NAVG - decent quarter for these guys:
NEW YORK--(BUSINESS WIRE)--The Navigators Group, Inc. (NASDAQ:NAVG - News) reported net income of $17.0 million, or $1.00 per diluted share, for the three months ended March 31, 2010 compared to net income of $12.0 million, or $0.71 per diluted share, for the comparable period in 2009. Operating earnings(1) were $13.1 million, or $0.77 per diluted share for the first quarter of 2010 compared to $20.2 million, or $1.19 per diluted share, for the first quarter of 2009.
Book value is not up to 49.47$, tangible book around 48.%$. So a buyer here is buying 1$ in liquid assets for 78 cents. They are buying back stock, acknowledging that competition is stiffer, rather than growing premiums. This is exactly what a LT owner want them to do at this point. |
