BRANCHVILLE, N.J.,
July 31, 2019 /PRNewswire/ --
In the second quarter of 2019:
- Net premiums written ("NPW") increased 7%
- GAAP combined ratio was 93.1%
- After-tax net investment income was up 27%, to $48 million
- Annualized return on equity ("ROE") was 14.5% and non-GAAP
operating ROE1 was 13.9%
Selective Insurance Group, Inc. (NASDAQ: SIGI) today reported
its financial results for the second quarter ended June 30,
2019. The company reported record net income per diluted
share of $1.21, compared to
$0.99 for the same quarter a year
ago. Non-GAAP operating income1 per diluted share
was $1.16, compared to $1.01 a year ago.
"In the second quarter we generated a 93.1% GAAP combined ratio,
or 88.5% excluding catastrophe losses," said Gregory E. Murphy, Chairman and Chief Executive
Officer. "Our annualized non-GAAP operating ROE1
for the quarter was an excellent 13.9%. For the first six
months of 2019, our annualized non-GAAP operating ROE1
of 12.8% exceeds our 2019 financial target of 12%. NPW
increased a solid 7% driven by: (i) overall renewal pure price
increases of 3.5%, which was in-line with expected loss trend; and
(ii) stable retention. The strong relationships we have with
our 'ivy league' distribution partners, our investments in
sophisticated underwriting tools, and focus on a superior customer
experience, positions us well for continued outperformance relative
to the industry."
Mr. Murphy continued, "Each of our insurance segments delivered
profitable results in the quarter and generated an outstanding 7.1
points of annualized ROE. Our investment segment continues to
generate excellent results with after-tax net investment income up
27% from a year ago, which contributed 9.6 points of annualized
ROE. The increase in net investment income was driven by: (i)
strong alternative investment returns; (ii) higher book yield on
our core fixed income securities portfolio; (iii) strong cash flows
from operations that were 17% of NPW in the quarter; and (iv) the
$106 million of net proceeds from our
5.375% senior notes issuance in the first quarter of 2019.
The company's financial position is at historic highs, as
stockholders' equity has now surpassed $2
billion. Our continued strong profitability is a
result of our successful execution on our strategic
initiatives."
Operating
Highlights
|
|
|
|
|
|
|
|
|
|
Consolidated
Financial Results
|
Quarter ended June
30,
|
Change
|
Year-to-Date June
30,
|
Change
|
$ and shares in
millions, except per share data
|
2019
|
2018
|
2019
|
2018
|
Net premiums
written
|
$
|
701.4
|
|
|
655.2
|
|
7
|
%
|
|
$
|
1,374.3
|
|
|
1,279.8
|
|
7
|
%
|
|
Net premiums
earned
|
642.6
|
|
|
604.8
|
|
6
|
|
|
1,275.2
|
|
|
1,196.7
|
|
7
|
|
|
Net investment income
earned
|
58.5
|
|
|
45.6
|
|
28
|
|
|
109.1
|
|
|
88.8
|
|
23
|
|
|
Net realized and
unrealized gains (losses), pre-tax
|
4.0
|
|
|
(1.7)
|
|
344
|
|
|
17.5
|
|
|
(12.2)
|
|
243
|
|
|
Total
revenues
|
708.2
|
|
|
651.9
|
|
9
|
|
|
1,407.2
|
|
|
1,278.6
|
|
10
|
|
|
Net underwriting
income, after-tax
|
35.3
|
|
|
30.0
|
|
17
|
|
|
61.8
|
|
|
33.8
|
|
83
|
|
|
Net investment
income, after-tax
|
47.6
|
|
|
37.6
|
|
27
|
|
|
88.9
|
|
|
73.4
|
|
21
|
|
|
Net income
|
72.3
|
|
|
58.8
|
|
23
|
|
|
133.6
|
|
|
77.7
|
|
72
|
|
|
Non-GAAP operating
income1
|
69.1
|
|
|
60.1
|
|
15
|
|
|
123.1
