Attached files
| file | filename |
|---|---|
| 8-K - 8-K 4Q-2016 - NAVIGATORS GROUP INC | navg-8k_20170220.htm |
Exhibit 99.1
The Navigators Group, Inc.
CORPORATE NEWS
Navigators Reports Fourth Quarter 2016 Earnings
Net Income up 21.7%
Stamford, CT – February 16, 2017 -- The Navigators Group, Inc. (NASDAQ:NAVG) reported Net income of $21.6 million, or $0.71 per diluted share, for the three months ended December 31, 2016 compared to $17.7 million, or $0.59 per diluted share, for the comparable period in 2015. Net operating earnings were $17.7 million, or $0.58 per diluted share, for the three months ended December 31, 2016 compared to $16.4 million, or $0.55 per diluted share, for the comparable period in 2015.
For the twelve months ended December 31, 2016, our Company reported Net income of $82.7 million, or $2.75 per diluted share, compared to $81.1 million, or $2.73, for the comparable period in 2015. Net operating earnings were $71.2 million, or $2.37 per diluted share, for the twelve months ended December 31, 2016 compared to $77.1 million, or $2.60 per diluted share, for the comparable period in 2015.
Stan Galanski, President and Chief Executive Officer, commented, “We are pleased to report profitable results for the fourth quarter and full year, led by strong performances in our U.S. Insurance and Global Reinsurance segments. While our International Insurance segment was adversely impacted by property loss activity during the fourth quarter and full year, largely emanating from North American exposures underwritten at Lloyd’s, our Marine and Professional Liability businesses within the segment were profitable. Premium growth remained strong, with Net written premium up 15.6% for the quarter and 13.6% for the full year, reflecting the ongoing development of more recent product initiatives. Net investment income was up 8.7% for the quarter and 15.6% for the full year while maintaining the portfolio’s credit quality.” Mr. Galanski continued, “While we are a growing company, we continue to emphasize cost control. Our Other operating expenses for the quarter were down 1.9% and up only 4.7% for the full year, which is well below our rate of revenue growth. Despite challenging market conditions, we continue to execute on a strategy built around our culture of underwriting excellence, local decision-making and superb customer experiences.”
Gross written premiums and Net written premiums for the three months ended December 31, 2016 were $367.5 million and $282.9 million, respectively, increasing 13.6% and 15.6% from the comparable period in 2015.
Gross written premiums and Net written premiums for the twelve months ended December 31, 2016 were $1.6 billion and $1.2 billion, respectively, increasing 7.9% and 13.6% from the comparable period in 2015.
The combined ratio for the three and twelve months ended December 31, 2016 was 96.7% and 96.7%, respectively, compared to 97.2% and 94.1% for the comparable periods in 2015.
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400 Atlantic Street |
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Stamford, CT 06901 |
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TEL (203) 905-6090 |
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FAX (203) 658-1821 |
News Release
February 16, 2017
Page 2
Net investment income for the three and twelve months ended December 31, 2016 was $20.1 million and $79.5 million, respectively, increases of 8.7% and 15.6% as compared to the same periods in 2015. The annualized pre-tax investment yield, excluding Net realized gains and losses and other-than-temporary impairment losses recognized in earnings, was 2.5% and 2.6% for the three and twelve months ended December 31, 2016, compared to 2.5% and 2.4%, respectively, for the comparable periods in 2015.
Our Company’s investment portfolio mainly consists of fixed income securities with an average quality rating of “AA-/Aa3” as defined by S&P and Moody’s, respectively, with an average effective duration of 3.7 years as of December 31, 2016. As of December 31, 2016, Net unrealized gains within our investment portfolio were $29.0 million, a decrease of $8.3 million compared to December 31, 2015.
We recognized $4.0 million of Net realized gains (losses) for the three months ended December 31, 2016, compared to ($2.1) million of Net realized losses for the same period in 2015. For the twelve months ended December 31, 2016, we recognized $9.0 million of Net realized gains, compared to $6.7 million for the same period in 2015.
Other income (loss) for the three months ended December 31, 2016 was $1.9 million of income, compared to $4.1 million of income for the same period in 2015. For the twelve months ended December 31, 2016, Other income (loss) was $8.7 million of income, compared to ($0.5) million of loss for the same period in 2015. Other income (loss) primarily consists of realized and unrealized foreign exchange gains and losses. Stockholders’ equity was $1.2 billion, or $40.45 per share, as of December 31, 2016 compared to $1.1 billion, or $37.98 per share, as of December 31, 2015.
On February 16, 2017, the Board of Directors declared a quarterly cash dividend of $0.045 per share of Common stock to be paid on March 24, 2017 to stockholders of record at the close of business on March 3, 2017.
Our Company will hold a conference call on Friday, February 17, 2017 starting at 8:30 a.m. (EST) to discuss the 2016 fourth quarter results. The call will be available via live webcast on Navigators’ website (www.navg.com).
To participate by telephone, the domestic dial-in number is 800-850-2903 and the international dial-in is 224-357-2399. Participants may connect to the webcast at:
http://edge.media-server.com/m/p/5a9fo82i
On December 6, 2016, our Board of Directors declared a two-for-one stock split of The Navigators Group, Inc. Common stock, to be effected in the form of a stock dividend. Stockholders of record at the close of business on December 30, 2016 received one additional share of Common stock for every share of Common stock held. All disclosures of shares and per share data in this earnings release have been retroactively adjusted to reflect the stock split for all periods presented. The additional shares of Common stock were issued on January 20, 2017.
Net operating earnings, comprised of Net income excluding After-tax net realized gains (losses), After-tax net other-than-temporary impairment losses recognized in earnings, and After-tax foreign exchange gains and losses resulting from foreign currency transactions (transactions denominated in a currency other than the entity’s functional currency) and translation adjustments (translation of foreign currency denominated assets and liabilities into the entity’s functional currency), is a non-GAAP financial measure that is a common performance measurement for insurance companies. We believe this presentation enhances the understanding of our results of operations by highlighting the underlying profitability of our insurance business.
The Navigators Group, Inc. is an international specialty insurance holding company with insurance company operations, underwriting management companies and operations at Lloyd's. Navigators has offices in the United States, the United Kingdom and Continental Europe, as well as a representative office in China.
News Release
February 16, 2017
Page 3
This press release may contain “forward-looking statements” as defined in the Private Securities Litigation Reform Act of 1995. Whenever used in this release, the words “estimate,” “expect,” “believe” or similar expressions are intended to identify such forward-looking statements. Forward-looking statements are derived from information that we currently have and assumptions that we make. We cannot assure that results that we anticipate will be achieved, since results may differ materially because of known and unknown risks and uncertainties that we face. Please refer to Navigators’ most recent reports on Forms 10-K and 10-Q and its other filings with the Securities and Exchange Commission for a description of Navigators’ business and the important factors that may affect that business. Navigators’ undertakes no obligation to publicly update or revise any forward-looking statement.
