAKE, BURGLARY AND THEFT) Years in Which Losses Were Incurred BULK AND IBNR RESERVES ON NET LOSSES AND DEFENSE AND COST CONTAINMENT EXPENSES REPORTED AT YEAR END ($000 OMITTED) Prior XXX XXX XXX XXX XXX XXX XXX,0. 00 XXX XXX XXX XXX XXX XXX XXX XXX. 00 XXX XXX XXX XXX XXX XXX XXX XXX XXX SCHEDULE P - PART J - AUTO PHYSICAL DAMAGE. Prior XXX XXX XXX XXX XXX XXX XXX. 00 XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX SCHEDULE P - PART K - FIDELITY/SURETY. Prior XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX,0. 00 XXX XXX XXX XXX XXX XXX XXX XXX XXX,0 SCHEDULE P - PART L - OTHER (INCLUDING CREDIT, ACCIDENT AND HEALTH). Prior XXX XXX XXX XXX XXX XXX XXX. 00 XXX XXX XXX XXX XXX XXX XXX XXX. 00 XXX XXX XXX XXX XXX XXX XXX XXX XXX. Prior SCHEDULE P - PART M - INTERNATIONAL.. XXX. XXX XXX. 000 XXX XXX XXX. 00 XXX XXX XXX XXX. 00 XXX XXX XXX XXX XXX. 00 XXX XXX XXX XXX XXX XXX. 00 XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX. 00 XXX XXX XXX XXX XXX XXX XXX XXX XXX

100 ANNUAL STATEMENT FOR THE YEAR 00 OF THE Navigators Insurance Company Years in Which Losses Were Incurred SCHEDULE P - PART N - REINSURANCE Nonproportional Assumed Property BULK AND IBNR RESERVES ON NET LOSSES AND DEFENSE AND COST CONTAINMENT EXPENSES REPORTED AT YEAR END ($000 OMITTED) Prior,, XXX. XXX XXX. 000 XXX XXX XXX. 00 XXX XXX XXX XXX. 00 XXX XXX XXX XXX XXX. 00 XXX XXX XXX XXX XXX XXX. 00 XXX XXX XXX XXX XXX XXX XXX. 00 XXX XXX XXX XXX XXX XXX XXX XXX. 00 XXX XXX XXX XXX XXX XXX XXX XXX XXX SCHEDULE P - PART O - REINSURANCE Nonproportional Assumed Liability. Prior 0,0,, XXX. XXX XXX. 000 XXX XXX XXX. 00 XXX XXX XXX XXX. 00 XXX XXX XXX XXX XXX. 00 XXX XXX XXX XXX XXX XXX. 00 XXX XXX XXX XXX XXX XXX XXX. 00 XXX XXX XXX XXX XXX XXX XXX XXX. 00 XXX XXX XXX XXX XXX XXX XXX XXX XXX SCHEDULE P - PART P - REINSURANCE Nonproportional Assumed Financial Lines. Prior XXX. XXX XXX. 000 XXX XXX XXX. 00 XXX XXX XXX XXX. 00 XXX XXX XXX XXX XXX. 00 XXX XXX XXX XXX XXX XXX. 00 XXX XXX XXX XXX XXX XXX XXX. 00 XXX XXX XXX XXX XXX XXX XXX XXX. 00 XXX XXX XXX XXX XXX XXX XXX XXX XXX

101 ANNUAL STATEMENT FOR THE YEAR 00 OF THE Navigators Insurance Company SCHEDULE P - PART R - SECTION - PRODUCTS LIABILITY - OCCURRENCE Years in Which Losses Were Incurred BULK AND IBNR RESERVES ON NET LOSSES AND DEFENSE AND COST CONTAINMENT EXPENSES REPORTED AT YEAR END ($000 OMITTED) Prior.. XXX. XXX XXX. 000 XXX XXX XXX. 00 XXX XXX XXX XXX. 00 XXX XXX XXX XXX XXX. 00 XXX XXX XXX XXX XXX XXX. 00 XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX. 00 XXX XXX XXX XXX XXX XXX XXX XXX XXX SCHEDULE P - PART R - SECTION - PRODUCTS LIABILITY - CLAIMS-MADE. Prior.. XXX. XXX XXX. 000 XXX XXX XXX. 00 XXX XXX XXX XXX. 00 XXX XXX XXX XXX XXX. 00 XXX XXX XXX XXX XXX XXX. 00 XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX. 00 XXX XXX XXX XXX XXX XXX XXX XXX XXX SCHEDULE P - PART S - FINANCIAL GUARANTY/MORTGAGE GUARANTY. Prior XXX XXX XXX XXX XXX XXX XXX. 00 XXX XXX XXX XXX XXX XXX XXX XXX. 00 XXX XXX XXX XXX XXX XXX XXX XXX XXX

102 ANNUAL STATEMENT FOR THE YEAR 00 OF THE Navigators Insurance Company Years in Which Premiums Were Earned and Losses Were Incurred SCHEDULE P - PART A - HOMEOWNERS/FARMOWNERS SECTION CUMULATIVE NUMBER OF CLAIMS CLOSED WITH LOSS PAYMENT DIRECT AND ASSUMED AT YEAR END Prior.. XXX. XXX XXX. 000 XXX XXX XXX. 00 XXX XXX XXX XXX. 00 XXX XXX XXX XXX XXX. 00 XXX XXX XXX XXX XXX XXX. 00 XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX. 00 XXX XXX XXX XXX XXX XXX XXX XXX XXX Years in Which Premiums Were Earned and Losses Were Incurred SECTION NUMBER OF CLAIMS OUTSTANDING DIRECT AND ASSUMED AT YEAR END Prior.. XXX. XXX XXX. 000 XXX XXX XXX. 00 XXX XXX XXX XXX. 00 XXX XXX XXX XXX XXX. 00 XXX XXX XXX XXX XXX XXX. 00 XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX. 00 XXX XXX XXX XXX XXX XXX XXX XXX XXX Years in Which Premiums Were Earned and Losses Were Incurred SECTION CUMULATIVE NUMBER OF CLAIMS REPORTED DIRECT AND ASSUMED AT YEAR END Prior.. XXX. XXX XXX. 000 XXX XXX XXX. 00 XXX XXX XXX XXX. 00 XXX XXX XXX XXX XXX. 00 XXX XXX XXX XXX XXX XXX. 00 XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX. 00 XXX XXX XXX XXX XXX XXX XXX XXX XXX

103 Years in Which Premiums Were Earned and Losses Were Incurred. Prior. ANNUAL STATEMENT FOR THE YEAR 00 OF THE Navigators Insurance Company SCHEDULE P - PART B - PRIVATE PASSENGER AUTO LIABILITY/MEDICAL SECTION CUMULATIVE NUMBER OF CLAIMS CLOSED WITH LOSS PAYMENT DIRECT AND ASSUMED AT YEAR END XXX. XXX XXX. 000 XXX XXX XXX. 00 XXX XXX XXX XXX. 00 XXX XXX XXX XXX XXX. 00 XXX XXX XXX XXX XXX XXX. 00 XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX. 00 XXX XXX XXX XXX XXX XXX XXX XXX XXX Years in Which Premiums Were Earned and Losses Were Incurred SECTION NUMBER OF CLAIMS OUTSTANDING DIRECT AND ASSUMED AT YEAR END Prior.. XXX. XXX XXX. 000 XXX XXX XXX. 00 XXX XXX XXX XXX. 00 XXX XXX XXX XXX XXX. 00 XXX XXX XXX XXX XXX XXX. 00 XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX. 00 XXX XXX XXX XXX XXX XXX XXX XXX XXX Years in Which Premiums Were Earned and Losses Were Incurred SECTION CUMULATIVE NUMBER OF CLAIMS REPORTED DIRECT AND ASSUMED AT YEAR END Prior.. XXX. XXX XXX. 000 XXX XXX XXX. 00 XXX XXX XXX XXX. 00 XXX XXX XXX XXX XXX. 00 XXX XXX XXX XXX XXX XXX. 00 XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX. 00 XXX XXX XXX XXX XXX XXX XXX XXX XXX

104 Years in Which Premiums Were Earned and Losses Were Incurred. Prior. ANNUAL STATEMENT FOR THE YEAR 00 OF THE Navigators Insurance Company SCHEDULE P - PART C - COMMERCIAL AUTO/TRUCK LIABILITY/MEDICAL SECTION CUMULATIVE NUMBER OF CLAIMS CLOSED WITH LOSS PAYMENT DIRECT AND ASSUMED AT YEAR END XXX. XXX XXX. 000 XXX XXX XXX. 00 XXX XXX XXX XXX. 00 XXX XXX XXX XXX XXX. 00 XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX. 00 XXX XXX XXX XXX XXX XXX XXX XXX XXX Years in Which Premiums Were Earned and Losses Were Incurred SECTION NUMBER OF CLAIMS OUTSTANDING DIRECT AND ASSUMED AT YEAR END Prior.. XXX. XXX XXX. 000 XXX XXX XXX. 00 XXX XXX XXX XXX. 00 XXX XXX XXX XXX XXX. 00 XXX XXX XXX XXX XXX XXX. 00 XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX. 00 XXX XXX XXX XXX XXX XXX XXX XXX XXX Years in Which Premiums Were Earned and Losses Were Incurred SECTION CUMULATIVE NUMBER OF CLAIMS REPORTED DIRECT AND ASSUMED AT YEAR END Prior.. XXX. XXX XXX. 000 XXX XXX XXX. 00 XXX XXX XXX XXX. 00 XXX XXX XXX XXX XXX. 00 XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX. 00 XXX XXX XXX XXX XXX XXX XXX XXX XXX 0

105 Years in Which Premiums Were Earned and Losses Were Incurred. Prior. ANNUAL STATEMENT FOR THE YEAR 00 OF THE Navigators Insurance Company SCHEDULE P - PART D - WORKERS' COMPENSATION SECTION CUMULATIVE NUMBER OF CLAIMS CLOSED WITH LOSS PAYMENT DIRECT AND ASSUMED AT YEAR END XXX. XXX XXX. 000 XXX XXX XXX. 00 XXX XXX XXX XXX. 00 XXX XXX XXX XXX XXX. 00 XXX XXX XXX XXX XXX XXX. 00 XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX. 00 XXX XXX XXX XXX XXX XXX XXX XXX XXX Years in Which Premiums Were Earned and Losses Were Incurred. Prior. SECTION NUMBER OF CLAIMS OUTSTANDING DIRECT AND ASSUMED AT YEAR END XXX. XXX XXX. 000 XXX XXX XXX. 00 XXX XXX XXX XXX. 00 XXX XXX XXX XXX XXX. 00 XXX XXX XXX XXX XXX XXX. 00 XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX. 00 XXX XXX XXX XXX XXX XXX XXX XXX XXX Years in Which Premiums Were Earned and Losses Were Incurred. Prior. SECTION CUMULATIVE NUMBER OF CLAIMS REPORTED DIRECT AND ASSUMED AT YEAR END XXX. XXX XXX. 000 XXX XXX XXX. 00 XXX XXX XXX XXX. 00 XXX XXX XXX XXX XXX. 00 XXX XXX XXX XXX XXX XXX. 00 XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX. 00 XXX XXX XXX XXX XXX XXX XXX XXX XXX

106 Years in Which Premiums Were Earned and Losses Were Incurred ANNUAL STATEMENT FOR THE YEAR 00 OF THE Navigators Insurance Company SCHEDULE P - PART E - COMMERCIAL MULTIPLE PERIL SECTION CUMULATIVE NUMBER OF CLAIMS CLOSED WITH LOSS PAYMENT DIRECT AND ASSUMED AT YEAR END Prior XXX. XXX XXX. 000 XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX. 00 XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX. 00 XXX XXX XXX XXX XXX XXX XXX XXX XXX Years in Which Premiums Were Earned and Losses Were Incurred SECTION NUMBER OF CLAIMS OUTSTANDING DIRECT AND ASSUMED AT YEAR END Prior.. XXX. XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX Years in Which Premiums Were Earned and Losses Were Incurred SECTION CUMULATIVE NUMBER OF CLAIMS REPORTED DIRECT AND ASSUMED AT YEAR END Prior () () ().. XXX. XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX. 00 XXX XXX XXX XXX XXX XXX XXX XXX XXX

107 , ANNUAL STATEMENT FOR THE YEAR 00 OF THE Navigators Insurance Company Schedule P - Part F- SNA Schedule P - Part F- SNA Schedule P - Part F- SNA Schedule P - Part F- SNB Schedule P - Part F- SNB Schedule P - Part F- SNB

108 0 Years in Which Premiums Were Earned and Losses Were Incurred ANNUAL STATEMENT FOR THE YEAR 00 OF THE Navigators Insurance Company SCHEDULE P - PART H - OTHER LIABILITY - OCCURRENCE SECTION A CUMULATIVE NUMBER OF CLAIMS CLOSED WITH LOSS PAYMENT DIRECT AND ASSUMED AT YEAR END Prior XXX. XXX XXX XXX XXX XXX XXX XXX XXX XXX. 00 XXX XXX XXX XXX XXX,0,. 00 XXX XXX XXX XXX XXX XXX. 00 XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX Years in Which Premiums Were Earned and Losses Were Incurred SECTION A NUMBER OF CLAIMS OUTSTANDING DIRECT AND ASSUMED AT YEAR END Prior XXX 0. XXX XXX XXX XXX XXX. 00 XXX XXX XXX XXX XXX XXX XXX XXX XXX. 00 XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX Years in Which Premiums Were Earned and Losses Were Incurred SECTION A CUMULATIVE NUMBER OF CLAIMS REPORTED DIRECT AND ASSUMED AT YEAR END Prior 0 () XXX 00. XXX XXX XXX XXX XXX XXX XXX XXX XXX,,,,. 00 XXX XXX XXX XXX XXX,,,,. 00 XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX

109 ANNUAL STATEMENT FOR THE YEAR 00 OF THE Navigators Insurance Company Years in Which Premiums Were Earned and Losses Were Incurred SCHEDULE P - PART H - OTHER LIABILITY - CLAIMS-MADE SECTION B CUMULATIVE NUMBER OF CLAIMS CLOSED WITH LOSS PAYMENT DIRECT AND ASSUMED AT YEAR END Prior.. XXX. XXX XXX. 000 XXX XXX XXX. 00 XXX XXX XXX XXX. 00 XXX XXX XXX XXX XXX. 00 XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX. 00 XXX XXX XXX XXX XXX XXX XXX XXX XXX Years in Which Premiums Were Earned and Losses Were Incurred SECTION B NUMBER OF CLAIMS OUTSTANDING DIRECT AND ASSUMED AT YEAR END Prior.. XXX. XXX XXX. 000 XXX XXX XXX. 00 XXX XXX XXX XXX. 00 XXX XXX XXX XXX XXX. 00 XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX. 00 XXX XXX XXX XXX XXX XXX XXX XXX XXX,00 Years in Which Premiums Were Earned and Losses Were Incurred SECTION B CUMULATIVE NUMBER OF CLAIMS REPORTED DIRECT AND ASSUMED AT YEAR END Prior.. XXX. XXX XXX. 000 XXX XXX XXX. 00 XXX XXX XXX XXX. 00 XXX XXX XXX XXX XXX. 00 XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX. 00 XXX XXX XXX XXX XXX XXX XXX XXX XXX,

110 , ANNUAL STATEMENT FOR THE YEAR 00 OF THE Navigators Insurance Company Schedule P - Part R- SNA Schedule P - Part R- SNA Schedule P - Part R- SNA Schedule P - Part R- SNB Schedule P - Part R- SNB Schedule P - Part R- SNB

111 ANNUAL STATEMENT FOR THE YEAR 00 OF THE Navigators Insurance Company SCHEDULE P - PART C - COMMERCIAL AUTO/TRUCK LIABILITY/MEDICAL SECTION CUMULATIVE PREMIUMS EARNED DIRECT AND ASSUMED AT YEAR END ($000 OMITTED) Years in Which Premiums Were Earned and Losses Were Incurred Current Year Premiums Earned. Prior.. XXX. XXX XXX. 000 XXX XXX XXX. 00 XXX XXX XXX XXX. 00 XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX,0,0,0,0. 00 XXX XXX XXX XXX XXX XXX XXX,0,0, XXX XXX XXX XXX XXX XXX XXX XXX,0,0. 00 XXX XXX XXX XXX XXX XXX XXX XXX XXX,,. Total XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX,. Earned Premiums (Sch P, Part ) 00,0,0,0, XXX SECTION CUMULATIVE PREMIUMS EARNED CEDED AT YEAR END ($000 OMITTED) Years in Which Premiums Were Earned and Losses Were Incurred Current Year Premiums Earned. Prior.. XXX. XXX XXX. 000 XXX XXX XXX. 00 XXX XXX XXX XXX. 00 XXX XXX XXX XXX XXX. 00 XXX XXX XXX XXX XXX XXX. 00 XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX. 00 XXX XXX XXX XXX XXX XXX XXX XXX XXX. Total XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX. Earned Premiums (Sch P, Part ) XXX SCHEDULE P - PART D - WORKERS' COMPENSATION SECTION CUMULATIVE PREMIUMS EARNED DIRECT AND ASSUMED AT YEAR END ($000 OMITTED) Years in Which 0 Current Premiums Were Year Earned and Losses Premiums Were Incurred Earned. Prior.. XXX. XXX XXX. 000 XXX XXX XXX. 00 XXX XXX XXX XXX. 00 XXX XXX XXX XXX XXX. 00 XXX XXX XXX XXX XXX XXX. 00 XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX. 00 XXX XXX XXX XXX XXX XXX XXX XXX XXX. Total XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX. Earned Premiums (Sch P, Part ) XXX SECTION CUMULATIVE PREMIUMS EARNED CEDED AT YEAR END ($000 OMITTED) Years in Which 0 Current Premiums Were Year Earned and Losses Premiums Were Incurred Earned. Prior.. XXX. XXX XXX. 000 XXX XXX XXX. 00 XXX XXX XXX XXX. 00 XXX XXX XXX XXX XXX. 00 XXX XXX XXX XXX XXX XXX. 00 XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX. 00 XXX XXX XXX XXX XXX XXX XXX XXX XXX. Total XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX. Earned Premiums (Sch P, Part ) XXX

112 Years in Which Premiums Were Earned and Losses Were Incurred ANNUAL STATEMENT FOR THE YEAR 00 OF THE Navigators Insurance Company SCHEDULE P - PART E - COMMERCIAL MULTIPLE PERIL SECTION CUMULATIVE PREMIUMS EARNED DIRECT AND ASSUMED AT YEAR END ($000 OMITTED) 0 Current Year Premiums Earned Prior.,,,,,,,,,,. XXX,,,,,,,,,. XXX XXX,,,0,0,0,,,. 000 XXX XXX XXX,0,,,,,,. 00 XXX XXX XXX XXX,,,,,,. 00 XXX XXX XXX XXX XXX,0,,,,. 00 XXX XXX XXX XXX XXX XXX,,,,. 00 XXX XXX XXX XXX XXX XXX XXX,0,, XXX XXX XXX XXX XXX XXX XXX XXX 0, 0,. 00 XXX XXX XXX XXX XXX XXX XXX XXX XXX,,. Total XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX,0. Earned Premiums (Sch P, Part ),,0,,,,,, 0,0,0 XXX Years in Which Premiums Were Earned and Losses Were Incurred SECTION CUMULATIVE PREMIUMS EARNED CEDED AT YEAR END ($000 OMITTED) 0 Current Year Premiums Earned Prior 0.,0,0,0,0,0,0,0,0,0,0. XXX,,,,,,,,,. XXX XXX,,,00,00,00,,,. 000 XXX XXX XXX,,0,,,,,0. 00 XXX XXX XXX XXX,,0,0,0,0,0. 00 XXX XXX XXX XXX XXX,,,,,. 00 XXX XXX XXX XXX XXX XXX,,,,. 00 XXX XXX XXX XXX XXX XXX XXX,0,, XXX XXX XXX XXX XXX XXX XXX XXX,,. 00 XXX XXX XXX XXX XXX XXX XXX XXX XXX,,. Total XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX,0. Earned Premiums (Sch P, Part ),00,,,,,,,,,0 XXX Years in Which Premiums Were Earned and Losses Were Incurred SCHEDULE P - PART H - OTHER LIABILITY - OCCURRENCE SECTION A CUMULATIVE PREMIUMS EARNED DIRECT AND ASSUMED AT YEAR END ($000 OMITTED) 0 Current Year Premiums Earned Prior,.,,,,,,,,,,. XXX,0,00,00,00,00,00,00,,. XXX XXX,0,,,,,,,. 000 XXX XXX XXX,0 0, 0, 0,0 0, 0, 0,. 00 XXX XXX XXX XXX,,,,,, XXX XXX XXX XXX XXX, 0, 0, 0,0 0,. 00 XXX XXX XXX XXX XXX XXX,,0,,. 00 XXX XXX XXX XXX XXX XXX XXX,,,0, XXX XXX XXX XXX XXX XXX XXX XXX,,,. 00 XXX XXX XXX XXX XXX XXX XXX XXX XXX,,. Total XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX,. Earned Premiums (Sch P, Part ),00,0,,,,,0,,0, XXX Years in Which Premiums Were Earned and Losses Were Incurred SECTION A CUMULATIVE PREMIUMS EARNED CEDED AT YEAR END ($000 OMITTED) 0 Current Year Premiums Earned Prior.,,,0,0,0,0,0,0,0,0. XXX,,,,,,,,,. XXX XXX,,,0,,,,,. 000 XXX XXX XXX,0,,0,00,00,,. 00 XXX XXX XXX XXX,,0,,00,, XXX XXX XXX XXX XXX,0,,0,0,0. 00 XXX XXX XXX XXX XXX XXX,,,, XXX XXX XXX XXX XXX XXX XXX,,, XXX XXX XXX XXX XXX XXX XXX XXX,,,. 00 XXX XXX XXX XXX XXX XXX XXX XXX XXX,,. Total XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX,. Earned Premiums (Sch P, Part ),,,0,,,,0,,, XXX

113 ANNUAL STATEMENT FOR THE YEAR 00 OF THE Navigators Insurance Company SCHEDULE P - PART H - OTHER LIABILITY - CLAIMS-MADE SECTION B CUMULATIVE PREMIUMS EARNED DIRECT AND ASSUMED AT YEAR END ($000 OMITTED) Years in Which Premiums Were Earned and Losses Were Incurred Current Year Premiums Earned. Prior.. XXX. XXX XXX. 000 XXX XXX XXX. 00 XXX XXX XXX XXX. 00 XXX XXX XXX XXX XXX,0,,0,0,0. 00 XXX XXX XXX XXX XXX XXX,,,, (). 00 XXX XXX XXX XXX XXX XXX XXX,,, XXX XXX XXX XXX XXX XXX XXX XXX,00,. 00 XXX XXX XXX XXX XXX XXX XXX XXX XXX,00,00. Total XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX,. Earned Premiums (Sch P, Part ),0,,,0, XXX SECTION B CUMULATIVE PREMIUMS EARNED CEDED AT YEAR END ($000 OMITTED) Years in Which Premiums Were Earned and Losses Were Incurred Current Year Premiums Earned. Prior.. XXX. XXX XXX. 000 XXX XXX XXX. 00 XXX XXX XXX XXX. 00 XXX XXX XXX XXX XXX, 0,0, 0,0 0,0. 00 XXX XXX XXX XXX XXX XXX,,,, (). 00 XXX XXX XXX XXX XXX XXX XXX 0, 0,0 0, XXX XXX XXX XXX XXX XXX XXX XXX,,. 00 XXX XXX XXX XXX XXX XXX XXX XXX XXX,00,00. Total XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX,0. Earned Premiums (Sch P, Part ),, 0,,0,0 XXX SCHEDULE P - PART M - INTERNATIONAL SECTION CUMULATIVE PREMIUMS EARNED DIRECT AND ASSUMED AT YEAR END ($000 OMITTED) Years in Which 0 Current Premiums Were Year Earned and Losses Premiums Were Incurred Earned. Prior.. XXX. XXX XXX. 000 XXX XXX XXX. 00 XXX XXX XXX XXX. 00 XXX XXX XXX XXX XXX. 00 XXX XXX XXX XXX XXX XXX. 00 XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX. 00 XXX XXX XXX XXX XXX XXX XXX XXX XXX. Total XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX. Earned Premiums (Sch P, Part ) XXX SECTION CUMULATIVE PREMIUMS EARNED CEDED AT YEAR END ($000 OMITTED) Years in Which 0 Current Premiums Were Year Earned and Losses Premiums Were Incurred Earned. Prior.. XXX. XXX XXX. 000 XXX XXX XXX. 00 XXX XXX XXX XXX. 00 XXX XXX XXX XXX XXX. 00 XXX XXX XXX XXX XXX XXX. 00 XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX. 00 XXX XXX XXX XXX XXX XXX XXX XXX XXX. Total XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX. Earned Premiums (Sch P, Part ) XXX

114 ANNUAL STATEMENT FOR THE YEAR 00 OF THE Navigators Insurance Company SCHEDULE P - PART N - REINSURANCE - NONPROPORTIONAL ASSUMED PROPERTY SECTION Years in Which Premiums Were Earned and Losses Were Incurred CUMULATIVE PREMIUMS EARNED DIRECT AND ASSUMED AT YEAR END ($000 OMITTED) 0 Current Year Premiums Earned Prior.,,,,,,,,,,. XXX. XXX XXX. 000 XXX XXX XXX. 00 XXX XXX XXX XXX. 00 XXX XXX XXX XXX XXX. 00 XXX XXX XXX XXX XXX XXX. 00 XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX. 00 XXX XXX XXX XXX XXX XXX XXX XXX XXX. Total XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX. Earned Premiums (Sch P, Part ), () XXX Years in Which Premiums Were Earned and Losses Were Incurred SECTION CUMULATIVE PREMIUMS EARNED CEDED AT YEAR END ($000 OMITTED) 0 Current Year Premiums Earned Prior XXX. XXX XXX. 000 XXX XXX XXX. 00 XXX XXX XXX XXX. 00 XXX XXX XXX XXX XXX. 00 XXX XXX XXX XXX XXX XXX. 00 XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX. 00 XXX XXX XXX XXX XXX XXX XXX XXX XXX. Total XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX. Earned Premiums (Sch P, Part ) XXX SCHEDULE P - PART O - REINSURANCE B - NONPROPORTIONAL ASSUMED LIABILITY SECTION Years in Which Premiums Were Earned and Losses Were Incurred CUMULATIVE PREMIUMS EARNED DIRECT AND ASSUMED AT YEAR END ($000 OMITTED) 0 Current Year Premiums Earned Prior XXX. XXX XXX. 000 XXX XXX XXX. 00 XXX XXX XXX XXX. 00 XXX XXX XXX XXX XXX. 00 XXX XXX XXX XXX XXX XXX. 00 XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX. 00 XXX XXX XXX XXX XXX XXX XXX XXX XXX. Total XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX. Earned Premiums (Sch P, Part ) () (0) XXX Years in Which Premiums Were Earned and Losses Were Incurred SECTION CUMULATIVE PREMIUMS EARNED CEDED AT YEAR END ($000 OMITTED) 0 Current Year Premiums Earned Prior.. XXX. XXX XXX. 000 XXX XXX XXX. 00 XXX XXX XXX XXX. 00 XXX XXX XXX XXX XXX. 00 XXX XXX XXX XXX XXX XXX. 00 XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX. 00 XXX XXX XXX XXX XXX XXX XXX XXX XXX. Total XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX. Earned Premiums (Sch P, Part ) XXX

115 ,, 00, 0 ANNUAL STATEMENT FOR THE YEAR 00 OF THE Navigators Insurance Company Schedule P - Part R - SNA Schedule P - Part R - SNA Schedule P - Part R - SNB Schedule P - Part R - SNB Schedule P - Part A - Section Schedule P - Part A - Section Schedule P - Part A - Section Schedule P - Part A - Section Schedule P - Part A - Section Schedule P - Part B - Section Schedule P - Part B - Section

116 0, 0 ANNUAL STATEMENT FOR THE YEAR 00 OF THE Navigators Insurance Company Schedule P - Part B - Section Schedule P - Part B - Section Schedule P - Part B - Section Schedule P - Part B - Section Schedule P - Part B - Section

117 0 ANNUAL STATEMENT FOR THE YEAR 00 OF THE Navigators Insurance Company SCHEDULE P INTERROGATORIES. What is the extended loss and expense reserve - direct and assumed - for the following classes? An example of an extended loss and expense reserve is the actuarial reserve for the free-tail coverage arising upon death, disability or retirement in most medical malpractice policies. Such a liability is to be reported here even if it was not reported elsewhere in Schedule P, but otherwise reported as a liability item on Page. Show the full reserve amount, not just the change during the current year..0 Prior Totals Years in which premiums were earned and losses were incurred Medical Malpractice Other Liability Products Liability. The definition of allocated loss adjustment expenses (ALAE) and, therefore, unallocated loss adjustment expenses (ULAE) was changed effective January,. This change in definition applies to both paid and unpaid expenses. Are these expenses (now reported as Defense and Cost Containment and Adjusting and Other ) reported in compliance with these definitions in this statement? Yes [ X ] No [ ]. The Adjusting and Other expense payments and reserves should be allocated to the years in which the losses were incurred based on the number of claims reported, closed and outstanding in those years. When allocating Adjusting and Other expense between companies in a group or a pool, the Adjusting and Other expense should be allocated in the same percentage used for the loss amounts and the claim counts. For reinsurers, Adjusting and Other expense assumed should be reported according to the reinsurance contract. For Adjusting and Other expense incurred by reinsurers, or in those situations where suitable claim count information is not available, Adjusting and Other expense should be allocated by a reasonable method determined by the company and described in Interrogatory, below. Are they so reported in this Statement? Answer: Yes [ X ] No [ ]. Do any lines in Schedule P include reserves that are reported gross of any discount to present value of future payments, and that are reported net of such discounts on Page 0? Yes [ ] No [ X ] If Yes, proper disclosure must be made in the Notes to Financial Statements, as specified in the Instructions. Also, the discounts must be reported in Schedule P - Part, Columns and. Schedule P must be completed gross of non-tabular discounting. Work papers relating to discount calculations must be available for examination upon request. Discounting is allowed only if expressly permitted by the state insurance department to which this Annual Statement is being filed.. What were the net premiums in force at the end of the year for: (in thousands of dollars).fidelity.surety,,0. Claim count information is reported per claim or per claimant (Indicate which) CLAIM If not the same in all years, explain in Interrogatory.. The information provided in Schedule P will be used by many persons to estimate the adequacy of the current loss and expense reserves, among other things. Are there any especially significant events, coverage, retention or accounting changes that have occurred that must be considered when making such analyses? Yes [ X ] No [ ]. An extended statement may be attached. During 00 the Company increased its gross and net loss and loss adjustment expense reserves for asbestos related risks by $. million and $. million, respectively.

118 0 ANNUAL STATEMENT FOR THE YEAR 00 OF THE Navigators Insurance Company SCHEDULE T - EXHIBIT OF PREMIUMS WRITTEN Allocated by States and Territories Gross Premiums, Including Policy and Membership Fees Less Return Premiums and Premiums on Policies Not Taken Dividends Paid Finance and or Credited to Direct Losses Service Direct Direct Policyholders Paid Charges Not Premiums Premiums on Direct (Deducting Direct Losses Direct Losses Included in Written Earned Business Salvage) Incurred Unpaid Premiums Is Insurer Licensed? (Yes or No) States, etc.. Alabama AL Yes,,0,,0 (,,),,0. Alaska AK Yes,,,,0,,,,,,. Arizona AZ Yes,0,,,,,0,,00,. Arkansas AR Yes,0,0,00 0,0. California CA Yes,,,,,, 0,,0,,0. Colorado CO Yes,,0,,,,0,,,. Connecticut CT Yes,0,,,,00,,. Delaware DE Yes,,,0,. District of Columbia DC Yes,0, (,),0, 0. Florida FL Yes 0,,,,,,,,0,,. Georgia GA Yes,,0,0,,,,0. Hawaii HI Yes,,0,,,,,0,0. Idaho ID Yes, 0,,00,. Illinois IL Yes,,,,0,,,0,,0,. Indiana IN Yes,,,, 0,0,,,,. Iowa IA Yes,,,,. Kansas KS Yes,0, (,),,. Kentucky KY Yes,,,,000 0,,0,. Louisiana LA Yes,,,,,0,0 (0,) 0,, 0. Maine ME Yes,,0,0 0,,. Maryland MD Yes,,,,0,,,0. Massachusetts MA Yes,,,0,0 0,,,0,,. Michigan MI Yes,0,00,,,,,,0,. Minnesota MN Yes,0,0,,,0,,,,0. Mississippi MS Yes 0,,0, (,0,),0,. Missouri MO Yes,,,,0,,,0,,. Montana MT Yes,0,,,. Nebraska NE Yes,, (,),. Nevada NV Yes,,,,, 0. New Hampshire NH Yes,, 0,0,. New Jersey NJ Yes,,,,,,0,,,. New Mexico NM Yes,,,0 (,),. New York NY Yes,0,0,,,00 0,,,,0. North Carolina NC Yes,,,,,,,. North Dakota ND Yes 0,0,0,,0. Ohio OH Yes,,0,,0,,,,0,. Oklahoma OK Yes,,0,,,0,,. Oregon OR Yes,,,,,,,,0,. Pennsylvania PA Yes,,,0,, 0,,0, 0. Rhode Island RI Yes,00, 0,0,. South Carolina SC Yes,,00,,, 0,0,. South Dakota SD Yes,, 0,0,. Tennessee TN Yes,,0 0, (,) (,),. Texas TX Yes,0, 0,,,0,,,,,0. Utah UT Yes,,,0,,00,,0. Vermont VT Yes,,,,. Virginia VA Yes,,,,0, 0,. Washington WA Yes,0,,,0,0,0,,,,. West Virginia WV Yes,0,,, 0. Wisconsin WI Yes,,,, 0,0,,0,00,. Wyoming WY Yes,,,,0. American Samoa AS No. Guam GU No 0,, (,) 0,0,. Puerto Rico PR Yes, 0,0,000,000,0,0. U.S. Virgin Islands VI,, 0,,0,. Northern Mariana Islands MP. Canada CN No. Aggregate other alien OT XXX 0,,,,,0,,,,0,. Totals (a),,,0,,,0,,,,0 Direct Premium Written for Federal Purchasing Groups (Included in Col. ) DETAILS OF WRITE-INS 0. Alien(0) XXX 0,,,,,0,,,,0, 0. XXX 0. XXX. Summary of remaining write-ins for Line from overflow page XXX. Totals (Lines 0 through 0 + ) (Line above) XXX 0,,,,,0,,,,0, (a) Insert the number of yes responses except for Canada and Other Alien. Explanation of basis of allocation of premiums by states, etc.

119 0 ANNUAL STATEMENT FOR THE YEAR 00 OF THE Navigators Insurance Company States, Etc.. Alabama AL. Alaska AK. Arizona AZ. Arkansas AR. California CA. Colorado CO. Connecticut CT. Delaware DE. District of Columbia DC 0. Florida FL. Georgia GA. Hawaii HI. Idaho ID. Illinois IL. Indiana IN. Iowa IA. Kansas KS. Kentucky KY. Louisiana LA 0. Maine ME. Maryland MD. Massachusetts MA. Michigan MI. Minnesota MN. Mississippi MS. Missouri MO. Montana MT. Nebraska NE. Nevada NV 0. New Hampshire NH. New Jersey NJ. New Mexico NM. New York NY. North Carolina NC. North Dakota ND. Ohio OH. Oklahoma OK. Oregon OR. Pennsylvania PA 0. Rhode Island RI. South Carolina SC. South Dakota SD. Tennessee TN. Texas TX. Utah UT. Vermont VT. Virginia VA. Washington WA. West Virginia WV 0. Wisconsin WI. Wyoming WY. American Samoa AS. Guam GU. Puerto Rico PR. U.S. Virgin Islands VI. Northern Mariana Islands MP. Canada CN. Aggregate Other Alien OT. Totals SCHEDULE T PART INTERSTATE COMPACT EXHIBIT OF PREMIUMS WRITTEN Allocated by States and Territories Life (Group and Individual) Annuities (Group and Individual) Disability Income (Group and Individual) Direct Business Only Long-Term Care (Group and Individual) Deposit-Type Contracts Totals

120 ANNUAL STATEMENT FOR THE YEAR 00 OF THE Navigators Insurance Company SCHEDULE Y - INFORMATION CONCERNING ACTIVITIES OF INSURER MEMBERS OF A HOLDING COMPANY GROUP PART - ORGANIZATIONAL CHART 0% Terence N. Deeks and Family The Navigators Group, Inc. (Delaware Corporation) 0% Public Stockholders - 0 Navigators Insurance Company (New York Corporation) 0 Navigators Management Company, Inc. -0 (New York Corporation) -0 Navigators Insurance Company United Kingdom Branch Navigators Insurance Services of Texas, Inc. (Texas Corporation) -0 NIC Insurance Company (New York Corporation) 0 - Navigators Special Risk, Inc. (Effective January, 00, name changed to: (Texas Corporation) -0 Navigators Specialty Insurance Company Navigators California Insurance Services, Inc. (California Corporation) -0 Navigators Holdings (UK) Ltd. (United Kingdom Corporation) Navigators Underwriting Agency Ltd. (United Kingdom Corporation) Millennium Underwriting Ltd. Navigators Underwriting Ltd. (United Kingdom Corporation) (United Kingdom Corporation) Navigators Insurance Services of Washington, Inc. (Washington Corporation) - Navigators Management (UK) Ltd. (United Kingdom Corporation) Navigators N.V. (Belgian Corporation) Navigators Corporate Underwriters Ltd. (United Kingdom Corporation) Note: All direct and indirect subsidiaries of The Navigators Group, Inc. are 00% owned.

121 0 NAIC Company Code ANNUAL STATEMENT FOR THE YEAR 00 OF THE Navigators Insurance Company SCHEDULE Y PART - SUMMARY OF INSURER S TRANSACTIONS WITH ANY AFFILIATES Purchases, Sales or Exchanges of Loans, Securities, Real Estate, Mortgage Loans or Other Investments Income/ (Disbursements) Incurred in Connection with Guarantees or Undertakings for the Benefit of any Affiliate(s) Management Agreements and Service Contracts Income/ (Disbursements) Incurred Under Reinsurance Agreements 0 Any Other Material Activity Not in the Ordinary Course of the Insurer s Business Reinsurance Recoverable/ (Payable) on Losses and/or Reserve Credit Taken/(Liability) Federal ID Number Names of Insurers and Parent, Subsidiaries or Affiliates Shareholder Dividends Capital Contributions * Totals 0-0 Navigators Insurance Company 00,000,000 (,,0),00,0 (,,) 0 - NIC Insurance Company,, The Navigators Group, Inc. (00,000,000) (00,000,000) -0 Navigators Management Company, Inc.,,,, -0 Navigators Insurance Services of Texas, Inc.,,,, - Navigators Insurance Services of Washington, Inc.,0,,0, -0 Navigators California Insurance Services, Inc.,0,,0, Navigators Management (U.K.) Limited 0,, 0,, Control Totals XXX

122 0 ANNUAL STATEMENT FOR THE YEAR 00 OF THE Navigators Insurance Company SUPPLEMENTAL EXHIBITS AND SCHEDULES INTERROGATORIES The following supplemental reports are required to be filed as part of your statement filing unless specifically waived by the domiciliary state. However, in the event that your domiciliary state waives the filing requirement, your response of WAIVED to the specific interrogatory will be accepted in lieu of filing a "" report and a bar code will be printed below. If the supplement is required of your company but is not being filed for whatever reason enter SEE EXPLANATION and provide an explanation following the interrogatory questions. MARCH FILING RESPONSES. Will an actuarial opinion be filed by March? YES. Will the Supplemental Compensation Exhibit be filed with the state of domicile by March? YES. Will the Risk-based Capital Report be filed with the NAIC by March? YES. Will the Risk-based Capital Report be filed with the state of domicile, if required, by March? YES. Will the Reinsurance Attestation Supplement be filed with the state of domicile and the NAIC by March? YES APRIL FILING. Will the Insurance Expense Exhibit be filed with the state of domicile and the NAIC by April? YES. Will Management s Discussion and Analysis be filed by April? YES. Will the Supplemental Investment Risk Interrogatories be filed by April? YES MAY FILING. Will this company be included in a combined annual statement which is filed with the NAIC by May? YES JUNE FILING 0. Will an audited financial report be filed by June? YES The following supplemental reports are required to be filed as part of your statement filing. However, in the event that your company does not transact the type of business for which the special report must be filed, your response of NO to the specific interrogatory will be accepted in lieu of filing a "" report and a bar code will be printed below. If the supplement is required of your company but is not being filed for whatever reason enter SEE EXPLANATION and provide an explanation following the interrogatory questions. MARCH FILING. Will Schedule SIS (Stockholder Information Supplement) be filed with the state of domicile by March? NO. Will the Financial Guaranty Insurance Exhibit be filed March? NO. Will the Medicare Supplement Insurance Experience Exhibit be filed with the state of domicile and the NAIC by March? NO. Will Supplement A to Schedule T (Medical Malpractice Supplement) be filed by March? NO. Will the Trusteed Surplus Statement be filed with the state of domicile and the NAIC by March? NO. Will the Premiums Attributed to Protected Cells Exhibit be filed by March? NO. Will the Reinsurance Summary Supplemental Filing for General Interrogatory be filed with the state of domicile and the NAIC by March? NO. Will the Medicare Part D Coverage Supplement be filed with the state of domicile and the NAIC by March? NO. Will the Actuarial Opinion Summary be filed with the state of domicile, if required by March (or the date otherwise specified)? YES APRIL FILING 0. Will the Credit Insurance Experience Exhibit be filed with the state of domicile and the NAIC by April? NO. Will the Long-term Care Experience Reporting Forms be filed with the state of domicile and the NAIC by April? NO. Will the Accident and Health Policy Experience Exhibit be filed by April? NO Explanation:....

