The Navigators Group, Inc. Insuring a World In Motion (NASDAQ: NAVG) Morgan Stanley Financials Conference June 12, 2013
|
|
- Joanna Green
- 5 years ago
- Views:
Transcription
1 The Navigators Group, Inc. Insuring a World In Motion (NASDAQ: NAVG) Morgan Stanley Financials Conference June 12, 2013 Stan Galanski President & CEO Ciro DeFalco Senior Vice President & CFO 1
2 Forward Looking Statements This presentation contains forward-looking statements that are subject to risks and uncertainties. All statements other than statements of historical fact included in this presentation are forward-looking statements. Forward-looking statements give our current expectations and projections relating to our financial condition, results of operations, plans, objectives, future performance and business. You can identify forward-looking statements by the fact that they do not relate strictly to historical or current facts. These statements may include words such as "anticipate," "estimate," "expect," "project," "plan, "intend," "believe" and other words and terms of similar meaning in connection with any discussion of the timing or nature of future operating or financial performance or other events. These forward-looking statements are based on assumptions that we have made in light of our industry experience and on our perceptions of historical trends, current conditions, expected future developments and other factors we believe are appropriate under the circumstances. As you consider this presentation, you should understand that these statements are not guarantees of performance or results. They involve risks, uncertainties (some of which are beyond our control) and assumptions. Although we believe that these forward-looking statements are based on reasonable assumptions, you should be aware that many factors could affect our actual financial results and cause them to differ materially from those anticipated in the forward-looking statements. Because of these factors, we caution that you should not place undue reliance on any of our forward-looking statements. Further, any forward-looking statement speaks only as of the date on which it is made. New risks and uncertainties arise from time to time, and it is impossible for us to predict those events or how they may affect us. Except as required by law, we have no duty to, and do not intend to, update or revise the forward-looking statements in this presentation after the date of this presentation. 2
3 The Navigators Group, Inc. EXCHANGE/TICKER MARKET CAP (5/31/13) SHARE PRICE (5/31/13) BOOK VALUE/SHARE (3/31/13) FINANCIAL STRENGTH WEBSITE NASDAQ/NAVG $ 824 million $58.32 $63.46 A (S&P/A.M. BEST) 3
4 Who We Are Navigators Mission Statement We are a global specialty insurer focused on targeted high-margin niches for which the quality of our intellectual capital, both in underwriting and claims, provide a meaningful competitive advantage. We specialize in insuring complex risks that require proven technical expertise, utilizing reinsurance to protect our conservative balance sheet. We always emphasize underwriting profit over market share and conduct our business with integrity, professionalism and pride. Recognized Leader in Specialty Insurance One of 100 Most Trustworthy Companies by Forbes.com Ranked as fourth leading U.S. Marine insurer by National Underwriter 96 th Largest U.S. Insurance Group Ranked as fifth in net premium growth Global specialty insurance platform Two U.S. domiciled insurance companies with licenses in the U.K. and South America Navigators Syndicate 1221 at Lloyd s provides global access to desired markets Approximately 40% of Navigators premiums are produced outside the U.S. 4
5 Successful Execution of a Growth and Diversification Strategy % D&O Chicago Office Excess Casualty Antwerp Office Acquired 100% Control of Lloyd s Syndicate % 13% 13% 18% 12% 17% 12% 56% 46% 10% 50% 51% 41% 47% 42% 8% 31% 37% 5% 38% 1% 41% 22% 54% 53% 57% 41% 38% 41% 41% 41% 36% 31% 77% 54% Primary Casualty Inland Marine Orange County Office Miami Office (Latin America) New Jersey Office Stockholm Office Brazilian License Environmental Lloyd s China International D&O Architect & Engineering Philadelphia Office Pittsburgh Office Charlotte Office Copenhagen Office Los Angeles Office Lloyd s Brazil 2011 Navigators Re Marine Property Casualty Professional Liability 2012 Commercial Surety Navigators Re Professional Liability 5
6 Product Growth in Core Specialties Gross Written Premium by Product Line 2002, Four Core Specialties Gross Written Premium by Product Line 2012, Five Core Specialties Management & Professional Liability 5% Casualty (Primary) 27% Energy 13% Marine 55% Energy 14% NavRe 14% Marine 31% Casualty 28% Management & Professional Liability 13% GWP Total $448 million GWP Total $1,286 million 6
7 Five Core Specialties March 31, 2013 Gross Written Premium by Product Line Energy, 12% Marine, 27% NavRe, 23% Casualty, 27% Management & Professional Liability, 11% 7
8 Global Leader In Marine March 31, 2013 Market Leaders In Gross Written Premiums $104 Million 27% of Group Total Marine Liability Specie/Cash in Transit Transport Hull, 4% Inland Marine, 5% Specie, 6% All Other, 9% Marine and Energy Liability, 38% Policy Holders Include Terminal Operators Port Authorities Cruise Ships Ship Owners Logistics Providers Importers/Exporters Armored Car Services Museums Transport, 4% Cargo, 18% P&I, 6% Craft and Fishing Vessel, 10% 8