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Contact: |
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Ciro M. DeFalco |
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Senior Vice President and Chief Financial Officer |
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(203) 905-6343 |
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cdefalco@navg.com |
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www.navg.com |
News Release
February 16, 2017
Page 4
THE NAVIGATORS GROUP, INC. AND SUBSIDIARIES
FINANCIAL HIGHLIGHTS
($ in thousands, except share and per share data)
(unaudited)
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Three Months Ended |
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Twelve Months Ended |
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December 31, |
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December 31, |
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Results of Operations |
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2016 |
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2015 |
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Change |
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2016 |
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2015 |
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Change |
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Gross written premiums |
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$ |
367,539 |
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$ |
323,509 |
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13.6 |
% |
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$ |
1,568,911 |
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$ |
1,453,502 |
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7.9 |
% |
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Net written premiums |
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282,868 |
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244,719 |
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15.6 |
% |
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1,186,224 |
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1,043,860 |
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13.6 |
% |
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Revenues: |
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Net earned premiums |
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$ |
283,985 |
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$ |
251,545 |
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12.9 |
% |
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$ |
1,100,345 |
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$ |
984,087 |
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11.8 |
% |
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Net investment income |
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20,107 |
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|
18,499 |
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8.7 |
% |
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79,451 |
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68,718 |
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15.6 |
% |
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Net realized gains (losses): |
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Total other-than-temporary impairment losses |
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21 |
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(123 |
) |
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NM |
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|
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(227 |
) |
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(1,870 |
) |
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(87.9 |
%) |
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Portion of loss recognized in other comprehensive income (before tax) |
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(21 |
) |
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123 |
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NM |
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77 |
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172 |
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(55.3 |
%) |
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Net other-than-temporary impairment losses recognized in earnings |
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|
— |
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— |
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NM |
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(150 |
) |
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(1,698 |
) |
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(91.2 |
%) |
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Other realized gains (losses) |
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4,043 |
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(2,080 |
) |
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NM |
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9,186 |
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8,373 |
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9.7 |
% |
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Net realized gains (losses) |
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4,043 |
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(2,080 |
) |
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NM |
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9,036 |
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6,675 |
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35.4 |
% |
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Other income (loss) |
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1,905 |
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4,147 |
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(54.1 |
%) |
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8,701 |
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(491 |
) |
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NM |
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Total revenues |
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$ |
310,040 |
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$ |
272,111 |
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13.9 |
% |
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$ |
1,197,533 |
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$ |
1,058,989 |
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13.1 |
% |
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Expenses: |
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Net losses and loss adjustment expenses |
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172,493 |
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153,881 |
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12.1 |
% |
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665,448 |
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572,598 |
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16.2 |
% |
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Commission expenses |
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44,154 |
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31,339 |
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40.9 |
% |
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165,045 |
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|
129,977 |
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27.0 |
% |
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Other operating expenses |
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|
58,076 |
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|
59,219 |
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(1.9 |
%) |
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|
234,096 |
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|
223,516 |
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4.7 |
% |
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Interest expense |
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|
3,860 |
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|
3,857 |
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0.1 |
% |
|
|
15,435 |
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|
|
15,424 |
|
|
|
0.1 |
% |
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Total expenses |
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$ |
278,583 |
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|
$ |
248,296 |
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|
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12.2 |
% |
|
$ |
1,080,024 |
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|
$ |
941,515 |
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14.7 |
% |
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Income before income taxes |
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31,457 |
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23,815 |
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32.1 |
% |
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|
117,509 |
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|
|
117,474 |
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0.0 |
% |
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Income tax expense (benefit) |
|
|
9,866 |
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|
6,072 |
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62.5 |
% |
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|
34,783 |
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|
36,417 |
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(4.5 |
%) |
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Net income (loss) |
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$ |
21,591 |
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|
$ |
17,743 |
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21.7 |
% |
|
$ |
82,726 |
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|
$ |
81,057 |
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2.1 |
% |
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Per Share Data(1) |
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Net income per common share: |
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Basic |
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$ |
0.74 |
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|
$ |
0.62 |
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20.5 |
% |
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$ |
2.85 |
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$ |
2.82 |
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1.0 |
% |
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Diluted |
|
$ |
0.71 |
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$ |
0.59 |
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19.9 |
% |
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$ |
2.75 |
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$ |
2.73 |
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0.8 |
% |
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Average common shares outstanding: |
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Basic |
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29,121,376 |
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28,833,895 |
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29,073,803 |
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28,785,044 |
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Diluted |
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30,282,248 |
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29,835,293 |
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30,031,609 |
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29,651,490 |
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Underwriting Ratios |
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Loss Ratio |
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60.7 |
% |
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61.2 |
% |
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60.5 |
% |
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|
58.2 |
% |
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Expense Ratio |
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36.0 |
% |
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36.0 |
% |
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|
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36.2 |
% |
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35.9 |
% |
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Combined Ratio |
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96.7 |
% |
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|
97.2 |
% |
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|
|
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96.7 |
% |
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94.1 |
% |
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Balance Sheet Data |
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December 31, |
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September 30, |
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December 31, |
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December 31, |
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2016 |
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2016 |
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2016 |
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2015 |
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Stockholders' equity |
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$ |
1,178,188 |
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$ |
1,204,281 |
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-2.2 |
% |
|
$ |
1,178,188 |
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$ |
1,096,148 |
|
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7.5 |
% |
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Book value per share |
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$ |
40.45 |
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$ |
41.36 |
|
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|
-2.2 |
% |
|
$ |
40.45 |
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|
$ |
37.98 |
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|
6.5 |
% |
(1) We completed a two-for-one stock split on January 20, 2017. All share and per share data has been retroactively restated on a post-split basis.
NM- Percentage change not meaningful
News Release
February 16, 2017
Page 5
THE NAVIGATORS GROUP, INC. AND SUBSIDIARIES
NON-GAAP RECONCILIATION OF NET INCOME TO NET OPERATING EARNINGS
($ in thousands, except per share data)
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|
Three Months Ended December 31, 2016 |
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Three Months Ended December 31, 2015 |
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% Change |
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Pre-Tax |
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Tax |
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After-Tax |
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Pre-Tax |
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Tax |
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After-Tax |
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QTD |
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Net income |
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$ |
31,457 |
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$ |
(9,866 |
) |
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$ |
21,591 |
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|
$ |
23,815 |
|
|
$ |
(6,072 |
) |
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$ |
17,743 |
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|
21.7 |
% |
|
Adjustments to Net income: |
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Realized losses (gains) |
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(4,043 |
) |
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|
1,416 |
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(2,627 |
) |
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|
2,080 |
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|
(728 |
) |
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|
1,352 |
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NM |
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FX losses (gains) |
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(1,947 |
) |
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|
682 |
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(1,265 |
) |
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(4,132 |
) |
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|
1,446 |
|
|
|
(2,686 |
) |
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(52.9 |
%) |
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Net operating earnings |
|
$ |
25,467 |
|
|
$ |
(7,768 |
) |
|
$ |
17,699 |
|
|
$ |
21,763 |
|
|
$ |
(5,354 |
) |
|
$ |
16,409 |
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|
7.9 |
% |
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Net operating earnings per common share:(1) |
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Basic |
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$ |
0.61 |
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$ |
0.57 |
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Diluted |
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$ |
0.58 |
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$ |
0.55 |
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|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Twelve Months Ended December 31, 2016 |
|
|
Twelve Months Ended December 31, 2015 |
|
|
% Change |
|
|||||||||||||||||||
|
|
|
Pre-Tax |
|
|
Tax |
|
|
After-Tax |
|
|
Pre-Tax |
|
|
Tax |
|
|
After-Tax |
|
|
YTD |
|
|||||||
|
Net income |
|
$ |
117,509 |
|
|
$ |
(34,783 |
) |
|
$ |
82,726 |
|
|
$ |
117,474 |
|
|
$ |
(36,417 |
) |
|
$ |
81,057 |
|
|
|
2.1 |
% |
|
Adjustments to Net income: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Realized losses (gains) |
|
|
(9,036 |
) |
|
|
3,163 |
|
|
|
(5,873 |
) |
|
|
(6,675 |
) |
|
|
2,336 |
|
|
|
(4,339 |
) |
|
|
35.4 |
% |
|
FX losses (gains) |
|
|
(8,626 |
) |
|
|
3,019 |
|
|
|
(5,607 |
) |
|
|
622 |
|
|
|
(218 |
) |
|
|
404 |
|
|
NM |
|
|
|
Net operating earnings |
|
$ |
99,847 |
|
|
$ |
(28,601 |
) |
|
$ |
71,246 |
|
|
$ |
111,421 |
|
|
$ |
(34,299 |
) |
|
$ |
77,122 |
|
|
|
(7.6 |
%) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net operating earnings per common share:(1) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
|
|
|
|
|
|
|
|
$ |
2.45 |
|
|
|
|
|
|
|
|
|
|
$ |
2.68 |
|
|
|
|
|
|
Diluted |
|
|
|
|
|
|
|
|
|
$ |
2.37 |
|
|
|
|
|
|
|
|
|
|
$ |
2.60 |
|
|
|
|
|
(1) We completed a two-for-one stock split on January 20, 2017. All share and per share data has been retroactively restated on a post-split basis.
