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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 highlights the significance of Insurance Careers Month on February 22, 2023, emphasizing the industry's role in societal recovery and the vast career opportunities it presents. The informal survey shows 42% of employees joined without prior experience, indicating a diverse workforce. Key benefits of working in insurance include:
- Diverse Roles: Offers a range of positions beyond traditional roles.
- Professional Development: 96% prioritize skill development, with training and mentorship available.
- A Sense of Purpose: Employees aid communities by ensuring valuable assets are protected.
Selective is recognized as a top employer and has an A+ rating from AM Best.
Selective Insurance, based in Branchville, N.J., announced on February 8, 2023, an enhanced management liability insurance suite for not-for-profits and private organizations. This new offering includes expanded coverage features such as D&O Liability and EPLI, with unique enhancements like defense costs outside limits for not-for-profits and automatic inclusion of 3rd party liability. Jeff Weaver, Assistant VP of Management Liability Insurance, emphasized the need for flexible solutions to address litigation risks. Selective seeks to support organizations in managing staffing challenges and maintaining financial stability amidst inflation.
Selective Insurance Group (Nasdaq: SIGI) announced that its Chairman and CEO, John J. Marchioni, along with CFO Mark A. Wilcox, will participate in the Bank of America Securities 2023 Financial Services Conference. The event is scheduled for February 15, 2023, from 9:40 a.m. to 10:20 a.m. E.T.. Investors can listen to the live broadcast by visiting www.Selective.com. A replay will be available until May 17, 2023. Selective Insurance is known for its strong rating of "A+" (Superior) by AM Best and offers a range of insurance services through independent agents.
Selective Insurance Group reported significant financial results for Q4 2022, with a return on equity (ROE) of 14.8% and a non-GAAP operating ROE of 15.6%. Despite a 14% increase in net premiums written (NPW) and a combined ratio of 94.7%, net income fell to $84.2 million, a 13% decline year-over-year. The impact of Winter Storm Elliott resulted in pre-tax underwriting losses of $57.8 million, raising the combined ratio by 6.5 points. Full-year ROE stood at 8.8%. The company plans for a GAAP combined ratio of 96.5% for 2023 and expects $300 million in after-tax net investment income.
Selective Insurance recently launched its fourth annual College Competition, coinciding with February's Insurance Careers Month, aimed at nurturing young talent in the insurance sector. Eight teams from universities nationwide will develop simulated insurance agencies, guided by experienced mentors. This initiative boasts a 77% success rate in previous years, with former participants entering various roles within the industry. According to Robert Redden, Vice President at Selective, the competition showcases students' enthusiasm and potential for success in insurance careers.
Selective Insurance Group (NASDAQ: SIGI) announced preliminary fourth quarter 2022 results, projecting diluted earnings per share of $1.38 and non-GAAP operating earnings per share of $1.46.
The fourth quarter combined ratio is estimated at 94.7%, impacted by $45.7 million in pre-tax net catastrophe losses, primarily from Winter Storm Elliott. This storm generated $57.8 million in negative underwriting results. Despite these challenges, Selective reported strong financial performance with double-digit growth in net premiums written for the year.
The full 2022 results will be disclosed on February 2, 2023.
Selective Insurance Group, Inc. (Nasdaq: SIGI) will release its fourth quarter 2022 financial results on February 2, 2023, after market close. A press release and financial supplement will be available on their website. Additionally, a conference call to discuss these results is scheduled for February 3, 2023, at 10:00 a.m. ET, accessible via webcast on Selective's site, with a replay option available until March 5, 2023.
Selective Insurance highlights the risks associated with holiday decorations in a survey conducted by The Harris Poll, revealing that 97% of Americans who decorate their homes introduce at least one fire hazard. Key hazards include natural Christmas trees (28%), real candles (24%), and tinsel (28%). Additionally, 66% of respondents leave holiday lights on in unoccupied homes, increasing fire risks. The survey was conducted from November 9-11, 2022, among 2,069 U.S. adults, with a margin of error of +/- 2.8 percentage points.
Selective Insurance Group has partnered with One Warm Coat to support the Giving Tuesday movement by providing free winter coats to those in need. Employees will collect coats across the country, and the Selective Insurance Group Foundation is donating $20,000 for this initiative. Since its establishment in 2005, the Foundation has contributed over $6.6 million to various charities, with a focus on local communities. Selective Insurance, a leading insurer rated 'A+' by AM Best, emphasizes community support and volunteerism among its employees.
AM Best has affirmed the Financial Strength Rating (FSR) of A+ (Superior) and the Long-Term Issuer Credit Ratings (Long-Term ICR) of “aa-” for
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