Navigators’ Group President and CEO Stan Galanski said of the insurer’s Q1 earnings that “we are very pleased with our financial performance for the first quarter, reporting strong net income, a record level of operating earnings, double digit premium growth and underwriting profit in all three of our reporting segments.” He noted that “importantly, our International Insurance reporting segment returned to profitability, reflecting the concerted effort to re-position our portfolio by exiting non-performing product lines and reducing our cost structure”. Galanski said that the US Insurance reporting segment produced profitable results, consistent with Navigators’ expectations, while growth was achieved in Marine during the quarter.
US reporting segment saw Marine book GWP of $41.72m in Q1, up from $40.95m in the same period last year. The segment booked an underwriting loss of $2.27m, compared with a profit of $709,000 in Q1 2017.
In the International reporting segment, Marine GWP was $56.48m, down from $68.83m in Q1 2017. International segment Marine booked a profit of $2.29m for the quarter, compared with a loss of $1.087m in Q1 2017.
For Navigators Group as a whole, GWP reached $495.2m, up 10.0% year on year The Combined Ratio for Q1 2018 was 94.0%, up from 96.4% for the same period in 2017.
Other Income for the three months ended March 31st 2018 included revenue from the sale of renewal rights for the Company’s fixed-premium P&I business, offset by net realized and unrealized foreign exchange losses.