The Navigators Group, Inc. reported net income increased 40 percent for the first three months of 2003 to $4,834,000 or $0.55 per share, compared to $3,450,000 or $0.40 per share reported for the same period in 2002.
The combined loss and expense ratio for the first three months of 2003 was 96.4 percent, compared to 97.0 percent for the same period in 2002.
Total revenue increased 58 percent to $72,605,000 for the first quarter of 2003, compared to $45,809,000 for the same period during 2002. Gross written premium for the first quarter 2003 was $174,702,000, an increase of 43 percent from the first quarter of 2002. Net written premium increased to $91,033,000, up 29 percent.
Net investment income for the first quarter of 2003 was $4,661,000, down from $4,942,000 in the first quarter of 2002. Net realized capital gains amounted to $218,000, or $0.02 per share, for the first quarter of 2003, compared to net realized capital losses of $293,000, or $0.02 per share for the same period in 2002.
“Market conditions continue to be favorable, as we were able to achieve our targeted rate increases in virtually all of our specialty lines. Marine rates increased an average of 21 percent in the quarter,” commented Terence Deeks, chairman of Navigators. “Cash flow from underwriting remains robust; however, lower investment yields dampened our investment income. The good news is that the prevailing low interest rates should help maintain current underwriting conditions for the foreseeable future. Our underwriting results remain profitable and we continue to emphasize the importance of maintaining adequate loss reserves to fund the ultimate claims that will develop over time,” added Deeks.
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