|
|
|
87.4
|
|
41
|
|
|
Combined
ratio
|
93.1
|
%
|
|
93.7
|
|
(0.6)
|
pts
|
|
93.9
|
%
|
|
96.4
|
|
(2.5)
|
pts
|
|
Loss and loss expense
ratio
|
59.4
|
|
|
60.5
|
|
(1.1)
|
|
|
60.2
|
|
|
62.8
|
|
(2.6)
|
|
|
Underwriting expense
ratio
|
33.5
|
|
|
32.9
|
|
0.6
|
|
|
33.4
|
|
|
33.3
|
|
0.1
|
|
|
Dividends to
policyholders ratio
|
0.2
|
|
|
0.3
|
|
(0.1)
|
|
|
0.3
|
|
|
0.3
|
|
—
|
|
|
Catastrophe
losses
|
4.6
|
pts
|
|
3.1
|
|
1.5
|
|
|
3.9
|
pts
|
|
3.7
|
|
0.2
|
|
|
Non-catastrophe
property losses and loss expenses2
|
14.4
|
|
|
15.5
|
|
(1.1)
|
|
|
15.7
|
|
|
17.6
|
|
(1.9)
|
|
|
(Favorable) prior
year reserve development on casualty lines
|
(2.6)
|
|
|
(0.7)
|
|
(1.9)
|
|
|
(2.1)
|
|
|
(1.0)
|
|
(1.1)
|
|
|
Net income per
diluted share
|
$
|
1.21
|
|
|
0.99
|
|
22
|
%
|
|
$
|
2.23
|
|
|
1.30
|
|
72
|
%
|
|
Non-GAAP operating
income per diluted share1
|
1.16
|
|
|
1.01
|
|
15
|
|
|
2.06
|
|
|
1.46
|
|
41
|
|
|
Weighted average
diluted shares
|
59.9
|
|
|
59.6
|
|
1
|
|
|
59.9
|
|
|
59.6
|
|
1
|
|
|
Book value per
share
|
$
|
34.71
|
|
|
28.86
|
|
20
|
|
|
34.71
|
|
|
28.86
|
|
20
|
|
|
Overall Insurance Operations
For the quarter, overall
NPW growth was a strong 7%, driven by new business and renewal pure
price increases of 3.4%. The GAAP combined ratio marked
positive ongoing underwriting and claim improvements, leading to a
7.1-point contribution to annualized ROE.
Standard Commercial Lines Segment
Standard Commercial Lines premiums, which represented 79% of
total net premiums written in the quarter, were up 8% over last
year. This growth reflects strong renewal pure price
increases of 3.1%, retention of 83%, and an increase in new
business of 9%, to $111
million. The 1.3-point increase in the second
quarter's combined ratio, to 92.7%, was driven by the items in the
table below. The favorable prior year casualty reserve
development was driven by the workers compensation and general
liability lines of business.
Standard
Commercial Lines Segment
|
Quarter ended June
30,
|
Change
|
Year-to-Date June
30,
|
Change
|
$ in
millions
|
2019
|
2018
|
2019
|
2018
|
Net premiums
written
|
$
|
557.4
|
|
|
514.9
|
|
8
|
%
|
|
$
|
1,104.1
|
|
|
1,024.0
|
|
8
|
%
|
|
Net premiums
earned
|
506.6
|
|
|
476.0
|
|
6
|
|
|
1,003.8
|
|
|
941.4
|
|
7
|
|
|
Combined
ratio
|
92.7
|
%
|
|
91.4
|
|
1.3
|
pts
|
|
93.7
|
%
|
|
94.9
|
|
(1.2)
|
pts
|
|
Loss and loss expense
ratio
|
57.9
|
|
|
57.6
|
|
0.3
|
|
|
59.0
|
|
|
60.3
|
|
(1.3)
|
|
|
Underwriting expense
ratio
|
34.5
|
|
|
33.5
|
|
1.0
|
|
|
34.4
|
|
|
34.2
|
|
0.2
|
|
|
Dividends to
policyholders ratio
|
0.3
|
|
|
0.3
|
|
—
|
|
|
0.3
|
|
|
0.4
|
|
(0.1)
|
|
|
Catastrophe
losses
|
4.2
|
pts
|
|
2.1
|
|
2.1
|
|
|
3.7
|
pts
|
|
3.2
|
|
0.5
|
|
|
Non-catastrophe
property losses and loss expenses2
|
12.4
|
|
|
13.4
|
|
(1.0)
|
|
|
13.7
|
|
|
15.0
|
|
(1.3)
|
|
|
(Favorable) prior
year reserve development on casualty lines
|
(3.4)
|
|
|
(2.1)
|
|
(1.3)
|
|
|
(2.7)
|
|
|
(1.9)
|
|
(0.8)
|
|
|
Standard Personal Lines Segment
Standard Personal Lines premiums, which represented 12% of total
net premiums written, were down 1% in the quarter driven by a
reduction in new business. Renewal pure price increases were
5.6% and retention was stable at 84%. The combined ratio in
the second quarter was 94.1%, relatively flat from a year ago.