9 Casualty Specialties March 31, 2013 Primary Casualty Recognized as a market leader in construction since 1995 Complimented with a balanced liability portfolio Excess Casualty Commercial Umbrella & Excess Liability All Other Casualty Environmental Casualty Commercial Surety Global Life Sciences Commercial Auto Gross Written Premiums $244 million, 62% of Group Total Primary Casualty, 11% NavTech, 18% Other, 4% Assumed Reinsurance, 38% Excess Casualty, 29% 9
10 Nav Re March 31, 2013 Assumed Reinsurance Accident & Health Latin American Treaty Professional Liability Agriculture Agriculture, 40% Gross Written Premiums $92 Million 23% of Group Total Accident & Health, 42% Professional Liability, 4% Latin American Treaty, 14% 10 10
11 Nav Tech March 31, 2013 Energy and Power Generation First Party Coverage for: Onshore Energy Offshore Energy Engineering & Construction Onshore Energy, 12% Gross Written Premiums $45 Million 12% of Group Total Engineering & Construction, 15% Offshore Energy, 73% 11 11
12 Global Specialist in Management & Professional Liability March 31, 2013 U.S. D&O 20% Gross Written Premium $45 Million 11% of Group Total Directors & Officers Liability Entered market in 2001 Directors & Officers Liability Positions March 31, 2013 International E&O 6% International D&O 23% Entered market in 2002 Professional Liability Realigning professional liability with Navigators specialty to leverage strong wholesale broker relationships Reducing our exposure to U.S. law firms U.S. E&O 51% Targeting growth in miscellaneous professional liability i.e. main street America small professional firms: architect, accountant, real estate, insurance agents Number of Policies U.S. Public U.S. Private Lloyd s Public Lloyd s Private % Primary 15% 78% 9% 58% % Excess 85% 22% 91% 42% Avg. Limit (In millions) Avg. Attachment (In millions) 6.2% 13.8% 4.5% 4.2% 18.1% $8 $3 $10 $7 $51 $15 $100 $27 Lloyd's D&O Geographic Split 19.5% 33.7% All Other Canada Australia U.K. Israel Switzerland Germany 12
13 Broad Distribution Network March 31, 2013 Top 25 Premium Brokers by Type (as of 3/31/13) 2% 7% 3% 17% 35% 36% Global Retailer U.S. Wholesaer Reinsueance Broker London Wholesaler U.S. Retailer Direct Business Top 25 Broker Relationships = 76% of Total Group Gross Written Premium 13
14 Combined Ratio Performance Measure: Combined Ratio % % % % U.S. P&C Industry (Source: ISO, a Verisk analytics company) % Navigators 95.00% 90.00% 85.00% 80.00% Calendar Year 14
15 Performance Measure: Book Value Growth Stockholders Equity ($ in millions) 120.0% 100.0% 80.0% 106.5% 98.6% 11.7% 94.9% < A&E Charge 92.2% 90.8% 10.5% < KRW 87.8% 87.5% Hurricanes > 4.3% 89.5% Deep > 2.9% Water 97.2% Horizon 97.8% 8.6% < Large Energy 4.3% < Sandy 97.9% 96.1% Losses & 95.0% Marine Losses 60.0% $662 $689 $802 $829 $803 < Share Buy Back $880 $ % $470 $ % $291 $329 $147 $ % 12/31/01 12/31/02 12/31/03 12/31/04 12/31/05 12/31/06 12/31/07 12/31/08 12/31/09 12/31/10 12/31/11 12/31/12 3/31/13 B.V.P.S. $17.47 $ $ $ $ $32.94 $39.24 $40.89 $47.58 $52.68 $57.57 $62.61 $63.46 Combined Ratio Stockholders' Equity 15
16 Performance Measure: 12 Month Stock Price Growth (Data from Yahoo Finance) Hello 16
17 Strategic Priorities Financial objective: achieve $100 book value per share Expand our high margin, specialty niche insurance portfolio Build upon our leadership position in ocean marine insurance Become a market leader in the offshore and onshore energy and power business Become a top twenty U.S. Excess & Surplus lines casualty insurer Grow our treaty reinsurance for those products and geographies in which reinsurance is the preferred method to penetrate the market Restore profitability and our market position in D&O and professional liability globally Develop a profitable portfolio of casualty business produced by U.S. retailers Consistently achieve an underwriting profit Continuously grow and develop our intellectual capital 17
18 The Navigators Group, Inc. Financial Overview
19 Quarterly Financial Overview First Quarter 2013 Combined ratio of 97.9% with net underwriting profit of $4.2 million Gross written premiums of $393 million, an increase of 14.6% Net written premiums of $269 million, and increase of 10.9% Net earned premiums of $202 million, and increase of 10.5% Net investment income of $13.7 million along with net capital gains of $4.8 million and OTTI of ($0.04) million Net income of $13.9 million, or $0.97 of earnings per diluted share (EPS) including of $0.75 operating EPS Net unrealized loss, after-tax, of $1.8 million Book value of $897 million, or $63.46 per share, an increase of 1.4% Year-over-year growth of 8.6% Annualized ROE of 6.3% with operating ROE of 4.9% Cash flow from operations was $4.3 million 19
