Navigators (NAVG) 8-K Regulation FD Disclosure

Exhibit 99.1

THE NAVIGATORS GROUP, INC. AND SUBSIDIARIES

Consolidated and Segment Information (unaudited)

Three Months Ended

March 31, 2014

($ in thousands)

	U.S.			Int’l
	Insurance			Insurance			GlobalRe			Corporate (1)			Total
Gross written premiums	$	198,348		$	119,192		$	105,250		$	—		$	422,790
Ceded written premiums		(65,066	)		(42,582	)		(3,292	)		—			(110,940	)
Net written premiums		133,282			76,610			101,958			—			311,850
Net earned premiums		115,190			62,054			48,028			—			225,272
Net losses and loss adjustment expenses		(72,964	)		(31,220	)		(30,883	)		—			(135,067	)
Commission expenses		(9,509	)		(8,855	)		(7,872	)		509			(25,727	)
Other operating expenses		(27,993	)		(15,059	)		(4,094	)		—			(47,146	)
Other underwriting income (expenses)		513			6			145			(509	)		155
Underwriting profit (loss)	$	5,237		$	6,926		$	5,324		$	—		$	17,487
Net investment income											16,610			16,610
Net realized gains (losses)											833			833
Interest expense											(3,852	)		(3,852	)
Other income (expense)											10,244			10,244
Income before income taxes		5,237			6,926			5,324			23,835			41,322
Income tax (expense) benefit											(13,354	)		(13,354	)
Net income (loss)													$	27,968
Losses and loss adjustment expenses ratio		63.3	%		50.3	%		64.3	%					60.0	%
Commission expense ratio		8.3	%		14.3	%		16.4	%					11.4	%
Other operating expense ratio(2)		23.9	%		24.2	%		8.2	%					20.8	%
Combined ratio		95.5	%		88.8	%		88.9	%					92.2	%

(1) The Corporate segment includes intercompany eliminations.

(2) The Other operating expense ratio includes Other income (expense).

	U.S. Insurance
	Three Months Ended March 31, 2014
							Professional
amounts in thousands	Marine			P&C			Liability			Total
Gross written premiums	$	43,025		$	125,119		$	30,204		$	198,348
Ceded written premiums		(9,170	)		(46,156	)		(9,740	)		(65,066	)
Net written premiums		33,855			78,963			20,464			133,282
Net earned premiums		27,986			64,931			22,273			115,190
Net losses and LAE		(14,683	)		(44,349	)		(13,932	)		(72,964	)
Commission expenses		(2,547	)		(3,945	)		(3,017	)		(9,509	)
Other operating expenses		(5,689	)		(17,313	)		(4,991	)		(27,993	)
Other underwriting income (expenses)		201			266			46			513
Underwriting profit (loss)	$	5,268		$	(410	)	$	379		$	5,237
Losses and LAE ratio		52.5	%		68.3	%		62.6	%		63.3	%
Commission expense ratio		9.1	%		6.1	%		13.5	%		8.3	%
Other operating expense ratio(1)		19.6	%		26.2	%		22.2	%		23.9	%
Combined ratio		81.2	%		100.6	%		98.3	%		95.5	%
(1)    The Other operating expense ratio includes Other income (expense).
	Int’l Insurance
	Three Months Ended March 31, 2014
							Professional
amounts in thousands	Marine			P&C			Liability			Total
Gross written premiums	$	61,982		$	42,250		$	14,960		$	119,192
Ceded written premiums		(12,394	)		(24,464	)		(5,724	)		(42,582	)
Net written premiums		49,588			17,786			9,236			76,610
Net earned premiums		38,044			16,441			7,569			62,054
Net losses and LAE		(19,697	)		(6,957	)		(4,566	)		(31,220	)
Commission expenses		(9,987	)		1,191			(59	)		(8,855	)
Other operating expenses		(6,415	)		(5,280	)		(3,364	)		(15,059	)
Other underwriting income (expenses)		6			—			—			6
Underwriting profit (loss)	$	1,951		$	5,395		$	(420	)	$	6,926
Losses and LAE ratio		51.8	%		42.3	%		60.3	%		50.3	%
Commission expense ratio		26.4	%		-7.2	%		0.8	%		14.3	%
Other operating expense ratio(1)		16.8	%		32.1	%		44.5	%		24.2	%
Combined ratio		95.0	%		67.2	%		105.6	%		88.8	%

(1) The Other operating expense ratio includes Other income (expense).

