Selective Insurance Group Announces Second Quarter Storm Losses of $30M
Selective Insurance Group, Inc. (NASDAQ: SIGI) today announced preliminary pre-tax catastrophe losses of approximately $30 million for the second quarter 2012. The "derecho" that occurred in the last days of the quarter and one other earlier event accounted for more than 85% of the second quarter's total losses, which included wind, hail, thunderstorms and tornadoes.
The Company also announced preliminary investment income for the quarter of $26 million, after tax, due to lower alternative investment income and the low interest rate environment. Selective also stated that it expects earnings to be approximately break-even for the quarter, with commercial lines pricing up 6.5% and retention at 82% in the quarter.
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