20 The Navigators Group, Inc. and Subsidiaries Financial Highlights First Quarter 2013 and 2012 Three Months Ended March 31, Percentage Change In thousands, except per share amounts YTD Gross written premiums $ 393,222 $ 343, % Net written premiums 269, , % Net earned premiums 202, , % Net losses and loss adjustment expenses (131,342) (117,985) 11.3% Commission expenses (26,555) (29,450) -9.8% Other operating expenses (40,874) (36,307) 12.6% Other income (expense) % Underwriting profit (loss) 4, NM Net investment income 13,657 11, % Net other-than-temporary impairment losses recognized in earnings (42) (154) -72.7% Net realized gains (losses) 4,814 1,842 NM Interest expense (2,051) (2,049) 0.1% Income (loss) before income taxes $ 20,553 $ 11, % Income tax expense (benefit) 6,643 3, % Net income (loss) $ 13,910 $ 7, % Net income per common share: Basic $ 0.99 $ % Diluted $ 0.97 $ % Operating earnings per common share: Basic $ 0.77 $ % Diluted $ 0.75 $ % Underwriting Ratios: Losses and loss adjustment expenses ratio 64.9% 64.4% Commission expense ratio 13.1% 16.1% Other operating expense ratio 19.9% 19.3% Combined ratio 97.9% 99.8% March 31, Dec. 31, Balance Sheet Data: Stockholders' Equity $ 896,758 $ 879, % Book value per share $ $ % 20
21 Invested assets: $2.4 billion High Quality Investment Portfolio March 31, 2013 Fixed Maturities, Cash and Shortterm Investments: CMO's o o 95% of portfolio Average AA/Aa rating (S&P/Moody s) o Duration of approximately 4.0 years o Average 2012 investment yield of 2.3% Equity securities: 5% of portfolio 2% 15% 8% 19% 2% 21% 20% 8% 5% Corporate Bonds Equities Cash & Short Term Securities U.S. Treasury Bonds & Foreign Government Bonds Municipal Bonds Substantially all mortgage and asset-backed securities are investment grade Commercial Mortgages Asset-Backed No CDO s, CLO s or asset-backed commercial paper Mortgage-Backed Underlying credit rating of A+ for credit enhanced securities 21
22 Growth in Invested Assets 2001 to Present ($ in millions) $1,918 $2,057 $2,154 $2,233 $2, 422 $2, 383 US Treasury Bonds & Foreign Government Bonds Municipal Bonds $1,767 $1,476 Mortgage & Asset- Backed $1,182 Corporate Bonds $855 $453 $694 Equity Securities $278 Cash & Short-Term Investments 12/31/01 12/31/02 12/31/03 12/31/04 12/31/05 12/31/06 12/31/07 12/31/08 12/31/09 12/31/10 12/31/11 12/31/12 3/31/13 22
23 Prudent & Consistent Loss Reserving Historical Consolidated Net Loss Reserves $692 $782 $ % $ % $ % 173% ($ in millions) $1,237 $ % $1,217 $1, % $1,113 46% $468 $1,000 44% 41% $ % 39% $847 $ % 37% $ % $696 34% $ % $579 $150 35% 119% $464 56% 135% 39% $374 59% 54% 41% 66% 63% 61% $265 $203 41% 51% 54% 59% 61% 65% 59% 46% 49% 12/31/01 12/31/02 12/31/03 12/31/04 12/31/05 12/31/06 12/31/07 12/31/08 12/31/09 12/31/10 12/31/11 12/31/12 Net IBNR Reserves Net Case Loss Reserves Net Reserves/NEP NEP 23 23
24 Reinsurance - Integral Part of Our Business Philosophy Utilize reinsurance to reduce exposure to individual risks & catastrophic losses Stabilize underwriting results Ratio of net written premiums to gross written premiums for year to date March 31, 2013 was 68.5% Diversification of reinsurers Mitigate Risks High credit quality Strong collateral position Reserve for uncollectible reinsurance Integration of reinsurance risk into ERM practices 24
25 Reinsurer Financial Strength Ratings March 31, 2013 ($ millions) Reinsurer Name Group Recoverable Group Collateral AMB S&P National Indemnity Company $ $ 33.0 A++ AA+ Swiss Reinsurance America Corporation A+ AA- Transatlantic Reinsurance Company A A+ Everest Reinsurance Company A+ A+ Munich Reinsurance America Inc A+ AA- Lloyd's Syndicate # A A+ Partner Reinsurance Europe A+ A+ Allied World Reinsurance A A Scor Global P&C SE A A+ Tower Insurance Company A- NR General Reinsurance Corporation A++ AA+ Validus Reinsurance Ltd A A Berkley Insurance Company A+ A+ Scor Holding (Switzerland) AG A A+ Atlantic Specialty Insurance A A- Ace Property and Casualty Insurance Compan A+ AA- AXIS Re Europe A A+ Platinum Underwriters Re A A- Lloyd's Syndicate # A A+ Star Insurance Company A- BBB Top 20 Total $ $ All Others Total $ 1,157.0 $ Total Group Recoverables $ 1, Total Group Collateral (225.9) Net Group Recoverables $ % 49% Superior A++, A+ 50% Excellent A, A- Other Rating Recoverable Collateral A++, A+ $81.9 $18.5 A, A- $220.2 $56.1 B++ and Below $14.4 $10.1 $316.4 $84.6 Note: A.M. Best and S&P ratings as of March 31,
26 Navigators Core Values We focus on underwriting profit, not premium volume We specialize in complex risks where the know-how of our intellectual capital is a competitive advantage We are committed to customer service backed by a strong balance sheet We have the discipline to underwrite business that meets our terms and standards We practice expense control by spending money like it is our own Teamwork gets the job done We conduct our business with integrity, professionalism and pride 26
The Navigators Group, Inc. Insuring a World in Motion
The Navigators Group, Inc. Insuring a World in Motion 2011 FBR Fall Investor Conference November 29, 2011 Grand Hyatt, New York Stan Galanski President and CEO Ciro DeFalco Chief Financial Officer Forward
More informationThe Navigators Group, Inc. Insuring a World in Motion
The Navigators Group, Inc. Insuring a World in Motion KBW 2011 Insurance Conference September 8, 2011 New York, NY Stan Galanski President and CEO Frank McDonnell Senior Vice President & CFO Forward Looking
More informationThe Hartford to Acquire Navigators: Broadens and Deepens Commercial Lines Product Offerings and Underwriting Risk Appetite
The Hartford Financial Services Group, Inc. August 22, 2018 The Hartford to Acquire Navigators: Broadens and Deepens Commercial Lines Product Offerings and Underwriting Risk Appetite Copyright 2018 by
