Reinsurance News
Selective Insurance Group
Selective Insurance lifts property cat reinsurance limit to $1.1bn at Jan renewal
5th February 2024
Selective Insurance has disclosed that it successfully renewed its property catastrophe reinsurance program effective January 1 2024, going to market with a $1.1 billion limit in excess of a $100 million retention, compared to its expiring $915 million limit in excess of a $60 million retention. “While the expiring program had ... Read the full article
Selective reports $991.5m in NPW in Q4 results
1st February 2024
Selective Insurance Group has posted $991.5 million in net premiums written (NPW) for the fourth quarter of 2023, representing a 17% or $142 million increase from the prior year period. For Q4, Standard Commercial Lines premiums (representing 77% of total NPW) increased 13% from a year ago. Selective noted that the premium ... Read the full article
Selective Insurance posts 17% rise in NPW in Q3
2nd November 2023
Selective Insurance has posted a 17% rise in net premiums written (NPW) for the third quarter of 2023, sitting at $1,058 billion, representing a $155 million increase from last year's $903.4 million. For the nine months ended September 30, NPW came in at $3,143 billion, compared to $2,723.9 billion from the ... Read the full article
Selective Insurance announces CFO transition plan
5th October 2023
Selective Insurance Group has announced that Mark Wilcox, Executive Vice President and CFO, has resigned, effective November 3, with Anthony (Tony) Harnett, Senior Vice President, and Chief Accounting Officer, assuming the additional role of Interim CFO until a permanent successor is appointed. Harnett joined Selective in 1999 as a Senior Accountant ... Read the full article
Selective Insurance sees 17% rise in NPW in Q2 results
3rd August 2023
Selective Insurance Group has posted $1,084 billion in net premiums written for the second quarter of 2023, representing a 17% increase from $930.7 million from the previous year's quarter. The firm also recorded a 100.2% combined ratio for the quarter, compared to 95.5% a year ago. In their preliminary results for ... Read the full article
Selective Insurance reports preliminary Q2 combined ratio of 100.2%
26th July 2023
Selective Insurance Group, Inc. expects a preliminary Q2 2023 combined ratio of 100.2%, which includes catastrophe losses of 10.6 points and net prior year favourable casualty reserve development of 0.4 points. The firm predicts pre-tax net catastrophe losses totalling approximately $100 million. Every underwriting segment was impacted this quarter. Net cat ... Read the full article
Selective Insurance posts 67% rise in Q1’23 net income
4th May 2023
Selective Insurance has reported income of $90.3 million for the first quarter of 2023, compared to $54.0 million in Q1'22, helped by strong growth in both net written premiums (NPW) and investment income. Selective Insurance Group reported for Q1, overall NPW increased 12% from a year ago, and growth was strong ... Read the full article
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