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Navigators Group Q3 net income declines

The Navigators Group has reported net income of $16.2m, or $1 per diluted share, for the third quarter of the 2010, compared to net income of $21.4m, or $1.24 per diluted share, for the same quarter of 2009.

Total revenues for the third quarter of 2010 were $192m, compared to $197m for the same period of 2009.

Net premiums written for the third quarter of 2010 were $157m, compared to $156m for the same quarter of 2009.

Navigators CEO Stan Galanski said, despite the weak economy and challenging insurance market conditions, Navigators achieved an underwriting profit and grew book value per share 5.2% during the third quarter.

“Our Nav Tech unit had a superb quarter, with premium growth of 38%. We are well positioned to take advantage of opportunities in the energy and power generation markets,”

The underwriting teams hired over the last two years are gaining traction. As part of our longer-term growth plans, we continue to look for opportunities to enhance our existing capabilities as evidenced by the recent launches of iTrade and Navigators Re,” Galanski said.