Navigators Group Reports Net Income Up 21% in Q3

The Navigators Group Inc. reported net income was up 20.9 percent to $22.0 million for the third quarter compared to $18.2 million for the comparable period in 2015. Operating earnings were $21.1 million compared to $20.3 million in 2015.

The specialty insurer reported that gross written premiums and net written premiums for the three months ended were $374.9 million and $277.0 million, respectively, increasing 5.9 percent and 9.9 percent from the comparable period in 2015.

The combined ratio for the third quarter was 95.6 and for the first nine months 96.7, compared to 93.4 and 93.0 respectively for the comparable periods in 2015.

Stan Galanski, president and chief executive officer, said the results were the company’s fifteenth consecutive quarter of profitable underwriting results.

Net investment income for the three months was $19.9 million a 14.4 percent jump over the same period in 2015.

The Navigators Group is a specialty insurance holding company with insurance company operations, underwriting management companies and operations at Lloyd’s. Navigators has offices in the United States, the United Kingdom and Continental Europe, as well as representative offices in China and Brazil.