123 0. ANNUAL STATEMENT FOR THE YEAR 00 OF THE Navigators Insurance Company SUPPLEMENTAL EXHIBITS AND SCHEDULES INTERROGATORIES Bar Code: * *. * *. * *. * *. * *. * *. * *. *000000*. * * 0. * *. * *.

124 E0 ANNUAL STATEMENT FOR THE YEAR 00 OF THE Navigators Insurance Company SCHEDULE A - PART Showing All Real Estate OWNED December of Current Year Location 0 Expended for Additions, Description of Property Code City State Date Acquired Date of Last Appraisal Actual Cost Amount of Encumbrances Book/Adjusted Carrying Value Less Encumbrances Fair Value Less Encumbrances Increase (Decrease) by Adjustment Increase (Decrease) by Foreign Exchange Adjustment Amounts Received During Year Permanent Improvements and Changes in Encumbrances During Year Gross Income Earned Less Interest Incurred on Encumbrances Taxes, Repairs and Expenses Incurred Totals

125 E0 ANNUAL STATEMENT FOR THE YEAR 00 OF THE Navigators Insurance Company SCHEDULE A - PART Showing All Real Estate ACQUIRED During the Year Description of Property City Location State Date Acquired Name of Vendor Actual Cost Amount of Encumbrances Book/Adjusted Carrying Value Less Encumbrances Expended for Additions and Permanent Improvements - Totals

126 E0 ANNUAL STATEMENT FOR THE YEAR 00 OF THE Navigators Insurance Company SCHEDULE A - PART Showing All Real Estate SOLD During the Year, Including Payments During the Final Year on Sales Under Contract Location 0 Expended for Additions, Permanent Description of Property City State Disposal Date Name of Purchaser Actual Cost Increase (Decrease) By Adjustment Increase (Decrease) By Foreign Exchange Adjustment Improvement s and Changes in Encumbrances Book/ Adjusted Carrying Value Less Encumbrances Amounts Received Foreign Exchange Profit (Loss) on Sale Realized Profit (Loss) on Sale Total Profit (Loss) on Sale Gross Income Earned Less Interest Incurred on Encumbrances Taxes, Repairs and Expenses Incurred Totals

127 E0, E0, E0, E0 ANNUAL STATEMENT FOR THE YEAR 00 OF THE Navigators Insurance Company Schedule B - Part Schedule B - Part Schedule BA - Part Schedule BA - Part

128 ANNUAL STATEMENT FOR THE YEAR 00 OF THE Navigators Insurance Company E0 SCHEDULE D - PART Showing all Long-Term BONDS Owned December of Current Year Codes Fair Value 0 Change in Book Adjusted Carrying Value Interest Dates 0 F o r e i Rate Used Unrealized Valuation Current Year s Current Year s Other Than Temporary Total Foreign Exchange Admitted Gross Amt. CUSIP g Bond NAIC to Obtain Book/Adjusted Increase/ (Amortization)/ Impairment Change in Effective Amount Due & Rec. During Identification Description * n CHAR Designation Actual Cost Fair Value Fair Value Par Value Carrying Value (Decrease) Accretion Recognized B./A.C.V. Rate of Rate of How Paid Accrued Year Acquired Maturity FEDERAL NATIONAL MORTGAGE M-DU- ASSOCIATION,0, 0.0,0,0,000,000,0, (,) MN,000 0,000 0//00 0//00 0-DX- UNITED STATES TREASURY BONDS,,00.0,,0,00,000,, (,).00.0 MN 0,0, /0/00 //0 0-DZ- UNITED STATES TREASURY BONDS,,0.0,,0,000,000,0, (,)..0 FA,,0 0/0/00 0//0 0-ED- UNITED STATES TREASURY BONDS,,0 0.0,0,,0,000,0, (0,)..0 FA,,0 //00 0//0 0-EQ- UNITED STATES TREASURY BONDS,, ,0,00,000,000,,0.0.0 FA,,00 /0/ 0//0 0-EW- UNITED STATES TREASURY BONDS,,.0,,0,00,000,0, (,) FA, 0,000 0//00 0//0 0-FE- UNITED STATES TREASURY BONDS, 0.000, 0,000,0 ().00.0 FA,,0 0//00 0//0 0-FF-0 UNITED STATES TREASURY BONDS,, 0.0,,,00,000,, (,0).0.0 MN,,0 0/0/00 //0 0-FM- UNITED STATES TREASURY BONDS,0,.0,,,00,000,, (,).0.0 MN,,0 0//00 0//00 0-FP- UNITED STATES TREASURY BONDS,, 0.0,0,0,000,000,, (,)..00 FA 0,0,0 0/0/00 0//0 -BD- UNITED STATES TREASURY INFL INDEX NOTES,, 0.0,,,,000,, (0,0) (,).00.0 JJ,, 0/0/00 0//0 -BM- UNITED STATES TREASURY NOTES 0,.0 0, 0,000 0, AO 0, /0/00 0//00 -CA- UNITED STATES TREASURY NOTES,,0.0,,,00,000,,, FA,,000 0//00 0//0 -CZ- UNITED STATES TREASURY INFL INDEX NOTES,0, 00.0,,0,,000,, (,0), 0..0 AO,,0 0//00 0//00 -DN- UNITED STATES TREASURY NOTES,,.0,,0,00,000,,0,..0 FA,, 0//00 0//00 -DQ-0 UNITED STATES TREASURY NOTES,,.00,,0,000,000,,,.0.0 MS,0,00 0/0/00 0//00 -DS- UNITED STATES TREASURY NOTES,,.0,,,,000,,..0 AO,, 0/0/00 0/0/ Total Bonds - U.S. Government - Issuer Obligations,, XXX,,,0,000,,0 (0,00) (0,) XXX XXX XXX,,, XXX XXX 00F-MD- GOVERNMENT NATL MTG ASSOC #,.0 0,,, (,) MON,, 0//00 0//0 00K-A- GOVERNMENT NATL MTG ASSOC #0,0,0.0,0,,0,,0,0 (,) MON,, /0/00 0//0 00K-W- GOVERNMENT NATL MTG ASSOC #0 0,00.0,,0 0,00 (,) MON,, 0//00 0//0 00K-Z- GOVERNMENT NATL MTG ASSOC #0 0, , 0, 0, (,) MON, 0//00 0//0 00M-NV- GOVERNMENT NATL MTG ASSOC #00,.0,,, (,) MON,0, 0//00 0//0 00M-Y-0 GOVERNMENT NATL MTG ASSOC #0, 0.0,,, () MON 0, 0/0/00 0//0 00N-VV-0 GOVERNMENT NATL MTG ASSOC #0, 0.00,,, (,0) MON,, 0/0/00 0//0 00R-YP- GOVERNMENT NATL MTG ASSOC #0,0, 0.00,,,,,0, () MON,, 0/0/00 0//0 00T-NS- GOVERNMENT NATL MTG ASSOC #00,0 0.0,,, (,).0.0 MON,, 0//00 0//0 00T-QZ- GOVERNMENT NATL MTG ASSOC #0,.0,,, (,0).00.0 MON,00, 0/0/00 0//0 00X-VF- GOVERNMENT NATL MTG ASSOC II #,.00,,, MON,0, /0/00 0/0/0 0E-GC- GOVERNMENT NATL MTG ASSOC #0, 0.00,,, (,) MON,,0 0/0/00 0//0 0F-L- GOVERNMENT NATL MTG ASSOC #,0 0.00,,,0 (0) MON 0//00 0//0 0F-PS-0 GOVERNMENT NATL MTG ASSOC #, 0.00,,, () MON, 0/0/00 0//0 0H-K- GOVERNMENT NATL MTG ASSOC #, ,0,,000 (,).00.0 MON,,0 0//00 0//0 0K-F- GOVERNMENT NATL MTG ASSOC # 0,0 0.00,,0 0,0 () MON, 0//00 0//0 0L-Z- GOVERNMENT NATL MTG ASSOC #,,.0,0,,0,,, (,).00.0 MON,0 0, 0//00 0//0 0M-L- GOVERNMENT NATL MTG ASSOC #, 0.00,,0, (,0) MON,0 0//00 0//0 0M-NY- GOVERNMENT NATL MTG ASSOC #0,0 0.00,,,0 (,) MON,, 0//00 0//0 0N-KJ- GOVERNMENT NATL MTG ASSOC #0 0, ,, 0,0 (,0) MON,0, 0//00 0//0 0P-LH- GOVERNMENT NATL MTG ASSOC #0, 0.00,,, (0) MON 0//00 0//0 0U-V-0 GOVERNMENT NATL MTG ASSOC #,0 0.00,,0,0 () MON,0 0//00 0//0 0V-S- GOVERNMENT NATL MTG ASSOC #, 0.00,0,, (,0) MON 0, 0//00 0//0 0Y-QE- GOVERNMENT NATL MTG ASSOC #0,,.0,,00,,,, (,) MON,0, //00 0//0 0-N- GOVERNMENT NATL MTG ASSOC #000, 0.00,,,.0.0 MON,0 0/0/ //0 0-T- GOVERNMENT NATL MTG ASSOC #0000, 00.0,,0, ().00.0 MON, 0// 0//0 0-T-0 GOVERNMENT NATL MTG ASSOC #000, 00.0,,, (,) MON,, 0// 0//0 0-T- GOVERNMENT NATL MTG ASSOC #000,0 0.00,,0,0 (,).00.0 MON,0, 0// 0//0 0-TF- GOVERNMENT NATL MTG ASSOC #0000, 0.00,0,,.0.0 MON, 0// 0//0 0-GV-0 GOVERNMENT NATL MTG ASSOC #000, 0.00,, 0, ().0.0 MON,, 0// 0//0 0D-MA- GOVERNMENT NATL MTG ASSOC II #000,0 0.00,,,0 ().00.0 MON, 0//00 0/0/0 0S-VQ- GOVERNMENT NATL MTG ASSOC #0,.0,,0, (,0) MON,,0 0/0/00 0//0 0U-HU-0 GOVERNMENT NATL MTG ASSOC #0, 0.0, 0,, (,) MON,, 0//00 0//0 0X-WE- GOVERNMENT NATL MTG ASSOC #,.0, 0,, (,) MON,,0 0//00 0//0 0X-YJ-0 GOVERNMENT NATL MTG ASSOC #,,.0,0,,00,,, (,) MON, 0,0 0//00 0//0 0B-DY- GOVERNMENT NATL MTG ASSOC #0, 00.00,,0, ().0.00 MON,,0 0// 0//0

129 ANNUAL STATEMENT FOR THE YEAR 00 OF THE Navigators Insurance Company E0. SCHEDULE D - PART Showing all Long-Term BONDS Owned December of Current Year Codes Fair Value 0 Change in Book Adjusted Carrying Value Interest Dates 0 F o r e i Rate Used Unrealized Valuation Current Year s Current Year s Other Than Temporary Total Foreign Exchange Admitted Gross Amt. CUSIP g Bond NAIC to Obtain Book/Adjusted Increase/ (Amortization)/ Impairment Change in Effective Amount Due & Rec. During Identification Description * n CHAR Designation Actual Cost Fair Value Fair Value Par Value Carrying Value (Decrease) Accretion Recognized B./A.C.V. Rate of Rate of How Paid Accrued Year Acquired Maturity 0V-U- GOVERNMENT NATL MTG ASSOC #0, 0.0 0,,, () MON,0 0// 0//0 0J-AU- GOVERNMENT NATL MTG ASSOC #, 0.00,,00, () MON, 0// 0//0 0V-C- GOVERNMENT NATL MTG ASSOC #, ,0,,..0 MON,,0 0//000 0//0 S-DT- GOVERNMENT NATL MTG ASSOC #,.00, 0,0, MON,,0 0//00 0//0 X-FJ- GOVERNMENT NATL MTG ASSOC #,.0,,, (,00).00.0 MON,0, /0/00 0//0 C-Y- GOVERNMENT NATL MTG ASSOC #0,,0.00,0,,0,0,,, MON,, 0//00 0//0 C-S- GOVERNMENT NATL MTG ASSOC #0, ,, 0, (,) MON,,0 0/0/00 0//0 E-AG- GOVERNMENT NATL MTG ASSOC #0 0, , 0, 0, (0) MON 0, 0//00 0//0 F-MH- GOVERNMENT NATL MTG ASSOC #00 0,.0 0,0 0,0 0, (,) MON,0 0//00 0//0 F-MV- GOVERNMENT NATL MTG ASSOC #0, 0.0,,0, (0) MON 0, 0/0/00 0//0 H-TP- GOVERNMENT NATL MTG ASSOC #0,.0,,, () MON,0 0//00 0//0 N-GL- GOVERNMENT NATL MTG ASSOC #0 0,0 0.00,,,00 (,).0.0 MON,0,0 0//00 0//0 N-GP- GOVERNMENT NATL MTG ASSOC #0, 0.00,,,0 (,).00.0 MON,0, 0/0/00 0//0 N-HA- GOVERNMENT NATL MTG ASSOC #,, 0.0,,0,,,, (,).00.0 MON,, 0//00 0//0 Q-K- GOVERNMENT NATL MTG ASSOC #0, 0.0,,, (,).0.00 MON,, 0/0/00 //0 S-R- GOVERNMENT NATL MTG ASSOC #,0.0,,0,0 (,) MON,,0 0//00 0//0 T-B- GOVERNMENT NATL MTG ASSOC #, ,0,, (,0) MON,, 0//00 0//0 U-XA- GOVERNMENT NATL MTG ASSOC #0 0, 0.00,0, 0, () MON, 0//00 0//0 V-M- GOVERNMENT NATL MTG ASSOC #, 0.00,0,0, () MON 0//00 0//0 B-M- GOVERNMENT NATL MTG ASSOC #, 0.0,,0, (0) MON, 0/0/00 0//0 B-WZ- GOVERNMENT NATL MTG ASSOC #, 0.00,,, () MON, 0//00 0//0 B-ZP- GOVERNMENT NATL MTG ASSOC #0, 0.00,0,, (,) MON,, 0/0/00 0//0 K-J- GOVERNMENT NATL MTG ASSOC #0 0, 0.0 0,0 00, 0, (,) MON,, 0//00 //0 K-J- GOVERNMENT NATL MTG ASSOC #0,0 0.00,,, () MON,0 0//00 //0 K-JG- GOVERNMENT NATL MTG ASSOC #0,0 0.0, 0,,0 (,) MON, 0,00 0//00 0//0 K-JP- GOVERNMENT NATL MTG ASSOC #00 0, ,0,0 0, () MON, 0//00 0//0 K-JQ- GOVERNMENT NATL MTG ASSOC #0, 0.0,,0,0 (,00) MON,, 0//00 0//0 K-JR-0 GOVERNMENT NATL MTG ASSOC #0,0 0.0,,0, () MON, 0//00 0//0 0Q-GP- GOVERNMENT NATL MTG ASSOC #0,0.0 0,,,0 (,) MON,0,0 0//00 0//0 0R-PZ-0 GOVERNMENT NATL MTG ASSOC #0,.0 0,,00,0 (,) MON,, 0//00 0//0 0R-YB- GOVERNMENT NATL MTG ASSOC #0, 0.00,0,0, () MON,0 0/0/00 0//0 0T-HB- GOVERNMENT NATL MTG ASSOC #,.00,0,, (,).00.0 MON,,0 0//00 0//0 0Y-JQ- GOVERNMENT NATL MTG ASSOC #,.0, 0,, (,).00.0 MON,,0 //00 0//0 0Y-UP- GOVERNMENT NATL MTG ASSOC #0,0 0.0, 0,,0 () MON,0 0/0/00 0//0 L-EJ-0 GOVERNMENT NATL MTG ASSOC #,0 0.00,,0, () MON,0, 0/0/00 0//0 M-RU- GOVERNMENT NATL MTG ASSOC #,0 0.00,,,0 () MON 0 0/0/00 0//0 P-W- GOVERNMENT NATL MTG ASSOC #, 0.00,,, () MON, 0/0/00 0//0 Q-ZV- GOVERNMENT NATL MTG ASSOC # 0, 0.00,, 0, () MON,0 0/0/00 0//0 S-A- GOVERNMENT NATL MTG ASSOC #, ,,0,00 () MON, 0/0/00 //0 S-F- GOVERNMENT NATL MTG ASSOC #,.00,0,,, MON,0, 0/0/00 0//0 W-G- GOVERNMENT NATL MTG ASSOC #00,0 0.00,,, () MON, 0/0/00 0//0 Y-ES- GOVERNMENT NATL MTG ASSOC #,0.00,,, () MON,, 0/0/00 0//0 B-CD- GOVERNMENT NATL MTG ASSOC #, ,,, (,) MON,0, 0/0/00 0//0 C-PU- GOVERNMENT NATL MTG ASSOC # 0,0 0.00,0, 0,0 (,) MON,, 0/0/00 0//0 0 - Total Bonds - U.S. Government - Single Class Mortgage-Backed/Asset-Backed Securities,, XXX,,,,0,, (,00) XXX XXX XXX,,, XXX XXX 0 - Total - U.S. Government Bonds 00,,0 XXX,,,,0 00,, (0,00) (,) XXX XXX XXX 0,,0, XXX XXX -CP- INTER-AMERICAN DEVELOPMENT BANK F FE, 0.0, 00,000, (,)..0 JJ,0, 0//00 0//00 0-BF- ITALY REPUBLIC OF F FE,.00,00 00,000, (,)..0 JD,00 0//00 0//0 EC-0- REPUBLIC OF ITALY F FE,0 0.00,0 00,000, (,)..0 JD,0, 0//00 0//0 EC0-- EKSPORTFINANS F FE,0,00.0,,000,000,0,0 (,)..0 NOV,0,0 0//00 /0/ Total Bonds - All Other Government - Issuer Obligations,0, XXX,,,00,000,, (,0) XXX XXX XXX,0,000 XXX XXX 0 - Total - All Other Government Bonds,0, XXX,,,00,000,, (,0) XXX XXX XXX,0,000 XXX XXX 0-VJ- CALIFORNIA ST FE,00 0.0, 00,000,0 (0,0) FA, 0,000 0//00 0/0/00 0P-DZ- CALIFORNIA ST FE, 0.0,0 0,000,00 (,0) FA,,00 0//00 0/0/00 0R-D- CALIFORNIA ST FE,,0 0.0,,0,000,000,,0 (,) MS, 0,000 0/0/00 0/0/0

130 ANNUAL STATEMENT FOR THE YEAR 00 OF THE Navigators Insurance Company E0. SCHEDULE D - PART Showing all Long-Term BONDS Owned December of Current Year Codes Fair Value 0 Change in Book Adjusted Carrying Value Interest Dates 0 F o r e i Rate Used Unrealized Valuation Current Year s Current Year s Other Than Temporary Total Foreign Exchange Admitted Gross Amt. CUSIP g Bond NAIC to Obtain Book/Adjusted Increase/ (Amortization)/ Impairment Change in Effective Amount Due & Rec. During Identification Description * n CHAR Designation Actual Cost Fair Value Fair Value Par Value Carrying Value (Decrease) Accretion Recognized B./A.C.V. Rate of Rate of How Paid Accrued Year Acquired Maturity 0F-JP- CONNECTICUT ST FE,0, 0.0,,,0,000,, (,0) JD,,00 0/0/00 //0 0G-GP- CONNECTICUT ST FE,00,0 0.0,0,0,000,000,0, (,00) AO,00 0,000 0//00 0/0/00 0-XK-0 DELAWARE ST FE,0,00 0.0,0,0,000,000,0, (,0) JJ,000 0,000 0//00 0/0/0 A-D- DISTRICT COLUMBIA FE,0,0 0.0,0,0,000,000,0, (,).0.0 JD,,00 //00 0/0/00 A-D-0 DISTRICT COLUMBIA, ,,000, (,).00.0 JD,0, 0//00 0/0/0 -W- GEORGIA ST FE,,0 0.0,0,0,000,000,0, (0,0).00.0 AO,0,000 0//00 0/0/0 0-EY- HAWAII ST FE,,00 0.0,0,0,000,000,0, (,) MS 0,000 0,000 0//00 0/0/00 0-S- HAWAII ST FE,0, 0.0,,0,0,000,, (,) JJ,0,0 0/0/00 0/0/0 -BR- ILLINOIS ST FE,,00 0.0,0,00,000,000,0, (,).0.0 FA,,00 0//00 0/0/00 -KX-0 ILLINOIS ST FE,.00, 0,000,, JD,,0 //00 0/0/00 -LE- ILLINOIS ST FE,.0,0,000,.0.00 JD,, 0//00 0/0/0 -UQ- LOUISIANA ST FE,,0 0.0,,,0,000,,0 (,) MN,0,0 0//00 0/0/0 -UA- MARYLAND ST FE,,0 0.00,0,00,000,000,0, (,).0.0 FA,,00 //00 0/0/00 -AE- MASSACHUSETTS ST 00,.0,,00,000,,.0 0//00 0/0/0 -V-0 MASSACHUSETTS ST FE,0,0 0.00,0,00,000,000,0, (,).00.0 JD,,000 //00 /0/00 N-R- MASSACHUSETTS ST FE,,00 0.0,,00,00,000,,0 (,0) MS,,00 0/0/00 0/0/0 N-G- MASSACHUSETTS ST FE,,0.0,,0,000,000,, (,).00.0 JD,,000 0//00 /0/0 N-NB- MASSACHUSETTS ST FE,, 0.0,,,00,000,, (,0).0.0 JJ,0 //00 0/0/0 0-R- MINNESOTA ST FE,0 0.00, 00,000, (,) FA 0,,000 0/0/00 0/0/00 0-AM- MINNESOTA ST FE,,0 0.00,,00,000,000,,00 (0,) AO,000 00,000 0//00 0/0/0 0-BR- MINNESOTA ST FE,,0 0.0,,,00,000,, (0) JD, /0/00 0/0/0 0-S- MISSISSIPPI ST FE,0, ,0,0,000,000,0, (,).0.00 JD,,00 0//00 /0/00 0-EZ- NEW JERSEY ST FE,0,0 0.0,0,0,000,000,0,0 (,0) JJ,0 0,000 0/0/00 0//00 -YV- NEW YORK ST FE,00,00 0.0,0,0,000,000,0, (,) AO 0, 0,000 0//00 0//00 -GW- NORTH CAROLINA ST FE,0, ,00,0,000,000,0, (,0).00.0 MS,,000 0/0/00 0/0/00 -QE- NORTH CAROLINA ST FE,,0 0.0,,0,00,000,, (,) MS,,00 0/0/00 0/0/0 -YR- OHIO ST FE,0,0 0.0,0,0,000,000,0, (,) MS, 0,000 /0/00 0//00 0-CB- OHIO ST FE,,0.0,,0,000,000,, (,) MS, //00 0//0 0L-GQ- OREGON ST FE, 0.0, 0,000, (,0).00.0 FA,0,0 /0/00 0/0/0 0L-XQ- OREGON ST FE, ,0,000, JD,0, 0//00 0/0/0 0-L- PENNSYLVANIA ST FE, 0.0, 00,000,0 (0) AO, /0/00 0/0/0 0-Q- PENNSYLVANIA ST FE,0 0.0,0 00,000, (,) MS,,00 0//00 0/0/0 0-V- PENNSYLVANIA ST FE,0, ,00,00,000,000,0, (,).0.0 JJ,0,0 0/0/00 0/0/0 -KY- UTAH ST FE,,0 0.0,0,0,000,000,0, (,)..00 JJ,,0 0//00 0/0/0 -YS- WASHINGTON ST FE,0,0 0.0,0,0,000,000,0, (,) JJ,000 0,000 0//00 0/0/00 -TJ-0 WEST VIRGINIA ST FE,, ,,0,000,000,,0 (,0) JD,00 0,000 0//00 0/0/0 0L-KL-0 WISCONSIN ST FE,,0 0.0,,,00,000,,0 (0,) MN 0,, 0/0/00 0/0/0 - Total Bonds - States, Territories and Possessions - Issuer Obligations 0,, XXX,0,,,000 0,00,00 (0,) XXX XXX XXX,,, XXX XXX - Total - States, Territories and Possessions 0,, XXX,0,,,000 0,00,00 (0,) XXX XXX XXX,,, XXX XXX 0-LT- ATLANTA GA FE,0,0 0.00,0,00,000,000,00,0 (,) JD, 0,000 0//00 /0/00 0-KD- AUSTIN TX FE,0,0 0.0,0,0,000,000,0, (,) MS, 0,000 0//00 0/0/0 0-R- BLOOMINGTON MN INDPT SCH DIST FE,,0 0.00,,0,000,000,, (0,0) FA, 0/0/00 0/0/0 -UZ- BROWARD CNTY FL FE,0,0 0.00,,00,00,000,, (,0) JJ,00,00 0/0/00 0/0/0 0-F- BROWNSVILLE TX FE 0,000.00, 0,000 0, FA,0,00 0/0/00 0//00 0-G-0 BROWNSVILLE TX FE, ,,000, FA,0, 0/0/00 0//00 0-L- BROWNSVILLE TX FE, , 00,000,.0.0 FA,,0 0/0/00 0//0 -KE- CENTERVILLE OH FE,, 0.0,,0,0,000,, (,0) JD,0,000 0//00 /0/0 -BG- CHICAGO IL FE, 0.0, 00,000, (,) JJ,00,000 0//00 0/0/0 0-FX- CHICAGO IL MET WTR RECLAMATION DIST FE,0,0.00,0,0,000,000,,0 (,0) JD, 0,000 0/0/00 /0/00 0-BN- CLARK CNTY NV SCH DIST FE,0,0 0.0,0,0,000,000,0, (,) JD,,000 0/0/00 0//0 0-BV- CLARK CNTY NV SCH DIST FE,, 0.0,,,,000,,0 (0,0) JD,, 0/0/00 0//0 -VU- CLOVIS CA UNI SCH DIST FE,0,0 0.00,0,00,000,000,0, (,) FA 0, 0, 0//00 0/0/0 -UB- COLUMBUS OH FE,,0 0.00,0,00,000,000,0, (,) JD, 0,000 0//00 0//0 -XH- COLUMBUS OH FE,, 0.0,,,0,000,, (,0) JD, /0/00 //0 0-TM-0 CYPRESS-FAIRBANKS TX INDPT SCH DIST FE, 0.0,,000 0, (,0) FA,,0 0/0/00 0//00 -JF- DADE CNTY FL SCH DIST FE,, ,,0,0,000,,0 (,) FA,,00 0/0/00 0/0/00

131 ANNUAL STATEMENT FOR THE YEAR 00 OF THE Navigators Insurance Company E0. SCHEDULE D - PART Showing all Long-Term BONDS Owned December of Current Year Codes Fair Value 0 Change in Book Adjusted Carrying Value Interest Dates 0 F o r e i Rate Used Unrealized Valuation Current Year s Current Year s Other Than Temporary Total Foreign Exchange Admitted Gross Amt. CUSIP g Bond NAIC to Obtain Book/Adjusted Increase/ (Amortization)/ Impairment Change in Effective Amount Due & Rec. During Identification Description * n CHAR Designation Actual Cost Fair Value Fair Value Par Value Carrying Value (Decrease) Accretion Recognized B./A.C.V. Rate of Rate of How Paid Accrued Year Acquired Maturity -DK- DU PAGE & COOK CNTYS IL FE, 0.0 0,0 0,000,0 (,).0.0 JJ,0 0/0/00 0/0/0 -HV- ERIE CNTY PA FE,0, 0.0, 0,000, (,) MS,,00 0//00 0/0/00 00-ZF- FAIRFAX CNTY VA FE,0, ,0,00,000,000,0, (,0) JD, 00,000 0/0/00 0/0/00 0-FN- FORSYTH CNTY GA SCH DIST FE,0, ,,00,000,000,0,00 (,00) FA, 0,000 0//00 0/0/0 0-TZ- GWINNETT CNTY GA SCH DIST FE,0,0 0.0,0,0,000,000,0,0 (,) FA 0, 0,000 0//00 0/0/0 00-EP- HALL CNTY NE SCH DIST FE,0,0 0.00,00,0,000,000,0,0 (,) JD,, 0//00 //0 0-T-0 HOUSTON TX FE,,00 0.0,,00,000,000,, (,0).00.0 MS, 0,000 0//00 0/0/0 -E- JEFFERSON CNTY CO SCH DIST FE,,0 0.0,,0,000,000,,0 (,) JD, 0,000 //00 //0 -H- JEFFERSON CNTY CO SCH DIST FE,, ,,00,000,000,, (0,) JD, 00,000 0/0/00 //0 0M-AS-0 JEFFERSON GA SCH DIST FE,, 0.0,0,,0,000,,0 (,) FA,,0 0//00 0/0/0 -GE- KANE CNTY IL FST PRESV DIST FE,0,0 0.0,0,0,000,000,0, (,) JD,,000 0//00 /0/00 -KL- KENOSHA WI UNI SCH DIST FE,, 0.00,,,0,000,, (,) AO,,000 0/0/00 0/0/0 -QQ- KILLEEN TX INDPT SCH DIST FE,0,0 0.0,0,0,000,000,0, (,) FA, 0,000 0/0/00 0//0 -BH- KIT CARSON & LINCOLN CNTYS CO FE,0.0,,000, JD,00 0//00 /0/0 000-EX- LAKE CNTY IL SCH DIST FE,0.0,,000,,.00.0 JD 0,0 0/0/ //0 -MW- LIVONIA MI MUN BLDG AUTH FE,.0,,000, MN,, 0/0/00 0/0/0 00-XC- MARICOPA CNTY AZ SCH DIST FE,0,00 0.0,0,0,000,000,0, (,) JJ, 0//00 0/0/0 -XV- MARICOPA CNTY AZ SCH DIST FE, 0.0,,000, () JJ, 0//00 0/0/0 -WV- MARICOPA CNTY AZ SCH DIST FE,0,0 0.00,0,00,000,000,0, (,) JJ,000,000 0/0/00 0/0/0 -CW- MAYWOOD IL FE, , 0,000, () JJ,00,00 /0/00 0/0/0 -RX- MEMPHIS TN FE,,00 0.0,0,,,000,, (0) MN, /0/00 /0/0 -RZ- MEMPHIS TN FE,0,0 0.0,0,0,000,000,0, () MN, /0/00 /0/0 -M-0 METROPOLITAN WTR DIST SOUTHERN CA FE 0, 0.00, 00,000,0 (,) MS,,000 0/0/00 0/0/00 -NS- MONTGOMERY TX INDPT SCH DIST FE,0, 0.00,0,,,000,0, (,0) FA 0,0 0/0/00 0//0 B-HH- NEW YORK NY FE,, 00.0,,0,00,000,, (,).0.0 FA,, 0/0/00 0/0/00 B-HL-0 NEW YORK NY FE,0,0 0.0,0,0,000,000,0, (,).00.0 FA,,000 0//00 0/0/00 C-ZC- NEW YORK NY FE,,0 0.0,0,0,000,000,0, (,).00.0 JD,,000 0//00 //0 E-X- NEW YORK NY FE,, 0.0,,,0,000,, (,0) FA,0, 0//00 0/0/0 0-QX- NORTHSIDE TX INDPT SCH DIST FE 0, ,000 0,000 0, FA 0,,0 0//00 0/0/00 00-CS- PENN HILLS TOWNSHIP PA,.0, 0,000, (0).00.0 JD,00 0// /0/0 -RL- PHOENIX AZ FE, 0.0 0, 0,000,0 (0)..0 JJ,0 /0/00 0/0/0 00-WE- PIERCE CNTY WA SCH DIST FE,,0 0.00,,0,00,000,0, (,) JD,0,000 0/0/00 /0/0 0-FB- PITTSBURGH PA FE,,0 0.0,,,00,000,, (,0) MS,000,00 0/0/00 0/0/0 0-EG- PLATTE CNTY MO SCH DIST PARK H FE,,00 0.0,,00,000,000,, (,0).0.00 MS 0,000 0//00 0/0/0 -Y-0 PORTSMOUTH VA FE, 0.0,,000, (,0) JJ,,0 //00 0/0/00 -MP- ROSEMONT IL FE,, 0.0,0,,0,000,, (,) JD,00,000 0/0/00 /0/0 -GN- ST CLAIR CNTY IL SCH DIST FE, 0.0 0,0 0,000 0, (,).0.0 JJ,,0 0//00 0/0/0 -GP- ST CLAIR CNTY IL SCH DIST FE 0, 0.0,,000,0 (,).0.0 JJ,0, 0//00 0/0/0 -TX- ST LOUIS CNTY MO ROCKWOOD SCH FE,,0 0.0,,0,000,000,,0 (,0) FA 0, 0//00 0/0/0 -EC- SAN JOSE EVERGREEN CA CMNTY FE,0, 0.000,0,,,000,,0 (,).0.00 MS 0,, 0/0/00 0/0/0 000P-CL- SANDOVAL CNTY NM FE, 0.00,,000, (,) AO,, 0//00 0//0 0-BP-0 SARASOTA CNTY FL SPL UTIL DIST 0,0 0.0,0 00,000,, JD,,00 //00 0/0/0 0-DF- SAUK VILLAGE IL FE, ,,000, () JD,, 0/0/00 /0/0 -EQ- SEDGWICK CNTY KS UNI SCH DIS FE,0, 0.00,0,0,0,000,0, (,) AO, /0/00 0/0/0 -Z- SHREVEPORT LA FE,, 0.00,0,0,,000,, (,0) MN,0,0 0/0/00 0/0/0 -HM- SOUTHMORELAND PA SCH DIST FE,0.0,,000, AO,, 0/0/00 0/0/0 0-PK- STILLWATER MN INDPT SCH DIST FE,0,0 0.0,0,0,000,000,0, (,) FA 0, 0//00 0/0/0 -ZD- WASHINGTON CNTY OR SCH DIST FE, 0.0 0,0 0,000,0 () JD, /0/00 0/0/0 0-NJ- WEST ALLEGHENY PA SCH DIST FE,, 00.0,,,0,000,,0 (,) MS 0,,00 0//00 0/0/00 -FQ- WINNEBAGO & BOONE CNTYS IL SCH DIST FE,0 00.0, 0,000,, FA,0,000 0/0/ 0/0/00 -LB- WYANDOTTE CNTY/KANS CITY KS FE,, 0.0,,,00,000,, (0,) MS,,00 0//00 0/0/0 -PV- YORK PA CITY SCH DIST FE,00,0 0.00,,,,000,,0 (,) FA,0, 0/0/00 0//0 - Total Bonds - Political Subdivisions - Issuer Obligations,, XXX,,,0,000,, (,) XXX XXX XXX,,,, XXX XXX - Total - Political Subdivisions Bonds,, XXX,,,0,000,, (,) XXX XXX XXX,,,, XXX XXX 00-AS- ABERDEEN SD HOSP REV 0,0 0.0,,000,0 (,)..0 FA,0, 0//00 0/0/00

132 ANNUAL STATEMENT FOR THE YEAR 00 OF THE Navigators Insurance Company E0. SCHEDULE D - PART Showing all Long-Term BONDS Owned December of Current Year Codes Fair Value 0 Change in Book Adjusted Carrying Value Interest Dates 0 F o r e i Rate Used Unrealized Valuation Current Year s Current Year s Other Than Temporary Total Foreign Exchange Admitted Gross Amt. CUSIP g Bond NAIC to Obtain Book/Adjusted Increase/ (Amortization)/ Impairment Change in Effective Amount Due & Rec. During Identification Description * n CHAR Designation Actual Cost Fair Value Fair Value Par Value Carrying Value (Decrease) Accretion Recognized B./A.C.V. Rate of Rate of How Paid Accrued Year Acquired Maturity AKRON BATH COPLEY OH JT TWP HOSP 000-LY- DIST FE,0, 0.0,,,00,000,, (,) JJ, /0/00 0/0/0 0P-JL- ALASKA MUN BD BK AUTH FE,, 0.0,,,00,000,, (,) AO,0,000 0//00 0/0/00 0-GX- ALBUQUERQUE NM ARPT REV FE,.0,,000, JJ,, 0/0/00 0/0/0 000-EA- ARIZONA SCH FACS BRD REV FE,,00.0,,0,000,000,, (,0).00.0 JJ,00 //00 0/0/0 00-DT- ARIZONA WTR INFRASTRUCTURE FIN AUTH FE,0,0 0.0,0,0,000,000,0, (0,) AO,00 0,000 0/0/00 0/0/00 00K-PP- ARKANSAS ST DEV FIN AUTH FE,.00,,000, MN,0, 0/0/00 /0/0 0L-AQ- ATLANTA GA DEV AUTH STUDENT FE,00,0 0.0,0,0,000,000,0, (,) MS, 0,000 0//00 0/0/0 00-AQ- AUSTIN TX CONVENTION ENTERPRISE FE, 0.0,00 00,000,00 (,0) JJ,000 0,000 0/0/00 0/0/0 0-BZ- AUSTIN TX ELEC UTIL SYS REV FE,, 0.0,,,0,000,, (,).0.0 MN,,0 //00 //00 0-CA- BALTIMORE CNTY MD CTFS FE,,0 0.0,,,,000,0,0 (,) JD,,0 0//00 0/0/00 0-G- BALTIMORE CNTY MD MTG REV FE, 0.00, 0,000,0,.00.0 JJ,0,0 0/0/ 0/0/0 00-GL- BELL CNTY TX HEALTH FACS DEV FE,0,0 0.0,0,0,000,000,0,0 (,0).0.00 FA,,00 0//00 0//00 0-AB- BRIDGETON MO INDL DEV AUTH FE, ,0 0,000, ().00.0 JD,0 0// /0/0 000-BK- BRISTOL TN INDL DEV BRD MULT FE 00, ,0 00,000 00, MS,,00 0/0/ 0/0/0 0-QP- BROWARD CNTY FL SCH BRD CTFS FE,0,0 0.0,0,0,000,000,0, (,) JJ, 0//00 0/0/0 -BS- CALCASIEU PARISH LA PUB TR AUTH FE 0, ,0 0,000, (,).0.0 AO,, /0/00 0/0/0 0G-VV- CALIFORNIA ST PUB WKS BRD LEASE REV FE, 0.0, 0,000,0 (,).00.0 JD,0,0 0//00 0/0/0 0H-NP- CALIFORNIA ST PUB WKS BRD LEASE REV FE, , 00,000, (,) AO,00 0,000 0/0/00 0/0/00 0V-Z- CALIFORNIA STATEWIDE CMNTYS DEV FE,0 0.0,00,000,0 (,).00.0 MS,,0 0//00 0/0/0 0S-AD-0 CALIFORNIA STATEWIDE CMNTYS DEV FE 0, ,0 0,000 0, JJ,,0 0//00 0/0/00 0-GX- CALIFORNIA STATEWIDE CMNTYS DEV FE,.0,,000, (,) AO,0,0 0//00 0/0/0 0-WJ- CALIFORNIA STATEWIDE CMNTYS DEV FE 00, ,000 00,000 00, AO,, 0//00 0/0/0 000-BC- CHARLESTON CNTY SC HOSP FACS, 0.0,,000,0 (,00) AO,,0 /0/00 0/0/0 -HP- CHICAGO IL MIDWAY ARPT REV FE,0,0 0.00,0,00,000,000,00,0 (,0) JJ,000 0,000 /0/00 0/0/00 -E- CHICAGO IL O HARE INTL ARPT REV FE,0, ,0,00,000,000,00,0 (,) JJ,000 0,000 //00 0/0/00 -AB- CINCINNATI OH CITY SCH DIST FE,0,0 0.0,0,0,000,000,00,0 () JD, /0/00 //0 -BC- CLARKSVILLE TN NAT GAS ACQUIS CORP FE,, 0.00,,,00,000,, (,) JD,, 0//00 //00 -Q-0 COLORADO HEALTH FACS AUTH REV FE,0,0 0.0,0,0,000,000,0,0 () JD, 0//00 0/0/0 -F- COLORADO HSG & FIN AUTH FE, ,,000, AO,,00 0// 0/0/00 A-BX- COLORADO HEALTH FACS AUTH REV FE,0,00 0.0,0,0,000,000,0, () MN, 0/0/00 //0 0-N- COLORADO SPRINGS CO UTILS REV FE,0,0 0.0,0,0,000,000,0, (,) MN, 0,000 0//00 //0 -AB- COLUMBUS OH MET HSG AUTH FE, 0.0,,000,0 () MN,0,000 //00 /0/0 0-CB- COMANCHE CNTY OK HOME FIN AUTH FE 0, , 0,000 0, JD,0,0 0/0/ /0/0 0-MZ- CORPUS CHRISTI TX UTIL SYS REV FE,0,0 0.0,0,0,000,000,0, (,0) JJ,00 0//00 0//0 0-CX-0 CUMBERLAND CNTY NC HOSP FACS FE,0,0 0.00,00,0,000,000,0, (,).0.0 AO,,00 0//00 0/0/00 0-LB- DALLAS FORT WORTH TX INTL AIRPORT FE, ,,000,0 (,) MN,, 0//00 /0/00 0-TV- DE KALB CNTY GA WTR & SEW REV FE,, 0.0,,,,000,,0 (,) AO,, 0/0/00 0/0/0 -DH- DELAWARE RIV JT TOLL BRDG COMM PA FE 0, 0.00,,000, (,).0.00 JJ,, 0//00 0/0/0 -AW- DELAWARE RIV PORT AUTH PA & NJ FE,, 0.0,0,,0,000,0, (,).0.0 JJ,, 0//00 0/0/00 -GA- DELAWARE VALLEY PA REGL FIN AUTH FE, 0.00, 00,000, (,).00.0 JJ,0,00 0/0/00 0/0/0 -E- DENVER CO CITY & CNTY ARPT REV FE, , 0,000, (,0).00.0 MN,,00 0/0/00 //0 -B- DETROIT MI SEW DISP REV FE,0,0 0.0,0,,0,000,0,0 (,) JJ,000,000 0/0/00 0/0/0 -GF- DETROIT MI SEW DISP REV 0, 0.0,,000, (,).00.0 JD, 0//00 //00 W-AQ- DISTRICT COLUMBIA BALLPARK REV FE,0,0 0.0,,0,00,000,, (,0).0.0 FA,, 0/0/00 0/0/0 P-DX-0 DISTRICT COLUMBIA HSG FIN AGY FE,000,000.0,0,000,000,000, JD,,000 0//00 /0/0 -G- EL PASO TX WTR & SWR REV FE,0,0 0.0,0,0,000,000,0, (,) MS, 0,000 0//00 0/0/00 0C-NB- ENERGY NORTHWEST WA ELEC REV FE, ,,000 0,0 (,0).0.0 JJ,,0 0//00 0/0/00 0N-AX- ERIE CNTY NY INDL DEV AGY FE,0, 0.0,0,0 0,000,0, (,).00.0 JD,,0 0//00 0/0/0 0-EP- FARMINGTON NM POLLUTN CTL REV FE 0, ,000 0,000 0, AO,,0 0//00 0/0/00 0G-AB-0 FLORIDA HURRICANE CATASTROPHE FE,0,0 0.0,0,0,000,000,0, (0,) JJ, 0//00 0/0/00 0-UL- FLORIDA ST FE,, 0.000,,0,0,000,,0 (,0)..0 JJ,, 0/0/00 0/0/00 0-GQ- FLORIDA ST BRD ED LOTTERY REV FE,,0 0.0,0,0,000,000,0, (,) JJ 0,000 0,000 0//00 0/0/00 -SZ- FLORIDA ST BRD ED PUB ED FE,,0 0.0,0,0,00,000,0,0 (,00) JD, 0,000 0/0/00 0/0/0 0W-HN- FLORIDA ST DEPT ENVIRONMENTAL FE,0,0 0.0,0,0,000,000,00,0 (,).0.0 JJ,0,00 0/0/00 0/0/00 -TN- FLORIDA ST TPK AUTH TPK REV FE,,0 0.0,,,00,000,, (,).0.0 JJ,0,00 0/0/00 0/0/00 0-FW- FULTON DE KALB GA HOSP AUTH FE, 0.0, 0,000,0 (,) JJ,0,00 /0/00 0/0/00

