SELECTIVE INSURANCE GROUP INC filed this 10-Q on 07/25/2025

SELECTIVE INSURANCE GROUP INC (Form: 10-Q, Received: 07/25/2025 11:02:50)
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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
 
FORM 10-Q

☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
 
For the quarterly period ended: June 30, 2025

or 

☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
 
For the transition period from_____________________________to_____________________________
 
Commission File Number: 001-33067

Selective Insurance Logo.jpg

SELECTIVE INSURANCE GROUP, INC.
(Exact Name of Registrant as Specified in Its Charter)

New Jersey22-2168890
(State or Other Jurisdiction of Incorporation or Organization)(I.R.S. Employer Identification No.)

40 Wantage Avenue, Branchville, New Jersey 07890
(Address of Principal Executive Offices) (Zip Code)

Registrant's telephone number, including area code: (973) 948-3000

Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading Symbol (s)Name of each exchange on which registered
Common Stock, par value $2 per shareSIGIThe Nasdaq Stock Market LLC
Depositary Shares, each representing a 1/1,000th interest in a share of 4.60% Non-Cumulative Preferred Stock, Series B, without par valueSIGIPThe Nasdaq Stock Market LLC

Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer☒Accelerated filer☐Emerging growth company☐
Non-accelerated filer☐Smaller reporting company☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.
☐
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒

As of July 18, 2025, there were 60,850,304 shares of common stock, par value $2.00 per share, outstanding. 

    
SELECTIVE INSURANCE GROUP, INC.
Table of Contents
  Page No.
 
 
 
 
 
 
 
 
 
 
 
 
 
 

PART I. FINANCIAL INFORMATION
ITEM 1. FINANCIAL STATEMENTS.
SELECTIVE INSURANCE GROUP, INC.
CONSOLIDATED BALANCE SHEETS		Unaudited
($ in thousands, except share amounts)June 30, 2025December 31, 2024
ASSETS  
Investments:  
Fixed income securities, held-to-maturity – at carrying value (fair value: $24,457 – 2025; $24,735 – 2024)
$24,552 25,375 
Less: allowance for credit losses— — 
Fixed income securities, held-to-maturity, net of allowance for credit losses24,552 25,375 
Fixed income securities, available-for-sale – at fair value
(allowance for credit losses: $28,733 – 2025 and $31,948 – 2024; amortized cost: $9,089,518 – 2025 and $8,476,078 – 2024)
8,876,667 8,127,334 
Commercial mortgage loans – at carrying value (fair value: $266,197 – 2025 and $224,842 – 2024)
272,072 233,774 
Less: allowance for credit losses(212)(66)
Commercial mortgage loans, net of allowance for credit losses271,860 233,708 
Equity securities – at fair value (cost: $311,254 – 2025; $211,486 – 2024)
318,059 213,601 
Short-term investments531,441 509,318 
Alternative investments434,995 440,896 
Other investments95,978 101,065 
Total investments (Note 4 and 5)$10,553,552 9,651,297 
Cash357 91 
Restricted cash37,878 62,933 
Accrued investment income86,912 76,892 
Premiums receivable1,684,351 1,488,206 
Less: allowance for credit losses (Note 6)(21,800)(20,400)
Premiums receivable, net of allowance for credit losses1,662,551 1,467,806 
Reinsurance recoverable883,388 1,063,145 
Less: allowance for credit losses (Note 7)(2,000)(2,000)
Reinsurance recoverable, net of allowance for credit losses881,388 1,061,145 
Prepaid reinsurance premiums252,595 235,378 
Current federal income tax13,195 — 
Deferred federal income tax120,676 146,788 
Property and equipment – at cost, net of accumulated depreciation and amortization of: $300,448 – 2025; $287,685 – 2024
100,019 93,303 
Deferred policy acquisition costs510,391 479,304 
Goodwill7,849 7,849 
Other assets241,070 231,403 
Total assets$14,468,433 13,514,189 
LIABILITIES AND STOCKHOLDERS’ EQUITY  
Liabilities:  
Reserve for loss and loss expense (Note 8)$6,811,156 6,589,801 
Unearned premiums2,815,743 2,616,268 
Long-term debt902,749 507,938 
Current federal income tax— 19,706 
Accrued salaries and benefits107,718 121,662 
Other liabilities461,688 538,738 
Total liabilities$11,099,054 10,394,113 
Stockholders’ Equity:  
Preferred stock of $0 par value per share:
$200,000 200,000 
Authorized shares: 5,000,000; Issued shares: 8,000 with $25,000 liquidation preference per share – 2025 and 2024
Common stock of $2 par value per share:
Authorized shares 360,000,000
Issued: 105,915,961 – 2025; 105,609,364 – 2024
211,832 211,219 
Additional paid-in capital580,432 557,042 
Retained earnings3,284,044 3,139,489 
Accumulated other comprehensive income (loss) (Note 11)(230,642)(336,845)
Treasury stock – at cost (shares:  45,066,408 – 2025; 44,761,468 – 2024)
(676,287)(650,829)
Total stockholders’ equity$3,369,379 3,120,076 
Commitments and contingencies
Total liabilities and stockholders’ equity$14,468,433 13,514,189 

The accompanying notes are an integral part of these unaudited interim consolidated financial statements.
1
SELECTIVE INSURANCE GROUP, INC.
UNAUDITED CONSOLIDATED STATEMENTS OF INCOME		Quarter ended
June 30,		Six Months ended
June 30,
($ in thousands, except per share amounts)2025202420252024
Revenues:  
Net premiums earned$1,188,057 1,080,231 $2,346,814 2,131,175 
Net investment income earned127,968 108,642 248,659 216,491 
Net realized and unrealized investment gains (losses)4,172 1,297 4,401 (338)
Other income6,548 5,835 12,057 13,636 
Total revenues1,326,745 1,196,005 2,611,931 2,360,964 
Expenses:  
Loss and loss expense incurred823,898 925,548 1,570,223 1,629,840 
Amortization of deferred policy acquisition costs250,307 226,426 497,741 445,861 
Other insurance expenses122,823 107,773 247,693 223,760 
Interest expense13,256 7,202 22,829 14,383 
Corporate expenses7,556 9,154 25,654 24,652 
Total expenses1,217,840 1,276,103 2,364,140 2,338,496 
Income (loss) before federal income tax
108,905 (80,098)247,791 22,468 
Federal income tax expense (benefit):
  
Current20,501 (17,622)54,094 3,791 
Deferred2,461 843 (2,142)(522)
Total federal income tax expense (benefit)
22,962 (16,779)51,952 3,269 
Net income (loss)
$85,943 (63,319)$195,839 19,199 
Preferred stock dividends2,300 2,300 4,600 4,600 
Net income (loss) available to common stockholders
$83,643 (65,619)$191,239 14,599 
Earnings per common share:  
Net income (loss) available to common stockholders - Basic
$1.37 (1.08)$3.14 0.24 
Net income (loss) available to common stockholders - Diluted
$1.36 (1.08)$3.12 0.24 
    
The accompanying notes are an integral part of these unaudited interim consolidated financial statements.


2
SELECTIVE INSURANCE GROUP, INC.
UNAUDITED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)
Quarter ended
June 30,		Six Months ended
June 30,
($ in thousands)2025202420252024
Net income (loss)$85,943 (63,319)$195,839 19,199 
Other comprehensive income (loss), net of tax:  
Unrealized gains (losses) on investment securities:  
Unrealized holding gains (losses) arising during period33,074 (6,594)87,789 (18,887)
Unrealized gains (losses) on securities with credit loss recognized in earnings8,707 (2,927)18,793 (5,401)
Amounts reclassified into net income (loss):
Net realized (gains) losses on disposals and losses on intent-to-sell available-for-sale securities(343)33 (559)(28)
Credit loss (benefit) expense(701)975 (1,198)3,068 
Total unrealized gains (losses) on investment securities40,737 (8,513)104,825 (21,248)
Defined benefit pension and post-retirement plans:  
Amounts reclassified into net income (loss):
Net actuarial loss689 764 1,378 1,528 
Total defined benefit pension and post-retirement plans689 764 1,378 1,528 
Other comprehensive income (loss)41,426 (7,749)106,203 (19,720)
Comprehensive income (loss)$127,369 (71,068)$302,042 (521)
 
The accompanying notes are an integral part of these unaudited interim consolidated financial statements.


3
SELECTIVE INSURANCE GROUP, INC.
UNAUDITED CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY		Quarter ended
June 30,		Six Months ended
June 30,
($ in thousands, except share and per share amounts)2025202420252024
Preferred stock:
Beginning of period$200,000 200,000 $200,000 200,000 
Issuance of preferred stock— — — — 
End of period200,000 200,000 200,000 200,000 
Common stock:  
Beginning of period211,673 210,895 211,219 210,447 
Dividend reinvestment plan12 10 24 20 
Stock purchase and compensation plans147 127 589 565 
End of period211,832 211,032 211,832 211,032 
Additional paid-in capital:  
Beginning of period571,289 534,327 557,042 522,748 
Dividend reinvestment plan510 484 1,018 972 
Stock purchase and compensation plans8,633 10,452 22,372 21,543 
End of period580,432 545,263 580,432 545,263 
Retained earnings:  
Beginning of period3,223,731 3,088,150 3,139,489 3,029,396 
Net income (loss)
85,943 (63,319)195,839 19,199 
Dividends to preferred stockholders(2,300)(2,300)(4,600)(4,600)
Dividends to common stockholders(23,330)(21,477)(46,684)(42,941)
End of period3,284,044 3,001,054 3,284,044 3,001,054 
Accumulated other comprehensive income (loss):  
Beginning of period(272,068)(384,972)(336,845)(373,001)
Other comprehensive income (loss) 41,426 (7,749)106,203 (19,720)
End of period(230,642)(392,721)(230,642)(392,721)
Treasury stock:  
Beginning of period(676,085)(641,906)(650,829)(635,209)
Acquisition of treasury stock - share repurchase authorization— — (19,421)— 
Acquisition of treasury stock - shares acquired related to employee share-based compensation plans(202)(31)(6,037)(6,728)
End of period(676,287)(641,937)(676,287)(641,937)
Total stockholders’ equity$3,369,379 2,922,691 $3,369,379 2,922,691 
Dividends declared per preferred share$287.50 287.50 $575.00 575.00 
Dividends declared per common share$0.38 0.35 $0.76 0.70 
Preferred stock, shares outstanding:
Beginning of period 8,000 8,000 8,000 8,000 
Issuance of preferred stock— — — — 
End of period8,000 8,000 8,000 8,000 
Common stock, shares outstanding:
Beginning of period60,772,988 60,791,439 60,847,896 60,636,437 
Dividend reinvestment plan5,973 5,153 12,180 9,959 
Stock purchase and compensation plan73,561 63,664 294,417 282,928 
Acquisition of treasury stock - share repurchase authorization— — (233,611)— 
Acquisition of treasury stock - shares acquired related to employee share-based compensation plans(2,969)(308)(71,329)(69,376)
End of period60,849,553 60,859,948 60,849,553 60,859,948 

The accompanying notes are an integral part of these unaudited interim consolidated financial statements.

4
SELECTIVE INSURANCE GROUP, INC.
UNAUDITED CONSOLIDATED STATEMENTS OF CASH FLOWS		Six Months ended June 30,
($ in thousands)20252024
Operating Activities  
Net income (loss)$195,839 19,199 
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:  
Depreciation and amortization15,733 18,915 
Stock-based compensation expense17,682 16,709 
Undistributed gains of equity method investments(5,725)(14,572)
Distributions in excess of current year income of equity method investments8,505 10,377 
Net realized and unrealized (gains) losses(4,401)338 
Loss (gain) on disposal of fixed assets(72)321 
Changes in assets and liabilities:  
Increase in reserve for loss and loss expense, net of reinsurance recoverable401,112 537,851 
Increase in unearned premiums, net of prepaid reinsurance182,258 251,547 
(Increase) decrease in net federal income taxes(35,020)(45,257)
Increase in premiums receivable(194,745)(266,586)
Increase in deferred policy acquisition costs(31,087)(51,655)
Increase in accrued investment income(10,109)(5,926)
Increase (decrease) in accrued salaries and benefits(13,944)(29,418)
(Increase) decrease in other assets(4,220)(22,122)
Increase (decrease) in other liabilities(70,874)(39,385)
Net cash provided by (used in) operating activities450,932 380,336 
Investing Activities  
Purchases of fixed income securities, held-to-maturity(2,400)— 
Purchases of fixed income securities, available-for-sale(1,628,299)(1,027,136)
Purchases of commercial mortgage loans(50,785)(34,281)
Purchases of equity securities(107,094)(13,738)
Purchases of alternative investments and other investments(65,373)(34,000)
Purchases of short-term investments(7,173,300)(3,016,380)
Sales of fixed income securities, available-for-sale463,280 451,386 
Proceeds from commercial mortgage loans9,188 3,376 
Sales of short-term investments7,151,330 2,908,653 
Redemption and maturities of fixed income securities, held-to-maturity3,224 3,204 
Redemption and maturities of fixed income securities, available-for-sale555,893 415,790 
Sales of equity securities7,125 12,252 
Sales of alternative investments44,567 — 
Distributions from alternative investments and other investments13,416 11,526 
Purchases of property and equipment(20,260)(13,932)
Net cash provided by (used in) investing activities(799,488)(333,280)
Financing Activities  
Dividends to preferred stockholders(4,600)(4,600)
Dividends to common stockholders(45,189)(41,573)
Acquisition of treasury stock(25,458)(6,728)
Net proceeds from stock purchase and compensation plans4,560 4,747 
Proceeds from borrowings (net of debt issuance costs of $4.1 million)
395,857 — 
Repayments of finance lease obligations(1,403)(1,266)
Net cash provided by (used in) financing activities323,767 (49,420)
Net increase (decrease) in cash and restricted cash(24,789)(2,364)
Cash and restricted cash, beginning of period63,024 13,272 
Cash and restricted cash, end of period$38,235 10,908 

The accompanying notes are an integral part of these unaudited interim consolidated financial statements.
5
NOTES TO UNAUDITED INTERIM CONSOLIDATED FINANCIAL STATEMENTS

NOTE 1. Basis of Presentation
The words "Company," "we," "us," or "our" refer to Selective Insurance Group, Inc. (the "Parent") and its subsidiaries, except as expressly indicated or the context requires otherwise. We have prepared our interim unaudited consolidated financial statements ("Financial Statements") in conformity with (i) United States ("U.S.") generally accepted accounting principles ("GAAP"), and (ii) the rules and regulations of the U.S. Securities and Exchange Commission ("SEC") regarding interim financial reporting. These require management to make estimates and assumptions that affect the reported financial statement balances and the disclosure of contingent assets and liabilities. Actual results could differ from those estimates. All significant intercompany accounts and transactions are eliminated in consolidation.

Our Financial Statements reflect all adjustments that, in our opinion, are normal, recurring, and necessary for a fair presentation of our results of operations and financial condition. Our Financial Statements cover the second quarters ended June 30, 2025 ("Second Quarter 2025") and June 30, 2024 ("Second Quarter 2024"), and the six-month periods ended June 30, 2025 ("Six Months 2025") and June 30, 2024 ("Six Months 2024"). Our Financial Statements do not include all information and disclosures required by GAAP and the SEC for audited annual financial statements. Because interim period results of operations are not necessarily indicative of full-year results, our Financial Statements should be read in conjunction with the consolidated financial statements in our Annual Report on Form 10-K for the year ended December 31, 2024 ("2024 Annual Report") filed with the SEC.