NM- Percentage change not meaningful
News Release
February 16, 2017
Page 6
THE NAVIGATORS GROUP, INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS (Unaudited)
|
amounts in thousands, except share and per share amounts. |
|
|
|
|
|
|
|
|
|
|
|
December 31, |
|
|
December 31, |
|
||
|
|
|
2016 |
|
|
2015 |
|
||
|
ASSETS |
|
|
|
|
|
|
|
|
|
Investments: |
|
|
|
|
|
|
|
|
|
Fixed maturities, available-for-sale, at fair value (amortized cost: 2016: $2,628,225; 2015: $2,400,245) |
|
$ |
2,635,882 |
|
|
$ |
2,414,210 |
|
|
Equity securities, available-for-sale, at fair value (cost: 2016: $327,911; 2015: $281,943) |
|
|
349,142 |
|
|
|
305,271 |
|
|
Other invested assets (equity method) |
|
|
1,960 |
|
|
|
— |
|
|
Short-term investments, at fair value (amortized cost: 2016: $143,451; 2015: $217,743) |
|
|
143,539 |
|
|
|
217,745 |
|
|
Total investments |
|
$ |
3,130,523 |
|
|
$ |
2,937,226 |
|
|
|
|
|
|
|
|
|
|
|
|
Cash |
|
|
64,643 |
|
|
|
69,901 |
|
|
Premiums receivable |
|
|
306,686 |
|
|
|
276,616 |
|
|
Prepaid reinsurance premiums |
|
|
213,377 |
|
|
|
232,588 |
|
|
Reinsurance recoverable on paid losses |
|
|
82,582 |
|
|
|
49,506 |
|
|
Reinsurance recoverable on unpaid losses and loss adjustment expenses |
|
|
779,276 |
|
|
|
809,518 |
|
|
Deferred policy acquisition costs |
|
|
119,660 |
|
|
|
91,983 |
|
|
Accrued investment income |
|
|
17,315 |
|
|
|
16,001 |
|
|
Goodwill and other intangible assets |
|
|
6,451 |
|
|
|
6,807 |
|
|
Current income tax receivable, net |
|
|
23,659 |
|
|
|
22,323 |
|
|
Deferred income tax, net |
|
|
17,835 |
|
|
|
3,900 |
|
|
Other assets |
|
|
52,030 |
|
|
|
67,643 |
|
|
Total assets |
|
$ |
4,814,037 |
|
|
$ |
4,584,012 |
|
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES AND STOCKHOLDERS' EQUITY |
|
|
|
|
|
|
|
|
|
Liabilities: |
|
|
|
|
|
|
|
|
|
Reserves for losses and loss adjustment expenses |
|
$ |
2,289,727 |
|
|
$ |
2,202,644 |
|
|
Unearned premiums |
|
|
887,344 |
|
|
|
820,676 |
|
|
Reinsurance balances payable |
|
|
108,980 |
|
|
|
107,411 |
|
|
Senior notes |
|
|
263,728 |
|
|
|
263,580 |
|
|
Accounts payable and other liabilities |
|
|
86,070 |
|
|
|
93,553 |
|
|
Total liabilities |
|
$ |
3,635,849 |
|
|
$ |
3,487,864 |
|
|
|
|
|
|
|
|
|
|
|
|
Stockholders' equity:(1) |
|
|
|
|
|
|
|
|
|
Preferred stock, $.10 par value, authorized 1,000,000 shares, none issued |
|
$ |
— |
|
|
$ |
— |
|
|
|
|
|
|
|
|
|
|
|
|
Common stock, $.10 par value, authorized 50,000,000 shares, issued 36,146,899 shares for 2016 and 35,884,538 shares for 2015 |
|
|
3,612 |
|
|
|
3,586 |
|
|
Additional paid-in capital |
|
|
373,983 |
|
|
|
356,036 |
|
|
Treasury stock, at cost (7,022,760 shares for 2016 and 2015) |
|
|
(155,801 |
) |
|
|
(155,801 |
) |
|
Retained earnings |
|
|
947,519 |
|
|
|
868,723 |
|
|
Accumulated other comprehensive income |
|
|
8,875 |
|
|
|
23,604 |
|
|
Total stockholders' equity |
|
$ |
1,178,188 |
|
|
$ |
1,096,148 |
|
|
Total liabilities and stockholders' equity |
|
$ |
4,814,037 |
|
|
$ |
4,584,012 |
|
(1) We completed a two-for-one stock split on January 20, 2017. All share data has been retroactively restated on a post-split basis
News Release
February 16, 2017
Page 7
THE NAVIGATORS GROUP, INC. AND SUBSIDIARIES
Segment Information
|
|
|
Three Months Ended December 31, 2016 |
|
|||||||||||||||||
|
|
|
U.S. |
|
|
Int'l |
|
|
|
|
|
|
|
|
|
|
|
|
|
||
|
amounts in thousands |
|
Insurance |
|
|
Insurance |
|
|
GlobalRe |
|
|
Corporate (1) |
|
|
Total |
|
|||||
|
Gross written premiums |
|
$ |
230,177 |
|
|
$ |
100,104 |
|
|
$ |
37,258 |
|
|
$ |
— |
|
|
$ |
367,539 |
|
|
Ceded written premiums |
|
|
(57,353 |
) |
|
|
(26,429 |
) |
|
|
(889 |
) |
|
|
— |
|
|
|
(84,671 |
) |
|
Net written premiums |
|
|
172,824 |
|
|
|
73,675 |
|
|
|
36,369 |
|
|
|
— |
|
|
|
282,868 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net earned premiums |
|
$ |
166,862 |
|
|
$ |
71,814 |
|
|
$ |
45,309 |
|
|
$ |
— |
|
|
$ |
283,985 |
|
|
Net losses and LAE |
|
|
(106,600 |
) |
|
|
(44,765 |
) |
|
|
(21,128 |
) |
|
|
— |
|
|
|
(172,493 |
) |
|
Commission expenses |
|
|
(20,433 |
) |
|
|
(14,179 |
) |
|
|
(9,820 |
) |
|
|
278 |
|
|
|
(44,154 |
) |
|
Other operating expenses |
|
|
(31,260 |
) |
|
|
(21,398 |
) |
|
|
(5,418 |
) |
|
|
— |
|
|
|
(58,076 |
) |
|
Other underwriting income (expense) |
|
|
149 |
|
|
|
— |
|
|
|
148 |
|
|
|
(278 |
) |
|
|
19 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Underwriting profit (loss) |
|
$ |
8,718 |
|
|
$ |
(8,528 |
) |
|
$ |
9,091 |
|
|
$ |
— |
|
|
$ |
9,281 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net investment income |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
20,107 |
|
|
|
20,107 |
|
|
Net realized gains (losses) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
4,043 |
|
|
|
4,043 |
|
|
Interest expense |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(3,860 |
) |
|
|
(3,860 |
) |
|
Other income (loss) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1,886 |
|
|
|
1,886 |
|
|
Income before income taxes |
|
$ |
8,718 |
|
|
$ |
(8,528 |
) |
|
$ |
9,091 |
|
|
$ |
22,176 |
|
|
$ |
31,457 |
|
|
Income tax (expense) benefit |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(9,866 |
) |
|
|
(9,866 |
) |
|
Net income (loss) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
21,591 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Losses and LAE ratio |
|
|
63.9 |
% |
|
|
62.3 |
% |
|
|
46.6 |
% |
|
|
|
|
|
|
60.7 |
% |
|
Commission expense ratio |
|
|
12.2 |
% |
|
|
19.7 |
% |
|
|
21.7 |
% |
|
|
|
|
|
|
15.5 |
% |
|
Other operating expense ratio (2) |
|
|
18.7 |
% |
|
|
29.9 |
% |
|
|
11.6 |
% |
|
|
|
|
|
|
20.5 |
% |
|
Combined ratio |
|
|
94.8 |
% |
|
|
111.9 |
% |
|
|
79.9 |
% |
|
|
|
|
|
|
96.7 |
% |
(1) - Includes Corporate segment intercompany eliminations.
(2) - Includes Other operating expenses and Other underwriting income (expense).