133 ANNUAL STATEMENT FOR THE YEAR 00 OF THE Navigators Insurance Company E0. SCHEDULE D - PART Showing all Long-Term BONDS Owned December of Current Year Codes Fair Value 0 Change in Book Adjusted Carrying Value Interest Dates 0 F o r e i Rate Used Unrealized Valuation Current Year s Current Year s Other Than Temporary Total Foreign Exchange Admitted Gross Amt. CUSIP g Bond NAIC to Obtain Book/Adjusted Increase/ (Amortization)/ Impairment Change in Effective Amount Due & Rec. During Identification Description * n CHAR Designation Actual Cost Fair Value Fair Value Par Value Carrying Value (Decrease) Accretion Recognized B./A.C.V. Rate of Rate of How Paid Accrued Year Acquired Maturity M-AF- GEORGIA ST RD & TWY AUTH REV FE,,0 0.0,0,0,000,000,00, (0,) AO,00 0,000 /0/00 0/0/00 A-AR- GILBERTS IL SPL SVC FE, 0.0,0,000, (,).0.0 MS 0,0, 0/0/00 0/0/0 -BU-0 GRAND STRAND SC WTR & SWR AUTH FE, 0.0,0 0,000, (,)..00 JD,, 0/0/00 0/0/0 0-RX- GULF BREEZE FL REV FE,0 0.0,0,0,000,000,.00.0 JD,, 0//00 /0/0 0-AJ- GWINNETT CNTY GA DEV AUTH CTFS FE,,0 0.0,,0,000,000,, (,0).0.00 JJ 0,000 0,000 0//00 0/0/0 00-YN- HARRIS CNTY TX FE,00,0 0.0,0,0,000,000,0, (,) FA, 0,000 0//00 0//0 C-CT- HAWAII ST HWY REV FE,0,00 0.0,0,0,000,000,0, (0,).0.0 JJ,0,00 0//00 0/0/00 0-HJ- HIGHLANDS CNTY FL HEALTH FACS FE 0, ,000,000, (,) MN,, /0/00 //0 -KC- HILLSBOROUGH CNTY FL UTIL REF FE,,0 0.00,0,00,000,000,0, (,).00.0 FA,,000 0//00 0/0/0 -GA- HONOLULU HI CITY & CNTY BRD WTR SUPPLY FE,00,00 0.0,0,0,000,000,00,0 (,) JJ,0 0//00 0/0/00 -AV- HOUMA-TERREBONNE LA PUB TR FING,0 0.00,,000, (,) AO,,0 //00 0/0/00 -DX- HOUSTON TX SWR SYS REV 0, 0.0 0, 0,000 0, (,)..0 AO,,0 // 0/0/00 0P-AD- HUNTSVILLE AL HEALTH CARE AUTH FE,0, ,000,000,000,000,0, (,) JD, 0,000 0//00 0/0/0 0-AY-0 IBERIA HOME MTG AUTH LA SINGLE FE, 0.0,0,000,000 ()..00 JJ 0/0/ 0/0/00 Y-CQ- IDAHO HSG & FIN ASSN FE 0, , 0,000 0, JJ,0,0 0//00 0/0/0 00B-GM- ILLINOIS FIN AUTH REV FE,0,0 0.0,,,00,000,, (,) JJ,00,000 0/0/00 0/0/00 00B-TW- ILLINOIS FIN AUTH REV FE,,0 0.0,0,0,0,000,, (,).0.0 FA,, //00 0//0 00K-KY- ILLINOIS HEALTH FACS AUTH REV FE,,.00,,,,000,,0,.0.0 MN, 0, 0/0/00 //0 00P-C- ILLINOIS HEALTH FACS AUTH REV FE, 0.0, 0,000 0,.0.0 JJ,,0 /0/00 0/0/00 00P-D- ILLINOIS HEALTH FACS AUTH REV FE, ,0 00,000,.0.0 JJ,,0 /0/00 0/0/0 -DM- IMPERIAL IRR DIST CA FE, 0.00, 0,000, (,).0.00 MN,,0 0//00 /0/0 -Y- INDIANA BD BK REV FE,,000.0,,0,,000,, FA,, 0//00 0/0/00 -G- INDIANA HEALTH FAC FING AUTH REV FE,0,00 0.0,0,0,000,000,0,0 (,)..00 FA,,0 0/0/00 0//00 -PR- INDIANA HEALTH FAC FING AUTH REV FE,,0 0.00,,0,,000,,0 (,0) AO,0,0 0/0/00 0/0/0 R-AY- INDIANA HEALTH & EDL FAC FING FE 0, , 0,000, (,0) FA, 0//00 0//0 J-HL- IOWA FIN AUTH MULTI FAMILY REV FE 0, , 0,000 0, MN,,0 0/0/ /0/00 0-K-0 IRVING TX WTRWKS & SWR REV FE,0,00 0.0,0,0,000,000,0,0 (,) FA, 0,000 /0/00 0//00 00M-BW- IVY TECH ST COLLEGE IN FE,0 0.00,0 0,000, (,000) JJ,0,00 0/0/00 0/0/0 Q-AK-0 JEA FL ST JOHNS RIV PWR PK SYS FE,0,0 0.0,0,0,000,000,0,0 (,).0.0 AO,,00 0/0/00 0/0/0 -BW- JASPER IN HOSP AUTH HOSP FAC FE, 0.00,0 00,000, MN,0,00 0//00 /0/0 -AN- KENMORE NY HSG AUTH STUDENT FE, 0.0,0,000, (,) FA,,0 0//00 0/0/00 0P-TX- KENTUCKY HSG CORP HSG REV FE,0, 0.000,00,00 0,000,0, (,) JJ,0, 0/0/00 0/0/0 0P-AN- LAKE ST CHARLES FL CMNTY DEV FE,.0, 0,000,.0.00 MN,0, 0/0/00 0/0/0 -RJ- LANCASTER CNTY NE HOSP AUTH FE,0,0 0.0,0,0,000,000,0, (0) JD, //00 0/0/0 0-TA- LANCASTER CNTY PA HOSP AUTH REV FE 0, 0.0,,000 0,,.0.0 JJ,, 0/0/000 0/0/0 00-AA- LAWRENCE IN MULTIFAMILY REV FE, 0.0, 0,000 0, (0).0.0 JJ,, 0/0/ 0/0/00 00-AB- LAWRENCE IN MULTIFAMILY REV FE, 00.0,,000, (0,0).00.0 JJ,, // 0/0/00 0-CH- LEE CNTY FL SOLID WASTE SYS REV FE,, 0.0,,,00,000,, (,).0.0 AO,,0 0//00 0/0/00 -D- LEWISVILLE TX WTR & SWR REV FE,0 0.0, 0,000, (0) FA,0,00 0//00 0//0 -BE- LEXINGTON SC ONE SCH FACS CORP FE,0,0 0.0,0,0,000,000,0, (,0) JD,,000 0/0/00 /0/0 -AC- LINCOLN CNTY MS HOSP REV FE, 0.00,0 0,000,0 ().00.0 AO,0,0 0// 0/0/00 0-JH- LONG ISLAND PWR AUTH NY ELEC FE 0, 0.0,0,000, (,0)..0 AO,,0 0//00 0/0/00 -AJ-0 LOS ANGELES CA CMNTY REDEV FE,0 0.00, 0,000, (,).00.0 JD,0 /0/ 0//00 B-FL-0 LOWER COLO RIVER AUTH TX REV FE,0,0 0.0,0,0,000,000,0, (,) MN,, 0//00 0//0 00-GC-0 LYCOMING CNTY PA AUTH COLLEGE FE,0 0.0,,000,0 (,0) JJ 0,,0 0//00 0/0/0 -CT- MADISON CNTY NE HOSP AUTH FE,0 0.0, 00,000,0 (,0) JJ,0,00 0/0/00 0/0/0 -AM- MARION IN PK DIST FE,0 0.00, 0,000, () JJ,,0 //00 0//0 -AN- MARION IN PK DIST FE 0, , 0,000 0, JJ,, //00 0//0 -AP- MARION IN PK DIST FE,00, ,0,,00,000,00, JJ,, //00 0//0 0E-CT- MARTIN CNTY FL UTILS SYS REV FE,, 0.0,,0,0,000,, (,).0.0 AO,00,00 0//00 0/0/0 -GK- MASSACHUSETTS BAY TRANSN AUTH FE,, 0.0,0,,00,000,,0 (,) JJ 0,000 //00 0/0/0 -FW- MASSACHUSETTS BAY TRANSN AUTH FE 0, 0.0, 00,000,0 (,).0.0 JJ,,0 //00 0/0/0 K-NB-0 MASSACHUSETTS ST HLTH & EDL FACS REV FE,, ,00,0,000,000,0, (0,).00.0 JJ,,000 0//00 0//0 000-AK- MASSACHUSETTS ST SCH BLDG AUTH FE, 0.0, 00,000,0 (,) FA,, 0//00 0// BC- MASSACHUSETTS ST SCH BLDG AUTH FE,00,0 0.0,0,0,000,000,0, (,0) FA,, 0//00 0//0 0P-VZ- MASSACHUSETTS ST WTR POLLUTN AUTH FE,0,00 0.0,0,0,000,000,0,0 (,) FA 0, 0,000 /0/00 0/0/00

134 ANNUAL STATEMENT FOR THE YEAR 00 OF THE Navigators Insurance Company E0. SCHEDULE D - PART Showing all Long-Term BONDS Owned December of Current Year Codes Fair Value 0 Change in Book Adjusted Carrying Value Interest Dates 0 F o r e i Rate Used Unrealized Valuation Current Year s Current Year s Other Than Temporary Total Foreign Exchange Admitted Gross Amt. CUSIP g Bond NAIC to Obtain Book/Adjusted Increase/ (Amortization)/ Impairment Change in Effective Amount Due & Rec. During Identification Description * n CHAR Designation Actual Cost Fair Value Fair Value Par Value Carrying Value (Decrease) Accretion Recognized B./A.C.V. Rate of Rate of How Paid Accrued Year Acquired Maturity -MZ- METROPOLITAN WASHINGTON DC AIRPORT FE, 0.00, 0,000,0 (,) AO,,00 0//00 0/0/00 R-V- MICHIGAN MUN BD AUTH REV FE,, 0.000,0,,0,000,, (,).0.0 JD,, //00 /0/0 -NU- MICHIGAN ST BLDG AUTH REV FE,0,0 0.0,0,0,000,000,0, (,).00.0 AO,,000 0//00 0//00 E-N- MICHIGAN ST HOSP FIN AUTH REV FE,0 0.00,0 0,000,00 (,) MN,0,00 0//00 0/0/0 E-KE- MICHIGAN ST HOSP FIN AUTH REV FE, ,000 0,000, JJ,,0 // 0/0/00 0-CA-0 MIFFLIN CNTY PA HOSP AUTH FE,,0 0.0,0,0,000,000,0, (,) JJ 0,000 0,000 0//00 0/0/0 0-CV- MINNESOTA PUB FACS AUTH FE,0, 0.0,0,,00,000,0,0 (,) MS, 0,000 0/0/00 0/0/0 0-RF- MINNESOTA PUB FACS AUTH WTR PO FE,, 0.0,,,00,000,, (,00) MS 0,000,000 0//00 0/0/0 0Q-NL- MISSISSIPPI DEV BANK SPL OBLG FE,0,0 0.00,00,0,000,000,0, (,) JJ, 0//00 0/0/0 0-EF- MISSISSIPPI HIGHER ED ASSISTAN FE 00, ,000 00,000 00, MS, //00 0/0/00 0M-A- MISSISSIPPI HOME CORP SINGLE FAM FE, 0.0 0,,000, (,).00.0 JD,,0 0//00 0/0/0 00-AB-0 MISSOURI JT MUN ELEC UTIL COMM FE,,0 0.0,,0,000,000,0, (,) JJ,00 0//00 0/0/0 0K-AL- MISSOURI ST DEV FIN BRD REC FAC FE, 0.0, 0,000,.00.0 MS,,00 0// 0/0/00 0W-BA- MISSOURI ST HWYS & TRANS COMMN FE,, 0.00,0,0,,000,, (,).00.0 FA,0, 0/0/00 0/0/00 0X-MH- MISSOURI ST HSG DEV COMMN SFM FE 0, 0.0,00 0,000,0 (,0).0.00 MS,0, 0/0/00 0/0/0 0-GW- MONTANA ST HIGHER ED STUDENT A FE,00, ,00,000,00,000,00, MON, //00 /0/0 0-LU- MUNICIPAL ELEC AUTH GA FE, ,000,000, (,) JJ,,0 /0/00 0/0/00 0-SK- MUNICIPAL ELEC AUTH GA FE,0, 0.0,00, 0,000,0, (,) JJ,000, 0//00 0/0/0 -GU- NASSAU CNTY NY INTERIM FIN FE,,0 0.0,0,0,000,000,0, (,).0.0 MN,0,00 //00 //0 A-FV- NEBRASKA PUB PWR DIST REV FE,0,0 0.0,0,0,000,000,00, (,) JJ,000 0,000 0/0/00 0/0/00 -YC- NEVADA HSG DIV FE,0, 0.00,,,00,000,0,0,.0.0 AO,0,00 0/0/000 0/0/0 -JQ- NEW HAMPSHIRE ST HSG FIN AUTH FE 0, ,000 0,000 0, JJ,0, 0/0/00 0/0/00 -NF- NEW JERSEY BLDG AUTH ST BLDG FE,, 0.00,,0,00,000,, ().0.0 JD,00 //00 //0 H-BH- NEW JERSEY ECONOMIC DEV AUTH,00.0, 00,000, (,0)..0 AO,,0 0//00 0//0 -RT- NEW JERSEY ENVIRONMENTAL INFRASTRUCTURE FE,00, 0.0,,,,000,0,0 (,) MS 0,0 0,0 0//00 0/0/0 -LQ- NEW JERSEY HEALTH CARE FACS, 0.00,,000, (,).00.0 JJ,, 0//000 0/0/00 -X- NEW JERSEY ECONOMIC DEV AUTH FE,,0 0.0,0,,,000,, (,) JD,,0 0//00 //00 -AJ- NEW JERSEY ST TPK AUTH TPK REV, 0.00,,000, ().0.0 JJ, /0/00 0/0/00 -VX-0 NEW JERSEY ST TPK AUTH TPK REV FE,0.0, 0,000,,0.0.0 JJ 0,, 0//00 0/0/00 00-GZ- NEW MEXICO MTG FIN AUTH FE,0, 0.0,0, 0,000,0, (,).0.0 JJ,,00 0/0/00 0/0/0 0K-UY- NEW YORK NY CITY MUN WTR FIN FE,,.0,,,0,000,, (,) JD,,00 /0/00 0//0 0M-QP- NEW YORK NY CITY HSG DEV CORP FE 0,0.00,0 0,000 0, () MN 0,00 0//00 /0/00 -AQ- NEW YORK NY CITY TRAN AUTH FE, 0.0,0 0,000, (,)..0 JJ,, 0//00 0/0/00 -HX- NEW YORK NY CITY TRANSITIONAL FE,0,0 0.0,0,0,000,000,0, (,) MN, 0,000 0//00 /0/00 C-F- NEW YORK NY CITY INDL DEV AGY FE 0, 0.0, 0,000 0, ().0.0 JD, 0//00 0//0 -DX-0 NEW YORK ST DORM AUTH REVS FE, ,00 00,000, (,).00.0 JJ,00,00 0/0/00 0/0/0 -M-0 NEW YORK ST DORM AUTH REVS FE 0, 0.0 0, 00,000 0, ().0.00 FA,,0 0/0/00 0/0/00 -V- NEW YORK ST DORM AUTH REVS FE 0, , 00,000 0, (,) JJ,00,000 0//00 0/0/00 -A- NEW YORK ST DORM AUTH REVS FE, 0.00, 00,000, (,) FA, 0,000 0/0/00 0//00 Q-H- NEW YORK ST DORM AUTH REVS NON FE,, 00.0,,,0,000,, (,).00.0 JJ,00,0 0/0/00 0/0/00 R-HL- NEW YORK ST DORM AUTH REVS FE,0,0 0.0,0,0,000,000,0,0 (,) MN, 0,000 0//00 0//0 T-CF- NEW YORK ST DORM AUTH REVS FE, 0.00,0 0,000, (,) JJ,0,00 0//00 0/0/0 U-S- NEW YORK ST DORM AUTH REVS FE, 0.0,,000, ().00.0 FA 0 //00 0//00 U-T- NEW YORK ST DORM AUTH REVS FE, 0.0,,000, (0,).00.0 FA,, //00 0//00 0-Y- NEW YORK ST ENVIRONMENTAL FACS FE, ,0 00,000,0,00..0 JD, 0,0 0/0/00 0//0 M-YS- NEW YORK ST HSG FIN AGY REV FE 0,000.0, 0,000 0, FA,0, /0/00 0//0 T-CL-0 NEW YORK ST MUN BD BK AGY SPL FE,0,0 0.0,0,0,000,000,0,0 (,).0.0 JD,,00 /0/00 0/0/00 0-G- NEW YORK ST DORM AUTH REVS FE, 0.0,,000, (0,) FA,, 0/0/00 0//0 0-XM- NEW YORK ST DORM AUTH REVS FE,0 0.00,0 0,000, (0).00.0 FA,, 0/0/00 0/0/0 0-BM- NEW YORK ST DORM AUTH ST PERS FE,, 0.00,0,,0,000,, (,0) JD,,00 //00 //0 0-BU- NEW YORK ST DORM AUTH ST PERS FE, 0.000, 0,000 0, (,) MS,,000 0//00 0//00 00-NY- NEW YORK ST TWY AUTH HWY & BRD FE, ,,000, (,) AO,,0 //00 0/0/00 00-SF- NEW YORK ST TWY AUTH HWY & BRD FE,0,0 0.0,0,0,000,000,0, (,) AO,0,000 0/0/00 0/0/00 00-T- NEW YORK ST TWY AUTH HWY & BRD FE, 0.0 0, 0,000, (,0) AO, 0,0 0//00 0/0/0 00-YV- NEW YORK ST URBAN DEV CORP REV FE,00,0 0.0,0,0,000,000,0, (,) JD, 00,000 0//00 //00 0R-AN- NORTH CAROLINA INFRASTRUCTURE FE, 0.0, 0,000 0, (,0) AO,,0 0//00 0/0/00

135 ANNUAL STATEMENT FOR THE YEAR 00 OF THE Navigators Insurance Company E0. SCHEDULE D - PART Showing all Long-Term BONDS Owned December of Current Year Codes Fair Value 0 Change in Book Adjusted Carrying Value Interest Dates 0 F o r e i Rate Used Unrealized Valuation Current Year s Current Year s Other Than Temporary Total Foreign Exchange Admitted Gross Amt. CUSIP g Bond NAIC to Obtain Book/Adjusted Increase/ (Amortization)/ Impairment Change in Effective Amount Due & Rec. During Identification Description * n CHAR Designation Actual Cost Fair Value Fair Value Par Value Carrying Value (Decrease) Accretion Recognized B./A.C.V. Rate of Rate of How Paid Accrued Year Acquired Maturity -FG- NORTH TX TWY AUTH DALLAS NORT FE,0, ,0,000,0,000,, (,) JJ,0,0 0//00 0/0/0 A-X- OHIO ST BLDG AUTH REV FE,00 0.0,0 0,000,0 (,0) AO,,0 0/0/00 0/0/0 N-BS- OHIO ST DEPT ADMINISTRATIVE FE,,00 0.0,,0,000,000,,0 () MS,0 /0/00 0/0/0 -HK-0 OHIO ST UNIV GEN RCPTS FE,0,0 0.0,0,0,000,000,0,0 (,0) JD, 0,000 0//00 0/0/00 -AP- OKLAHOMA CITY OK ZOOLOGICAL FE,0 0.0,,000, (,).0.0 JD, 0/0/00 0/0/00 -FR- ONEIDA CNTY NY INDL DEV AGY REV FE, 0.0,,000,0 (,0) MS,,0 0//00 0//0 -CG- ONONDAGA CNTY NY INDL DEV AGY FE,0 0.0, 0,000,00 (,0) FA,,00 0//00 0/0/00 -AW- ORANGE CNTY NY INDL DEV AGY FE, 0.00,,000,..0 MN,, 0// 0/0/0 -AK- PALMDALE CA RESIDENTIAL MTG FE,.0, 00,000, (,).0.0 MN,,0 0/0/00 /0/0 -DP-0 PANHANDLE-PLAINS TX HIGHER ED FE,0.0,0 00,000,0.0.0 JD,0 //00 0/0/0 00-AV- PENNSYLVANIA ECONOMIC DEV FING FE,0,00 0.0,0,0,000,000,0, (,).00.0 JD,00 0,000 0//00 /0/00 0-M- PENNSYLVANIA HSG FIN AGY REV FE, ,0 0,000, (0).0.0 JJ,, 0//00 0/0/0 0N-YX- PENNSYLVANIA ST HIGHER EDL FAC FE, 0.0, 00,000,0 (,0).0.0 MN,,0 /0/00 /0/0 0-CE- PENNSYLVANIA ST TPK COMMN FE,0,0 0.00,0,00,000,000,00, (,0) JJ,0, 0/0/00 0//0 -RH- PHILADELPHIA PA AUTH FOR INDL FE, 00.0,,000,0.0.0 JJ,, 0/0/ 0/0/0 0-HH- PHILADELPHIA PA MUN AUTH REV FE, 0.00,0 00,000,0 (,).0.0 MN,,0 0/0/00 //0 A-HL- PHOENIX AZ CIVIC IMPT CORP REV FE,0, 0.0,,0,00,000,, (,) JJ,000,000 /0/00 0/0/00 0-DV- PIKE TWP IND SCH BLDG CORP FE,, 00.0,0,0,0,000,0,0 (,) JJ,,0 0//00 0//00 00-EU- PINAL CNTY AZ CTFS FE, , 00,000, (,) JD 0,000 //00 /0/0 -DY- PINELLAS CNTY FL EDL FACS AUTH FE, 0.0,,000,0 (,)..0 AO,,0 0//00 0/0/00 0-BS- PITT CNTY NC REV 0, 0.0 0, 00,000 0,,.00.0 JD,00 0//00 /0/0 -T- PITTSBURGH PA URBAN REDEV AUTH REV FE 0, , 0,000 0, AO,, // 0/0/0 -M- PORT AUTHORITY OF NY & NJ FE 00,0 0.0,00 0,000,0 (,) FA,,000 0//00 0/0/00 -NK- PORTLAND OR SWR SYS REV FE,, 0.00,,,,000,, (,) JD,, 0//00 0//00 -RL-0 PUERTO RICO PUB FIN CORP FE,, ,0,0,000,000,0, (,).0.0 FA,,00 0//00 0/0/0 -AC- RAMAPO NY HSG AUTH REV FE 0, ,0 0,000 0, MON,, //00 0//0 -AW- RAPIDES PARISH LA HSG & MTG, 0.00,,000, (,).0.0 FA,, //00 0/0/00 H-HB- REEDY CREEK FL IMPT DIST FE,0,0 0.0,0,0,000,000,0, (,).0.0 AO,,00 0/0/00 0/0/0 T-DR- REGIONAL TRANSN DIST CO CTFS FE,0,0 0.0,0,0,000,000,0,0 (,) JD, 0,000 0/0/00 0/0/00 -CE- RHODE ISLAND ST ECONOMIC DEV C FE,, 0.0,00,,0,000,, (,0) JD,, 0/0/00 0//0 -D- RHODE ISLAND ST HEALTH & EDL FE, 0.0, 0,000,00..0 MS,0,0 0// 0//0 0-DZ- RIVERSIDE CNTY CA ASSET LEASE FE, ,0 00,000, (,).0.0 JD,,0 0//00 0/0/0 Q-BS- RIVERSIDE CNTY CA HSG AUTH FE 0, 0.000,00,000,00 (0) JD,,0 0/0/ 0/0/00 -AA-0 ROCKFORD-CONCORD IL COMMONS HSG FE 00, ,0 00,000 00, MN, 0,0 0// /0/0 -AQ- SAGINAW MI HOSP FIN AUTH, 0.0, 0,000, (,).00.0 MN,0 0/0/00 /0/00 -QN- ST LOUIS MO ARPT REV FE 0, ,0 0,000 00, (,0)..0 JJ,,0 0//00 0/0/0 -AD- SALES TAX ASSET RECEIVABLE NY FE 0,0 0.0,,000, (,) AO,,0 0//00 0//0 -BD-0 SALES TAX ASSET RECEIVABLE NY FE,0,0.00,,0,,000,0,,0.0.0 AO,0,0 /0/00 0//0 -VL- SAN ANTONIO TX ELEC & GAS REV FE,,0 0.0,0,0,000,000,00, (,).0.0 FA,,00 //00 0/0/00 -FP- SAN ANTONIO TX HSG FIN CORP FE, ,,000, MN,, 0//00 /0/0 -AM- SAN BERNARDINO CNTY CA FING FE,, 00.0,0,,00,000,, (,).0.00 FA,,0 0//00 0/0/00 -AK- SAN BERNARDINO CNTY CA FE,0, ,0,,0,000,0, FA,, 0/0/00 0/0/0 -T- SEATTLE WA MUN LT & PWR REV FE,, 0.0,0,,00,000,, (,).00.0 MS,,000 0//00 0/0/0 -AP-0 SHARON PA REGL HEALTH SYS AUTH FE, 0.00,00 0,000,0 (,) JD,,00 0/0/00 /0/00 0-FK- SIOUX CITY IO HOSP REV FE, 00.0,,000,,.0.0 FA,, 0/0/00 0//0 -BN- SOMERSET CNTY PA HOSP AUTH FE, 00.0,0 0,000,.00.0 MS,, 0/0/ 0/0/00 -BM- SONOMA CNTY CA PENSION OBLI FE,000.00,,000, JD, 0//00 /0/0 -DU- SOUTH CAROLINA ST PORTS AUTH FE,,0 0.00,,,0,000,,0 (,).00.0 JJ 0, 0, 0//00 0/0/00 0L-AB- SPOKANE WA HSG AUTH ELDERLY FE, 0.0 0, 00,000 0,0 (,).0.0 FA,,00 0/0/ 0/0/0 0-AB-0 SPRINGDALE AR RESIDENTIAL HSG FE,.0,0,,0 ().00.0 MON, 0/0/ 0/0/0 0-HJ- SPRINGFIELD MO PUB UTIL REV FE,, 0.0,,0,0,000,0, (,0) FA,0 /0/00 0/0/0 -AS- STAMFORD CT HSG AUTH MULTIFAMILY FE, ,000 00,000 0,0 (,).0.0 JD,0,0 0/0/00 /0/0 -KF- TACOMA WA ELEC SYS REV FE,,0 0.0,0,0,000,000,0,0 (,).0.0 JJ,0,00 0//00 0/0/0 H-DJ-0 TEMPE AZ EXCISE TAX REV FE,, 0.0,,,0,000,0, (,) JJ,0,0 0/0/00 0/0/0 0-BA- TENNESSEE ENERGY ACQUISITION FE,,0 0.00,,,0,000,, (,0) MS, 0//00 0/0/00 B-HT- TEXAS ST DEPT HSG & CMNTY AFFAIRS FE 0, , 0,000 0, JD,, 0//00 /0/0

136 ANNUAL STATEMENT FOR THE YEAR 00 OF THE Navigators Insurance Company E0. SCHEDULE D - PART Showing all Long-Term BONDS Owned December of Current Year Codes Fair Value 0 Change in Book Adjusted Carrying Value Interest Dates 0 F o r e i Rate Used Unrealized Valuation Current Year s Current Year s Other Than Temporary Total Foreign Exchange Admitted Gross Amt. CUSIP g Bond NAIC to Obtain Book/Adjusted Increase/ (Amortization)/ Impairment Change in Effective Amount Due & Rec. During Identification Description * n CHAR Designation Actual Cost Fair Value Fair Value Par Value Carrying Value (Decrease) Accretion Recognized B./A.C.V. Rate of Rate of How Paid Accrued Year Acquired Maturity -BU-0 TEXAS ST TPK AUTH CENT TX TPK FE,0,0 0.0,0,0,000,000,0, (,0) JD, 0,000 //00 0/0/00 P-BA- TEXAS ST UNIV SYS FING REV FE, 0.00, 00,000, (,) MS 0,0,000 0/0/00 0//0 P-FJ- TEXAS ST UNIV SYS FING REV FE, 0.0, 00,000, (,).00.0 MS,,00 0/0/00 0//0 0-ML- TRIBOROUGH BRDG & TUNL AUTH NY REV FE,0, ,0,0,000,000,00, (,).0.00 JJ,0,00 /0/00 0/0/0 H-FN- TRINITY RIVER AUTH TX REGL FE,,0 0.0,0,0,000,000,0,00 (,0).00.0 FA, 0,000 0//00 0/0/00 00M-AN- TUSCALOOSA AL EDL BLDG AUTH FE,, 0.0,,,,000,,0 (,0) FA,0,0 0/0/00 0//00 0-BE- ULSTER CNTY NY INDL DEV AGY FE, 0.00, 0,000, (,).00.0 JJ,0 0,0 0/0/00 0/0/00 0J-AJ-0 UNIVERSITY ALABAMA AT BIRMINGHAM FE,00,0 0.0,0,0,000,000,0,0 (,) MS,0 0//00 0/0/0 -FG- UNIVERSITY ILLINOIS CTFS FE,0 0.0, 0,000, (,) FA,,00 0//00 0//0 -GP- UNIVERSITY MICHIGAN UNIV REVS FE,0, ,00,0,000,000,0, (,) AO,00 0,000 0/0/00 0/0/00 -SS- UNIVERSITY TEXAS UNIV REVS FE,, ,0,000,000,000,0, (,) FA, 0,000 0//00 0//00 -GM- UPPER OCCOQUAN VA SEW AUTH FE,,00 0.0,0,0,000,000,0, (,) JJ,000 0,000 //00 0/0/00 N-SV- UTAH ST HSG FIN AGY FE 0, , 0,000 0, JJ,0 0// 0/0/0 -BK- UTAH TRAN AUTH SALES TAX REV FE,0 0.00,,000, (,0) JD, 0,0 0//00 0//00 0-BH- VIRGINIA COMWLTH TRANSN BRD FE,0,0 0.0,0,0,000,000,00, (,) AO,00 0,000 0//00 0/0/00 F-S-0 VIRGINIA ST PUB SCH AUTH FE,0,0 0.00,0,00,000,000,0, (,0) FA 0, 0,000 /0/00 0/0/00 P-AY- VOLUSIA CNTY FL SCH BRD SALES FE,0,0 0.0,0,0,000,000,0, (,).00.0 AO,0 //00 0/0/0 0-AV- WAGONER CNTY OK HONE FIN SFM REV FE,.00, 00,000,,.000 0/0/00 0//0 -HK-0 WASHINGTON CNTY MN HSG & RED FE, ,,000, AO,,00 //00 0/0/0 -LP- WASHINGTON ST HSG FIN COMMN FE, 0.0,0 0,000, (,).0.0 JJ,00,0 0/0/00 0/0/0 E-GH- WASHINGTON ST HEALTH CARE FACS FE,, ,0,00,000,000,0,0 (,).0.0 FA,,00 0/0/00 0//00 E-GJ- WASHINGTON ST HEALTH CARE FACS FE 0, ,0 00,000,0 (,)..00 FA,0, 0/0/00 0//00 K-Z- WASHINGTON ST HSG FIN COMMN FE,0 0.0,0,000,0 (,).0.0 JD,, 0//00 /0/0 K-M- WASHINGTON ST HSG FIN COMMN FE 00, , 00,000 00, JD 0,00 0//00 0/0/0 K-X- WASHINGTON ST HSG FIN COMMN FE 0, ,0 0,000 0, JD,,0 0/0/00 /0/0 -BE- WAYNE CNTY MI ARPT AUTH REV FE,0,0 0.00,00,0,000,000,0, (0,) JD, 0,000 0/0/00 /0/00 X-AM- WEST VA ECONOMIC DEV AUTH EXCE FE 00,000.00,0 00,000 00, JJ,,0 0//00 0/0/00 N-AR- WEST VA ST SCH BLDG AUTH FE,0 0.0, 00,000, (,).0.0 JJ,,0 0//00 0/0/0 00-AA- WISCONSIN ST GEN REV FE,.00 0, 0,000, MN,0,0 0//00 0/0/0 0N-KU- WISCONSIN ST HEALTH & EDL FACS FE, 0.0, 00,000, (,) FA,,000 0//00 0//00 0-CE- WOODRIDGE IL MULTIFAMILY REV FE, 0.00, 0,000,00 (,0).0.0 JD, 0/0/ /0/00 - Total Bonds - Special Revenue - Issuer Obligations,, XXX 0,, 0,, 0,, (,,) XXX XXX XXX,,,,0 XXX XXX G-X- FEDERAL HOME LN MTG CORP #G00, 0.00,0,, () MON 0// 0/0/0 GW-C- FEDERAL HOME LN MTG CORP #E,.00,,, () MON 0, 0/0/00 0/0/0 H-U- FEDERAL HOME LN MTG CORP #E,.00 0,0,, (,00) MON, 0,0 0/0/00 0/0/0 H-CY- FEDERAL HOME LN MTG CORP #E 0,.0 0, 0, 0, (0) MON, 0/0/00 0/0/0 H-F-0 FEDERAL HOME LN MTG CORP #E,.0,0,,0 () MON, 0/0/00 0/0/0 H-TH- FEDERAL HOME LN MTG CORP #E0,.0,,, (,) MON 0, 0/0/00 0/0/0 JR-JE- FEDERAL HOME LN MTG CORP #,,.0,,0,,0,,0,..0 MON,, //00 0/0/0 K0-JC- FEDERAL HOME LN MTG CORP #A0 0, , 0, 0, MON, 0/0/00 /0/0 K0-QC-0 FEDERAL HOME LN MTG CORP #A0,00,.0,0,,0,,0,0, MON,0,00 0/0/00 /0/0 K-J- FEDERAL HOME LN MTG CORP #A,0.0,0,0, MON, 0/0/00 0/0/0 K-PD- FEDERAL HOME LN MTG CORP #A0,.000, 0,0,, MON,, 0/0/00 0/0/0 K-A- FEDERAL HOME LN MTG CORP #A,,.0,,0,,,0,, MON,,0 0/0/00 0/0/0 K-FE- FEDERAL HOME LN MTG CORP #A,.000,0,,, MON,0,00 0/0/00 0/0/0 K-HK- FEDERAL HOME LN MTG CORP #A0 0, , 0, 0, MON, 0/0/00 0/0/0 K-SS- FEDERAL HOME LN MTG CORP #A,.000,,,, MON,, 0/0/00 0/0/0 K-W- FEDERAL HOME LN MTG CORP #A 0,.0, 0, 0,, MON,,0 0/0/00 0/0/0 K-DZ- FEDERAL HOME LN MTG CORP #A0,.0,0,0,, MON,, 0/0/00 0/0/0 K-TP- FEDERAL HOME LN MTG CORP #A,,.000,,,,,,, MON,, 0/0/00 /0/0 LX-J- FEDERAL HOME LOAN MTG CORP #G00,,.0,0,,0,,,0, MON,, /0/00 0/0/0 M-JK- FEDERAL HOME LOAN MTG CORP #G, 0.0,,,0 ().00.0 MON 0 0//00 0/0/0 MJ-DQ-0 FEDERAL HOME LN MTG CORP #G00,,.000,,0,,,,, MON,, 0/0/00 0/0/0 MM-CP- FEDERAL HOME LOAN MTG CORP #G0,,.0,,,,0,,,.00.0 MON,, 0//00 0/0/00 PB-FX- FEDERAL HOME LN MTG CORP #J00,,.0,,0,,,0,,.00.0 MON 0,, 0//00 0/0/00 PD-B- FEDERAL HOME LOAN MTG CORP #J0,,00.0,,,0,,,,.00.0 MON,0, 0//00 0/0/00

137 ANNUAL STATEMENT FOR THE YEAR 00 OF THE Navigators Insurance Company E0. SCHEDULE D - PART Showing all Long-Term BONDS Owned December of Current Year Codes Fair Value 0 Change in Book Adjusted Carrying Value Interest Dates 0 F o r e i Rate Used Unrealized Valuation Current Year s Current Year s Other Than Temporary Total Foreign Exchange Admitted Gross Amt. CUSIP g Bond NAIC to Obtain Book/Adjusted Increase/ (Amortization)/ Impairment Change in Effective Amount Due & Rec. During Identification Description * n CHAR Designation Actual Cost Fair Value Fair Value Par Value Carrying Value (Decrease) Accretion Recognized B./A.C.V. Rate of Rate of How Paid Accrued Year Acquired Maturity PD-D- FEDERAL HOME LN MTG CORP #J00,,.0,,,,,,0, MON 0,00 0, 0//00 0/0/00 K-KT- FEDERAL HOME LN MTG CORP #E00,.00,0,, (,) MON,, 0/0/00 0/0/0 K-KU- FEDERAL HOME LN MTG CORP #E00,.00 00, 0,, () MON,, 0/0/00 0/0/0 0-ZA- FEDERAL HOME LN MTG CORP #B,,.0,,0,,,,,.00.0 MON 0,00 0,0 0//00 0/0/00 -J- FEDERAL HOME LN MTG CORP #B,,0.0,,0,,,,,.00.0 MON,0, 0//00 0/0/00 -YV- FEDERAL HOME LOAN MTG CORP #B,0.0,,0,0,.00.0 MON,, 0//00 0/0/00 -Z- FEDERAL HOME LN MTG CORP #B,,.0,,,,,,,.00.0 MON,, 0//00 0/0/00 -B- FEDERAL HOME LN MTG CORP #B 0,0.0,, 0,.00.0 MON, 0//00 0/0/00 -C- FEDERAL HOME LN MTG CORP #B,,0.0,,,,0,,0,.00.0 MON 0,,0 0//00 0/0/00 V-GE- FEDERAL HOME LN MTG CORP #A,.000,,,, MON,0,0 0/0/00 /0/0 V-QG- FEDERAL HOME LN MTG CORP #A 0,0.000,,,, MON,0 0, 0/0/00 /0/0 J-F- FEDERAL NATIONAL MTG ASSOC # 0, 0.00,00,0 0, () MON, //00 0/0/0 L-SD- FEDERAL NATIONAL MTG ASSOC #,,0.0,00,,,,, MON,0,0 0//00 0/0/0 L-WN- FEDERAL NATIONAL MTG ASSOC #,.0,,, MON,00, 0/0/00 /0/0 T-Z- FEDERAL NATIONAL MTG ASSOC #, ,,, MON 0,0 /0/000 0/0/0 K-AN- FEDERAL NATIONAL MTG ASSOC #,,0.0,,0,0,,,0 (,) MON 0,0 0, 0/0/00 0/0/0 K-RB- FEDERAL NATIONAL MTG ASSOC #,.0,,0, MON, /0/00 0/0/0 K-T-0 FEDERAL NATIONAL MTG ASSOC #0,.0,,,, MON,0, /0/00 0/0/0 N-VM- FEDERAL NATIONAL MTG ASSOC #0, 0.00,,, (,0).0.0 MON,, //00 0/0/00 P-VV- FEDERAL NATIONAL MTG ASSOC #,, 0.00,,0,,0,0, (,).0.0 MON,0, //00 0/0/0 R-UR- FEDERAL NATIONAL MTG ASSOC #, 0.00,,, (,0).0.0 MON,,0 0/0/00 0/0/0 S-HN- FEDERAL NATIONAL MTG ASSOC #,0.0,,000 0,,0..0 MON,, //00 /0/0 S-HP- FEDERAL NATIONAL MTG ASSOC #,.0,,000,,.0.0 MON,, 0//00 /0/0 S-M- FEDERAL NATIONAL MTG ASSOC #,.0,,,.0.0 MON,, //00 /0/0 T-FV- FEDERAL NATIONAL MTG ASSOC #0,.0,, 0,,.0.0 MON,, 0/0/00 0/0/0 N-FH-0 FEDERAL NATIONAL MTG ASSOC #, ,0 0,,0 ().00.0 MON, 0//000 0/0/0 P-ET- FEDERAL NATIONAL MTG ASSOC #,0 0.00,,, MON 0 //00 0/0/0 W-JP- FEDERAL NATIONAL MTG ASSOC #0, 0.0,0,0, ().00.0 MON, //00 0/0/0 C-A- FEDERAL NATIONAL MTG ASSOC #0, ,,0, (,).00.0 MON,, 0/0/00 0/0/0 H-J- FEDERAL NATIONAL MTG ASSOC #, 0.0,,0,00 (0,0)..0 MON,, 0/0/00 0/0/0 H-G- FEDERAL NATIONAL MTG ASSOC #, 0.0,,, (0,)..0 MON,,0 0/0/00 0/0/0 J-NQ- FEDERAL NATIONAL MTG ASSOC #,,0 00.0,,,,,,0 (,).00.0 MON,0 0, 0//00 0/0/0 J-NR- FEDERAL NATIONAL MTG ASSOC #00, 00.0,,0, ().00.0 MON,0, //00 0/0/0 J-NU- FEDERAL NATIONAL MTG ASSOC #0,0 00.0,0,,0 (,).00.0 MON,,0 0//00 0/0/0 W-Z-0 FEDERAL NATIONAL MTG ASSOC #,.0,,, (,)..0 MON,, //00 0/0/0 W-SF- FEDERAL NATIONAL MTG ASSOC #0 0, , 0, 0,0 (,).00.0 MON, //00 0/0/0 W-WH- FEDERAL NATIONAL MTG ASSOC #,,.00,,0,,,, (,)..0 MON, 0,0 0/0/00 0/0/0 X-AP- FEDERAL NATIONAL MTG ASSOC #,00.000,0 0,, (,).0.0 MON,,0 0/0/00 0/0/0 X-BC-0 FEDERAL NATIONAL MTG ASSOC #,0,0.0,,0,,,0,,..0 MON,, /0/00 0/0/0 X-HZ- FEDERAL NATIONAL MTG ASSOC #,0.0,0 0,,, MON,, 0/0/00 0/0/0 X-NX- FEDERAL NATIONAL MTG ASSOC #0,0.0,,,.0.0 MON,, 0//00 0/0/0 X-QB- FEDERAL NATIONAL MTG ASSOC #0 0,.0 0,, 0,0,..0 MON,, 0//00 /0/0 E-QU- FEDERAL NATIONAL MTG ASSOC #, 0.0,,0, (,).00.0 MON, //00 0/0/0 N-RH- FEDERAL NATIONAL MTG ASSOC #, 0.0,,, ().00.0 MON 0 //00 0/0/0 S-HH- FEDERAL NATIONAL MTG ASSOC #, 0.0,,, (0).00.0 MON, //00 0/0/0 V-YJ- FEDERAL NATIONAL MTG ASSOC #, 0.0 0, 0,, (,).00.0 MON,,0 //00 0/0/0 M-AT- FEDERAL NATIONAL MTG ASSOC #, 0.0,,0, () MON //00 0/0/0 Y-UT- FEDERAL NATIONAL MTG ASSOC #, 0.0 0,,,0 ().00.0 MON,0, 0//00 0/0/0 0M-JV- FEDERAL NATIONAL MTG ASSOC #0 0, 0.0,,00 0, (,).00.0 MON 0 0,0 //00 /0/0 0V-QR- FEDERAL NATIONAL MTG ASSOC #,.00,0,, () MON,0,0 0//00 0/0/0 0V-QV- FEDERAL NATIONAL MTG ASSOC #,.00,,00, ().00.0 MON,,00 0//00 0/0/0 C-DN- FEDERAL NATIONAL MTG ASSOC #0,0.00,,,0 () MON,,0 0//00 0/0/0 C-ES-0 FEDERAL NATIONAL MTG ASSOC #,0.00, 0,0,0 () MON, 0//00 /0/0 D-LX- FEDERAL NATIONAL MTG ASSOC # 0,.00,, 0, ().00.0 MON,, 0//00 0/0/0 D-LZ- FEDERAL NATIONAL MTG ASSOC #,.00 0,,, ().00.0 MON,,0 0//00 0/0/0 D-VS- FEDERAL NATIONAL MTG ASSOC #0,.0,, 0, (,) MON,0, 0//00 0/0/0

