Selective’s Third Quarter Storm Losses Estimated at $70 Million

Selective Insurance Group, Inc. announced pre-tax catastrophe losses for the quarter of approximately $70 million, or 20 points on the combined ratio. Hurricane Irene represented the majority of the catastrophe losses at $40 million (approximately $50 million on a gross basis) while the balance came from six additional events in the quarter, as well as $11 million of prior period storm development.

The loss estimate is net of reinsurance recoveries and inclusive of reinstatement premium.

“In my 31-year career, I have never encountered such a confluence of extreme weather events in one quarter,” said Selective Chairman, President and Chief Executive Officer Gregory E. Murphy. “These storms have been devastating to thousands of individuals and we have had claims team members working around the clock to assist our customers with getting their lives back in order.”

Source: Selective Insurance Group