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About Selective Ins (SIGI)
Selective Insurance Group Inc has built a long-standing reputation as a regional property-casualty insurer, delivering comprehensive insurance solutions for both commercial and personal clients. With foundations laid in 1926, the company has consistently combined robust risk management, technological integration, and a personalized approach to service delivery. By working closely with independent agency partners, Selective develops tailored business and personal insurance products, emphasizing prompt claims service, ethical underwriting, and a true commitment to customer needs. Keywords such as underwriting excellence, risk management, and property-casualty insurance are embedded in its operating philosophy from day one.
Core Business Operations
Selective Ins specializes in providing commercial insurance products targeted primarily at small businesses. Its portfolio includes workers' compensation, general liability, property, and auto insurance. Additionally, while the company's personal insurance segment constitutes a smaller part of its business, it offers quality auto and homeowners' coverage designed to meet the specific needs of individual policyholders. This dual approach enables the company to manage a diversified portfolio that balances risk while delivering value through disciplined underwriting practices and efficient claims resolution processes.
Business Model and Strategic Approach
At its core, Selective utilizes a business model that depends on close relationships with independent agents to distribute its products. These agents play a critical role in aligning the company’s offerings with the unique requirements of various customer segments. The company generates revenue primarily through premium collections across its multiple lines of insurance. A hallmark of its business model is the empowerment of its employees with robust technology tools and risk expertise, allowing for quick decision-making and efficient claim processing around the clock. Furthermore, Selective demonstrates a consistent commitment to accurate reserving and risk evaluation, ensuring that underwriting actions are both sustainable and responsive to market trends.
Industry Position and Competitive Landscape
Operating mainly in the New York metropolitan area, Selective's long history is underscored by a tradition of trust and service excellence that has resonated with both agents and customers. Its focused approach on small business insurance underscores the competitive advantage it holds in niche markets where specialized risk management and tailored coverage are critical. In a competitive environment marked by large and diversified insurers, Selective differentiates itself through its personalized service, deep underwriting experience, and commitment to maintaining the human element of its operations. These traits are integral to its identity and serve as a basis for sustained customer loyalty and stability in its underwriting performance.
Operational Strengths and Technological Integration
Selective’s operational strategy integrates industry-leading technology with traditional values. The company leverages advanced digital tools to enhance risk assessment and streamline claims processing, ensuring that customer service is both timely and efficient. This technology-driven approach complements its strong underwriting principles, allowing the company to remain agile in a dynamic risk environment. By empowering employees to make critical decisions with access to robust data and analytics, Selective fosters a culture where communication and responsiveness directly contribute to customer satisfaction.
Corporate Values and Service Excellence
A notable aspect of Selective’s heritage is its unwavering commitment to values such as trust, integrity, and the maintenance of the 'human touch' in all interactions. These values have been cited by company founders and top executives as the cornerstone of its long-term success. This ethos not only builds lasting relationships with policyholders and agents but also reinforces its position as a reliable and customer-centric insurer. The company’s history of earning an "A+" rating from respected insurance rating organizations further attests to its commitment to excellence in service and sound risk management practices.
Comprehensive Insurance Solutions
Selective offers a broad range of insurance solutions designed to meet the evolving needs of its diverse clientele. Whether addressing the complex risks faced by small businesses or ensuring the personal property needs of individual customers, the company’s product portfolio is thoughtfully segmented to balance risk while fostering growth. By continuously refining its pricing strategies and underwriting methodologies, Selective strives to optimize its product offerings and remain resilient in the competitive insurance market.
Conclusion
In summary, Selective Ins (SIGI) represents a fusion of historical expertise, technological advancement, and customer-centric operational practices. Its commitment to precise underwriting, diligent risk management, and personalized service positions the company as a trusted provider in the regional property-casualty insurance market. The comprehensive approach to servicing both commercial and personal clients makes Selective a well-rounded option in an industry where trust and reliability are paramount. With a focus on clear communication, human values, and robust risk mitigation, the company continues to set standards in service excellence and operational integrity.
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
Selective Insurance Group reported Q3 2022 results with a Return on Common Equity (ROE) of 7.0% and Non-GAAP Operating ROE at 10.5%. Key highlights include an 11% increase in Net Premiums Written (NPW) to $903.4 million, and an improved GAAP combined ratio of 96.8%. Despite strong premiums, after-tax net investment income fell 31% to $52 million, contributing to a 44% drop in net income per share to $0.66. Book value per share decreased 20% to $36.96. The company remains on track to meet its 2022 ROE target of 11%.
Selective Insurance Group, Inc. (NASDAQ: SIGI) will release its third quarter 2022 financial results on November 2, 2022, after market close. A press release and financial supplement will be available on the Investors page of the company’s website. A conference call to discuss these results is scheduled for November 3, 2022, at 10:00 a.m. ET, which will be webcast live and available for replay until December 2, 2022. Selective operates 10 insurance companies, rated 'A+' by AM Best, offering a range of insurance products through independent agents.
Selective Insurance has announced a new service that will remove personally identifiable information from eligible private passenger vehicles and light-duty trucks after they are declared a total loss. This initiative, introduced during Cybersecurity Awareness Month, aims to protect sensitive data such as GPS addresses and contact information. Vehicles from model year 2012 and newer qualify for this privacy solution. Customers can access a vehicle data removal report through their claims file, reinforcing Selective's commitment to customer data security.
Select Insurance Group, Inc. (Nasdaq: SIGI) will present at the 2022 Keefe, Bruyette & Woods Insurance Conference on September 8, 2022, at 9:50 a.m. (ET). Executives John J. Marchioni and Mark A. Wilcox will lead the presentation, which will be available for live viewing on the company's website. A replay will be accessible until October 8, 2022. Selective Insurance, rated "A+" by AM Best, is known for its property and casualty insurance services and has received multiple accolades for being a top employer.
Selective Insurance Group (NASDAQ: SIGI) reported a net income of $0.61 per diluted share for Q2 2022, down 69% from the previous year, amid a 12% increase in net premiums written to $930.7 million. The GAAP combined ratio was 95.5%, increasing 5.7 points year-over-year due to higher catastrophe losses. After-tax net investment income decreased 16% to $57 million. The book value per share declined 7% to $39.68. Full-year guidance indicates a GAAP combined ratio of 90.5% and after-tax net investment income of $215 million.
Seventy-seven percent of U.S. homeowners plan to vacation between July and December 2022, with 44% traveling for a week or longer, according to a Selective Insurance study. Despite 59% having security systems, only 49% use them when away. Key findings include 68% locking windows, while 61% ask others to check their homes. Younger homeowners (18-44) are more likely to use security systems. The study shows regional differences in vacation plans and security system usage, with a partnership between Selective and SimpliSafe offering security packages to eligible policyholders.
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