Hurricanes hurt profits at Navigators
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- October
- 28
The Navigators Group Inc., a New York-based insurance holding company with offices in Rye Brook, reported net income of $1 million, or 6 cents a share during the third quarter, down from net income of $25 million, or $1.47 a share, a year earlier.
Losses from hurricanes along the Gulf Coast hurt results. Revenues dropped 4 percent to $167.7 million.“Navigators is a major participant in offshore energy insurance, consequently, losses from Hurricanes Gustav and Ike adversely impacted what would have been another very solid quarter for the company,†Chief Executive Officer Stan Galanski said in a written statement.
This entry was posted
on Tuesday, October 28th, 2008 at 11:51 am by Jay Loomis.
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Category: Earnings season
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