Welcome to our dedicated page for Selective Insurance Group news (Ticker: SIGI), a resource for investors and traders seeking the latest updates and insights on Selective Insurance Group stock.
Selective Insurance Group, Inc. (NASDAQ: SIGI), established in 1926, has earned a solid reputation as a trusted provider of business and personal insurance solutions. Headquartered in Branchville, New Jersey, Selective operates primarily in the New York metropolitan area. The company collaborates with independent agents to deliver tailored insurance products, emphasizing trust, integrity, and service excellence. Selective has consistently received an 'A' (Excellent) or higher rating from A.M. Best Co. since 1930, underscoring its financial stability.
Selective's core offerings include commercial insurance products such as workers' compensation, general liability, property, and auto insurance, which comprise the bulk of its business. A smaller segment focuses on personal insurance, including auto and homeowners' coverage. The company's unique operating model features regionally-based underwriting, claims, and safety management professionals, setting it apart in the market.
In recent developments, Selective reported robust financial results for the second quarter of 2023. Despite elevated catastrophe losses, the company achieved significant growth, with net income per diluted share at $0.92 and non-GAAP operating income at $0.99 per share. Net premiums written (NPW) grew by 17% year-over-year, driven by renewal price increases, exposure growth, and strong new business. Investment income also contributed positively, benefiting from higher interest rates and active portfolio management.
Selective's commitment to profitability is evident in its strategic initiatives. The company plans to expand its Commercial Lines footprint into additional states, including West Virginia, Maine, Washington, Oregon, and Nevada. Additionally, Selective continues to focus on disciplined underwriting and risk management, aiming for a 95% combined ratio target.
During 2023, Selective achieved several milestones, including its 10th consecutive year of double-digit operating returns on equity (ROE). The company's consistent performance is attributed to its strong balance sheet, sophisticated underwriting capabilities, and robust risk management practices. Selective is also recognized as an employer of choice, earning accolades such as Forbes Best Midsize Employers in 2023 and certification as a Great Place to Work® for the fourth consecutive year.
Looking ahead, Selective remains well-positioned for continued growth and profitability. The company's strategic focus on disciplined underwriting, geographic expansion, and leveraging technology to enhance decision-making and customer service underpins its long-term success.
Selective Insurance has released findings from a poll that reveals significant distractions drivers experience when traveling with dogs. Conducted by The Harris Poll, the study indicates that 45% of drivers in the West admit to reckless driving behaviors influenced by their dogs, the highest percentage across the U.S. Notably, 94% of licensed dog owners in this region have traveled with their pets in the past year, with 71% doing so weekly. Alarmingly, 23% of Western drivers report a lack of awareness of their surroundings while driving with their dogs, and 13% acknowledge being involved in accidents due to this distraction. In response, Selective Insurance provided 1,000 complimentary dog seatbelts to promote safety. The survey included data from 2,044 U.S. adults, focusing on those who have driven with dogs in the last 12 months.
Selective Insurance Group, Inc. (NASDAQ: SIGI) will announce its first quarter 2023 financial results on May 3, 2023, after market close. The financial details will be available on the Investors page of Selective's website. A conference call to discuss these results is scheduled for May 4, 2023, at 10:00 a.m. ET, which will be webcast live on Selective's website. A replay will be accessible from May 4 to June 2, 2023.
Selective Insurance is a holding company for 10 property and casualty insurance companies, all rated "A+" (Superior) by AM Best. They provide standard and specialty insurance products for commercial and personal risks, including flood insurance through the National Flood Insurance Program.
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