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 conducted a study revealing that only 43% of U.S. business owners have raised their insurance limits in response to inflation. The survey, conducted by The Harris Poll among 303 business owners, highlights a lack of understanding, with 38% unaware of their coverage scope and 22% without insurance. Selective's Business Owners Policy (BOP) addresses inflation-driven construction costs, potentially aiding businesses in maintaining adequate coverage. The study underscores the importance of consulting with agents for proper insurance assessment.
Selective Insurance Group (NASDAQ: SIGI) reported robust financial results for Q1 2022, with a Return on Common Equity (ROE) of 8.1% and a Non-GAAP Operating ROE of 12.8%. Net premiums written increased by 11% to $889.8 million, while the GAAP combined ratio was a profitable 93.1%. After-tax net investment income rose 4% to $59 million. Despite an 8% decline in book value per share to $42.73, the company remains confident in its growth strategy amidst financial market volatility. Strategic priorities include maintaining strong underwriting discipline and generating sustainable returns.
Selective Insurance Group, Inc. (Nasdaq: SIGI) will release its first quarter 2022 financial results after market close on May 4, 2022. A conference call is scheduled for May 5, 2022, at 10:00 a.m. (ET) to discuss these results. The call will be available via webcast on Selective's website. A press release and financial supplement will be published on the company’s Investors page post-release. A replay of the call will be accessible from May 5 through June 4, 2022.
Selective provides property and casualty insurance through a network of independent agents.
Selective Insurance Group (NASDAQ: SIGI) announced that its CEO, John J. Marchioni, will participate in the 'Middle Market Carrier Strategy' panel at the Bank of America 2022 Insurance Conference. The session is scheduled for February 16, 2022, from 10:15 a.m. to 10:50 a.m. E.T. Investors can listen live via the Selective website. A replay will be available until February 10, 2023. Selective is well-regarded for its property and casualty insurance services, rated 'A+' by AM Best.
Selective Insurance Group reported a 9% increase in net premiums written for Q4 2021, totaling $745.4 million. The GAAP combined ratio stood at 93.1%, while net income per diluted share was $1.59. For the full year, net income per diluted share reached $6.50, with an annualized non-GAAP operating ROE of 14.3%. The company also reported after-tax net investment income of $263 million, a 42% increase year-over-year. Looking ahead, guidance includes a target combined ratio of 91.0% for 2022.
Selective Insurance is committed to enhancing the insurance industry's talent pipeline during February's Insurance Careers Month. Initiatives include the College Competition and Ignite Internship programs, which help attract young professionals. The College Competition connects students with independent insurance agencies, allowing them to manage a simulated insurance agency. The Ignite program, recognized as a top internship, has a strong track record of internship-to-hire conversions. Selective is a leading insurance group, rated 'A+' by AM Best, and has been recognized as a Great Place to Work in 2021.
Selective Insurance Group (NASDAQ: SIGI) will announce its fourth quarter 2021 financial results after market close on February 3, 2022. A conference call to discuss these results is scheduled for February 4, 2022, at 10:00 a.m. ET. Interested parties can access a live webcast on Selective's website. A replay will be available from February 4 through March 6, 2022. Selective is rated 'A+' by AM Best and offers a range of insurance products through independent agents.
Selective Insurance Group (NASDAQ: SIGI) announced that Gregory E. Murphy will not seek re-election as Non-Executive Chairperson at the 2022 Annual Meeting. Murphy, who joined the company in 1980 and served as CEO until 2020, played a pivotal role in increasing market capitalization by over 6.5 times and tripling net premiums. The board has nominated John J. Marchioni, current President and CEO, to succeed him. The company recently received an upgraded 'A+' rating from AM Best, reflecting its strong financial position.
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