More informationThe Navigators Group, Inc. CORPORATE NEWS Navigators Reports First Quarter 2018 Earnings
The Navigators Group, Inc. CORPORATE NEWS Navigators Reports First Quarter 2018 Earnings Net Income up 46.3% and Record Quarterly Operating Earnings Stamford, CT -- The Navigators Group, Inc. (NASDAQ:NAVG)
More informationAXIS Capital Holdings Limited
INVESTOR FINANCIAL SUPPLEMENT FOURTH QUARTER 2005 106 Pitts Bay Road Hamilton HM 08 Bermuda Contact Information: Linda Ventresca Investor Relations 441 297 9513 investorrelations@axiscapital.com Website
More informationAXIS Capital Holdings Limited
INVESTOR FINANCIAL SUPPLEMENT SECOND QUARTER 2009 92 Pitts Bay Road Pembroke HM 08 Bermuda Contact Information: Linda Ventresca Investor Relations 441 405 2727 investorrelations@axiscapital.com Website
More informationWE ARE INSURING A WORLD IN MOTION
WE ARE INSURING A WORLD IN MOTION OUR COMPANY The Navigators Group, Inc. is an international commercial property & casualty specialty insurance holding company with insurance company operations, underwriting
More informationAXIS Capital Holdings Limited
INVESTOR FINANCIAL SUPPLEMENT FIRST QUARTER 2009 92 Pitts Bay Road Pembroke HM 08 Bermuda Contact Information: Linda Ventresca Investor Relations 441 405 2727 investorrelations@axiscapital.com Website
More informationLETTER FROM THE PRESIDENT
we are NAVIGATORS. Our Company The Navigators Group, Inc., is an international specialty insurance holding company with insurance company operations, underwriting management companies, and operations at
More informationAXIS Capital Holdings Limited
INVESTOR FINANCIAL SUPPLEMENT FOURTH QUARTER 2008 92 Pitts Bay Road Pembroke HM 08 Bermuda Contact Information: Linda Ventresca Investor Relations 441 405 2727 investorrelations@axiscapital.com Website
More informationWE ARE INSURING A WORLD IN MOTION OUR COMPANY. RATINGS 230 West Monroe Street Chicago, IL (312) WHY NAVIGATORS.
OUR COMPANY The Navigators Group, Inc. is an international specialty insurance holding company with insurance company operations, underwriting management companies and operations at Lloyd s. With its corporate
More informationAXIS Capital. Keefe, Bruyette and Woods 2009 Insurance Conference New York, NY. David Greenfield, CFO
AXIS Capital Keefe, Bruyette and Woods 2009 Insurance Conference New York, NY David Greenfield, CFO Safe Harbor Disclosure Cautionary Statement Regarding Forward-looking Statements Statements in this presentation
More informationWE ARE INSURING A WORLD IN MOTION
WE ARE INSURING A WORLD IN MOTION OUR COMPANY The Navigators Group, Inc. is an international specialty insurance holding company with insurance company operations, underwriting management companies and
More informationInvestor Presentation
Investor Presentation 2 nd Quarter, 2014 Agenda 1 2 3 4 INTRODUCTION STRATEGY FINANCIAL RESULTS THE FUTURE 2 INTRODUCTION 1 Strategy RLI will continue to: Be a premier specialty underwriting company that
More informationRenaissanceRe Holdings Ltd. Contents. Page Basis of Presentation. i Financial Highlights
Contents Page Basis of Presentation i Financial Highlights 1 Statements of Operations a. Summary Consolidated Statements of Operations b. Consolidated Segment Underwriting Results c. Segment Underwriting
More informationThe St. Paul Travelers Companies, Inc. Financial Supplement - Fourth Quarter 2006
Financial Supplement - Fourth Quarter 2006 Business Realignment Business Insurance Financial, Professional & International Insurance Page Number i ii Consolidated Results Financial Highlights 1 Reconciliation
More informationRenaissanceRe Holdings Ltd. Contents. Page Basis of Presentation. i Financial Highlights
Contents Page Basis of Presentation i Financial Highlights 1 Statements of Operations a. Summary Consolidated Statements of Operations b. Consolidated Segment Underwriting Results c. Segment Underwriting
More informationInvestor Presentation
Investor Presentation February 2011 Bob Cubbin, CEO Karen Spaun, CFO Forward-Looking Statements Certain statements made by Meadowbrook Insurance Group, Inc. in this presentation may constitute forward-looking
More information3Q 2016 Investor Presentation. November 2016
3Q 2016 Investor Presentation November 2016 Forward-Looking Statements This presentation may include forward-looking statements, both with respect to Argo Group and its industry, that reflect our current
More informationMorgan Stanley Financials Conference The Hanover Insurance Group (THG) June 2015
Morgan Stanley Financials Conference The Hanover Insurance Group (THG) June 2015 1 Forward-Looking Statements and Non-GAAP Financial Measures Forward-Looking Statements: Certain statements in this presentation,
More informationInvestor Presentation
Investor Presentation March 2009 B E R M U D A I R E L A N D U N I T E D S T A T E S LLOYD S INFORMATION CONCERNING FORWARD LOOKING STATEMENTS FORWARD LOOKING AND CERTAIN STATEMENTS OTHER INFORMATION This
More informationENDURANCE INSURANCE U.S.
ENDURANCE INSURANCE U.S. ENDURANCE INSURANCE: NEW PRODUCTS. NEW MARKETS. NEW CAPABILITIES. At Endurance Insurance U.S., our approach is simple; provide the best in class services and products to our broker
More informationSELECTIVE INSURANCE GROUP, INC.
