BRANCHVILLE, N.J., Dec. 2, 2020 /PRNewswire/ -- Selective
Insurance Group, Inc. (NASDAQ:SIGI) today announced that its Board
of Directors authorized a new share repurchase program under which
it may repurchase up to $100 million
of its outstanding shares.
"This share repurchase program demonstrates Selective Board's
ongoing commitment to enhancing shareholder value and emphasizes
our confidence in Selective's long-term financial outlook," said
John Marchioni, President and CEO.
"Selective's strong earnings and growth outlook provides us the
ability to continue to invest in the business while returning value
to shareholders through quarterly dividends and opportunistic share
repurchases."
The timing and amount of any share repurchases under the
authorization will be determined by management at its discretion
and based on market conditions and other considerations. Share
repurchases under the authorizations may be made through a variety
of methods, which may include open market purchases, pre-set
trading plans meeting the requirements of Rule 10b5-1 and Rule
10b-18 under the Securities Exchange
Act of 1934, privately negotiated transactions, block trades,
accelerated share repurchase plans, or any combination of such
methods.
The $100 million share repurchase
program has no set expiration or termination date. Selective's
repurchase program does not obligate it to acquire any particular
amount of its common stock, and the repurchase program may be
suspended or discontinued at any time at Selective's
discretion.
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.
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.