138 ANNUAL STATEMENT FOR THE YEAR 00 OF THE Navigators Insurance Company E0.0 SCHEDULE D - PART Showing all Long-Term BONDS Owned December of Current Year Codes Fair Value 0 Change in Book Adjusted Carrying Value Interest Dates 0 F o r e i Rate Used Unrealized Valuation Current Year s Current Year s Other Than Temporary Total Foreign Exchange Admitted Gross Amt. CUSIP g Bond NAIC to Obtain Book/Adjusted Increase/ (Amortization)/ Impairment Change in Effective Amount Due & Rec. During Identification Description * n CHAR Designation Actual Cost Fair Value Fair Value Par Value Carrying Value (Decrease) Accretion Recognized B./A.C.V. Rate of Rate of How Paid Accrued Year Acquired Maturity K-K- FEDERAL NATIONAL MTG ASSOC #0,.00,,0, ().00.0 MON, 0, //00 0/0/0 V-MP- FEDERAL NATIONAL MTG ASSOC #,.00,,, (0) MON,, //00 /0/0 W-GQ- FEDERAL NATIONAL MTG ASSOC #0,,.00,,,,0,,.00.0 MON,0 /0/00 0/0/0 00E-W- FEDERAL NATIONAL MTG ASSOC # 0,.0 00, 0, 0, (,0) MON, 0,0 0//00 0/0/0 00S-N- FEDERAL NATIONAL MTG ASSOC #,.0 0,,0, () MON,0, 0//00 0/0/0 00W-KF- FEDERAL NATIONAL MTG ASSOC #,.0,,0, (,) MON,0,0 0//00 0/0/0 00W-KJ- FEDERAL NATIONAL MTG ASSOC # 0,.0,0,0, (,) MON,, 0//00 0/0/0 0B-P- FEDERAL NATIONAL MTG ASSOC #00,.00,0,0 0,0 (,) MON,00, 0/0/00 0/0/0 0H-B- FEDERAL NATIONAL MTG ASSOC #0,.0,,, MON,, //00 0/0/0 0C-U- FEDERAL NATIONAL MTG ASSOC #0,,.0,,,,,, MON,0, 0//00 0/0/0 0D-D- FEDERAL NATIONAL MTG ASSOC #,.0,, 0,0,..0 MON,00, 0/0/00 0/0/00 0E-Y- FEDERAL NATIONAL MTG ASSOC #,0.0,,, MON,0,0 0/0/00 0/0/0 0Q-TR- FEDERAL NATIONAL MTG ASSOC #00,, 00.00,0,,,,, (,) MON,, 0//00 /0/0 0R-AJ- FEDERAL NATIONAL MTG ASSOC #0,,.0,,0,,,,, MON,, 0/0/00 0/0/00 0R-TJ- FEDERAL NATIONAL MTG ASSOC # 0,.0,,0 0, (,0).0.0 MON,0, 0/0/00 0/0/0 0X-SE- FEDERAL NATIONAL MTG ASSOC # 00, 00.0,,0 00, (,) MON,, 0/0/00 0/0/0 0F-RR- FEDERAL NATIONAL MTG ASSOC # 0,.00,0 0,0 0, (,) MON,0, //00 /0/0 0J-F- FEDERAL NATIONAL MTG ASSOC #00 0,.0 0,, 0, (,) MON,0, 0/0/00 0/0/0 0J-L-0 FEDERAL NATIONAL MTG ASSOC #0 0,0 0.0,,0 0,0 (0).000 (.00) MON, //00 0/0/0 0K-JW- FEDERAL NATIONAL MTG ASSOC #0,,.00,,,,0,,,.00.0 MON,0,0 0//00 /0/0 0Q-CZ- FEDERAL NATIONAL MTG ASSOC #,0 0.00,,0,0 (,) MON,0, 0/0/00 0/0/0 0T-BV- FEDERAL NATIONAL MTG ASSOC #0,0.0000,,,, MON,00,0 0//00 0/0/0 0R-H- FEDERAL NATIONAL MTG ASSOC # 0, ,, 0, MON,, 0//00 0/0/0 0U-BA- FEDERAL NATIONAL MTG ASSOC #,0.0000,0,0,.00.0 MON,, 0//00 0/0/0 0A-TE- FEDERAL NATIONAL MTG ASSOC #,.0000,,,.00.0 MON,0, 0//00 0/0/0 0C-GJ- FEDERAL NATIONAL MTG ASSOC #0, 00.00,,, ().00.0 MON 0 0/0/00 0/0/0 0C-R- FEDERAL NATIONAL MTG ASSOC #0 0,.0000,0,0, MON,, 0//00 0/0/0 0H-HH- FEDERAL NATIONAL MTG ASSOC #, ,,,0 (,) MON,, 0/0/00 0/0/0 0H-JD- FEDERAL NATIONAL MTG ASSOC #0,0.0,,0, MON,0 0/0/00 /0/0 0N-WD- FEDERAL NATIONAL MTG ASSOC #, 00.00,,, (0).00.0 MON 0/0/00 0/0/0 0S-UE- FEDERAL NATIONAL MTG ASSOC #0 0,.0,0, 0, (,).00.0 MON,, 0/0/00 0/0/00 0T-V- FEDERAL NATIONAL MTG ASSOC #0,.0,,, MON,,0 0/0/00 0/0/0 0A-RN- FEDERAL NATIONAL MTG ASSOC #0 0,.00,, 0, MON, /0/00 /0/0 0E-F- FEDERAL NATIONAL MTG ASSOC #00,.0,,,, MON,, /0/00 0/0/0 0J-ML- FEDERAL NATIONAL MTG ASSOC # 0,.0 0, 0, 0, ().00.0 MON,0 0/0/00 0/0/00 0N-K- FEDERAL NATIONAL MTG ASSOC #,0,.0,,,,,0,0,.00.0 MON,, /0/00 0/0/0 0P-E- FEDERAL NATIONAL MTG ASSOC #,.0,,, (,0).00.0 MON,, 0/0/00 0/0/00 0R-ED- FEDERAL NATIONAL MTG ASSOC # 0,.0 0, 0,0 0, MON, /0/00 0/0/0 0R-HE- FEDERAL NATIONAL MTG ASSOC #,,.0,,,,,,0, MON,, /0/00 0/0/0 0T-L- FEDERAL NATIONAL MTG ASSOC #,0.0 00, 0,, MON,00 /0/00 0/0/0 0V-E- FEDERAL NATIONAL MTG ASSOC #0,.0,0,, (,).00.0 MON, 0, 0/0/00 0/0/00 0X-PE- FEDERAL NATIONAL MTG ASSOC #,.0,0, 0, MON, /0/00 0/0/0 0A-EZ-0 FEDERAL NATIONAL MTG ASSOC #,.0,,, MON, /0/00 0/0/0 0A-PY- FEDERAL NATIONAL MTG ASSOC #,.0,,, MON, 0/0/00 0/0/0 0B-RG- FEDERAL NATIONAL MTG ASSOC #,.0,0,, MON 0/0/00 0/0/00 0C-QX- FEDERAL NATIONAL MTG ASSOC #0,,.0,,0,,0,0,, MON,, 0/0/00 0/0/0 0C-WQ- FEDERAL NATIONAL MTG ASSOC #,.0,00,0,00, MON,, 0/0/00 0/0/0 0D-A-0 FEDERAL NATIONAL MTG ASSOC #0,0.0,,0, MON,, 0/0/00 0/0/0 0D-RC- FEDERAL NATIONAL MTG ASSOC #,0.0 0,0,0,,.00.0 MON,, 0/0/00 /0/0 0D-VS- FEDERAL NATIONAL MTG ASSOC # 0,.0 0,,,0, MON,, /0/00 0/0/0 0E-PG- FEDERAL NATIONAL MTG ASSOC #,0.0, 0,0,, MON,,0 0/0/00 0/0/0 0E-UB- FEDERAL NATIONAL MTG ASSOC #,0.0,,0,, MON,,0 0/0/00 0/0/0 0F-Q- FEDERAL NATIONAL MTG ASSOC #,0.0,,,0 (,).00.0 MON,, 0/0/00 0/0/00 0F-C- FEDERAL NATIONAL MTG ASSOC #0,.0,0,0, () MON,0 0/0/00 0/0/00 0F-F- FEDERAL NATIONAL MTG ASSOC #,.0,,, MON, 0/0/00 0/0/0 0F-FY- FEDERAL NATIONAL MTG ASSOC #,.0,,, MON,, 0/0/00 0/0/0

139 ANNUAL STATEMENT FOR THE YEAR 00 OF THE Navigators Insurance Company E0. SCHEDULE D - PART Showing all Long-Term BONDS Owned December of Current Year Codes Fair Value 0 Change in Book Adjusted Carrying Value Interest Dates 0 F o r e i Rate Used Unrealized Valuation Current Year s Current Year s Other Than Temporary Total Foreign Exchange Admitted Gross Amt. CUSIP g Bond NAIC to Obtain Book/Adjusted Increase/ (Amortization)/ Impairment Change in Effective Amount Due & Rec. During Identification Description * n CHAR Designation Actual Cost Fair Value Fair Value Par Value Carrying Value (Decrease) Accretion Recognized B./A.C.V. Rate of Rate of How Paid Accrued Year Acquired Maturity 0F-J- FEDERAL NATIONAL MTG ASSOC #,,.0,,,,,,, MON,0,0 /0/00 0/0/0 0F-UH- FEDERAL NATIONAL MTG ASSOC #,0.0,0,, MON,0 0/0/00 0/0/0 0G-L- FEDERAL NATIONAL MTG ASSOC #0,.0 0,,, MON,, 0/0/00 0/0/0 0G-A-0 FEDERAL NATIONAL MTG ASSOC #,.0,,0, MON, /0/00 0/0/0 0H-GD- FEDERAL NATIONAL MTG ASSOC #0,.0,,, MON,, 0/0/00 0/0/0 0H-JC- FEDERAL NATIONAL MTG ASSOC #0,.0,0,, MON, 0/0/00 0/0/00 0J-L- FEDERAL NATIONAL MTG ASSOC #,.0 0,0,, MON, /0/00 0/0/0 0J-MB- FEDERAL NATIONAL MTG ASSOC #0,.0,,, MON 0, 0/0/00 0/0/0 0J-RT- FEDERAL NATIONAL MTG ASSOC #,,.0,,,,,,, MON,,0 0/0/00 0/0/0 0J-SS- FEDERAL NATIONAL MTG ASSOC # 0,.0 0, 0, 0, MON, /0/00 0/0/0 0K-Z- FEDERAL NATIONAL MTG ASSOC #,,.0,,,,,,,.00.0 MON,, 0//00 0/0/0 0L-BE- FEDERAL NATIONAL MTG ASSOC # 0,.0,,00, 0, MON,, 0//00 0/0/0 0M-K- FEDERAL NATIONAL MTG ASSOC #,0.0,0,, MON,, 0//00 0/0/0 0M-HA- FEDERAL NATIONAL MTG ASSOC #,0.0,0, 0, MON,, 0/0/00 0/0/0 0M-HM-0 FEDERAL NATIONAL MTG ASSOC # 0,0.0,, 0,, MON,, 0/0/00 0/0/0 0N-A-0 FEDERAL NATIONAL MTG ASSOC #0,.0,,, () MON,, 0/0/00 0/0/00 0N-BB- FEDERAL NATIONAL MTG ASSOC #,.0,,,, MON,, /0/00 0/0/0 0N-P- FEDERAL NATIONAL MTG ASSOC #,.0 0,,0, MON, /0/00 0/0/0 0P-PA-0 FEDERAL NATIONAL MTG ASSOC #,.0,,, ().00.0 MON,0 0/0/00 0/0/00 0Q-EH- FEDERAL NATIONAL MTG ASSOC #,0.0,,0, MON,, 0//00 0/0/0 0Q-HW- FEDERAL NATIONAL MTG ASSOC #,.0,,,, MON,0, /0/00 0/0/0 0Q-PM- FEDERAL NATIONAL MTG ASSOC #,.0,0,0,0 ().00.0 MON, 0/0/00 0/0/00 0R-HU- FEDERAL NATIONAL MTG ASSOC #,.0,,0,, MON,0, /0/00 0/0/0 0R-T-0 FEDERAL NATIONAL MTG ASSOC #,0.0,,, MON, 0/0/00 0/0/00 0S-KG- FEDERAL NATIONAL MTG ASSOC #,.0, 0,0, MON 0,0 /0/00 /0/0 0T-L- FEDERAL NATIONAL MTG ASSOC #0,.0,0,, MON,, 0/0/00 0/0/00 0T-Y- FEDERAL NATIONAL MTG ASSOC #0,.0, 0,00, MON, /0/00 0/0/0 0T-T- FEDERAL NATIONAL MTG ASSOC #0,,.0,,,,,0,, MON,0, /0/00 /0/0 0T-X- FEDERAL NATIONAL MTG ASSOC #00,.0,0,, MON, /0/00 0/0/0 0V-XJ- FEDERAL NATIONAL MTG ASSOC # 0,.0,,0 0,, MON,00,0 /0/00 0/0/0 0W-H- FEDERAL NATIONAL MTG ASSOC #,.0,, 0,, MON,00,0 /0/00 0/0/0 0X-DL- FEDERAL NATIONAL MTG ASSOC #0,.0,,, ().00.0 MON, 0/0/00 0/0/00 0X-V- FEDERAL NATIONAL MTG ASSOC #0,0.0,,, MON,,0 0/0/00 /0/00 0Y-VK- FEDERAL NATIONAL MTG ASSOC #,.0,,, MON,00, 0/0/00 /0/00 0C-A- FEDERAL NATIONAL MTG ASSOC #0,0.0,,, ().00.0 MON 0, 0/0/00 /0/00 0C-CJ- FEDERAL NATIONAL MTG ASSOC #0,0.0,,, (,).00.0 MON,0, 0/0/00 0/0/00 0F-FL- FEDERAL NATIONAL MTG ASSOC #,.0,,, (,).00.0 MON,,00 0/0/00 /0/00 - Total Bonds - Special Revenue - Single Class Mortgage-Backed/Asset-Backed Securities,, XXX 0,,0,,,,,0 XXX XXX XXX 0,,, XXX XXX L-N- FEDERAL HOME LOAN MTG CORP MB 0, 0.0,,, MON,, //00 //0 B-NQ- FEDERAL NATIONAL MTG ASSOC 0 PE, ,, 0,0 (,0) MON,,0 0/0/00 0//00 E-R- FEDERAL NATIONAL MTG ASSOC 0 BD,.00,,,0, MON,0, 0//00 0//0 M-FK- FEDERAL HOME LOAN MTG CORP WB,,.0,0,0,000,000,, 0, MON 0,000 0,000 0//00 0//00 R-ZN- FEDERAL HOME LOAN MTG CORP BG,,.0,,,,,,,.0.0 MON,, 0//00 0//0 U-QJ- FEDERAL NATIONAL MTG ASSOC 0 MN,,0.0,,,00,0,,, MON,,0 0//00 0//0 V-A- FEDERAL HOME LOAN MTG CORP TA,,.0,,0,,,,,.00.0 MON,0, 0//00 0//0 M-HR- FHR 0 HC,,0.0,,0,,0,, MON, /0/00 //0 A-XT- FEDERAL HOME LOAN MTG CORP EG,,0.0,,,0,,,,.00.0 MON,,0 0/0/00 0//00 K-R- FEDERAL HOME LOAN MTG CORP 0 BD,,.0,0,,,0,,,.00.0 MON,, 0//00 //0 N-GR- FEDERAL NATIONAL MTG ASSOC 0 PA,,0.00,,,0,000,, MON,, 0/0/00 //0 -LC- GOVERNMENT NATL MTG ASSOC 0 0 PD 0, 00.0, 0,0 0, (,).00.0 MON,, 0/0/00 0//00 - Total Bonds - Special Revenue - Defined Multi-Class Residential Mortgage-Backed Securities,,0 XXX,,,,,0,, XXX XXX XXX 0,, XXX XXX M-AV- GOVERNMENT NATL MTG ASSOC 0 B,.0,,,..00 MON,, 0/0/00 //0 M-AW-0 GOVERNMENT NATL MTG ASSOC 0 C,000, ,0,0,000,000,000, MON,,00 0/0/00 0//0 M-BS- GOVERNMENT NATL MTG ASSOC 0 D,000, ,0,0,000,000,0,..0 MON,, 0//00 0//0

140 ANNUAL STATEMENT FOR THE YEAR 00 OF THE Navigators Insurance Company E0. SCHEDULE D - PART Showing all Long-Term BONDS Owned December of Current Year Codes Fair Value 0 Change in Book Adjusted Carrying Value Interest Dates 0 F o r e i Rate Used Unrealized Valuation Current Year s Current Year s Other Than Temporary Total Foreign Exchange Admitted Gross Amt. CUSIP g Bond NAIC to Obtain Book/Adjusted Increase/ (Amortization)/ Impairment Change in Effective Amount Due & Rec. During Identification Description * n CHAR Designation Actual Cost Fair Value Fair Value Par Value Carrying Value (Decrease) Accretion Recognized B./A.C.V. Rate of Rate of How Paid Accrued Year Acquired Maturity M-BY- GOVERNMENT NATL MTG ASSOC 0 C,0 0.0,0,,000,,0 (,0)..0 MON,, 0//00 0//0 - Total Bonds - Special Revenue - Defined Multi-Class Commercial Mortgage-Backed Securities,,0 XXX,0,,0,,0,0 (,0) XXX XXX XXX,, XXX XXX - Total - Special Revenue Bonds,0,00 XXX,, 0,,,, (,0,) XXX XXX XXX,,0,, XXX XXX 0-BS- APPALACHIAN POWER CO FE,00, 0.00, 00,000, (,00).00.0 MN,00,00 //00 0/0/00 0-GU- COMMONWEALTH EDISON COMPANY FE, 0.0, 0,000, (,) MN,,00 0/0/00 0//00 0-EA- CONSOLIDATED EDISON CO OF NEW YORK FE,.0, 00,000,0..0 FA,,0 //00 0/0/0 U-AA- DOMINION RESOURCES INC FE, 0.0, 00,000, (,0)..0 JD,0, 0//00 0//00 0M-AB- EXELON GENERATION CO LLC FE, 0.0 0, 00,000, (,0).0.0 JD,00 //00 0//0 -FS- GEORGIA POWER COMPANY FE,0.0,,000,.0.0 AO,0, 0//00 0//0 -GA- GEORGIA POWER COMPANY FE,,.0,,,00,000,,.0.0 JD,00, /0/00 //0 W-AB- KEYSPAN CORPORATION FE 0, 0.0, 0,000, (0,)..0 MN,, 0//00 //00 0E-AA- NSTAR FE, 0.0, 00,000, (,) FA,,000 //00 0//00 E-AA- PP&L CAPITAL FUNDING INC FE, 0.0,0 0,000, (0,)..0 JD 0, //00 0//00 -AJ- PROGRESS ENERGY INC FE, 0.0,,000, (,).0.0 AO,, 0/0/00 0//0 -BU- PUBLIC SERVICE COMPANY OF COLORADO FE,,0.0,,0,000,000,,0 (,0)..0 AO,,0 0/0/00 0/0/0 -BW-0 PUBLIC SERVICE COMPANY OF COLORADO FE,0.0, 0,000,0..00 AO,0, 0/0/00 0/0/00 0-BG- SAN DIEGO GAS & ELECTRIC FE,,.00,,0,0,000,, MN, 0, //00 //0 00-AA-0 SCHLUMBERGER TECH CORP FE, , 00,000,0 (,) AO,,000 0/0/00 0//0 00-BQ- SOUTH CAROLINA ELECTRIC & GAS FE,0 0.00,0,0,000,000,.00.0 FA,,000 0//00 0/0/0 00-ES- SOUTHERN CALIFORNIA EDISON FE, 0.0, 0,000, JJ,,000 0/0/00 0//0 0-EW-0 VIRGINIA ELECTRIC & POWER COMPANY FE,.0, 00,000,0.0.0 JD,,000 /0/00 //0 -BC-0 WISCONSIN POWER & LIGHT COMPANY FE,00 0.0,0,,000,000,..0 MS,,0 0/0/000 0/0/00 00Q-AA- UNITED ENERGY DISTRIBUT F FE,.0,,000,.00.0 AO,, //00 0//0 - Total Bonds - Public Utilities - Issuer Obligations,, XXX,0,,,000,0, (0,0) XXX XXX XXX,0 0, XXX XXX - Total - Public Utilities Bonds,, XXX,0,,,000,0, (0,0) XXX XXX XXX,0 0, XXX XXX 00P-AA- AIG SUNAMER GLOB FIN X FE,.0 0,0 0,000, MS,,0 0//00 0//0 00A-AB- AOL TIME WARNER INC FE, ,0 00,000 0, (,).0.0 AO,0,00 0/0/00 0//0 00A-AE- AOL TIME WARNER INC FE, , 00,000 0, (,).0.00 MN,00,00 0/0/00 0/0/00 000A-AF- AT&T WIRELESS SERVICES INC FE,.0 0, 00,000, (,).0.0 MS 0,,0 0/0/00 0/0/0 00-AA-0 AXA FINANCIAL INC FE,0 0.00, 00,000, (,).0.00 FA,,00 0/0/00 0/0/00 00-AS- ABBOTT LABORATORIES FE,, ,0,0,000,000,,.00.0 MN,, 0/0/00 0//0 000E-AG- ACE INA HOLDINGS INC FE 0, 0.0 0,,000,0 ()..00 JD, //00 0//0 00-AA- AEGON FUNDING CORP FE, 0.00,0,000,.0.0 JD,0, /0/00 // AN- ALLSTATE CORP FE 0, 0.0 0, 00,000 0,0 (,0)..00 FA,,0 0/0/00 0//0 000-AE-0 ALLSTATE FINL GLOBAL FND FE,00 0.0, 0,000, (,).00.0 JD,,0 0/0/00 0//0 00S-AA- ALTRIA GROUP INC FE,0, 0.0,0,,00,000,,0 (,0) MN,,00 0//00 /0/0 0-BC- AMERICAN GENERAL FINANCE CORP FE,00 0.0, 00,000, (,) FA,00,000 0//00 0//00 0-CE- ANHEUSER-BUSCH COMPANIES INC FE,0,0 0.00,0,,00,000,00,0 (,00).00.0 MS,,0 0//00 0//0 000-EG-0 ASSOCIATES CORPORATION NA FE,0,0 0.0,0,,000,000,0, (,).0.0 FA 0,0,00 /0/ 0//00 00-AS- AVON PRODUCTS INC FE,,0.00,,0,0,000,,,..0 JJ,, 0//00 0//0 0-AC- BB&T CORPORATION FE,0 0.0, 0,000, (,).00.0 FA,0,0 0//00 0/0/0 0-AE- BRANCH BANKING & TRUST CO FE,.0, 00,000, JD,00 0//00 //0 0-AL- BANK ONE CORPORATION FE,.0, 00,000,0 (,)..0 MS,,0 0//00 0/0/0 000-AG- BANK OF AMERICA CORPORATION FE,0, 0.00,,0,00,000,, (0,).00.0 JJ,00,00 0/0/00 0//0 00H-AY- BANK OF NEW YORK CO INC FE,,0.00,,,00,000,, JJ,, /0/00 0//0 0E-PM- BANK ONE NA ILLINOIS FE,000,.0,00,000, (,0).00.0 JJ,, 0/0/00 0//00 00-CA- BEAR STEARNS COMPANIES INC FE,.0 0, 00,000 0, (,0) JJ,,000 0/0/00 0//00 00-CE- BEAR STEARNS COMPANIES INC FE,.0, 0,000,,.00.0 AO,,0 0/0/00 0//00 0-AS- BECTON DICKINSON & CO FE,,.0,,0,00,000,,,.0.0 AO,,00 0/0/00 0//0 00-AJ- BELLSOUTH CORPORATION FE,0.00, 0,000, MN,0 0,0 //00 //0 0-AM- BERKLEY (WR) CORP FE,.00, 0,000,.00.0 MN,,00 0/0/00 0//0 00-AD- BOEING CAPITAL CORP FE,0 0.00, 0,000,0 (,).00.0 MS,0,0 //00 0/0/0 0M-AF- BOTTLING GROUP LLC FE,,.0,,,00,000,,, MN, 0,000 0//00 //0 -AA- CIT GROUP INC FE 0, , 00,000 0, (,)..0 AO 0,0,0 0//00 0/0/00 -AB- CIT GROUP INC FE, 0.00,0,000, (,).0.00 AO,, 0//00 0/0/0

141 ANNUAL STATEMENT FOR THE YEAR 00 OF THE Navigators Insurance Company E0. SCHEDULE D - PART Showing all Long-Term BONDS Owned December of Current Year Codes Fair Value 0 Change in Book Adjusted Carrying Value Interest Dates 0 F o r e i Rate Used Unrealized Valuation Current Year s Current Year s Other Than Temporary Total Foreign Exchange Admitted Gross Amt. CUSIP g Bond NAIC to Obtain Book/Adjusted Increase/ (Amortization)/ Impairment Change in Effective Amount Due & Rec. During Identification Description * n CHAR Designation Actual Cost Fair Value Fair Value Par Value Carrying Value (Decrease) Accretion Recognized B./A.C.V. Rate of Rate of How Paid Accrued Year Acquired Maturity 0-AP- CSX CORPORATION FE, 0.0,,000,00 (,).0.0 MS,, //00 0//0 0-AV- CVS CORP FE,.0,0 0,000,..0 MS,, //00 0//0 -AM- CAMPBELL SOUP COMPANY FE,,0 0.00,0,0,00,000,, (,).0.0 FA,00,0 0//00 0//0 -AS- CAMPBELL SOUP COMPANY FE,00.0, 00,000,,..0 AO 0,, 0//00 0/0/0 -AR- CARGILL INC FE,.0, 0,000,00,..0 JD,, //00 0/0/0 -BG- CATERPILLAR INC FE,0 0.0,0,000, (,).0.0 MS,, 0/0/00 0//00 -BN-0 CATERPILLAR INC FE, 0.0, 0,000, FA,0 0/0/00 0//0 -AG- CENTEX CORPORATION FE, , 0,000, (0,)..00 FA,0,0 0//00 0/0/0 N-AV- CHARTER ONE BANK FSB FE,0,0 0.00,0,0,000,000,0,0 (,00)..0 MN,,00 0//00 0//0 0-AF- CINCINNATI FINANCIAL CORP FE, 0.0,,000 0,0 (,).0.0 MN,,0 0//00 0//0 -AZ- CITIGROUP INC FE,00 0.0,0 0,000, (,) AO,, 0/0/00 0/0/00 -CT- CITIGROUP INC FE,, 0.0,,,00,000,,0.0.0 JD,0,00 /0/00 //0 0-AM- CLOROX COMPANY FE, ,00,000,000,0,.00.0 JJ,,000 0//00 0//00 00P-AL- COMCAST CABLE COMMUNICATIONS FE,0, 0.0, 0,000,00, (0,).0.0 JJ,, 0/0/00 0/0/0 000N-AA- COMCAST CORP FE, 0.0, 0,000,.0.0 JJ, 0, 0/0/00 0//00 0-BA- CONAGRA FOODS INC FE,00 0.0,,000, (,00).0.0 MS,, 0/0/00 0//0 L-HE- COUNTRYWIDE HOME LOANS INC FE 0, 0.0,0,000, (,).0.0 AO,,0 0//00 0//00 L-NR- COUNTRYWIDE HOME LOANS INC FE,.0,,000,00,.0.0 MN,, 0/0/00 0//00 0-BE- COX COMMUNICATIONS INC FE,0, 0.00,0,0,000,00, (,)..0 AO,, 0/0/00 0/0/0 L-AL- CREDIT SUISSE FB USA INC FE,0.0,0 0,000,0,..00 JJ,, 0/0/00 0//00 -AW- DAIMLERCHRYSLER NA HOLDINGS FE,, 0.0,,0,0,000,,0 (,).00.0 MN,,0 0/0/00 //0 -BK-0 DEERE (JOHN) CAPITAL CORPORATION FE 0,.0,0 00,000 0, () JJ, 0,00 0//00 0//0 E-PX- DEERE (JOHN) CAPITAL CORPORATION FE,.0, 0,000,..0 AO,, 0/0/00 0//00 S-AC- DEVON FINANCING CORP ULC FE,0 0.00,,000, (,0)..0 MS,, 0//00 0/0/0 S-AD- DEVON FINANCING CORP ULC FE, ,0 0,000, (0)..0 MS,, 0/0/00 0/0/0 -AF- DONALDSON LUFKIN & JENRETTE INC FE,0,00 0.0,0,0,000,000,00, (,).00.0 JD,,000 0/0/00 0/0/ AD-0 DOVER CORPORATION FE,0,0 0.00,00,0,000,000,0, (,).00.0 FA,,00 0/0/00 0//0 0-BL- DOW CHEMICAL COMPANY (THE) FE, 0.0, 0,000, (,)..00 FA,, 0//00 0/0/0 -BU- EOP OPERATING LP FE, 0.0,0 00,000,0 (,) JJ,,000 0/0/00 0//0 P-AT- ERAC USA FINANCE COMPANY FE,, ,,0,,000,,.00.0 MN,, /0/00 //0 A-AU- ERP OPERATING LP FE,,00.0,0,0,,000,,..0 FA, 0,0 0//00 0/0/0 0-AT- EMERSON ELECTRIC COMPANY FE,0,.0,,,0,000,,0,.00.0 MN, 0,0 0//00 0/0/0 P-AB- EQUITABLE LIFE ASSURANCE SOCIETY FE,0,.0,,,00,000,, (,).00.0 JD, 0,0 0/0/00 /0/0 00-BA- FMR CORP FE 0,00.0,0 00,000 0, ().0.0 MS,,0 0//00 0/0/0 M-AE- FIRST UNION NATIONAL BANK NC FE,,0 0.0,,,0,000,, (0,).00.0 FA,0 0,00 0/0/00 0//00 0L-AA- FLEET NATIONAL BANK FE, ,0 00,000,0,0.0.0 JJ,,0 0//00 0//00 -AJ- FLORIDA WINDSTORM UNDER FE,0,.0,,,0,000,, (,)..0 FA,0, 0/0/00 0//0 0-AG- GENENTECH INC FE,.0,,000,.0.0 JJ,0, //00 0//0 G-H- GENERAL ELECTRIC CAPITAL CORPORATION FE,.00 0,0,000,,..0 AO,0, 0/0/00 0/0/00 G-XZ- GENERAL ELECTRIC CAPITAL CORPORATION FE 0,.0, 0,000, (0).0.0 MS,,00 0//00 0//0 G-ZY- GENERAL ELECTRIC CAPITAL CORPORATION FE, 00.0, 0,000 0, (,).0.0 JJ,,0 0/0/00 0//0 X-AD- GENWORTH GLOBAL FUNDING FE, 0.00, 0,000,.0.0 JD,, 0//00 0//0 G-BU- GOLDMAN SACHS GROUP INC FE, 0.0,0 00,000 0,0 (,) JJ,,00 0/0/00 0//0 G-CG- GOLDMAN SACHS GROUP INC FE 0, 0.0, 0,000 0, ().00.0 MS,0,0 0/0/00 0/0/0 -AM- GOODRICH CORP FE, 0.0 0,,000, (,).00.0 MN,,0 /0/00 0//00 0-AH- HALLIBURTON COMPANY FE 0,.0 0,00,000,0 (,).0.0 FA 0,, 0/0/00 0//0 A0-AA- HARLEY DAVIDSON FUNDING FE,.0,,000,0..0 JD, //00 //00 -AE- HARTFORD FINANCIAL SERVICES GROUP FE 0, 0.00,,000, (,).00.0 JD, 0//00 0//00 -AR- HARTFORD FINANCIAL SERVICES GROUP FE,.0,,000,.00.0 AO 0//00 0//0 -AE- HEALTHCARE REALTY TRUST FE, 0.0, 00,000, (,)..0 MN,0,0 //00 0/0/0 -GD-0 HOUSEHOLD FINANCE CORPORATION FE, 0.0, 00,000,, MN,,00 0// //00 -AU- HUMANA INC FE, 00.0, 0,000 0,0 (,0).00.0 FA,0 0,0 0/0/00 0/0/0 0-BY- INTERNATIONAL PAPER COMPANY FE,.00,0 00,000, AO,000,000 0//00 0/0/00 H-AJ- JP MORGAN CHASE & COMPANY FE, 0.00,0 00,000 0,0 (0,).0.00 FA,00,000 0/0/00 0/0/0 H-AT- JP MORGAN CHASE & COMPANY FE, , 0,000, (0).0.0 JJ,0, //00 0/0/0 -AM- JOHNSON CONTROLS INC FE,.0, 00,000,..0 MS,0, 0//00 0//0

142 ANNUAL STATEMENT FOR THE YEAR 00 OF THE Navigators Insurance Company E0. SCHEDULE D - PART Showing all Long-Term BONDS Owned December of Current Year Codes Fair Value 0 Change in Book Adjusted Carrying Value Interest Dates 0 F o r e i Rate Used Unrealized Valuation Current Year s Current Year s Other Than Temporary Total Foreign Exchange Admitted Gross Amt. CUSIP g Bond NAIC to Obtain Book/Adjusted Increase/ (Amortization)/ Impairment Change in Effective Amount Due & Rec. During Identification Description * n CHAR Designation Actual Cost Fair Value Fair Value Par Value Carrying Value (Decrease) Accretion Recognized B./A.C.V. Rate of Rate of How Paid Accrued Year Acquired Maturity -AR- KIMBERLY CLARK CORPORATION FE,0 0.0,0,0,000,000,0..0 FA,0,0 0/0/00 0//0 Q-BD- KIMCO REALTY CORP FE 0, , 0,000 0, ()..0 AO,, //00 //0 0-AR- KINDER MORGAN ENERGY PARTNERS FE,.000 0,0 00,000, JD, 0,000 //00 //0 00N-AB-0 KRAFT FOODS INC FE 00, , 00,000 00, ()..0 MN,,0 0/0/00 /0/0 00-CC- KROGER CO FE, 0.0, 00,000, (,0).0.0 AO,,0 0//00 0//0 -AA- LAUDER (ESTEE) COS INC FE,0, 0.00,0,,0,000,, (,0) JJ,,00 0//00 0//0 0-CV-0 LEHMAN BROTHERS HOLDINGS INC FE, , 0,000, (0,) FA,,00 0/0/00 0/0/00 P-VV-0 LEHMAN BROTHERS HOLDINGS INC FE,.0, 00,000,00,.00.0 MS,0,00 0//00 0//0 -AN- MDC HOLDINGS INC FE 0,.00,0 00,000 0, ().00.0 MN,,000 0//00 0//0 -BN- MAY DEPARTMENT STORES COMPANY (THE) FE, 0.0,0 00,000, (,0) JJ,0,000 /0/00 0//0 0-AM-0 MELLON BANK NA FE,.0, 00,000,.0.0 JD,0 //00 //0 00-AA- MERCURY GENERAL CORP FE,0 0.0,0 0,000, (,).0.0 FA,, 0/0/00 0//0 0-JP- MERRILL LYNCH & COMPANY INC FE, 0.0, 00,000, (,) FA 0,00,000 0//00 0//00 0Y-SU- MERRILL LYNCH & COMPANY INC FE,.0, 00,000,, FA,,000 0/0/00 0/0/0 R-AG- METLIFE INC FE,0.0,0,000, () MN,,0 //00 //0 E-AL- METROPOLITAN LIFE GLOBAL FUND FE,.00, 0,000,.0.0 JJ,, 0//00 0/0/00 -AS- MONUMENTAL GLOBAL FUNDING II FE,00.0,0,000,000,.0.0 MN,,00 //00 /0/00 -GM- MORGAN STANLEY DEAN WITTER CORPORATION FE,0,0 0.0,00, 0,000,0 (,0).0.00 AO,, 0/0/00 0//0 A-AE- MORGAN STANLEY FE,.0, 00,000,,.0.0 AO,,0 /0/00 0/0/0 0A-AA- MOTIVA ENTERPRISES LLC FE,.0 0,,000, MS,,0 0//00 0//0 W-AA- NATIONAL CITY BANK OF PENNSYLVANIA FE,00, 0.0, 0,000 0, (,).0.0 AO,, 0/0/00 0//0 W-AB- NEW YORK LIFE GLOBAL FUNDING FE,.00, 0,000,..0 JJ,0,0 0/0/00 0//00 -AQ- NEWS AMERICA HOLDINGS INC FE,0.0, 00,000, (,).0.0 FA,,00 0/0/00 0/0/0 -BL- NEWS AMERICA INC FE,0.0,0,000, JD 0, /0/00 //0 -AP- NORFOLK SOUTHERN CORPORATION FE, 0.0, 0,000 0, (,).0.00 FA,, 0/0/00 0//0 -AS- OMNICOM GROUP INC FE,0,0 0.00,,,00,000,0,.00.0 AO,0, 0//00 0//0 U-AC- PNC FUNDING CORP FE,0.0,0 00,000,..0 JD,0, /0/00 //00 P0-AA- PACIFIC LIFE GLOBAL FUNDING FE 0,.00, 0,000 0, JJ,, 0/0/00 0//00 0-AA- PEMEX PROJECT FUNDING MASTER TR FE 0, ,0,000,0 (,).00.0 FA,0, /0/00 0//00 0-AB- PEMEX PROJECT FUNDING MASTER TR FE 0,.00,,000, (,)..00 AO, 0, //00 0//00 -AF- PITNEY BOWES CREDIT CORP FE,0 0.0, 00,000, (,)..0 FA,, 0//00 0//00 00P-AJ- PRAXAIR INC FE, 0.0,0 0,000, (,)..00 AO,, 0//00 0/0/0 F-AA- PROTECTIVE LIFE SECURED TRUST FE,0,.0,00,0,00,000,0, MN,0,0 //00 //00 Q-AB- PRUDENTIAL FINANCIAL INC FE,0.00,00 00,000,,.00.0 JJ,,00 0//00 0//0 Q-AE- PRUDENTIAL FINANCIAL INC FE,.0, 0,000,.00.0 MS,00,0 0//00 0/0/0 L-AK- QUEST DIAGNOSTIC INC FE,0.0, 00,000, 0..0 MN,, 0//00 /0/00 R-AP- REGENCY CENTERS LP FE,.0 0,,000,.0.0 FA,, /0/00 0/0/0 0-AG- REGIONS FINANCIAL CORPORATION FE, 0.0 0,,000 0, (,)..0 MN,, 0/0/00 0//0 -AA- RUSSELL (FRANK) CO FE, 00.0,0 0,000,00 ()..00 JJ,, 0/0/00 0//00 G-AP- SBC COMMUNICATIONS INC FE,0.00,,000,.00.0 MS,0, 0//00 0//0 0-AD-0 ST PAUL COMPANIES INC (THE) FE, 0.0, 0,000,00 (,)..0 AO, 0, //00 0//00 00-AE- SCHERING-PLOUGH CORP FE,0 00.0, 0,000,.0.0 JD,,0 //00 /0/0 K-AJ- SEALED AIR CORP FE,.0, 0,000,..0 JJ,,0 0//00 0//0 0-BM- SIMON PROPERTY GROUP LP FE,.0, 0,000,0,.00.0 JD,,0 0/0/00 0//0 0M-EX-0 SOVEREIGN BANK FE,.0 0, 00,000 0,0,..0 MS,0 0,00 /0/00 0//0 00-AJ- SPRINT CAPITAL CORPORATION FE, ,,000,0 (,)..0 JJ,,0 0/0/00 0/0/0 00-AS- SPRINT CAPITAL CORPORATION FE,.0,0 0,000,0 (,)..0 MS,, 0//00 0//0 00-AH- STAPLES INC FE, 0.00, 0,000, AO,, 0//00 0/0/0 N-AA- STATE STREET BANK & TRUST FE,0.0 0,,000,.00.0 JJ,0, /0/00 0//0 H-AF- TIAA GLOBAL MARKETS FE,0.0 0,0 00,000,..0 JJ 0,,0 0/0/00 0//00 E-AF- TARGET CORPORATION FE,.0, 00,000, () JJ,,000 0//00 0//0 E-AH- TARGET CORPORATION FE 0, 0.0 0, 00,000 0, (0)..0 MS,, 0//00 0/0/0 -AL- TEMPLE-INLAND INC FE, 0.0, 0,000, ()..0 JJ, 0,00 /0/00 0//0 -CA- TEXAS EASTERN TRANSMISSION LP FE, ,00,0,000,000,.00.0 JD,0,000 //000 /0/00 0-AD- USA INTERACTIVE FE 0, 0.0,0 00,000, (,0) JJ,,000 0/0/00 0//0 0H-KP- US BANK NA FE,.0, 00,000 00,000 ().0.0 AO,,0 0/0/00 0/0/0

