STAMFORD, Conn., July 15, 2016 (GLOBE NEWSWIRE) -- The Navigators Group, Inc. (NASDAQ:NAVG) announced today an estimate of natural catastrophe losses, in the second quarter, net of reinsurance and including reinstatement premiums, of $18 million pre-tax, or $12 million after-tax.
The company is providing this estimate because of the elevated number of global market-wide natural catastrophes in the quarter. The most notable catastrophe events impacting Navigators results in the quarter include the Alberta wildfires and the Ecuador earthquake.
“We are providing these pre-earnings release estimates to better inform our investors in light of the industry’s unusually high level of catastrophe events in the quarter,” said Ciro M. DeFalco, Chief Financial Officer at Navigators. “Our exposures remain well managed and carefully monitored.”
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 representative offices in China and Brazil.
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.