Standard Personal
Lines Segment
|
Quarter ended June
30,
|
Change
|
Year-to-Date June
30,
|
Change
|
$ in
millions
|
2019
|
2018
|
2019
|
2018
|
Net premiums
written
|
$
|
82.7
|
|
|
83.9
|
|
(1)
|
%
|
|
$
|
152.1
|
|
|
151.8
|
|
—
|
%
|
|
Net premiums
earned
|
77.1
|
|
|
75.7
|
|
2
|
|
|
154.4
|
|
|
149.9
|
|
3
|
|
|
Combined
ratio
|
94.1
|
%
|
|
93.7
|
|
0.4
|
pts
|
|
95.0
|
%
|
|
97.8
|
|
(2.8)
|
pts
|
|
Loss and loss expense
ratio
|
65.5
|
|
|
65.1
|
|
0.4
|
|
|
67.1
|
|
|
69.8
|
|
(2.7)
|
|
|
Underwriting expense
ratio
|
28.6
|
|
|
28.6
|
|
—
|
|
|
27.9
|
|
|
28.0
|
|
(0.1)
|
|
|
Catastrophe
losses
|
7.9
|
pts
|
|
7.7
|
|
0.2
|
|
|
6.6
|
pts
|
|
8.4
|
|
(1.8)
|
|
|
Non-catastrophe
property losses and loss expenses2
|
31.7
|
|
|
30.8
|
|
0.9
|
|
|
34.7
|
|
|
34.9
|
|
(0.2)
|
|
|
Excess and Surplus Lines Segment
Excess and Surplus Lines premiums, which represented 9% of total
net premiums written, increased 9% in the quarter, driven by a 24%
increase in new business. Over the past few years, we have
focused on numerous profitability initiatives that
included: targeted price increases, business mix
shifts, modifying certain underwriting standards, and the decision
to exit specific underperforming classes of business, while
entering into new distribution relationships. The premium
growth in the second quarter continues to reflect the impact of one
particularly large relationship that we reestablished in the second
quarter of 2018. The combined ratio for the second quarter
was 95.0%, a 19.7-point improvement driven by the factors outlined
in the table below.
Excess and Surplus
Lines
|
Quarter ended June
30,
|
Change
|
Year-to-Date June
30,
|
Change
|
$ in
millions
|
2019
|
2018
|
2019
|
2018
|
Net premiums
written
|
$
|
61.3
|
|
|
56.4
|
|
9
|
%
|
|
$
|
118.2
|
|
|
104.0
|
|
14
|
%
|
|
Net premiums
earned
|
58.9
|
|
|
53.1
|
|
11
|
|
|
116.9
|
|
|
105.4
|
|
11
|
|
|
Combined
ratio
|
95.0
|
%
|
|
114.7
|
|
(19.7)
|
pts
|
|
93.6
|
%
|
|
107.9
|
|
(14.3)
|
pts
|
|
Loss and loss expense
ratio
|
63.3
|
|
|
81.2
|
|
(17.9)
|
|
|
61.6
|
|
|
75.1
|
|
(13.5)
|
|
|
Underwriting expense
ratio
|
31.7
|
|
|
33.5
|
|
(1.8)
|
|
|
32.0
|
|
|
32.8
|
|
(0.8)
|
|
|
Catastrophe
losses
|
3.4
|
pts
|
|
5.3
|
|
(1.9)
|
|
|
2.4
|
pts
|
|
2.1
|
|
0.3
|
|
|
Non-catastrophe
property losses and loss expenses2
|
9.4
|
|
|
12.6
|
|
(3.2)
|
|
|
8.6
|
|
|
15.7
|
|
(7.1)
|
|
|
Unfavorable prior
year reserve development on casualty lines
|
—
|
|
|
11.3
|
|
(11.3)
|
|
|
—
|
|
|
5.7
|
|
(5.7)
|
|
|
Investments Segment
Net investment income, after-tax, in the second quarter was
$48 million, up 27%, driven by:
(i) strong alternative investment returns; (ii) higher book yield
on our core fixed income securities portfolio; (iii) strong cash
flows from operations that were 17% of NPW in the quarter; and (iv)
the $106 million of net proceeds from
our 5.375% senior notes issuance in the first quarter of
2019. The after-tax earned income yield on the portfolio
averaged 3.0% in the quarter, while invested assets per dollar of
stockholders' equity were $3.12 at
June 30, 2019.