PAGE 1 SELECTIVE INSURANCE GROUP, INC. 2019 CREDIT SUISSE FINANCIAL SERVICES FORUM BANK OF AMERICA MERRILL LYNCH 2019 INSURANCE CONFERENCE F E B R U A RY 1 4, 2019 PAGE 2 SAFE HARBOR STATEMENT In this
More informationINVESTOR Presentation
INVESTOR Presentation F I R S T Q U A RT E R 2 0 1 8 Everest Re Group, Ltd Seon Place, 4 th Floor 141 Front Street P.O. Box HM 845 Hamilton HM D19, Bermuda CAUTIONARY NOTE ON Forward-looking Statements
More informationBarclay s: Insurance Forum May 16, 2017
www.archcapgroup.com Barclay s: Insurance Forum May 16, 2017 Informational Statements ThePrivate Securities Litigation Reform Act of 1995 provides a "safe harbor" for forward looking statements. This presentation
More informationEVEREST RE GROUP, LTD.
INVESTOR PRESENTATION THIRD QUARTER 2017 EVEREST RE GROUP, LTD SEON PLACE, 141 FRONT STREET, 4TH FLOOR HAMILTON HM 19, BERMUDA Cautionary Note on Forward-looking Statements This presentation contains forward-looking
More informationAIG Acquisition of Validus Holdings: A Step Forward in AIG s Profitable Growth Strategy. Investor Presentation January 22, 2018
AIG Acquisition of Validus Holdings: A Step Forward in AIG s Profitable Growth Strategy Investor Presentation January 22, 2018 Disclaimer Forward-Looking Statements Certain statements in this presentation
More informationThe Aon Benfield Aggregate. Full Year Ended December 31, 2010
The Aon Benfield Aggregate Full Year Ended December 31, 2010 Contents Global Reinsurer Capital 3 Executive Summary 4 First Quarter 2011 Outlook 4 Aon Benfield Aggregate Capital 5 Capital Development 6
More informationInvestor Presentation March 2018
Investor Presentation March 2018 Forward Looking Statements This presentation contains forward-looking statements which are made pursuant to the safe harbor provisions of the Private Securities Litigation
More information4Q 2016 Investor Presentation
4Q 2016 Investor Presentation Forward-Looking Statements This presentation may include forward-looking statements, both with respect to Argo Group and its industry, that reflect our current views with
More informationbma captive report 2018
bma captive report 2018 CONTENTS 2 Summary 3 Geography of Risk Assumption 4 Industry Utilisation Demographics 6 Industry Utilisation Premium Share 8 Captive Structure 9 Lines of Business Property 10 Lines
More informationThe Hanover Insurance Group
The Hanover Insurance Group Bank of America Merrill Lynch 2019 Insurance Conference February 13, 2019 Jack Roche President and Chief Executive Officer 1 Forward-looking statements Forward-looking statements
More informationAcquisition of Endurance Specialty Holdings. October 5, 2016
Acquisition of Endurance Specialty Holdings October 5, 2016 Disclaimer The information in this presentation is subject to change without prior notice. Financial data included in this presentation relating
More informationMar - March LIABI 5 L EITI +1E 0 S_AND_EQUITY - Total Liabilities and Shareholders' Equity
Mar - March LIA 5E+10 FINANCIAL SUPPLEMENT - TABLE OF CONTENTS Statements of Income 4 Consolidated Statements of Income and Reconciliation of Non-GAAP Financial Measures 5 Return on Common Shareholders'
More informationJP Morgan 2006 Insurance Conference. March 29, 2006
JP Morgan 2006 Insurance Conference March 29, 2006 1 Forward Looking Statements and Basis of Presentation This presentation may include forward-looking statements that are intended to enhance the reader
More informationResults for the six months ended 30 June 2014
Cover Results for the six months ended 30 June 2014 Tuesday, 22 July 2014 1 Disclaimer notice Certain statements in the presentation, are or may constitute forward looking statements. Such forward looking
More information2018 Investor Presentation
2018 Investor Presentation Q3 1 Forward-Looking Statements This presentation may include forward-looking statements, both with respect to Argo Group and its industry, that reflect our current views with
More informationGLOBAL EXPERTISE LOCAL PRESENCE
GLOBAL EXPERTISE LOCAL PRESENCE 360 THINKING aspen-insurance.com The summary contained herein is for informational purposes only. Coverage may not be available in all jurisdictions and is subject to actual
More informationRenaissanceRe. Casualty Treaty
Syndicate 1458 Casualty Treaty Syndicate 1458 Casualty Treaty operates at Lloyd s of London through Syndicate 1458, which was established in 2009. is a leading global provider of property catastrophe and
More informationThe Travelers Companies, Inc. Financial Supplement - Fourth Quarter 2016
Financial Supplement - Fourth Quarter 2016 Page Number Consolidated Results Financial Highlights 1 Reconciliation to Net Income and Earnings Per Share 2 Statement of Income 3 Net Income by Major Component
More informationAspen Insurance Holdings Limited
Aspen Insurance Holdings Limited Richard Houghton Chief Financial Officer Keefe, Bruyette & Woods 29 Insurance Conference September 9, 29 Safe Harbor Disclosure This slide presentation is for information
More informationINVESTOR FINANCIAL SUPPLEMENT. September 30, 2012
INVESTOR FINANCIAL SUPPLEMENT September 30, 2012 Address: As of October 26, 2012 One Hartford Plaza A.M. Best Fitch Standard & Poor s Moody s Hartford, CT 06155 Insurance Financial Strength Ratings: Hartford
More informationAmTrust Financial. KBW Insurance Conference. September 8, 2010
AmTrust Financial KBW Insurance Conference September 8, 2010 Forward Looking Statements This Presentation contains certain forward-looking statements within the meaning of Private Securities Litigation
More informationThird Quarter 2018 Results. November 1, 2018
Third Quarter 08 Results November, 08 Cautionary Statement Regarding Forward Looking Statements This report contains forward looking statements that are intended to enhance the reader s ability to assess
More informationSelective Insurance Group, Inc.
