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 Group (Nasdaq: SIGI) has announced that its Chairman, President, and CEO, John J. Marchioni, will present at the 2024 Keefe, Bruyette & Woods Insurance Conference on September 4, 2024, at 11:35 AM ET. This presentation offers investors a valuable opportunity to gain insights into Selective's strategies and performance.
Interested parties can access the live presentation or a recording through the Investors page on www.Selective.com. The recording will be available until October 4, 2024, providing an extended window for stakeholders to review the content. This event underscores Selective's commitment to transparent communication with investors and industry analysts.
Selective Insurance Group (NASDAQ: SIGI) reported challenging Q2 2024 results with a net loss of $1.08 per diluted share and a non-GAAP operating loss of $1.10 per share. The company faced a combined ratio of 116.1%, up 15.9 points year-over-year, primarily due to $176 million in unfavorable prior year casualty reserve development. Despite challenges, net premiums written increased 13% to $1.23 billion, and after-tax net investment income grew 11% to $86 million. Selective is responding with additional price increases, with renewal pure price across all segments at 9.1% in Q2. The company maintains a strong capital position but has revised its 2024 GAAP combined ratio expectation to 101.5%, up from 96.5% previously.
Selective Insurance Group (Nasdaq: SIGI) is set to release its second quarter 2024 financial results on July 25, 2024, after market close. Following the release, a conference call will be held on July 26, 2024, at 8:00 AM ET to discuss the results. Both the press release and the financial supplement will be available on Selective's Investors page. The conference call will be webcast live on the company's website, with a replay available from July 26 to August 23, 2024.
Selective Insurance Group (NASDAQ: SIGI) has appointed Kate Sampson to its Board of Directors, effective July 1, 2024. Ms. Sampson, with over 25 years of experience in insurance, risk management, and technology, has held significant roles at companies like Marsh McLennan, Lyft, and Anthemis Group. She is also the founder of Merinn Advisors and serves on multiple technology firm boards. This move expands Selective's board from 12 to 13 members and aligns with the company's commitment to innovation and strategic growth. Key executives expressed optimism about her contributions to the company's long-term objectives.
Selective Insurance Group, Inc. (NASDAQ: SIGI) reported strong first-quarter results with net income of $1.31 per diluted common share and non-GAAP operating income of $1.33 per diluted common share. The Return on Common Equity (ROE) was 11.5%, and non-GAAP operating ROE was 11.7%. NPW increased by 16%, GAAP combined ratio was 98.2%, after-tax net investment income rose by 17%, and book value per common share increased by 2% to $46.17. Selective demonstrated disciplined underwriting and enterprise risk management, attributing elevated loss trends to social inflation impacts. Despite challenging market conditions, the company remains stable, with profitable growth strategies across insurance segments.
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