THE NAVIGATORS GROUP, INC. AND SUBSIDIARIES

Consolidated and Segment Information (unaudited)

Three Months Ended

June 30, 2014

($ in thousands)

	U.S.			Int’l
	Insurance			Insurance			GlobalRe			Corporate (1)			Total
Gross written premiums	$	206,703		$	120,732		$	21,360		$	—		$	348,795
Ceded written premiums		(60,004	)		(56,345	)		(582	)		—			(116,931	)
Net written premiums		146,699			64,387			20,778			—			231,864
Net earned premiums		125,254			59,661			46,169			—			231,084
Net losses and loss adjustment expenses		(73,131	)		(35,293	)		(31,796	)		—			(140,220	)
Commission expenses		(13,219	)		(11,009	)		(8,468	)		546			(32,150	)
Other operating expenses		(28,840	)		(15,436	)		(3,716	)		—			(47,992	)
Other underwriting income (expenses)		736			11			34			(546	)		235
Underwriting profit (loss)	$	10,800		$	(2,066	)	$	2,223		$	—		$	10,957
Net investment income											15,648			15,648
Net realized gains (losses)											4,473			4,473
Interest expense											(4,319	)		(4,319	)
Other income (expense)											(1,900	)		(1,900	)
Income before income taxes	$	10,800		$	(2,066	)	$	2,223		$	13,902		$	24,859
Income tax (expense) benefit											(7,998	)		(7,998	)
Net income (loss)													$	16,861
Losses and loss adjustment expenses ratio		58.4	%		59.2	%		68.9	%					60.7	%
Commission expense ratio		10.6	%		18.5	%		18.3	%					13.9	%
Other operating expense ratio(2)		22.4	%		25.8	%		8.0	%					20.7	%
Combined ratio		91.4	%		103.5	%		95.2	%					95.3	%

(1) The Corporate segment includes intercompany eliminations.

(2) The Other operating expense ratio includes Other income (expense).

	U.S. Insurance
	Three Months Ended June 30, 2014
							Professional
amounts in thousands	Marine			P&C			Liability			Total
Gross written premiums	$	42,548		$	137,137		$	27,018		$	206,703
Ceded written premiums		(11,587	)		(40,452	)		(7,965	)		(60,004	)
Net written premiums		30,961			96,685			19,053			146,699
Net earned premiums		26,727			76,585			21,942			125,254
Net losses and LAE		(10,609	)		(52,619	)		(9,903	)		(73,131	)
Commission expenses		(4,101	)		(6,095	)		(3,023	)		(13,219	)
Other operating expenses		(5,944	)		(17,675	)		(5,221	)		(28,840	)
Other underwriting income (expenses)		320			374			42			736
Underwriting profit (loss)	$	6,393		$	570		$	3,837		$	10,800
Losses and LAE ratio		39.7	%		68.7	%		45.1	%		58.4	%
Commission expense ratio		15.3	%		8.0	%		13.8	%		10.6	%
Other operating expense ratio(1)		21.1	%		22.6	%		23.6	%		22.4	%
Combined ratio		76.1	%		99.3	%		82.5	%		91.4	%
(1)    The Other operating expense ratio includes Other income (expense).
	Int’l Insurance
	Three Months Ended June 30, 2014
							Professional
amounts in thousands	Marine			P&C			Liability			Total
Gross written premiums	$	47,532		$	51,305		$	21,895		$	120,732
Ceded written premiums		(17,033	)		(31,284	)		(8,028	)		(56,345	)
Net written premiums		30,499			20,021			13,867			64,387
Net earned premiums		34,177			16,466			9,018			59,661
Net losses and LAE		(22,963	)		(9,937	)		(2,393	)		(35,293	)
Commission expenses		(10,020	)		(996	)		7			(11,009	)
Other operating expenses		(6,468	)		(5,570	)		(3,398	)		(15,436	)
Other underwriting income (expenses)		3			5			3			11
Underwriting profit (loss)	$	(5,271	)	$	(32	)	$	3,237		$	(2,066	)
Losses and LAE ratio		67.2	%		60.4	%		26.5	%		59.2	%
Commission expense ratio		29.4	%		6.0	%		-0.1	%		18.5	%
Other operating expense ratio(1)		18.9	%		33.8	%		37.8	%		25.8	%
Combined ratio		115.5	%		100.2	%		64.2	%		103.5	%

(1) The Other operating expense ratio includes Other income (expense).