Selective Insurance Group, Inc. 2 nd Quarter Investor Presentation Current as of April 30, 2015 Forward Looking Statements Certain statements in this report, including information incorporated by reference,
More informationManagement s Discussion and Analysis 2013
Management s Discussion and Analysis 2013 Maxum Specialty Insurance Group - NAIC Group Code # 3589 - Maxum Indemnity Company - NAIC Code # 26743 - Maxum Casualty Insurance Company - NAIC Code # 10784 Group
More informationINVESTOR FINANCIAL SUPPLEMENT SEPTEMBER 30, 2006
INVESTOR FINANCIAL SUPPLEMENT SEPTEMBER 30, 2006 As of October 24, 2006 Address: A.M. Best Fitch Standard & Poor s Moody s 690 Asylum Avenue Insurance Financial Strength Ratings: Hartford, CT 06105 Hartford
More informationThe Hartford Financial Services Group, Inc. July 27, 2015 SECOND QUARTER 2015 FINANCIAL RESULTS PRESENTATION
The Hartford Financial Services Group, Inc. July 27, 2015 SECOND QUARTER 2015 FINANCIAL RESULTS PRESENTATION Safe Harbor Statement Certain statements made in this presentation should be considered forward-looking
More information2018 Investor Presentation
2018 Investor Presentation Q2 1 Forward-Looking Statements This presentation may include forward-looking statements, both with respect to Argo Group and its industry, that reflect our current views with
More informationINVESTOR FINANCIAL SUPPLEMENT JUNE 30, 2006
INVESTOR FINANCIAL SUPPLEMENT JUNE 30, 2006 As of July 25, 2006 Address: A.M. Best Fitch Standard & Poor s Moody s One Hartford Plaza Insurance Financial Strength Ratings: Hartford, CT 06115 Hartford Fire
More informationBank of America Merrill Lynch Insurance Conference. The Hanover Insurance Group (THG) February 14, 2013
Bank of America Merrill Lynch Insurance Conference The Hanover Insurance Group (THG) February 14, 2013 Forward Looking Statements and Non GAAP Financial Measures Forward Looking Statements: Certain statements
More informationINVESTOR FINANCIAL SUPPLEMENT JUNE 30, 2009
INVESTOR FINANCIAL SUPPLEMENT JUNE 30, 2009 As of July 22, 2009 Address: A.M. Best Fitch Standard & Poor s Moody s One Hartford Plaza Insurance Financial Strength Ratings: Hartford, CT 06155 Hartford Fire
More informationBest s Rating Report
NAVIGATORS INSURANCE COMPANY NAVIGATORS SPECIALTY INSURANCE COMPANY A A New York, New York A Printed September 19, 2017 www.ambest.com Page 1 of 18 . Best s Rating Report NAVIGATORS INSURANCE COMPANY New
More informationW. R. Berkley Corporation Reports Fourth Quarter Results
W. R. Berkley Corporation Reports Fourth Quarter Results Released : 01/31/2017 Net Income Increases 39% to $153 Million, Return on Equity of 13.3% GREENWICH, Conn. (BUSINESS WIRE) W. R. Berkley Corporation
More informationFourth Quarter 2018 Results. February 26, 2019
Fourth Quarter 08 Results February 6, 09 Cautionary Statement Regarding Forward Looking Statements This report contains forward looking statements that are intended to enhance the reader s ability to assess
More informationMorgan Stanley Financials Conference
RenaissanceRe Holdings Ltd. Morgan Stanley Financials Conference Jeffrey D. Kelly Chief Financial Officer Aditya K. Dutt President of RenaissanceRe Ventures Ltd. June 12, 2012 Safe Harbor Statement Cautionary
More informationKEEP THE PROMISES. AT IRONSHORE, IRONSHORE
Ironshore designed a highly efficient system to address and process claims. Our claims and underwriting business units closely collaborate, so when timing is critical, you re not working with an unfamiliar
More informationFourth Quarter and Full Year 2017 Results. March 1, 2018
Fourth Quarter and Full Year 07 Results March, 08 Cautionary Statement Regarding Forward Looking Statements This report contains forward looking statements that are intended to enhance the reader s ability
More informationINTELLIGENCE IS OUR BUSINESS
INTELLIGENCE IS OUR BUSINESS 360 THINKING aspen-insurance.com ASPEN GROUP Founded in 2002, Aspen is a leading provider of insurance and reinsurance to clients. We operate through wholly-owned subsidiaries
More informationJ.P Morgan Fixed Income Conference. March 2004
J.P Morgan Fixed Income Conference March 2004 Forward Looking Statements and Basis of Presentation This presentation may include forward looking statements that contain words and phrases such as may, expects,
More information2016 AmTrust Financial Conference
November 16, 8, 2017 2016 2016 AmTrust Financial Investor Services, Inc. Conference Third Quarter 2017 Financial Results CONSISTENT VISION DIFFERENTIATED MODEL SUSTAINABLE GROWTH Safe Harbor Statement
More informationArgo Group International Holdings, Ltd. (Exact name of registrant as specified in its charter)
Section 1: 8-K (8-K) UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, DC 20549 FORM 8-K Current Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 Date of Report
More informationSelective Insurance Group, Inc.
