Posted on 17 Jul 2012 by Neilson
Selective Insurance Group, Inc. today announced preliminary pre-tax catastrophe losses of approximately $30 million for the second quarter 2012. The "derecho" that occurred in the last days of the quarter and one other earlier event accounted for more than 85% of the second quarter's total losses, which included wind, hail, thunderstorms and tornadoes.
The Company also announced preliminary investment income for the quarter of $26 million, after tax, due to lower alternative investment income and the low interest rate environment. Selective also stated that it expects earnings to be approximately break-even for the quarter, with commercial lines pricing up 6.5% and retention at 82% in the quarter.
Selective will release second quarter earnings on July 25, 2012 and plans a conference call on July 26, 2012 at 8:30 a.m. ET.
About Selective Insurance Group, Inc.
Selective Insurance Group, Inc. is a holding company for eight property and casualty insurance companies rated "A" (Excellent) by A.M. Best. Through independent agents, the insurance companies offer primary and alternative market insurance for commercial and personal risks, and flood insurance underwritten by the National Flood Insurance Program. Selective maintains a website at www.selective.com .