AM Best Affirms Credit Ratings of Selective Insurance Group, Inc. and Its Subsidiaries
10 11월 2023 - 6:35AM
Business Wire
AM Best has affirmed the Financial Strength Rating (FSR)
of A+ (Superior) and the Long-Term Issuer Credit Ratings (Long-Term
ICR) of “aa-” (Superior) of the pooled members of Selective
Insurance Group (Selective). Additionally, AM Best has affirmed the
Long-Term ICR of “a-” (Excellent) and the Long-Term Issue Credit
Ratings (Long-Term IR) of the ultimate parent, Selective Insurance
Group, Inc. [NASDAQ: SIGI]. The outlook of these Credit Ratings
(ratings) is stable. All companies are headquartered in
Branchville, NJ. (Please see below for a detailed listing of
companies and ratings.)
The ratings reflect Selective’s balance sheet strength, which AM
Best assesses as strongest, as well as its strong operating
performance, favorable business profile and appropriate enterprise
risk management.
Selective’s balance sheet strength is supported by its
risk-adjusted capital position and the financial flexibility
provided by its publicly traded parent, and is offset partially by
exposure to catastrophe losses. While the company has experienced
elevated level of catastrophe losses over the past few years, its
underwriting results continue to outperform its peers. The group’s
underwriting results have benefited from a low- to medium-hazard
business mix, conservative underwriting philosophy and catastrophe
risk mitigation initiatives. In addition, the group continues to
implement various underwriting initiatives and targeted rate
increases in its more-challenged commercial auto and personal lines
books of business. The favorable business profile is based partly
on the group’s close working relationship with its selected
agencies, and the use of technology to enhance its underwriting and
servicing capabilities.
The FSR of A+ (Superior) and the Long-Term ICRs of “aa-”
(Superior) have been affirmed with stable outlooks for the pooled
members of Selective Insurance Group:
- Selective Insurance Company of America
- Selective Way Insurance Company
- Selective Insurance Company of the Southeast
- Selective Insurance Company of New York
- Selective Insurance Company of South Carolina
- Selective Insurance Company of New England
- Selective Auto Insurance Company of New Jersey
- Mesa Underwriters Specialty Insurance Company
- Selective Casualty Insurance Company
- Selective Fire and Casualty Insurance Company
The following Long-Term IRs have been affirmed with stable
outlooks:
Selective Insurance Group, Inc.— --“a-” (Excellent) on $49.9
million 7.25% senior unsecured notes, due 2034 --“a-” (Excellent)
on $99.5 million 6.70% senior unsecured notes, due 2035 --“a-”
(Excellent) on $294.4 million 5.375% senior unsecured notes, due
2049
The following indicative Long-Term IRs have been affirmed with
stable outlooks on the current shelf registration:
Selective Insurance Group, Inc.— --“a-” (Excellent) on senior
unsecured debt --“bbb+” (Good) on subordinated debt --“bbb” (Good)
on preferred stock
This press release relates to Credit Ratings that have been
published on AM Best’s website. For all rating information relating
to the release and pertinent disclosures, including details of the
office responsible for issuing each of the individual ratings
referenced in this release, please see AM Best’s Recent Rating
Activity web page. For additional information regarding the use and
limitations of Credit Rating opinions, please view Guide to
Best's Credit Ratings. For information on the proper use of Best’s
Credit Ratings, Best’s Performance Assessments, Best’s Preliminary
Credit Assessments and AM Best press releases, please view Guide to
Proper Use of Best’s Ratings & Assessments.
AM Best is a global credit rating agency, news publisher and
data analytics provider specializing in the insurance industry.
Headquartered in the United States, the company does business in
over 100 countries with regional offices in London, Amsterdam,
Dubai, Hong Kong, Singapore and Mexico City. For more information,
visit www.ambest.com.
Copyright © 2023 by A.M. Best Rating
Services, Inc. and/or its affiliates. ALL RIGHTS RESERVED.
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Edin Imsirovic Director +1 908 882 1903
edin.imsirovic@ambest.com
Michael Lagomarsino, CFA, FRM Senior Director
+1 908 882 1993 michael.lagomarsino@ambest.com
Christopher Sharkey Associate Director, Public
Relations +1 908 882 2310
christopher.sharkey@ambest.com
Al Slavin Senior Public Relations Specialist +1
908 882 2318 al.slavin@ambest.com
Selective Insurance (NASDAQ:SIGI)
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Selective Insurance (NASDAQ:SIGI)
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부터 3월(3) 2024 으로 3월(3) 2025