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 launched a new podcast series called Uniquely Small Biz, aimed at small business owners. The podcast features stories from successful entrepreneurs sharing their challenges and achievements. Hosted by Carolyn McArdle, the series encompasses unique insights gathered over 95 years of specializing in small business insurance. The first two episodes spotlight Adam Shapiro, who started Shappy Pretzel Co., and Tobore Oweh, owner of The Petal Effect. The podcast is accessible on major platforms like Apple Podcasts and Spotify.
Selective Insurance Group (NASDAQ: SIGI) is set to release its second quarter 2021 financial results on July 28, 2021, after market close. Following this, a conference call will be held on July 29, 2021, at 10:00 a.m. ET to discuss the results. The call will be available via webcast on Selective's website, along with a press release and financial supplement. A replay will be accessible from July 29 to August 28, 2021. Selective is a leading holding company with an "A" rating from AM Best for its insurance subsidiaries.
Selective Insurance Group reported strong Q1 2021 results, with net income per diluted share of $1.77 and non-GAAP operating income of $1.70. Net premiums written rose 23% to $798.2 million, driven by a 28% increase in commercial lines. The combined ratio improved to 89.3%, reflecting favorable reserve development. The company's robust capital position supports ongoing growth. Full-year guidance was revised, anticipating a GAAP combined ratio of 90% and after-tax net investment income of $195 million.
Selective Insurance announced that 24 employees have received the Certified Praesidium Guardian designation, the largest group in the insurance industry. The certification underscores a commitment to sexual abuse prevention, with an additional 21 employees in training. Since partnering with Praesidium in 2018, Selective has developed a risk management program aimed at preventing abuse in community and public service organizations. The program includes tools and training resources for customers to implement best practices for safeguarding vulnerable populations.
Selective Insurance Group has released a survey revealing that 87% of U.S. drivers engaged in distracted driving behaviors recently. Among parents with children, 80% admit to driving distraction-free only sometimes. Despite 81% of adults expressing concern over distracted driving, 68% still text, 66% reach for items, and 59% talk on the phone while driving. Selective emphasizes the need for awareness and change to enhance roadway safety, launching campaigns to combat this issue.
Selective Insurance Group (NASDAQ: SIGI) announced its first quarter 2021 financial results will be released after market close on April 28, 2021. A conference call is scheduled for April 29, 2021, at 10:00 a.m. ET to discuss these results. The call will be webcast live on the company's website, and a press release along with a financial supplement will also be available post-market close. A replay of the conference call will be accessible from April 29 through May 28, 2021.
Middle Tennessee State University students have won Selective's annual College Competition, which allows aspiring insurance professionals to simulate running an insurance agency. The competition involved eight teams competing in a month-long challenge focused on aspects like customer service, sales, and financial management. The winning MTSU team exhibited exceptional strategic decision-making and business management skills. This initiative highlights Selective's commitment to education in the insurance field, offering students valuable mentorship from industry professionals to better prepare them for future careers.
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