NOTE 2. Adoption of Accounting Pronouncements 
We adopted no accounting pronouncements in Six Months 2025.

Pronouncements to be effective in the future
In December 2023, the FASB issued ASU 2023-09, Improvements to Income Tax Disclosures ("ASU 2023-09"). ASU 2023-09 amends disclosure requirements to provide greater transparency on income taxes. The following additional disclosures are required annually: (i) specific required categories in the rate reconciliation, (ii) additional information for reconciling items that meet a quantitative threshold, (iii) the amount of income taxes paid disaggregated by jurisdiction, and (iv) income tax expense (or benefit) from continuing operations disaggregated by federal, state, and foreign. ASU 2023-09 is effective for annual periods beginning after December 15, 2024. Amendments can be applied prospectively. Retrospective application and early adoption are permitted. As it only requires additional disclosure, ASU 2023-09 will not have a material impact on our financial condition or results of operations.

In November 2024, the FASB issued ASU 2024-03, Disaggregation of Income Statement Expenses ("ASU 2024-03"). ASU 2024-03 requires disaggregated disclosure of income statement expenses. This ASU does not change the expense captions on the income statement; rather, it requires disaggregation of certain expense captions into specified categories in disclosures within the footnotes to the financial statements. ASU 2024-03 is effective for annual reporting periods beginning after December 15, 2026, and interim periods within annual reporting periods beginning after December 15, 2027. This ASU can be applied prospectively. Retrospective application and early adoption are permitted. As ASU 2024-03 only requires additional disclosure, it will not have a material impact on our financial condition and results of operations.
6
NOTE 3. Statements of Cash Flows
Supplemental cash flow information was as follows:

 Six Months ended
June 30,
($ in thousands)20252024
Cash paid (received) during the period for:  
Interest$14,278 14,209 
Federal income tax83,269 46,000 
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases5,053 3,884 
Operating cash flows from financing leases139 65 
Financing cash flows from finance leases1,403 1,266 
Non-cash items:
Corporate actions related to equity securities1
— 29,250 
Corporate actions related to fixed income securities, available-for-sale ("AFS")1
39,742 10,250 
Conversion of AFS fixed income securities to equity securities736 — 
Conversion of commercial mortgage loan ("CML") to alternative investment
3,300 — 
Assets acquired under finance lease arrangements— 5,947 
Assets acquired under operating lease arrangements2,062 10,257 
Non-cash purchase of property and equipment13 9 
1Examples of corporate actions include like-kind exchanges, non-cash acquisitions, and stock splits.

The following table provides a reconciliation of cash and restricted cash reported within the Consolidated Balance Sheets to the amount reported in the Consolidated Statements of Cash Flows:

($ in thousands)June 30, 2025December 31, 2024
Cash$357 91 
Restricted cash37,878 62,933 
Total cash and restricted cash shown in the Consolidated Statements of Cash Flows$38,235 63,024 

Amounts in restricted cash represent cash received from the National Flood Insurance Program ("NFIP") that can only be used to pay flood claims under the Write Your Own program.

NOTE 4. Investments
(a) Information regarding our AFS securities as of June 30, 2025 and December 31, 2024, were as follows:

June 30, 2025Cost/
Amortized
Cost		Allowance for Credit LossesUnrealized
Gains		Unrealized
Losses		Fair
Value
($ in thousands)
AFS fixed income securities:
U.S. government and government agencies$146,074 — 54 (16,687)129,441 
Foreign government11,520 (21)35 (1,011)10,523 
Obligations of states and political subdivisions490,639 (390)1,271 (32,862)458,658 
Corporate securities3,356,690 (9,571)54,889 (87,916)3,314,092 
Collateralized loan obligations ("CLO") and other asset-backed securities ("ABS")2,294,816 (7,230)27,345 (38,751)2,276,180 
Residential mortgage-backed securities ("RMBS")
2,029,324 (11,422)10,438 (84,773)1,943,567 
Commercial mortgage-backed securities ("CMBS")760,455 (99)3,936 (20,086)744,206 
Total AFS fixed income securities$9,089,518 (28,733)97,968 (282,086)8,876,667 

7
December 31, 2024Cost/
Amortized
Cost		Allowance for Credit LossesUnrealized
Gains		Unrealized
Losses		Fair
Value
($ in thousands)
AFS fixed income securities:
U.S. government and government agencies$139,906 — 2 (19,753)120,155 
Foreign government10,656 (21)— (1,333)9,302 
Obligations of states and political subdivisions483,609 (570)550 (32,359)451,230 
Corporate securities3,181,046 (14,924)25,259 (123,201)3,068,180 
CLO and other ABS2,065,611 (4,889)22,116 (49,689)2,033,149 
RMBS1,812,744 (11,544)3,880 (112,722)1,692,358 
CMBS782,506 — 1,478 (31,024)752,960 
Total AFS fixed income securities$8,476,078 (31,948)53,285 (370,081)8,127,334 

The following tables provide a roll forward of the allowance for credit losses on our AFS fixed income securities for the indicated periods:

Quarter ended June 30, 2025Beginning BalanceCurrent Provision for Securities without Prior AllowanceInitial Allowance for Purchased Credit Deteriorated Assets with Credit DeteriorationIncrease (Decrease) on Securities with Prior Allowance, excluding intent (or Requirement) to Sell SecuritiesReductions for Securities SoldReductions for Securities Identified as Intent (or Requirement) to Sell during the PeriodEnding Balance
($ in thousands)
Foreign government$19 — — 2 — — 21 
Obligations of states and political subdivisions419 27 — (36)(20)— 390 
Corporate securities12,616 306 — (2,979)(372)— 9,571 
CLO and other ABS5,499 182 — 1,607 (58)— 7,230 
RMBS11,342 — — 185 (105)— 11,422 
CMBS280 — — (181)— — 99 
Total AFS fixed income securities$30,175 515 — (1,402)(555)— 28,733 

Quarter ended June 30, 2024Beginning BalanceCurrent Provision for Securities without Prior AllowanceInitial Allowance for Purchased Credit Deteriorated Assets with Credit DeteriorationIncrease (Decrease) on Securities with Prior Allowance, excluding intent (or Requirement) to Sell SecuritiesReductions for Securities SoldReductions for Securities Identified as Intent (or Requirement) to Sell during the PeriodEnding Balance
($ in thousands)
Foreign government$29 — — (3)— — 26 
Obligations of states and political subdivisions695 18 — (74)— — 639 
Corporate securities15,442 846 — (126)(212)— 15,950 
CLO and other ABS2,627 271 — 126 (2)— 3,022 
RMBS11,580 — — 171 (91)— 11,660 
CMBS8 — — 4 — — 12 
Total AFS fixed income securities$30,381 1,135 — 98 (305)— 31,309 
Six Months ended June 30, 2025Beginning BalanceCurrent Provision for Securities without Prior AllowanceInitial Allowance for Purchased Credit Deteriorated Assets with Credit DeteriorationIncrease (Decrease) on Securities with Prior Allowance, excluding intent (or Requirement) to Sell SecuritiesReductions for Securities SoldReductions for Securities Identified as Intent (or Requirement) to Sell during the PeriodEnding Balance
($ in thousands)
Foreign government$21 — — — — — 21 
Obligations of states and political subdivisions570 32 — (106)(106)— 390 
Corporate securities14,924 935 — (5,142)(1,146)— 9,571 
CLO and other ABS4,889 1,652 — 876 (187)— 7,230 
RMBS11,544 — — 138 (260)— 11,422 
CMBS— 99 — — — — 99 
Total AFS fixed income securities$31,948 2,718 — (4,234)(1,699)— 28,733 
8
Six Months ended June 30, 2024Beginning BalanceCurrent Provision for Securities without Prior AllowanceInitial Allowance for Purchased Credit Deteriorated Assets with Credit DeteriorationIncrease (Decrease) on Securities with Prior Allowance, excluding intent (or Requirement) to Sell SecuritiesReductions for Securities SoldReductions for Securities Identified as Intent (or Requirement) to Sell during the PeriodEnding Balance
($ in thousands)
Foreign government$35 — — (3)(6)— 26 
Obligations of states and political subdivisions669 37 — (59)(8)— 639 
Corporate securities12,999 2,362 — 1,166 (568)(9)15,950 
CLO and other ABS2,854 427 — (255)(4)— 3,022 
RMBS11,649 — — 202 (191)— 11,660 
CMBS6 2 — 4 — — 12 
Total AFS fixed income securities$28,212 2,828 — 1,055 (777)(9)31,309 

During Six Months 2025 and Six Months 2024, we had no write-offs or recoveries of our AFS fixed income securities.

For information on our methodology and significant inputs used to measure expected credit losses, our accounting policy for recognizing write-offs of uncollectible amounts, and our treatment of accrued interest, refer to Note 2. "Summary of Significant Accounting Policies" in Item 8. "Financial Statements and Supplementary Data." of our 2024 Annual Report. Accrued interest on AFS securities was $84.1 million as of June 30, 2025, and $74.3 million as of December 31, 2024. We did not record any material write-offs of accrued interest in Six Months 2025 and Six Months 2024.

(b) Quantitative information about unrealized losses on our AFS portfolio follows:

June 30, 2025Less than 12 months12 months or longerTotal
($ in thousands)
Fair
Value
Unrealized
Losses
Fair
Value
Unrealized
Losses
Fair
Value
Unrealized
Losses
AFS fixed income securities:    
U.S. government and government agencies$6,275 (40)108,474 (16,647)114,749 (16,687)
Foreign government— — 9,592 (1,011)9,592 (1,011)
Obligations of states and political subdivisions155,940 (3,377)219,996 (29,485)375,936 (32,862)
Corporate securities243,575 (3,677)969,247 (84,239)1,212,822 (87,916)
CLO and other ABS330,552 (6,239)504,728 (32,512)835,280 (38,751)
RMBS557,024 (10,152)647,612 (74,621)1,204,636 (84,773)
CMBS58,645 (1,928)368,295 (18,158)426,940 (20,086)
Total AFS fixed income securities$1,352,011 (25,413)2,827,944 (256,673)4,179,955 (282,086)

December 31, 2024Less than 12 months12 months or longerTotal
($ in thousands)Fair
Value		Unrealized
Losses
Fair
Value
Unrealized
Losses
Fair
Value
Unrealized
Losses
AFS fixed income securities:    
U.S. government and government agencies$14,708 (70)105,326 (19,683)120,034 (19,753)
Foreign government— — 9,302 (1,333)9,302 (1,333)
Obligations of states and political subdivisions153,996 (3,539)247,735 (28,820)401,731 (32,359)
Corporate securities684,999 (11,699)1,083,392 (111,502)1,768,391 (123,201)
CLO and other ABS349,786 (6,296)601,057 (43,393)950,843 (49,689)
RMBS714,061 (21,206)677,574 (91,516)1,391,635 (112,722)
CMBS184,394 (2,870)417,472 (28,154)601,866 (31,024)
Total AFS fixed income securities$2,101,944 (45,680)3,141,858 (324,401)5,243,802 (370,081)

We currently do not intend to sell any of the securities summarized in the tables above, nor do we believe we will be required to sell any of them. The decrease in gross unrealized losses at June 30, 2025, compared to December 31, 2024, was driven by a decrease in benchmark U.S. Treasury rates. Considering these factors and our review of these securities under our credit loss policy as described in Note 2. "Summary of Significant Accounting Policies" in Item 8. "Financial Statements and Supplementary Data." of our 2024 Annual Report, we have concluded that no additional allowance for credit loss is required on these balances beyond the allowance for credit loss recorded as of June 30, 2025. This conclusion reflects our current judgment about the financial position and future prospects of the entities that issued the investment security and underlying collateral.

9
(c) AFS and held-to-maturity ("HTM") fixed income securities at June 30, 2025, by contractual maturity are shown below. The maturities of RMBS, CMBS, CLO and other ABS securities were calculated using each security's expected maturities. Expected maturities may differ from contractual maturities because issuers may have the right to call or prepay obligations with or without call or prepayment penalties.
 
AFSHTM
($ in thousands)Fair ValueCarrying ValueFair Value
Due in one year or less$549,570 135 134 
Due after one year through five years3,627,442 16,082 15,985 
Due after five years through 10 years3,664,357 8,335 8,338 
Due after 10 years1,035,298 — — 
Total fixed income securities$8,876,667 24,552 24,457 

(d) The following table summarizes our alternative investment portfolio by strategy:

June 30, 2025December 31, 2024
($ in thousands)Carrying ValueRemaining CommitmentMaximum Exposure to LossCarrying ValueRemaining CommitmentMaximum Exposure to Loss
Alternative Investments  
   Private equity$325,848 170,686 496,534 346,020 182,355 528,375 
   Private credit62,133 99,121 161,254 52,100 99,185 151,285 
   Real assets47,014 36,270 83,284 42,776 38,950 81,726 
Total alternative investments$434,995 306,077 741,072 440,896 320,490 761,386 

We are contractually committed to make additional investments up to the remaining commitments stated above. We did not provide any non-contractual financial support during 2025 or 2024.

The following table shows gross summarized financial information for our alternative investments portfolio, including the portion we do not own. As the majority of these investments report results to us on a one-quarter lag, the summarized financial statement information is for the 3- and 6-month periods ended March 31:

Income Statement InformationQuarter ended
June 30,		Six Months ended
June 30,
($ in millions)2025202420252024
Net investment income (loss)$251.4 242.4 $652.1 (103.6)
Realized gains950.6 1,554.2 1,562.6 3,385.1 
Net change in unrealized appreciation (depreciation)975.9 2,850.2 2,855.3 6,669.2 
Net income$2,177.9 4,646.8 $5,070.0 9,950.7 
Alternative investment income included in "Net investment income earned" on our Consolidated Statements of Income$4.0 10.5 $11.1 17.4 

(e) We have pledged certain AFS fixed income securities as collateral related to our borrowing relationships with the Federal Home Loan Bank of Indianapolis ("FHLBI") and the Federal Home Loan Bank of New York ("FHLBNY"). We also had certain securities on deposit with various state and regulatory agencies at June 30, 2025, to comply with insurance laws. We retain all rights regarding all securities pledged as collateral.

The following table summarizes the market value of these securities at June 30, 2025:

($ in millions)FHLBI CollateralFHLBNY CollateralState and
Regulatory Deposits		Total
U.S. government and government agencies$— — 24.3 24.3 
Obligations of states and political subdivisions— — 1.8 1.8 
RMBS65.7 20.9 0.5 87.1 
CMBS0.4 7.3 — 7.7 
Total pledged as collateral$66.1 28.2 26.6 120.9 


(f) We did not have exposure to any credit concentration risk of a single issuer greater than 10% of our stockholders' equity, other than to certain U.S. government agencies, as of June 30, 2025, or December 31, 2024.
10

(g) The components of pre-tax net investment income earned were as follows:

 Quarter ended
June 30,		Six Months ended
June 30,
($ in thousands)2025202420252024
Fixed income securities$115,733 93,935 $220,815 188,037 
CMLs
3,761 3,145 7,376 5,939 
Equity securities4,908 1,877 8,475 6,785 
Short-term investments5,267 4,680 11,500 8,199 
Alternative investments4,004 10,517 11,083 17,398 
Other investments163 118 394 381 
Investment expenses(5,868)(5,630)(10,984)(10,248)
Net investment income earned$127,968 108,642 $248,659 216,491 

The increase in net investment income earned in Second Quarter 2025 and Six Months 2025 compared to the same prior-year periods was primarily driven by active portfolio management, operating cash flow deployment, and net proceeds from the issuance of our 5.90% Senior Notes in the first quarter of 2025. For additional information regarding our 5.90% Senior Notes issuance, see Note 12. "Indebtedness" in Item 1. "Financial Statements" of this Form 10-Q.