THE NAVIGATORS GROUP, INC. AND SUBSIDIARIES

Consolidated and Segment Information (unaudited)

Three Months Ended

September 30, 2014

($ in thousands)

	U.S. Insurance			Int’l Insurance			GlobalRe			Corporate (1)			Total
Gross written premiums	$	199,723		$	94,161		$	33,585		$	—		$	327,469
Ceded written premiums		(61,654	)		(36,607	)		(791	)		—			(99,052	)
Net written premiums		138,069			57,554			32,794			—			228,417
Net earned premiums		130,420			66,278			48,669			—			245,367
Net losses and loss adjustment expenses		(80,722	)		(24,910	)		(29,652	)		—			(135,284	)
Commission expenses		(12,870	)		(12,792	)		(8,831	)		550			(33,943	)
Other operating expenses		(29,160	)		(17,288	)		(3,940	)		—			(50,388	)
Other underwriting income (expenses)		534			1			122			(550	)		107
Underwriting profit (loss)	$	8,202		$	11,289		$	6,368		$	—		$	25,859
Net investment income											15,839			15,839
Net realized gains (losses)											6,718			6,718
Interest expense											(3,388	)		(3,388	)
Other income (expense)											1,229			1,229
Income before income taxes	$	8,202		$	11,289		$	6,368		$	20,398		$	46,257
Income tax (expense) benefit											(15,032	)		(15,032	)
Net income (loss)													$	31,225
Losses and loss adjustment expenses ratio		61.9	%		37.6	%		60.9	%					55.1	%
Commission expense ratio		9.9	%		19.3	%		18.1	%					13.8	%
Other operating expense ratio(2)		21.9	%		26.1	%		7.9	%					20.6	%
Combined ratio		93.7	%		83.0	%		86.9	%					89.5	%

(1) The Corporate segment includes intercompany eliminations.

(2) The Other operating expense ratio includes Other income (expense).

	U.S. Insurance
	Three Months Ended September 30, 2014
amounts in thousands	Marine			P&C			Professional Liability			Total
Gross written premiums	$	34,576		$	138,181		$	26,966		$	199,723
Ceded written premiums		(13,338	)		(41,180	)		(7,136	)		(61,654	)
Net written premiums		21,238			97,001			19,830			138,069
Net earned premiums		27,207			82,635			20,578			130,420
Net losses and LAE		(13,581	)		(53,955	)		(13,186	)		(80,722	)
Commission expenses		(3,486	)		(6,697	)		(2,687	)		(12,870	)
Other operating expenses		(6,086	)		(17,935	)		(5,139	)		(29,160	)
Other underwriting income (expenses)		168			331			35			534
Underwriting profit (loss)	$	4,222		$	4,379		$	(399	)	$	8,202
Losses and LAE ratio		49.9	%		65.3	%		64.1	%		61.9	%
Commission expense ratio		12.8	%		8.1	%		13.1	%		9.9	%
Other operating expense ratio(1)		21.8	%		21.3	%		24.7	%		21.9	%
Combined ratio		84.5	%		94.7	%		101.9	%		93.7	%
(1)    The Other operating expense ratio includes Other income (expense).
	Int’l Insurance
	Three Months Ended September 30, 2014
amounts in thousands	Marine			P&C			Professional Liability			Total
Gross written premiums	$	41,593		$	35,399		$	17,169		$	94,161
Ceded written premiums		(6,924	)		(24,267	)		(5,416	)		(36,607	)
Net written premiums		34,669			11,132			11,753			57,554
Net earned premiums		40,207			14,300			11,771			66,278
Net losses and LAE		(14,657	)		(3,565	)		(6,688	)		(24,910	)
Commission expenses		(9,755	)		(2,565	)		(472	)		(12,792	)
Other operating expenses		(7,573	)		(5,675	)		(4,040	)		(17,288	)
Other underwriting income (expenses)		1			0			0			1
Underwriting profit (loss)	$	8,223		$	2,495		$	571		$	11,289
Losses and LAE ratio		36.5	%		24.9	%		56.8	%		37.6	%
Commission expense ratio		24.4	%		17.9	%		4.0	%		19.3	%
Other operating expense ratio(1)		18.7	%		39.8	%		34.5	%		26.1	%
Combined ratio		79.6	%		82.6	%		95.3	%		83.0	%

(1) The Other operating expense ratio includes Other income (expense).