143 ANNUAL STATEMENT FOR THE YEAR 00 OF THE Navigators Insurance Company E0. SCHEDULE D - PART Showing all Long-Term BONDS Owned December of Current Year Codes Fair Value 0 Change in Book Adjusted Carrying Value Interest Dates 0 F o r e i Rate Used Unrealized Valuation Current Year s Current Year s Other Than Temporary Total Foreign Exchange Admitted Gross Amt. CUSIP g Bond NAIC to Obtain Book/Adjusted Increase/ (Amortization)/ Impairment Change in Effective Amount Due & Rec. During Identification Description * n CHAR Designation Actual Cost Fair Value Fair Value Par Value Carrying Value (Decrease) Accretion Recognized B./A.C.V. Rate of Rate of How Paid Accrued Year Acquired Maturity 00G-AA- UNION BANK OF CALIFORNIA FE,,0 0.0,0,0,000,000,, MN,,00 0/0/00 0//0 00-AH- UNION PLANTERS CORP FE,.0, 00,000,..0 JD,,000 //00 /0/00 0-BD-0 UNITED TECHNOLOGIES CORPORATION FE,00,0 0.0,0,0,000,000,0, (0,).0.00 MS,,00 0//00 0/0/0 0-BK- UNITED TECHNOLOGIES CORPORATION FE, 0.0,0 00,000, JD,, 0//00 0/0/0 P-AH- UNITEDHEALTH GROUP INC FE,.0,00,000 0, FA,, 0/0/00 0/0/0 -AB- UNITRIN INC FE,0.00 0,,000,0..0 MN, 0, 0//00 /0/00 Y-AD- VALERO ENERGY CORP FE,0, 0.0,,,00,000,, (0,)..0 AO,,00 0/0/00 0//0 G-AT- VERIZON GLOBAL FUNDING CORP FE,0 0.0,0 00,000, (,)..0 MS,, 0//00 0/0/0 R-AA-0 VERIZON NEW ENGLAND INC FE 0, 0.0,0 00,000 0,0 (,) MS,,0 0//00 0//0 -AQ- VIACOM INC FE 0, 0.0 0, 00,000 0,0 ()..0 MN, 0/0/00 0//0 -BB- VIACOM INC FE,,.00,,,,000,,.0.00 AO,, 0/0/00 0/0/0 0-AD- WACHOVIA CORPORATION FE,0.0, 00,000,,0..0 FA,,0 0/0/00 0//00 -BV- WAL-MART STORES INC FE,0.0, 00,000 0,,..0 FA,,0 0/0/00 0//0 V-AJ- WELLPOINT INC FE,00,.0,,00,000,00, JJ,, 0/0/00 0//0 -AF- WELLS FARGO BANK NA FE, 0.0, 0,000 0,00 (,).0.0 FA,, 0/0/00 0/0/0 00-AQ- WESTINGHOUSE ELECTRIC FE,0.0, 0,000, (,0)..0 FA,, 0/0/00 0/0/0 -BP- WEYERHAEUSER COMPANY FE, 0.0,,000,0 (,).0.0 MS,, 0/0/00 0//0 X-AA- XTO ENERGY INC FE, 0.0, 0,000, (,).00.0 AO,,0 /0/00 0//0 -AA- ZURICH CAPITAL TRUST I FE,0,0 0.0,0,0,000,000,0, (,0)..0 JD,0,0 0// 0/0/00 EC0-- AIG SUNAMER GLOB FIN FE,0 00.0,0 0,000,0 ().0.00 FA,0, 0//00 0/0/00 MM-- KFW INTERNATIONAL FINANCE FE, ,0 00,000, (,0).0.0 JAN,,000 0/0/00 0//00 0-AP-0 ALCAN INC F FE,0 0.00, 00,000, (,0).0.0 MS,0,00 0//00 0//0 0P-AA- BURLINGTON RESOURCES FIN F FE,0,0 0.00,00,0,000,000,0, (,).0.00 FA 0,,00 0//00 0//0 -BE- CANADIAN NATIONAL RAILWAY COMPANY F FE,.00,,000, ()..0 JJ, 0/0/00 0//0 -BN- CANADIAN NATIONAL RAILWAY COMPANY F FE, 0.0,0,000, JD,, 0//00 0/0/0 -AE- CANADIAN NATL RESOURCES F FE, , 0,000, ().0.0 JD,00,00 0/0/00 0/0/0 E-AD- CANADIAN OIL SANDS F FE,.00,,000,.00.0 FA,0 0,00 0/0/00 0/0/00 0-AB-0 ENCANA CORP F FE,0.0,0 00,000, AO,0,0 0//00 0//0 -AU- INCO LTD F FE,.0, 0,000,.00.0 AO,00,0 0/0/00 0//0 0N-AC- MOLSON COORS CAPITAL FIN F FE,.0,0,000, MS,,0 /0/00 0//00 -AA-0 MONSANTO CO CANADA F FE,.00 0,,000 0, JJ,, /0/00 0/0/0 -AR- NOVA GAS TRANSMISSION F FE,,0.00,,0,000,000,0, (0,0) JD,,000 0//00 //0 -AD- SUNCOR ENERGY INC F FE, ,0 00,000,.0.0 JD,,00 //00 /0/0 00N-AA- AIFUL CORPORATION F FE 0,.0,00,000,0, FA,,0 0/0/00 0//00 0X-AD- CIA BRASILEIRA DE BEBIDA F FE,000.0,0 00,000, (,).0.0 MS,,00 //00 0//0 B-AG- CODELCO INC F FE, 0.0 0, 00,000, (,)..0 MN,0,0 0//00 /0/0 B-AJ- CODELCO INC F FE 0,.00, 0,000,.0.0 AO, 0, 0//00 0//0 P-AC- DEUTSCHE TELEKOM INTL FINANCE F FE,0.0, 0,000 0, (,).0.0 JD,0, 0/0/00 0//00 Y-AG- DIAGEO CAPITAL PLC F FE,,.0,,,00,000,,,0..0 MN,0,0 0//00 0/0/00 S-AC- DIAGEO FINANCE BV F FE,0.0, 00,000,.00.0 AO,,00 0//00 0//0 P-AK- FRANCE TELECOM F FE,, 0.0,,0,0,000,,0 (,).0.00 MS,, 0/0/00 0/0/0 0A-AF- HBOS PLC F FE 0, 0.0, 00,000 0, (0) MN,000,000 0//00 /0/0 00-AB- HSBC HOLDINGS PLC F,.0, 00,000, JD,0 0/0/00 //0 0-AA- MIZUHO FINANCIAL GROUP CAYMAN F FE,,0 00.0,0,,00,000,0,0 (,0).0.0 AO,,0 0/0/00 0//0 -AG- NATIONAL WESTMINSTER BANK PLC F FE,0 0.00,0 0,000, (,).0.00 AO,, 0//00 0//00 -AH- NORSK HYDRO A/S F FE,000, ,0,00,000,000,000, JJ,,00 0// 0//00 00-AM- ROYAL BANK OF SCOTLAND GROUP PLC F FE,0.0, 00,000,.00.0 JJ,,00 0//00 0/0/0 V-AD-0 TELECOM ITALIA CAPITAL F FE,.0 00,,000, MN,,000 0/0/00 //00 W-AC- TELEFONICA EMISIONES SAU F FE 0, ,0 0,000 0, JD,, 0/0/00 0/0/0 0-AY- TYCO INTERNATIONAL GROUP SA F FE, 0.00,0 00,000, (,).0.0 FA 0,00,000 /0/00 0//0 0-AA- UFJ FINANCE ARUBA AEC F FE 0, , 0,000,0 (,).0.00 JJ,00 0, 0/0/00 0//0 W-AF- VODAFONE GROUP PLC F FE,0.0,0 0,000, JD,,00 0//00 //0 W-AF- WMC FINANCE USA F FE,.0,0 00,000,..0 MN,, 0//00 0//0 0-AB- WEATHERFORD INTL INC F FE, , 00,000,.00.0 FA,00 0/0/00 0/0/0 EC0-0- BANK NEDERLANDSE GEMEENTEN F FE,0,0.0,,000,000,00, (,) MAR,0 0,000 0/0/00 0//00 EC0-- HBOS TREASURY SRVCS PLC F FE,.0, 00,000, OCT,0,000 0//00 0/0/00

144 ANNUAL STATEMENT FOR THE YEAR 00 OF THE Navigators Insurance Company E0. SCHEDULE D - PART Showing all Long-Term BONDS Owned December of Current Year Codes Fair Value 0 Change in Book Adjusted Carrying Value Interest Dates 0 F o r e i Rate Used Unrealized Valuation Current Year s Current Year s Other Than Temporary Total Foreign Exchange Admitted Gross Amt. CUSIP g Bond NAIC to Obtain Book/Adjusted Increase/ (Amortization)/ Impairment Change in Effective Amount Due & Rec. During Identification Description * n CHAR Designation Actual Cost Fair Value Fair Value Par Value Carrying Value (Decrease) Accretion Recognized B./A.C.V. Rate of Rate of How Paid Accrued Year Acquired Maturity ED-- ERSTE EUROPAEISCHE P&K F FE,0,0.00,0,00,000,000,0,, MAY 0,, 0//00 0//00 EF-- HYPOTHEKENBK IN ESSEN F FE,,0.0,,,00,000,,,.0.00 JD,,0 0//00 /0/00 EF00-- NORDDEUTSCHE LANDESBANK F FE,,.0,,,0,000,,,.0.0 FEB,0 0//00 0/0/0 - Total Bonds - Industrial, Misc. - Issuer Obligations,0, XXX,,,,000,0, (,) XXX XXX XXX,0,,0, XXX XXX L-AA- CSAB MTG BACKED TR 0- AA FE,, ,,,,,,..0 MON,, //00 /0/0 B-EG- COUNTRYWIDE ALT LN TR 0 CB A FE,, 00.0,,0,,0,,.00.0 MON,0,00 0/0/00 0//0 -VM- COUNTRYWIDE HOME LOANS 0 HY0 AA FE,,0.0,,,,0,,0.0.0 MON,0, /0/00 0/0/0 G-HY-0 COUNTRYWIDE HOME LOANS 0 A FE 0, , 0, 0,.0.0 MON 0, //00 0//0 G-NL- COUNTRYWIDE HOME LOANS 0 A FE,0 00.0,,0,0.0.0 MON 0, 0//00 0//0 0G-JX- CITIGROUP MTG LN TR INC 0 HYB A FE,,0.0,0,,0,,,,.0.0 MON,0,0 //00 0//0 M-BJ-0 GMAC MTG CORP LN TR 0 AR A FE,0,.00,0,0,0,0,0,..0 MON,, //00 //0 N-ML- IMPAC CMB TR 0 A FE,0 00.0,,0, MON,0 0//00 0//0 -A- MASTER ADJ RATE MTG TR 0 A FE,,0.0,,,,,,,.0.0 MON,,0 0//00 0//0 00U-H- MERRILL LYNCH MTG INV INC 0 A AE FE,0,0.0000,00,0,0,,0,,..0 MON, 0, //00 //0 00U-NZ- MLCC MTG INVEST INC 0 G A FE 0,.0,, 0, ().0.0 MON, 0//00 0//00 00U-QC- MERRILL LYNCH MTG INV INC 0 A A FE,,.0,,0,,,,,..0 MON,,0 //00 //0 00U-TB- MLCC MTG INVEST INC 0 A A FE, 00.00,,,.0.0 MON, 0//00 0//00 P-AP- MORTGAGEIT TRUST 0 A FE, 00.00,,,.0.0 MON 0, 0/0/00 0//0 P-AR- MORTGAGEIT TRUST 0 A FE,.0,,0,,.0.0 MON,, 0//00 0//0 F-EV- SEQUOIA MORTGAGE TRUST 0 0 A FE, 00.00,,,.0.0 MON,0 0//00 /0/0 F-FJ- SEQUOIA MORTGAGE TRUST 0 A FE, 00.00,,,.0.0 MON 0, //00 /0/0 F-FY- SEQUOIA MORTGAGE TRUST 0 A FE, 00.00,,, ().0.0 MON 0, 0//00 0/0/0 F-GM- SEQUOIA MORTGAGE TRUST 0 A FE,0.0,,0,0.0.0 MON, 0/0/00 0/0/0 R-AD- WELLS FARGO MTG BKD SECS TR 0 AR A FE,,.00,0,00,,,,,..0 MON,00, 0/0/00 0//0 - Total Bonds - Industrial, Misc. - Defined Multi-Class Residential Mortgage- Backed Securities,, XXX,,,0,0,,, XXX XXX XXX,0,, XXX XXX RESIDENTIAL ASSET SECS CORP 0 KS 0W-TQ- AI FE,.0,00,0, (0).0.0 MON 0 0/0/00 0//0 0W-UJ- RESIDENTIAL ASSET SECS CORP 0 KS AI FE,.0,0,, ().0.0 MON 0//00 //0 - Total Bonds - Industrial, Misc. - Other Multi-Class Residential Mortgage- Backed Securities, XXX,0,, () XXX XXX XXX,00 XXX XXX 0-FG- ASSET SECURITIZATION CORP D AD FE,, 0.00,0,0,000,000,00, (,00).0.0 MON,0, //00 0//0 0F-W- BEAR STEARNS COMM MTG SECS 0 PWR A FE,0,.0,0,,00,000,0, ()..0 MON,, 0/0/00 0//0 0F-FP- BEAR STEARNS COMM MTG SECS 0 TOP A FE, 0.00,0 00,000,0 (,).0.0 MON,00, 0//00 0//0 0F-GG- BEAR STEARNS COMM MTG SECS 0 TOP A FE,0, 0.00,0,00,000,000,0,0 (,).0.0 MON,,00 //00 //0 0F-X- BEAR STEARNS COMM MTG SECS 0 PWR A FE,,.0,,,0,000,,..0 MON,0, 0/0/00 //0 E-AG- CITIGROUP/DEUTSCHE BK COMM MTG 0 CD A FE,,.0,,,0,000,,0 (,)..00 MON,, //00 0//0 -AF- COMMERCIAL MTG PT CERT 0 C AA FE,,0.0,0,,0,000,, ()..00 MON,,0 0//00 0/0/0 0M-AE-0 CITIGROUP COMM MTG TR 0 C A FE,, 00.0,,,00,000,, ()..0 MON,0,0 /0/00 0//0 Q-DJ- CSFB MTG SECS CORP 0 C A FE,,0.0,,,00,000,,,..000 MON, 0, 0/0/00 0//0 -AB- FIRST UNION CHASE COMM MTG C A FE, 0.0,,00, (,)..0 MON,, 0//00 0//0 00-AN- FOUR TIMES SQUARE TR 0-TS A FE,0,.0,,0,000,000,0,0 ().0.0 MON,00 //00 //0 Y-EK- GE CAPITAL COMM MTG SVCS 0 A A FE, 0.00,,,0 (,)..0 MON,0, 0//00 /0/0 Y-EQ- GE CAPITAL COMM MTG SVCS 0 A A FE,0, 0.0,0,0,000,000,00, (,)..0 MON 0,,0 0//00 /0/0 R-AE- GENERAL ELECTRIC CAPITAL ASSUR 0 A FE 0, 0.0, 0,000 0, ()..0 MON 0 0, 0//00 0//0 C-TH- GS MTG SECS CORP II 0 GG A FE, ,0 00,000, (,)..0 MON,, 0//00 0/0/0 C-VU- GS MTG SECS CORP II 0 GG AA FE,,.0,,,00,000,,,..00 MON,, //00 0/0/0 -ES- GREENWICH CAP COMM FDG CORP 0 C A FE,.0, 00,000,,0..0 MON,,0 0/0/00 0/0/0 -FT- GREENWICH CAP COMM FDG CORP 0 GG A FE,,0.000,,00,00,000,0,,..0 MON,0, 0/0/00 0/0/0

145 ANNUAL STATEMENT FOR THE YEAR 00 OF THE Navigators Insurance Company E0. SCHEDULE D - PART Showing all Long-Term BONDS Owned December of Current Year Codes Fair Value 0 Change in Book Adjusted Carrying Value Interest Dates 0 F o r e i Rate Used Unrealized Valuation Current Year s Current Year s Other Than Temporary Total Foreign Exchange Admitted Gross Amt. CUSIP g Bond NAIC to Obtain Book/Adjusted Increase/ (Amortization)/ Impairment Change in Effective Amount Due & Rec. During Identification Description * n CHAR Designation Actual Cost Fair Value Fair Value Par Value Carrying Value (Decrease) Accretion Recognized B./A.C.V. Rate of Rate of How Paid Accrued Year Acquired Maturity GREENWICH CAP COMM FDG CORP 0 GG -LL- A FE,,.0,,0,0,000,,00 (,)..00 MON,,00 0//00 0/0/0 Y-DE-0 JP MORGAN CHASE COMM MTG SECS 0 CBX A FE 0,.0,00 00,000 0,0 ()..0 MON,, //00 0//0 0M-AE- LB-UBS COMM MTG TR 0 C A FE,,0 00.0,,0,0,000,, ()..0 MON 0, 0, /0/00 0//0 0H-GZ- LB-UBS COMM MTG TR 0 C A FE, 0.0, 00,000, (,)..0 MON,0 0, 0/0/00 //00 0M-AF-0 LB-UBS COMM MTG TR 0 C A FE,,.00,0,0,0,000,, ()..0 MON,, //00 //00 0H-JL- MERRILL LYNCH MTG TR 0 CIP A FE,,.00,,0,0,000,, MON,,0 0//00 0//0 -FL- MORGAN STANLEY CAPITAL I 0 HQ A FE,,0 0.00,,,00,000,, 0..0 MON,, 0//00 0//0 M-VB- MORGAN STANLEY CAPITAL I 0 T A FE,0,.0,,0,0,000,,0,0.0.0 MON,00,0 0//00 0//0 M-W- MORGAN STANLEY CAPITAL I 0 T A FE,.0 0,,000, ().0.0 MON,0, 0/0/00 //0 W-GB-0 MORGAN STANLEY DWC I 0 TOP A FE, 0.0,0 00,000, (,0).0.0 MON,,00 0/0/00 0//0 W-HF-0 MORGAN STANLEY DWC I 0 TOP A FE,, 0.0,,,00,000,0, (,).0.0 MON,,0 0/0/00 0//0 W-LT- MORGAN STANLEY DWC I 0 TOP A FE 0, 0.0, 0,000, (,0).0.0 MON,, 0/0/00 0//0 W-PF- MORGAN STANLEY DWC I 0 TOP A FE 0, 0.0,0 0,000,00 (,).0.0 MON,,0 //00 0//0 W-XN- MORGAN STANLEY DWC I 0 IQ A FE,,.00,,,00,000,, (,) MON,0,00 0//00 0//0 M-AR-0 MORGAN STANLEY CAPITAL I 0 T A FE,, 0.0,,,,00,0, (,)..0 MON,,0 0//00 0//0 -JF- NOMURA ASSET SECS CORP D AB FE, ,, 0, (,).0.00 MON,0 0//00 0//00 -Q- WACHOVIA BK COMM MTG TR 0 C0 A FE,0,.00,,,0,000,0, ()..00 MON,, 0//00 0//0 - Total Bonds - Industrial, Misc. - Defined Multi-Class Commercial Mortgage- Backed Securities,, XXX,,0,,,0, (,0) XXX XXX XXX,,, XXX XXX 000R-BA- AESOP FUNDING II LLC 0 A A FE,0,.0,0,0,00,000,,,0.0.0 MON,,00 0//00 0/0/00 00N-HX-0 AMERICREDIT AUTO RECV TR 0 AX A FE,,.0,0,,0,000,,0,.0.0 MON, 0, 0//00 0/0/0 0R-AE- BANK ONE ISSUANCE TR 0 A A FE,0.0 0,0 0,000,,.0.00 MON,, 0//00 0//00 0R-BG-0 BANK ONE ISSUANCE TR 0 A A FE,,.0,,0,00,000,,.0.0 MON,00,0 0//00 0//0 0B-FS- BEAR STEARNS COMM MTG SECS 0 T A FE,,0 0.0,0,0,000,000,,0..0 MON,,00 0/0/00 0//0 -CE- CIT EQUIPMENT COLLATERAL 0 EF A FE,.0,,, (,) MON,0 0//00 0/0/00 -WE- COUNTRYWIDE HOME LOANS 0 HYB A FE,0,.0,0,,,0,0,00,..0 MON, 0, 0/0/00 0/0/0 0N-AW- CAPITAL ONE MULTI-ASSET EXEC TR 0 A A FE,,0.0,,,,000,,.0.0 MON,, 0//00 0//0 0P-AJ- CAPITAL ONE PRIME AUTO RECV TR 0 A FE,0.0, 0,, (,0).0.0 MON,0, 0//00 0//00 -BT- CATERPILLAR FINANCIAL ASSET TR 0 A A FE 0,.00,,,0 (0).0.0 MON, 0//00 0//00 0G-K- CITIGROUP MTG LN TR INC 0 AR A FE,,.0,,,,,,..0 MON,0 0, 0/0/00 0//0 H-AD- FIFTH THIRD AUTO TRUST 0-A A FE,.0, 0,000,0 (,0) MON,0 0//00 0/0/0 G-BB- GE BUSINESS LN TR 0 A A FE 00,0.0, 0,000 00,..0 MON,,0 0//00 0//0 A-BP- HARLEY DAVIDSON MOTORCYCLE TR 0 A FE,.0, 00,000,0,.00.0 MON,000 0//00 0//0 L-AC- HONDA AUTO RECV OWNER TR 0 A FE,.0,,, () MON, 0//00 0//00 F-AM- HOUSEHOLD AUTOMOTIVE TR 0 A FE,0.0,0,000,.0.0 MON,, 0//00 //0 -AV- HYUNDAI AUTO RECV TR 0 A A FE,.00,,,.00.0 MON, 0//00 0//00 T-AQ- MBNA CREDIT CARD MASTR NT TR 0 A A FE,0, ,000,00,000,000,000,0 (0,).0.0 MON,00,00 0/0/00 0//00 00-AA- MASSACHUSETTS RRB SPECIAL PURP 0 A FE, 0.0, 0, 0, (,0).0.0 MJSD,, 0//00 0/0/0 0-AE- MLCC MTG INVEST INC 0 A FE,,0.0,,,,0,,0,.0.0 MON,, 0/0/00 0//0 X-AD- NAVISTAR FINANCIAL CORP OWNER 0 B A FE,.0, 00,000,.0.0 MON,00,0 0//00 0//00 S-EB-0 ONYX ACCEPT OWNER TR 0 D A FE,.0,,, () MON, 0//00 0//00 00-AF- PECO ENERGY TRANSITION TR A A FE, 00.0,,, (,0).00.0 MS,, 0//00 0/0/00 00-AM- PECO ENERGY TRANSITION TR 0 A A FE,00, 0.0,0,0,000,000,0, (,).0.0 MS, 0,00 0//00 //00 0A-AJ- PROVIDIAN GATEWAY MASTR TR 0 DA A FE,.0 0,0 0,000,.0.0 MON,, 0//00 0//0 M-AD- CENTERPOINT ENERGY TRANSITION 0 A FE,, 0.0,0,0,000,000,,.0.0 MS,,00 0//00 0//0 -AD-0 WFS FINANCIAL OWNER TR 0 A FE,.0 0,,, (,).0.0 MON, 0//00 //0 A-AE- WFS FINANCIAL OWNER TR 0 A FE,0.0,0,, (,).0.0 FMAN,, 0/0/00 0/0/0 -R- WACHOVIA BK COMM MTG TR 0 C A FE,,.0,,0,000,000,,0,..0 MON,, 0/0/00 0//0

146 E0. ANNUAL STATEMENT FOR THE YEAR 00 OF THE Navigators Insurance Company SCHEDULE D - PART Showing all Long-Term BONDS Owned December of Current Year Codes Fair Value 0 Change in Book Adjusted Carrying Value Interest Dates 0 F o r e i Rate Used Unrealized Valuation Current Year s Current Year s Other Than Temporary Total Foreign Exchange Admitted Gross Amt. CUSIP g Bond NAIC to Obtain Book/Adjusted Increase/ (Amortization)/ Impairment Change in Effective Amount Due & Rec. During Identification Description * n CHAR Designation Actual Cost Fair Value Fair Value Par Value Carrying Value (Decrease) Accretion Recognized B./A.C.V. Rate of Rate of How Paid Accrued Year Acquired Maturity WELLS FARGO MTG BKD SECS TR 0 AR V-AF- A FE,,.0,,0,,,,,.0.0 MON,0, 0/0/00 0//0 - Total Bonds - Industrial, Misc. - Other Multi-Class Commercial Mortgage- Backed/Asset-Backed Securities,0, XXX,,,,,,0, XXX XXX XXX,,, XXX XXX - Total - Industrial and Miscellaneous Bonds 0,,0 XXX 0,0, 0,0, 0,00,0 (,0) XXX XXX XXX,,,, XXX XXX - Total - Issuer Obligations,, XXX,,,,,, (0,00) (,0,) XXX XXX XXX,,,, XXX XXX - Total - Single Class Mortgage-Backed/Asset-Backed Securities,,0 XXX,0,0,,,0, (0,0) XXX XXX XXX,0,,0 XXX XXX - Total - Defined Multi-Class Residential Mortgage-Backed Securities,,0 XXX,,,,0,,,0 XXX XXX XXX 0,00,0, XXX XXX - Total - Other Multi-Class Residential Mortgage-Backed Securities, XXX,0,, () XXX XXX XXX,00 XXX XXX - Total - Defined Multi-Class Commercial Mortgage-Backed Securities,, XXX,,,0,,,0 (0,00) XXX XXX XXX,0,, XXX XXX - Total - Other Multi-Class Commercial Mortgage-Backed Securities,0, XXX,,,,,,0, XXX XXX XXX,,, XXX XXX 0 Totals,, XXX,,,,0,, (0,00) (,,) XXX XXX XXX 0,,,0,0 XXX XXX

147 E0 CUSIP Identification ANNUAL STATEMENT FOR THE YEAR 00 OF THE Navigators Insurance Company SCHEDULE D - PART - SECTION Showing ALL PREFERRED STOCKS Owned December of Current Year Codes Fair Value Dividends Change in Book/ Adjusted Carrying Value 0 0 Rate Per Total Share Current Year s Total Foreign Par Book/ Used to Amount Nonadmitted Unrealized Current Other Than Change Exchange Number Value Rate Adjusted Obtain Declared Received Declared Valuation Year s Temporary In Change NAIC Of Per Per Carrying Fair Fair Actual But During But Increase/ (Amortization) Impairment B./A.C.V. In Designation Description Code Foreign Shares Share Share Value Value Value Cost Unpaid Year Unpaid (Decrease) Accretion Recognized ( + - ) B./A.C.V. Date Acquired Total - Preferred Stocks XXX XXX XXX

148 ANNUAL STATEMENT FOR THE YEAR 00 OF THE Navigators Insurance Company E0 SCHEDULE D - PART - SECTION Showing all COMMON STOCKS Owned December of Current Year Codes Fair Value Dividends Change in Book / Adjusted Carrying Value Rate per 0 Current Year s CUSIP Identification Description Code Foreign Number of Shares Book / Adjusted Carrying Value Share Used To Obtain Fair Value Fair Value Actual Cost Declared But Unpaid Amount Received During Year Nonadmitted Declared But Unpaid Unrealized Valuation Increase / (Decrease) Other Than Temporary Impairment Recognized Total Change in B./A.C.V. ( - ) Total Foreign Exchange Change in B. /A.C.V. NAIC Market Indicator (a) Date Acquired C-0- DUKE ENERGY CORP,00.000,.0,,,, L // FPL GROUP INC,00.000,,.0,, 0,,00 0,0 0,0 L //00-0- PINNACLE WEST CAPITAL CORP, ,,0 0.0,,0,00,0 0,0 0,0 L /0/00 - Total - Common Stock - Public Utility,,0 XXX,,0,, 0,0,0,0 XXX XXX BANK OF AMERICA CORPORATION,00.000,0,.0,0, 0,,,, L 0/0/00-0- KEYCORP,00.000,.00,,0,,, L 0//00 EP-0-0 REGIONS FINANCIAL CORP,00.000,0.00,0,,,0,, L 0/0/ WACHOVIA CORPORATION,00.000,0,.0,0,,,,0,0 L 0//00 G000K-0- ACE LIMITED F,00.000, 0.0,, 00 0, 0, U 0//00 GG-0- RENAISSANCERE HOLDINGS LTD F,00.000, ,000, 0,, L 0//00 G-0- XL CAPITAL LTD - CLASS A F, ,00.00,00,,, U 0//00 - Total - Common Stock - Banks, Trust, Insurance,, XXX,,,,,,,0,0 XXX XXX 000R-0- AT&T INC,00.000,,.0,,,,,, L 0/0/ ABBOTT LABORATORIES, ,.0 0, 0,,, L 0//00 00Q-0- ALLIED CAPITAL CORP, ,00.0,00,0,00,00,0,0 L 0/0/00 00S-0- ALTRIA GROUP INC, ,0,0.0,0,0, 0,0,0,00,00 L //00 00C-0- AMERIPRISE FINANCIAL INC, , ,00,,, L 0// APACHE CORP,00.000,.0,,00 0 L // BRISTOL-MYERS SQUIBB COMPANY,00.000,0,.0,0,,0,0,0,, L 0// CVS CORP, ,0 0.0,0,,, L // CHEVRON TEXACO CORPORATION,00.000,,.0,,,,,0,0 L 0//00-0- CITIGROUP INC,00.000,00.00,00,0,0,0,0 L 0/0/ COCA COLA COMPANY,00.000,0.0,0 00,0,,, L 0//00-0- COLGATE-PALMOLIVE COMPANY,00.000,00.0,00,, 0, 0, L 0//00 000N-0- COMCAST CORP - CL A,00.000,.0,,0,, L 0//00 0C-0- CONOCOPHILLIPS,00.000,.0,,0,,, L 0//00 0R-0- DELL INC,00.000,.00,,,0,0 L 0//00-0- DU PONT (EI) DE NEMOURS & COMPANY,00.000,.0,,, 0,0 0,0 L 0/0/00-0- EMMIS COMMUNICATIONS -CL A,00.000,.0, 0,,00 (,0) (,0) L 0//00 0G-0- EXXON MOBIL CORPORATION,00.000,.0, 0,,00,, L 0//00-0- FIRST DATA CORPORATION,00.000,.0,,0 0 0, 0, L 0// GENERAL DYNAMICS CORP,00.000,0.0,0, 0, 0, L 0// GENERAL MILLS INC, ,000.00,000,,,0,0 L 0//00-0- HEALTH CARE PROPERTY INVESTORS INC,00.000,,.0,,,,0,, L 0/0/00-0- HEALTHCARE REALTY TRUST INC, ,0.0,0 00,,00,0,0 L 0/0/ HEINZ (HJ) COMPANY,00.000,.00,,0,0,0,, L 0/0/00-0- IDEARC INC,0.000,.0,,0,, L 0/0/ ILLINOIS TOOL WORKS INC,00.000,0.0,0,,, L 0//00 H-0-0 JP MORGAN CHASE & COMPANY, ,0,00.00,0,00 0,00,0,0,0 L 0/0/ JOHNSON & JOHNSON,00.000,00.00,00, () () L 0//00-0- KELLOGG COMPANY,00.000,0 0.00,0,,0,, L 0// LEGG MASON INC,00.000,.00, 0,0,, L 0//00-0- LILLY (ELI) & COMPANY,00.000,0.00,0 0,0 0 (,) (,) L 0//00-0- LIN TV CORP-CL A,00.000,0.0,0,0,, L 0// MATTEL INC, ,.0 0,,,0,, L 0// MEDTRONIC INC, ,00.0,00,0,0,0 L 0//00-0- MERCK & CO INC,0.000,,.00,,,,,,, L 0//00-0- MICROSOFT CORPORATION,00.000,.0, 0,,0,0,0 L 0// PPG INDUSTRIES INC, ,0.0,0,0,0,00,00 L //00-0- PEPSICO INC,00.000,0.0,0,0 0 0 () () L 0// PFIZER INC,0.000,.00,,0,,, L 0// PRECISION CASTPARTS CORP, ,0.0 0,0, 0,, L 0//00-0- PROCTER & GAMBLE COMPANY (THE),00.000,.0,,,,, L // SPECTRA ENERGY CORP,00.000,.0,,0 (,) (,) L //00 Y-0- M COMPANY, ,.0 0, 0,,,, L 0//00-0- TIME WARNER INC,00.000,.0,,0,00 0, 0, L 0//00 P-0- UNITEDHEALTH GROUP INC,00.000,.0, 0,,, L 0//00 V-0- VERIZON COMMUNICATIONS,00.000,0.0,0,,,, L 0/0/00

149 E0. ANNUAL STATEMENT FOR THE YEAR 00 OF THE Navigators Insurance Company SCHEDULE D - PART - SECTION Showing all COMMON STOCKS Owned December of Current Year Codes Fair Value Dividends Change in Book / Adjusted Carrying Value Rate per 0 Current Year s CUSIP Identification Description Code Foreign Number of Shares Book / Adjusted Carrying Value Share Used To Obtain Fair Value Fair Value Actual Cost Declared But Unpaid Amount Received During Year Nonadmitted Declared But Unpaid Unrealized Valuation Increase / (Decrease) Other Than Temporary Impairment Recognized Total Change in B./A.C.V. ( - ) Total Foreign Exchange Change in B. /A.C.V. NAIC Market Indicator (a) Date Acquired P-0- VIACOM INC - CLASS B 0,00.000,.00,,,0,0 L 0// WESTERN UNION COMPANY 0, ,00.0,00 0, 00,, L 0// WYETH CORPORATION, , ,0 00, 0,, L 0//00-0- YAHOO! INC,00.000,.0,, (,0) (,0) L // BP PLC-SPONS ADR F,00.000,0,0.00,0,0 0,0,0,, L // CADBURY SCHWEPPES-SPONS ADR F, ,0.0,0,,,, L 0// CEMEX SA-ADR F,.000,.0,,,,0,0 L 0//00 Q-0- DIAGEO PLC-SPONSORED ADR F,00.000,,.0,,,0,,, L 0/0/00 W-0- GLAXOSMITHKLINE PLC-ADR F,00.000,.0,,,0 0 (,) (,) L 0//00-0- KIMBERLY-CLARK DE MEXICO-ADR F,00.000,.0,,0 0,0,, U 0// ROYAL DUTCH SHELL PLC - ADR A F, , 0.0 0,,,,, L 0//00 00N-0- SANOFI-AVENTIS F, ,0.0 0,0 0,,, L 0// TYCO INTERNATIONAL LTD F 0,00.000,0 0.00,0,,00,0,, L 0// UNILEVER NV-NY SHARES F,00.000,,0.0,,0 0,, 0,0 0,0 L 0//00 - Total - Common Stock - Industrial, Misc.,, XXX,,,,,,,0,,0, XXX XXX #-0- NIC INSURANCE COMPANY ,,,0. 0,,,,,,,, A // - Total - Common Stock - Parent, Subsidiaries, Affiliates 0,, XXX 0,,,,,,,, XXX XXX -- ISHARES MSCI JAPAN,00.000,.0,,, (,) (,) L //00 0E-- STREETTRACKS SPDR HOMEBUILDERS ETF,00.000,0.0,0 0,0,, L 0// VANGUARD LARGE-CAP VIPERS, ,0.0 0,0,,,, L // Total - Common Stocks - Mutual Funds 0, XXX 0,,,,, XXX XXX Total - Common Stocks,0,0 XXX,0,0,,,,0,,,,, XXX XXX Total - Preferred and Common Stocks,0,0 XXX,0,0,,,,0,,,,, XXX XXX (a) For all common stocks bearing the NAIC market indicator U provide: the number of such issues, the total $ value (included in Column ) of all such issues $,,

150 ANNUAL STATEMENT FOR THE YEAR 00 OF THE Navigators Insurance Company SCHEDULE D - PART Showing All Long-Term Bonds and Stocks ACQUIRED During Current Year E CUSIP Identification Description Foreign Date Acquired Name of Vendor Number of Shares of Stock Actual Cost Par Value Paid for Accrued Interest and Dividends M-DU- FEDERAL NATIONAL MORTGAGE ASSOCIATION 0//00 PARIBAS CORPORATION,0,,000,000,000 C-Y- GOVERNMENT NATL MTG ASSOC #0 0//00 MERRILL LYNCH,,,,, K-J- GOVERNMENT NATL MTG ASSOC #0 0//00 GOLDMAN SACHS,, K-J- GOVERNMENT NATL MTG ASSOC #0 0//00 GOLDMAN SACHS 0,,0 K-JG- GOVERNMENT NATL MTG ASSOC #0 0//00 GOLDMAN SACHS 0,, K-JP- GOVERNMENT NATL MTG ASSOC #00 0//00 GOLDMAN SACHS,,0 K-JQ- GOVERNMENT NATL MTG ASSOC #0 0//00 GOLDMAN SACHS, 0,, K-JR-0 GOVERNMENT NATL MTG ASSOC #0 0//00 GOLDMAN SACHS 0, 00, Total - Bonds - U.S. Government 0,,0 0,,, 0R-D- CALIFORNIA ST 0/0/00 MORGAN STANLEY & CO,,0,000,000,00 0F-JP- CONNECTICUT ST 0/0/00 MORGAN STANLEY & CO,0,,0,000,0 0-S- HAWAII ST 0/0/00 LEHMAN BROTHERS,0,,0,000,0 -UQ- LOUISIANA ST 0//00 RBC DAIN RAUSCHER INCORPORATED,,0,0,000, N-R- MASSACHUSETTS ST 0/0/00 SALOMON SMITH BARNEY,,00,00,000, N-NB- MASSACHUSETTS ST //00 GOLDMAN SACHS,,,00,000 0, 0-AM- MINNESOTA ST 0//00 RAYMOND JAMES,,0,000,000, 0-BR- MINNESOTA ST /0/00 SALOMON SMITH BARNEY,,0,00,000 0-S- MISSISSIPPI ST 0//00 GOLDMAN SACHS,0,000,000,000,0 -QE- NORTH CAROLINA ST 0/0/00 MERRILL LYNCH,,0,00,000,0 0-CB- OHIO ST //00 MERRILL LYNCH,,0,000,000, 0-L- PENNSYLVANIA ST /0/00 APEX PRYOR SECURITIES, 00,000,0 0-Q- PENNSYLVANIA ST 0//00 SALOMON SMITH BARNEY,0 00,000, 0-V- PENNSYLVANIA ST 0/0/00 SEATTLE-NORTHWEST SECURITES CORP,0,0,000,000, -TJ-0 WEST VIRGINIA ST 0//00 GOLDMAN SACHS,,00,000,000, 0L-KL-0 WISCONSIN ST 0/0/00 JP MORGAN SECURITIES INC.,,0,00,000 - Total - Bonds - States, Territories and Possessions,,,0,000, 0-R- BLOOMINGTON MN INDPT SCH DIST 0/0/00 MORGAN STANLEY & CO,,0,000,000, -UZ- BROWARD CNTY FL 0/0/00 RYAN BECK & CO,0,0,00,000, -KE- CENTERVILLE OH 0//00 GRIFFIN KUBIK,,,0,000,00 0-BN- CLARK CNTY NV SCH DIST 0/0/00 JP MORGAN SECURITIES INC.,0,0,000,000 0-BV- CLARK CNTY NV SCH DIST 0/0/00 JP MORGAN SECURITIES INC.,,,,000 -VU- CLOVIS CA UNI SCH DIST 0//00 RYAN BECK & CO,0,0,000,000 -XH- COLUMBUS OH /0/00 MERRILL LYNCH,,,0,000 -DK- DU PAGE & COOK CNTYS IL 0/0/00 HUTCHINSON SHOCKLEY, 0,000, 00-ZF- FAIRFAX CNTY VA 0/0/00 GOLDMAN SACHS,0,0,000,000, 0-FN- FORSYTH CNTY GA SCH DIST 0//00 BANK OF AMERICA,0,00,000,000,0 00-EP- HALL CNTY NE SCH DIST 0//00 R.W. BAIRD,0,0,000,000,0 -E- JEFFERSON CNTY CO SCH DIST //00 HUTCHINSON SHOCKLEY,,0,000,000, -H- JEFFERSON CNTY CO SCH DIST 0/0/00 SALOMON SMITH BARNEY,,00,000,000, 0M-AS-0 JEFFERSON GA SCH DIST 0//00 RYAN BECK & CO,,,0,000, -KL- KENOSHA WI UNI SCH DIST 0/0/00 COMMERCE CAPITAL MARKETS, INC.,,,0,000, 00-XC- MARICOPA CNTY AZ SCH DIST 0//00 BELLE HAVEN,0,00,000,000,0 -XV- MARICOPA CNTY AZ SCH DIST 0//00 HUTCHINSON SHOCKLEY,,00,,000, -WV- MARICOPA CNTY AZ SCH DIST 0/0/00 RBC DAIN RAUSCHER INCORPORATED,0,0,000,000, -RX- MEMPHIS TN /0/00 MORGAN KEEGAN,,00,,000 -RZ- MEMPHIS TN /0/00 MORGAN KEEGAN,0,0,000,000 -NS- MONTGOMERY TX INDPT SCH DIST 0/0/00 RBC DAIN RAUSCHER INCORPORATED,0,,,000, B-HH- NEW YORK NY 0/0/00 GOLDMAN SACHS,,,00,000, -RL- PHOENIX AZ /0/00 APEX PRYOR SECURITIES, 0,000, 00-WE- PIERCE CNTY WA SCH DIST 0/0/00 RYAN BECK & CO,,0,00,000,0 0-FB- PITTSBURGH PA 0/0/00 JP MORGAN SECURITIES INC.,,0,00,000 0-EG- PLATTE CNTY MO SCH DIST PARK H 0//00 US BANCORP PIPER JAFFRAY,,00,000,000,0 -TX- ST LOUIS CNTY MO ROCKWOOD SCH 0//00 BANK OF AMERICA,,0,000,000 -EC- SAN JOSE EVERGREEN CA CMNTY 0/0/00 SALOMON SMITH BARNEY,0,,,000, 000P-CL- SANDOVAL CNTY NM 0//00 SEATTLE-NORTHWEST SECURITES CORP,,000, -EQ- SEDGWICK CNTY KS UNI SCH DIS /0/00 BB&T CAPITAL MARKETS,0,,0,000,00 -Z- SHREVEPORT LA 0/0/00 RYAN BECK & CO,,,,000 0, 0-PK- STILLWATER MN INDPT SCH DIST 0//00 MORGAN STANLEY & CO,0,0,000,000 -ZD- WASHINGTON CNTY OR SCH DIST /0/00 GOLDMAN SACHS, 0,000 -LB- WYANDOTTE CNTY/KANS CITY KS 0//00 LEHMAN BROTHERS,,,00,000,0

