NEW YORK (AFX) - Insurance holding company Navigators Group Inc. said Monday its second-quarter profit jumped 60 percent, aided by stronger results at its marine and energy business.
Quarterly net income grew to $18.1 million, or $1.08 per share, from $11.3 million, or 88 cents per share, last year. The company said the quarterly profit was a record.
Wall Street had been expecting a profit of 94 cents per share, according to an analyst poll by Thomson Financial.
Total revenue grew 33 percent to $128.9 million from $97.2 million a year ago.
Chief Executive Stan Galanski said the company's marine and energy business 'had a stellar quarter, achieving meaningful growth and avoiding exposure to several of the large claims recently impacting the marine insurance market. While there has been some softening in the casualty market, we believe that rate levels remain consistent with profitable underwriting results.'
Navigators Group shares closed down 78 cents at $42.51 on the Nasdaq.
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