NU Online News Service, March 30, 3:36 p.m. EDT

The Navigators Group Inc. founder, Terence N. Deeks, will retire as executive chairman on May 26, the company said.

Mr. Deeks has been chairman since the New York-based international specialty insurance holding company was formed in 1974. He was also chief executive officer until December 2002.

He will continue to serve as non-executive chairman, Navigators said.

Mr. Deeks began his career at Lloyd's of London in 1957.

He said in a statement, "As the founder of Navigators, I am very proud of what the company has become as I prepare to retire as an active employee. My decision to transition to the role of non-executive chairman reflects my continued confidence in Navigators' management team, strategy, balance sheet and future prospects."

Mr. Deeks added that he looks forward to "continuing to provide leadership and guidance for the company's future growth and development, while having a bit more time to pursue my personal interests."

The company also announced that director Robert F. Wright will retire from the board at the conclusion of his current term in May 2010.

Navigators said Mr. Wright has accepted the company's request to continue to provide advice to the board and management as first director emeritus.

Mr. Wright has been a director since 1993, and has been president and chief executive officer of Robert F. Wright Associates Inc.--a business consultancy--since 1988.

He was previously a partner of the public accounting firm of Arthur Andersen & Co. from 1960 to 1988.