BRANCHVILLE, N.J., Dec. 2, 2020 /PRNewswire/ -- Selective
Insurance Group, Inc. (NASDAQ: SIGI) today announced that it priced
an underwritten public offering of 8 million depositary shares,
each representing a 1/1,000th interest in a share of its 4.60%
Non-Cumulative Preferred Stock, Series B, $25,000 liquidation preference per share
(equivalent to $25 per depositary
share). The aggregate public offering price is $200 million.
Selective intends to use the net proceeds from the offering for
general corporate purposes, which may include the repurchase of
Selective's common stock. Selective intends to list the depositary
shares on the Nasdaq Global Select Market under the symbol "SIGIP".
The offering is expected to close on or about December 9, 2020, subject to customary closing
conditions.
Wells Fargo Securities, BofA Securities, and RBC Capital Markets
are acting as joint book-running managers for the offering. Goldman
Sachs & Co. LLC and Credit Suisse are acting as joint lead
managers.
This press release does not constitute an offer to sell or a
solicitation to buy these depositary shares and there shall be no
offer or sale of these securities in any jurisdiction in which such
an offer, solicitation, or sale would be unlawful. The depositary
shares are being offered pursuant to an effective shelf
registration statement on Form S-3, as amended by post-effective
amendment no. 1, which previously was filed with the Securities and
Exchange Commission (the "SEC"). The depositary shares may be
offered only by means of a prospectus supplement and accompanying
base prospectus. Copies of these documents, when available, may be
obtained by contacting:
- Wells Fargo Securities, LLC, 608 2nd Avenue South, Suite 1000,
Minneapolis, MN 55402, Attention:
WFS Customer Service, toll-free: 1-800-645-3751 or email:
wfscustomerservice@wellsfargo.com; or
- BofA Securities, Inc., NC1-004-03-43, 200 North College Street,
3rd floor, Charlotte NC
28255-0001, Attention: Prospectus Department or e-mail
dg.prospectus_requests@bofa.com; or
- RBC Capital Markets, LLC, Brookfield
Place, 200 Vesey Street, 8th Floor, New York, NY 10281, toll-free: 1-866-375-6829
or email: rbcnyfixedincomeprospectus@rbccm.com
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.
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 actions, operations and performance. These
statements are "forward-looking statements" under the Private
Securities Litigation Reform Act of 1995. Forward-looking
statements involve known and unknown risks, uncertainties, and
other factors that may cause our actual results, levels of
activity, or performance to differ materially from what we
indicated or implied. In many cases, forward-looking statements
contain 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 like terms. These statements are
not guarantees of future performance. We undertake no obligation,
other than as may be required under the federal securities laws, to
publicly update or revise any forward-looking statements for any
reason. Risk factors that could cause our actual results to differ
materially from what we project, forecast, or estimate in
forward-looking statements include those in Selective's filing with
the SEC. These risk factors may not be exhaustive. We operate in a
continually changing business environment, and new risk factors
that we cannot predict or assess may emerge from time-to-time.
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.