UNDERWRITING AND INVESTMENT RESULTS BUOY NAVIGATORS

New York-based specialty property/casualty insurer Navigators Group saw earnings for both the third quarter and first nine months of the year rise significantly owing to improvements in both underwriting and investment results. For the nine months, net income jumped 55%, as underwriting income rose to $54.3m from $30.7m, investment income increased 14.5% to $48.1m and realised gains climbed 68% to $12m. With earned premiums rising 12.8% to $701.7m and incurred losses growing only 5.9% to $410.6m, the combined ratio improved by 2.8 points to 92.3%. Underwriting income climbed to $39.7m from $20.4m in Navigators’ insurance companies segment and to $14.6m from $10.4m in its Lloyd’s operation. For the third quarter, net income increased 47% to $31.2m as underwriting income rose to $25.9m from $21.9m and investment income grew 12.4% to $15.8m. The group also posted a swing to $6.7m in realised gains from losses of $988,000. The combined ratio improved by 0.3 points to 89.5%, as underwriting income rose to $9.4m from $1.8m in the group’s Lloyd’s operation, offsetting a $3.6m decline in income in the insurance companies segment.