Selective Insurance Appoints Patrick S. Brennan as Chief Financial Officer
Selective Insurance Group, Inc. (NASDAQ: SIGI) has announced the appointment of Patrick S. Brennan as Chief Financial Officer, effective October 1, 2024. Brennan brings nearly two decades of insurance industry and public company executive experience, most recently serving as Treasurer of The Progressive In his previous role, he oversaw treasury, capital strategy, risk management, and investor relations functions.
John J. Marchioni, Selective's Chairman, President and CEO, expressed excitement about Brennan joining the company, citing his significant experience in insurance and corporate finance as ideal for overseeing the execution of financial priorities supporting long-term strategic objectives. Brennan expressed his honor in joining Selective and his excitement to work with the leadership team to build on the company's strong foundation for continued profitability, growth, and value creation.
With Brennan's appointment, Tony Harnett will continue as Selective's Senior Vice President, Chief Accounting Officer. Marchioni thanked Harnett for his service as interim CFO and his continued leadership.
Selective Insurance Group, Inc. (NASDAQ: SIGI) ha annunciato la nomina di Patrick S. Brennan come Chief Financial Officer, a partire dal 1° ottobre 2024. Brennan porta con sé quasi due decenni di esperienza nel settore assicurativo e in ruoli esecutivi in aziende pubbliche, avendo recentemente ricoperto il ruolo di Tesoriere di The Progressive. Nel suo ruolo precedente, ha supervisionato le funzioni di tesoreria, strategia di capitale, gestione del rischio e relazioni con gli investitori.
John J. Marchioni, Presidente e CEO di Selective, ha espresso entusiasmo per l'arrivo di Brennan in azienda, sottolineando come la sua significativa esperienza nel settore assicurativo e nella finanza aziendale sia ideale per supervisionare l'esecuzione delle priorità finanziarie a sostegno degli obiettivi strategici a lungo termine. Brennan ha dichiarato di essere onorato di unirsi a Selective e di essere entusiasta di lavorare con il team di leadership per costruire su una solida base aziendale per una continua redditività, crescita e creazione di valore.
Con la nomina di Brennan, Tony Harnett continuerà come Senior Vice President e Chief Accounting Officer di Selective. Marchioni ha ringraziato Harnett per il suo servizio come CFO ad interim e per la sua continua leadership.
Selective Insurance Group, Inc. (NASDAQ: SIGI) ha anunciado el nombramiento de Patrick S. Brennan como Director Financiero, a partir del 1 de octubre de 2024. Brennan aporta casi dos décadas de experiencia en la industria de seguros y en cargos ejecutivos en empresas públicas, habiendo servido más recientemente como Tesorero de The Progressive. En su papel anterior, supervisó las funciones de tesorería, estrategia de capital, gestión de riesgos y relaciones con inversionistas.
John J. Marchioni, Presidente y CEO de Selective, expresó su entusiasmo por la llegada de Brennan a la empresa, citando su significativa experiencia en seguros y finanzas corporativas como ideal para supervisar la ejecución de las prioridades financieras que apoyan los objetivos estratégicos a largo plazo. Brennan expresó su honor por unirse a Selective y su emoción por trabajar con el equipo de liderazgo para construir sobre una sólida base empresarial para una continua rentabilidad, crecimiento y creación de valor.
Con el nombramiento de Brennan, Tony Harnett continuará como Vicepresidente Senior y Director de Contabilidad de Selective. Marchioni agradeció a Harnett por su servicio como CFO interino y por su continuo liderazgo.
Selective Insurance Group, Inc. (NASDAQ: SIGI)는 Patrick S. Brennan을 최고재무책임자(CFO)로 임명했다고 발표했습니다. 부임일은 2024년 10월 1일입니다. Brennan은 보험 산업과 공개 회사에서 거의 20년의 경력을 가지고 있으며, 최근에는 The Progressive의 재무 담당자로 재직했습니다. 이전 역할에서는 재무, 자본 전략, 리스크 관리 및 투자자 관계 업무를 감독했습니다.
Selective의 회장 겸 CEO인 John J. Marchioni는 Brennan이 회사에 합류하게 된 것에 대해 기쁨을 표현하며, 보험 및 기업 재무 분야에서의 그의 풍부한 경험이 장기적인 전략적 목표를 지원하는 재무 우선 사항의 실행을 감독하는 데 이상적이라고 언급했습니다. Brennan은 Selective에 합류하게 된 것을 영광으로 생각하며, 지속적인 수익성, 성장 및 가치 창출을 위한 회사의 강력한 토대를 바탕으로 리더십 팀과 함께 일할 수 있어 기대된다고 전했습니다.
Brennan의 임명으로 Tony Harnett는 Selective의 수석 부사장 겸 회계 책임자로 계속 재직합니다. Marchioni는 Harnett의 임시 CFO로서의 서비스와 지속적인 리더십에 감사를 표했습니다.
