Navigators posts record net income

Navigators has enjoyed a strong second quarter, with record net income of $32.1m as well as a year on year improved combined ratio and an increase in gross premiums written. Net income at the company was up by more than 50% from $20.5m for the second quarter of 2017 to $32.1m for the same period this year. Gross written premiums were $497m for the period, up from $452m for the same stretch in 2017, while the firm also improved its combined ratio from 97.3% for the second quarter of last year to 96% for the same period this year. “We are very pleased with our financial results and operating performance for the second quarter. We continued to achieve profitable underwriting results and double-digit premium growth, led by our US insurance and GlobalRe segments,” said Stan Galanski, Navigators' president and chief executive. According to Galanski, Navigators intends to take advantage of the exodus of insurers from unprofitable product lines, especially in the London Market. Aspen was just one firm that recently announced that it would cease underwriting a slew of business at Lloyd’s, including marine hull, and aviation. While the firm’s US insurance and GlobalRe segments both reported improved underwriting profits, the company's international insurance division reported a second straight year on year quarterly loss totalling $3.3m for the period, with a combined ratio of 103.7% for the segment. The losses in its international insurance division were largely related to its marine business, which fared worse during this quarter than during the same period last year with losses totalling $8.9m for this quarter, over losses of $3m for the same period in 2017. Its international P&C business, however, posted much stronger results for this period compared with the last, while its international professional liability business posted an underwriting loss of $163,000 for the period, an improvement on the $2.3m underwriting loss recorded during the second quarter of last year. Navigators has recently made moves to expand its presence in Europe, with the acquisition of specialty underwriting operation Bracht, Deckers & Mackelbert NV, known as BDM, and its affiliated insurance company Assurances Continentales – Continentale Verzekeringen, or ASCO. Navigators' investment income was up 10.5% year on year to $24.6m for the second quarter of 2018.

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