Selective Insurance Group, Inc. KBW Insurance Conference September 10, 2015 Forward Looking Statements Certain statements in this report, including information incorporated by reference, are forward-looking
More informationBest s Rating Report
Cincinnati, Ohio A+ Ultimate Parent: American Financial Group, Inc GREAT AMERICAN INSURANCE COMPANY 301 E. Fourth Street Cincinnati, OH 45202 Web: www.greatamericaninsurancegroup.com Tel: 513-369-5000
More informationNavigators Insurance Group
Report Revision Date: 07/08/2013 Rating and Commentary 1 Best's Credit Rating: N/A Rating Rationale: N/A Report Commentary: 07/08/2013 Financial 2 Time Period: 2nd Quarter - 2013 Last Updated: 08/20/2013
More informationIronshore Canada began offering specialty insurance in Ironshore Canada offers capacity through Ironshore Insurance Ltd. (Canada Branch) and
Ironshore Canada began offering specialty insurance in 2010. Ironshore Canada offers capacity through Ironshore Insurance Ltd. (Canada Branch) and through Lloyd s Syndicate 4000 (managed by Ironshore s
More informationW. R. Berkley Corporation Reports Fourth Quarter Results
W. R. Berkley Corporation Reports Results Released : 01/28/2014 Operating Income per Share Increased 33%, Net Premiums Written Increased 11% GREENWICH, Conn.--(BUSINESS WIRE)-- W. R. Berkley Corporation
More informationInvestor Presentation June 2018
Investor Presentation June 2018 Forward Looking Statements This presentation contains forward-looking statements which are made pursuant to the safe harbor provisions of the Private Securities Litigation
More informationINVESTOR FINANCIAL SUPPLEMENT MARCH 31, 2011
INVESTOR FINANCIAL SUPPLEMENT MARCH 31, 2011 As of April 26, 2011 Address: A.M. Best Fitch Standard & Poor s Moody s One Hartford Plaza Insurance Financial Strength Ratings: Hartford, CT 06155 Hartford
More informationBEST S RATING REPORT. Navigators Specialty Insurance Company
BEST S RATING REPORT New York, New York, United States 10119-0002 AMB #: 001825 NAIC #: 42307 FEIN #: 13-3138390 Phone: 203-905-6090 Fax: 203-658-1821 Website: www.navg.com New York, New York, United States
More informationINTERNATIONAL CORPORATE OVERVIEW
Ironshore Asia Pacific is part of Ironshore International and operates from five locations: Australia, China, Hong Kong, Japan and Singapore. Ironshore Singapore is a branch of Ironshore Insurance Ltd.,
More informationSECOND QUARTER 2018 HIGHLIGHTS
SECOND QUARTER 2018 HIGHLIGHTS Net earnings per share of $2.31, a second quarter record for AFG, includes $0.27 per share in realized gains on securities Core net operating earnings of $2.04 per share,
More informationMAS 124 Public Disclosure
Great American Insurance Company (Incorporated in United States of America) Singapore Branch Company Registration No. T15FC0029B MAS 124 Public Disclosure 31 December 2017 1 1. Purpose... 3 2. Company
More informationPhotography is known as the art or practice of taking and processing photographs. Perspective is known as the art of giving a solid object a
ANNUAL REPORT 2014 Photography is known as the art or practice of taking and processing photographs. Perspective is known as the art of giving a solid object a meaningful impression of height, width,
More informationHannover Re - growth opportunities despite the crisis? Ulrich Wallin Chief Executive Officer
Hannover Re - growth opportunities despite the crisis? Ulrich Wallin Chief Executive Officer Commerzbank, German Investment Seminar New York, 1 January 212 HR Group Diversification Cycle mgmt. non-life
More informationEndurance Specialty Holdings Ltd.
Endurance Specialty Holdings Ltd. INVESTOR FINANCIAL SUPPLEMENT THIRD QUARTER 2008 Endurance Specialty Holdings Ltd. Wellesley House, 90 Pitts Bay Rd. Pembroke HM 08, Bermuda Investor Relations Phone:
More information2015 Second Quarter Conference Call August 4, 2015
2015 Second Quarter Conference Call August 4, 2015 Safe Harbor Statements in this presentation, including the information set forth as to the future financial or operating performance of Atlas Financial
More informationINVESTOR FINANCIAL SUPPLEMENT. March 31, 2012
INVESTOR FINANCIAL SUPPLEMENT March 31, 2012 As of April 26, 2012 Address: A.M. Best Fitch Standard & Poor s Moody s One Hartford Plaza Insurance Financial Strength Ratings: Hartford, CT 06155 Hartford
More informationThe Hanover Insurance Group, Inc.