Selective Insurance Group, Inc. (NASDAQ: SIGI) a annoncé la nomination de Patrick S. Brennan en tant que Directeur Financier, à compter du 1er octobre 2024. Brennan possède près de deux décennies d'expérience dans l'industrie de l'assurance et dans des postes exécutifs au sein d'entreprises publiques, ayant récemment occupé le poste de Trésorier chez The Progressive. Dans son précédent rôle, il a supervisé les fonctions de trésorerie, de stratégie de capital, de gestion des risques et de relations avec les investisseurs.
John J. Marchioni, Président et CEO de Selective, a exprimé son enthousiasme quant à l'arrivée de Brennan dans l'entreprise, soulignant que son expérience significative dans l'assurance et la finance d'entreprise est idéale pour superviser l'exécution des priorités financières soutenant les objectifs stratégiques à long terme. Brennan a exprimé son honneur de rejoindre Selective et son excitation à l'idée de travailler avec l'équipe dirigeante pour renforcer les bases solides de l'entreprise en matière de rentabilité, de croissance et de création de valeur.
Suite à la nomination de Brennan, Tony Harnett continuera en tant que Vice-Président Senior et Directeur Comptable de Selective. Marchioni a remercié Harnett pour ses services en tant que CFO par intérim et pour son leadership continu.
Die Selective Insurance Group, Inc. (NASDAQ: SIGI) hat die Ernennung von Patrick S. Brennan zum Chief Financial Officer (CFO) bekannt gegeben, die am 1. Oktober 2024 wirksam wird. Brennan bringt fast zwei Jahrzehnte Erfahrung in der Versicherungsbranche und in Führungspositionen bei öffentlichen Unternehmen mit, zuletzt war er Schatzmeister bei The Progressive. In seiner vorherigen Rolle überwachte er die Bereiche Treasury, Kapitalstrategie, Risikomanagement und Investorenbeziehungen.
John J. Marchioni, Chairman, President und CEO von Selective, äußerte sich begeistert über Brennans Eintritt in das Unternehmen und nannte seine umfangreiche Erfahrung im Versicherungswesen und in der Unternehmensfinanzierung als ideal für die Überwachung der finanziellen Prioritäten, die die langfristigen strategischen Ziele unterstützen. Brennan zeigte sich geehrt, zu Selective zu kommen, und äußerte seine Vorfreude, mit dem Führungsteam zusammenzuarbeiten, um auf dem soliden Fundament des Unternehmens für anhaltende Rentabilität, Wachstum und Wertschöpfung aufzubauen.
Mit Brennans Ernennung wird Tony Harnett weiterhin als Senior Vice President und Chief Accounting Officer bei Selective tätig sein. Marchioni dankte Harnett für seine Dienste als interimistischer CFO und für seine fortdauernde Führung.
- Appointment of experienced CFO with nearly two decades in the insurance industry
- New CFO brings expertise in treasury, capital strategy, risk management, and investor relations
- Potential for fresh perspectives and strengthened financial leadership
- None.
Joins Selective with Nearly Two Decades of Insurance Experience
Selective Insurance Group, Inc. has announced Patrick S. Brennan as Chief Financial Officer, effective October 1, 2024. (Photo: Business Wire)
John J. Marchioni, Selective’s Chairman, President and Chief Executive Officer, said, “We are excited to welcome Patrick to Selective and have him serve as our CFO. With significant experience in the insurance space and a deep background in corporate finance, Patrick is ideally suited to oversee the execution of the financial priorities that support our long-term strategic objectives.”
Mr. Brennan commented, “It is an honor to become part of Selective and lead the finance organization. Having spent the vast majority of my professional career in insurance, I have long admired Selective and am excited to join an industry leader as CFO. I look forward to working closely with John and the rest of the leadership team to build on Selective’s strong foundation for continued profitability, growth, and value creation.”
With Mr. Brennan’s appointment as CFO, Tony Harnett will continue as Selective’s Senior Vice President, Chief Accounting Officer.
Mr. Marchioni added, “On behalf of everyone at Selective, I want to thank Tony for stepping in to serve as interim CFO and for his continued leadership.”
About Patrick S. Brennan
Before joining Selective Insurance, Patrick Brennan spent 18 years at The Progressive Corporation, serving for the last eight years as Treasurer, overseeing treasury, capital strategy, risk management, and investor relations. Previously, Mr. Brennan spent five years as Commercial Lines Product Manager, where he led several large states and ultimately moved to a strategic role focused on the countrywide Business Auto and Contractors customer verticals. He joined Progressive in 2006 as Senior Manager of Investor Relations. Earlier in his career, Mr. Brennan worked at IBM Corporation, where he served in its Treasury department, performing roles focused on funding strategy, foreign exchange strategy, and operations.
