Reinsurance News
Selective Insurance Group
Selective recovers two-thirds of Elliott loss from reinsurers
3rd February 2023
Property and casualty insurance holding company Selective Insurance Group has reported that it recovered roughly two thirds of its $135 million gross loss from Winter Storm Elliott. Selective’s official Q4 results release largely confirmed the preliminary figures that the company reported last week, but they do offer some more insights ... Read the full article
Selective reports 94.7% combined ratio despite Elliot losses
24th January 2023
Property and casualty insurance holding company Selective Insurance Group has announced its preliminary results for the fourth quarter of 2022, which include a combined ratio of 94.7% and double-digit premium growth. This was despite the company booking estimated pre-tax net catastrophe losses of $45.7 million, including $46.1 million of net losses from ... Read the full article
Selective Insurance posts rise in net premiums in robust Q3 results
3rd November 2022
Selective Insurance Group has reported $903.4 million of net premiums written in the third quarter of 2022, an 11% increase from $813 million in the third quarter of 2021. At the same time, the company’s net premiums written for the year so far currently stand at $2.7 billion, an 11% increase ... Read the full article
Selective reports “higher than expected” cat losses as Q2 net income falls
4th August 2022
Selective Insurance has reported a second quarter net income of $37.2 million, a significant fall compared to the $119.6 million reported in the same period last year. Despite this, net premiums written (NPW) increased 12%, to $930.7 million compared to $833.2 million in the second quarter of 2021, mainly led by ... Read the full article
Selective sees income grow as premiums up 23%
30th April 2021
Selective Insurance has reported has reported income of $106.8 million for the first quarter of 2021, helped by strong growth in both net written premiums (NPW) and investment income. For Q1, overall NPW increased 23% from a year ago, reflecting solid retention and strong overall renewal price increases of 5.4%, as ... Read the full article
Selective says reinsurance costs outpacing primary rate increases
15th February 2021
Selective Insurance has reported that its reinsurance renewal prices at January 1 were in some cases higher than it expects to generate on the underlying insurance policies it sells. The company warns that the accelerating cost of reinsurance will likely impact its underwriting profitability over 2021, At the same time, it has ... Read the full article
Selective increases Q4 revenue by 10%
29th January 2021
Selective Insurance has reported total revenue of $798.4 million during the fourth quarter of 2020, representing a 10% increase on the same period in the previous year. Looking at the whole of 2020, Selective’s revenues were similarly up 3% to $2.92 billion. The company also recorded 8% growth in net premiums written ... Read the full article
Selective hits $70mn net income over Q3
17th November 2020
Selective Insurance saw its net income reach $69.9 million over the third quarter, up from the $56.2 million achieved in the prior year period. Year-to-date income is still lagging behind 2019 by 37%, however. The company has also seen its combined ratio improve 1.4 percentage points after a catastrophe-heavy Q2 2020 had ... Read the full article
Selective posts improved net income, combined ratio in Q3
30th October 2020
Selective Insurance saw its net income reach $69.9 million over the third quarter, up from the $56.2 million achieved in the prior year period. Year-to-date income lags behind 2019 by 37%, however. The company has also seen its combined ratio improve 1.4 percentage points after a catastrophe-heavy Q2 2020 dragged it down ... Read the full article
Selective posts 98.4% combined ratio despite elevated Q2 cat losses
30th July 2020
Selective Insurance has posted a 98.4% combined ratio for the second quarter despite experiencing elevated catastrophe losses of $83 million. The combined ratio in the prior year quarter was 93.1%. Cat losses for the quarter primarily consist of $43 million from two April storms and $20 million related to civil unrest claims. "In ... Read the full article
Selective Insurance announces record level of catastrophe losses for Q2
15th July 2020
Selective Insurance Group, Inc. has revealed preliminary Q2 2020 pre-tax net catastrophe losses of approximately $83 million, stemming from numerous events designated by PCS during the period. The catastrophe events designated by PCS includes two April storms at a cost of $43 million and claims related to civil unrest across the ... Read the full article
Selective overhauls leadership team
17th January 2020
Selective Insurance Group, a P&C insurer holding company, has announced the appointment of a dozen key leadership team members, including Shadi Albert as executive vice president, insurance strategy and business development. Albert joined Selective in 2013 and most recently served as senior vice president, regional manager for the firm’s southwest region. Prior ... Read the full article
Marchioni to become Selective CEO, as Murphy moves into Chairman role
31st October 2019
Selective Insurance Group, Inc. has announced that John Marchioni has been elected to take over as Chief Executive Officer (CEO) from February 1, 2020. Marchioni has served as Selective’s President and Chief Operating Officer (COO) since 2013, and was elected to the Board of Directors in May 2019. As CEO, he will ... Read the full article
Selective adds H. Elizabeth Mitchell to Board of Directors
14th March 2018
Selective Insurance Group has recently announced the appointment of H. Elizabeth Mitchell to its Board of Directors, effective March 9th, 2018. Mitchell is currently a director of StanCorp Financial Group and a member of the Board of Advisors of Hudson Structured Capital Management Ltd, and in 2016 retired from her position ... Read the full article
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