MUMBAI (Thomson Financial) - Fitch Ratings affirmed Selective Insurance
Group Inc.'s ratings with a stable outlook, citing consistently favourable
operating results, disciplined underwriting culture, conservative balance sheet,
strong independent agency relationships, and improved diversification through
continued efforts to reduce concentration in New Jersey.
It noted that Selective's primary operating states do not include the
large-catastrophe prone states of Florida, California, Texas, Alabama, or
Louisiana.
However these positives are partially offset by the company's continued
geographically concentrated revenue base, moderate historical adverse loss
reserve development, moderate operating leverage, and increased competition, the
agency added.
Fitch rates Selective as issuer default 'A-', senior debt 'BBB+' and junior
subordinated debt 'BBB'.
TFN.newsdesk@thomson.com
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