The Navigators Group has reported total revenues of $189.2m for the second quarter of 2010, a decrease of 3% compared to $196m for the same quarter in 2009.
Gross written premiums and net written premiums for the three months ended June 30, 2010 were $253.6m and $165m, respectively, a decrease of 7% and 9.8% from the comparable 2009 periods.
Income before income taxes for the second quarter was $27.1m compared to $33.7m for the same quarter in 2009.
For the quarter ended June 30, 2010, the company posted net income of $18.9m, or $1.16 per share, compared to $23.6m, or $1.39 per share, for the same period last year.
Stan Galanski, CEO of Navigators, said: “Despite challenging economic and competitive conditions, we were able to produce an underwriting profit and grow book value per share to a record high of $51.48.
“From a financial standpoint, we sold virtually all of our general obligation municipal bonds during the quarter, realizing $10.4m of investment gains, which we believe strengthens the quality of our overall investment portfolio.”