Navigators Group (NAVG) Sees Up to $25M in Net Losses from Sandy

December 21, 2012 4:05 PM EST
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The Navigators Group, Inc. (NASDAQ: NAVG) announced today that its preliminary estimate of losses relating to Superstorm Sandy ranges between $18 million and $25 million, net of reinsurance and the effects of reinstatement premiums.

The Company's preliminary estimate for the storm includes the sum of estimates of claims and claim expenses incurred, reinsurance recoveries and reinsurance reinstatement premiums. The Company's estimates are based on claims information reported to date, a review of its potential exposures, preliminary discussions with certain insureds, and catastrophe modeling techniques. Given the magnitude and recent occurrence of Superstorm Sandy, relatively limited claims data received to date, the contingent nature of business interruption and other exposures, the unusual complexity of the coverage and legal issues relating to Superstorm Sandy, and the other uncertainties inherent in loss estimation, meaningful additional uncertainty remains regarding total covered losses for the insurance industry from Superstorm Sandy and, accordingly, the Company's estimate is subject to change based on new or revised data being received from the Company's insureds as well as other factors. Accordingly, the Company's actual losses from Superstorm Sandy will vary from this preliminary estimate, perhaps materially so. Change in this estimate will be recorded in the period in which it occurs.

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