PLEASE UPDATE YOUR BROWSER

1 Reason Agency

Insurance and Real Estate

  • About
    • Meet Our Agents
    • Partner Insurance Companies
  • Personal Insurance
    • Car Insurance Quote for Personal Auto
    • Boat Insurance
    • Home Owners Insurance
    • Life Insurance Quotes
    • Motorcycle Insurance
    • Personal Umbrella Insurance
    • Renters Insurance
    • RV Camper Insurance
    • Snowmobile Insurance
  • Business Insurance
    • Commercial Auto Insurance
    • What is General Liability Insurance
    • Rental or Vacant Properties
    • Workers Compensation in Wisconsin
  • Blog
  • Contact
    • Contribute As Guest Author
  • About
    • Meet Our Agents
    • Partner Insurance Companies
  • Personal Insurance
    • Car Insurance Quote for Personal Auto
    • Boat Insurance
    • Home Owners Insurance
    • Life Insurance Quotes
    • Motorcycle Insurance
    • Personal Umbrella Insurance
    • Renters Insurance
    • RV Camper Insurance
    • Snowmobile Insurance
  • Business Insurance
    • Commercial Auto Insurance
    • What is General Liability Insurance
    • Rental or Vacant Properties
    • Workers Compensation in Wisconsin
  • Blog
  • Contact
    • Contribute As Guest Author
Home > Retirement & Estate Planning > Navigators Announces the Estimated Impact of U.S. Tax Reform on the Fourth Quarter 2017

Navigators Announces the Estimated Impact of U.S. Tax Reform on the Fourth Quarter 2017

Posted on: February 6, 2018 By: Insurance Updates

STAMFORD, Conn., Feb. 07, 2018 (GLOBE NEWSWIRE) — The Navigators Group, Inc. (NASDAQ:NAVG) today announced the expected impact on its Fourth Quarter 2017 results due to the Tax Cuts and Jobs Act of 2017 (the “Tax Act”) that was signed into law by President Trump on December 22, 2017. The Tax Act includes a number of provisions, including the lowering of the U.S. corporate tax rate from 35 percent to 21 percent effective January 1, 2018. In addition, international provisions of the Tax Act generally establish a territorial-style system for taxing foreign-source income of domestic multinational corporations. As a result of the Tax Act, The Navigators Group, Inc. (“Navigators” or the “Company”) expects to recognize a one-time non-cash tax charge related to the re-measurement of net deferred tax assets and the tax on deemed repatriation of unremitted foreign earnings and profits in its fourth quarter of 2017 financial results. This charge is estimated to impact fourth quarter Net Income by approximately $20 million, but will not affect the Company’s Net Operating Earnings, a non-GAAP financial measure. Based on its preliminary assessment, the Company expects the Tax Act to have a beneficial impact on future period Net Income and Net Operating Earnings.

Navigators’ preliminary assessment of the fourth quarter 2017 and future impact of the Tax Act is based upon the Company’s current interpretation of the Tax Act. The ultimate impact on the Company may vary requiring additional tax effects or adjustments in subsequent periods.

The Navigators Group, Inc. is an international specialty insurance holding company with operations in the United States, the United Kingdom, Continental Europe and Asia.

This press release may contain “forward-looking statements” as defined in the Private Securities Litigation Reform Act of 1995. Whenever used in this release, the words “estimate,” “expect,” “believe” or similar expressions are intended to identify such forward-looking statements. Forward-looking statements are derived from information that we currently have and assumptions that we make. These forward-looking statements include statements on the financial impact of tax reform. We continue to assess the tax accounting effects of tax reform. We cannot assure that results that we anticipate will be achieved, since results may differ materially because of known and unknown risks and uncertainties that we face. Please refer to Navigators’ most recent reports on Forms 10-K and 10-Q and its other filings with the Securities and Exchange Commission for a description of Navigators’ business and the important factors that may affect that business. Navigators undertakes no obligation to publicly update or revise any forward-looking statement.

Contact: Ciro M. DeFalco Executive Vice President and Chief Financial Officer (203) 905-6343 www.navg.com

Comments

comments

Categories: Retirement & Estate Planning

Categories

  • Bookkeeping
    • Business Taxes
  • Business Marketing
  • Car Insurance
  • Commercial Auto
  • Commercial Insurance
  • Court Cases
  • Cyber Liability Insurance
  • Employment Opportunities
  • Employment Practices
  • Flood Insurance
  • Home Ownership
  • Homeowner's Insurance
  • Insurance Companies
    • Insurance News
  • Insurance Terms
  • Investing
    • Finance & Insurance News
  • Life Insurance
  • Non Emergency Medical Transportation
  • Payroll
  • Pinewood Derby
  • Real Estate News
  • Rental Property Insurance
  • Retirement & Estate Planning
  • RV Insurance
  • Starting A Business
  • Stock Dividends
  • SuiteCRM Insurance CRM
  • Tips & Advice
  • Travel
  • Uncategorized
  • Webhosting
  • Worker's Compensation

Recent Posts

  • Realtor Chad Kaltenbach Receives 2020 Good Neighbour Award from National Association of Realtors
  • Park Hotels & Resorts Announces Tax Treatment of 2020 Dividends
  • American Assets Trust, Inc. Announces Fourth Quarter and Year-End 2020 Earnings Release Date and Conference Call Information
  • Concord RENTS Announces an Open House, Saturday January 16th for Reserve at Orange City Apartment Homes
  • Greystone Provides $11.4 Million in Fannie Mae DUS® Financing for Two Multifamily Communities in Florida
  • Harbor Custom Development Announces Closing of Public Offering
  • Landsea Homes to Ring the Nasdaq Closing Bell on January 21st in Celebration of Going Public
  • Brookfield Office Properties Inc. Announces Renewal of Normal Course Issuer Bid for Preferred Shares