(h) The following table summarizes net realized and unrealized investment gains and losses for the periods indicated:

Quarter ended
June 30,		Six Months ended
June 30,
($ in thousands)2025202420252024
Gross gains on sales$2,154 4,387 $3,881 6,522 
Gross losses on sales(2,394)(1,251)(4,777)(3,216)
Net realized gains (losses) on disposals(240)3,136 (896)3,306 
Net unrealized gains (losses) on equity securities3,640 (93)4,690 599 
Net credit loss benefit (expense) on fixed income securities, AFS887 (1,233)1,516 (3,883)
Net credit loss benefit (expense) on CMLs
(115)(32)(150)136 
Losses on securities for which we have the intent to sell— (481)(759)(496)
Net realized and unrealized investment gains (losses)$4,172 1,297 $4,401 (338)

Net unrealized gains and losses recognized in income on equity securities, as reflected in the table above, included the following:

Quarter ended
June 30,		Six Months ended
June 30,
($ in thousands)2025202420252024
Unrealized gains (losses) recognized in income on equity securities:
On securities remaining in our portfolio at end of period$3,018 2,617 $3,539 2,906 
On securities sold in period622 (2,710)1,151 (2,307)
Total unrealized gains (losses) recognized in income on equity securities$3,640 (93)$4,690 599 

11
NOTE 5. Fair Value Measurements
The financial assets in our investment portfolio are primarily measured at fair value as disclosed on the Consolidated Balance Sheets. The following table presents the carrying amounts and fair values of our financial liabilities as of June 30, 2025, and December 31, 2024:

June 30, 2025December 31, 2024
($ in thousands)Carrying AmountFair ValueCarrying AmountFair Value
Financial Liabilities
Long-term debt:
7.25% Senior Notes
$49,933 56,274 49,931 54,657 
5.90% Senior Notes
399,914 408,864 — — 
6.70% Senior Notes
99,603 105,970 99,590 103,057 
5.375% Senior Notes
294,682 268,221 294,627 273,464 
3.03% borrowings from FHLBI
60,000 59,158 60,000 58,516 
Subtotal long-term debt904,132 898,487 504,148 489,694 
Unamortized debt issuance costs(6,262)(2,492)
Finance lease obligations4,879 6,282 
Total long-term debt$902,749 507,938 

For discussion regarding the fair value techniques of our financial instruments, refer to Note 2. "Summary of Significant Accounting Policies" in Item 8. "Financial Statements and Supplementary Data." of our 2024 Annual Report.

The following tables provide quantitative disclosures of our financial assets that were measured and recorded at fair value at June 30, 2025, and December 31, 2024:

June 30, 2025 Fair Value Measurements Using
($ in thousands)Assets
 Measured at
 Fair Value		Quoted Prices in
Active Markets for
Identical Assets/
Liabilities (Level 1)		Significant Other
 Observable
Inputs
 (Level 2)		Significant Unobservable
 Inputs
 (Level 3)
Description    
Measured on a recurring basis:    
AFS fixed income securities:
U.S. government and government agencies$129,441 38,533 90,908 — 
Foreign government10,523 — 10,523 — 
Obligations of states and political subdivisions458,658 — 451,128 7,530 
Corporate securities3,314,092 — 3,046,271 267,821 
CLO and other ABS2,276,180 — 1,795,143 481,037 
RMBS1,943,567 — 1,943,567 — 
CMBS744,206 — 743,867 339 
Total AFS fixed income securities8,876,667 38,533 8,081,407 756,727 
Equity securities:
Common stock1
316,224 99,665 — — 
Preferred stock1,835 1,835 — — 
Total equity securities318,059 101,500 — — 
Short-term investments531,441 521,542 9,899 — 
Total assets measured at fair value$9,726,167 661,575 8,091,306 756,727 

12
December 31, 2024 Fair Value Measurements Using
($ in thousands)Assets
 Measured at
 Fair Value		Quoted Prices in
 Active Markets for
Identical Assets/Liabilities
(Level 1)		Significant
Other Observable Inputs
(Level 2)		Significant Unobservable
Inputs
 (Level 3)
Description    
Measured on a recurring basis:    
AFS fixed income securities:
U.S. government and government agencies$120,155 35,518 84,637 — 
Foreign government9,302 — 9,302 — 
Obligations of states and political subdivisions451,230 — 443,804 7,426 
Corporate securities3,068,180 — 2,825,501 242,679 
CLO and other ABS2,033,149 — 1,665,155 367,994 
RMBS1,692,358 — 1,692,358 — 
CMBS752,960 — 752,620 340 
Total AFS fixed income securities8,127,334 35,518 7,473,377 618,439 
Equity securities:
Common stock1
211,767 41,445 — 808 
Preferred stock1,834 1,834 — — 
Total equity securities213,601 43,279 — 808 
Short-term investments509,318 474,225 35,093 — 
Total assets measured at fair value$8,850,253 553,022 7,508,470 619,247 
1Investments amounting to $216.6 million at June 30, 2025, and $169.5 million at December 31, 2024, were measured at fair value using the net asset value per share (or its practical expedient) and have not been classified in the fair value hierarchy. These investments are not redeemable, and the timing of liquidations of the underlying assets is unknown at each reporting period. The fair value amounts in this table are intended to permit reconciliation of the fair value hierarchy to total assets measured at fair value.

The following tables provide a summary of Level 3 changes in Six Months 2025 and Six Months 2024:

June 30, 2025
($ in thousands)Obligations of States and Political SubdivisionsCorporate SecuritiesCLO and Other ABSRMBSCMBSCommon StockTotal
Fair value, December 31, 2024
$7,426 242,679 367,994 — 340 808 619,247 
Total net gains (losses) for the period included in:
Other comprehensive income (loss) ("OCI")59 3,874 228 — (2)— 4,159 
   Net realized and unrealized gains (losses)117 141 21 — — 655 934 
Net investment income earned— 23 28 — 5 — 56 
Purchases— 12,684 62,211 — — — 74,895 
Sales— — — — — — — 
Issuances— — — — — — — 
Settlements(72)(9,156)(31,732)— (4)(1,463)(42,427)
Transfers into Level 3— 17,576 85,788 — — — 103,364 
Transfers out of Level 3— — (3,501)— — — (3,501)
Fair value, June 30, 2025
$7,530 267,821 481,037 — 339 — 756,727 
Change in unrealized gains (losses) for the period included in earnings for assets held at period end117 140 21 — — — 278 
Change in unrealized gains (losses) for the period included in OCI for assets held at period end59 3,877 (452)— (2)— 3,482 

13
June 30, 2024
($ in thousands)Obligation of state and Political SubdivisionsCorporate SecuritiesCLO and Other ABSRMBSCMBSCommon StockTotal
Fair value, December 31, 2023
$7,834 297,332 245,313 — 356 854 551,689 
Total net gains (losses) for the period included in:
OCI(112)1,203 969 — (2)— 2,058 
   Net realized and unrealized gains (losses)— 218 39 — — 213 470 
Net investment income earned— (494)(7)— (1)— (502)
Purchases— 5,261 30,119 4,886 — — 40,266 
Sales— — — — — — — 
Issuances— — — — — — — 
Settlements(68)(7,269)(4,726)— (4)— (12,067)
Transfers into Level 3— 28,896 19,537 — — — 48,433 
Transfers out of Level 3— (31,434)(27,524)— — — (58,958)
Fair value, June 30, 2024
$7,654 293,713 263,720 4,886 349 1,067 571,389 
Change in unrealized gains (losses) for the period included in earnings for assets held at period end— 226 39 — — 213 478 
Change in unrealized gains (losses) for the period included in OCI for assets held at period end(112)850 969 — (2)— 1,705 

The following tables present quantitative information about the significant unobservable inputs used in the fair value measurements of Level 3 assets at June 30, 2025, and December 31, 2024:

June 30, 2025
($ in thousands)Assets Measured at Fair ValueValuation TechniquesUnobservable InputsRange Weighted Average
Internal valuations:
Corporate securities$157,700 
Discounted Cash Flow
Illiquidity Spread
(4.4)% - 5.3%
1.7%
CLO and other ABS294,694 
Discounted Cash Flow
Illiquidity Spread
(1.8)% - 19.6%
1.9%
Total internal valuations452,394 
Other1
304,333 
Total Level 3 securities$756,727 

December 31, 2024
($ in thousands)Assets Measured at Fair ValueValuation TechniquesUnobservable InputsRangeWeighted Average
Internal valuations:
Corporate securities$147,294 Discounted Cash FlowIlliquidity Spread
(4.4)% - 5.3%
1.7%
CLO and other ABS249,506 Discounted Cash FlowIlliquidity Spread
(0.97)% - 19.6%
1.9%
Total internal valuations396,800 
Other1
222,447 
Total Level 3 securities$619,247 
1Other is comprised of broker quotes or other third-party pricing for which there is a lack of transparency into the inputs used to develop the valuations. The quantitative details of these unobservable inputs are neither provided to us, nor reasonably available to us, and therefore are not included in the tables above.

For the securities in the tables above valued using a discounted cash flow analysis, we apply an illiquidity spread in determining fair value. An increase in this assumption would result in a lower fair value measurement.

14
The following tables provide quantitative information about our financial assets and liabilities that were not measured at fair value, but were disclosed as such at June 30, 2025, and December 31, 2024:

June 30, 2025 Fair Value Measurements Using
($ in thousands)Assets/
Liabilities
Disclosed at
Fair Value		Quoted Prices in
 Active Markets for
 Identical Assets/
Liabilities
(Level 1)		Significant Other
Observable Inputs
(Level 2)		Significant
Unobservable
Inputs
(Level 3)
Financial Assets    
HTM:    
Corporate securities$24,457 — 24,457 — 
Total HTM fixed income securities24,457 — 24,457 — 
CMLs$266,197 — — 266,197 
Financial Liabilities    
Long-term debt:
7.25% Senior Notes
$56,274 — 56,274 — 
5.90% Senior Notes
408,864 — 408,864 — 
6.70% Senior Notes
105,970 — 105,970 — 
5.375% Senior Notes
268,221 — 268,221 — 
3.03% borrowings from FHLBI
59,158 — 59,158 — 
Total long-term debt$898,487 — 898,487 — 

December 31, 2024 Fair Value Measurements Using
($ in thousands)Assets/
Liabilities
Disclosed at
Fair Value		Quoted Prices in
 Active Markets for
 Identical Assets/
Liabilities
(Level 1)		Significant Other
Observable Inputs
(Level 2)		Significant
Unobservable
Inputs
(Level 3)
Financial Assets    
HTM:    
Corporate securities$24,735 — 24,735 — 
Total HTM fixed income securities24,735 — 24,735 — 
CMLs$224,842 — — 224,842 
Financial Liabilities    
Long-term debt:
7.25% Senior Notes
$54,657 — 54,657 — 
6.70% Senior Notes
103,057 — 103,057 — 
5.375% Senior Notes
273,464 — 273,464 — 
3.03% borrowings from FHLBI
58,516 — 58,516 — 
Total long-term debt$489,694 — 489,694 — 

NOTE 6. Allowance for Credit Losses on Premiums Receivable
The following table provides a roll forward of the allowance for credit losses on our premiums receivable balance for the indicated periods:

Quarter ended
June 30,		Six Months ended
June 30,
($ in thousands)2025202420252024
Balance at beginning of period$21,600 20,000 $20,400 18,900 
Current period change for expected credit losses1,933 2,488 5,799 4,272 
Write-offs charged against the allowance for credit losses(2,314)(1,720)(5,203)(2,776)
Recoveries581 332 804 704 
Allowance for credit losses, end of period$21,800 21,100 $21,800 21,100 

For a discussion of the methodology used to evaluate our estimate of expected credit losses on premiums receivable, refer to Note 2. "Summary of Significant Accounting Policies" in Item 8. "Financial Statements and Supplementary Data." of our 2024 Annual Report.

15
NOTE 7. Reinsurance
We evaluate and monitor the financial condition of our reinsurers under voluntary reinsurance arrangements to minimize our exposure to significant losses from reinsurer insolvencies. The following tables provide (i) a disaggregation of our reinsurance recoverable balance by financial strength rating and (ii) an aging analysis of our past due reinsurance recoverable balances as of June 30, 2025, and December 31, 2024:

June 30, 2025
($ in thousands)CurrentPast DueTotal Reinsurance Recoverables
Financial strength rating of rated reinsurers
A++$116,797 1,057 117,854 
A+499,487 4,408 503,895 
A122,212 1,066 123,278 
A-6,342 243 6,585 
Total rated reinsurers744,838 6,774 751,612 
Non-rated reinsurers
Federal and state pools122,503 — 122,503 
Other than federal and state pools9,269 4 9,273 
Total non-rated reinsurers131,772 4 131,776 
Total reinsurance recoverable, gross$876,610 6,778 883,388 
Less: allowance for credit losses(2,000)
Total reinsurance recoverable, net881,388 

December 31, 2024
($ in thousands)CurrentPast DueTotal Reinsurance Recoverables
Financial strength rating of rated reinsurers
A++$111,481 225 111,706 
A+483,317 5,205 488,522 
A131,087 819 131,906 
A-5,421 149 5,570 
Total rated reinsurers731,306 6,398 737,704 
Non-rated reinsurers
Federal and state pools318,785 — 318,785 
Other than federal and state pools6,647 9 6,656 
Total non-rated reinsurers325,432 9 325,441 
Total reinsurance recoverable, gross$1,056,738 6,407 1,063,145 
Less: allowance for credit losses(2,000)
Total reinsurance recoverable, net1,061,145 

The $196.3 million decrease in "Federal and state pools" as of June 30, 2025, compared to December 31, 2024, primarily relates to claim payments on Hurricane Helene losses reserved for at December 31, 2024. These losses relate to our participation in the NFIP Write Your Own Program, and are 100% ceded to the NFIP.

The following table provides a roll forward of the allowance for credit losses on our reinsurance recoverable balance for the periods indicated:

Quarter ended
June 30,		Six Months ended
June 30,
($ in thousands)
2025202420252024
Balance at beginning of period$2,000 1,700 $2,000 1,700 
Current period change for expected credit losses— — — — 
Write-offs charged against the allowance for credit losses— — — — 
Recoveries— — — — 
Allowance for credit losses, end of period$2,000 1,700 $2,000 1,700 

16
For a discussion of the methodology used to evaluate our estimate of expected credit losses on our reinsurance recoverable balance, refer to Note 2. "Summary of Significant Accounting Policies" in Item 8. "Financial Statements and Supplementary Data." of our 2024 Annual Report.

The following table lists direct, assumed, and ceded reinsurance amounts for premiums written, premiums earned, and loss and loss expense incurred for the indicated periods. For more information about reinsurance, refer to Note 9. "Reinsurance" in Item 8. "Financial Statements and Supplementary Data." of our 2024 Annual Report.