News Release
February 16, 2017
Page 8
THE NAVIGATORS GROUP, INC. AND SUBSIDIARIES
Segment Information
|
|
|
Three Months Ended December 31, 2015 |
|
|||||||||||||||||
|
|
|
U.S. |
|
|
Int'l |
|
|
|
|
|
|
|
|
|
|
|
|
|
||
|
amounts in thousands |
|
Insurance |
|
|
Insurance |
|
|
GlobalRe |
|
|
Corporate (1) |
|
|
Total |
|
|||||
|
Gross written premiums |
|
$ |
207,684 |
|
|
$ |
81,942 |
|
|
$ |
33,883 |
|
|
$ |
— |
|
|
$ |
323,509 |
|
|
Ceded written premiums |
|
|
(57,410 |
) |
|
|
(20,324 |
) |
|
|
(1,056 |
) |
|
|
— |
|
|
|
(78,790 |
) |
|
Net written premiums |
|
|
150,274 |
|
|
|
61,618 |
|
|
|
32,827 |
|
|
|
— |
|
|
|
244,719 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net earned premiums |
|
$ |
145,032 |
|
|
$ |
62,716 |
|
|
$ |
43,797 |
|
|
$ |
— |
|
|
$ |
251,545 |
|
|
Net losses and LAE |
|
|
(96,403 |
) |
|
|
(33,466 |
) |
|
|
(24,012 |
) |
|
|
— |
|
|
|
(153,881 |
) |
|
Commission expenses |
|
|
(14,542 |
) |
|
|
(8,185 |
) |
|
|
(9,198 |
) |
|
|
586 |
|
|
|
(31,339 |
) |
|
Other operating expenses |
|
|
(33,397 |
) |
|
|
(21,555 |
) |
|
|
(4,267 |
) |
|
|
— |
|
|
|
(59,219 |
) |
|
Other underwriting income (expense) |
|
|
360 |
|
|
|
— |
|
|
|
249 |
|
|
|
(586 |
) |
|
|
23 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Underwriting profit (loss) |
|
$ |
1,050 |
|
|
$ |
(490 |
) |
|
$ |
6,569 |
|
|
$ |
— |
|
|
$ |
7,129 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net investment income |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
18,499 |
|
|
|
18,499 |
|
|
Net realized gains (losses) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(2,080 |
) |
|
|
(2,080 |
) |
|
Interest expense |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(3,857 |
) |
|
|
(3,857 |
) |
|
Other income (loss) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
4,124 |
|
|
|
4,124 |
|
|
Income before income taxes |
|
$ |
1,050 |
|
|
$ |
(490 |
) |
|
$ |
6,569 |
|
|
$ |
16,686 |
|
|
$ |
23,815 |
|
|
Income tax (expense) benefit |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(6,072 |
) |
|
|
(6,072 |
) |
|
Net income (loss) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
17,743 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Losses and LAE ratio |
|
|
66.5 |
% |
|
|
53.4 |
% |
|
|
54.8 |
% |
|
|
|
|
|
|
61.2 |
% |
|
Commission expense ratio |
|
|
10.0 |
% |
|
|
13.1 |
% |
|
|
21.0 |
% |
|
|
|
|
|
|
12.5 |
% |
|
Other operating expense ratio (2) |
|
|
22.8 |
% |
|
|
34.3 |
% |
|
|
9.2 |
% |
|
|
|
|
|
|
23.5 |
% |
|
Combined ratio |
|
|
99.3 |
% |
|
|
100.8 |
% |
|
|
85.0 |
% |
|
|
|
|
|
|
97.2 |
% |
(1) - Includes Corporate segment intercompany eliminations.
(2) - Includes Other operating expenses and Other underwriting income (expense).
News Release
February 16, 2017
Page 9
THE NAVIGATORS GROUP, INC. AND SUBSIDIARIES
Segment Information
|
|
|
Twelve Months Ended December 31, 2016 |
|
|||||||||||||||||
|
|
|
U.S. |
|
|
Int'l |
|
|
|
|
|
|
|
|
|
|
|
|
|
||
|
amounts in thousands |
|
Insurance |
|
|
Insurance |
|
|
GlobalRe |
|
|
Corporate (1) |
|
|
Total |
|
|||||
|
Gross written premiums |
|
$ |
919,395 |
|
|
$ |
484,471 |
|
|
$ |
165,045 |
|
|
$ |
— |
|
|
$ |
1,568,911 |
|
|
Ceded written premiums |
|
|
(235,827 |
) |
|
|
(138,504 |
) |
|
|
(8,356 |
) |
|
|
— |
|
|
|
(382,687 |
) |
|
Net written premiums |
|
|
683,568 |
|
|
|
345,967 |
|
|
|
156,689 |
|
|
|
— |
|
|
|
1,186,224 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net earned premiums |
|
$ |
629,308 |
|
|
$ |
307,416 |
|
|
$ |
163,621 |
|
|
$ |
— |
|
|
$ |
1,100,345 |
|
|
Net losses and LAE |
|
|
(397,860 |
) |
|
|
(178,284 |
) |
|
|
(89,304 |
) |
|
|
— |
|
|
|
(665,448 |
) |
|
Commission expenses |
|
|
(70,812 |
) |
|
|
(61,703 |
) |
|
|
(34,008 |
) |
|
|
1,478 |
|
|
|
(165,045 |
) |
|
Other operating expenses |
|
|
(128,108 |
) |
|
|
(86,395 |
) |
|
|
(19,593 |
) |
|
|
— |
|
|
|
(234,096 |
) |
|
Other underwriting income (expense) |
|
|
1,092 |
|
|
|
— |
|
|
|
522 |
|
|
|
(1,478 |
) |
|
|
136 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Underwriting profit (loss) |
|
$ |
33,620 |
|
|
$ |
(18,966 |
) |
|
$ |
21,238 |
|
|
$ |
— |
|
|
$ |
35,892 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net investment income |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
79,451 |
|
|
|
79,451 |
|
|
Net realized gains (losses) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
9,036 |
|
|
|
9,036 |
|
|
Interest expense |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(15,435 |
) |
|
|
(15,435 |
) |
|
Other income (loss) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
8,565 |
|
|
|
8,565 |
|
|
Income (loss) before income taxes |
|
$ |
33,620 |
|
|
$ |
(18,966 |
) |
|
$ |
21,238 |
|
|
$ |
81,617 |
|
|
$ |
117,509 |
|
|
Income tax (expense) benefit |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(34,783 |
) |
|
|
(34,783 |
) |
|
Net income (loss) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
82,726 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Losses and LAE ratio |
|
|
63.2 |
% |
|
|
58.0 |
% |
|
|
54.6 |
% |
|
|
|
|
|
|
60.5 |
% |
|
Commission expense ratio |
|
|
11.3 |
% |
|
|
20.1 |
% |
|
|
20.8 |
% |
|
|
|
|
|
|
15.0 |
% |
|
Other operating expense ratio (2) |
|
|
20.2 |
% |
|
|
28.1 |
% |
|
|
11.6 |
% |
|
|
|
|
|
|
21.2 |
% |
|
Combined ratio |
|
|
94.7 |
% |
|
|
106.2 |
% |
|
|
87.0 |
% |
|
|
|
|
|
|
96.7 |
% |
(1) - Includes Corporate segment intercompany eliminations.
(2) - Includes Other operating expenses and Other underwriting income (expense).
News Release
February 16, 2017
Page 10
THE NAVIGATORS GROUP, INC. AND SUBSIDIARIES
Segment Information
|
|
|
Twelve Months Ended December 31, 2015 |
|
|||||||||||||||||
|
|
|
U.S. |
|
|
Int'l |
|
|
|
|
|
|
|
|
|
|
|
|
|
||
|
amounts in thousands |
|
Insurance |
|
|
Insurance |
|
|
GlobalRe |
|
|
Corporate (1) |
|
|
Total |
|
|||||
|
Gross written premiums |
|
$ |
865,781 |
|
|
$ |
411,947 |
|
|
$ |
175,774 |
|
|
$ |
— |
|
|
$ |
1,453,502 |
|
|
Ceded written premiums |
|
|
(268,775 |
) |
|
|
(134,005 |
) |
|
|
(6,862 |
) |
|
|
— |
|
|
|
(409,642 |
) |
|
Net written premiums |
|
|
597,006 |
|
|
|
277,942 |
|
|
|
168,912 |
|
|
|
— |
|
|
|
1,043,860 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net earned premiums |
|
$ |
555,836 |
|
|
$ |
259,960 |
|
|
$ |
168,291 |
|
|
$ |
— |
|
|
$ |
984,087 |
|
|
Net losses and LAE |
|
|
(343,497 |
) |
|
|
(134,702 |
) |
|
|
(94,399 |
) |
|
|
— |
|
|
|
(572,598 |
) |
|
Commission expenses |
|
|
(56,319 |
) |
|
|
(43,676 |
) |
|
|
(32,240 |
) |
|
|
2,258 |
|
|
|
(129,977 |
) |
|
Other operating expenses |
|
|
(131,407 |
) |
|
|
(75,867 |
) |
|
|
(16,242 |
) |
|
|
— |
|
|
|
(223,516 |
) |
|
Other underwriting income (expense) |
|
|
1,690 |
|
|
|
— |
|
|
|
690 |
|
|
|
(2,258 |
) |
|
|
122 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Underwriting profit (loss) |
|
$ |
26,303 |
|
|
$ |
5,715 |
|
|
$ |
26,100 |
|
|
$ |
— |
|
|
$ |
58,118 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net investment income |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
68,718 |
|
|
|
68,718 |
|
|
Net realized gains (losses) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
6,675 |
|
|
|
6,675 |
|
|
Interest expense |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(15,424 |
) |
|
|
(15,424 |
) |
|
Other income (loss) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(613 |
) |
|
|
(613 |
) |
|
Income (loss) before income taxes |
|
$ |
26,303 |
|
|
$ |
5,715 |
|
|
$ |
26,100 |
|
|
$ |
59,356 |
|
|
$ |
117,474 |
|
|
Income tax (expense) benefit |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(36,417 |
) |
|
|
(36,417 |
) |
|
Net income (loss) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
81,057 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Losses and LAE ratio |
|
|
61.8 |
% |
|
|
51.8 |
% |
|
|
56.1 |
% |
|
|
|
|
|
|
58.2 |
% |
|
Commission expense ratio |
|
|
10.1 |
% |
|
|
16.8 |
% |
|
|
19.2 |
% |
|
|
|
|
|
|
13.2 |
% |
|
Other operating expense ratio (2) |
|
|
23.4 |
% |
|
|
29.2 |
% |
|
|
9.2 |
% |
|
|
|
|
|
|
22.7 |
% |
|
Combined ratio |
|
|
95.3 |
% |
|
|
97.8 |
% |
|
|
84.5 |
% |
|
|
|
|
|
|
94.1 |
% |
(1) - Includes Corporate segment intercompany eliminations.