151 ANNUAL STATEMENT FOR THE YEAR 00 OF THE Navigators Insurance Company SCHEDULE D - PART Showing All Long-Term Bonds and Stocks ACQUIRED During Current Year E. CUSIP Identification Description Foreign Date Acquired Name of Vendor Number of Shares of Stock Actual Cost Par Value Paid for Accrued Interest and Dividends -PV- YORK PA CITY SCH DIST 0/0/00 GOLDMAN SACHS,00,0,,000 0, - Total - Bonds - Political Subdivisions,, 0,,000, 000-LY- AKRON BATH COPLEY OH JT TWP HOSP DIST /0/00 MERRILL LYNCH,0,,00, EA- ARIZONA SCH FACS BRD REV //00 GOLDMAN SACHS,,00,000,000, 0-QP- BROWARD CNTY FL SCH BRD CTFS 0//00 BEAR STEARNS,0,0,000,000 -AB- CINCINNATI OH CITY SCH DIST /0/00 BANK OF AMERICA,0,0,000,000 -BC- CLARKSVILLE TN NAT GAS ACQUIS CORP 0//00 MERRILL LYNCH,,,00,000 -Q-0 COLORADO HEALTH FACS AUTH REV 0//00 CITIGROUP GLOBAL MARKETS,0,0,000,000 A-BX- COLORADO HEALTH FACS AUTH REV 0/0/00 B.C. ZIEGLER AND COMPANY ORION,0,00,000,000 0-N- COLORADO SPRINGS CO UTILS REV 0//00 GRIFFIN KUBIK,0,0,000,000, 0-MZ- CORPUS CHRISTI TX UTIL SYS REV 0//00 MORGAN STANLEY & CO,0,0,000,000, 0-LB- DALLAS FORT WORTH TX INTL AIRPORT 0//00 GOLDMAN SACHS,0,000 0-TV- DE KALB CNTY GA WTR & SEW REV 0/0/00 RYAN BECK & CO,,,,000 -AW- DELAWARE RIV PORT AUTH PA & NJ 0//00 MERRILL LYNCH,,,0,000, -B- DETROIT MI SEW DISP REV 0/0/00 MERRILL LYNCH,0,0,0,000, W-AQ- DISTRICT COLUMBIA BALLPARK REV 0/0/00 UBS WARBURG,0,0,00,000 K0-JC- FEDERAL HOME LN MTG CORP #A0 0/0/00 GREENWICH CAPITAL 0,, K0-QC-0 FEDERAL HOME LN MTG CORP #A0 0/0/00 GREENWICH CAPITAL,,0,,, K-J- FEDERAL HOME LN MTG CORP #A 0/0/00 GREENWICH CAPITAL,00, K-PD- FEDERAL HOME LN MTG CORP #A0 0/0/00 GREENWICH CAPITAL,,0 K-A- FEDERAL HOME LN MTG CORP #A 0/0/00 GREENWICH CAPITAL,0,,,, K-FE- FEDERAL HOME LN MTG CORP #A 0/0/00 GREENWICH CAPITAL,,0 K-HK- FEDERAL HOME LN MTG CORP #A0 0/0/00 GREENWICH CAPITAL 0,,0 K-SS- FEDERAL HOME LN MTG CORP #A 0/0/00 GREENWICH CAPITAL 0,0,,0 K-W- FEDERAL HOME LN MTG CORP #A 0/0/00 GREENWICH CAPITAL 0,0 0,, K-DZ- FEDERAL HOME LN MTG CORP #A0 0/0/00 GREENWICH CAPITAL, 0,, K-TP- FEDERAL HOME LN MTG CORP #A 0/0/00 GREENWICH CAPITAL,,,000,, LX-J- FEDERAL HOME LOAN MTG CORP #G00 /0/00 BANK OF AMERICA,,,0,,0 M-JK- FEDERAL HOME LOAN MTG CORP #G 0//00 LEHMAN BROTHERS,,0 MJ-DQ-0 FEDERAL HOME LN MTG CORP #G00 0/0/00 GREENWICH CAPITAL,,0,,00, V-GE- FEDERAL HOME LN MTG CORP #A 0/0/00 GREENWICH CAPITAL,0 0,,0 V-QG- FEDERAL HOME LN MTG CORP #A 0/0/00 GREENWICH CAPITAL,,,0 W-GQ- FEDERAL NATIONAL MTG ASSOC #0 /0/00 GOLDMAN SACHS,,,,0, E-R- FEDERAL NATIONAL MTG ASSOC 0 BD 0//00 UBS WARBURG 0,, M-FK- FEDERAL HOME LOAN MTG CORP WB 0//00 GREENWICH CAPITAL,,,000,000, U-QJ- FEDERAL NATIONAL MTG ASSOC 0 MN 0//00 MORGAN STANLEY & CO,0,,, M-HR- FHR 0 HC /0/00 MERRILL LYNCH,,0,,0, A-XT- FEDERAL HOME LOAN MTG CORP EG 0/0/00 CREDIT SUISSE FIRST BOSTON,,,,0,0 K-R- FEDERAL HOME LOAN MTG CORP 0 BD 0//00 MERRILL LYNCH,,,0,0, N-GR- FEDERAL NATIONAL MTG ASSOC 0 PA 0/0/00 BANK OF AMERICA,,0,0,000, 0K-JW- FEDERAL NATIONAL MTG ASSOC #0 0//00 CITIGROUP GLOBAL MARKETS,0,,,, 0Q-CZ- FEDERAL NATIONAL MTG ASSOC # 0/0/00 HSBC SECURITIES USA INC. 0, 0,0 0N-K- FEDERAL NATIONAL MTG ASSOC # /0/00 MCDONALD INVESTMENTS,0,0,,, 0D-RC- FEDERAL NATIONAL MTG ASSOC # 0/0/00 HSBC SECURITIES USA INC.,, 0F-J- FEDERAL NATIONAL MTG ASSOC # /0/00 BARCLAYS CAPITAL,,,,,0 0K-Z- FEDERAL NATIONAL MTG ASSOC # 0//00 FRIEDMAN, BILLINGS, RAMSEY,0,,,,00 0L-BE- FEDERAL NATIONAL MTG ASSOC # 0//00 FRIEDMAN, BILLINGS, RAMSEY,00,0,0,0,0 0M-K- FEDERAL NATIONAL MTG ASSOC # 0//00 FRIEDMAN, BILLINGS, RAMSEY,, 0Q-EH- FEDERAL NATIONAL MTG ASSOC # 0//00 FRIEDMAN, BILLINGS, RAMSEY 0,, 0 0G-AB-0 FLORIDA HURRICANE CATASTROPHE 0//00 LEHMAN BROTHERS,0,0,000,000 0-UL- FLORIDA ST 0/0/00 MERRILL LYNCH,,,0,000, -SZ- FLORIDA ST BRD ED PUB ED 0/0/00 FIRST ALBANY,,0,00,000 0, 0-RX- GULF BREEZE FL REV 0//00 RBC DAIN RAUSCHER INCORPORATED,0,000,000 0-AJ- GWINNETT CNTY GA DEV AUTH CTFS 0//00 RBC DAIN RAUSCHER INCORPORATED,,0,000,000,0 -GA- HONOLULU HI CITY & CNTY BRD WTR SUPPLY 0//00 UBS WARBURG,00,00,000,000 -PR- INDIANA HEALTH FAC FING AUTH REV 0/0/00 GOLDMAN SACHS,,0,,000, R-AY- INDIANA HEALTH & EDL FAC FING 0//00 CITIGROUP GLOBAL MARKETS 0, 0,000 -RJ- LANCASTER CNTY NE HOSP AUTH //00 US BANCORP PIPER JAFFRAY,0,0,000,000 -BE- LEXINGTON SC ONE SCH FACS CORP 0/0/00 BANK OF AMERICA,0,0,000,000 B-FL-0 LOWER COLO RIVER AUTH TX REV 0//00 LEHMAN BROTHERS,0,0,000,000

152 ANNUAL STATEMENT FOR THE YEAR 00 OF THE Navigators Insurance Company SCHEDULE D - PART Showing All Long-Term Bonds and Stocks ACQUIRED During Current Year E. CUSIP Identification Description Foreign Date Acquired Name of Vendor Number of Shares of Stock Actual Cost Par Value Paid for Accrued Interest and Dividends -GK- MASSACHUSETTS BAY TRANSN AUTH //00 RAYMOND JAMES,,,00,000, R-V- MICHIGAN MUN BD AUTH REV //00 SALOMON SMITH BARNEY,,,0,000, E-N- MICHIGAN ST HOSP FIN AUTH REV 0//00 UBS WARBURG,0 0,000, 0-CV- MINNESOTA PUB FACS AUTH 0/0/00 MORGAN KEEGAN,0,,00,000, 0-RF- MINNESOTA PUB FACS AUTH WTR PO 0//00 MERRILL LYNCH,,,00,000 0,0 0Q-NL- MISSISSIPPI DEV BANK SPL OBLG 0//00 UBS WARBURG,0,0,000,000 0-EF- MISSISSIPPI HIGHER ED ASSISTAN //00 SALOMON SMITH BARNEY 00,000 00,000 0, 00-AB-0 MISSOURI JT MUN ELEC UTIL COMM 0//00 GOLDMAN SACHS,,0,000,000 0W-BA- MISSOURI ST HWYS & TRANS COMMN 0/0/00 RYAN BECK & CO,,,,000, 0-GW- MONTANA ST HIGHER ED STUDENT A //00 SALOMON SMITH BARNEY,00,000,00,000, -NF- NEW JERSEY BLDG AUTH ST BLDG //00 SALOMON SMITH BARNEY,,,00,000 -X- NEW JERSEY ECONOMIC DEV AUTH 0//00 GOLDMAN SACHS,,0,,000, 0K-UY- NEW YORK NY CITY MUN WTR FIN /0/00 SALOMON SMITH BARNEY,,,0,000,0 -HX- NEW YORK NY CITY TRANSITIONAL 0//00 UBS WARBURG,0,0,000,000, Q-H- NEW YORK ST DORM AUTH REVS NON 0/0/00 MERRILL LYNCH,,,0,000 0-BM- NEW YORK ST DORM AUTH ST PERS //00 RYAN BECK & CO,,,0,000, 00-YV- NEW YORK ST URBAN DEV CORP REV 0//00 GOLDMAN SACHS,00,0,000,000, -FG- NORTH TX TWY AUTH DALLAS NORT 0//00 MORGAN STANLEY & CO,0,,0,000, N-BS- OHIO ST DEPT ADMINISTRATIVE /0/00 APEX PRYOR SECURITIES,,00,000,000 -DP-0 PANHANDLE-PLAINS TX HIGHER ED //00 SALOMON SMITH BARNEY,0 00,000,0 -NK- PORTLAND OR SWR SYS REV 0//00 BANK OF AMERICA,,,,000 -CE- RHODE ISLAND ST ECONOMIC DEV C 0/0/00 LEHMAN BROTHERS,,,0,000, 0-HJ- SPRINGFIELD MO PUB UTIL REV /0/00 BANK OF AMERICA,,,0,000, H-DJ-0 TEMPE AZ EXCISE TAX REV 0/0/00 BELLE HAVEN,,,0,000,00 0-BA- TENNESSEE ENERGY ACQUISITION 0//00 GOLDMAN SACHS,,0,0,000 0J-AJ-0 UNIVERSITY ALABAMA AT BIRMINGHAM 0//00 MORGAN KEEGAN,00,0,000,000 P-AY- VOLUSIA CNTY FL SCH BRD SALES //00 HUTCHINSON SHOCKLEY,0,0,000,000,0 - Total - Bonds - Special Revenue,, 0,0,,0, -BU- PUBLIC SERVICE COMPANY OF COLORADO 0/0/00 BANK OF NEW YORK CAPITAL MKTS,,0,000,000, - Total - Bonds - Public Utilities,,0,000,000, 00-AS- ABBOTT LABORATORIES 0/0/00 ABN AMRO FINANCIAL SERVICES,,00,000,000 00S-AA- ALTRIA GROUP INC 0//00 BARCLAYS CAPITAL, 0,000, 0-CE- ANHEUSER-BUSCH COMPANIES INC 0//00 PARIBAS CORPORATION,0,0,00,000, 00-AS- AVON PRODUCTS INC 0//00 CITIGROUP GLOBAL MARKETS,,0,0,000, 0B-FS- BEAR STEARNS COMM MTG SECS 0 T A 0/0/00 BEAR STEARNS,,0,000,000, 0-AS- BECTON DICKINSON & CO 0/0/00 BONDS DIRECT / JEFFRIES,,,00,000,0 0M-AF- BOTTLING GROUP LLC 0//00 MORGAN STANLEY & CO,,,00,000, L-AA- CSAB MTG BACKED TR 0- AA //00 CREDIT SUISSE FIRST BOSTON,,,00,000, B-EG- COUNTRYWIDE ALT LN TR 0 CB A 0/0/00 GREENWICH CAPITAL,,,,0 0, -WE- COUNTRYWIDE HOME LOANS 0 HYB A 0/0/00 GOLDMAN SACHS,,,,, -AM- CAMPBELL SOUP COMPANY 0//00 GOLDMAN SACHS,,0,00,000, -AS- CAMPBELL SOUP COMPANY 0//00 MERRILL LYNCH,00 00,000 0, -BN-0 CATERPILLAR INC 0/0/00 CITIGROUP GLOBAL MARKETS, 0,000 N-AV- CHARTER ONE BANK FSB 0//00 BONDS DIRECT / JEFFRIES,0,0,000,000,0 0G-K- CITIGROUP MTG LN TR INC 0 AR A 0/0/00 CITIGROUP GLOBAL MARKETS,,0,,, 0M-AE-0 CITIGROUP COMM MTG TR 0 C A /0/00 CITIGROUP GLOBAL MARKETS,,,00,000 0,0 0-AM- CLOROX COMPANY 0//00 BEAR STEARNS,0,000,000, AD-0 DOVER CORPORATION 0/0/00 BANK OF AMERICA,0,0,000,000, A-AU- ERP OPERATING LP 0//00 JP MORGAN SECURITIES INC.,,00,,000 0-AT- EMERSON ELECTRIC COMPANY 0//00 VARIOUS,0,,0,000, 00-AN- FOUR TIMES SQUARE TR 0-TS A //00 LEHMAN BROTHERS,0,,000,000,0 Y-EK- GE CAPITAL COMM MTG SVCS 0 A A 0//00 DEUTSCHE BANK,,000, X-AD- GENWORTH GLOBAL FUNDING 0//00 CREDIT SUISSE FIRST BOSTON, 0,000 0-AH- HALLIBURTON COMPANY 0/0/00 GOLDMAN SACHS 0,,000, A-BP- HARLEY DAVIDSON MOTORCYCLE TR 0 A 0//00 BANK OF AMERICA, 00, AR- HARTFORD FINANCIAL SERVICES GROUP 0//00 WACHOVIA CAPITAL MARKETS,,000 0M-AE- LB-UBS COMM MTG TR 0 C A /0/00 LEHMAN BROTHERS,,0,0,000, -AA- LAUDER (ESTEE) COS INC 0//00 RAYMOND JAMES,0,,0,000,0 0M-AF-0 LB-UBS COMM MTG TR 0 C A //00 LEHMAN BROTHERS,,,0,000, -A- MASTER ADJ RATE MTG TR 0 A 0//00 DIRECT,0,0,0,0,0

153 ANNUAL STATEMENT FOR THE YEAR 00 OF THE Navigators Insurance Company SCHEDULE D - PART Showing All Long-Term Bonds and Stocks ACQUIRED During Current Year E. CUSIP Identification Description Foreign Date Acquired Name of Vendor Number of Shares of Stock Actual Cost Par Value Paid for Accrued Interest and Dividends 0-AE- MLCC MTG INVEST INC 0 A 0/0/00 MERRILL LYNCH,,,,,0 -FL- MORGAN STANLEY CAPITAL I 0 HQ A 0//00 MORGAN STANLEY & CO,,,000,000, M-AR-0 MORGAN STANLEY CAPITAL I 0 T A 0//00 MORGAN STANLEY & CO,,,,000,0 -AS- OMNICOM GROUP INC 0//00 CITIGROUP GLOBAL MARKETS,0,0,00,000 00G-AA- UNION BANK OF CALIFORNIA 0/0/00 MERRILL LYNCH,,0,000,000 0-BD-0 UNITED TECHNOLOGIES CORPORATION 0//00 VARIOUS,00,0,000,000 0, 0-BK- UNITED TECHNOLOGIES CORPORATION 0//00 JP MORGAN SECURITIES INC., 00,000 R-AA-0 VERIZON NEW ENGLAND INC 0//00 VARIOUS 0, 00,000, -BB- VIACOM INC 0/0/00 BANK OF AMERICA,,,,000 -R- WACHOVIA BK COMM MTG TR 0 C A 0/0/00 WACHOVIA SECURITIES, INC.,,,000,000 0 V-AJ- WELLPOINT INC 0/0/00 VARIOUS,00,,00,000 R-AD- WELLS FARGO MTG BKD SECS TR 0 AR A 0/0/00 GOLDMAN SACHS,,,00,000 0, V-AF- WELLS FARGO MTG BKD SECS TR 0 AR A 0/0/00 CREDIT SUISSE FIRST BOSTON,,,000,000,0 0P-AA- BURLINGTON RESOURCES FIN F 0//00 BANK OF AMERICA,0,0,000,000,0 -BE- CANADIAN NATIONAL RAILWAY COMPANY F 0/0/00 GOLDMAN SACHS,,000 -BN- CANADIAN NATIONAL RAILWAY COMPANY F 0//00 CITIGROUP GLOBAL MARKETS,,000 Y-AG- DIAGEO CAPITAL PLC F 0//00 VARIOUS,,,00,000 0, W-AC- TELEFONICA EMISIONES SAU F 0/0/00 CITIGROUP GLOBAL MARKETS 0,000 0,000 0-AB- WEATHERFORD INTL INC F 0/0/00 MORGAN STANLEY & CO, 00,000 ED-- ERSTE EUROPAEISCHE P&K F 0//00 JP MORGAN SECURITIES INC.,0,0,000,000,000 EF-- HYPOTHEKENBK IN ESSEN F 0//00 MORGAN STANLEY & CO,,0,00,000, EF00-- NORDDEUTSCHE LANDESBANK F 0//00 MORGAN STANLEY & CO,,,0,000 0, - Total - Bonds - Industrial, Misc.,0,0,0,0, 0 - Total - Bonds - Part,,0 0,00,0,0, 0 - Total - Bonds - Part,0,,0,000, Total - Bonds,0,,0,0,, - Total - Preferred Stocks - Part XXX - Total - Preferred Stocks XXX C-0- DUKE ENERGY CORP //00 LEHMAN BROTHERS,00.000, - Total - Common Stocks - Public Utilities, XXX -0- KEYCORP 0//00 BANK OF NEW YORK,00.000,0 G000K-0- ACE LIMITED F 0//00 VARIOUS, , GG-0- RENAISSANCERE HOLDINGS LTD F 0//00 VARIOUS, , G-0- XL CAPITAL LTD - CLASS A F 0//00 VARIOUS,00.000, - Total - Common Stocks - Banks, Trusts, Insurance,, XXX 000R-0- AT&T INC 0/0/00 SALOMON BROTHERS,00.000, ABBOTT LABORATORIES 0//00 CITIGROUP GLOBAL MARKETS, , 00C-0- AMERIPRISE FINANCIAL INC 0//00 VARIOUS,00.000, 0-0- APACHE CORP //00 VARIOUS,00.000, BRISTOL-MYERS SQUIBB COMPANY 0//00 CITIGROUP GLOBAL MARKETS,00.000, CVS CORP //00 CITIGROUP GLOBAL MARKETS, , -0-0 CHEVRON TEXACO CORPORATION 0//00 VARIOUS, , -0-0 COCA COLA COMPANY 0//00 VARIOUS,00.000, -0- COLGATE-PALMOLIVE COMPANY 0//00 VARIOUS,00.000, 000N-0- COMCAST CORP - CL A 0//00 VARIOUS,00.000, 0C-0- CONOCOPHILLIPS 0//00 VARIOUS,00.000,0 0R-0- DELL INC 0//00 VARIOUS 0,00.000, -0- EMMIS COMMUNICATIONS -CL A 0//00 VARIOUS, , 0G-0- EXXON MOBIL CORPORATION 0//00 VARIOUS,00.000, -0- FIRST DATA CORPORATION 0//00 VARIOUS,00.000, 0-0- GENERAL DYNAMICS CORP 0//00 VARIOUS, , 0-0- GENERAL MILLS INC 0//00 VARIOUS, , -0- IDEARC INC //00 SPINOFF,0.000, ILLINOIS TOOL WORKS INC 0//00 VARIOUS,00.000, 0-0- JOHNSON & JOHNSON 0//00 VARIOUS,00.000, -0- KELLOGG COMPANY 0//00 VARIOUS,00.000, 0-0- LEGG MASON INC 0//00 VARIOUS, ,0-0- LILLY (ELI) & COMPANY 0//00 VARIOUS, , -0- LIN TV CORP-CL A 0//00 VARIOUS,00.000,0

154 ANNUAL STATEMENT FOR THE YEAR 00 OF THE Navigators Insurance Company SCHEDULE D - PART Showing All Long-Term Bonds and Stocks ACQUIRED During Current Year E. CUSIP Identification Description Foreign Date Acquired Name of Vendor Number of Shares of Stock Actual Cost Par Value 0-0- MATTEL INC 0//00 VARIOUS,00.000, MEDTRONIC INC 0//00 VARIOUS, ,0-0- MERCK & CO INC 0//00 VARIOUS,00.000,0-0- MICROSOFT CORPORATION 0//00 VARIOUS, , -0- PEPSICO INC 0//00 VARIOUS, , PFIZER INC 0//00 VARIOUS,00.000, 0-0- PRECISION CASTPARTS CORP 0//00 VARIOUS,00.000, -0- PROCTER & GAMBLE COMPANY (THE) //00 VARIOUS,00.000, 0-0- SPECTRA ENERGY CORP //00 VARIOUS,00.000,0 Y-0- M COMPANY 0//00 VARIOUS, , -0- TIME WARNER INC 0//00 VARIOUS,00.000,0 P-0- UNITEDHEALTH GROUP INC 0//00 VARIOUS, , P-0- VIACOM INC - CLASS B 0//00 VARIOUS 0,00.000, 0-0- WESTERN UNION COMPANY 0//00 VARIOUS 0, , WYETH CORPORATION 0//00 VARIOUS, , -0- YAHOO! INC //00 BEAR STEARNS,00.000, 0-0- CADBURY SCHWEPPES-SPONS ADR F 0//00 VARIOUS,00.000, Q-0- DIAGEO PLC-SPONSORED ADR F 0/0/00 SALOMON BROTHERS,00.000,0 W-0- GLAXOSMITHKLINE PLC-ADR F 0//00 VARIOUS,00.000, ROYAL DUTCH SHELL PLC - ADR A F 0//00 VARIOUS,00.000, 00N-0- SANOFI-AVENTIS F 0//00 VARIOUS,00.000, TYCO INTERNATIONAL LTD F 0//00 VARIOUS, , - Total - Common Stocks - Industrial, Misc.,,000 XXX -- ISHARES MSCI JAPAN //00 CLSA,00.000, 0E-- STREETTRACKS SPDR HOMEBUILDERS ETF 0//00 VARIOUS, , 0-- VANGUARD LARGE-CAP VIPERS //00 VARIOUS,00.000, 0 - Total - Common Stocks - Mutual Fund, XXX - Total - Common Stocks - Part,, XXX - Total - Common Stocks - Part,, XXX - Total - Common Stocks,, XXX - Total - Preferred and Common Stocks,, XXX Paid for Accrued Interest and Dividends Totals,, XXX,,

155 ANNUAL STATEMENT FOR THE YEAR 00 OF THE Navigators Insurance Company SCHEDULE D - PART Showing all Long-Term Bonds and Stocks SOLD, REDEEMED or Otherwise DISPOSED OF During Current Year 0 Change in Book/Adjusted Carrying Value 0 E F o r e Prior Year Unrealized Current Year s Other Than Total Foreign Book/ Adjusted Foreign Bond Interest/Stock CUSIP i Number of Book/Adjusted Valuation Current Year Temporary Total Change in Exchange Carrying Value Exchange Gain Realized Gain Total Gain Dividends Identification Description g n Disposal Date Name of Purchaser Shares of Stock Consideration Par Value Actual Cost Carrying Value Increase/ (Decrease) (Amortization)/ Accretion Impairment Recognized B/A. C.V. ( + - ) Change in B/A. C.V. at Disposal Date (Loss) on Disposal (Loss) on Disposal (Loss) on Disposal Received During Year Maturity Date MD-JP- FEDERAL HOME LOAN BANK 0/0/00 MATURITY 0,000 0,000, 0, () () 0,000, 0/0/00 MY-CH- FEDERAL HOME LOAN BANK 0//00 MATURITY,00,000,00,000,,0,,0,,,00,000, 0//00 FEDERAL HOME LOAN MORTGAGE CORPORATION 0//00 MATURITY,00,000,00,000,,0,,,0,0,00,000, 0//00 A-SX- 00F-MD- GOVERNMENT NATL MTG ASSOC # /0/00 PAYDOWN,,,, () (),, 0/0/0 00H-R- GOVERNMENT NATL MTG ASSOC #0 0//00 VARIOUS,000,0,0,0,0,0,0 (,) (,),0, (,) (,), 0/0/0 00K-A- GOVERNMENT NATL MTG ASSOC #0 /0/00 PAYDOWN,0,0,, () (),0, 0/0/0 00K-CK- GOVERNMENT NATL MTG ASSOC #0 0/0/00 VARIOUS,,,, (,) (,), (,0) (,0), /0/0 00K-DH- GOVERNMENT NATL MTG ASSOC #00 0/0/00 VARIOUS,0,00,0,,,,, (,) (,),,0 (,0) (,0),0 0/0/0 00K-JL- GOVERNMENT NATL MTG ASSOC #0 0//00 VARIOUS,0,,0,,0,,,0 (,) (,),, (,) (,), 0/0/0 00K-N- GOVERNMENT NATL MTG ASSOC #0 0//00 VARIOUS, 0,0,, (,) (,), (,) (,), /0/0 00K-W- GOVERNMENT NATL MTG ASSOC #0 /0/00 PAYDOWN,,,0, () (),, 0/0/0 00K-Z- GOVERNMENT NATL MTG ASSOC #0 /0/00 PAYDOWN,,,, () (), 00 0/0/0 00M-NV- GOVERNMENT NATL MTG ASSOC #00 /0/00 PAYDOWN,, 00,,0 () (),,0 0/0/0 00M-W- GOVERNMENT NATL MTG ASSOC #0 0//00 VARIOUS,0,,0,0 () (), (,) (,),0 0/0/0 00M-Y-0 GOVERNMENT NATL MTG ASSOC #0 /0/00 PAYDOWN,0,0,0, () (),0 0/0/0 00N-VV-0 GOVERNMENT NATL MTG ASSOC #0 /0/00 PAYDOWN,0,0,,0 () (),0, 0/0/0 00Q-TM- GOVERNMENT NATL MTG ASSOC # /0/00 VARIOUS,,,,0,,,,0,, (,) (,), 0/0/0 00R-YP- GOVERNMENT NATL MTG ASSOC #0 /0/00 PAYDOWN 0, 0, 0,0 0,,00,00 0,, /0/00 00S-DK- GOVERNMENT NATL MTG ASSOC #00 0//00 VARIOUS,,,,0 (,) (,),, /0/00 00T-NS- GOVERNMENT NATL MTG ASSOC #00 /0/00 PAYDOWN,,,, () (), 0/0/0 00T-QY- GOVERNMENT NATL MTG ASSOC #0 /0/00 VARIOUS,00,,,0 () (), (,0) (,0), 0/0/0 00T-QZ- GOVERNMENT NATL MTG ASSOC #0 /0/00 PAYDOWN,,,0,0 () (), 0/0/0 GOVERNMENT NATL MTG ASSOC II # /0/00 PAYDOWN,,,,, 0/0/0 00X-VF- 0C-LK- GOVERNMENT NATL MTG ASSOC #0 0//00 VARIOUS,,0,, () (), () (),0 0/0/00 0E-GC- GOVERNMENT NATL MTG ASSOC #0 /0/00 PAYDOWN,, 0, 00,0 (,0) (,0),, 0/0/0 0F-L- GOVERNMENT NATL MTG ASSOC # /0/00 PAYDOWN,,,, () (), /0/0 0F-PS-0 GOVERNMENT NATL MTG ASSOC # /0/00 PAYDOWN,0,0,,0 () (),0 0/0/0 0H-K- GOVERNMENT NATL MTG ASSOC # /0/00 PAYDOWN 0, 0, 0,0 0, () () 0,,00 0/0/0 0K-F- GOVERNMENT NATL MTG ASSOC # /0/00 PAYDOWN () () 0/0/0 0L-Z- GOVERNMENT NATL MTG ASSOC # /0/00 PAYDOWN,,,,0 (,) (,),, 0/0/0 0M-L- GOVERNMENT NATL MTG ASSOC # /0/00 PAYDOWN,,,0,0 () (), 0 0/0/0 0M-NY- GOVERNMENT NATL MTG ASSOC #0 /0/00 PAYDOWN,,,0, () (),,0 0/0/0 0N-KJ- GOVERNMENT NATL MTG ASSOC #0 /0/00 PAYDOWN,, 0,, (,) (,),, 0/0/0 0P-LH- GOVERNMENT NATL MTG ASSOC #0 /0/00 PAYDOWN,0,0,, () (),0 0/0/0 0U-V-0 GOVERNMENT NATL MTG ASSOC # /0/00 PAYDOWN,,,, () (), 0/0/0 0U-XK- GOVERNMENT NATL MTG ASSOC # 0//00 VARIOUS,0,,0,,0 (,0) (,0),00 0/0/0 0U-Z- GOVERNMENT NATL MTG ASSOC # 0//00 VARIOUS,0, 0,0 0,0 (,0) (,0) 00, (,) (,), 0/0/0 0V-S- GOVERNMENT NATL MTG ASSOC # /0/00 PAYDOWN,,,,00 () (),, 0/0/0 0Y-QE- GOVERNMENT NATL MTG ASSOC #0 /0/00 PAYDOWN,,,, () (),, 0/0/0 0-N- GOVERNMENT NATL MTG ASSOC #000 /0/00 PAYDOWN 0, 0, 0, 0, 0, /0/0 0-T- GOVERNMENT NATL MTG ASSOC #0000 /0/00 PAYDOWN,0,0,0, () (),0 0 0/0/0 0-T-0 GOVERNMENT NATL MTG ASSOC #000 /0/00 PAYDOWN,,,, () (),, 0/0/0 0-T- GOVERNMENT NATL MTG ASSOC #000 /0/00 PAYDOWN 0, 0,, 0, () () 0,, 0/0/0 0-TF- GOVERNMENT NATL MTG ASSOC #0000 /0/00 PAYDOWN,,,, () (), 0/0/0 0-GV-0 GOVERNMENT NATL MTG ASSOC #000 /0/00 PAYDOWN,0,0,00, () (),0,0 0/0/0 0-U- GOVERNMENT NATL MTG ASSOC #000 0/0/00 PAYDOWN,,,,,,,,,,, 0/0/00 GOVERNMENT NATL MTG ASSOC II #000 /0/00 PAYDOWN,,,,,,00 0/0/00 0D-MA- 0S-VQ- GOVERNMENT NATL MTG ASSOC #0 /0/00 PAYDOWN 0, 0,, 0,0 () () 0,,0 0/0/0 0U-HU-0 GOVERNMENT NATL MTG ASSOC #0 /0/00 PAYDOWN 00,0 00,0 0, 00, () () 00,0, 0/0/0 0W-K- GOVERNMENT NATL MTG ASSOC # /0/00 VARIOUS,0,,0,,0,0,0, (,) (,),0, (,0) (,0) 0,0 0/0/0 0X-DA- GOVERNMENT NATL MTG ASSOC # 0//00 VARIOUS,,,,,0,0,0, () (),0,0 (,0) (,0),0 0/0/0 0X-WE- GOVERNMENT NATL MTG ASSOC # /0/00 PAYDOWN,,,, () (),, /0/0 0X-YJ-0 GOVERNMENT NATL MTG ASSOC # /0/00 PAYDOWN,,,0, () (),,00 0/0/0 0B-DY- GOVERNMENT NATL MTG ASSOC #0 /0/00 PAYDOWN,,,0, () (),, 0/0/0 0V-U- GOVERNMENT NATL MTG ASSOC #0 /0/00 PAYDOWN,,,, () (), 0/0/0 0H-W- GOVERNMENT NATL MTG ASSOC # 0//00 VARIOUS 0,,0,,,,,, /0/0 0J-SE- GOVERNMENT NATL MTG ASSOC # 0//00 VARIOUS,0,0,,0 () (), () () 0/0/0 0M-M-0 GOVERNMENT NATL MTG ASSOC #0 0//00 VARIOUS,,0,0,0 () (),0 0/0/0 0R-GE- GOVERNMENT NATL MTG ASSOC # 0//00 VARIOUS,0,,, () (), 0/0/0 0F-KL- GOVERNMENT NATL MTG ASSOC # 0//00 VARIOUS,,0,, () (), 0/0/0 0H-GW-0 GOVERNMENT NATL MTG ASSOC # 0//00 VARIOUS,,,, () (), 0 0 0/0/0 0J-AU- GOVERNMENT NATL MTG ASSOC # /0/00 PAYDOWN,,,,0 () (), 0/0/0 0L-RY- GOVERNMENT NATL MTG ASSOC #0 0//00 VARIOUS,,,00,00 () (),0 () () 0/0/0 0M-LG- GOVERNMENT NATL MTG ASSOC # 0//00 VARIOUS,,0,,0 0 0, () () 0 /0/0 0Q-SY- GOVERNMENT NATL MTG ASSOC # 0//00 VARIOUS,0,00,,,, 0/0/0