Investments
|
Quarter ended June
30,
|
Change
|
Year-to-Date June
30,
|
Change
|
$ in millions,
except per share data
|
2019
|
2018
|
2019
|
2018
|
Net investment income
earned, after-tax
|
$
|
47.6
|
|
|
37.6
|
|
27
|
%
|
|
$
|
88.9
|
|
|
73.4
|
|
21
|
%
|
|
Net investment income
per share
|
0.79
|
|
|
0.63
|
|
25
|
|
|
1.48
|
|
|
1.23
|
|
20
|
|
|
Effective tax
rate
|
18.6
|
%
|
|
17.5
|
|
1.1
|
pts
|
|
18.5
|
%
|
|
17.4
|
|
1.1
|
pts
|
|
Average
yields:
|
|
|
|
|
|
|
|
|
|
|
Fixed income
securities:
|
|
|
|
|
|
|
|
|
|
|
Pre-tax
|
3.6
|
%
|
|
3.4
|
|
0.2
|
pts
|
|
3.6
|
%
|
|
3.3
|
|
0.3
|
pts
|
|
After-tax
|
2.9
|
|
|
2.8
|
|
0.1
|
|
|
2.9
|
|
|
2.7
|
|
0.2
|
|
|
Portfolio:
|
|
|
|
|
|
|
|
|
|
|
Pre-tax
|
3.7
|
|
|
3.2
|
|
0.5
|
|
|
3.5
|
|
|
3.1
|
|
0.4
|
|
|
After-tax
|
3.0
|
|
|
2.7
|
|
0.3
|
|
|
2.9
|
|
|
2.6
|
|
0.3
|
|
|
Annualized ROE
contribution
|
9.6
|
|
|
9.0
|
|
0.6
|
|
|
9.2
|
|
|
8.6
|
|
0.6
|
|
|
Balance
Sheet
|
|
|
|
|
|
|
|
$ in millions,
except per share data
|
June 30,
2019
|
December 31,
2018
|
Change
|
Total
assets
|
$
|
8,575.6
|
|
7,952.7
|
|
8
|
%
|
Total
investments
|
6,421.3
|
|
5,960.7
|
|
8
|
|
Long-term
debt
|
550.8
|
|
439.5
|
|
25
|
|
Stockholders'
equity
|
2,059.5
|
|
1,791.8
|
|
15
|
|
Invested assets per
dollar of stockholders' equity
|
3.12
|
|
3.33
|
|
(6)
|
|
Book value per
share
|
34.71
|
|
30.40
|
|
14
|
|
Book value per share increased 14% year-to-date, driven by
$2.23 of net income per diluted share
and $2.45 of net unrealized gains on
our fixed income securities portfolio per share, partially offset
by $0.40 of dividends paid to
shareholders. Selective's Board of Directors declared a
$0.20 per share quarterly cash
dividend on common stock that is payable September 3, 2019, to shareholders of record as
of August 15, 2019.
Guidance
After two quarters of results, our full-year expectations are as
follows:
- An improved GAAP combined ratio, excluding catastrophe losses,
of 91.0%, down from our existing guidance of 92.0%. This
assumes no additional prior-year casualty reserve development;
- Catastrophe losses of 3.5 points;
- After-tax net investment income of $180
million, which includes $13
million of after-tax net investment income from our
alternative investments. Overall after-tax net investment
income expectation remains unchanged due to lower after-tax new
money yields on our core fixed income securities portfolio;
- An overall effective tax rate of approximately 19%, which
includes an effective tax rate of 18% for net investment income,
reflecting a tax rate of 5.25% for tax-advantaged municipal bonds
and a tax rate of 21% for all other items; and
- Weighted average shares outstanding of 60 million.
The supplemental investor package, including financial
information that is not part of this press release, is available on
the Investors page of Selective's website at
www.Selective.com. Selective's quarterly analyst
conference call will be simulcast at 9:00
a.m. ET, on Thursday, August 1,
2019 at www.Selective.com. The webcast will be
available for rebroadcast until the close of business on
September 3, 2019.
About Selective Insurance Group, Inc.
