Navigators expands 10% in Q2

Specialty insurer Navigators Group has expanded gross written premiums by 10.0 percent year on year to $497.2 million in the second quarter of 2018.

The combined ratio improved to 96.0 percent from 97.3 percent over the period.

Net income grew to $32.1 million in the second quarter from $20.5 million in the second quarter of 2017.

“We are very pleased with our financial results and operating performance for the second quarter,” said CEO Stan Galanski.

“We continued to achieve profitable underwriting results and double-digit premium growth, led by our US insurance and GlobalRe segments. While the market remains competitive, we are encouraged by both positive renewal price movement for most of our specialty product lines during the quarter as well as by the number of insurers exiting unprofitable product lines, especially in the London market.

“Our investments continued to perform well, with net investment income up 10.5 percent for the quarter and six months. During the quarter we completed the acquisition of Belgium based ASCO and BDM, a key to our future growth in the European Union,” Galanski noted.

On June 7, 2018, the company acquired 100 percent ownership interest in Bracht, Deckers & Mackelbert (BDM), a specialty underwriting agency, and its affiliated insurance company, Assurances Continentales – Continentale Verzekeringen (ASCO). The acquisition of BDM/ASCO was undertaken as part of the company’s strategy of expanding to more brokers and insureds across Europe and reinforces the company’s presence in the European Union’s single market. Navigators expects this to enable the company to better serve its European clients after Brexit and will also provide an opportunity for BDM and ASCO to reach a wider European audience.

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