The Hanover Insurance Group, Inc. Third Quarter 2017 Results November 2, 2017 To be read in conjunction with the press release dated November 1, 2017 and conference call scheduled for November 2, 2017
More informationThird Quarter 2017 Results. November 2, 2017
Third Quarter 207 Results November 2, 207 Cautionary Statement Regarding Forward Looking Statements This report contains forward looking statements that are intended to enhance the reader s ability to
More informationSecond Quarter Highlights
The Hanover Reports Second Quarter Net Income and Operating Income (1) of $1.83 and $1.69 per Diluted Share, Respectively; Combined Ratio of 95.6%, including Catastrophe Impact of 4.8 points; Operating
More informationThe Hartford Financial Services Group, Inc. November 2017 Overview of The Hartford
The Hartford Financial Services Group, Inc. November 2017 Overview of The Hartford Copyright 2017 by The Hartford. All rights reserved. No part of this document may be reproduced, published or posted without
More informationMorgan Stanley Financials Conference
RenaissanceRe Holdings Ltd. Morgan Stanley Financials Conference Jeffrey D. Kelly Chief Financial Officer Aditya K. Dutt President of Renaissance Underwriting Managers, Ltd. June 11, 2013 Safe Harbor Statement
More informationLloyd s seminar Mumbai. Tuesday 7 February 2012
Lloyd s seminar Mumbai Tuesday 7 February 2012 The Lloyd s Offering to the Indian Insurance Market Jose Ribeiro, Director, International Markets - Lloyd s Explaining the Lloyd s Model Ed Pennock, Manager,
More informationFirst Quarter 2011 Review
First Quarter 2011 Review Odyssey Re Holdings Corp. is a leading worldwide underwriter of property and casualty treaty and facultative reinsurance, as well as specialty insurance. OdysseyRe operates through
More informationNon-EEA Reinsurers Support of European (Re)Insurance Markets Bradley Kading
Non-EEA Reinsurers Support of European (Re)Insurance Markets Bradley Kading September 2013 Summary Polish Insurance Market Growth Swiss Re Sigma Reports 5 10% Growth in 2012 Reinsurance Market Data Equivalence
More informationINVESTOR Presentation
INVESTOR Presentation F O U R T H Q U A R T E R 2 0 1 8 Everest Re Group, Ltd Seon Place, 4 th Floor 141 Front Street P.O. Box HM 845 Hamilton HM D19, Bermuda CAUTIONARY NOTE ON Forward-looking Statements
More informationDarwin Professional Underwriters, Inc.
Darwin Professional Underwriters, Inc. Credit Suisse Investor Presentation November 2007 Forward-Looking Statements The following information includes forward-looking statements. All statements other than
More informationFourth Quarter 2017 And Full Year 2017 Financial Results And 2018 Key Business Metrics Outlook
The Hartford Financial Services Group, Inc. February 8, 2018 Fourth Quarter 2017 And Full Year 2017 Financial Results And 2018 Key Business Metrics Outlook On December 3, 2017, The Hartford entered into
More informationINVESTOR FINANCIAL SUPPLEMENT
INVESTOR FINANCIAL SUPPLEMENT DECEMBER 31, 2004 As of January 25, 2005 Address: A.M. Best Fitch Standard & Poor s Moody s 690 Asylum Avenue Insurance Financial Strength Ratings: Hartford, CT 06115 Hartford
More informationNAVIGATORS INSURANCE COMPANY NAVIGATORS SPECIALTY INSURANCE COMPANY. New York, New York
NAVIGATORS INSURANCE COMPANY NAVIGATORS SPECIALTY INSURANCE COMPANY A A New York, New York A Printed September 19, 2016 www.ambest.com Page 1 of 17 Ultimate Parent: The Navigators Group, Inc NAVIGATORS
More informationHARTFORD FINANCIAL SERVICES GROUP INC/DE
HARTFORD FINANCIAL SERVICES GROUP INC/DE FORM 8-K (Current report filing) Filed 02/02/11 for the Period Ending 02/02/11 Address ONE HARTFORD PLAZA HARTFORD, CT 06155 Telephone 8605475000 CIK 0000874766
More informationEXECUTIVE SUMMARY OF FINDINGS
2013 FLASPÖHLER SURVEY EXECUTIVE SUMMARY OF FINDINGS Cedants Evaluate Reinsurers (Non-Life / North America) Results from 1186 Cedants CEDANT NON-LIFE 2013 TABLE OF CONTENTS ABOUT THE STUDY 1 RESULTS SEGMENTATION
More informationINVESTOR FINANCIAL SUPPLEMENT
INVESTOR FINANCIAL SUPPLEMENT MARCH 31, 2005 As of April 26, 2005 Address: A.M. Best Fitch Standard & Poor s Moody s 690 Asylum Avenue Insurance Financial Strength Ratings: Hartford, CT 06105 Hartford
More informationUnderstanding RISK Creating VALUE
Understanding RISK Creating VALUE Allianz Reinsurance Facts & Figures March 2018 Copyright Allianz CONTENT 01 ALLIANZ GROUP 05 OUR SOLUTIONS & SERVICES 02 OUR COMPANY 06 OUR GLOBAL PRESENCE 03 OUR FINANCIAL
More informationIts inclusion in this document is not intended to be an update or reaffirmation of the forward-looking information as of any later date.
INVESTOR HANDOUT NOVEMBER 2017 NASDAQ: CINF This presentation contains forward-looking statements that involve risks and uncertainties. Please refer to our various filings with the U.S. Securities and
More informationSompo International U.S. Insurance. Products and Capabilities
Sompo International U.S. Insurance s and Capabilities Sompo International Insurance s Commitment to the U.S. Market At Sompo International Insurance, our approach is simple; provide the best in class services
More informationUNITED FIRE & CASUALTY COMPANY
UNITED FIRE & CASUALTY COMPANY 118 Second Avenue SE, PO Box 73909 Cedar Rapids, Iowa 52407-3909 Contact: Randy A. Ramlo, President/CEO or Dianne M. Lyons, Vice President/CFO 319-399-5700 United Fire &
More informationThe Hartford Financial Services Group, Inc. February 4, 2019
The Hartford Financial Services Group, Inc. February 4, 2019 The Hartford Announces Fourth Quarter And Full Year 2018 Financial Results And $1.0 Billion Share Repurchase Authorization; Also Provides 2019
More informationBank of America Merrill Lynch Insurance Investor Conference
RenaissanceRe Holdings Ltd. Bank of America Merrill Lynch Insurance Investor Conference Neill A. Currie Chief Executive Officer February 14, 2013 Safe Harbor Statement Cautionary Statement under "Safe
More information