THE NAVIGATORS GROUP, INC. AND SUBSIDIARIES

Consolidated and Segment Information (unaudited)

Three Months Ended

December 31, 2014

($ in thousands)

	U.S. Insurance			Int’l Insurance			GlobalRe			Corporate (1)			Total
Gross written premiums	$	202,334		$	90,819		$	40,146		$	—		$	333,299
Ceded written premiums		(68,259	)		(36,387	)		(646	)		—			(105,292	)
Net written premiums		134,075			54,432			39,500			—			228,007
Net earned premiums		133,425			55,492			45,255			—			234,172
Net losses and loss adjustment expenses		(85,022	)		(23,656	)		(25,980	)		—			(134,658	)
Commission expenses		(14,242	)		(11,770	)		(8,258	)		562			(33,708	)
Other operating expenses		(29,824	)		(17,492	)		(3,983	)		—			(51,299	)
Other underwriting income (expenses)		458			14			188			(562	)		98
Underwriting profit (loss)	$	4,795		$	2,588		$	7,222		$	—		$	14,605
Net investment income											16,071			16,071
Net realized gains (losses)											788			788
Interest expense											(3,854	)		(3,854	)
Other income (expense)											488			488
Income before income taxes	$	4,795		$	2,588		$	7,222		$	13,493		$	28,098
Income tax (expense) benefit											(8,823	)		(8,823	)
Net income (loss)													$	19,275
Losses and loss adjustment expenses ratio		63.7	%		42.6	%		57.4	%					57.5	%
Commission expense ratio		10.7	%		21.2	%		18.2	%					14.4	%
Other operating expense ratio(2)		22.0	%		31.5	%		8.4	%					21.9	%
Combined ratio		96.4	%		95.3	%		84.0	%					93.8	%

(1) The Corporate segment includes intercompany eliminations.

(2) The Other operating expense ratio includes Other income (expense).

	U.S. Insurance
	Three Months Ended December 31, 2014
amounts in thousands	Marine			P&C			Professional Liability			Total
Gross written premiums	$	37,058		$	139,634		$	25,642		$	202,334
Ceded written premiums		(13,463	)		(41,292	)		(13,504	)		(68,259	)
Net written premiums		23,595			98,342			12,138			134,075
Net earned premiums		26,001			88,411			19,013			133,425
Net losses and LAE		(4,196	)		(68,328	)		(12,498	)		(85,022	)
Commission expenses		(2,959	)		(8,692	)		(2,591	)		(14,242	)
Other operating expenses		(6,486	)		(17,980	)		(5,358	)		(29,824	)
Other underwriting income (expenses)		150			292			16			458
Underwriting profit (loss)	$	12,510		$	(6,297	)	$	(1,418	)	$	4,795
Losses and LAE ratio		16.1	%		77.3	%		65.7	%		63.7	%
Commission expense ratio		11.4	%		9.8	%		13.6	%		10.7	%
Other operating expense ratio(1)		24.4	%		20.0	%		28.2	%		22.0	%
Combined ratio		51.9	%		107.1	%		107.5	%		96.4	%
(1)    The Other operating expense ratio includes Other income (expense).
	Int’l Insurance
	Three Months Ended December 31, 2014
amounts in thousands	Marine			P&C			Professional Liability			Total
Gross written premiums	$	39,680		$	29,185		$	21,954		$	90,819
Ceded written premiums		(11,454	)		(18,072	)		(6,861	)		(36,387	)
Net written premiums		28,226			11,113			15,093			54,432
Net earned premiums		28,669			15,313			11,510			55,492
Net losses and LAE		(14,669	)		(2,858	)		(6,129	)		(23,656	)
Commission expenses		(7,898	)		(2,925	)		(947	)		(11,770	)
Other operating expenses		(7,766	)		(5,631	)		(4,095	)		(17,492	)
Other underwriting income (expenses)		6			4			4			14
Underwriting profit (loss)	$	(1,658	)	$	3,903		$	343		$	2,588
Losses and LAE ratio		51.2	%		18.7	%		53.2	%		42.6	%
Commission expense ratio		27.6	%		19.1	%		8.2	%		21.2	%
Other operating expense ratio(1)		27.1	%		36.7	%		35.7	%		31.5	%
Combined ratio		105.9	%		74.5	%		97.1	%		95.3	%

(1) The Other operating expense ratio includes Other income (expense).