Quarter ended
June 30,		Six Months ended
June 30,
($ in thousands)2025202420252024
Premiums written:    
Direct$1,490,805 1,399,738 $2,913,656 2,715,649 
Assumed5,441 6,413 11,418 12,398 
Ceded(207,617)(180,050)(396,002)(345,325)
Net1,288,629 1,226,101 2,529,072 2,382,722 
Premiums earned:    
Direct1,373,080 1,242,696 2,713,526 2,448,064 
Assumed5,922 5,779 12,073 11,970 
Ceded(190,945)(168,244)(378,785)(328,859)
Net1,188,057 1,080,231 2,346,814 2,131,175 
Loss and loss expense incurred:
    
Direct929,929 1,009,819 1,760,601 1,763,386 
Assumed5,137 5,058 10,635 11,039 
Ceded(111,168)(89,329)(201,013)(144,585)
Net$823,898 925,548 $1,570,223 1,629,840 

NOTE 8. Reserve for Loss and Loss Expense
The table below provides a roll forward of the reserve for loss and loss expense for beginning and ending reserve balances:

Six Months ended
June 30,
($ in thousands)20252024
Gross reserve for loss and loss expense, at beginning of period$6,589,801 5,336,911 
Less: reinsurance recoverable on unpaid loss and loss expense, at beginning of period1,022,245 618,601 
Net reserve for loss and loss expense, at beginning of period5,567,556 4,718,310 
Incurred loss and loss expense for claims occurring in the:  
Current year1,535,575 1,442,719 
Prior years34,648 187,121 
Total incurred loss and loss expense1,570,223 1,629,840 
Paid loss and loss expense for claims occurring in the:  
Current year320,366 347,501 
Prior years865,344 753,658 
Total paid loss and loss expense1,185,710 1,101,159 
Net reserve for loss and loss expense, at end of period5,952,069 5,246,991 
Add: Reinsurance recoverable on unpaid loss and loss expense, at end of period859,087 656,534 
Gross reserve for loss and loss expense, at end of period$6,811,156 5,903,525 

Prior year reserve development in Six Months 2025 was unfavorable by $34.6 million, consisting of $50.0 million of unfavorable casualty reserve development, partially offset by $15.4 million of favorable property reserve development. Our Standard Commercial Lines segment drove the unfavorable casualty reserve development consisting of (i) $25.0 million in our commercial automobile line of business, related to increased severities primarily in accident years 2022 through 2024 and (ii) $20.0 million in our general liability line of business, driven by higher severities primarily in accident years 2022 and 2023. We also had unfavorable development of $5.0 million in our personal automobile line of business, primarily related to increased severities in accident year 2024.

17
Prior year reserve development in Six Months 2024 was unfavorable by $187.1 million, consisting of $211.0 million of unfavorable casualty reserve development, partially offset by $23.9 million of favorable property reserve development. Our Standard Commercial Lines segment drove the unfavorable casualty reserve development consisting of (i) $216.0 million in our general liability line of business, primarily driven by increased severities in accident years 2020 through 2023, (ii) $10.0 million in our commercial automobile line of business, partially offset by (iii) $15.0 million of favorable casualty reserve development in our workers compensation line of business.

Additionally in Six Months 2024, in our Standard Personal Lines segment, we had unfavorable casualty reserve development of $5.0 million in our personal automobile line of business, offset by favorable development of $5.0 million in our homeowners line of business.

NOTE 9. Segment Information
We evaluate the results of our four reportable segments as follows:

•Our Standard Commercial Lines, Standard Personal Lines, and E&S Lines are evaluated on (i) before and after-tax underwriting results (net premiums earned, incurred loss and loss expense, policyholder dividends, policy acquisition costs, and other underwriting expenses), (ii) their return on equity ("ROE") contribution, and (iii) their combined ratios.

•Our Investments segment is primarily evaluated on after-tax net investment income and its ROE contribution. After-tax net realized and unrealized gains and losses are also included in our Investments segment results.

In computing each segment's results, we do not make adjustments for interest expense or corporate expenses. No segment has a separate investment portfolio or allocated assets.

(a) The following table presents revenues by segments and a reconciliation to consolidated revenue.

Revenue by SegmentQuarter ended
June 30,		Six Months ended
June 30,
($ in thousands)2025202420252024
Standard Commercial Lines:  
Net premiums earned:  
General liability$305,843 280,097 $600,530 553,512 
Commercial automobile288,759 260,652 572,344 512,372 
Commercial property191,027 168,511 377,557 330,064 
Workers compensation82,024 82,316 161,060 170,093 
Businessowners' policies48,416 41,641 95,309 81,562 
Bonds13,255 12,468 26,513 24,556 
Other8,311 7,808 16,532 15,444 
Miscellaneous income5,920 5,214 10,780 12,348 
Total Standard Commercial Lines revenue943,555 858,707 1,860,625 1,699,951 
Standard Personal Lines:
Net premiums earned:
Personal automobile51,287 57,544 104,255 114,504 
Homeowners48,312 46,055 96,255 90,168 
Other2,778 2,822 5,522 5,595 
Miscellaneous income577 594 1,148 1,235 
Total Standard Personal Lines revenue102,954 107,015 207,180 211,502 
E&S Lines:
Net premiums earned:
Casualty lines87,400 73,887 172,519 145,525 
Property lines60,645 46,430 118,418 87,780 
Miscellaneous income51 27 129 53 
Total E&S Lines revenue148,096 120,344 291,066 233,358 
Investments:    
Net investment income earned127,968 108,642 248,659 216,491 
Net realized and unrealized investment gains (losses)4,172 1,297 4,401 (338)
Total Investments revenue132,140 109,939 253,060 216,153 
Total revenues $1,326,745 1,196,005 $2,611,931 2,360,964 
18
(b) The following tables present information about our segments' pre- and after-tax income, significant expenses, and reconciliations to consolidated results for the periods indicated.

Quarter Ended June 30, 2025Standard Commercial LinesStandard Personal LinesE&S LinesTotal Insurance OperationsInvestmentsTotal Reportable Segments
($ in thousands)
Total segment revenues
$943,555 102,954 148,096 1,194,605 132,140 1,326,745 
Loss and loss expense incurred:
Net catastrophe losses50,881 14,591 14,460 79,932 — 79,932 
Non-catastrophe property loss and loss expense131,883 28,271 13,085 173,239 — 173,239 
(Favorable)/unfavorable prior year casualty reserve development45,000 — — 45,000 — 45,000 
Current year casualty loss costs
439,002 27,115 59,610 525,727 — 525,727 
Total loss and loss expense incurred666,766 69,977 87,155 823,898 — 823,898 
Net underwriting expenses incurred:
Commissions to distribution partners173,406 6,522 33,769 213,697 — 213,697 
Salaries and employee benefits78,667 8,805 7,498 94,970 — 94,970 
Other segment expenses
49,709 9,100 4,503 63,312 — 63,312 
Total net underwriting expenses incurred301,782 24,427 45,770 371,979 — 371,979 
Dividends to policyholders1,151 — — 1,151 — 1,151 
Segment income (loss), before federal income tax(26,144)8,550 15,171 (2,423)132,140 129,717 
Federal income tax (expense) benefit509 (27,423)(26,914)
Segment income (loss), after federal income tax(1,914)104,717 102,803 
Reconciliation of segment income (loss) to consolidated income before and after federal income tax
Total segment income (loss)129,717 
Interest expense(13,256)
Corporate expenses(7,556)
Income before federal income tax108,905 
Federal income tax (expense) benefit on segment income (loss)(26,914)
Federal income tax (expense) benefit on interest and corporate expenses3,952 
Total federal income tax (expense) benefit(22,962)
Net income85,943 
Preferred stock dividends(2,300)
Net income available to common stockholders83,643 
19
Quarter Ended June 30, 2024Standard Commercial LinesStandard Personal LinesE&S LinesTotal Insurance OperationsInvestmentsTotal Reportable Segments
($ in thousands)
Total segment revenues
$858,707 107,015 120,344 1,086,066 109,939 1,196,005 
Loss and loss expense incurred:
Net catastrophe losses50,858 25,396 14,280 90,534 — 90,534 
Non-catastrophe property loss and loss expense124,505 45,350 15,633 185,488 — 185,488 
(Favorable)/unfavorable prior year casualty reserve development176,000 — — 176,000 — 176,000 
Current year casualty loss costs
396,591 30,694 46,241 473,526 — 473,526 
Total loss and loss expense incurred747,954 101,440 76,154 925,548 — 925,548 
Net underwriting expenses incurred:
Commissions to distribution partners157,351 8,124 26,870 192,345 192,345 
Salaries and employee benefits69,070 8,644 6,533 84,247 84,247 
Other segment expenses
44,159 8,108 4,286 56,553 56,553 
Total net underwriting expenses incurred270,580 24,876 37,689 333,145 — 333,145 
Dividends to policyholders1,054 — — 1,054 1,054 
Segment income (loss), before federal income tax(160,881)(19,301)6,501 (173,681)109,939 (63,742)
Federal income tax (expense) benefit36,473 (22,652)13,821 
Segment income (loss), after federal income tax(137,208)87,287 (49,921)
Reconciliation of segment income (loss) to consolidated income before and after federal income tax
Total segment income (loss)(63,742)
Interest expense(7,202)
Corporate expenses(9,154)
Income before federal income tax(80,098)
Federal income tax (expense) benefit on segment income (loss)13,821 
Federal income tax (expense) benefit on interest and corporate expenses2,958 
Total federal income tax (expense) benefit16,779 
Net income(63,319)
Preferred stock dividends(2,300)
Net income available to common stockholders(65,619)
20
Six Months ended June 30, 2025
($ in thousands)Standard Commercial LinesStandard Personal LinesE&S LinesTotal Insurance OperationsInvestmentsTotal Reportable Segments
Total segment revenues
$1,860,625 207,180 291,066 2,358,871 253,060 2,611,931 
Loss and loss expense incurred:
Net catastrophe losses70,692 21,704 30,893 123,289 — 123,289 
Non-catastrophe property loss and loss expense260,675 64,759 26,501 351,935 — 351,935 
(Favorable)/unfavorable prior year casualty reserve development45,000 5,000 — 50,000 — 50,000 
Current year casualty loss costs
872,065 55,183 117,751 1,044,999 — 1,044,999 
Total loss and loss expense incurred1,248,432 146,646 175,145 1,570,223 — 1,570,223 
Net underwriting expenses incurred:
Commissions to distribution partners343,578 13,873 66,475 423,926 — 423,926 
Salaries and employee benefits158,258 17,400 15,093 190,751 — 190,751 
Other segment expenses
101,449 18,674 8,500 128,623 — 128,623 
Total net underwriting expenses incurred603,285 49,947 90,068 743,300 — 743,300 
Dividends to policyholders2,134 — — 2,134 — 2,134 
Segment income (loss), before federal income tax6,774 10,587 25,853 43,214 253,060 296,274 
Federal income tax (expense) benefit(9,075)(52,541)(61,616)
Segment income (loss), after federal income tax34,139 200,519 234,658 
Reconciliation of segment income (loss) to consolidated income before and after federal income tax
Total segment income (loss)296,274 
Interest expense(22,829)
Corporate expenses(25,654)
Income before federal income tax247,791 
Federal income tax (expense) benefit on segment income (loss)(61,616)
Federal income tax (expense) benefit on interest and corporate expenses9,664 
Total federal income tax (expense) benefit(51,952)
Net income195,839 
Preferred stock dividends(4,600)
Net income available to common stockholders191,239 
21
Six Months ended June 30, 2024
($ in thousands)Standard Commercial LinesStandard Personal LinesE&S LinesTotal Insurance OperationsInvestmentsTotal Reportable Segments
Total segment revenues
$1,699,951 211,502 233,358 2,144,811 216,153 2,360,964 
Loss and loss expense incurred:
Net catastrophe losses89,353 37,241 19,182 145,776 — 145,776 
Non-catastrophe property loss and loss expense239,546 87,228 29,886 356,660 — 356,660 
(Favorable)/unfavorable prior year casualty reserve development211,000 — — 211,000 — 211,000 
Current year casualty loss costs
763,888 61,315 91,201 916,404 — 916,404 
Total loss and loss expense incurred1,303,787 185,784 140,269 1,629,840 — 1,629,840 
Net underwriting expenses incurred:
Commissions to distribution partners311,321 15,623 52,011 378,955 — 378,955 
Salaries and employee benefits141,344 18,083 12,298 171,725 — 171,725 
Other segment expenses
89,691 16,648 8,294 114,633 — 114,633 
Total net underwriting expenses incurred542,356 50,354 72,603 665,313 — 665,313 
Dividends to policyholders4,308 — — 4,308 — 4,308 
Segment income (loss), before federal income tax(150,500)(24,636)20,486 (154,650)216,153 61,503 
Federal income tax (expense) benefit32,476 (44,518)(12,042)
Segment income (loss), after federal income tax(122,174)171,635 49,461 
Reconciliation of segment income (loss) to consolidated income before and after federal income tax
Total segment income (loss)61,503 
Interest expense(14,383)
Corporate expenses(24,652)
Income before federal income tax22,468 
Federal income tax (expense) benefit on segment income (loss)(12,042)
Federal income tax (expense) benefit on interest and corporate expenses8,773 
Total federal income tax (expense) benefit(3,269)
Net income19,199 
Preferred stock dividends(4,600)
Net income available to common stockholders14,599 
The "Other segment expenses" primarily consist of (i) fees paid for licenses, (ii) depreciation expense, and (iii) general overhead items to operate our business operations, including travel, postage, telephone, and utility expenses. "Loss and loss expense incurred" includes a portion of salaries and employee benefits related to claims personnel.

(c) The following tables present reconciliations of our segments' ROE contributions and combined ratios to consolidated results.

ROE
Quarter Ended June 30, Six Months Ended June 30,
2025202420252024
Standard Commercial Lines segment(2.6)%(18.4)0.4 %(8.6)
Standard Personal Lines segment 0.9 (2.2)0.5 (1.4)
E&S Lines segment1.5 0.7 1.3 1.2 
Total insurance operations(0.2)(19.9)2.2 (8.8)
Net investment income earned
13.0 12.5 12.9 12.5 
Net realized and unrealized investment gains (losses)0.4 0.1 0.2 — 
Total investments segment 13.4 12.6 13.1 12.5 
Other(2.5)(2.2)(2.8)(2.6)
ROE10.7 (9.5)12.5 1.1 

22
Combined Ratio
Quarter ended June 30,Six Months ended June 30,
2025202420252024
AmountRatioAmountRatioAmountRatioAmount Ratio
Standard Commercial Lines:
Net premiums earned
$937,635 853,493 $1,849,845 1,687,603 
Loss and loss expense incurred
666,766 71.1 
%
747,954 87.6 1,248,432 67.5 
%
1,303,787 77.2 
Net underwriting expenses incurred1
295,862 31.6 265,366 31.1 592,505 32.0 530,008 31.4 
Dividends to policyholders
1,151 0.1 1,054 0.1 2,134 0.1 4,308 0.3 
Underwriting income (loss)
(26,144)102.8 (160,881)118.8 6,774 99.6 (150,500)108.9 
Standard Personal Lines:
Net premiums earned
102,377 106,421 206,032 210,267 
Loss and loss expense incurred69,977 68.3 101,440 95.3 146,646 71.2 185,784 88.3 
Net underwriting expenses incurred1
23,850 23.3 24,282 22.8 48,799 23.7 49,119 23.4 
Underwriting income (loss)
8,550 91.6 (19,301)118.1 10,587 94.9 (24,636)111.7 
E&S Lines:
Net premiums earned
148,045 120,317 290,937 233,305 
Loss and loss expense incurred
87,155 58.9 76,154 63.3 175,145 60.2 140,269 60.1 
Net underwriting expenses incurred1
45,719 30.9 37,662 31.3 89,939 30.9 72,550 31.1 
Underwriting income (loss)
15,171 89.8 6,501 94.6 25,853 91.1 20,486 91.2 
Total Insurance Operations:
Net premiums earned
1,188,057 1,080,231 2,346,814 2,131,175 
Loss and loss expense incurred
823,898 69.3 925,548 85.7 1,570,223 66.9 1,629,840 76.5 
Net underwriting expenses incurred1
365,431 30.8 327,310 30.3 731,243 31.2 651,677 30.6 
Dividends to policyholders
1,151 0.1 1,054 0.1 2,134 0.1 4,308 0.2 
Underwriting income (loss)
(2,423)100.2 (173,681)116.1 43,214 98.2 (154,650)107.3 
1"Net underwriting expenses incurred" includes "Other income" allocated to each reportable segment.


