New Jersey-based Selective Insurance Group, Inc., announced that third quarter 2003 results will be impacted by estimated losses from Hurricane Isabel of $10 million, pre-tax, from over 1,900 claims. Partially offsetting this loss will be revenue of approximately $1 million from Isabel flood claim servicing fees.
Selective Chairman, President and CEO Gregory Murphy noted, “Although this storm was significant, we anticipate another solid quarter, with net premium written up 19 percent over the same period last year, driven by ongoing double-digit commercial lines renewal price increases.
“Our analysis of third quarter 2003 results is not yet complete; however, including Hurricane Isabel losses we anticipate net income per diluted share of between $0.50 and $0.55 for the period, including net realized capital gains of $0.03. That compares with net income of $0.41 per diluted share for the third quarter of 2002, including net realized capital gains of $0.03.”
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