THE NAVIGATORS GROUP, INC. AND SUBSIDIARIES

Consolidated and Segment Information (unaudited)

Year Ended

December 31, 2014

($ in thousands)

	U.S. Insurance			Int’l Insurance			GlobalRe			Corporate (1)			Total
Gross written premiums	$	807,108		$	424,904		$	200,341		$	—		$	1,432,353
Ceded written premiums		(254,983	)		(171,921	)		(5,311	)		—			(432,215	)
Net written premiums		552,125			252,983			195,030			—			1,000,138
Net earned premiums		504,289			243,485			188,121			—			935,895
Net losses and loss adjustment expenses		(311,839	)		(115,079	)		(118,311	)		—			(545,229	)
Commission expenses		(49,840	)		(44,426	)		(33,429	)		2,167			(125,528	)
Other operating expenses		(115,817	)		(65,275	)		(15,733	)		—			(196,825	)
Other underwriting income (expenses)		2,241			32			489			(2,167	)		595
Underwriting profit (loss)	$	29,034		$	18,737		$	21,137		$	0		$	68,908
Net investment income											64,168			64,168
Net realized gains (losses)											12,812			12,812
Interest expense											(15,413	)		(15,413	)
Other income (expense)											10,061			10,061
Income before income taxes	$	29,034		$	18,737		$	21,137		$	71,628		$	140,536
Income tax (expense) benefit											(45,207	)		(45,207	)
Net income (loss)													$	95,329
Losses and loss adjustment expenses ratio		61.8	%		47.3	%		62.9	%					58.3	%
Commission expense ratio		9.9	%		18.2	%		17.8	%					13.4	%
Other operating expense ratio(2)		22.5	%		26.8	%		8.1	%					20.9	%
Combined ratio		94.2	%		92.3	%		88.8	%					92.6	%

(1) The Corporate segment includes intercompany eliminations.

(2) The Other operating expense ratio includes Other income (expense).

	U.S. Insurance
	Year Ended December 31, 2014
amounts in thousands	Marine			P&C			Professional Liability			Total
Gross written premiums	$	157,207		$	540,071		$	109,830		$	807,108
Ceded written premiums		(47,558	)		(169,080	)		(38,345	)		(254,983	)
Net written premiums		109,649			370,991			71,485			552,125
Net earned premiums		107,921			312,562			83,806			504,289
Net losses and LAE		(43,069	)		(219,251	)		(49,519	)		(311,839	)
Commission expenses		(13,093	)		(25,429	)		(11,318	)		(49,840	)
Other operating expenses		(24,205	)		(70,903	)		(20,709	)		(115,817	)
Other underwriting income (expenses)		839			1,263			139			2,241
Underwriting profit (loss)	$	28,393		$	(1,758	)	$	2,399		$	29,034
Losses and LAE ratio		39.9	%		70.1	%		59.1	%		61.8	%
Commission expense ratio		12.1	%		8.1	%		13.5	%		9.9	%
Other operating expense ratio(1)		21.7	%		22.4	%		24.5	%		22.5	%
Combined ratio		73.7	%		100.6	%		97.1	%		94.2	%
	Int’l Insurance
	Year Ended December 31, 2014
amounts in thousands	Marine			P&C			Professional Liability			Total
Gross written premiums	$	190,787		$	158,139		$	75,978		$	424,904
Ceded written premiums		(47,805	)		(98,087	)		(26,029	)		(171,921	)
Net written premiums		142,982			60,052			49,949			252,983
Net earned premiums		141,097			62,520			39,868			243,485
Net losses and LAE		(71,986	)		(23,317	)		(19,776	)		(115,079	)
Commission expenses		(37,660	)		(5,295	)		(1,471	)		(44,426	)
Other operating expenses		(28,222	)		(22,156	)		(14,897	)		(65,275	)
Other underwriting income (expenses)		16			9			7			32
Underwriting profit (loss)	$	3,245		$	11,761		$	3,731		$	18,737
Losses and LAE ratio		51.0	%		37.3	%		49.6	%		47.3	%
Commission expense ratio		26.8	%		8.5	%		3.7	%		18.2	%
Other operating expense ratio(1)		20.0	%		35.4	%		37.4	%		26.8	%
Combined ratio		97.8	%		81.2	%		90.7	%		92.3	%

