BRANCHVILLE, N.J., Feb. 11, 2013 /PRNewswire/ -- Selective
Insurance Group, Inc. (NASDAQ: SIGI) today announced that it has
given notice of its intention to redeem all of its outstanding 7.5%
Junior Subordinated Notes due 2066. The Junior Subordinated
Notes, which have an outstanding principal balance of $100 million, will be redeemed on March 8, 2013 at 100% of principal plus accrued
and unpaid interest to, but excluding, the redemption date.
U.S. Bank National Association, Global Corporate Trust
Services, 10 West Market Street, Suite 1150, Indianapolis, Indiana 46204, is acting as the
paying agent for the Junior Subordinated Notes. The Junior
Subordinated Notes are listed on the New York Stock Exchange under
the trading symbol "SGZ."
About Selective Insurance Group, Inc.
Selective
Insurance Group, Inc. is a holding company for ten 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.
Forward-Looking Statements
In this press release,
Selective and its management discuss and make statements based on
currently available information regarding their intentions,
beliefs, current expectations, and projections regarding
Selective's future operations and performance.
Certain statements in this report, including information
incorporated by reference, are "forward-looking statements" as that
term is defined in the Private Securities Litigation Reform Act of
1995 ("PSLRA"). The PSLRA provides a safe harbor under the
Securities Act of 1933 and the Securities Exchange Act of 1934 for
forward-looking statements. These statements relate to our
intentions, beliefs, projections, estimations or forecasts of
future events or our future financial performance and involve known
and unknown risks, uncertainties and other factors that may cause
our or our industry's actual results, levels of activity, or
performance to be materially different from those expressed or
implied by the forward-looking statements. In some cases, you
can identify forward-looking statements by use of words such as
"may," "will," "could," "would," "should," "expect," "plan,"
"anticipate," "target," "project," "intend," "believe," "estimate,"
"predict," "potential," "pro forma," "seek," "likely" or "continue"
or other comparable terminology. These statements are only
predictions, and we can give no assurance that such expectations
will prove to be correct. We undertake no obligation, other
than as may be required under the federal securities laws, to
publicly update or revise any forward-looking statements, whether
as a result of new information, future events or
otherwise.
Factors that could cause our actual results to differ materially
from those projected, forecasted or estimated by us in
forward-looking statements, include, but are not limited
to:
- difficult conditions in global capital markets and the
economy;
- continued deterioration in the public debt and equity markets
and private investment marketplace that could lead to investment
losses and fluctuations in interest rates;
- ratings downgrades could affect investment values and therefore
statutory surplus;
- the adequacy of our loss reserves and loss expense
reserves;
- the frequency and severity of natural and man-made catastrophic
events, including, but not limited to, hurricanes, tornadoes,
windstorms, earthquakes, hail, terrorism, explosions, severe winter
weather, floods and fires;
- adverse market, governmental, regulatory, legal or judicial
conditions or actions;
- the concentration of our business in the Eastern Region;
- the cost and availability of reinsurance;
- our ability to collect on reinsurance and the solvency of our
reinsurers;
- uncertainties related to insurance premium rate increases and
business retention;
- changes in insurance regulations that impact our ability to
write and/or cease writing insurance policies in one or more
states, particularly changes in New
Jersey automobile insurance laws and regulations;
- recent federal financial regulatory reform provisions that
could pose certain risks to our operations;
- our ability to maintain favorable ratings from rating agencies,
including A.M. Best, Standard & Poor's, Moody's and Fitch;
- our entry into new markets and businesses; and
- other risks and uncertainties we identify in filings with the
United States Securities and Exchange Commission, including, but
not limited to, our Annual Report on Form 10-K and other periodic
reports.
These risk factors may not be exhaustive. We operate in a
continually changing business environment, and new risk factors
emerge from time-to-time. We can neither predict such new
risk factors nor can we assess the impact, if any, of such new risk
factors on our businesses or the extent to which any factor or
combination of factors may cause actual results to differ
materially from those expressed or implied in any forward-looking
statements in this report. In light of these risks,
uncertainties and assumptions, the forward-looking events discussed
in this report might not occur.
Selective's SEC filings can be accessed through the Investor
Relations' section of Selective's website, www.selective.com, or
through the SEC's EDGAR Database at www.sec.gov (Selective EDGAR
CIK No. 0000230557).
SOURCE Selective Insurance Group, Inc.