Condensed Financial Information of Registrant

12 Months Ended

Dec. 31, 2018

Condensed Financial Information Of Parent Company Only Disclosure [Abstract]

Condensed Financial Information of Registrant

THE NAVIGATORS GROUP, INC. AND SUBSIDIARIES

Condensed Financial Information of Registrant

The Navigators Group, Inc.

Balance Sheets

(Parent Company)

	December 31,
amounts in thousands, except per share amounts	2018			2017
ASSETS
Cash	$	6,414		$	9,235
Investments in Subsidiaries		1,391,620			1,423,843
Goodwill and Other Intangible Assets		2,534			2,534
Current Income Tax Receivable, Net		35,553			30,573
Other Assets		19,686			28,063
Total Assets	$	1,455,807		$	1,494,248
LIABILITIES AND STOCKHOLDERS' EQUITY
Liabilities:
Senior Notes	$	264,052		$	263,885
Accounts Payable and Other Liabilities		1,731			1,224
Accrued Interest Payable		3,174			3,174
Total Liabilities	$	268,957		$	268,283
Stockholders' Equity:
Preferred Stock, ($.10 par value, authorized 1,000 shares, none issued)	$	—		$	—
Common Stock, ($.10 par value, authorized 50,000 shares, issued 36,805    shares for  2018 and 36,530 shares for 2017)		3,678			3,650
Additional Paid-In Capital		378,274			376,868
Treasury Stock, at cost (7,023 shares for 2018 and 2017)		(155,801	)		(155,801	)
Retained Earnings		1,012,220			981,380
Accumulated Other Comprehensive Income:
Net Unrealized Gains (Losses) on Securities Available-for-Sale, Net of Tax		(51,513	)		19,874
Foreign Currency Translation Adjustment, Net of Tax		(8	)		(6	)
Total Stockholders' Equity	$	1,186,850		$	1,225,965
Total Liabilities and Stockholders' Equity	$	1,455,807		$	1,494,248

SCHEDULE II

THE NAVIGATORS GROUP, INC. AND SUBSIDIARIES

Condensed Financial Information of Registrant (Continued)

The Navigators Group, Inc.

Statements of Income

(Parent Company)

	Years Ended December 31,
amounts in thousands	2018			2017			2016
Revenues:
Net Investment Income	$	18		$	7		$	53
Total Revenues	$	18		$	7		$	53
Expenses:
Interest Expense		15,460			15,447			15,435
Other (Income) Expense		2,563			(28	)		22
Total Expenses	$	18,023		$	15,419		$	15,457
Loss Before Income Tax Benefit	$	(18,005	)	$	(15,412	)	$	(15,404	)
Income Tax Expense (Benefit)		2,919			(5,709	)		(8,009	)
Loss Before Equity in Undistributed Net Income of    Wholly Owned Subsidiaries	$	(20,924	)	$	(9,703	)	$	(7,395	)
Equity in Undistributed Net Income of  Wholly-Owned Subsidiaries		55,163			50,197			90,121
Net Income	$	34,239		$	40,494		$	82,726

SCHEDULE II

THE NAVIGATORS GROUP, INC. AND SUBSIDIARIES

Condensed Financial Information of Registrant (Continued)

The Navigators Group, Inc.

Statements of Cash Flows

(Parent Company)

	Years Ended December 31,
amounts in thousands	2018			2017			2016
Operating Activities:
Net Income	$	34,239		$	40,494		$	82,726
Adjustments to Reconcile Net Income to Net Cash Provided    By (Used in) Operations:
Equity in Undistributed Net Income of Wholly-Owned Subsidiaries		(55,163	)		(50,197	)		(90,121	)
Dividends Received from Subsidiaries		97,000			19,000			5,000
Other		9,757			5,841			5,737
Net Cash Provided By (Used in) Operating Activities	$	85,833		$	15,138		$	3,342
Investing Activities:
Net (Increase) Decrease in Short-Term Investments		—			—			89,576
Net Cash Provided By (Used in) Investing Activities	$	—		$	—		$	89,576
Financing Activities:
Capital Contribution to Subsidiary	$	(76,083	)	$	(1	)	$	(79,250	)
Proceeds of Stock Issued from Employee Stock Purchase Plan		2,036			1,846			1,840
Dividends Paid		(8,319	)		(6,633	)		(3,930	)
Payment of Employee Tax Withholding on Stock Compensation		(6,288	)		(13,778	)		(5,358	)
Net cash Provided By (Used in) Financing Activities	$	(88,654	)	$	(18,566	)	$	(86,698	)
Increase (Decrease) in Cash	$	(2,821	)	$	(3,428	)	$	6,220
Cash at Beginning of Year		9,235			12,663			6,443
Cash at End of Year	$	6,414		$	9,235		$	12,663