NOTE 10. Retirement Plans
The primary pension plan for our employees is the Retirement Income Plan for Selective Insurance Company of America (the "Pension Plan"). The Pension Plan is closed to new entrants, and its benefits ceased accruing after March 31, 2016. For more information about Selective Insurance Company of America's ("SICA") retirement plans, see Note 15. "Retirement Plans" in Item 8. "Financial Statements and Supplementary Data." of our 2024 Annual Report.

The following tables provide information about the Pension Plan:

Pension Plan
Quarter ended
June 30,		Six Months ended
June 30,
($ in thousands)2025202420252024
Net Periodic Pension Cost (Benefit):
Interest cost$3,973 3,888 $7,946 7,776 
Expected return on plan assets(5,339)(5,383)(10,678)(10,765)
Amortization of unrecognized net actuarial loss868 955 1,736 1,910 
Total net periodic pension cost (benefit)1
$(498)(540)$(996)(1,079)
1The components of net periodic pension cost (benefit) are included within "Loss and loss expense incurred" and "Other insurance expenses" on the Consolidated Statements of Income.

Pension Plan
Six Months ended June 30
20252024
Weighted-Average Expense Assumptions:
Discount rate5.69 %5.02 %
Effective interest rate for calculation of interest cost5.42 4.91 
Expected return on plan assets6.60 6.40 

23
NOTE 11. Comprehensive Income (Loss)
The components of comprehensive income (loss), both gross and net of tax, for Second Quarter 2025 and Six Months 2025 and Second Quarter 2024 and Six Months 2024 were as follows:

Second Quarter 2025   
($ in thousands)GrossTaxNet
Net income (loss)
$108,905 22,962 85,943 
Components of OCI:   
Unrealized gains (losses) on investment securities:
   
Unrealized holding gains (losses) during the period41,864 8,790 33,074 
Unrealized gains (losses) on securities with credit loss recognized in earnings11,022 2,315 8,707 
Amounts reclassified into net income (loss):
Net realized (gains) losses on disposals and intent-to-sell AFS securities(434)(91)(343)
Credit loss (benefit) expense(887)(186)(701)
    Total unrealized gains (losses) on investment securities51,565 10,828 40,737 
Defined benefit pension and post-retirement plans:   
Amounts reclassified into net income (loss):
   
Net actuarial (gain) loss873 184 689 
    Total defined benefit pension and post-retirement plans873 184 689 
Other comprehensive income (loss)52,438 11,012 41,426 
Comprehensive income (loss)$161,343 33,974 127,369 
Second Quarter 2024   
($ in thousands)GrossTaxNet
Net income (loss)
$(80,098)(16,779)(63,319)
Components of OCI:   
Unrealized gains (losses) on investment securities:   
Unrealized holding gains (losses) during the period(8,347)(1,753)(6,594)
Unrealized gains (losses) on securities with credit loss recognized in earnings(3,705)(778)(2,927)
Amounts reclassified into net income (loss):
Net realized (gains) losses on disposals and intent-to-sell AFS securities43 10 33 
Credit loss (benefit) expense1,233 258 975 
    Total unrealized gains (losses) on investment securities(10,776)(2,263)(8,513)
Defined benefit pension and post-retirement plans:   
Amounts reclassified into net income (loss):
   
Net actuarial (gain) loss967 203 764 
    Total defined benefit pension and post-retirement plans967 203 764 
Other comprehensive income (loss)(9,809)(2,060)(7,749)
Comprehensive income (loss)$(89,907)(18,839)(71,068)
24
Six Months 2025
($ in thousands)GrossTaxNet
Net income (loss)
$247,791 51,952 195,839 
Components of OCI:
Unrealized gains (losses) on investment securities:
Unrealized holding gains (losses) during the period111,124 23,335 87,789 
Unrealized gains (losses) on securities with credit loss recognized in earnings23,788 4,995 18,793 
Amounts reclassified into net income (loss):
Net realized (gains) losses on disposals and intent-to-sell AFS securities(708)(149)(559)
Credit loss (benefit) expense(1,516)(318)(1,198)
Total unrealized gains (losses) on investment securities132,688 27,863 104,825 
Defined benefit pension and post-retirement plans:
Amounts reclassified into net income (loss):
Net actuarial (gain) loss1,745 367 1,378 
Total defined benefit pension and post-retirement plans1,745 367 1,378 
Other comprehensive income (loss)134,433 28,230 106,203 
Comprehensive income (loss)$382,224 80,182 302,042 
Six Months 2024
($ in thousands)GrossTaxNet
Net income (loss)
$22,468 3,269 19,199 
Components of OCI:
Unrealized gains (losses) on investment securities:
Unrealized holding gains (losses) during the period(23,907)(5,020)(18,887)
Unrealized gains (losses) on securities with credit loss recognized in earnings(6,837)(1,436)(5,401)
Amounts reclassified into net income (loss):
Net realized (gains) losses on disposals and intent-to-sell AFS securities(35)(7)(28)
Credit loss (benefit) expense3,883 815 3,068 
Total unrealized gains (losses) on investment securities(26,896)(5,648)(21,248)
Defined benefit pension and post-retirement plans:
Amounts reclassified into net income (loss):
Net actuarial (gain) loss1,934 406 1,528 
Total defined benefit pension and post-retirement plans1,934 406 1,528 
Other comprehensive income (loss)(24,962)(5,242)(19,720)
Comprehensive income (loss)$(2,494)(1,973)(521)

The following table shows each component of accumulated other comprehensive income (loss) ("AOCI") (net of taxes), including balances and changes, as of June 30, 2025:

June 30, 2025Net Unrealized Gains (Losses) on Investment SecuritiesDefined Benefit Pension and Post-Retirement PlansTotal AOCI
($ in thousands)
Credit Loss Related1
All
Other		Investments
Subtotal
Balance, December 31, 2024
$(72,206)(178,057)(250,263)(86,582)(336,845)
OCI before reclassifications18,793 87,789 106,582 — 106,582 
Amounts reclassified from AOCI(1,198)(559)(1,757)1,378 (379)
Net current period OCI17,595 87,230 104,825 1,378 106,203 
Balance, June 30, 2025
$(54,611)(90,827)(145,438)(85,204)(230,642)
1Represents change in unrealized gains (losses) on securities with credit loss recognized in earnings.









25
The reclassifications out of AOCI were as follows:

Quarter ended
June 30,		Six Months ended
June 30,		Affected Line Item in the Unaudited Consolidated Statements of Income
($ in thousands)2025202420252024
Net realized (gains) losses on disposals and intent-to-sell AFS securities
Net realized (gains) losses
$(434)43 $(708)(35)Net realized and unrealized investment gains (losses)
Tax (benefit) expense
91 (10)149 7 Total federal income tax expense (benefit)
Net of taxes
(343)33 (559)(28)Net income (loss)
Credit loss related
Credit loss (benefit) expense(887)1,233 (1,516)3,883 Net realized and unrealized investment gains (losses)
Tax (benefit) expense
186 (258)318 (815)Total federal income tax expense (benefit)
Net of taxes
(701)975 (1,198)3,068 Net income (loss)
Defined benefit pension and post-retirement life plans
Net actuarial loss 200 223 401 445 Loss and loss expense incurred
Net actuarial loss673 744 1,344 1,489 Other insurance expenses
Total
873 967 1,745 1,934 Income (loss) before federal income tax
Tax (benefit) expense(184)(203)(367)(406)Total federal income tax expense (benefit)
Net of taxes689 764 1,378 1,528 Net income (loss)
Total reclassifications for the period$(355)1,772 $(379)4,568 Net income (loss)

NOTE 12. Indebtedness
The table below provides a summary of our outstanding debt at June 30, 2025, and December 31, 2024:

Outstanding Debt Issuance DateMaturity DateInterest RateOriginal Amount2025Carry Value
($ in thousands)Unamortized Issuance CostsDebt DiscountJune 30, 2025December 31, 2024
Long-term
      FHLBI12/16/201612/16/20263.03 %60,000 — — 60,000 60,000 
      Senior Notes11/16/200411/15/20347.25 %50,000 92 67 49,841 49,831 
Senior Notes2/20/20254/15/20355.90 %400,000 3,871 86 396,043 — 
      Senior Notes11/3/200511/1/20356.70 %100,000 187 397 99,416 99,391 
Senior Notes3/1/20193/1/20495.375 %300,000 2,112 5,318 292,570 292,434 
Finance lease obligations4,879 6,282 
Total long-term debt6,262 5,868 902,749 507,938 

Short-Term Debt Activity
On June 30, 2025, the Parent entered into a Credit Agreement (the "Line of Credit") with the lenders named therein (the "Lenders") and Wells Fargo Bank, National Association, as administrative agent. Under the Line of Credit, the Lenders have agreed to provide the Parent with a $100 million revolving credit facility that can be increased to $200 million with the Lenders' consent. The Line of Credit will mature on June 30, 2028, and has a variable interest rate based on the Parent’s debt ratings. The Parent, as borrower, was a party to a credit agreement dated November 7, 2022, for a $50 million revolving credit facility, which could be increased to $125 million with the consent of the lenders (the "Prior Credit Agreement"). The Prior Credit Agreement was scheduled to mature on November 7, 2025. The Parent terminated the Prior Credit Agreement in conjunction with entering into the Line of Credit. The termination of the Prior Credit Agreement did not result in any penalties to the Parent. There were no borrowings under the Line of Credit or the Prior Credit Agreement during Six Months 2025.

26
Our Line of Credit contains representations, warranties, and covenants that are customary for credit facilities of this type, including, without limitation, financial covenants under which we are obligated to maintain a minimum consolidated net worth, a maximum ratio of consolidated debt to total capitalization, and covenants limiting our ability to: (i) merge or liquidate; (ii) incur debt or liens; (iii) dispose of assets; (iv) make investments and acquisitions; and (v) engage in transactions with affiliates.
The table below outlines information regarding certain covenants in the Line of Credit:

Required as ofActual as of
June 30, 2025June 30, 2025
Consolidated net worth1
Not less than$2.3 billion$3.6 billion
Debt to total capitalization ratio1
Not to exceed35%20.0%
1Calculated in accordance with the Line of Credit.

In addition to the above requirements, the Line of Credit contains a cross-default provision that provides that the Line of Credit will be in default if we fail to comply with any condition, covenant, or agreement (including payment of principal and interest when due on any debt with an aggregate principal amount of at least $30 million) that causes or permits the acceleration of principal. The Line of Credit also limits borrowings from the FHLBI and the FHLBNY to 10% of the respective member company's admitted assets for the previous year.

Long-Term Debt Activity
In the first quarter of 2025, we issued $400 million of 5.90% Senior Notes due 2035 at a discount of $0.1 million, resulting in $395.9 million of net proceeds after debt issuance costs of approximately $4.1 million. The 5.90% Senior Notes will pay interest on April 15 and October 15 of each year, beginning on October 15, 2025. The proceeds from this debt issuance are being used for general corporate purposes, including supporting organic growth.

For additional information on our indebtedness and debt covenants, see Note 11. "Indebtedness" in Item 8. "Financial Statements and Supplementary Data." of our 2024 Annual Report.

NOTE 13. Equity
On December 2, 2020, we announced that our Board of Directors authorized a $100 million share repurchase program, with no set expiration or termination date. Our repurchase program does not obligate us to acquire any particular common stock amount. The program grants management discretion to determine the timing and amount of any share repurchases under the authorization based on market conditions and other considerations. In Six Months 2025, we repurchased 233,611 shares of our common stock under the program for $19.4 million, including commissions. All repurchases were completed in the first quarter of 2025, and we had $56.1 million of remaining program capacity as of June 30, 2025.

NOTE 14. Earnings per Common Share
The following table presents the calculations of earnings per common share ("EPS") on a basic and diluted basis:

Quarter ended
June 30,		Six Months ended
June 30,
(in thousands, except per share amounts)2025202420252024
Net income (loss) available to common stockholders:
$83,643 (65,619)$191,239 14,599 
Weighted average common shares outstanding:
Weighted average common shares outstanding - basic60,84460,89760,85560,862
Effect of dilutive securities - stock compensation plans439 — 421382
Weighted average common shares outstanding - diluted61,28360,89761,27661,244
EPS:
Basic$1.37 (1.08)$3.14 0.24 
Diluted1.36 (1.08)3.12 0.24 

NOTE 15. Litigation
As of June 30, 2025, we do not believe we are involved in any legal action that could have a material adverse effect on our consolidated financial condition, results of operations, or cash flows.

27
In the ordinary course of conducting business, we are parties in various legal actions. Most are claims litigation involving our ten insurance subsidiaries (collectively referred to as "Insurance Subsidiaries") as (i) liability insurers defending or providing indemnity for third-party claims brought against our customers, (ii) insurers defending first-party coverage claims brought against them, or (iii) liability insurers seeking declaratory judgment on our insurance coverage obligations. We account for such activity by establishing unpaid loss and loss expense reserves. Considering potential losses and defense costs reserves, we expect that any potential ultimate liability for ordinary course claims litigation will not be material to our consolidated financial condition, results of operations, or cash flows.

From time to time, our Insurance Subsidiaries are named as defendants in other legal actions, some asserting claims for substantial amounts. Plaintiffs may style these actions as class actions and seek judicial certification of a state or national class for allegations involving our business practices, such as improper medical provider reimbursement under workers compensation and personal and commercial automobile insurance policies or improper reimbursement for automobile parts. Similarly, our Insurance Subsidiaries can be named defendants in individual actions seeking extra-contractual damages, punitive damages, or penalties, often alleging bad faith in handling insurance claims. We believe we have valid defenses to these allegations and account for such activity by establishing unpaid loss and loss expense reserves. Considering estimated losses and defense costs reserves, we expect that any potential ultimate liability for these other legal actions will not be material to our consolidated financial condition. Litigation outcomes are inherently unpredictable and the amounts sought in certain actions are large or indeterminate. Adverse outcomes could have a material adverse effect on our consolidated results of operations or cash flows in the quarterly or annual period in which they occur.