Selective Insurance Group, Inc. is a holding company for 10
property and casualty insurance companies rated "A" (Excellent) by
A.M. Best. Through independent agents, the insurance companies
offer standard and specialty insurance for commercial and personal
risks and flood insurance through the National Flood Insurance
Program's Write Your Own Program. Selective's unique position as
both a leading insurance group and an employer of choice is
recognized in a wide variety of awards and honors, including
listing in the Fortune 1000 and being named one of "America's Best
Mid-Size Employers" by Forbes Magazine. For more information about
Selective, visit www.Selective.com.
1Reconciliation of Net Income to Non-GAAP
Operating Income and Certain Other Non-GAAP Measures
Non-GAAP operating income, non-GAAP operating income per diluted
share, and non-GAAP operating return on equity differ from net
income, net income per diluted share, and return on equity,
respectively, by the exclusion of: (i) after-tax net realized
and unrealized gains and losses on investments; and (ii) after-tax
debt retirement costs. They are used as important financial
measures by management, analysts, and investors, because the
realization of net investment gains and losses on sales of
securities in any given period is largely discretionary as to
timing. In addition, these net realized investment gains and
losses, other-than-temporary investment impairments that are
charged to earnings, unrealized gains and losses on equity
securities, and the debt retirement costs could distort the
analysis of trends. These operating measurements are not
intended as a substitute for net income, income per share, or
return on equity prepared in accordance with U.S. generally
accepted accounting principles (GAAP). Reconciliations of net
income, net income per diluted share, and return on equity to
non-GAAP operating income, non-GAAP operating income per diluted
share, and non-GAAP operating return on equity, respectively, are
provided in the tables below.
Note: All amounts included in this release exclude intercompany
transactions.
Reconciliation of
Net Income to Non-GAAP Operating Income
|
|
|
|
|
|
$ in
millions
|
Quarter ended June
30,
|
|
Year-to-Date June
30,
|
2019
|
|
2018
|
|
2019
|
|
2018
|
Net income
|
$
|
72.3
|
|
|
58.8
|
|
|
133.6
|
|
|
77.7
|
|
Net realized and
unrealized (gains) losses, before tax
|
(4.0)
|
|
|
1.7
|
|
|
(17.5)
|
|
|
12.2
|
|
Debt retirement
costs, before tax
|
—
|
|
|
—
|
|
|
4.2
|
|
|
—
|
|
Tax on reconciling
items, at 21%
|
0.8
|
|
|
(0.3)
|
|
|
2.8
|
|
|
(2.6)
|
|
Non-GAAP operating
income
|
$
|
69.1
|
|
|
60.1
|
|
|
123.1
|
|
|
87.4
|
|
Reconciliation of
Net Income per Diluted Share to Non-GAAP Operating Income per
Diluted Share
|
|
|
|
|
|
Quarter ended June
30,
|
|
Year-to-Date June
30,
|
2019
|
|
2018
|
|
2019
|
|
2018
|
Net income per
diluted share
|
$
|
1.21
|
|
|
0.99
|
|
|
2.23
|
|
|
1.30
|
|
Net realized and
unrealized (gains) losses, before tax
|
(0.06)
|
|
|
0.03
|
|
|
(0.29)
|
|
|
0.20
|
|
Debt retirement
costs, before tax
|
—
|
|
|
—
|
|
|
0.07
|
|
|
—
|
|
Tax on reconciling
items, at 21%
|
0.01
|
|
|
(0.01)
|
|
|
0.05
|
|
|
(0.04)
|
|
Non-GAAP operating
income per diluted share
|
$
|
1.16
|
|
|
1.01
|
|
|
2.06
|
|
|
1.46
|
|
Reconciliation of
Return on Equity to Non-GAAP Operating Return on
Equity
|
|
|
|
|
|
Quarter ended June
30,
|
|
Year-to-Date June
30,
|
2019
|
|
2018
|
|
2019
|
|
2018
|
Annualized Return on
Equity
|
14.5
|
|
%
|
14.0
|
|
|
13.9
|
|
|
9.1
|
|
Net realized and
unrealized (gains) losses, before tax
|
(0.8)
|
|
|
0.4
|
|
|
(1.8)
|
|
|
1.4
|
|
Debt retirement
costs, before tax
|
—
|
|
|
—
|
|
|
0.4
|
|
|
—
|
|
Tax on reconciling
items, at 21%
|
0.2
|
|
|
(0.1)
|
|
|
0.3
|
|
|
(0.3)
|
|
Annualized Non-GAAP
Operating Return on Equity
|
13.9
|
|
%
|
14.3
|
|
|
12.8
|
|
|
10.2
|
|
Note: Amounts in the tables above may not foot due to
rounding.
