Navigators reports Q4 and 2010 results
The Navigators Group, Inc. has reported quarterly net income of $17.3m, equating to $1.07 per diluted share, during the fourth quarter of 2010.
This is almost threefold the net income of $6.1m ($0.35 per diluted share) the firm managed to make during the corresponding period in the previous year.
Quarterly operating earnings were $4.7m ($0.29 per diluted share), down on the $5.3m ($0.30 per diluted share) of Q4 2009.
Navigators made an annual net profit of $69.6m, equating to $4.24 per diluted share, a rise of around 10% on the 2009 net income of $63.2m, ($3.65 per diluted share).
Annual operating earnings were $43.4m ($2.65 per diluted share), down around a third from the $65.2m ($3.76 per diluted share) for the previous year.
For the quarter, gross and net written premiums were $229.9m and $141.8m respectively, down 8.7% and 12.2%.
Annual gross and net written premiums were recorded at $987.2m and $653.9m, a decline of 5.5% and 6.7%.
Chief Executive Officer Stan Galanski stated that, whilst there were pockets of opportunity, the operating environment remained challenging, but added that the firm had never been stronger.
Category: Financials, Insurance News
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