NOTE 16. Subsequent Events
On July 4, 2025, the One Big Beautiful Bill Act (the "Act") became law. The legislation extends and modifies multiple tax provisions, some affecting our taxes in current and future years. By rule, we must reflect tax changes in the enactment period, which was July 2025. Accordingly, we are currently analyzing the Act's impact, including provisions that allow 100% bonus depreciation and full expensing of domestic research and development expenses.

ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS.

Forward-Looking Statements
The terms "Company," "we," "us," and "our" refer to Selective Insurance Group, Inc. (the "Parent") and its subsidiaries, except as expressly indicated or the context otherwise requires. Certain statements in this Quarterly Report on Form 10-Q, including information incorporated by reference, are “forward-looking statements” defined in the Private Securities Litigation Reform Act of 1995 ("PSLRA"). The PSLRA provides a forward-looking statement safe harbor under the Securities Act of 1933 and the Securities Exchange Act of 1934. These statements discuss our intentions, beliefs, projections, estimations, or forecasts of future events and financial performance. They involve uncertainties and known and unknown risks and other factors that may cause actual results, activity levels, or performance to materially differ from those in or implied by the forward-looking statements. In some cases, forward-looking statements include the words "may," "will," "could," "would," "should," "expect," "plan," "anticipate," "attribute," "confident," "strong," "target," "project," "intend," "believe," "estimate," "predict," "potential," "pro forma," "seek," "likely," "continue," or comparable terms. Our forward-looking statements are only predictions; we cannot guarantee or assure that such expectations will prove correct. We undertake no obligation to publicly update or revise any forward-looking statements for any reason except as may be required by law.

We discuss the factors that could cause our actual results to differ materially from our projections, forecasts, or estimates in forward-looking statements in Item 1A. "Risk Factors." in Part II. "Other Information" of this Form 10-Q. These risk factors may not be exhaustive. We operate in a constantly changing business environment, and new risk factors may emerge at any time. We cannot predict these new risk factors, their impact on our businesses, or the extent to which one or any combination of factors may cause actual results to differ materially from any forward-looking statements. Given these risks, uncertainties, and assumptions, the forward-looking events we discuss might not occur.

28
Introduction
We classify our business into four reportable segments:

•Standard Commercial Lines;
•Standard Personal Lines;
•Excess and Surplus Lines ("E&S Lines"); and
•Investments.

For more details about these segments, refer to Note 9. "Segment Information" in Item 1. "Financial Statements." of this Form 10-Q and Note 12. "Segment Information" in Item 8. "Financial Statements and Supplementary Data." of our Annual Report on Form 10-K for the year ended December 31, 2024 ("2024 Annual Report").

We write our Standard Commercial and Standard Personal Lines products and services through nine of our insurance subsidiaries, some of which participate in the federal government's National Flood Insurance Program's ("NFIP") Write Your Own Program. We write our E&S products through another subsidiary, Mesa Underwriters Specialty Insurance Company, a nationally authorized non-admitted carrier for customers who generally cannot obtain coverage in the standard marketplace. Collectively, we refer to our ten insurance subsidiaries as the "Insurance Subsidiaries."

The following is Management’s Discussion and Analysis ("MD&A") of our financial condition and consolidated results of operations, including an evaluation of the amounts and certainty of cash flows from operations and outside sources, trends, and uncertainties that may have a material impact in future periods. Investors should read the MD&A in conjunction with Item 1. "Financial Statements." of this Form 10-Q and the consolidated financial statements in our 2024 Annual Report filed with the United States ("U.S.") Securities and Exchange Commission.

In the MD&A, we will discuss and analyze the following:

•Critical Accounting Policies and Estimates;
•Financial Highlights of Results for the second quarters ended June 30, 2025 ("Second Quarter 2025") and June 30, 2024 ("Second Quarter 2024"); and the six-month periods ended June 30, 2025 ("Six Months 2025") and June 30, 2024 ("Six Months 2024")
•Results of Operations and Related Information by Segment;
•Federal Income Taxes;
•Liquidity and Capital Resources; and
•Ratings.

Critical Accounting Policies and Estimates
Our unaudited interim consolidated financial statements include amounts for which we have made informed estimates and judgments for transactions not yet completed. Such estimates and judgments affect the reported amounts in the consolidated financial statements. As outlined in our 2024 Annual Report, those estimates and judgments most critical to the preparation of the consolidated financial statements involved the following: (i) reserve for loss and loss expense; (ii) investment valuation and the allowance for credit losses on available-for-sale ("AFS") fixed income securities; and (iii) reinsurance. These estimates and judgments require our use of assumptions about highly uncertain matters that make them subject to change as facts and circumstances develop. If we applied different estimates and judgments, the financial statements might have reported materially different amounts. For additional information regarding our critical accounting policies and estimates, refer to pages 38 through 45 of our 2024 Annual Report.

29
Financial Highlights of Results for Second Quarter and Six Months 2025 and Second Quarter and Six Months 20241

Quarter ended
June 30,		Change
% or Points		Six Months ended
June 30,		Change
% or Points
($ and shares in thousands, except per share amounts)20252024 20252024
Financial Data:
Revenues
$1,326,745 1,196,005 11 %$2,611,931 2,360,964 11 %
After-tax net investment income101,421 86,262 18  197,042 171,902 15  
After-tax underwriting income (loss)(1,914)(137,208)(99)34,139 (122,174)(128)
Net income (loss) before federal income tax108,905 (80,098)(236)247,791 22,468 1,003 
Net income (loss)85,943 (63,319)(236)195,839 19,199 920 
Net income (loss) available to common stockholders83,643 (65,619)(227)191,239 14,599 1,210 
Key Metrics:
Combined ratio100.2 %116.1 (15.9)pts98.2 %107.3 (9.1)pts
Invested assets per dollar of common stockholders' equity$3.33 3.31 1 %$3.33 3.31 1 %
Annualized after-tax yield on investment portfolio3.9 %3.9 — pts3.9 
%
3.9 — pts
Return on common equity ("ROE")10.7 (9.5)20.2 12.5 1.1 11.4 
Net premiums written ("NPW") to statutory surplus$1.45 1.64 (12)
%
1.45 1.64 (12)
%
Per Common Share Amounts:
Diluted net income (loss) per share$1.36 (1.08)(226)%$3.12 0.24 1,200 %
Book value per share52.09 44.74 16 52.09 44.74 16 
Dividends declared per share to common stockholders0.38 0.35 9 0.76 0.70 9 
Non-GAAP Information:
Non-GAAP operating income (loss)2
$80,348 (66,644)(221)%$187,762 14,866 1,163 %
Non-GAAP operating income (loss) per diluted common share2
1.31 (1.10)(219)3.06 0.24 1,175 
Non-GAAP operating ROE2
10.3 %(9.6)19.9 pts12.3 %1.1 11.2 pts
Adjusted book value per common share2
$54.48 49.67 10 %$54.48 49.67 10 %
1Refer to the Glossary of Terms attached to our 2024 Annual Report as Exhibit 99.1 for definitions of terms used in this Form 10-Q.
2Non-GAAP operating income (loss), non-GAAP operating income (loss) per diluted common share, and non-GAAP operating ROE are comparable to net income (loss) available to common stockholders, net income (loss) available to common stockholders per diluted common share, and ROE, respectively, but exclude after-tax net realized and unrealized gains and losses on investments included in net income (loss). Adjusted book value per common share is comparable to book value per common share, but excludes total after-tax unrealized gains and losses on investments included in accumulated other comprehensive income (loss). These non-GAAP measures are important financial measures used by us, analysts, and investors because the timing of realized and unrealized investment gains and losses on securities in any given period is largely discretionary. In addition, net realized and unrealized investment gains and losses on investments could distort the analysis of trends.

The tables below provide reconciliations of our GAAP to non-GAAP measures:

Reconciliation of net income (loss) available to common stockholders to non-GAAP operating income (loss)
Quarter ended
June 30,		Six Months ended
June 30,
($ in thousands)2025202420252024
Net income (loss) available to common stockholders
$83,643 (65,619)$191,239 14,599 
Net realized and unrealized investment (gains) losses included in net income (loss), before tax
(4,172)(1,297)(4,401)338 
Tax on reconciling items877 272 924 (71)
Non-GAAP operating income (loss)
$80,348 (66,644)$187,762 $14,866 

Reconciliation of net income (loss) available to common stockholders per diluted common share to non-GAAP operating income (loss) per diluted common share
Quarter ended
June 30,		Six Months ended
June 30,
2025202420252024
Net income (loss) available to common stockholders per diluted common share
$1.36 (1.08)$3.12 0.24 
Net realized and unrealized investment (gains) losses included in net income (loss), before tax
(0.07)(0.02)(0.07)— 
Tax on reconciling items0.02 — 0.01 — 
Non-GAAP operating income (loss) per diluted common share
$1.31 (1.10)$3.06 0.24 

30
Reconciliation of ROE to non-GAAP operating ROEQuarter ended
June 30,		Six Months ended
June 30,
2025202420252024
ROE10.7 %(9.5)12.5 %1.1 
Net realized and unrealized investment (gains) losses included in net income (loss), before tax
(0.5)(0.2)(0.3)— 
Tax on reconciling items0.1 0.1 0.1 — 
Non-GAAP operating ROE10.3 %(9.6)12.3 %1.1 

Reconciliation of book value per common share to adjusted book value per common shareQuarter ended
June 30,		Six Months ended
June 30,
2025202420252024
Book value per common share$52.09 44.74 $52.09 44.74 
Total unrealized investment (gains) losses included in accumulated other comprehensive income (loss), before tax3.03 6.25 3.03 6.25 
Tax on reconciling items(0.64)(1.32)(0.64)(1.32)
Adjusted book value per common share$54.48 49.67 $54.48 49.67 

The following table depicts the components of ROE and non-GAAP operating ROE:

ROE and non-GAAP operating ROE ComponentsQuarter ended
June 30,		Change PointsSix Months ended
June 30,		Change Points
2025202420252024
Standard Commercial Lines Segment(2.6)%(18.4)15.8 0.4 %(8.6)9.0 
Standard Personal Lines Segment0.9 (2.2)3.1 0.5 (1.4)1.9 
E&S Lines Segment1.5 0.7 0.8 1.3 1.2 0.1 
Total insurance operations(0.2)(19.9)19.7 2.2 (8.8)11.0 
Net investment income earned
13.0 12.5 0.5 12.9 12.5 0.4 
Net realized and unrealized investment gains (losses)0.4 0.1 0.3 0.2 — 0.2 
Total investments segment13.4 12.6 0.8 13.1 12.5 0.6 
Other(2.5)(2.2)(0.3)(2.8)(2.6)(0.2)
ROE10.7 (9.5)20.2 12.5 1.1 11.4 
Net realized and unrealized investment (gains) losses, after tax(0.4)(0.1)(0.3)(0.2)— (0.2)
Non-GAAP operating ROE10.3 (9.6)19.9 12.3 1.1 11.2 

In Second Quarter 2025, we delivered an ROE of 10.7% and a non-GAAP operating ROE of 10.3%, driven by strong investment income, which was 18% higher compared to Second Quarter 2024. ROE improved 20.2 points and non-GAAP operating ROE improved by 19.9 points in Second Quarter 2025 compared to Second Quarter 2024. Our overall combined ratio of 100.2% for Second Quarter 2025, which was 15.9 points better than the 116.1% in Second Quarter 2024, drove the higher ROE contributions from each insurance segment. Underwriting results were impacted by unfavorable prior year casualty reserve development, with $45 million in Second Quarter 2025 compared to $176 million in Second Quarter 2024. Higher paid loss emergence, which we largely attribute to the continued impacts of social inflation, drove the unfavorable development in both years.

In Six Months 2025, our ROE was 12.5% and our non-GAAP operating ROE was 12.3%, exceeding our 12% target. The improvement from Six Months 2024 was driven by after-tax underwriting income of $34.1 million this year compared to an underwriting loss of $122.2 million last year, resulting in an 11.0-point higher ROE. All three insurance segments contributed to the higher ROE. Consistent with Second Quarter 2024, the underwriting loss in Six Months 2024 was primarily attributable to unfavorable prior year casualty reserve development of $211 million, and to a lesser extent, an increase in current year loss costs.

31
Outlook
The insurance industry faces significant uncertainty around the macroeconomic environment, including financial market performance, international trade including the ultimate impact of tariffs, and elevated and uncertain loss trends driven by social inflation. Despite this challenging environment, we delivered a 12.3% operating ROE in Six Months 2025 and remain focused on executing our strategy to manage risk while driving long-term, profitable growth by:

•Achieving renewal pure price increases above expected loss trend. We continue to price new and renewal business incorporating our latest view of loss trends and profitability relative to our long-term combined ratio target of 95%. In Six Months 2025, overall renewal pure pricing across our three insurance segments was 10.1%, up 1.5 points from a year ago.

•Deploying granular underwriting refinements. In sectors and jurisdictions where market pricing does not align with our view of rate need, we are taking targeted underwriting actions, including (i) revising underwriting guidelines, (ii) tightening coverage offerings, and (iii) reducing writings.

•Seeking to diversify our insurance segments’ mix of business over the long term. Our relatively higher-than-peer casualty premium mix has benefited our results when property lines have been challenged, and our historical catastrophe losses are lower than the industry average. For the same reason, the current social inflationary environment impacts us differently than our peers.

We believe it is prudent to prioritize improving underwriting margins, which will temper NPW growth in the current environment. NPW grew 5% in Second Quarter 2025 compared to Second Quarter 2024, reflecting our disciplined underwriting and pricing strategy in a competitive market. Policy retention declined modestly as we executed these strategies in a granular fashion. We will maintain a balanced approach and make investments to support future growth. As we position ourselves for the future, we have several strategies to profitably grow market share:

•In our existing footprint, we are focused on growing with existing partners and strategically appointing new agency locations. During Six Months 2025, we added sixty agency locations. In full-year 2024, we had a net increase of two hundred agency locations.

•Careful and deliberate geographic expansion continues to provide growth opportunities. Since 2017, we have added thirteen states to our Standard Commercial Lines footprint, with five last year. In 2024, these thirteen states produced $350 million in premium, which represented approximately 8% of total NPW and approximately 1% marginal total premium growth. We expect to write new business in Kansas by the end of 2025, and in Montana and Wyoming by the end of 2026.

•Technology investments are critical to ensure efficiency and scale. We are actively developing and executing artificial intelligence use cases to enhance underwriting scalability and claims outcomes. We have also made considerable progress modernizing our policy acquisition and claims systems. For example, system enhancements in our E&S Lines segment have created significant operational efficiency, with the segment’s premium production up significantly with limited headcount growth.