2 Non-catastrophe property losses and the
non-catastrophe property loss ratios now include loss
expenses. All prior periods presented have been updated to
reflect this change.
Forward-Looking Statements
In this press release, Selective and its management discuss and
make statements based on currently available information regarding
their intentions, beliefs, current expectations, and projections
regarding Selective's future operations and performance.
Certain statements in this report, including information
incorporated by reference, are "forward-looking statements" as that
term is defined in the Private Securities Litigation Reform Act of
1995 ("PSLRA"). The PSLRA provides a safe harbor under the
Securities Act of 1933 and the Securities Exchange Act of 1934 for
forward-looking statements. These statements relate to our
intentions, beliefs, projections, estimations, or forecasts of
future events or our future financial performance and involve known
and unknown risks, uncertainties, and other factors that may cause
our or our industry's actual results, levels of activity, or
performance to be materially different from those expressed or
implied by the forward-looking statements. In some cases, you
can identify forward-looking statements by use of words such as
"may," "will," "could," "would," "should," "expect," "plan,"
"anticipate," "target," "project," "intend," "believe," "estimate,"
"predict," "potential," "pro forma," "seek," "likely," or
"continue" or other comparable terminology. These statements
are only predictions, and we can give no assurance that such
expectations will prove to be correct. We undertake no
obligation, other than as may be required under the federal
securities laws, to publicly update or revise any forward-looking
statements, whether as a result of new information, future events,
or otherwise.
Factors that could cause our actual results to differ materially
from those projected, forecasted, or estimated by us in
forward-looking statements, include, but are not limited to:
- difficult conditions in global capital markets and the
economy;
- deterioration in the public debt and equity markets and private
investment marketplace that could lead to investment losses and
fluctuations in interest rates;
- ratings downgrades could affect investment values and,
therefore, statutory surplus;
- the adequacy of our loss reserves and loss expense
reserves;
- the frequency and severity of natural and man-made catastrophic
events, including, but not limited to, hurricanes, tornadoes,
windstorms, earthquakes, hail, terrorism, including cyber-attacks,
explosions, severe winter weather, floods, and fires;
- adverse market, governmental, regulatory, legal, or judicial
conditions or actions;
- the concentration of our business in the Eastern Region;
- the cost and availability of reinsurance;
- our ability to collect on reinsurance and the solvency of our
reinsurers;
- the impact of changes in U.S. trade policies and imposition of
tariffs on imports that may lead to higher than anticipated
inflationary trends for our loss and loss expenses;
- uncertainties related to insurance premium rate increases and
business retention;
- changes in insurance regulations that impact our ability to
write and/or cease writing insurance policies in one or more
states;
- the effects of data privacy or cyber security laws and
regulations on our operations;
- major defect or failure in our internal controls or information
technology and application systems that result in harm to our brand
in the marketplace, increased senior executive focus on crisis and
reputational management issues and/or increased expenses,
particularly if we experience a significant privacy
breach;
- recent federal financial regulatory reform provisions that
could pose certain risks to our operations;
- our ability to maintain favorable ratings from rating agencies,
including A.M. Best, Standard & Poor's, Moody's, and
Fitch;
- our entry into new markets and businesses; and
- other risks and uncertainties we identify in filings with the
United States Securities and Exchange Commission, including, but
not limited to, our Annual Report on Form 10-K and other periodic
reports.
These risk factors may not be exhaustive. We operate in a
continually changing business environment, and new risk factors
emerge from time-to-time. We can neither predict such new
risk factors nor can we assess the impact, if any, of such new risk
factors on our businesses or the extent to which any factor or
combination of factors may cause actual results to differ
materially from those expressed or implied in any forward-looking
statements in this report. In light of these risks,
uncertainties and assumptions, the forward-looking events discussed
in this report might not occur.
Selective's SEC filings can be accessed through the Investors
page of Selective's website, www.Selective.com, or through the
SEC's EDGAR Database at www.sec.gov (Selective EDGAR CIK No.
0000230557).
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SOURCE Selective Insurance Group, Inc.