(2) - Includes Other operating expenses and Other underwriting income (expense).
News Release
February 16, 2017
Page 11
THE NAVIGATORS GROUP, INC. AND SUBSIDIARIES
Reportable Segment Results
|
|
|
U.S. Insurance |
|
|||||||||||||||||||||||||||||||||
|
|
|
Three Months Ended December 31, 2016 |
|
|
Three Months Ended December 31, 2015 |
|
|
|
|
|
||||||||||||||||||||||||||
|
amounts in thousands |
|
Marine |
|
|
P&C |
|
|
Professional Liability |
|
|
Total |
|
|
Marine |
|
|
P&C |
|
|
Professional Liability |
|
|
Total |
|
|
% Change Total |
|
|||||||||
|
Gross written premiums |
|
$ |
39,784 |
|
|
$ |
160,030 |
|
|
$ |
30,363 |
|
|
$ |
230,177 |
|
|
$ |
40,045 |
|
|
$ |
138,214 |
|
|
$ |
29,425 |
|
|
$ |
207,684 |
|
|
|
10.8 |
% |
|
Ceded written premiums |
|
|
(17,035 |
) |
|
|
(32,602 |
) |
|
|
(7,716 |
) |
|
|
(57,353 |
) |
|
|
(16,747 |
) |
|
|
(28,395 |
) |
|
|
(12,268 |
) |
|
|
(57,410 |
) |
|
|
(0.1 |
%) |
|
Net written premiums |
|
|
22,749 |
|
|
|
127,428 |
|
|
|
22,647 |
|
|
|
172,824 |
|
|
|
23,298 |
|
|
|
109,819 |
|
|
|
17,157 |
|
|
|
150,274 |
|
|
|
15.0 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net earned premiums |
|
$ |
26,496 |
|
|
$ |
118,331 |
|
|
$ |
22,035 |
|
|
$ |
166,862 |
|
|
$ |
21,976 |
|
|
$ |
109,673 |
|
|
$ |
13,383 |
|
|
$ |
145,032 |
|
|
|
15.1 |
% |
|
Net losses and LAE |
|
|
(14,639 |
) |
|
|
(77,979 |
) |
|
|
(13,982 |
) |
|
|
(106,600 |
) |
|
|
(14,619 |
) |
|
|
(71,878 |
) |
|
|
(9,906 |
) |
|
|
(96,403 |
) |
|
|
10.6 |
% |
|
Commission expenses |
|
|
(2,694 |
) |
|
|
(14,146 |
) |
|
|
(3,593 |
) |
|
|
(20,433 |
) |
|
|
(2,254 |
) |
|
|
(11,392 |
) |
|
|
(896 |
) |
|
|
(14,542 |
) |
|
|
40.5 |
% |
|
Other operating expenses |
|
|
(6,603 |
) |
|
|
(19,901 |
) |
|
|
(4,756 |
) |
|
|
(31,260 |
) |
|
|
(6,953 |
) |
|
|
(20,890 |
) |
|
|
(5,554 |
) |
|
|
(33,397 |
) |
|
|
(6.4 |
%) |
|
Other underwriting income (expense) |
|
|
108 |
|
|
|
32 |
|
|
|
9 |
|
|
|
149 |
|
|
|
100 |
|
|
|
246 |
|
|
|
14 |
|
|
|
360 |
|
|
|
(58.5 |
%) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Underwriting profit (loss) |
|
$ |
2,668 |
|
|
$ |
6,337 |
|
|
$ |
(287 |
) |
|
$ |
8,718 |
|
|
$ |
(1,750 |
) |
|
$ |
5,759 |
|
|
$ |
(2,959 |
) |
|
$ |
1,050 |
|
|
NM |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Losses and LAE ratio |
|
|
55.3 |
% |
|
|
65.9 |
% |
|
|
63.5 |
% |
|
|
63.9 |
% |
|
|
66.5 |
% |
|
|
65.5 |
% |
|
|
74.0 |
% |
|
|
66.5 |
% |
|
|
|
|
|
Commission expense ratio |
|
|
10.2 |
% |
|
|
12.0 |
% |
|
|
16.3 |
% |
|
|
12.2 |
% |
|
|
10.3 |
% |
|
|
10.4 |
% |
|
|
6.7 |
% |
|
|
10.0 |
% |
|
|
|
|
|
Other operating expense ratio (1) |
|
|
24.4 |
% |
|
|
16.7 |
% |
|
|
21.5 |
% |
|
|
18.7 |
% |
|
|
31.2 |
% |
|
|
18.8 |
% |
|
|
41.4 |
% |
|
|
22.8 |
% |
|
|
|
|
|
Combined ratio |
|
|
89.9 |
% |
|
|
94.6 |
% |
|
|
101.3 |
% |
|
|
94.8 |
% |
|
|
108.0 |
% |
|
|
94.7 |
% |
|
|
122.1 |
% |
|
|
99.3 |
% |
|
|
|
|
NM - Percentage change not meaningful
(1) - Includes Other operating expenses and Other underwriting income (expense).