Mr. Brennan received a Bachelor of Science degree in Mathematics and an MBA from the University of Notre Dame.
About Selective Insurance Group, Inc.
Selective Insurance Group, Inc. (Nasdaq: SIGI) is a holding company for 10 property and casualty insurance companies rated "A+" (Superior) by AM Best. Through independent agents, the insurance companies offer standard and specialty insurance for commercial and personal risks and flood insurance through the National Flood Insurance Program's Write Your Own Program. Selective's unique position as both a leading insurance group and an employer of choice is recognized in a wide variety of awards and honors, including listing in Forbes Best Midsize Employers in 2024 and certification as a Great Place to Work® in 2024 for the fifth consecutive year. For more information about Selective, visit www.Selective.com.
Forward-Looking Statements
Certain statements in this report, including information incorporated by reference, are “forward-looking statements” defined in the Private Securities Litigation Reform Act of 1995 ("PSLRA"). The PSLRA provides a forward-looking statement safe harbor under the Securities Act of 1933 and the Securities Exchange Act of 1934. These statements discuss our intentions, beliefs, projections, estimations, or forecasts of future events and financial performance. They involve known and unknown risks, uncertainties, and other factors that may cause our or our industry’s actual results, activity levels, or performance to materially differ from those in or implied by the forward-looking statements. In some cases, forward-looking statements include the words “may,” “will,” “could,” “would,” “should,” “expect,” “plan,” “anticipate,” “attribute,” “confident,” “strong,” “target,” “project,” “intend,” “believe,” “estimate,” “predict,” “potential,” “pro forma,” “seek,” “likely,” “continue,” or comparable terms. Our forward-looking statements are only predictions; we cannot guarantee or assure that such expectations will prove correct. We undertake no obligation to publicly update or revise any forward-looking statements for any reason, except as may be required by law.
Factors that could cause our actual results to differ materially from what we project, forecast, or estimate in forward-looking statements include, without limitation:
- Challenging conditions in the economy, global capital markets, the banking sector, and commercial real estate, including prolonged higher inflation, could increase loss costs and negatively impact investment portfolios;
- Deterioration in the public debt, public equity, or private investment markets that could lead to investment losses and interest rate fluctuations;
- Ratings downgrades on individual securities we own could affect investment values and, therefore, statutory surplus;
- The adequacy of our loss reserves and loss expense reserves;
- Frequency and severity of catastrophic events, including natural events that may be impacted by climate change, such as hurricanes, severe convective storms, tornadoes, windstorms, earthquakes, hail, severe winter weather, floods, and fires, and man-made events such as criminal and terrorist acts, including cyber-attacks, explosions, and civil unrest;
- Adverse market, governmental, regulatory, legal, political, or judicial conditions or actions, including social inflation;
-
The significant geographic concentration of our business in the eastern portion of
the United States ; - The cost, terms and conditions, and availability of reinsurance;
- Our ability to collect on reinsurance and the solvency of our reinsurers;
-
The impact of changes in
U.S. trade policies and imposition of tariffs on imports that may lead to higher than anticipated inflationary trends for our loss and loss expenses; - Related to COVID-19, we have successfully defended against payment of COVID-19-related business interruption losses based on our policies' terms, conditions, and exclusions. However, should the highest courts determine otherwise, our loss and loss expenses may increase, our related reserves may not be adequate, and our financial condition and liquidity may be materially impacted.
- Ongoing wars and conflicts impacting global economic, banking, commodity, and financial markets, exacerbating ongoing economic challenges, including inflation and supply chain disruption, which influences insurance loss costs, premiums, and investment valuations;
- Uncertainties related to insurance premium rate increases and business retention;
- Changes in insurance regulations that impact our ability to write and/or cease writing insurance policies in one or more states;
- The effects of data privacy or cyber security laws and regulations on our operations;
- Major defect or failure in our internal controls or information technology and application systems that result in harm to our brand in the marketplace, increased senior executive focus on crisis and reputational management issues, and/or increased expenses, particularly if we experience a significant privacy breach;
- Potential tax or federal financial regulatory reform provisions that could pose certain risks to our operations;
- Our ability to maintain favorable financial ratings, which may include sustainability considerations, from rating agencies, including AM Best, Standard & Poor’s, Moody’s, and Fitch;
- Our entry into new markets and businesses; and
- Other risks and uncertainties we identify in filings with the United States Securities and Exchange Commission, including our Annual Report on Form 10-K and other periodic reports.
View source version on businesswire.com: https://www.businesswire.com/news/home/20240923846856/en/
Media Contact
Jamie Beal
Vice President, Director of Communications
(973) 948-1234
Jamie.Beal@Selective.com
Investor Contact
Brad Wilson
Senior Vice President, Investor Relations and Treasurer
(973) 948-1283
Brad.Wilson@Selective.com
Source: Selective Insurance Group, Inc.
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