Navigators Group Doubles '04 Income In 4Q

NU Online News Service, Feb. 24, 12:21 p.m.EST--The Navigators Group, Inc., more than doubled its netincome in the fourth quarter compared to last year, shaving 40.5points fourth-quarter 2003 combined, which was impacted by a chargefor asbestos and environmental losses.[@@]

For the fourth quarter of 2004, the New York-based insurerreported that net income rose more than $20 million, going from aloss of $9.5 million, or 78 cents per share in fourth-quarter 2003,to $10.6 million, or 84 cents a share.

The company reported that its combined ratio in the fourthquarter dropped from 129.9 percent in 2003 to 89.4 percent. The2003 results were negatively impacted by a $20.5 million after-taxcharge for asbestos exposure losses.

"Each of our business units generated profitable underwritingresults and showed strong operating performance in 2004," said StanGalanski, chief executive officer, in a statement, referring tomarine and energy business, professional and management liabilitywritten through Navigators Pro, and specialty lines includingconstruction liability.

"We are pleased to have achieved a satisfactory return for ourshareholders in 2004 while maintaining our balance sheet integrityof prudent loss reserving and conservative investment management ina culture that emphasizes integrity, professionalism and pride," hesaid. "We are optimistic that each of our business units is wellpositioned to continue to generate profitable underwriting resultsin the current environment."

For the year, net income rose 354 percent, going from $7.7million, or 80 cents per share, to $35 million, or $2.74 pershare.

Navigators reported its combined ratio for the 2004 stood at90.1 percent, compared to 104 percent in 2003.

The Navigators Group, Inc. is an international insurance holdingcompany with carrier operations, underwriting management companies,and operations at Lloyd's of London and offices in Belgium.