Navigators Group (NAVG) Tops Q2 EPS by 29c

Navigators Group (NASDAQ: NAVG) reported Q2 EPS of $1.08, $0.29 better than the analyst estimate of $0.79. Revenue for the quarter came in at $294.1 million versus the consensus estimate of $270.31 million.

Stan Galanski, President and Chief Executive Officer commented, “We are pleased to have produced our fourteenth consecutive quarter of profitable underwriting results despite absorbing $18.3 million of property catastrophe loss in the second quarter. Our U.S. Insurance business had another solidly profitable quarter, while our International Insurance business was adversely impacted by property catastrophe activity, largely stemming from the Fort McMurray fires. We achieved double digit Net written premium growth for the second quarter and first six months of 2016, driven by strong growth in both the P&C and Professional Liability operating segments within International Insurance. Net investment income was up nearly 20.0% over the second quarter of 2015, leading to a 3.2% increase in Book value per share from March 31, 2016. Given the turmoil in the global financial markets and the level of natural catastrophe loss activity impacting the industry during the second quarter, we believe our results reflect a well balanced risk portfolio and a sound investment philosophy.”

For earnings history and earnings-related data on Navigators Group (NAVG) click here.

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