News Release
February 16, 2017
Page 12
THE NAVIGATORS GROUP, INC. AND SUBSIDIARIES
Reportable Segment Results
|
|
|
Int'l Insurance |
|
|||||||||||||||||||||||||||||||||
|
|
|
Three Months Ended December 31, 2016 |
|
|
Three Months Ended December 31, 2015 |
|
|
|
|
|
||||||||||||||||||||||||||
|
amounts in thousands |
|
Marine |
|
|
P&C |
|
|
Professional Liability |
|
|
Total |
|
|
Marine |
|
|
P&C |
|
|
Professional Liability |
|
|
Total |
|
|
% Change Total |
|
|||||||||
|
Gross written premiums |
|
$ |
31,680 |
|
|
$ |
35,969 |
|
|
$ |
32,455 |
|
|
$ |
100,104 |
|
|
$ |
33,863 |
|
|
$ |
18,715 |
|
|
$ |
29,364 |
|
|
$ |
81,942 |
|
|
|
22.2 |
% |
|
Ceded written premiums |
|
|
(6,818 |
) |
|
|
(12,581 |
) |
|
|
(7,030 |
) |
|
|
(26,429 |
) |
|
|
(5,582 |
) |
|
|
(7,046 |
) |
|
|
(7,696 |
) |
|
|
(20,324 |
) |
|
|
30.0 |
% |
|
Net written premiums |
|
|
24,862 |
|
|
|
23,388 |
|
|
|
25,425 |
|
|
|
73,675 |
|
|
|
28,281 |
|
|
|
11,669 |
|
|
|
21,668 |
|
|
|
61,618 |
|
|
|
19.6 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net earned premiums |
|
$ |
31,847 |
|
|
$ |
18,847 |
|
|
$ |
21,120 |
|
|
$ |
71,814 |
|
|
$ |
34,540 |
|
|
$ |
12,208 |
|
|
$ |
15,968 |
|
|
$ |
62,716 |
|
|
|
14.5 |
% |
|
Net losses and LAE |
|
|
(12,653 |
) |
|
|
(19,821 |
) |
|
|
(12,291 |
) |
|
|
(44,765 |
) |
|
|
(15,792 |
) |
|
|
(3,463 |
) |
|
|
(14,211 |
) |
|
|
(33,466 |
) |
|
|
33.8 |
% |
|
Commission expenses |
|
|
(7,894 |
) |
|
|
(3,102 |
) |
|
|
(3,183 |
) |
|
|
(14,179 |
) |
|
|
(5,275 |
) |
|
|
(1,038 |
) |
|
|
(1,872 |
) |
|
|
(8,185 |
) |
|
|
73.2 |
% |
|
Other operating expenses |
|
|
(8,376 |
) |
|
|
(8,389 |
) |
|
|
(4,633 |
) |
|
|
(21,398 |
) |
|
|
(8,742 |
) |
|
|
(7,540 |
) |
|
|
(5,273 |
) |
|
|
(21,555 |
) |
|
|
(0.7 |
%) |
|
Other underwriting income (expense) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
NM |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Underwriting profit (loss) |
|
$ |
2,924 |
|
|
$ |
(12,465 |
) |
|
$ |
1,013 |
|
|
$ |
(8,528 |
) |
|
$ |
4,731 |
|
|
$ |
167 |
|
|
$ |
(5,388 |
) |
|
$ |
(490 |
) |
|
NM |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Losses and LAE ratio |
|
|
39.7 |
% |
|
|
105.2 |
% |
|
|
58.2 |
% |
|
|
62.3 |
% |
|
|
45.7 |
% |
|
|
28.4 |
% |
|
|
89.0 |
% |
|
|
53.4 |
% |
|
|
|
|
|
Commission expense ratio |
|
|
24.8 |
% |
|
|
16.5 |
% |
|
|
15.1 |
% |
|
|
19.7 |
% |
|
|
15.3 |
% |
|
|
8.5 |
% |
|
|
11.7 |
% |
|
|
13.1 |
% |
|
|
|
|
|
Other operating expense ratio (1) |
|
|
26.3 |
% |
|
|
44.4 |
% |
|
|
21.9 |
% |
|
|
29.9 |
% |
|
|
25.3 |
% |
|
|
61.7 |
% |
|
|
33.0 |
% |
|
|
34.3 |
% |
|
|
|
|
|
Combined ratio |
|
|
90.8 |
% |
|
|
166.1 |
% |
|
|
95.2 |
% |
|
|
111.9 |
% |
|
|
86.3 |
% |
|
|
98.6 |
% |
|
|
133.7 |
% |
|
|
100.8 |
% |
|
|
|
|
NM - Percentage change not meaningful
(1) - Includes Other operating expenses and Other underwriting income (expense).
News Release
February 16, 2017
Page 13
THE NAVIGATORS GROUP, INC. AND SUBSIDIARIES
Reportable Segment Results
|
|
|
U.S. Insurance |
|
|||||||||||||||||||||||||||||||||
|
|
|
Twelve Months Ended December 31, 2016 |
|
|
Twelve Months Ended December 31, 2015 |
|
|
|
|
|
||||||||||||||||||||||||||
|
amounts in thousands |
|
Marine |
|
|
P&C |
|
|
Professional Liability |
|
|
Total |
|
|
Marine |
|
|
P&C |
|
|
Professional Liability |
|
|
Total |
|
|
% Change Total |
|
|||||||||
|
Gross written premiums |
|
$ |
169,405 |
|
|
$ |
631,562 |
|
|
$ |
118,428 |
|
|
$ |
919,395 |
|
|
$ |
158,124 |
|
|
$ |
596,673 |
|
|
$ |
110,984 |
|
|
$ |
865,781 |
|
|
|
6.2 |
% |
|
Ceded written premiums |
|
|
(70,858 |
) |
|
|
(135,888 |
) |
|
|
(29,081 |
) |
|
|
(235,827 |
) |
|
|
(61,916 |
) |
|
|
(152,168 |
) |
|
|
(54,691 |
) |
|
|
(268,775 |
) |
|
|
(12.3 |
%) |
|
Net written premiums |
|
|
98,547 |
|
|
|
495,674 |
|
|
|
89,347 |
|
|
|
683,568 |
|
|
|
96,208 |
|
|
|
444,505 |
|
|
|
56,293 |
|
|
|
597,006 |
|
|
|
14.5 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net earned premiums |
|
$ |
100,132 |
|
|
$ |
453,673 |
|
|
$ |
75,503 |
|
|
$ |
629,308 |
|
|
$ |
96,082 |
|
|
$ |
401,408 |
|
|
$ |
58,346 |
|
|
$ |
555,836 |
|
|
|
13.2 |
% |
|
Net losses and LAE |
|
|
(50,087 |
) |
|
|
(295,877 |
) |
|
|
(51,896 |
) |
|
|
(397,860 |
) |
|
|
(43,553 |
) |
|
|
(266,806 |
) |
|
|
(33,138 |
) |
|
|
(343,497 |
) |
|
|
15.8 |
% |
|
Commission expenses |
|
|
(8,469 |
) |
|
|
(52,483 |
) |
|
|
(9,860 |
) |
|
|
(70,812 |
) |
|
|
(11,606 |
) |
|
|
(39,931 |
) |
|
|
(4,782 |
) |
|
|
(56,319 |
) |
|
|
25.7 |
% |
|
Other operating expenses |
|
|
(27,559 |
) |
|
|
(81,469 |
) |
|
|
(19,080 |
) |
|
|
(128,108 |
) |
|
|
(27,082 |
) |
|
|
(81,866 |
) |
|
|
(22,459 |
) |
|
|
(131,407 |
) |
|
|
(2.5 |
%) |
|
Other underwriting income (expense) |
|
|
465 |
|
|
|
582 |
|
|
|
45 |
|
|
|
1,092 |
|
|
|
489 |
|
|
|
1,122 |
|
|
|
79 |
|
|
|
1,690 |
|
|
|
(35.4 |
%) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Underwriting profit (loss) |
|
$ |
14,482 |
|
|
$ |
24,426 |
|
|
$ |
(5,288 |
) |
|
$ |
33,620 |
|
|
$ |
14,330 |
|
|
$ |
13,927 |
|
|
$ |
(1,954 |
) |
|
$ |
26,303 |
|
|
|
27.8 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Losses and LAE ratio |
|
|
50.0 |
% |
|
|
65.2 |
% |
|
|
68.7 |
% |
|
|
63.2 |
% |
|
|
45.3 |
% |
|
|
66.5 |
% |
|
|
56.8 |
% |
|
|
61.8 |
% |
|
|
|
|
|
Commission expense ratio |
|
|
8.5 |
% |
|
|
11.6 |
% |
|
|
13.1 |
% |
|
|
11.3 |
% |
|
|
12.1 |
% |
|
|
9.9 |
% |
|
|
8.2 |
% |
|
|
10.1 |
% |
|
|
|
|
|
Other operating expense ratio (1) |
|
|
27.0 |
% |
|
|
17.8 |
% |
|
|
25.2 |
% |
|
|
20.2 |
% |
|
|
27.7 |
% |
|
|
20.1 |
% |
|
|
38.3 |
% |
|
|
23.4 |
% |
|
|
|
|
|
Combined ratio |
|
|
85.5 |
% |
|
|
94.6 |
% |
|
|
107.0 |
% |
|
|
94.7 |
% |
|
|
85.1 |
% |
|
|
96.5 |
% |
|
|
103.3 |
% |
|
|
95.3 |
% |
|
|
|
|
(1) - Includes Other operating expenses and Other underwriting income (expense).
