Navigators reports stable Q4 '17 combined ratio
Marine insurance-focused The Navigators Group reported a stable combined ratio for the fourth quarter of 2017 while the ratio climbed in the full year on the back of natural catastrophes.
The combined ratio was 96.6 percent in the fourth quarter of 2017, barely changed from the 96.7 percent registered in the same period of 2016.
Net income was $26.9 million for the three months ended December 31, 2017 compared to $21.6 million for the same period in 2016.
“Both the US Insurance and Global Reinsurance segments produced excellent underwriting results,” said CEO Stan Galanski. “We grew gross written premium by 11.2 percent and are well positioned to capitalize on anticipated growth opportunities emanating from the ongoing strength of the US economy as well as targeted specialty niches globally,” he added.
“While the recently enacted Tax Act adversely impacted our fourth quarter results, we anticipate positive benefits of a lower corporate tax rate beginning in 2018. During the quarter, we announced the proposed acquisition of a Belgium-based specialty underwriting manager and insurance company, which we expect to close in the second quarter, subject to regulatory approval. This is an important part of our post-Brexit strategy.”
In the full year of 2017, however, the combined ratio deteriorated to 103.2 percent from 96.7 percent in 2016.
For the full year ended December 31, 2017, Navigators reported net income of $40.5 million compared to $82.7 million for the same period in 2016.
Gross written premiums for 2017 increased 9.2 percent year on year to $1.7 billion.
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