THE NAVIGATORS GROUP, INC. AND SUBSIDIARIES

Consolidated and Segment Information (unaudited)

Year Ended

December 31, 2013

($ in thousands)

	U.S. Insurance			Int’l Insurance			GlobalRe			Corporate (1)			Total
Gross written premiums	$	745,995		$	446,816		$	177,706		$	—		$	1,370,517
Ceded written premiums		(279,769	)		(200,027	)		(2,799	)		—			(482,595	)
Net written premiums		466,226			246,789			174,907			—			887,922
Net earned premiums		437,737			246,258			157,944			—			841,939
Net losses and loss adjustment expenses		(283,694	)		(114,395	)		(120,872	)		—			(518,961	)
Commission expenses		(43,409	)		(44,940	)		(27,493	)		2,348			(113,494	)
Other operating expenses		(99,013	)		(55,947	)		(9,474	)		—			(164,434	)
Other underwriting income (expenses)		2,924			(1,867	)		119			(2,348	)		(1,172	)
Underwriting profit (loss)	$	14,545		$	29,109		$	224		$	0		$	43,878
Net investment income											56,251			56,251
Net realized gains (losses)											20,546			20,546
Call Premium on Senior Note											(17,895	)		(17,895	)
Interest expense											(10,507	)		(10,507	)
Income before income taxes	$	14,545		$	29,109		$	224		$	48,395		$	92,273
Income tax (expense) benefit											(28,807	)		(28,807	)
Net income (loss)													$	63,466
Losses and loss adjustment expenses ratio		64.8	%		46.5	%		76.5	%					61.6	%
Commission expense ratio		9.9	%		18.2	%		17.4	%					13.5	%
Other operating expense ratio(2)		22.0	%		23.5	%		6.0	%					19.7	%
Combined ratio		96.7	%		88.2	%		99.9	%					94.8	%

(1) The Corporate segment includes intercompany eliminations.

	U.S. Insurance
	Year Ended December 31, 2013
amounts in thousands	Marine			P&C			Professional Liability			Total
Gross written premiums	$	145,301		$	470,615		$	130,079		$	745,995
Ceded written premiums		(45,349	)		(201,440	)		(32,980	)		(279,769	)
Net written premiums		99,952			269,175			97,099			466,226
Net earned premiums		106,670			230,666			100,401			437,737
Net losses and LAE		(52,184	)		(158,996	)		(72,514	)		(283,694	)
Commission expenses		(14,639	)		(12,963	)		(15,807	)		(43,409	)
Other operating expenses		(23,010	)		(58,544	)		(17,459	)		(99,013	)
Other underwriting income (expenses)		771			1,933			220			2,924
Underwriting profit (loss)	$	17,608		$	2,096		$	(5,159	)	$	14,545
Losses and LAE ratio		48.9	%		68.9	%		72.2	%		64.8	%
Commission expense ratio		13.7	%		5.6	%		15.7	%		9.9	%
Other operating expense ratio(1)		20.9	%		24.6	%		17.2	%		22.0	%
Combined ratio		83.5	%		99.1	%		105.1	%		96.7	%
(1)    The Other operating expense ratio includes Other income (expense).
	Int’l Insurance
	Year Ended December 31, 2013
amounts in thousands	Marine			P&C			Professional Liability			Total
Gross written premiums	$	208,198		$	180,657		$	57,961		$	446,816
Ceded written premiums		(53,082	)		(120,068	)		(26,877	)		(200,027	)
Net written premiums		155,116			60,589			31,084			246,789
Net earned premiums		164,080			55,809			26,369			246,258
Net losses and LAE		(88,539	)		(12,862	)		(12,994	)		(114,395	)
Commission expenses		(42,605	)		(3,332	)		997			(44,940	)
Other operating expenses		(25,873	)		(20,332	)		(9,742	)		(55,947	)
Other underwriting income (expenses)		(1,867	)		—			—			(1,867	)
Underwriting profit (loss)	$	5,196		$	19,283		$	4,630		$	29,109
Losses and LAE ratio		54.0	%		23.0	%		49.3	%		46.5	%
Commission expense ratio		26.1	%		6.0	%		-3.8	%		18.2	%
Other operating expense ratio(1)		16.8	%		36.4	%		37.0	%		23.5	%
Combined ratio		96.9	%		65.4	%		82.5	%		88.2	%

(1) The Other operating expense ratio includes Other income (expense).