Selective Ins Stock Price, News & Analysis

AM Best has upgraded the Financial Strength Rating (FSR) of Selective Insurance Group (SIGI) to A+ (Superior) from A (Excellent). The Long-Term Issuer Credit Ratings (ICR) have also been upgraded to 'aa-' from 'a+'. The rating outlooks have been revised to stable from positive. Selective's strong balance sheet strength, stable risk-adjusted capitalization, and improved underwriting results in challenging segments contribute to these upgrades. The ratings reflect Selective's favorable business profile and effective enterprise risk management.

Selective Insurance Group reported Q3 2021 results with a net income per share of $1.18, alongside a 13% rise in net premiums written year-over-year to $812.9 million. The combined ratio stood at 98.6%, impacted by $76 million in net catastrophe losses, mainly from Hurricane Ida. Notably, net investment income surged 36% to $93 million. The company declared a cash dividend increase of 12% to $0.28, payable on December 1, 2021. The revised full-year guidance anticipates a GAAP combined ratio, excluding catastrophe losses, of 88% and $240 million in after-tax net investment income.

Selective Insurance Group, Inc. (NASDAQ: SIGI) will release its Q3 2021 financial results after market close on October 27, 2021. The company will hold a conference call for discussion on October 28, 2021, at 9:00 a.m. ET. The call will be available via webcast on Selective’s website. A press release and financial supplement will also be published on the Investors page after market close on the same day. A replay of the conference call will be accessible from October 28 through November 27, 2021.

Selective Insurance Group (NASDAQ:SIGI) renews and expands its partnership with SaferMe to enhance workplace safety as businesses return to the office amidst the Delta variant. This collaboration follows the initial rollout in February 2021 and aims to facilitate effective COVID-19 contact tracing among employees using wearable technology. The initiative prioritizes employee safety and aims to minimize virus spread. SaferMe, founded in New Zealand in 2015, is recognized for its contact tracing solutions, helping businesses manage COVID-19 risks more effectively.

Selective Insurance Group will present at the 2021 Keefe, Bruyette & Woods Virtual Insurance Conference on September 10, 2021, at 8:50 a.m. (ET). Executives John J. Marchioni and Mark A. Wilcox will lead the presentation, which will be available for live streaming on the company’s website. A replay will be accessible until October 10, 2021. Selective Insurance Group, rated "A" (Excellent) by AM Best, is recognized in various awards, including the Fortune 1000 and as a Great Place to Work® in 2021.

Selective Insurance has launched a new brand campaign titled 'Your Passion, Our Purpose', focusing on customized insurance solutions for business clients. The campaign emphasizes collaboration between Selective's skilled employees and independent agents. Set to debut on August 21, the campaign includes a television commercial featuring various market segments, reflecting the diversity of Selective's clientele. It will be promoted through TV, print, online, and radio, targeting employees, customers, and prospects across the New York tri-state market.

The Selective Insurance Group study reveals a significant 25% increase in major home renovation projects in the first half of 2021 compared to December 2020, with 55% of U.S. homeowners undertaking substantial improvements. The South leads with 57% reporting renovations, followed by the West at 55%, the Midwest at 52%, and the Northeast at 54%. Despite challenges like supply chain delays and rising costs, home improvement activity is strong, with 36% focusing on room renovations and 12% adding new rooms. The study indicates a need for homeowners to update insurance coverage to reflect their property’s enhanced value.

Selective Insurance Group (NASDAQ: SIGI) reported strong Q2 2021 results, with net income per diluted share at $1.98, up 247% year-over-year. Non-GAAP operating income was $1.85, a 363% increase. The annualized non-GAAP operating ROE was 17.1% for the quarter. Net premiums written (NPW) rose 15% to $833.2 million, driven by new business growth and renewal price increases. The combined ratio improved to 89.8%, down 8.6 points. The investments segment contributed significantly to ROE with strong performance. The company is well-positioned for continued growth.