156 ANNUAL STATEMENT FOR THE YEAR 00 OF THE Navigators Insurance Company SCHEDULE D - PART Showing all Long-Term Bonds and Stocks SOLD, REDEEMED or Otherwise DISPOSED OF During Current Year 0 Change in Book/Adjusted Carrying Value 0 E. CUSIP Identification F o r e i g n Number of Shares of Prior Year Book/Adjusted Carrying Value Unrealized Valuation Increase/ (Decrease) Current Year (Amortization)/ Accretion Current Year s Other Than Temporary Impairment Recognized Total Change in B/A. C.V. ( + - ) Total Foreign Exchange Change in B/A. C.V. Book/ Adjusted Carrying Value at Disposal Date Foreign Exchange Gain (Loss) on Disposal Disposal Maturity Description Date Name of Purchaser Stock Consideration Par Value Actual Cost Date 0R-LS- GOVERNMENT NATL MTG ASSOC # 0//00 VARIOUS,,,,0, 0 0 /0/0 0S-WV-0 GOVERNMENT NATL MTG ASSOC #0 0//00 VARIOUS, 0,,,0 () (), () (), 0/0/0 0V-F- GOVERNMENT NATL MTG ASSOC # 0//00 VARIOUS,,,, () (), /0/0 0Y-LW- GOVERNMENT NATL MTG ASSOC # 0//00 VARIOUS,,0,, (0) (0), 0 0, 0/0/0 0A-JT- GOVERNMENT NATL MTG ASSOC # 0//00 VARIOUS,0,,,0 () (), () () /0/0 0G-JR- GOVERNMENT NATL MTG ASSOC #0 0//00 VARIOUS,,,, () (), /0/0 0J-BX- GOVERNMENT NATL MTG ASSOC # 0//00 VARIOUS,,,, () (),0,0 0/0/0 0K-QL- GOVERNMENT NATL MTG ASSOC # 0//00 VARIOUS 0,0,00,0,0 () (),0 () (), 0/0/0 0K-RS- GOVERNMENT NATL MTG ASSOC # 0//00 VARIOUS 0, 0, 0, 0, () () 0, 0/0/0 0K-RY- GOVERNMENT NATL MTG ASSOC #00 0//00 VARIOUS,0,,, (0) (0), () () 0/0/0 0M-L- GOVERNMENT NATL MTG ASSOC # 0//00 VARIOUS,,,, () (), () (), 0/0/0 0N-XR- GOVERNMENT NATL MTG ASSOC # 0//00 VARIOUS 0,0 0,,,0 () (),0 () () 0/0/0 0V-C- GOVERNMENT NATL MTG ASSOC # /0/00 PAYDOWN,0,0,0,,0 0/0/0 0W-EW- GOVERNMENT NATL MTG ASSOC # 0//00 VARIOUS,0,,, () (), 0/0/0 0A-MQ- GOVERNMENT NATL MTG ASSOC # 0//00 VARIOUS,0 0,,0,00 (0) (0),,0 0/0/0 0B-KZ- GOVERNMENT NATL MTG ASSOC # 0//00 VARIOUS,0,0 0, 0,00 0,, 0/0/0 0X-VP- GOVERNMENT NATL MTG ASSOC #0 0//00 VARIOUS, 0,,, (,00) (,00),0 (,) (,), 0/0/0 S-DT- GOVERNMENT NATL MTG ASSOC # /0/00 VARIOUS 0,,,,, (,) (,), /0/0 A-WR- GOVERNMENT NATL MTG ASSOC # 0/0/00 VARIOUS,0,,0,,0,,0,0 (,) (,),0,0 (,) (,), 0/0/0 X-F- GOVERNMENT NATL MTG ASSOC # 0/0/00 VARIOUS,,,,, (,0) (,0), 0/0/0 X-FH- GOVERNMENT NATL MTG ASSOC # 0//00 VARIOUS,,00,00,,00,0 (,) (,),000, (0,) (0,) 0,0 0/0/0 X-FJ- GOVERNMENT NATL MTG ASSOC # /0/00 PAYDOWN,,,, () (),, 0/0/0 C-Y- GOVERNMENT NATL MTG ASSOC #0 /0/00 PAYDOWN,0,0,,0,0 0/0/0 C-S- GOVERNMENT NATL MTG ASSOC #0 /0/00 PAYDOWN,0,0,, () (),0, 0/0/0 E-AG- GOVERNMENT NATL MTG ASSOC #0 /0/00 PAYDOWN,,,,0 () (), 0 0/0/0 E-FT- GOVERNMENT NATL MTG ASSOC # 0//00 VARIOUS,0,,, () (),0 () (), 0/0/0 F-MH- GOVERNMENT NATL MTG ASSOC #00 /0/00 PAYDOWN,,,,0 () (),, 0/0/0 F-MV- GOVERNMENT NATL MTG ASSOC #0 /0/00 PAYDOWN,,,0, () (), 0 0/0/0 H-TP- GOVERNMENT NATL MTG ASSOC #0 /0/00 PAYDOWN 0,0 0,0 0, 0,0 () () 0,0 0/0/0 N-GL- GOVERNMENT NATL MTG ASSOC #0 /0/00 PAYDOWN,0,0,0,0 () (),0 0/0/0 N-GP- GOVERNMENT NATL MTG ASSOC #0 /0/00 PAYDOWN,0,0,, () (),0 0/0/0 N-HA- GOVERNMENT NATL MTG ASSOC # /0/00 PAYDOWN,,,, () (), 0/0/0 Q-K- GOVERNMENT NATL MTG ASSOC #0 /0/00 PAYDOWN,0,0,0, () (),0 /0/0 S-R- GOVERNMENT NATL MTG ASSOC # /0/00 PAYDOWN,,,, (0) (0),,0 /0/0 T-B- GOVERNMENT NATL MTG ASSOC # /0/00 PAYDOWN,,,0, (0) (0),, 0/0/00 U-XA- GOVERNMENT NATL MTG ASSOC #0 /0/00 PAYDOWN,0,0,, () (),0 0/0/00 V-M- GOVERNMENT NATL MTG ASSOC # /0/00 PAYDOWN 0/0/0 A-JC- GOVERNMENT NATL MTG ASSOC # 0//00 VARIOUS,,,0,0 () (), () (), 0/0/0 -SW-0 GOVERNMENT NATL MTG ASSOC # 0//00 VARIOUS 0,, 0, 0, (0) (0) 0, 0/0/0 F-L- GOVERNMENT NATL MTG ASSOC # 0/0/00 PAYDOWN,,,,0 () (),, 0/0/00 B-M- GOVERNMENT NATL MTG ASSOC # /0/00 PAYDOWN,,,, () (), /0/0 B-JV- GOVERNMENT NATL MTG ASSOC # 0//00 VARIOUS,,,, (0) (0),, 0/0/0 B-WZ- GOVERNMENT NATL MTG ASSOC # /0/00 PAYDOWN,,,0, () (), 0/0/0 B-ZP- GOVERNMENT NATL MTG ASSOC #0 /0/00 PAYDOWN,,, 0, () (),, 0/0/0 K-J- GOVERNMENT NATL MTG ASSOC #0 /0/00 PAYDOWN,,,0, () (), 0/0/0 K-J- GOVERNMENT NATL MTG ASSOC #0 /0/00 PAYDOWN,,,, () (), 0 0/0/0 K-JG- GOVERNMENT NATL MTG ASSOC #0 /0/00 PAYDOWN 0, 0,, 0, () () 0, 0/0/0 K-JP- GOVERNMENT NATL MTG ASSOC #00 /0/00 PAYDOWN,,,, () (), 0/0/0 K-JQ- GOVERNMENT NATL MTG ASSOC #0 /0/00 PAYDOWN,0,0,0, () (),0,0 0/0/0 K-JR-0 GOVERNMENT NATL MTG ASSOC #0 /0/00 PAYDOWN,,,, () (), 0/0/0 0Q-GP- GOVERNMENT NATL MTG ASSOC #0 /0/00 PAYDOWN 0, 0,, 0, () () 0,, 0/0/0 0R-PZ-0 GOVERNMENT NATL MTG ASSOC #0 /0/00 PAYDOWN,,,, () (),,0 /0/0 0R-YB- GOVERNMENT NATL MTG ASSOC #0 /0/00 PAYDOWN,0,0,, () (),0,0 0/0/0 0S-H- GOVERNMENT NATL MTG ASSOC # 0//00 VARIOUS,00,,, (,0) (,0), (,) (,),0 /0/0 0T-HB- GOVERNMENT NATL MTG ASSOC # /0/00 VARIOUS,0,,,,0,,0, (0,) (0,),0, (,) (,),0 0/0/0 0U-YS- GOVERNMENT NATL MTG ASSOC # 0//00 VARIOUS,00,0 0,0,0,,0,0 (,) (,),0, (,00) (,00), /0/0 0U-ZN- GOVERNMENT NATL MTG ASSOC # 0/0/00 VARIOUS,,00,,0,,0,0 (,) (,),0, (0,0) (0,0), 0/0/0 0Y-JQ- GOVERNMENT NATL MTG ASSOC # /0/00 PAYDOWN,00,00,, () (),00,0 /0/0 0Y-UP- GOVERNMENT NATL MTG ASSOC #0 /0/00 PAYDOWN,,,0, () (),,0 0/0/0 0Y-X- GOVERNMENT NATL MTG ASSOC # /0/00 VARIOUS,0,,0,,,,, (,) (,),,0 (0,) (0,) 0, 0/0/0 0Y-ZQ- GOVERNMENT NATL MTG ASSOC # /0/00 VARIOUS,, 0, 0, (,) (,) 0,0 (,0) (,0), 0/0/0 GOVERNMENT NATL MTG ASSOC II # 0//00 VARIOUS 0, 0,,, (,) (,) 0, (,0) (,0),0 0/0/0 A-J- G-X- GOVERNMENT NATL MTG ASSOC #0 0/0/00 VARIOUS,,,,,,0,, (,) (,),, (0,) (0,), 0/0/0 K-CL- GOVERNMENT NATL MTG ASSOC #0 0/0/00 VARIOUS,0,,,,0,0,0,0 (,0) (,0),00,0 (,) (,), 0/0/0 L-EJ-0 GOVERNMENT NATL MTG ASSOC # /0/00 PAYDOWN,,,, () (), 0/0/0 M-RU- GOVERNMENT NATL MTG ASSOC # /0/00 PAYDOWN,,,0,0 () (), 0/0/0 Realized Gain (Loss) on Disposal Total Gain (Loss) on Disposal Bond Interest/Stock Dividends Received During Year

157 ANNUAL STATEMENT FOR THE YEAR 00 OF THE Navigators Insurance Company SCHEDULE D - PART Showing all Long-Term Bonds and Stocks SOLD, REDEEMED or Otherwise DISPOSED OF During Current Year 0 Change in Book/Adjusted Carrying Value 0 E. F o r e Prior Year Unrealized Current Year s Other Than Total Foreign Book/ Adjusted Foreign Bond Interest/Stock CUSIP i Number of Book/Adjusted Valuation Current Year Temporary Total Change in Exchange Carrying Value Exchange Gain Realized Gain Total Gain Dividends Identification Description g n Disposal Date Name of Purchaser Shares of Stock Consideration Par Value Actual Cost Carrying Value Increase/ (Decrease) (Amortization)/ Accretion Impairment Recognized B/A. C.V. ( + - ) Change in B/A. C.V. at Disposal Date (Loss) on Disposal (Loss) on Disposal (Loss) on Disposal Received During Year Maturity Date P-W- GOVERNMENT NATL MTG ASSOC # /0/00 PAYDOWN,0,0,, () (),0 0/0/0 GOVERNMENT NATL MTG ASSOC II #0 /0/00 VARIOUS,0, 0,0 0, 0, (,0) (,0), 0/0/0 Q-JD- Q-ZV- GOVERNMENT NATL MTG ASSOC # /0/00 PAYDOWN,0,0,0, () (),0 0/0/0 S-A- GOVERNMENT NATL MTG ASSOC # /0/00 PAYDOWN,0,0,, (0) (0),0 0 0/0/0 S-F- GOVERNMENT NATL MTG ASSOC # /0/00 PAYDOWN 0,0 0,0 0, 0, 0 0 0,0 0/0/0 GOVERNMENT NATL MTG ASSOC II # /0/00 VARIOUS,,0,,0,,,, (,) (,),0, (,0) (,0), /0/0 V-MA- W-G- GOVERNMENT NATL MTG ASSOC #00 /0/00 PAYDOWN,,,,0 (0) (0), /0/0 Y-ES- GOVERNMENT NATL MTG ASSOC # /0/00 PAYDOWN,,,0, () (),,0 0/0/0 B-CD- GOVERNMENT NATL MTG ASSOC # /0/00 PAYDOWN,,,, () (), 0/0/0 B-EY- GOVERNMENT NATL MTG ASSOC # 0/0/00 VARIOUS,0,0,0,,0,,0, () (),0, (,) (,), 0/0/0 C-PU- GOVERNMENT NATL MTG ASSOC # /0/00 PAYDOWN,,,, (,) (,), 0, 0/0/0 J-PX- GOVERNMENT NATL MTG ASSOC #0 0//00 VARIOUS 0, 0,,, (,0) (,0), (0,) (0,),0 0/0/0 0-FP- UNITED STATES TREASURY BONDS //00 VARIOUS,,0,000,000,,00,, (,) (,),, (,) (,), 0//0 -F- UNITED STATES TREASURY NOTES //00 MATURITY,00,000,00,000,,0,,0 (,0) (,0),00,000 0,00 //00 -AY- UNITED STATES TREASURY NOTES 0//00 MATURITY,000,000,000,000,,0,,,,,000,000 0,000 0//00 UNITED STATES TREASURY INFL INDEX NOTES 0//00 VARIOUS,,00,0,000,,,, (,) (,),, (,0) (,0), 0//0 -BD- -CA- UNITED STATES TREASURY NOTES 0//00 BANK OF AMERICA,,,000,000,0,,0,,,,0, (,) (,), 0//0 -DN- UNITED STATES TREASURY NOTES //00 VARIOUS,,,00,000,,,,,,,, (,) (,), 0// Bonds - U.S. Governments 0,, 0,,0,0,,0, (,) (,),, (,,) (,,),, XXX 0-QG- INTL BANK RECONSTRUCTION & DEVELOPMENT F 0//00 MATURITY 0,000 0,000, 0, () () 0,000,0 0// Bonds - All Other Governments 0,000 0,000, 0, () () 0,000,0 XXX 0J-AZ- CALIFORNIA ST ECONOMIC RECOVER 0/0/00 MURIEL SIEBERT & CO,,,0,000,,0,, (,0) (,0),,0,0,0, 0/0/0 - Bonds - States, Territories and Possessions,,,0,000,,0,, (,0) (,0),,0,0,0, XXX 0-KF- AMBRIDGE PA AREA SCH DIST 0//00 SALOMON SMITH BARNEY,00 0,000,0, () (), (,) (,),0 /0/0 0-A- AUSTIN TX INDPT SCH DIST 0/0/00 PREREFUNDED,000,000,000,000,0,00,0,0 (,0) (,0),000,000,00 0/0/00 0-V- HOUSTON TX INDPT SCH DIST 0/0/00 FIRST SOUTHWEST,0,0,000,000,0,00,0,0 (,) (,),0, (,) (,), 0//00 0-HR- KANE CNTY IL CMNTY UNIT SCH DIST 0//00 BELLE HAVEN,,0,00,000,0,,,,,,,0,0,0 0/0/0 -XV- MARICOPA CNTY AZ SCH DIST /0/00 STEPHENS & COMPANY,,,00,000,,,, (,) (,),,,,, 0/0/0 RBC DAIN RAUSCHER D-PM- NEW YORK NY //00 INCORPORATED,0 0,000, 0,0 (,0) (,0), (,0) (,0),0 /0/0 0-QX- NORTHSIDE TX INDPT SCH DIST 0/0/00 SINKING FUND REDEMPTION 00,000 00,000 00,000 00,000 00,000,00 0/0/00 0-C- WASHINGTON SUBN SAN DIST MD 0/0/00 RYAN BECK & CO 0,0 00,000, 0, (,) (,) 0, (,) (,),0 0/0/00 0-TF-0 WASHOE CNTY NV SCH DIST 0/0/00 BAUM (GEORGE K.) & CO 0, 00,000 0, 0, () () 0, () (), /0/00 - Bonds - Political Subdivisions,,,00,000,,0,, (,) (,),,,,, XXX 00-AS- ABERDEEN SD HOSP REV 0/0/00 SINKING FUND REDEMPTION,000,000,0, () (),000,0 0/0/00 0T-ES- ATLANTA GA URBAN RESIDENTIAL 0/0/00 SINKING FUND REDEMPTION,000,000,,,000, 0/0/0 -AM- BROWARD CNTY FL WTR & SWR UTIL REV 0/0/00 PREREFUNDED,000,000,, (,) (,),000, 0/0/00 SECURITY CALLED BY ISSUER at ,000,000,000,000,,0,,,,,000,000,00 0/0/00 -BX-0 BURLINGTON KS POLLUTION CTL 0/0/00 -BS- CALCASIEU PARISH LA PUB TR AUTH 0/0/00 SINKING FUND REDEMPTION 0,000 0,000,00 0, () () 0,000, 0/0/0 0V-Z- CALIFORNIA STATEWIDE CMNTYS DEV 0/0/00 SINKING FUND REDEMPTION 0,000 0,000 0,00 0,0 () () 0,000 0/0/0 000-BC- CHARLESTON CNTY SC HOSP FACS 0/0/00 SINKING FUND REDEMPTION 0,000 0,000, 0, () () 0,000,00 0/0/0 -GF- DETROIT MI SEW DISP REV //00 SINKING FUND REDEMPTION,000,000,, () (),000,0 //00 -NB- DISTRICT COLUMBIA REV 0/0/00 BANK OF AMERICA,0,,0,000,,,0, (,) (,),0,,0,0, 0/0/0 0C-NH- ENERGY NORTHWEST WA ELEC REV 0/0/00 MORGAN STANLEY & CO,,,,000,0,,, (,) (,),, (,) (,) 0, 0/0/00 0N-AX- ERIE CNTY NY INDL DEV AGY /0/00 SINKING FUND REDEMPTION,000,000,, (,) (,),000, 0/0/0 G-X- FEDERAL HOME LN MTG CORP #G00 /0/00 PAYDOWN,,,, () (), 0/0/0 GW-C- FEDERAL HOME LN MTG CORP #E /0/00 PAYDOWN,0,0,, () (),0 0 0/0/0 H-U- FEDERAL HOME LN MTG CORP #E /0/00 PAYDOWN,, 0,, () (),, 0/0/0 H-CY- FEDERAL HOME LN MTG CORP #E /0/00 PAYDOWN,0,0,,,0 0/0/0 H-F-0 FEDERAL HOME LN MTG CORP #E /0/00 PAYDOWN,,,, () (), 0/0/0 H-TH- FEDERAL HOME LN MTG CORP #E0 /0/00 PAYDOWN,,,, (0) (0), 0 0/0/0 JR-JE- FEDERAL HOME LN MTG CORP # //00 VARIOUS 0,0 0,0, 0,0,, 0,0 0,0 /0/0 K0-JC- FEDERAL HOME LN MTG CORP #A0 /0/00 PAYDOWN,0,0,,0,0 0/0/0 K0-QC-0 FEDERAL HOME LN MTG CORP #A0 /0/00 PAYDOWN,0,0,,0,0, 0/0/0 K-J- FEDERAL HOME LN MTG CORP #A /0/00 PAYDOWN,0,0,,,0 0/0/0 K-PD- FEDERAL HOME LN MTG CORP #A0 /0/00 PAYDOWN,0,0,0,0,0 0/0/0 K-A- FEDERAL HOME LN MTG CORP #A /0/00 PAYDOWN,0,0,,00,0,0 /0/0 K-FE- FEDERAL HOME LN MTG CORP #A /0/00 PAYDOWN,,,,, 0/0/0 K-HK- FEDERAL HOME LN MTG CORP #A0 /0/00 PAYDOWN,0,0,,0,0 0/0/0 K-SS- FEDERAL HOME LN MTG CORP #A /0/00 PAYDOWN,,,0,0, 0/0/0 K-W- FEDERAL HOME LN MTG CORP #A /0/00 PAYDOWN,00,00 0,,0,00, 0/0/0 K-DZ- FEDERAL HOME LN MTG CORP #A0 /0/00 PAYDOWN,,,,,, 0/0/0

158 ANNUAL STATEMENT FOR THE YEAR 00 OF THE Navigators Insurance Company SCHEDULE D - PART Showing all Long-Term Bonds and Stocks SOLD, REDEEMED or Otherwise DISPOSED OF During Current Year 0 Change in Book/Adjusted Carrying Value 0 E. CUSIP Identification F o r e i g n Number of Shares of Prior Year Book/Adjusted Carrying Value Unrealized Valuation Increase/ (Decrease) Current Year (Amortization)/ Accretion Current Year s Other Than Temporary Impairment Recognized Total Change in B/A. C.V. ( + - ) Total Foreign Exchange Change in B/A. C.V. Book/ Adjusted Carrying Value at Disposal Date Foreign Exchange Gain (Loss) on Disposal Disposal Maturity Description Date Name of Purchaser Stock Consideration Par Value Actual Cost Date K-TP- FEDERAL HOME LN MTG CORP #A /0/00 PAYDOWN 0, 0, 0,0 0, 0,, 0/0/0 LX-J- FEDERAL HOME LOAN MTG CORP #G00 /0/00 PAYDOWN,0,0,0,,0 /0/0 M-JK- FEDERAL HOME LOAN MTG CORP #G /0/00 PAYDOWN,00,00,0,0 () (),00 0 0/0/0 MJ-DQ-0 FEDERAL HOME LN MTG CORP #G00 /0/00 PAYDOWN,,,,0,, 0/0/0 MM-CP- FEDERAL HOME LOAN MTG CORP #G0 /0/00 PAYDOWN,,,0,0 0 0,, 0/0/00 PB-FX- FEDERAL HOME LN MTG CORP #J00 /0/00 PAYDOWN,,,,,, 0/0/00 PD-B- FEDERAL HOME LOAN MTG CORP #J0 /0/00 PAYDOWN 0, 0, 0, 0, 0,, 0/0/00 PD-D- FEDERAL HOME LN MTG CORP #J00 /0/00 PAYDOWN,,,, 0 0,, 0/0/00 J-T- FEDERAL HOME LN MTG CORP #E00 0//00 VARIOUS,,,, () (), /0/0 K-KT- FEDERAL HOME LN MTG CORP #E00 /0/00 PAYDOWN,0,0,0,,0, 0/0/0 K-KU- FEDERAL HOME LN MTG CORP #E00 /0/00 PAYDOWN,, 0,, () (),, 0/0/0 0-ZA- FEDERAL HOME LN MTG CORP #B /0/00 PAYDOWN 0,0 0,0,0 0,0 0,0, /0/0 -J- FEDERAL HOME LN MTG CORP #B /0/00 PAYDOWN 0, 0, 0,0,,, 0,,0 0/0/00 -YV- FEDERAL HOME LOAN MTG CORP #B /0/00 PAYDOWN,0,0,,,0, 0/0/00 -Z- FEDERAL HOME LN MTG CORP #B /0/00 PAYDOWN,0,0,0 0,,0,0 0/0/00 -B- FEDERAL HOME LN MTG CORP #B /0/00 PAYDOWN,,,,0, 0/0/00 -C- FEDERAL HOME LN MTG CORP #B /0/00 PAYDOWN,00,00,,,00, 0/0/00 V-GE- FEDERAL HOME LN MTG CORP #A /0/00 PAYDOWN,0,0,,0,0 0/0/0 V-QG- FEDERAL HOME LN MTG CORP #A /0/00 PAYDOWN,,,0,0, 0/0/0 L-N- FEDERAL HOME LOAN MTG CORP MB /0/00 PAYDOWN 0, 0, 0, 0, 0,, 0/0/0 J-F- FEDERAL NATIONAL MTG ASSOC # /0/00 PAYDOWN,,,, () (), 0/0/0 L-SD- FEDERAL NATIONAL MTG ASSOC # /0/00 PAYDOWN 0, 0,,,,, 0,,0 0/0/0 L-WN- FEDERAL NATIONAL MTG ASSOC # /0/00 PAYDOWN,0,0,00,0,0,0 0/0/0 T-Z- FEDERAL NATIONAL MTG ASSOC # /0/00 PAYDOWN 0, 0, 0, 0, 0 0 0, 0/0/0 K-AN- FEDERAL NATIONAL MTG ASSOC # /0/00 PAYDOWN,, 0,0,,,0 0/0/0 K-RB- FEDERAL NATIONAL MTG ASSOC # /0/00 PAYDOWN,0,0,,,0 0 0/0/0 K-T-0 FEDERAL NATIONAL MTG ASSOC #0 /0/00 PAYDOWN,,,,0,, 0/0/0 N-VM- FEDERAL NATIONAL MTG ASSOC #0 /0/00 PAYDOWN 0,00 0,00, 0, () () 0,00 0/0/00 P-VV- FEDERAL NATIONAL MTG ASSOC # /0/00 PAYDOWN,,,0, (0) (0), 0/0/0 R-UR- FEDERAL NATIONAL MTG ASSOC # /0/00 PAYDOWN,,,000, () (), 0/0/0 S-M- FEDERAL NATIONAL MTG ASSOC # /0/00 PAYDOWN,,,,0, 00 /0/0 T-FV- FEDERAL NATIONAL MTG ASSOC #0 /0/00 PAYDOWN,,,0,, 0/0/0 U-QZ- FEDERAL NATIONAL MTG ASSOC # 0/0/00 PAYDOWN,,,,0,,,, 0/0/00 N-FH-0 FEDERAL NATIONAL MTG ASSOC # /0/00 PAYDOWN,,,,, 0/0/0 P-ET- FEDERAL NATIONAL MTG ASSOC # /0/00 PAYDOWN 0 0 0/0/0 W-JP- FEDERAL NATIONAL MTG ASSOC #0 /0/00 PAYDOWN,,,,0 () (), 0/0/0 C-A- FEDERAL NATIONAL MTG ASSOC #0 /0/00 PAYDOWN,,,,00,,,, 0/0/0 H-J- FEDERAL NATIONAL MTG ASSOC # /0/00 PAYDOWN,,,00, (,0) (,0),, 0/0/0 H-G- FEDERAL NATIONAL MTG ASSOC # /0/00 PAYDOWN,, 0,0 0,0 (,) (,),, 0/0/0 J-NQ- FEDERAL NATIONAL MTG ASSOC # /0/00 PAYDOWN 0, 0,,,00 (0) (0) 0,, 0/0/0 J-NR- FEDERAL NATIONAL MTG ASSOC #00 /0/00 PAYDOWN,,,0,0 () (),,0 0/0/0 J-NU- FEDERAL NATIONAL MTG ASSOC #0 /0/00 PAYDOWN,,,, () (),,0 0/0/0 W-Z-0 FEDERAL NATIONAL MTG ASSOC # /0/00 PAYDOWN,,,, () (), 0 /0/0 W-SF- FEDERAL NATIONAL MTG ASSOC #0 /0/00 PAYDOWN,,,,0 () (),,0 0/0/0 W-WH- FEDERAL NATIONAL MTG ASSOC # /0/00 PAYDOWN,, 0, 00,0 () (),, 0/0/0 X-AP- FEDERAL NATIONAL MTG ASSOC # /0/00 PAYDOWN,,,0, () (), 0/0/0 X-BC-0 FEDERAL NATIONAL MTG ASSOC # /0/00 PAYDOWN,00,00,0,0,00,0 0/0/0 X-HZ- FEDERAL NATIONAL MTG ASSOC # /0/00 PAYDOWN,,,,0, 0 0/0/0 X-NX- FEDERAL NATIONAL MTG ASSOC #0 /0/00 PAYDOWN,,,,,, 0/0/0 X-QB- FEDERAL NATIONAL MTG ASSOC #0 /0/00 PAYDOWN 0, 0, 0, 0, 0, /0/0 E-QU- FEDERAL NATIONAL MTG ASSOC # /0/00 PAYDOWN,,,0, () (),, 0/0/0 N-RH- FEDERAL NATIONAL MTG ASSOC # /0/00 PAYDOWN,00,00,0,00 () (),00 0/0/0 S-HH- FEDERAL NATIONAL MTG ASSOC # /0/00 PAYDOWN,,,,0 () (), /0/0 V-YJ- FEDERAL NATIONAL MTG ASSOC # /0/00 PAYDOWN,0,0,0,0 (0) (0),0, /0/0 M-AT- FEDERAL NATIONAL MTG ASSOC # /0/00 PAYDOWN,,,0, () (), 0/0/0 Y-UT- FEDERAL NATIONAL MTG ASSOC # /0/00 PAYDOWN,,,,,,0 0/0/0 0M-JV- FEDERAL NATIONAL MTG ASSOC #0 /0/00 PAYDOWN,0,0,, () (),0,0 0/0/0 0V-QR- FEDERAL NATIONAL MTG ASSOC # /0/00 PAYDOWN,0,0,,0 () (),0 /0/0 0V-QV- FEDERAL NATIONAL MTG ASSOC # /0/00 PAYDOWN,00,00,,0 () (),00 /0/0 C-DN- FEDERAL NATIONAL MTG ASSOC #0 /0/00 PAYDOWN,,,, () (), 0/0/0 C-ES-0 FEDERAL NATIONAL MTG ASSOC # /0/00 PAYDOWN,,,, () (), 0/0/0 D-LX- FEDERAL NATIONAL MTG ASSOC # /0/00 PAYDOWN,,,, () (),, /0/0 D-LZ- FEDERAL NATIONAL MTG ASSOC # /0/00 PAYDOWN,,,, (0) (0),, 0/0/0 D-VS- FEDERAL NATIONAL MTG ASSOC #0 /0/00 PAYDOWN,,,, () (), /0/0 K-K- FEDERAL NATIONAL MTG ASSOC #0 /0/00 PAYDOWN,,,, (0) (0),, 0/0/0 V-MP- FEDERAL NATIONAL MTG ASSOC # /0/00 PAYDOWN,,,,0 () (),, 0/0/0 B-NQ- FEDERAL NATIONAL MTG ASSOC 0 PE /0/00 PAYDOWN 0, 0,,,,, 0,, 0/0/00 E-R- FEDERAL NATIONAL MTG ASSOC 0 BD /0/00 PAYDOWN,0,0,0,0 0 0,0, 0/0/0 Realized Gain (Loss) on Disposal Total Gain (Loss) on Disposal Bond Interest/Stock Dividends Received During Year

159 ANNUAL STATEMENT FOR THE YEAR 00 OF THE Navigators Insurance Company SCHEDULE D - PART Showing all Long-Term Bonds and Stocks SOLD, REDEEMED or Otherwise DISPOSED OF During Current Year 0 Change in Book/Adjusted Carrying Value 0 E. F o r e Prior Year Unrealized Current Year s Other Than Total Foreign Book/ Adjusted Foreign Bond Interest/Stock CUSIP i Number of Book/Adjusted Valuation Current Year Temporary Total Change in Exchange Carrying Value Exchange Gain Realized Gain Total Gain Dividends Identification Description g n Disposal Date Name of Purchaser Shares of Stock Consideration Par Value Actual Cost Carrying Value Increase/ (Decrease) (Amortization)/ Accretion Impairment Recognized B/A. C.V. ( + - ) Change in B/A. C.V. at Disposal Date (Loss) on Disposal (Loss) on Disposal (Loss) on Disposal Received During Year Maturity Date R-ZN- FEDERAL HOME LOAN MTG CORP BG /0/00 PAYDOWN,,,,,,,, 0/0/0 FEDERAL NATIONAL MTG ASSOC 0 MN /0/00 PAYDOWN,,,0,,,,,0 0/0/0 U-QJ- V-A- FEDERAL HOME LOAN MTG CORP TA /0/00 PAYDOWN,,,0,,,,, 0/0/0 A-XT- FEDERAL HOME LOAN MTG CORP EG /0/00 PAYDOWN,,,,,, /0/0 K-R- FEDERAL HOME LOAN MTG CORP 0 BD /0/00 PAYDOWN,, 0,0,,,,, 0/0/0 00E-W- FEDERAL NATIONAL MTG ASSOC # /0/00 PAYDOWN,0,0,, () (),0, 0/0/0 00S-N- FEDERAL NATIONAL MTG ASSOC # /0/00 PAYDOWN,,,0, () (),, 0/0/0 00W-KF- FEDERAL NATIONAL MTG ASSOC # /0/00 PAYDOWN,0,0,, () (),0 0 0/0/0 00W-KJ- FEDERAL NATIONAL MTG ASSOC # /0/00 PAYDOWN 0,0 0,0 0, 0, () () 0,0, /0/0 0A-HB- FEDERAL NATIONAL MTG ASSOC #0 0/0/00 VARIOUS 0,,,, () (),0 (,0) (,0), 0/0/0 0B-P- FEDERAL NATIONAL MTG ASSOC #00 /0/00 PAYDOWN,,,, (0) (0),, 0/0/0 0H-B- FEDERAL NATIONAL MTG ASSOC #0 /0/00 PAYDOWN,,,,,0,0,,0 0/0/0 0C-U- FEDERAL NATIONAL MTG ASSOC #0 /0/00 PAYDOWN,,,0,00,, 0/0/0 0D-D- FEDERAL NATIONAL MTG ASSOC # /0/00 PAYDOWN,,,, 0 0, 0 0/0/00 0E-Y- FEDERAL NATIONAL MTG ASSOC # /0/00 PAYDOWN,0,0 0,,0 0 0,0,0 /0/0 0Q-TR- FEDERAL NATIONAL MTG ASSOC #00 /0/00 PAYDOWN,0,0,0,, (,) (,),0,0 /0/0 0R-AJ- FEDERAL NATIONAL MTG ASSOC #0 /0/00 PAYDOWN,0,0,0, 0 0,0, 0/0/0 0R-TJ- FEDERAL NATIONAL MTG ASSOC # /0/00 PAYDOWN,,,,,, 0/0/0 0X-SE- FEDERAL NATIONAL MTG ASSOC # /0/00 PAYDOWN,0,0,0, (0) (0),0, 0/0/0 0F-RR- FEDERAL NATIONAL MTG ASSOC # /0/00 PAYDOWN 0, 0,, 0,0 () () 0,, 0/0/0 0J-F- FEDERAL NATIONAL MTG ASSOC #00 /0/00 PAYDOWN,0,0,, () (),0, 0/0/0 0J-L-0 FEDERAL NATIONAL MTG ASSOC #0 /0/00 PAYDOWN,0,0,00, () (),0 0/0/0 0K-JW- FEDERAL NATIONAL MTG ASSOC #0 /0/00 PAYDOWN 0, 0,, 0, 0, 0/0/0 0Q-CZ- FEDERAL NATIONAL MTG ASSOC # /0/00 PAYDOWN,, 0,,0 () (),, 0/0/0 0T-BV- FEDERAL NATIONAL MTG ASSOC #0 /0/00 PAYDOWN,,,,,,,, /0/0 0R-H- FEDERAL NATIONAL MTG ASSOC # /0/00 PAYDOWN,,,0, 00 00,, /0/0 0U-BA- FEDERAL NATIONAL MTG ASSOC # /0/00 PAYDOWN,,,,,, 0/0/0 0A-TE- FEDERAL NATIONAL MTG ASSOC # /0/00 PAYDOWN 0, 0,, 0, 0 0 0,, 0/0/0 0C-GJ- FEDERAL NATIONAL MTG ASSOC #0 /0/00 PAYDOWN,0,0,, () (),0 /0/0 0C-R- FEDERAL NATIONAL MTG ASSOC #0 /0/00 PAYDOWN,0,0,,,0 /0/0 0H-HH- FEDERAL NATIONAL MTG ASSOC # /0/00 PAYDOWN,0,0,, () (),0, 0/0/0 0H-JD- FEDERAL NATIONAL MTG ASSOC #0 /0/00 PAYDOWN,,,,, 0/0/0 0N-WD- FEDERAL NATIONAL MTG ASSOC # /0/00 PAYDOWN,,,, () (), 0/0/0 0S-UE- FEDERAL NATIONAL MTG ASSOC #0 /0/00 PAYDOWN 0, 0,, 0, () () 0,, 0/0/0 0T-V- FEDERAL NATIONAL MTG ASSOC #0 /0/00 PAYDOWN,,,0,, 0/0/0 0A-RN- FEDERAL NATIONAL MTG ASSOC #0 /0/00 PAYDOWN,0,0,,0,0 0/0/0 0E-F- FEDERAL NATIONAL MTG ASSOC #00 /0/00 PAYDOWN,, 0,,0,, 0/0/0 0J-ML- FEDERAL NATIONAL MTG ASSOC # /0/00 PAYDOWN,,,0, () (), 0/0/00 0N-K- FEDERAL NATIONAL MTG ASSOC # /0/00 PAYDOWN,0,0,,0,0 0/0/0 0P-E- FEDERAL NATIONAL MTG ASSOC # /0/00 PAYDOWN 0, 0, 0,0 0,0 () () 0,, 0/0/0 0R-ED- FEDERAL NATIONAL MTG ASSOC # /0/00 PAYDOWN,, 0,0,, 0/0/0 0R-HE- FEDERAL NATIONAL MTG ASSOC # /0/00 PAYDOWN,0,0,,,0, 0/0/0 0T-L- FEDERAL NATIONAL MTG ASSOC # /0/00 PAYDOWN,,,, 0 0, /0/0 0V-E- FEDERAL NATIONAL MTG ASSOC #0 /0/00 PAYDOWN,, 0,0,0 () (),,0 0/0/0 0X-PE- FEDERAL NATIONAL MTG ASSOC # /0/00 PAYDOWN,,,,, 0/0/0 0A-EZ-0 FEDERAL NATIONAL MTG ASSOC # /0/00 PAYDOWN,,,,, 0/0/0 0A-PY- FEDERAL NATIONAL MTG ASSOC # /0/00 PAYDOWN,,,,, 0 /0/0 0B-RG- FEDERAL NATIONAL MTG ASSOC # /0/00 PAYDOWN,,,,, 0/0/00 0C-QX- FEDERAL NATIONAL MTG ASSOC #0 /0/00 PAYDOWN,,,0,0,, 0/0/0 0C-WQ- FEDERAL NATIONAL MTG ASSOC # /0/00 PAYDOWN,,,0,,,0 0/0/0 0D-A-0 FEDERAL NATIONAL MTG ASSOC #0 /0/00 PAYDOWN,,,0,00,,00 0/0/0 0D-RC- FEDERAL NATIONAL MTG ASSOC # /0/00 PAYDOWN,,,0,, 0 0/0/0 0D-VS- FEDERAL NATIONAL MTG ASSOC # /0/00 PAYDOWN,,,,,,0 0/0/0 0E-PG- FEDERAL NATIONAL MTG ASSOC # /0/00 PAYDOWN,,,0,0,,0 0/0/0 0E-UB- FEDERAL NATIONAL MTG ASSOC # /0/00 PAYDOWN,,,, 0 0,, 0/0/0 0F-Q- FEDERAL NATIONAL MTG ASSOC # /0/00 PAYDOWN,0,0,,0 (0) (0),0, /0/0 0F-C- FEDERAL NATIONAL MTG ASSOC #0 /0/00 PAYDOWN,0,0,,0 () (),0 0/0/00 0F-F- FEDERAL NATIONAL MTG ASSOC # /0/00 PAYDOWN,0,0,,0,0 0/0/0 0F-FY- FEDERAL NATIONAL MTG ASSOC # /0/00 PAYDOWN,0,0,,0,0 0/0/0 0F-J- FEDERAL NATIONAL MTG ASSOC # /0/00 PAYDOWN 0, 0, 00,0 0, 0, 0/0/0 0F-UH- FEDERAL NATIONAL MTG ASSOC # /0/00 PAYDOWN,,,,, 0/0/0 0G-L- FEDERAL NATIONAL MTG ASSOC #0 /0/00 PAYDOWN,,,,,,0 0/0/0 0G-A-0 FEDERAL NATIONAL MTG ASSOC # /0/00 PAYDOWN,,,0,, 0/0/0 0H-GD- FEDERAL NATIONAL MTG ASSOC #0 /0/00 PAYDOWN,0,0,,,0 0/0/0 0H-JC- FEDERAL NATIONAL MTG ASSOC #0 /0/00 PAYDOWN,0,0,0,0,0 0/0/00 0J-L- FEDERAL NATIONAL MTG ASSOC # /0/00 PAYDOWN,00,00,,,00 0/0/0 0J-MB- FEDERAL NATIONAL MTG ASSOC #0 /0/00 PAYDOWN,,,0,0, /0/0

160 ANNUAL STATEMENT FOR THE YEAR 00 OF THE Navigators Insurance Company SCHEDULE D - PART Showing all Long-Term Bonds and Stocks SOLD, REDEEMED or Otherwise DISPOSED OF During Current Year 0 Change in Book/Adjusted Carrying Value 0 E. CUSIP Identification F o r e i g n Number of Shares of Prior Year Book/Adjusted Carrying Value Unrealized Valuation Increase/ (Decrease) Current Year (Amortization)/ Accretion Current Year s Other Than Temporary Impairment Recognized Total Change in B/A. C.V. ( + - ) Total Foreign Exchange Change in B/A. C.V. Book/ Adjusted Carrying Value at Disposal Date Foreign Exchange Gain (Loss) on Disposal Disposal Maturity Description Date Name of Purchaser Stock Consideration Par Value Actual Cost Date 0J-RT- FEDERAL NATIONAL MTG ASSOC # /0/00 PAYDOWN,,,,,,0 0/0/0 0J-SS- FEDERAL NATIONAL MTG ASSOC # /0/00 PAYDOWN,,,,, 0/0/0 0K-Z- FEDERAL NATIONAL MTG ASSOC # /0/00 PAYDOWN 0, 0, 0, 0, 0, 0/0/0 0L-BE- FEDERAL NATIONAL MTG ASSOC # /0/00 PAYDOWN 0,0 0,0, 0,0 0,0 0/0/0 0M-K- FEDERAL NATIONAL MTG ASSOC # /0/00 PAYDOWN,,,,, 0/0/0 0M-HA- FEDERAL NATIONAL MTG ASSOC # /0/00 PAYDOWN,,,,,,00 0/0/0 0M-HM-0 FEDERAL NATIONAL MTG ASSOC # /0/00 PAYDOWN,,,0,,, 0/0/0 0N-A-0 FEDERAL NATIONAL MTG ASSOC #0 /0/00 PAYDOWN,0,0,, () (),0, 0/0/00 0N-BB- FEDERAL NATIONAL MTG ASSOC # /0/00 PAYDOWN,,,,0,, 0/0/0 0N-P- FEDERAL NATIONAL MTG ASSOC # /0/00 PAYDOWN,,,0,0, 0 0/0/0 0P-PA-0 FEDERAL NATIONAL MTG ASSOC # /0/00 PAYDOWN,00,00,, () (),00 0/0/00 0Q-EH- FEDERAL NATIONAL MTG ASSOC # /0/00 PAYDOWN,0,0,,0,0 0/0/0 0Q-HW- FEDERAL NATIONAL MTG ASSOC # /0/00 PAYDOWN,0,0,,,0, 0/0/0 0Q-PM- FEDERAL NATIONAL MTG ASSOC # /0/00 PAYDOWN,,,0, () (), 0/0/00 0R-HU- FEDERAL NATIONAL MTG ASSOC # /0/00 PAYDOWN,0,0,,,0,0 0/0/0 0R-T-0 FEDERAL NATIONAL MTG ASSOC # /0/00 PAYDOWN 0, 0, 0, 0, 0 0 0, 0/0/00 0S-KG- FEDERAL NATIONAL MTG ASSOC # /0/00 PAYDOWN,,,,, 0/0/0 0T-L- FEDERAL NATIONAL MTG ASSOC #0 /0/00 PAYDOWN,,,, 0 0,, 0/0/00 0T-Y- FEDERAL NATIONAL MTG ASSOC #0 /0/00 PAYDOWN,,,,, 0 0/0/0 0T-T- FEDERAL NATIONAL MTG ASSOC #0 /0/00 PAYDOWN,,,,,, 0/0/0 0T-X- FEDERAL NATIONAL MTG ASSOC #00 /0/00 PAYDOWN,,,0, 0 0, 0/0/0 0V-XJ- FEDERAL NATIONAL MTG ASSOC # /0/00 PAYDOWN,,,0, 0 0, 0/0/0 0W-H- FEDERAL NATIONAL MTG ASSOC # /0/00 PAYDOWN,,,0, 0 0, 0 0/0/0 0X-DL- FEDERAL NATIONAL MTG ASSOC #0 /0/00 PAYDOWN,,,,0 () (), 0/0/00 0X-V- FEDERAL NATIONAL MTG ASSOC #0 /0/00 PAYDOWN,,,,,, 0/0/00 0Y-VK- FEDERAL NATIONAL MTG ASSOC # /0/00 PAYDOWN,0,0,,0,0, 0/0/00 0C-A- FEDERAL NATIONAL MTG ASSOC #0 /0/00 PAYDOWN,,,, () (), 0/0/00 0C-CJ- FEDERAL NATIONAL MTG ASSOC #0 /0/00 PAYDOWN,,,,0 () (),, 0/0/00 0F-FL- FEDERAL NATIONAL MTG ASSOC # /0/00 PAYDOWN,,,,0 () (),, 0/0/00 -AF- GARY IN MTG REV 0/0/00 Realized Gain (Loss) on Disposal Total Gain (Loss) on Disposal Bond Interest/Stock Dividends Received During Year SECURITY CALLED BY ISSUER at ,000 0,000 0,000 0,000 0,000, 0/0/0 SECURITY CALLED BY ISSUER at 0., 0,000,, () (),0 (0) (0), 0/0/0 A-AR- GILBERTS IL SPL SVC 0/0/00 -LC- GOVERNMENT NATL MTG ASSOC 0 0 PD /0/00 PAYDOWN,0,0, 0,,00,00,0,0 0/0/00 M-AV- GOVERNMENT NATL MTG ASSOC 0 B /0/00 PAYDOWN,,,,,,,,,, 0, 0/0/0 M-BY- GOVERNMENT NATL MTG ASSOC 0 C /0/00 PAYDOWN,,,,,0,0,, 0/0/0 -DX- HOUSTON TX SWR SYS REV 0/0/00 SINKING FUND REDEMPTION 0,000 0,000, 0, () () 0,000, 0/0/00 -AE- HOUSTON TX UTIL SYS REV //00 CITIGROUP GLOBAL MARKETS,,000,00, (,) (,), (,) (,) 0, 0//00 0-AY-0 IBERIA HOME MTG AUTH LA SINGLE 0/0/00 SINKING FUND REDEMPTION 0,000 0,000 0, 0,0 () () 0,000 0/0/0 Y-CQ- IDAHO HSG & FIN ASSN 0/0/00 SINKING FUND REDEMPTION 0,000 0,000 0,000 0,000 0,000 0/0/0 00K-KY- ILLINOIS HEALTH FACS AUTH REV //00 SINKING FUND REDEMPTION,000,000,0,,,,000, //0 00L-ZZ- ILLINOIS HEALTH FACS AUTH REV 0/0/00 RYAN BECK & CO 0, 00,000 00,000 00,000 00,000 0, 0,, 0//00 -QG- INDIANA BD BK REV /0/00 MORGAN STANLEY & CO,,0,0,000,0,,, (,0) (,0),0, (,) (,), 0/0/00 0P-TX- KENTUCKY HSG CORP HSG REV 0/0/00 SINKING FUND REDEMPTION 0,000 0,000, 0, () () 0,000,0 0/0/00 00-AB- LAWRENCE IN MULTIFAMILY REV 0/0/00 SINKING FUND REDEMPTION 00,000 00,000,,00 0, 0, 00,000, 0/0/00 -AJ-0 LOS ANGELES CA CMNTY REDEV //00 SINKING FUND REDEMPTION 0,000 0,000, 0, () () 0,000,0 0//00 00-A- MET GOVT NASHVILLE & DAVIDSON CNTY TN 0/0/00 PREREFUNDED 0,000 0,000,, (,) (,) 0,000,0 0/0/00 0M-A- MISSISSIPPI HOME CORP SINGLE FAM /0/00 SINKING FUND REDEMPTION, 0,000,, () (),,00 0/0/0 0X-MH- MISSOURI ST HSG DEV COMMN SFM /0/00 SINKING FUND REDEMPTION 00,000 00,000 0,0 00, () () 00,000, 0/0/0 0-GU-0 MONTGOMERY AL BMC SPL CARE FAC 0//00 SEATTLE-NORTHWEST SECURITES CORP,,,0,000,,,0,,00,00,,,, //0 -JQ- NEW HAMPSHIRE ST HSG FIN AUTH 0//00 SINKING FUND REDEMPTION,000,000,000,000,000 0/0/0 NEW JERSEY ENVIRONMENTAL -CG- INFRASTRUCTURE 0/0/00 LEHMAN BROTHERS,0 0,000, 0, () () 0,,,,0 0/0/00 -LQ- NEW JERSEY HEALTH CARE FACS 0/0/00 SINKING FUND REDEMPTION 0,000 0,000, 0,0 (0) (0) 0,000,0 0/0/00 SECURITY CALLED BY ISSUER at ,000 0,000 0,0 0, (0) (0) 0, () () 0/0/00 -AJ- NEW JERSEY ST TPK AUTH TPK REV 0/0/00 00-GZ- NEW MEXICO MTG FIN AUTH 0/0/00 SINKING FUND REDEMPTION 0,000 0,000 0,0 0,0 () () 0,000 0/0/0 0K-M- NEW YORK NY CITY MUN WTR FIN 0/0/00 SALOMON SMITH BARNEY,,000,00,000,,0,0,,0,,,, 0//0 C-F- NEW YORK NY CITY INDL DEV AGY 0//00 SINKING FUND REDEMPTION 0,000 0,000 0, 0,00 () () 0, //0 Q-H- NEW YORK ST DORM AUTH REVS NON 0//00 CITIGROUP GLOBAL MARKETS,,,0,000,,,, (,00) (,00),, () () 0, 0/0/00 M-YS- NEW YORK ST HSG FIN AGY REV 0//00 SINKING FUND REDEMPTION 0,000 0,000 0,000 0,000 0,000 0//0 00-NC- NEW YORK ST URBAN DEV CORP REV 0/0/00 RYAN BECK & CO 0, 00,000 0, 0, () () 0,0, 0/0/00 RBC DAIN RAUSCHER INCORPORATED 0,00 00,000,0,,,0,0, /0/00 00-GG- ODESSA TX JR COLLEGE DIST REV 0/0/00 C-NK- OHIO ST BLDG AUTH REV 0/0/00 R.W. BAIRD 0,0 00,000,, (,0) (,0) 0, (,) (,), 0/0/00 -AK- PALMDALE CA RESIDENTIAL MTG /0/00 SINKING FUND REDEMPTION,000,000,0,0 (0) (0),000 /0/0

