Navigators returns to profitability in Q2
The Navigators Group, Inc. has reported that in the second quarter of 2011 it made a net income of $9.5m, equating to $0.6 per diluted share.
This is precisely half the $19m ($1.16 per diluted share) the firm made in the corresponding period last year.
However, it is a sharp return to profitability after incurring a Q1 2011 net loss of $7.9m ($0.5 per diluted share), largely due to natural disasters and energy losses.
Quarterly gross written premiums were $278.7m, up 9.9%, and net written premiums rose by 11.1% to $183.4m.
In the first six months of the year Navigators made a net income of $1.6m ($0.1 per diluted share), far less than the $36m ($2.16 per diluted share) it made during the first half of 2010.
Biannual gross written premiums and net written premiums were up 9.8% to $575m and up 6.2% to $376.4m, respectively.
Category: Financials, Insurance News
Visited 1191 times, 2 so far today
Comments (0)
Trackback URL | Comments RSS Feed
There are no comments yet. Why not be the first to speak your mind.