Welcome to our dedicated page for Selective Ins news (Ticker: SIGI), a resource for investors and traders seeking the latest updates and insights on Selective Ins stock.
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 that Gregory E. Murphy will not seek re-election as Non-Executive Chairperson at the 2022 Annual Meeting. Murphy, who joined the company in 1980 and served as CEO until 2020, played a pivotal role in increasing market capitalization by over 6.5 times and tripling net premiums. The board has nominated John J. Marchioni, current President and CEO, to succeed him. The company recently received an upgraded 'A+' rating from AM Best, reflecting its strong financial position.
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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.
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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.