161 ANNUAL STATEMENT FOR THE YEAR 00 OF THE Navigators Insurance Company SCHEDULE D - PART Showing all Long-Term Bonds and Stocks SOLD, REDEEMED or Otherwise DISPOSED OF During Current Year 0 Change in Book/Adjusted Carrying Value 0 E. CUSIP Identification F o r e i g n Number of Shares of Prior Year Book/Adjusted Carrying Value Unrealized Valuation Increase/ (Decrease) Current Year (Amortization)/ Accretion Current Year s Other Than Temporary Impairment Recognized Total Change in B/A. C.V. ( + - ) Total Foreign Exchange Change in B/A. C.V. Book/ Adjusted Carrying Value at Disposal Date Foreign Exchange Gain (Loss) on Disposal Disposal Maturity Description Date Name of Purchaser Stock Consideration Par Value Actual Cost Date 0-LS- PIEDMONT MUN PWR AGY SC ELEC 0/0/00 MATURITY 0,000 0,000,00 0,000 0,000, 0/0/00 0-MZ- PIEDMONT MUN PWR AGY SC ELEC 0/0/00 MATURITY 0,000 0,000,0 0,000 0,000,0 0/0/00 -AW- RAPIDES PARISH LA HSG & MTG 0/0/00 SINKING FUND REDEMPTION,000,000,,0 (0) (0),000, 0/0/00 -AQ- SAGINAW MI HOSP FIN AUTH /0/00 SINKING FUND REDEMPTION 0,000 0,000, 0, () () 0,000 0 /0/00 -FP- SAN ANTONIO TX HSG FIN CORP /0/00 SINKING FUND REDEMPTION 0,000 0,000 0,000 0,000 0,000, /0/0 0N-BD-0 SANTA CLARA VY CALIF TRANSN 0/0/00 PUT 0,000 0,000,, (,) (,) 0,000, 0/0/00 0F-AY- SCOTIA NY HSG AUTH MULTIFAMIL 0/0/00 MATURITY 0,000 0,000,, 0,000,0 0/0/00 0F-AZ- SCOTIA NY HSG AUTH MULTIFAMIL /0/00 MATURITY 0,000 0,000,, 0,000 0,00 /0/00 P-AP- SEATTLE WA HSG AUTH LOW 0//00 VARIOUS,0 00,000, 0,00 (,0) (,0) 0,,,, /0/0 0-AB-0 SPRINGDALE AR RESIDENTIAL HSG /0/00 SINKING FUND REDEMPTION,,,, () (), 0/0/0 B-HT- TEXAS ST DEPT HSG & CMNTY AFFAIRS /0/00 SINKING FUND REDEMPTION,000,000,000,000,000,0 /0/0 G-S- UTAH ST HSG FIN AGY 0/0/00 SINKING FUND REDEMPTION 0,000 0,000 0,000 0,000 0,000 0/0/00 N-SV- UTAH ST HSG FIN AGY 0/0/00 SINKING FUND REDEMPTION 0,000 0,000 0,000 0,000 0,000 0/0/0 F-G- VIRGINIA ST PUB SCH AUTH 0/0/00 CITIGROUP GLOBAL MARKETS,0,0,000,000,00,0,0, (,) (,),0,0 (,) (,), 0/0/00 -LP- WASHINGTON ST HSG FIN COMMN 0/0/00 SINKING FUND REDEMPTION 0,000 0,000, 0,0 () () 0,000, 0/0/0 K-Z- WASHINGTON ST HSG FIN COMMN /0/00 SINKING FUND REDEMPTION,000,000,,0 () (),000 0/0/0 -BK- WHITEWATER WS WTRWKS SYS MTG 0/0/00 PREREFUNDED 00,000 00,000,00 00, () () 00,000 0,000 0/0/00 - Bonds - Special Revenues,0,0,,,,,,0,,,,0,,,, XXX -AB- KINDER MORGAN INC 0/0/00 MERRILL LYNCH 0, 00,000 0, 0,0 () () 0, (,) (,) 0,00 0/0/0 0-AL- ONEOK INC //00 BONDS DIRECT / JEFFRIES,0,0,000,000,0,,0,0,0, 0//0 - Bonds - Public Utilities,,,00,000,0,0,0,0 () (),0,,,, XXX 000X-AA- ALLTEL OHIO LP /0/00 VARIOUS,0,0,000,000,0,0,0,, 0,0 0//00 00-AM- AMERICAN HOME PRODUCTS CORPORATION 0//00 MERRILL LYNCH,,,00,000,,,, (,0) (,0),, (,) (,), 0//0 -CE- CIT EQUIPMENT COLLATERAL 0 EF A /0/00 PAYDOWN,,, 0,0,,,, /0/00 L-AA- CSAB MTG BACKED TR 0- AA /0/00 PAYDOWN 0, 0, 0, 0, 0, 0/0/00 B-EG- COUNTRYWIDE ALT LN TR 0 CB A /0/00 PAYDOWN,,,, 0 0,, 0/0/0 -VM- COUNTRYWIDE HOME LOANS 0 HY0 AA /0/00 PAYDOWN,,,,,, 0/0/0 -WE- COUNTRYWIDE HOME LOANS 0 HYB A /0/00 PAYDOWN,,,,,, 0/0/0 G-HY-0 COUNTRYWIDE HOME LOANS 0 A //00 PAYDOWN,,,,,, 0//00 G-NL- COUNTRYWIDE HOME LOANS 0 A //00 PAYDOWN,,,,,,0 0//00 0N-AY- CAPITAL ONE MULTI-ASSET EXEC TR 0 A A 0//00 PAYDOWN 00,000 00,000,, 00,000, 0//00 0P-AJ- CAPITAL ONE PRIME AUTO RECV TR 0 A //00 PAYDOWN,,,0, (0) (0),, 0//00 -BK- CARMAX AUTO OWNER TRUST 0 A 0//00 PAYDOWN,,,0,,, 0//00 -BT- CATERPILLAR FINANCIAL ASSET TR 0 A A //00 PAYDOWN,,,0,,,,, //00 CITIBANK CREDIT CARD ISS TR 0 A A 0//00 PAYDOWN,0,000,0,000,,,00, (,) (,),0,000,0 0//00 0E-AP-0 0G-K- CITIGROUP MTG LN TR INC 0 AR A /0/00 PAYDOWN,, 0,,,,0 0/0/0 0G-JX- CITIGROUP MTG LN TR INC 0 HYB A /0/00 PAYDOWN,,,0,0,,,,0 0/0/00 0-AP- CLEAR CHANNEL COMMUNICATIONS 0//00 JP MORGAN SECURITIES INC., 0,000, 0,00,,,0 (,) (,) 0, 0//0 L-AA- CREDIT SUISSE FB USA INC 0/0/00 MATURITY 00,000 00,000 0, 0, (,) (,) 00,000, 0/0/00 -AB- FIRST UNION CHASE COMM MTG C A /0/00 PAYDOWN,,,, () (),,00 0/0/00 0H-BJ- FLEET CREDIT CARD MASTER TR 0 A A 0//00 PAYDOWN,000,000,000,000,00,0,000,0 () (),000,000,000 0//00 Y-EK- GE CAPITAL COMM MTG SVCS 0 A A /0/00 PAYDOWN 0, 0,,00 0, () () 0,,0 /0/00 M-BJ-0 GMAC MTG CORP LN TR 0 AR A /0/00 PAYDOWN,,,, 0 0,,0 0/0/0 L-AC- HONDA AUTO RECV OWNER TR 0 A //00 PAYDOWN,0,0,0,,0,0 0//00 -AV- HYUNDAI AUTO RECV TR 0 A A //00 PAYDOWN,0,0,0,,0, 0//00 Q-AB- IDS FINANCIAL 0//00 MATURITY 00,000 00,000, 0,0 (,0) (,0) 00,000, 0//00 N-ML- IMPAC CMB TR 0 A //00 PAYDOWN,0,0,0,0,0,0 //00 -JW- LONG BEACH MORTGAGE LOAN TRUST 0- A 0//00 PAYDOWN,,,,,,0 0//00 -AC- MARSH & MCLENNAN COS INC 0//00 BANK OF AMERICA,0 00,000,0,0 () (),,,, 0//00 -AM- MARSH & MCLENNAN COS INC 0//00 BARCLAYS CAPITAL, 00,000,,, (,) (,), 0//0 00-AA- MASSACHUSETTS RRB SPECIAL PURP 0 A /0/00 PAYDOWN,,,, () (),,0 0/0/0 -A- MASTER ADJ RATE MTG TR 0 A /0/00 VARIOUS,,,,00,, 0/0/0 X-AA- MCCORMICK & CO 0/0/00 MATURITY 00,000 00,000,00, 00,000,000 0/0/00 MERRILL LYNCH MTG INV INC 0 A AE /0/00 PAYDOWN,,,,,,0 0/0/0 00U-H- 00U-NZ- MLCC MTG INVEST INC 0 G A //00 VARIOUS 0, 0, 0, 0, () () 0,, 0//00 00U-QC- MERRILL LYNCH MTG INV INC 0 A A /0/00 VARIOUS,0,0,, 0 0,0, 0/0/00 00U-TB- MLCC MTG INVEST INC 0 A A //00 PAYDOWN,,,,, 0,0 0//00 0-AE- MLCC MTG INVEST INC 0 A /0/00 VARIOUS 0, 0, 0, 0, 0,, 0/0/0 -FL- MORGAN STANLEY CAPITAL I 0 HQ A /0/00 WACHOVIA SECURITIES, INC.,,000,00,000,,,,,,0,,, /0/0 M-AR-0 MORGAN STANLEY CAPITAL I 0 T A /0/00 PAYDOWN,0,0,0, () (),0, 0/0/0 Realized Gain (Loss) on Disposal Total Gain (Loss) on Disposal Bond Interest/Stock Dividends Received During Year

162 ANNUAL STATEMENT FOR THE YEAR 00 OF THE Navigators Insurance Company SCHEDULE D - PART Showing all Long-Term Bonds and Stocks SOLD, REDEEMED or Otherwise DISPOSED OF During Current Year 0 Change in Book/Adjusted Carrying Value 0 E. F o r e Prior Year Unrealized Current Year s Other Than Total Foreign Book/ Adjusted Foreign Bond Interest/Stock CUSIP i Number of Book/Adjusted Valuation Current Year Temporary Total Change in Exchange Carrying Value Exchange Gain Realized Gain Total Gain Dividends Identification Description g n Disposal Date Name of Purchaser Shares of Stock Consideration Par Value Actual Cost Carrying Value Increase/ (Decrease) (Amortization)/ Accretion Impairment Recognized B/A. C.V. ( + - ) Change in B/A. C.V. at Disposal Date (Loss) on Disposal (Loss) on Disposal (Loss) on Disposal Received During Year Maturity Date P-AP- MORTGAGEIT TRUST 0 A //00 PAYDOWN 0, 0, 0,0 0, 0,, 0//00 P-AR- MORTGAGEIT TRUST 0 A /0/00 PAYDOWN,,,,,, 0/0/00 -CQ- NATIONAL RURAL UTILITIES COOPERATIVE 0//00 MATURITY,000,000,000,000,00,0,00,0 (,0) (,0),000,000 0,000 0//00 -JF- NOMURA ASSET SECS CORP D AB //00 PAYDOWN,0,0,0,0 (0) (0),0 0 0//00 S-EB-0 ONYX ACCEPT OWNER TR 0 D A //00 PAYDOWN 0, 0, 0, 0,0 0, 0, 0//00 Y-AC- PSE&G TRANSITION FUNDING LLC 0- A 0//00 PAYDOWN,,,, (,0) (,0),, 0//00 00-AF- PECO ENERGY TRANSITION TR A A 0/0/00 PAYDOWN,,, 0,0 () (),, 0/0/00 0-GL- PREMIUM ASSET 00-0 //00 KEEFE BRUYETTE AND WOOD INC.,00 00,000,,, (,) (,), 0//00 0W-TQ- RESIDENTIAL ASSET SECS CORP 0 KS AI /0/00 PAYDOWN,0,0,0 0,,0,0 0/0/00 RESIDENTIAL ASSET SECS CORP 0 KS AI /0/00 PAYDOWN,,,,,, 0/0/00 0W-UJ- F-EV- SEQUOIA MORTGAGE TRUST 0 0 A /0/00 PAYDOWN,0,0,0,0,0, 0/0/00 F-FJ- SEQUOIA MORTGAGE TRUST 0 A /0/00 PAYDOWN 0,0 0,0 0,0 0,0 0,0, 0/0/00 F-FY- SEQUOIA MORTGAGE TRUST 0 A /0/00 PAYDOWN,0,0,,,0, 0/0/00 F-GM- SEQUOIA MORTGAGE TRUST 0 A /0/00 PAYDOWN 0, 0, 0, 0, 0,,00 0/0/00 0-AM- TYSON FOODS INC 0//00 LEHMAN BROTHERS,,000,, (,) (,),,,, 0/0/0 0-AE- UNIVISION COMMUNICATIONS INC 0//00 CREDIT SUISSE FIRST BOSTON,,000,0,, (,) (,), 0//00 X-AA- VERIZON NEW YORK INC 0//00 CREDIT SUISSE FIRST BOSTON 0,0 00,000,00, (,) (,), (,0) (,0), 0/0/0 -AD-0 WFS FINANCIAL OWNER TR 0 A /0/00 PAYDOWN 0, 0, 0,0 0, () () 0,,0 0/0/00 A-AE- WFS FINANCIAL OWNER TR 0 A /0/00 PAYDOWN,,,0, (,) (,),, 0/0/00 R-AD- WELLS FARGO MTG BKD SECS TR 0 AR A /0/00 PAYDOWN 0,0 0,0, 0,0 0,0,00 0/0/0 WELLS FARGO MTG BKD SECS TR 0 AR A /0/00 VARIOUS,00,00,,,00 0, 0/0/0 V-AF- EC-- AIG SUNAMER GLOB FIN IV 0/0/00 MATURITY 0,000 0,000 0, 0,00 () () 0,000, 0/0/00 00N-AA- AIFUL CORPORATION F 0/0/00 GOLDMAN SACHS,,000,,,0 (,) (,), 0//00 00N-AC- AIFUL CORPORATION F 0/0/00 DIRECT,0 0,000,0,, (,) (,), 0/0/00 0-AC-0 AUSTRALIA & NEW ZEALAND BANKING GRP F 0//00 MATURITY 0,000 0,000,0, (,) (,) 0,000, 0//00 - Bonds - Industrial and Miscellaneous,0,,0,,0,,, (,) (,),0, (,) (,) 0, XXX 0 - Bonds - Part,,,,,,0,0, (,) (,),, (,) (,),, XXX 0 - Bonds - Part,,,0,000,0,,0, (,0) (,0),,,0,0, XXX 0 - Total - Bonds,,,, 0,,,, (,) (,),0, (,) (,),0, XXX - Preferred Stocks - Part XXX XXX - Total - Preferred Stocks XXX XXX U-0- DOMINION RESOURCES INC 0/0/00 SALOMON BROTHERS,00.000,,,0,,0,0 (,0) (,0),0,,,, XXX - Common Stocks - Public Utilities,, XXX,0,,0,0 (,0) (,0),0,,,, XXX G000K-0- ACE LIMITED F 0//00 VARIOUS, ,,,, 0 XXX GG-0- RENAISSANCERE HOLDINGS LTD F //00 BEAR STEARNS ,00,,,,, XXX G-0- XL CAPITAL LTD - CLASS A F 0/0/00 CITIGROUP GLOBAL MARKETS ,,0,0,0,0,0 XXX - Common Stocks - Banks, Trust and Insurance Companies 0, XXX,,,,0,0 0 XXX ABBOTT LABORATORIES //00 VARIOUS,00.000,,,,,, XXX 0-0- BRISTOL-MYERS SQUIBB COMPANY /0/00 VARIOUS,00.000,,0,0,0,, XXX -0-0 COCA COLA COMPANY 0//00 VARIOUS,00.000,0,,, 0 XXX 000N-0- COMCAST CORP - CL A 0//00 MORGAN STANLEY & CO, ,0,,,,, XXX 0R-0- DELL INC 0/0/00 LEHMAN BROTHERS, ,0,,, (,) (,) XXX L-0- EQUITY RESIDENTIAL PROPERTIES TRUST 0/0/00 SALOMON BROTHERS, ,,00,0 (,) (,),00 0,0 0,0 0, XXX 0G-0- EXXON MOBIL CORPORATION 0//00 VARIOUS ,,0,0,0,, 0 XXX -0- FIRST DATA CORPORATION 0/0/00 VARIOUS ,0,,,,0,0 XXX 0-0- ILLINOIS TOOL WORKS INC 0//00 MORGAN STANLEY & CO,00.000,,,,,, XXX 0-0- JOHNSON & JOHNSON 0/0/00 MORGAN STANLEY & CO ,,,, XXX -0- LILLY (ELI) & COMPANY 0//00 UBS WARBURG ,,0,0,0,, 0 XXX -0- LIN TV CORP-CL A 0//00 SANFORD BERNSTEIN,00.000,,,, (,0) (,0) XXX 0-0- MATTEL INC /0/00 CITIGROUP GLOBAL MARKETS ,,,,,, XXX -0- MERCK & CO INC 0//00 UBS WARBURG ,,,,,, XXX -0- PEPSICO INC 0//00 BEAR STEARNS ,,0,0,0,, 0 XXX 0-0- PFIZER INC 0//00 VARIOUS,00.000,,,,,,,00 XXX V-0- VERIZON COMMUNICATIONS //00 RETURN OF CAPITAL,0,0,0,0 XXX WYETH CORPORATION 0/0/00 MORGAN STANLEY & CO ,,,, 0 0 XXX 0-0- CADBURY SCHWEPPES-SPONS ADR F 0//00 VARIOUS,00.000,,,,,00 XXX 0-- CEMEX SA-ADR F 0/0/00 SALOMON BROTHERS,00.000,,, (,) (,),,0,0 XXX W-0- GLAXOSMITHKLINE PLC-ADR F 0//00 MORGAN STANLEY & CO ,0,00,00,00 0 XXX 00N-0- SANOFI-AVENTIS F 0//00 MORGAN STANLEY & CO ,,0,0,0 (,) (,) XXX

163 E. ANNUAL STATEMENT FOR THE YEAR 00 OF THE Navigators Insurance Company SCHEDULE D - PART Showing all Long-Term Bonds and Stocks SOLD, REDEEMED or Otherwise DISPOSED OF During Current Year 0 Change in Book/Adjusted Carrying Value 0 CUSIP Identification F o r e i g n Number of Shares of Prior Year Book/Adjusted Carrying Value Unrealized Valuation Increase/ (Decrease) Current Year (Amortization)/ Accretion Current Year s Other Than Temporary Impairment Recognized Total Change in B/A. C.V. ( + - ) Total Foreign Exchange Change in B/A. C.V. Book/ Adjusted Carrying Value at Disposal Date Foreign Exchange Gain (Loss) on Disposal Disposal Maturity Description Date Name of Purchaser Stock Consideration Par Value Actual Cost Date 0-0- TYCO INTERNATIONAL LTD F 0/0/00 VARIOUS ,,,, () () 0 XXX - Common Stocks - Industrial and Miscellaneous,,0 XXX,0,,, (0,) (0,),0,,,, XXX 0E-- STREETTRACKS SPDR HOMEBUILDERS ETF /0/00 UBS WARBURG,00.000,0,,,,, XXX 0 - Common Stocks - Mutual Fund,0 XXX,,,,, XXX - Common Stocks - Part,00,0 XXX,,,, (,0) (,0),,,,, XXX - Common Stocks - Part,, XXX,,,,,, 0, 0,, XXX - Total - Common Stocks,,0 XXX,,0,0,0 (,0) (,0),,0 0, 0,,0 XXX - Total - Preferred and Common Stocks,,0 XXX,,0,0,0 (,0) (,0),,0 0, 0,,0 XXX Realized Gain (Loss) on Disposal Total Gain (Loss) on Disposal Bond Interest/Stock Dividends Received During Year Totals,, XXX,,0,, (,0) (,) (,),, (,) (,),, XXX

164 ANNUAL STATEMENT FOR THE YEAR 00 OF THE Navigators Insurance Company E SCHEDULE D - PART Showing all Long-Term Bonds and Stocks ACQUIRED During Year and Fully DISPOSED OF During Current Year 0 Change in Book/Adjusted Carrying Value 0 CUSIP Identification Description F o r e i g n Date Acquired -GH- EL PASO CNTY CO SCH DIST 0/0/00 Par Value (Bonds) or Number of Shares (Stocks) Actual Cost Consideration Book/ Adjusted Carrying Value at Disposal Date Unrealized Valuation Increase/ (Decrease) Current Year s (Amortization)/ Accretion Name of Vendor Disposal Date Name of Purchaser RBC DAIN RAUSCHER INCORPORATED 0//00 RYAN BECK & CO,000,000,,0,,0,, (,) (,) (,) (,),, Current Year s Other Than Temporary Impairment Recognized Total Change In B./A. C.V. ( + - ) Total Foreign Exchange Change in B./A. C.V. Foreign Exchange Gain (Loss) on Disposal Realized Gain (Loss) on Disposal Total Gain (Loss) on Disposal Interest and Dividends Received During Year RBC DAIN RAUSCHER INCORPORATED,000,000,,00,,0,, (,) (,),,,, 0-W- HOUSTON TX INDPT SCH DIST 0/0/00 BEAR STEARNS /0/00 00-XG- MARICOPA CNTY AZ SCH DIST 0/0/00 BELLE HAVEN /0/00 FIRST ALBANY 0,000,,, (,) (,),,,,0 00-XJ- MARICOPA CNTY AZ SCH DIST 0/0/00 BELLE HAVEN /0/00 WILLIAM BLAIR & CO,00,000,,,,,, (,0) (,0),0,0,00,000 -GT- NEW HAVEN MI CMNTY SCHS 0//00 AG EDWARDS & SONS //00 VARIOUS,000,000,,0,0,,0,0 (,) (,) 0, 0,, 0-LK- SAUK RAPIDS MI INDPT SCH DIS 0//00 GOLDMAN SACHS /0/00 WILLIAM BLAIR & CO,000,000,,0,,0,, (,) (,),,, - Bonds - Political Subdivisions,0,000 0,, 0,,0 0,0, (,) (,),,,,0 -ST- CHICAGO IL WTR REV 0//00 MORGAN STANLEY & CO 0//00 MORGAN STANLEY & CO,00,000,00,000,00,000,00,000 0,,0 0-DB-0 SALINA KS HOSP REV 0//00 US BANCORP PIPER JAFFRAY 0//00 US BANCORP PIPER JAFFRAY 00,000,,,,0,0 - Bonds - Special Revenue,00,000,,,,,,,0,0 0,,0 0-AG- BRISTOL-MYERS SQUIBB COMPANY 0/0/00 VARIOUS //00 TENDER OFFER,00,000,,,,0,, (,0) (,0),, 0,, -AL- FORTUNE BRANDS INC 0/0/00 BARCLAYS CAPITAL /0/00 MERRILL LYNCH,0,000,,00,,,, (,) (,),0 MORGAN STANLEY CAPITAL I 0 HQ0 A /0/00 MORGAN STANLEY & CO //00 CITIGROUP GLOBAL MARKETS,0,000,,,,,,0 () () 0, 0,,, 0H-AE- - Bonds - Industrial and Miscellaneous 0,00,000 0,,0 0,0,00 0,, (,) (,),, 0,0 0, 0 - Subtotal Bonds,0,000,0,,,,, (,0) (,0),0,0,,00-0- WELLS FARGO & COMPANY 0//00 VARIOUS 0/0/00 VARIOUS, ,0, 0,0,0,0, G000K-0- ACE LIMITED F 0/0/00 CITIGROUP GLOBAL MARKETS 0/0/00 VARIOUS,00.000,,, (,) (,) G00A-0- ARCH CAPITAL GROUP LTD F 0/0/00 VARIOUS 0/0/00 VARIOUS,00.000,,,,0,0 G0U-0- AXIS CAPITAL HOLDINGS LTD F 0/0/00 SANFORD BERNSTEIN 0/0/00 BEAR STEARNS, ,0,00 0,0,00,00 GG-0- RENAISSANCERE HOLDINGS LTD F 0/0/00 CITIGROUP GLOBAL MARKETS //00 VARIOUS,00.000,0,,0,0,0 G-0- XL CAPITAL LTD - CLASS A F 0/0/00 CITIGROUP GLOBAL MARKETS 0/0/00 VARIOUS,00.000,0,0,0 (,) (,) - Common Stocks - Banks, Trust and Insurance Companies,,,,,, ABBOTT LABORATORIES 0/0/00 CITIGROUP GLOBAL MARKETS //00 VARIOUS,00.000,,,,,, FEDERAL HOME LOAN MORTGAGE CORPORATION 0/0/00 CITIGROUP GLOBAL MARKETS 0/0/00 MERRILL LYNCH ,,, (,) (,) FEDERAL NATIONAL MORTGAGE ASSOCIATION 0/0/00 CITIGROUP GLOBAL MARKETS 0/0/00 MERRILL LYNCH ,0 0,,0 (,) (,) GRAY TELEVISION INC 0/0/00 CITIGROUP GLOBAL MARKETS 0//00 VARIOUS, ,, 0, (,0) (,0) JOHNSON & JOHNSON 0/0/00 CITIGROUP GLOBAL MARKETS 0/0/00 VARIOUS,00.000,,0,,,, -0- LILLY (ELI) & COMPANY 0/0/00 CITIGROUP GLOBAL MARKETS 0//00 UBS WARBURG,00.000,,0,, MATTEL INC 0/0/00 CITIGROUP GLOBAL MARKETS /0/00 CITIGROUP GLOBAL MARKETS,00.000,,,,, -0- MERCK & CO INC 0/0/00 CITIGROUP GLOBAL MARKETS 0//00 VARIOUS,00.000,0 0,,0,,,0-0- PEPSICO INC 0/0/00 CITIGROUP GLOBAL MARKETS 0//00 VARIOUS,00.000,0 0,,0 0,00 0,00, 0-0- PFIZER INC 0/0/00 CITIGROUP GLOBAL MARKETS 0//00 VARIOUS,00.000,,, () (), -0- PROCTER & GAMBLE COMPANY (THE) 0//00 UBS WARBURG 0//00 BEAR STEARNS,00.000,,,,, WYETH CORPORATION 0/0/00 CITIGROUP GLOBAL MARKETS 0/0/00 VARIOUS, ,, 0,,000,000, 0-0- ASTRAZENECA PLC-SPONS ADR F 0//00 VARIOUS //00 VARIOUS,00.000, 0,,,,, W-0- GLAXOSMITHKLINE PLC-ADR F 0/0/00 CITIGROUP GLOBAL MARKETS 0//00 MORGAN STANLEY & CO,00.000,,,,0,0, 00N-0- SANOFI-AVENTIS F 0/0/00 CITIGROUP GLOBAL MARKETS 0//00 MORGAN STANLEY & CO,00.000,,, (,0) (,0), TYCO INTERNATIONAL LTD F 0/0/00 VARIOUS 0/0/00 VARIOUS, , 0,, (,) (,) 00 G0E-0- GLOBAL SANTA FE CORP F 0/0/00 CITIGROUP GLOBAL MARKETS 0/0/00 VARIOUS ,,0, () () - Common Stocks - Industrial and Miscellaneous,,,,,,,,, -0-0 ISHARES S&P 00 INDEX FUND 0//00 MORGAN STANLEY & CO //00 VARIOUS, ,0, 0,0,, F-0- S & P 00 DEPOSITARY RECEIPTS /0/00 VARIOUS //00 VARIOUS, , 0,0 0,,, 0 - Common Stocks - Mutual Funds,0,,,,0,,, - Total - Common Stocks,,,,,, 0, 0,, - Subtotal-Stocks,,,,,, 0, 0,, Totals,0,0,,,00,0 (,0) (,0),0,0 0,,00 Paid for Accrued Interest and Dividends

165 E ANNUAL STATEMENT FOR THE YEAR 00 OF THE Navigators Insurance Company SCHEDULE D - PART - SECTION Valuation of Shares of Subsidiary, Controlled or Affiliated Companies Stock of Such Company Owned CUSIP Identification Description Name of Subsidiary, Controlled or Affiliated Company Foreign NAIC Company Code or Alien Insurer Identification Number NAIC Valuation Method (See SVO Purposes and Procedures Manual) Do Insurer s Admitted Assets Include Intangible Assets Connected with Holding of Such Company s Stock? Total Amount of Such Intangible Assets Book / Adjusted Carrying Value by Insurer on Statement Date 0 Number of Shares % of Outstanding Totals XXX XXX. Amount of insurer's capital and surplus from the prior period s statutory statement reduced by any admitted EDP, goodwill and net deferred tax assets included therein: $. Total amount of intangible assets nonadmitted $ SCHEDULE D - PART - SECTION Total Amount of CUSIP Identification Name of Lower-Tier Company Name of Company Listed in Section Which Controls Lower-Tier Company Intangible Assets Included in Amount Shown in Column, Section Stock in Lower-Tier Company Owned Indirectly by Insurer on Statement Date % of Number of Shares Outstanding 0 Total XXX XXX

166 E ANNUAL STATEMENT FOR THE YEAR 00 OF THE Navigators Insurance Company SCHEDULE DA - PART Showing all SHORT-TERM INVESTMENTS Owned December of Current Year Codes Change In Book/Adjusted Carrying Value Interest 0 0 Book/ Adjusted Carrying Value Unrealized Valuation Increase/ (Decrease) Current Year s (Amortization) / Accretion Current Year s Other Than Temporary Impairment Recognized Total Foreign Exchange Change in B./A.C.V. Par Value Actual Cost Amount Due And Accrued Dec. of Current Year On Bond Not In Default Date Maturity Effective Description Code Foreign Acquired Name of Vendor Date Rate of Rate of How Paid FEDERAL HOME LOAN MTG CORP //00 MERRILL LYNCH 0//00,, 0,00,000,000,,0. DISC FEDERAL NATIONAL MORTGAGE ASSOCIATION //00 MORGAN STANLEY & CO 0//00,,,,000,000,,0.0 DISC 0 - U.S. Governments - Issuer Obligations,,0,,000,000,,0 XXX XXX XXX 0 - Total - U.S. Government Bonds,,0,,000,000,,0 XXX XXX XXX - Total - Issuer Obligations,,0,,000,000,,0 XXX XXX XXX - Total - Single Class Mortgaged-Backed/Asset-Backed Securities XXX XXX XXX - Total - Defined Multi-Class Residential Mortgage-Backed Securities XXX XXX XXX - Total - Other Multi-Class Residential Mortgage-Backed Securities XXX XXX XXX - Total - Defined Multi-Class Commercial Mortgage-Backed Securities XXX XXX XXX - Other Multi-Class Commercial Mortgage Backed/Asset-Backed Securities XXX XXX XXX 0 - Total - Bonds,,0,,000,000,,0 XXX XXX XXX Non-Admitted Due and Accrued Gross Amount Received Paid for Accrued Interest Totals,,0, XXX,,0 XXX XXX XXX

167 E, E ANNUAL STATEMENT FOR THE YEAR 00 OF THE Navigators Insurance Company Schedule DB - Part A - Section Schedule DB - Part A - Section Schedule DB - Part A - Section Schedule DB - Part B - Section

168 ANNUAL STATEMENT FOR THE YEAR 00 OF THE Navigators Insurance Company SCHEDULE DB - PART B- SECTION Showing all Options, Caps, Floors and Insurance Futures Options Written During Current Year Date of Maturity, Expiry, or Description Number of Contracts or Notional Amount Settlement Strike Price, Rate or Index Date of Issuance/Purchase Exchange or Counterparty Consideration Received Subtotal Hedging Transactions Subtotal Income Generation Transactions Subtotal Other Derivative Transactions Totals E SCHEDULE DB - PART B - SECTION Showing all Written Options, Caps, Floors and Insurance Futures Options Terminated During Current Year Indicate 0 Exercise, Expiration, Number of Date of Maturity or Contracts or Maturity, Date of Closing Termination Consideration Notional Expiry, or Strike Price, Issuance/ Exchange or Consideration Purchase Paid on Amount Settlement Rate or Index Purchase Counterparty Received Transaction Date Book Value * Terminations Increase/ (Decrease) by Adjustment Description Recognized Altria Group Inc. /0 C 0 0// //00 AMEX, EXP. 0//00, *, Dominion Resources Inc. /0 C0 0// //00 PHLX 0, EXP. 0//00 0, * 0, PPG Industries Inc. /0 C 0 0// //00 CBOE,0 EXP. 0//00,0 *,0 Verizon Communications Inc. /0 C.0 0// //00 CBOE, EXP. 0//00, *, 0 - Subtotal - Call Options - Hedging Transactions, XXX XXX, XXX, 0 - Subtotal - Call Options, XXX XXX, XXX, Gain/(Loss) on Termination Used to Adjust Basis Deferred Other Investment/ Miscellaneous Income - Subtotal - Hedging Transactions, XXX XXX, XXX, - Subtotal - Income Generation Transactions XXX XXX XXX - Subtotal - Other Derivative Transactions XXX XXX XXX - Totals, XXX XXX, XXX,

169 E, E0, E, E ANNUAL STATEMENT FOR THE YEAR 00 OF THE Navigators Insurance Company Schedule DB - Part C - Section Schedule DB - Part C - Section Schedule DB - Part C - Section Schedule DB - Part D - Section Schedule DB - Part D - Section Schedule DB - Part D - Section Schedule DB - Part E - Section

170 E ANNUAL STATEMENT FOR THE YEAR 00 OF THE Navigators Insurance Company SCHEDULE E - PART - CASH Amount of Interest Received During Year Amount of Interest Accrued December of Current Year Rate of Depository Code Interest Balance * BBH Money Market Fund,,0, XXX XXX Cash Held at State Street Bank,,0, XXX XXX Bank One, NA (,) XXX XXX Bank One Money Market 0,0,00, XXX XXX Brown Brothers Harriman, XXX XXX Bank of San Jose, XXX XXX Barclays Bank,,0 XXX 0 Deposits in depositories which do not exceed the allowable limit in any one depository (See Instructions) - open depositories XXX XXX XXX 0 Totals - Open Depositories XXX XXX,,,, XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX 0 Total Cash on Deposit XXX XXX,,,, XXX 0 Cash in Company s Office XXX XXX XXX XXX XXX 0 Total Cash XXX XXX,,,, XXX TOTALS OF DEPOSITORY BALANCES ON THE LAST DAY OF EACH MONTH DURING THE CURRENT YEAR. January,0,. April,,. July,,0 0. October,,. February,,0. May,0,0. August,,0. November,,. March,0,0. June,0,. September,0,0. December,,

171 E ANNUAL STATEMENT FOR THE YEAR 00 OF THE Navigators Insurance Company SCHEDULE E - PART CASH EQUIVALENTS Showing Investments owned December of current year CUSIP Identification Description Code Date Acquired Rate of Interest Maturity Date Book/Adjusted Carrying Value Amount of Interest Due & Accrued Gross Investment Income -CL- FEDERAL HOME LOAN BANK 0//00 //00.0 0//00,,,0 F-XC- GENERAL ELECTRIC CAPITAL CORPORATION 0 //00.0 0//00 0,000 0 Total Cash Equivalents,,,

172 E States, Etc.. Alabama AL. Alaska AK. Arizona AZ ANNUAL STATEMENT FOR THE YEAR 00 OF THE Navigators Insurance Company SCHEDULE E PART - SPECIAL DEPOSITS Type of Deposits. Arkansas AR B. California CA. Colorado CO. Connecticut CT. Delaware DE. District of Columbia DC 0. Florida FL. Georgia GA B. Hawaii HI. Idaho ID. Illinois IL. Indiana IN. Iowa IA. Kansas KS. Kentucky KY. Louisiana LA B 0. Maine ME. Maryland MD. Massachusetts MA B. Michigan MI. Minnesota MN. Mississippi MS. Missouri MO. Montana MT. Nebraska NE. Nevada NV B 0. New Hampshire NH. New Jersey NJ. New Mexico NM B. New York NY B. North Carolina NC B. North Dakota ND. Ohio OH. Oklahoma OK B. Oregon OR. Pennsylvania PA 0. Rhode Island RI. South Carolina SC. South Dakota SD. Tennessee TN. Texas TX. Utah UT. Vermont VT. Virginia VA B. Washington WA. West Virginia WV 0. Wisconsin WI. Wyoming WY. American Samoa AS. Guam GU. Puerto Rico PR B Purpose of Deposits Deposits with the State of Domicile For The Benefit of All Policyholders Book/Adjusted Fair Carrying Value Value All Other Special Deposits Book/Adjusted Carrying Value Fair Value In trust for the security of the policyholders of the State of Arkansas,, In trust for the security of the policyholders of the State of Georgia, 0, In trust for the security of the policyholders of the State of Louisiana,, In trust for the security of the policyholders of the State of Massachusetts,0,0 In trust for the security of the policyholders of the State of Nevada,,00 In trust for the security of the policyholders of the State of New Mexico,, In trust for the security of all policyholders,0,,, In trust for the security of the policyholders of the State of North Carolina,,0 In trust for the security of the policyholders of the State of Oklahoma 0,000, In trust for the security of the policyholders in the State of Virginia 0,, In trust for the security of the policyholders of the Commonwealth of Puerto Rico,0,,0,0. US Virgin Islands VI. Northern Mariana Islands MP. Canada CN. Aggregate Other Alien OT XXX XXX. Total XXX XXX,0,,,,0,0,0, DETAILS OF WRITE-INS Summary of remaining write-ins for Line from overflow page XXX XXX. Totals (Lines 0 through 0 + )(Line above) XXX XXX