News Release
February 16, 2017
Page 14
THE NAVIGATORS GROUP, INC. AND SUBSIDIARIES
Reportable Segment Results
|
|
|
Int'l Insurance |
|
|||||||||||||||||||||||||||||||||
|
|
|
Twelve Months Ended December 31, 2016 |
|
|
Twelve Months Ended December 31, 2015 |
|
|
|
|
|
||||||||||||||||||||||||||
|
amounts in thousands |
|
Marine |
|
|
P&C |
|
|
Professional Liability |
|
|
Total |
|
|
Marine |
|
|
P&C |
|
|
Professional Liability |
|
|
Total |
|
|
% Change Total |
|
|||||||||
|
Gross written premiums |
|
$ |
183,228 |
|
|
$ |
181,094 |
|
|
$ |
120,149 |
|
|
$ |
484,471 |
|
|
$ |
183,707 |
|
|
$ |
130,729 |
|
|
$ |
97,511 |
|
|
$ |
411,947 |
|
|
|
17.6 |
% |
|
Ceded written premiums |
|
|
(40,092 |
) |
|
|
(69,606 |
) |
|
|
(28,806 |
) |
|
|
(138,504 |
) |
|
|
(36,515 |
) |
|
|
(67,722 |
) |
|
|
(29,768 |
) |
|
|
(134,005 |
) |
|
|
3.4 |
% |
|
Net written premiums |
|
|
143,136 |
|
|
|
111,488 |
|
|
|
91,343 |
|
|
|
345,967 |
|
|
|
147,192 |
|
|
|
63,007 |
|
|
|
67,743 |
|
|
|
277,942 |
|
|
|
24.5 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net earned premiums |
|
$ |
141,593 |
|
|
$ |
89,455 |
|
|
$ |
76,368 |
|
|
$ |
307,416 |
|
|
$ |
149,256 |
|
|
$ |
55,320 |
|
|
$ |
55,384 |
|
|
$ |
259,960 |
|
|
|
18.3 |
% |
|
Net losses and LAE |
|
|
(67,051 |
) |
|
|
(68,995 |
) |
|
|
(42,238 |
) |
|
|
(178,284 |
) |
|
|
(79,737 |
) |
|
|
(20,478 |
) |
|
|
(34,487 |
) |
|
|
(134,702 |
) |
|
|
32.4 |
% |
|
Commission expenses |
|
|
(34,018 |
) |
|
|
(14,529 |
) |
|
|
(13,156 |
) |
|
|
(61,703 |
) |
|
|
(32,187 |
) |
|
|
(4,999 |
) |
|
|
(6,490 |
) |
|
|
(43,676 |
) |
|
|
41.3 |
% |
|
Other operating expenses |
|
|
(33,170 |
) |
|
|
(34,075 |
) |
|
|
(19,150 |
) |
|
|
(86,395 |
) |
|
|
(30,419 |
) |
|
|
(26,294 |
) |
|
|
(19,154 |
) |
|
|
(75,867 |
) |
|
|
13.9 |
% |
|
Other underwriting income (expense) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
NM |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Underwriting profit (loss) |
|
$ |
7,354 |
|
|
$ |
(28,144 |
) |
|
$ |
1,824 |
|
|
$ |
(18,966 |
) |
|
$ |
6,913 |
|
|
$ |
3,549 |
|
|
$ |
(4,747 |
) |
|
$ |
5,715 |
|
|
NM |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Losses and LAE ratio |
|
|
47.4 |
% |
|
|
77.1 |
% |
|
|
55.3 |
% |
|
|
58.0 |
% |
|
|
53.4 |
% |
|
|
37.0 |
% |
|
|
62.3 |
% |
|
|
51.8 |
% |
|
|
|
|
|
Commission expense ratio |
|
|
24.0 |
% |
|
|
16.2 |
% |
|
|
17.2 |
% |
|
|
20.1 |
% |
|
|
21.6 |
% |
|
|
9.0 |
% |
|
|
11.7 |
% |
|
|
16.8 |
% |
|
|
|
|
|
Other operating expense ratio (1) |
|
|
23.4 |
% |
|
|
38.2 |
% |
|
|
25.1 |
% |
|
|
28.1 |
% |
|
|
20.4 |
% |
|
|
47.6 |
% |
|
|
34.6 |
% |
|
|
29.2 |
% |
|
|
|
|
|
Combined ratio |
|
|
94.8 |
% |
|
|
131.5 |
% |
|
|
97.6 |
% |
|
|
106.2 |
% |
|
|
95.4 |
% |
|
|
93.6 |
% |
|
|
108.6 |
% |
|
|
97.8 |
% |
|
|
|
|
NM - Percentage change not meaningful
(1) - Includes Other operating expenses and Other underwriting income (expense).
News Release
February 16, 2017
Page 15
THE NAVIGATORS GROUP, INC. AND SUBSIDIARIES
Net Incurred Loss Activity
|
|
|
For the Three Months Ended December 31, |
|
|||||||||||||
|
amounts in thousands |
|
Amounts |
|
|
Loss Ratio |
|
||||||||||
|
Net Incurred Loss Activity |
|
2016 |
|
|
2015 |
|
|
2016 |
|
|
2015 |
|
||||
|
U.S. Insurance: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loss and LAE payments |
|
$ |
73,100 |
|
|
$ |
60,750 |
|
|
|
43.8 |
% |
|
|
41.9 |
% |
|
Change in reserves |
|
|
33,500 |
|
|
|
35,653 |
|
|
|
20.1 |
% |
|
|
24.6 |
% |
|
Net incurred loss and LAE |
|
$ |
106,600 |
|
|
$ |
96,403 |
|
|
|
63.9 |
% |
|
|
66.5 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Int'l Insurance: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loss and LAE payments |
|
$ |
45,011 |
|
|
$ |
27,933 |
|
|
|
62.6 |
% |
|
|
44.6 |
% |
|
Change in reserves |
|
|
(246 |
) |
|
|
5,533 |
|
|
|
(0.3 |
%) |
|
|
8.8 |
% |
|
Net incurred loss and LAE |
|
$ |
44,765 |
|
|
$ |
33,466 |
|
|
|
62.3 |
% |
|
|
53.4 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GlobalRe: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loss and LAE payments |
|
$ |
17,260 |
|
|
$ |
48,320 |
|
|
|
38.1 |
% |
|
|
110.3 |
% |
|
Change in reserves |
|
|
3,868 |
|
|
|
(24,308 |
) |
|
|
8.5 |
% |
|
|
(55.5 |
%) |
|
Net incurred loss and LAE |
|
$ |
21,128 |
|
|
$ |
24,012 |
|
|
|
46.6 |
% |
|
|
54.8 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loss and LAE payments |
|
$ |
135,371 |
|
|
$ |
137,003 |
|
|
|
47.6 |
% |
|
|
54.5 |
% |
|
Change in reserves |
|
|
37,122 |
|
|
|
16,878 |
|
|
|
13.1 |
% |
|
|
6.7 |
% |
|
Net incurred loss and LAE |
|
$ |
172,493 |
|
|
$ |
153,881 |
|
|
|
60.7 |
% |
|
|
61.2 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Amounts |
|
|
Loss Ratio Impact |
|
||||||||||
|
Impact of Prior Years Reserves |
|
December 31, |
|
|
December 31, |
|
|
December 31, |
|
|
December 31, |
|
||||
|
Favorable / (Unfavorable) Development |
|
2016 |
|
|
2015 |
|
|
2016 |
|
|
2015 |
|
||||
|
U.S. Insurance |
|
$ |
(420 |
) |
|
$ |
8,023 |
|
|
|
(0.1 |
%) |
|
|
3.2 |
% |
|
Int'l Insurance |
|
|
19,660 |
|
|
|
17,812 |
|
|
|
6.9 |
% |
|
|
7.1 |
% |
|
GlobalRe |
|
|
(2,356 |
) |
|
|
4,865 |
|
|
|
(0.8 |
%) |
|
|
1.9 |
% |
|
Total |
|
$ |
16,884 |
|
|
$ |
30,700 |
|
|
|
6.0 |
% |
|
|
12.2 |
% |
News Release
February 16, 2017
Page 16
THE NAVIGATORS GROUP, INC. AND SUBSIDIARIES
Net Incurred Loss Activity
|
|
|
For the Twelve Months Ended December 31, |
|
|||||||||||||
|
amounts in thousands |
|
Amounts |
|
|
Loss Ratio |
|
||||||||||
|
Net Incurred Loss Activity |
|
2016 |
|
|
2015 |
|
|
2016 |
|
|
2015 |
|
||||
|
U.S. Insurance: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loss and LAE payments |
|
$ |
299,842 |
|
|
$ |
247,530 |
|
|
|
47.6 |
% |
|
|
44.5 |
% |
|
Change in reserves |
|
|
98,018 |
|
|
|
95,967 |
|
|
|
15.6 |
% |
|
|
17.3 |
% |
|
Net incurred loss and LAE |
|
$ |
397,860 |
|
|
$ |
343,497 |
|
|
|
63.2 |
% |
|
|
