Hurricanes Gustav and Ike cause $18m losses in third quarter. Net income of $1m for 3Q.
The Navigators Group reported net income of $1m for the 2008 third quarter compared to net income of $25m per share for the 2007 third quarter. The 2008 third quarter results include net realised capital losses of $5m.
The 2008 third quarter net income includes $18m after-tax net losses from Hurricanes Gustav and Ike.
Navigators’ Chief Executive Officer Stan Galanski commented, "Navigators is a major participant in offshore energy insurance, consequently, losses from Hurricanes Gustav and Ike adversely impacted what would have been another very solid quarter for the Company. Given the magnitude of damage to offshore oil platforms from Hurricane Ike, we are pleased that our projected losses are well contained within our reinsurance program and consistent with our stated objective of limiting catastrophe exposure to no more than one quarter's earnings."
Net income for the nine month period ended 30 September, 2008 was $41m compared to $69m for same period last year.
Gross written premium and net written premium for the 2008 third quarter were $253m and $140m respectively, an increase of 3% and a decrease of 12%, respectively, from the comparable 2007 period. Gross written premium and net written premium for the nine month period ended September 30, 2008 were $819m and $502m respectively, a decrease of less than 1% and an increase of 2%, respectively, from the comparable 2007 period.