The Navigators Group Inc., like many property/casualty insurers, said that challenging market conditions in areas such as offshore energy shaped its 2015 fourth quarter and year. But the international specialty insurance holding company held its own.
Net income for Q4 hit $17.7 million, or $1.19 per diluted share, a dip compared to $19.3 million, or $1.31 per diluted share, booked in the 2014 fourth quarter. For the year, net income landed at $81.1 million, or $5.47 per diluted share, down from $85.3 million, or $6.51 per diluted share in 2014.
Navigators said its combined ratio for Q4 was 97.2, up from 93.8 in Q4 2014. For 2015, the combined ratio was 94.1 versus 92.6 in 2014.
Navigators President and CEO Stan Galanski said that underwriting results were profitable across all three of its reporting segments for 2015, despite a tough market.
“Market conditions were challenging, particularly in economically sensitive products like offshore energy and marine liability, for which gross written premium decreased during the fourth quarter and year,” Galanski said in prepared remarks. “But our U.S. P/C operating segment continued to perform well and we remained encouraged by the momentum of our newer initiatives, including our property insurance and reinsurance product lines.”
Gross and net written premiums for Q4 and the year both offered mixed results.
For the 2015 fourth quarter, gross written premiums and net written premiums came in at $323.5 million and $244.7 million, respectively, dipping 2.9 percent and growing 7.3 percent over the same period in 2014. The full calendar year was more positive, with gross written premiums and net written premiums coming in at $1.45 billion and $1 billion, respectively, growing 1.5 percent and 4.4 percent compared to 2014.
Net investment income for Q4 2015 and the full calendar year came in at $18.5 million and $68.7 million, respectively, 15.1 percent and 7.1 percent higher than the same periods in 2014.
Source: The Navigators Group