Navigators Group Doubles '04 Income In 4Q

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 net income in the fourth quarter compared to last year, shaving 40.5 points fourth-quarter 2003 combined, which was impacted by a charge for asbestos and environmental losses.[@@]

For the fourth quarter of 2004, the New York-based insurer reported that net income rose more than $20 million, going from a loss 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 fourth quarter dropped from 129.9 percent in 2003 to 89.4 percent. The 2003 results were negatively impacted by a $20.5 million after-tax charge for asbestos exposure losses.

"Each of our business units generated profitable underwriting results and showed strong operating performance in 2004," said Stan Galanski, chief executive officer, in a statement, referring to marine and energy business, professional and management liability written through Navigators Pro, and specialty lines including construction liability.

"We are pleased to have achieved a satisfactory return for our shareholders in 2004 while maintaining our balance sheet integrity of prudent loss reserving and conservative investment management in a culture that emphasizes integrity, professionalism and pride," he said. "We are optimistic that each of our business units is well positioned to continue to generate profitable underwriting results in the current environment."

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

Navigators reported its combined ratio for the 2004 stood at 90.1 percent, compared to 104 percent in 2003.

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