After contemplating Six Months 2025 results, our full-year 2025 guidance is as follows:

•A GAAP combined ratio between 97% and 98%, up 1 point from prior guidance of 96% to 97%, including net catastrophe losses of 6 points and the impact of prior year casualty reserve development reported through Six Months 2025. Our combined ratio estimate assumes no additional prior year casualty reserve development and no further change in loss cost estimates. We do not make assumptions about future reserve development as we book our best estimate each quarter;
•After-tax net investment income of $415 million, up from prior guidance of $405 million;
•An overall effective tax rate of approximately 21.5%; and
•Weighted average shares of 61.5 million on a fully diluted basis, including the shares repurchased in Six Months 2025 and assuming no additional repurchases under our existing share repurchase authorization.
32
Results of Operations and Related Information by Segment

Insurance Operations
The following table provides quantitative information for analyzing the combined ratio:

All LinesQuarter ended
June 30,		Change % or PointsSix Months ended
June 30,		Change % or Points
($ in thousands)20252024 20252024
Insurance Operations Results:   
NPW
$1,288,629 1,226,101 5 %$2,529,072 2,382,722 6 %
Net premiums earned (“NPE”)1,188,057 1,080,231 10  2,346,814 2,131,175 10  
Less:    
Loss and loss expense incurred823,898 925,548 (11) 1,570,223 1,629,840 (4) 
Net underwriting expenses incurred365,431 327,310 12 731,243 651,677 12 
Dividends to policyholders1,151 1,054 9  2,134 4,308 (50) 
Underwriting income (loss)
$(2,423)(173,681)(99)%$43,214 (154,650)(128)%
Combined Ratios:    
Loss and loss expense ratio69.3 %85.7 (16.4)pts 66.9 %76.5 (9.6)pts 
Underwriting expense ratio30.8 30.3 0.5 31.2 30.6 0.6 
Dividends to policyholders ratio0.1 0.1 —  0.1 0.2 (0.1) 
Combined ratio100.2 116.1 (15.9) 98.2 107.3 (9.1) 

NPW grew 5% in Second Quarter 2025 and 6% in Six Months 2025 compared to the same prior-year periods, driven by renewal pure price increases that were partially offset by a modest decrease in policy count and lower new business. In addition to the below, NPW also benefited from exposure growth on renewal policies.

Quarter ended
June 30,		Six Months ended
June 30,
($ in millions)2025202420252024
Direct new business premiums$248.1 267.4 $499.4 528.2 
Renewal pure price increases9.9 %9.1 10.1 %8.6 

NPE grew 10% in Second Quarter 2025 and Six Months 2025 compared to the same prior-year periods, reflecting NPW growth over the last 12 months.

Loss and Loss Expenses
The following table provides quantitative information for analyzing loss and loss expense incurred:

Quarter ended
June 30,		Change % or PointsSix Months ended
June 30,		Change % or Points
($ in thousands)2025202420252024
Loss and Loss Expense Incurred:
(Favorable) unfavorable prior year casualty reserve development$45,000 176,000 (74)%$50,000 211,000 (76)%
Current year casualty loss costs525,727 473,526 11 1,044,999 916,404 14 
Net catastrophe losses79,932 90,534 (12)123,289 145,776 (15)
Non-catastrophe property loss and loss expenses173,239 185,488 (7)351,935 356,660 (1)
Total loss and loss expense incurred823,898 925,548 (11)1,570,223 1,629,840 (4)
Impact on Loss and Loss Expense Ratio:
   
(Favorable) unfavorable prior year casualty reserve development3.8 
%
16.3 (12.5)
pts
2.1 
%
9.9 (7.8)
pts
Current year casualty loss costs44.2 43.8 0.4 44.5 43.1 1.4 
Net catastrophe losses6.7 8.4 (1.7)5.3 6.8 (1.5)
Non-catastrophe property loss and loss expenses14.6 17.2 (2.6)15.0 16.7 (1.7)
Total impact on loss and loss expense ratio
69.3 85.7 (16.4)66.9 76.5 (9.6)
33
Prior Year Casualty Reserve Development and Current Year Casualty Loss Costs
Details of prior year casualty reserve development by line of business follow:

(Favorable)/Unfavorable Prior Year Casualty Reserve DevelopmentQuarter ended
June 30,		Six Months ended
June 30,
($ in millions)2025202420252024
General liability$20.0 166.0 $20.0 216.0 
Commercial automobile25.0 10.0 25.0 10.0 
Workers compensation— — — (15.0)
   Total Standard Commercial Lines45.0 176.0 45.0 211.0 
Homeowners— — — (5.0)
Personal automobile— — 5.0 5.0 
   Total Standard Personal Lines— — 5.0 — 
E&S— — — — 
Total (favorable) unfavorable prior year casualty reserve development
$45.0 176.0 $50.0 211.0 
(Favorable) unfavorable impact on loss ratio
3.8 pts16.3 2.1 pts9.9 

Paid loss severities in recent prior accident years continued to show higher-than-expected emergence, leading us to record unfavorable prior year casualty reserve development in Second Quarter 2025 of (i) $25 million in our commercial automobile line of business primarily driven by accident years 2022 through 2024, and (ii) $20.0 million in our general liability line of business primarily driven by accident years 2022 and 2023.

The unfavorable prior year casualty reserve development in Second Quarter 2024 and Six Months 2024 was primarily driven by our general liability line of business that experienced increased severities in accident years 2020 through 2023.

The reduction in the prior year casualty reserve development was partially offset by higher current year loss costs in Second Quarter 2025 and Six Months 2025 compared to the same prior-year periods, driven by elevated severity trend assumptions attributable to social inflation on our general liability and E&S casualty lines of business.

For additional qualitative discussion on prior year casualty reserve development and current year casualty loss costs, refer to the insurance segment sections below.

Property Losses
Net catastrophe and non-catastrophe property losses reduced the loss and loss expense ratio by 4.3 points in Second Quarter 2025 and 3.2 points in Six Months 2025 compared to the same prior-year periods. The net catastrophe loss and loss expense ratio was 1.7 points lower in Second Quarter 2025 and 1.5 points lower in Six Months 2025 compared to the same prior-year periods, as fewer storms impacted our footprint. The non-catastrophe property loss and loss expense ratio was 2.6 points lower in Second Quarter 2025 and 1.7 points lower in Six Months 2025 compared to the same prior-year periods, reflecting (i) the earned impact of higher renewal pure price increases in 2025, (ii) lower claim frequencies, and (iii) normal variability from period to period of non-catastrophe property losses.

For additional qualitative discussion on non-catastrophe property loss and loss expenses, refer to the insurance segment sections below.

Underwriting Expenses
The underwriting expense ratio increased 0.5 points in Second Quarter 2025 and 0.6 points in Six Months 2025 compared to the same prior-year periods, primarily due to higher profit-based compensation to our distribution partners and employees, reflecting comparatively improved results.

34
Standard Commercial Lines Segment

Quarter ended
June 30,		Change
% or
Points		 Six Months ended
June 30,		Change
% or
Points
($ in thousands)20252024 20252024
Insurance Segments Results:    
NPW$1,018,004 963,129 6 %$2,021,229 1,894,806 7 %
NPE937,635 853,493 10  1,849,845 1,687,603 10  
Less:       
Loss and loss expense incurred666,766 747,954 (11) 1,248,432 1,303,787 (4) 
Net underwriting expenses incurred295,862 265,366 11  592,505 530,008 12  
Dividends to policyholders1,151 1,054 9  2,134 4,308 (50) 
Underwriting income (loss)
(26,144)(160,881)(84)$6,774 (150,500)(105)
Combined Ratios:      
Loss and loss expense ratio71.1 %87.6 (16.5)pts67.5 %77.2 (9.7)pts
Underwriting expense ratio31.6 31.1 0.5  32.0 31.4 0.6  
Dividends to policyholders ratio0.1 0.1 —  0.1 0.3 (0.2) 
Combined ratio102.8 118.8 (16.0) 99.6 108.9 (9.3) 

NPW and NPE growth in Second Quarter 2025 and Six Months 2025, compared to the same prior-year periods, primarily reflected renewal pure price increases and strong exposure growth on renewal policies, partially offset by lower new business and lower retention.

Quarter ended
June 30,		Six Months ended
June 30,
($ in millions)2025202420252024
Direct new business premiums$158.2 168.4 $330.3 340.4 
Retention83 %85 83 %85 
Renewal pure price increases8.9 7.9 9.0 7.8 

Loss and Loss Expenses
The following table provides quantitative information for analyzing loss and loss expense incurred:

Quarter ended
June 30,		Change % or PointsSix Months ended
June 30,		Change % or Points
($ in thousands)2025202420252024
Loss and Loss Expense Incurred:
(Favorable) unfavorable prior year casualty reserve development$45,000 176,000 (74)%$45,000 211,000 (79)%
Current year casualty loss costs439,002 396,591 11 872,065 763,888 14 
Net catastrophe losses50,881 50,858 — 70,692 89,353 (21)
Non-catastrophe property loss and loss expenses131,883 124,505 6 260,675 239,546 9 
Total loss and loss expense incurred666,766 747,954 (11)1,248,432 1,303,787 (4)
Impact on Loss and Loss Expense Ratio:
   
(Favorable) unfavorable prior year casualty reserve development4.8 
%
20.6 (15.8)
pts
2.4 
%
12.5 (10.1)
pts
Current year casualty loss costs46.8 46.4 0.4 47.2 45.2 2.0 
Net catastrophe losses5.4 6.0 (0.6)3.8 5.3 (1.5)
Non-catastrophe property loss and loss expenses14.1 14.6 (0.5)14.1 14.2 (0.1)
Total impact on loss and loss expense ratio
71.1 87.6 (16.5)67.5 77.2 (9.7)

Prior Year Casualty Reserve Development and Current Year Casualty Loss Costs
The details of the prior year casualty reserve development by line of business were as follows:

(Favorable)/Unfavorable Prior Year Casualty Reserve DevelopmentQuarter ended
June 30,		Six Months ended
June 30,
($ in millions)
2025202420252024
General liability$20.0 166.0 $20.0 216.0 
Commercial automobile25.0 10.0 25.0 10.0 
Workers compensation— — — (15.0)
Total Standard Commercial Lines
45.0 176.0 45.0 211.0 

35
The reduction in unfavorable prior year reserve development in Second Quarter 2025 and Six Months 2025 was partially offset by higher current year casualty loss costs. The increase in current year casualty loss costs in Second Quarter 2025 and Six Months 2025 compared to the same prior-year periods was primarily driven by higher loss trend expectations and increased claim severities, which we attribute to the continued impacts of social inflation. Prior-year severities developed adversely over the course of 2024 and impacted our view of current year loss costs for 2025, resulting in higher current year casualty loss costs this year compared to last.

Refer to the line of business sections below for qualitative discussion on the significant drivers of unfavorable prior year casualty reserve development and current year casualty loss costs.

Property Losses
Net catastrophe and non-catastrophe property losses reduced the loss and loss expense ratio by an aggregate 1.1 points in Second Quarter 2025 and 1.6 points in Six Months 2025 compared to the same prior-year periods. Net catastrophe losses were 0.6 points lower in Second Quarter 2025 and 1.5 points lower in Six Months 2025 compared to the same periods last year, driven by lower frequency of wind and winter storm events. Non-catastrophe property losses were 0.5 points lower in Second Quarter 2025 and 0.1 points lower in Six Months 2025 compared to the same periods last year, driven by the factors described in the "Insurance Operations" section above.

Underwriting Expenses
The underwriting expense ratio increased 0.5 points in Second Quarter 2025 and 0.6 points Six Months 2025 compared to the same prior-year periods. These increases were primarily due to higher profit-based compensation to our distribution partners and employees, reflecting comparatively improved results.

Information about our most significant Standard Commercial Lines of business follows:

General Liability
 Quarter ended
June 30,
Change
 % or
Points1
Six Months ended
June 30,
Change
 % or
Points1
($ in thousands)2025202420252024
NPW$341,641 319,955 7 %$675,537 627,399 8 %
  Direct new business44,655 50,293 n/a98,319 100,522 n/a
  Retention83 %86 n/a83 %86 n/a
  Renewal pure price increases11.9 7.6 n/a12.0 7.0 n/a
NPE$305,843 280,097 9 %$600,530 553,512 8 %
Underwriting income (loss)
(31,295)(166,109)(81)(47,208)(195,550)(76)
Combined ratio110.2 %159.3 (49.1)pts107.9 %135.3 (27.4)pts
% of total Standard Commercial Lines NPW34 33  33 33 
1n/a: not applicable.

NPW grew 7% in Second Quarter 2025 and 8% in Six Months 2025 compared to the same prior-year periods, benefiting from renewal pure price increases and renewal exposure growth.

The combined ratio decreased 49.1 points in Second Quarter 2025 and 27.4 points in Six Months 2025 compared to the same prior-year periods and included the following:

Quarter ended
June 30,		Change % or PointsSix Months ended
June 30,
Change % or Points
($ in thousands)2025202420252024
Loss and Loss Expense Incurred:
(Favorable) unfavorable prior year casualty reserve development$20,000 166,000 (88)%$20,000 216,000 (91)%
Current year casualty loss costs220,610 193,986 14 434,284 359,341 21 
Total loss and loss expense incurred240,610 359,986 (33)454,284 575,341 (21)
Impact on Loss and Loss Expense Ratio:
   
(Favorable) unfavorable prior year casualty reserve development6.5 
%
59.3 (52.8)
pts
3.3 
%
39.0 (35.7)
pts
Current year casualty loss costs72.2 69.2 3.0 72.4 64.9 7.5 
Total impact on loss and loss expense ratio
78.7 128.5 (49.8)75.7 103.9 (28.2)

36
We recorded $20 million of unfavorable prior year casualty reserve development in Second Quarter 2025 and Six Months 2025, compared to $166 million and $216 million in Second Quarter 2024 and Six Months 2024, respectively. While less this year, we attribute the unfavorable development to the same social inflationary factors that drove reported development in Second Quarter 2024 and Six Months 2024. Specifically, the development in Second Quarter 2025 was primarily driven by increased severities in accident years 2022 and 2023 and the development in Second Quarter 2024 and Six Months 2024 was driven by increased severities in accident years 2023 and prior.

The general liability line of business has experienced a long-term historical trend of meaningful severity increases, partially offset by claim frequency decreases. Prior-year severities developed adversely, which have impacted our view of more recent accident years in 2024 and 2025. We attribute the increased severities to elevated social inflation, which we view as an industry dynamic characterized by higher claimant propensity for attorney representation and litigation, longer settlement times, and higher settlement values. Certain jurisdictions with expanded liability theories and higher damage awards pose increased challenges. We are closely monitoring these jurisdictions and the broader trends across our business.

Partially offsetting the decrease in unfavorable prior year casualty reserve development was a 3.0-point increase in current year casualty loss costs in Second Quarter 2025 and a 7.5-point increase in Six Months 2025 compared to the same prior-year periods, driven by higher social inflation-related severities primarily in accident years 2022 and 2023 than was observed and responded to throughout 2024. These actions produced full-year 2024 casualty loss costs of 67.0%, compared with 69.2% in Second Quarter 2024 and 64.9% in Six Months 2024. The 2025 ratio reflects the increased losses recognized in the 2024 accident year and elevated loss trend expectations.

We believe that social inflation and elevated loss trends continue to support an elevated near-term pricing environment. In response, we have a heightened focus on prudent underwriting and appropriate pricing. Our renewal pure price increase in this line of business was 11.9% in Second Quarter 2025, in line with 12.0% from last quarter and up from 10.6% for the fourth quarter of 2024. In sectors and jurisdictions where market pricing does not align with our view of rate need, we are taking targeted underwriting actions including (i) revising underwriting guidelines, (ii) tightening coverage offerings, and (iii) reducing writings.

The underwriting expense ratio increased 0.7 points in Second Quarter 2025 and 1.0 points in Six Months 2025 compared to the same prior-year periods, as discussed in the "Total Standard Commercial Lines" section above.

