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Navigators Reports Second Quarter Earnings

NEW YORK, Aug. 7, 2013 (GLOBE NEWSWIRE) -- The Navigators Group, Inc. (Nasdaq:NAVG) reported net income of $13.9 million, or $0.97 per diluted share, for the three months ended June 30, 2013 compared to $14.9 million, or $1.05 per diluted share, for the comparable period in 2012. Operating earnings were $11.8 million, or $0.82 per diluted share, for the second quarter of 2013 compared to operating earnings of $12.5 million, or $0.88 per diluted share, for the comparable period in 2012.

For the six months ended June 30, 2013, the Company reported net income of $27.8 million, or $1.93 per diluted share, compared to $22.8 million, or $1.60 per diluted share, for the comparable period in 2012. Operating earnings were $22.6 million, or $1.56 per diluted share, for the six months ended June 30, 2013 compared to $19.3 million, or $1.35 per diluted share, for the comparable period in 2012.

Gross written premiums and net written premiums for the three months ended June 30, 2013 were $332.1 million and $198.5 million, respectively, an increase of 2.8% and 4.3% from the comparable period in 2012. Gross written premiums and net written premiums for the six months ended June 30, 2013 were $725.4 million and $467.9 million, respectively, an increase of 8.9% and 8.0% from the comparable period in 2012.

The combined loss and expense ratio for the three and six months ended June 30, 2013 were 97.7% and 97.8%, respectively, compared to 98.1% and 99.0% for the comparable periods in 2012.

Stan Galanski, President and Chief Executive Officer, commented, "We are pleased with our second quarter results, reflecting solid underwriting profit in marine, specialty casualty and international D&O. We achieved renewal rate increases in most of our specialty product lines and we experienced particularly strong premium growth in our U.S. Excess and Surplus Lines businesses. Our underwriters continued to avoid business that failed to meet our required terms or price. Cash flow for the quarter was strong. Despite a decline in unrealized gains in our bond portfolio as a result of rising interest rates, our investment portfolio performed reasonably well and we remain confident in the quality of our invested assets."

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