61.8 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Int'l Insurance: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loss and LAE payments |
|
$ |
151,098 |
|
|
$ |
126,667 |
|
|
|
49.2 |
% |
|
|
48.7 |
% |
|
Change in reserves |
|
|
27,186 |
|
|
|
8,035 |
|
|
|
8.8 |
% |
|
|
3.1 |
% |
|
Net incurred loss and LAE |
|
$ |
178,284 |
|
|
$ |
134,702 |
|
|
|
58.0 |
% |
|
|
51.8 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GlobalRe: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loss and LAE payments |
|
$ |
81,089 |
|
|
$ |
106,468 |
|
|
|
49.6 |
% |
|
|
63.3 |
% |
|
Change in reserves |
|
|
8,215 |
|
|
|
(12,069 |
) |
|
|
5.0 |
% |
|
|
(7.2 |
%) |
|
Net incurred loss and LAE |
|
$ |
89,304 |
|
|
$ |
94,399 |
|
|
|
54.6 |
% |
|
|
56.1 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loss and LAE payments |
|
$ |
532,029 |
|
|
$ |
480,665 |
|
|
|
48.4 |
% |
|
|
48.9 |
% |
|
Change in reserves |
|
|
133,419 |
|
|
|
91,933 |
|
|
|
12.1 |
% |
|
|
9.3 |
% |
|
Net incurred loss and LAE |
|
$ |
665,448 |
|
|
$ |
572,598 |
|
|
|
60.5 |
% |
|
|
58.2 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Amounts |
|
|
Loss Ratio Impact |
|
||||||||||
|
Impact of Prior Years Reserves |
|
December 31, |
|
|
December 31, |
|
|
December 31, |
|
|
December 31, |
|
||||
|
Favorable / (Unfavorable) Development |
|
2016 |
|
|
2015 |
|
|
2016 |
|
|
2015 |
|
||||
|
U.S. Insurance |
|
$ |
1,348 |
|
|
$ |
29,319 |
|
|
|
0.1 |
% |
|
|
3.0 |
% |
|
Int'l Insurance |
|
|
25,019 |
|
|
|
26,216 |
|
|
|
2.3 |
% |
|
|
2.7 |
% |
|
GlobalRe |
|
|
2,161 |
|
|
|
9,134 |
|
|
|
0.2 |
% |
|
|
0.9 |
% |
|
Total |
|
$ |
28,528 |
|
|
$ |
64,669 |
|
|
|
2.6 |
% |
|
|
6.6 |
% |
News Release
February 16, 2017
Page 17
THE NAVIGATORS GROUP, INC. AND SUBSIDIARIES
Net Loss Data
|
|
|
As of December 31, 2016 |
|
|||||||||
|
amounts in thousands |
|
Case |
|
|
IBNR |
|
|
|
|
|
||
|
Net Loss Reserves: |
|
Reserves |
|
|
Reserves |
|
|
Total |
|
|||
|
U.S. Insurance: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Marine |
|
$ |
56,701 |
|
|
$ |
54,259 |
|
|
$ |
110,960 |
|
|
P&C |
|
|
201,368 |
|
|
|
603,509 |
|
|
|
804,877 |
|
|
Professional Liability |
|
|
24,555 |
|
|
|
70,559 |
|
|
|
95,114 |
|
|
Total U.S. Insurance |
|
$ |
282,624 |
|
|
$ |
728,327 |
|
|
$ |
1,010,951 |
|
|
Int'l Insurance: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Marine |
|
$ |
163,124 |
|
|
$ |
36,118 |
|
|
$ |
199,242 |
|
|
P&C |
|
|
66,496 |
|
|
|
18,192 |
|
|
|
84,688 |
|
|
Professional Liability |
|
|
30,106 |
|
|
|
70,103 |
|
|
|
100,209 |
|
|
Total Int'l Insurance |
|
$ |
259,726 |
|
|
$ |
124,413 |
|
|
$ |
384,139 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GlobalRe |
|
$ |
47,505 |
|
|
$ |
67,856 |
|
|
$ |
115,361 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Net Loss Reserves |
|
$ |
589,855 |
|
|
$ |
920,596 |
|
|
$ |
1,510,451 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
As of December 31, 2015 |
|
|||||||||
|
|
|
Case |
|
|
IBNR |
|
|
|
|
|
||
|
Net Loss Reserves: |
|
Reserves |
|
|
Reserves |
|
|
Total |
|
|||
|
U.S. Insurance: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Marine |
|
$ |
68,677 |
|
|
$ |
55,408 |
|
|
$ |
124,085 |
|
|
P&C |
|
|
170,988 |
|
|
|
514,777 |
|
|
|
685,765 |
|
|
Professional Liability |
|
|
42,546 |
|
|
|
60,528 |
|
|
|
103,074 |
|
|
Total U.S. Insurance |
|
$ |
282,211 |
|
|
$ |
630,713 |
|
|
$ |
912,924 |
|
|
Int'l Insurance: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Marine |
|
$ |
167,157 |
|
|
$ |
61,409 |
|
|
$ |
228,566 |
|
|
P&C |
|
|
40,313 |
|
|
|
19,735 |
|
|
|
60,048 |
|
|
Professional Liability |
|
|
19,583 |
|
|
|
63,229 |
|
|
|
82,812 |
|
|
Total Int'l Insurance |
|
$ |
227,053 |
|
|
$ |
144,373 |
|
|
$ |
371,426 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GlobalRe |
|
$ |
32,160 |
|
|
$ |
76,616 |
|
|
$ |
108,776 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Net Loss Reserves |
|
$ |
541,424 |
|
|
$ |
851,702 |
|
|
$ |
1,393,126 |
|
News Release
February 16, 2017
Page 18
THE NAVIGATORS GROUP, INC. AND SUBSIDIARIES
Investment Data
As of December 31, 2016, the average quality of the investment portfolio as rated by S&P and Moody’s was AA-/Aa3 with an average duration of 3.7 years. Our Company does not own any collateralized debt obligations (CDO’s) or asset backed commercial paper.
The following table sets forth our investments as of December 31, 2016:
|
|
|
As of December 31, 2016 |
|
|||||||||||||
|
|
|
|
|
|
|
Gross |
|
|
Gross |
|
|
Cost or |
|
|||
|
|
|
Fair |
|
|
Unrealized |
|
|
Unrealized |
|
|
Amortized |
|
||||
|
amounts in thousands |
|
Value |
|
|
Gains |
|
|
(Losses) |
|
|
Cost |
|
||||
|
Fixed maturities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
U.S. Treasury bonds, agency bonds and foreign government bonds |
|
$ |
273,776 |
|
|
$ |
2,192 |
|
|
$ |
(5,128 |
) |
|
$ |
276,712 |
|
|
States, municipalities and political subdivisions |
|
|
547,415 |
|
|
|
11,542 |
|
|
|
(4,036 |
) |
|
|
539,909 |
|
|
Mortgage-backed and asset-backed securities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Agency mortgage-backed securities |
|
|
487,364 |
|
|
|
4,016 |
|
|
|
(6,585 |
) |
|
|
489,933 |
|
|
Residential mortgage obligations |
|
|
20,530 |
|
|
|
453 |
|
|
|
(55 |
) |
|
|
20,132 |
|
|
Asset-backed securities |
|
|
314,601 |
|
|
|
824 |
|
|
|
(1,178 |
) |
|
|
314,955 |
|
|
Commercial mortgage-backed securities |
|
|
154,139 |
|
|
|
2,859 |
|
|
|
(1,904 |
) |
|
|
153,184 |
|
|
Subtotal |
|
$ |
976,634 |
|
|
$ |
8,152 |
|
|
$ |
(9,722 |
) |
|
$ |
978,204 |
|
|
Corporate bonds |
|
|
838,057 |
|
|
|
10,185 |
|
|
|
(5,528 |
) |
|
|
833,400 |
|
|
Total fixed maturities |
|
$ |
2,635,882 |
|
|
$ |
32,071 |
|
|
$ |
(24,414 |
) |
|
$ |
2,628,225 |
|
|
Equity securities |
|
|
349,142 |
|
|
|
27,016 |
|
|
|
(5,785 |
) |
|
|
327,911 |
|
|
Short-term investments |
|
|
143,539 |
|
|
|
88 |
|
|
|
— |
|
|
|
143,451 |
|
|
Total investments |
|
$ |
3,128,563 |
|
|
$ |
59,175 |
|
|
$ |
(30,199 |
) |
|
$ |
3,099,587 |
|