Selective Ins Stock Price, News & Analysis

Selective Insurance, based in Branchville, N.J., announced on February 8, 2023, an enhanced management liability insurance suite for not-for-profits and private organizations. This new offering includes expanded coverage features such as D&O Liability and EPLI, with unique enhancements like defense costs outside limits for not-for-profits and automatic inclusion of 3rd party liability. Jeff Weaver, Assistant VP of Management Liability Insurance, emphasized the need for flexible solutions to address litigation risks. Selective seeks to support organizations in managing staffing challenges and maintaining financial stability amidst inflation.

Selective Insurance Group (Nasdaq: SIGI) announced that its Chairman and CEO, John J. Marchioni, along with CFO Mark A. Wilcox, will participate in the Bank of America Securities 2023 Financial Services Conference. The event is scheduled for February 15, 2023, from 9:40 a.m. to 10:20 a.m. E.T.. Investors can listen to the live broadcast by visiting www.Selective.com. A replay will be available until May 17, 2023. Selective Insurance is known for its strong rating of "A+" (Superior) by AM Best and offers a range of insurance services through independent agents.

Selective Insurance Group reported significant financial results for Q4 2022, with a return on equity (ROE) of 14.8% and a non-GAAP operating ROE of 15.6%. Despite a 14% increase in net premiums written (NPW) and a combined ratio of 94.7%, net income fell to $84.2 million, a 13% decline year-over-year. The impact of Winter Storm Elliott resulted in pre-tax underwriting losses of $57.8 million, raising the combined ratio by 6.5 points. Full-year ROE stood at 8.8%. The company plans for a GAAP combined ratio of 96.5% for 2023 and expects $300 million in after-tax net investment income.

Selective Insurance recently launched its fourth annual College Competition, coinciding with February's Insurance Careers Month, aimed at nurturing young talent in the insurance sector. Eight teams from universities nationwide will develop simulated insurance agencies, guided by experienced mentors. This initiative boasts a 77% success rate in previous years, with former participants entering various roles within the industry. According to Robert Redden, Vice President at Selective, the competition showcases students' enthusiasm and potential for success in insurance careers.

Selective Insurance Group (NASDAQ: SIGI) announced preliminary fourth quarter 2022 results, projecting diluted earnings per share of $1.38 and non-GAAP operating earnings per share of $1.46.

The fourth quarter combined ratio is estimated at 94.7%, impacted by $45.7 million in pre-tax net catastrophe losses, primarily from Winter Storm Elliott. This storm generated $57.8 million in negative underwriting results. Despite these challenges, Selective reported strong financial performance with double-digit growth in net premiums written for the year.

The full 2022 results will be disclosed on February 2, 2023.

Selective Insurance Group, Inc. (Nasdaq: SIGI) will release its fourth quarter 2022 financial results on February 2, 2023, after market close. A press release and financial supplement will be available on their website. Additionally, a conference call to discuss these results is scheduled for February 3, 2023, at 10:00 a.m. ET, accessible via webcast on Selective's site, with a replay option available until March 5, 2023.

Selective Insurance highlights the risks associated with holiday decorations in a survey conducted by The Harris Poll, revealing that 97% of Americans who decorate their homes introduce at least one fire hazard. Key hazards include natural Christmas trees (28%), real candles (24%), and tinsel (28%). Additionally, 66% of respondents leave holiday lights on in unoccupied homes, increasing fire risks. The survey was conducted from November 9-11, 2022, among 2,069 U.S. adults, with a margin of error of +/- 2.8 percentage points.

Selective Insurance Group has partnered with One Warm Coat to support the Giving Tuesday movement by providing free winter coats to those in need. Employees will collect coats across the country, and the Selective Insurance Group Foundation is donating $20,000 for this initiative. Since its establishment in 2005, the Foundation has contributed over $6.6 million to various charities, with a focus on local communities. Selective Insurance, a leading insurer rated 'A+' by AM Best, emphasizes community support and volunteerism among its employees.

AM Best has affirmed the Financial Strength Rating (FSR) of A+ (Superior) and the Long-Term Issuer Credit Ratings (Long-Term ICR) of “aa-” for Selective Insurance Group. The outlook of these ratings is stable, reflecting Selective's strongest balance sheet strength, strong operating performance, and favorable business profile. Profitability has improved due to conservative underwriting and risk mitigation initiatives. Significant credit ratings affirmed include Long-Term IRs on senior unsecured notes, indicating a stable financial outlook for Selective.