Selective Insurance Group, Inc. reports developments in property and casualty insurance through a holding-company structure that includes 10 insurance subsidiaries. The companies distribute standard commercial and personal insurance through independent agents, write specialty commercial insurance, and offer flood insurance through the National Flood Insurance Program's Write Your Own Program.
Recurring SIGI news centers on quarterly operating results, net premiums written, renewal pricing, retention, combined ratios, catastrophe losses, reserve development, ROE, book value, dividends and share repurchases. Updates also include AM Best credit-rating actions, executive and board changes, investor conference presentations, and strategy across Standard Commercial Lines, Standard Personal Lines, Excess and Surplus Lines and Investments.
Selective Insurance Group (NASDAQ: SIGI) announced the appointment of four new independent directors, effective September 23, 2020. The new board members, Ainar D. Aijala, Jr., Lisa Rojas Bacus, Wole C. Coaxum, and Stephen C. Mills, bring diverse expertise in finance, marketing, and corporate development. This expansion increases the board from 13 to 17 members, reflecting the company's commitment to enhancing diversity and innovation. The new directors are expected to help the company capitalize on growth opportunities and strengthen its strategic objectives.
Selective Insurance Group announced that executives John J. Marchioni and Mark A. Wilcox will present at the 2020 Keefe, Bruyette & Woods Virtual Insurance Conference on September 10, 2020, at 1:50 p.m. (ET). The presentation will be available for live streaming on www.Selective.com. A replay will be accessible until October 10, 2020. Selective offers various insurance products through independent agents and is recognized as one of "America's Best Mid-Size Employers" by Forbes.
Selective Insurance Group reported Q2 2020 results with a 3% increase in net premiums written to $724.8 million, despite elevated catastrophe losses totaling $83 million. The GAAP combined ratio was 98.4%, and net income per diluted share was $0.57. The company faced challenges due to COVID-19 affecting underwriting operations, incurring $9.6 million in related costs. Book value per share rose 9.5% to $38.43. The revised full-year guidance indicates a combined ratio of 90%-91% excluding catastrophe losses, showing some operational resilience amidst adversity.