Commercial Automobile
 Quarter ended
June 30,
Change
 % or
Points1
Six Months ended
June 30,
Change
 % or
Points1
($ in thousands)2025202420252024
NPW$312,966 297,293 5 %$625,620 582,894 7 %
  Direct new business41,996 45,253 n/a87,866 93,048 n/a
  Retention83 %86 n/a84 %86 n/a
  Renewal pure price increases
10.4 10.8 n/a10.5 10.6 n/a
NPE$288,759 260,652 11 %$572,344 512,372 12 %
Underwriting income (loss)
(8,425)(1,196)604 (781)(934)16 
Combined ratio102.9 %100.5 2.4 pts100.1 %100.2 (0.1)pts
% of total Standard Commercial Lines NPW31 31  31 31  
1n/a: not applicable.

NPW grew 5% in Second Quarter 2025 and 7% in Six Months 2025 compared to the same prior-year periods, primarily benefiting from renewal pure price increases and retention, which was lower this year compared to last.

37
The combined ratio increased 2.4 points in Second Quarter 2025 and decreased 0.1 in Six Months 2025 compared to the same prior-year periods, and included the following:

Quarter ended
June 30,
Change
 % or
Points
Six Months ended
June 30,
Change % or Points
($ in thousands)2025202420252024
Loss and Loss Expense Incurred:
(Favorable) unfavorable prior year casualty reserve development$25,000 10,000 150 %$25,000 10,000 150 %
Current year casualty loss costs141,819 133,584 6 286,558 263,162 9 
Net catastrophe losses4,134 2,626 57 5,611 4,045 39 
Non-catastrophe property loss and loss expenses40,697 39,122 4 83,245 83,459 — 
Total loss and loss expense incurred211,650 185,332 14 400,414 360,666 11 
Impact on Loss and Loss Expense Ratio:
   
(Favorable) unfavorable prior year casualty reserve development8.7 %3.8 4.9 
pts
4.4 %2.0 2.4 
pts
Current year casualty loss costs49.1 51.4 (2.3)50.0 51.3 (1.3)
Net catastrophe losses1.4 1.0 0.4 1.0 0.8 0.2 
Non-catastrophe property loss and loss expenses14.1 15.0 (0.9)14.5 16.3 (1.8)
Total impact on loss and loss expense ratio
73.3 71.2 2.1 69.9 70.4 (0.5)

We recorded $25 million of unfavorable prior year casualty reserve development in Second Quarter 2025 and Six Months 2025 due to increased severities primarily in accident years 2022 through 2024. The unfavorable prior year casualty reserve development in Second Quarter 2024 and Six Months 2024 was primarily due to increased severities in accident year 2023. Current year casualty loss costs were lower in Second Quarter 2025 and Six Months 2025 compared to the same prior-year periods, driven by the mix of property and liability coverages within this line of business.

Non-catastrophe property loss and loss expenses decreased 0.9 points in Second Quarter 2025 and 1.8 points in Six Months 2025 compared to the same prior-year periods, primarily due to (i) the earned impact of higher renewal pure price increases and (ii) period-to-period variability of non-catastrophe property losses.

Commercial Property1
 Quarter ended
June 30,
Change
 % or
Points2
Six Months ended
June 30,
Change
 % or
Points2
($ in thousands)2025202420252024
NPW$207,930 195,440 6 %$404,184 369,952 9 %
  Direct new business43,137 40,756 n/a84,553 79,296 n/a
  Retention81 %84 n/a82 %84 n/a
Renewal pure price increases
7.8 9.8 n/a8.1 10.3 n/a
NPE$191,027 168,511 13 %$377,557 330,064 14 %
Underwriting income (loss)
7,441 (3,029)(346)37,453 6,538 (473)
Combined ratio96.1 %101.8 (5.7)pts90.1 %98.0 (7.9)pts
% of total Standard Commercial Lines NPW20 20  20 20 
1includes Inland Marine.
2n/a: not applicable.

NPW grew 6% in Second Quarter 2025 and 9% in Six Months 2025 compared to the same prior-year periods, primarily benefiting from renewal pure price increases and exposure growth on renewal policies.

38
The combined ratio decreased 5.7 points in Second Quarter 2025 and 7.9 points in Six Months 2025 compared to the same prior-year periods and included the following:

Second Quarter 2025Second Quarter 2024
($ in thousands)
Loss and Loss Expense IncurredImpact on
Combined Ratio		Loss and Loss Expense IncurredImpact on
Combined Ratio		Change in Ratio
Net catastrophe losses$33,938 17.8 pts41,523 24.6 (6.8)pts
Non-catastrophe property loss and loss expenses83,204 43.6 71,904 42.7 0.9 
Total$117,142 61.4 113,427 67.3 (5.9)
Six Months 2025Six Months 2024
($ in thousands)
Loss and Loss Expense IncurredImpact on
Combined Ratio		Loss and Loss Expense IncurredImpact on
Combined Ratio		Change in Ratio
Net catastrophe losses$50,300 13.3 pts74,387 22.5 (9.2)pts
Non-catastrophe property loss and loss expenses159,778 42.3 134,294 40.7 1.6 
Total$210,078 55.6 208,681 63.2 (7.6)

While non-catastrophe property losses were slightly higher, net catastrophe losses were lower in Second Quarter 2025 and Six Months 2025 compared to the same prior-year periods, as discussed in the "Standard Commercial Lines Segment" section above.

Workers Compensation
 Quarter ended
June 30,
Change
 % or
Points1
Six Months ended
June 30,
Change
 % or
Points1
($ in thousands)2025202420252024
NPW$83,003 84,850 (2)%$169,149 183,633 (8)%
Direct new business12,103 14,222 n/a25,837 32,706 n/a
Retention83 %85 n/a84 %85 n/a
Renewal pure price increases (decreases)(4.3)(2.9)n/a(3.7)(2.8)n/a
NPE$82,024 82,316 — %$161,060 170,093 (5)%
Underwriting income(2,900)3,869 (175)(7,578)22,062 (134)
Combined ratio103.5 %95.3 8.2 pts104.7 %87.0 17.7 pts
% of total Standard Commercial Lines NPW8 9  8 10 
1n/a: not applicable.

NPW decreased 2% in Second Quarter 2025 and 8% in Six Months 2025 compared to the same prior-year periods, primarily due to decreases in renewal pure price and direct new business.

The combined ratio increased 8.2 points in Second Quarter 2025 and 17.7 points in Six Months 2025 compared to the same prior-year periods and included the following:

Second Quarter 2025Second Quarter 2024
($ in thousands)
Loss and Loss Expense IncurredImpact on
Combined Ratio		Loss and Loss Expense IncurredImpact on
Combined Ratio		Change in Ratio
(Favorable) unfavorable prior year casualty reserve development$— — pts— — — pts
Current year casualty loss costs63,284 77.1 57,189 69.5 7.6 
Total
$63,284 77.1 $57,189 69.5 7.6 
Six Months 2025Six Months 2024
($ in thousands)
Loss and Loss Expense IncurredImpact on
Combined Ratio		Loss and Loss Expense IncurredImpact on
Combined Ratio		Change in Ratio
(Favorable) unfavorable prior year casualty reserve development$— — pts(15,000)(8.8)8.8 pts
Current year casualty loss costs124,827 77.5 118,003 69.3 8.2 
Total$124,827 77.5 $103,003 60.5 17.0 

There was no prior year casualty reserve development in Second Quarter 2025 and Six Months 2025. The favorable prior year casualty reserve development in Six Months 2024 was primarily due to lower loss severities in accident years 2021 and prior.

39
The combined ratio was also adversely impacted by an increase in current year casualty loss costs of 7.6 points in Second Quarter 2025 and 8.2 points in Six Months 2025, primarily driven by negative rate changes combined with positive loss trends. These rate level reductions are driven by continued decreases in workers compensation rating bureau loss costs, which form the basis for our filed rating plans, and heavily influence marketplace pricing for this line of business.

Standard Personal Lines Segment
Quarter ended
June 30,		Change
% or
Points		 Six Months ended
June 30,		Change
% or
Points
($ in thousands)20252024 20252024
Insurance Segments Results:    
NPW$110,456 116,149 (5)%$197,969 216,053 (8)%
NPE102,377 106,421 (4) 206,032 210,267 (2) 
Less:    
Loss and loss expense incurred69,977 101,440 (31) 146,646 185,784 (21) 
Net underwriting expenses incurred23,850 24,282 (2)48,799 49,119 (1)
Underwriting income (loss)$8,550 (19,301)(144)$10,587 (24,636)143 
Combined Ratios:    
Loss and loss expense ratio68.3 %95.3 (27.0)pts71.2 %88.3 (17.1)pts
Underwriting expense ratio23.3 22.8 0.5 23.7 23.4 0.3 
Combined ratio91.6 118.1 (26.5) 94.9 111.7 (16.8) 

NPW decreased 5% in Second Quarter 2025 and 8% in Six Months 2025 compared to the same prior-year periods, driven primarily by direct new business reductions. New business decreased 41% in Second Quarter 2025 and 50% in Six Months 2025 compared to the same prior-year periods. New policy counts decreased 54% in Second Quarter 2025 and 61% in Six Months 2025 compared to the same prior-year periods, as we focused on growth in states where our rate levels are adequate and narrowed our appetite to mass affluent market business. We have also significantly curtailed production, including restricting new business in certain states, like New Jersey, our biggest market, where we believe our filed rates do not support profitability. The following table depicts our reductions in direct new business and retention for the Second Quarter 2025 and Six Months 2025:

Quarter ended
June 30,		Six Months ended
June 30,
($ in millions)2025202420252024
Direct new business premiums1
$12.9 22.0 $21.8 43.3 
Retention79 %78 77 %80 
Renewal pure price increases19.0 20.7 21.3 17.7 
1Excludes our Flood direct premiums written, which are 100% ceded to the NFIP and do not impact NPW.

We are seeing profitability improvements in this line of business, as we are obtaining positive results from the actions we took to refine our pricing factors and prioritize rate filings to mitigate inflationary impacts. Our more significant rate increases began to take effect early in 2023 and increased in number and magnitude throughout 2024. We expect 2025 rate changes to remain above loss trends but moderate compared to our 2024 rate increases. Through our actions, we achieved renewal pure price increases of 19.0% in Second Quarter 2025 and 21.3% in Six Months 2025. We are continuing to seek improved homeowners profitability by expanding the use of new policy terms and conditions, including (i) coverage for roofs based on a depreciated value considering the age of the roof rather than full replacement cost and (ii) where allowed by law, mandatory wind/hail deductibles in states exposed to severe convective storms.

The change in NPE in Second Quarter 2025 and Six Months 2025 compared to the same prior-year periods resulted from the same impacts to NPW described above.

40
Loss and Loss Expenses
The following table provides quantitative information for analyzing loss and loss expense incurred:

Quarter ended
June 30,		Change % or PointsSix Months ended
June 30,		Change % or Points
($ in thousands)2025202420252024
Loss and Loss Expense Incurred:
(Favorable) unfavorable prior year casualty reserve development$— — n/a%$5,000 — n/a%
Current year casualty loss costs27,115 30,694 (12)55,183 61,315 (10)
Net catastrophe losses14,591 25,396 (43)21,704 37,241 (42)
Non-catastrophe property loss and loss expenses28,271 45,350 (38)64,759 87,228 (26)
Total loss and loss expense incurred69,977 101,440 (31)146,646 185,784 (21)
Impact on Loss and Loss Expense Ratio:
   
(Favorable) unfavorable prior year casualty reserve development— %— — 
pts
2.4 %— 2.4 
pts
Current year casualty loss costs26.4 28.8 (2.4)26.9 29.1 (2.2)
Net catastrophe losses14.3 23.9 (9.6)10.5 17.7 (7.2)
Non-catastrophe property loss and loss expenses27.6 42.6 (15.0)31.4 41.5 (10.1)
Total impact on loss and loss expense ratio
68.3 95.3 (27.0)71.2 88.3 (17.1)

Property Losses
Net catastrophe and non-catastrophe property losses reduced the loss and loss expense ratio by an aggregate 24.6 points in Second Quarter 2025 and 17.3 points in Six Months 2025 compared to the same prior-year periods. Non-catastrophe property loss and loss expense ratios were lower in Second Quarter 2025 and Six Months 2025 compared to the same prior-year periods due to (i) the earned impact of higher renewal pure price increases in 2025 and (ii) period-to-period variability of catastrophe and non-catastrophe losses. Net catastrophe losses were lower in Second Quarter 2025 and Six Months 2025 compared to the same prior-year periods due to lower frequency and severity of weather-related catastrophe events this year compared to last year.

Prior Year Casualty Reserve Development and Current Year Casualty Loss Costs
Details of the prior year casualty reserve development by line of business follow:

(Favorable)/Unfavorable Prior Year Casualty Reserve DevelopmentQuarter ended
June 30,		Six Months ended
June 30,
($ in millions)2025202420252024
Homeowners$— — — (5.0)
Personal automobile— — 5.0 5.0 
Total Standard Personal Lines— — 5.0 — 

Unfavorable prior year casualty reserve development in Six Months 2025 included $5.0 million in personal automobile, primarily driven by increased severities in accident year 2024. In Six Months 2024, prior year casualty reserve development reflected (i) $5.0 million of favorable development in our homeowners line, primarily due to lower loss severities in accident years 2021 and prior, offset by (ii) $5.0 million of unfavorable development on our personal automobile line of business, primarily driven by increased loss severities in accident years 2021 through 2023.

Current year casualty loss costs decreased 2.4 points in Second Quarter 2025 and 2.2 points in Six Months 2025 compared to the same prior-year periods, primarily due to the earned impact of rate increases.


41
E&S Lines Segment
 Quarter ended
June 30,		Change % or PointsSix Months ended
June 30,		Change
% or
Points
($ in thousands)2025202420252024
Insurance Segments Results:   
NPW$160,169 146,823 9 %$309,874 271,863 14 %
NPE148,045 120,317 23  290,937 233,305 25  
Less:        
Loss and loss expense incurred87,155 76,154 14  175,145 140,269 25  
Net underwriting expenses incurred45,719 37,662 21  89,939 72,550 24  
Underwriting income (loss)15,171 6,501 133 25,853 20,486 26 
Combined Ratios:        
Loss and loss expense ratio58.9 %63.3 (4.4)pts60.2 %60.1 0.1 pts
Underwriting expense ratio30.9 31.3 (0.4)30.9 31.1 (0.2)
Combined ratio89.8 94.6 (4.8) 91.1 91.2 (0.1) 

NPW and NPE growth in Second Quarter 2025 and Six Months 2025 compared to the same prior-year periods included:

Quarter ended
June 30,		Six Months ended
June 30,
($ in millions)2025202420252024
Direct new business premiums$77.0 77.0 $147.2 144.5 
Retention65 64 65 64 
Renewal pure price increases9.3 %6.4 9.0 %5.9 

NPW and NPE growth in Second Quarter 2025 and Six Months 2025 benefited from (i) both property and casualty exposure growth on renewal policies and (ii) higher rates per exposure.

Loss and Loss Expenses
The following table provides quantitative information for analyzing loss and loss expense incurred:

Quarter ended
June 30,		Change % or PointsSix Months ended
June 30,		Change % or Points
($ in thousands)2025202420252024
Loss and Loss Expense Incurred:
Current year casualty loss costs$59,610 46,241 29 
%
$117,751 91,201 29 
%
Net catastrophe losses14,460 14,280 1 30,893 19,182 61 
Non-catastrophe property loss and loss expenses13,085 15,633 (16)26,501 29,886 (11)
Total loss and loss expense incurred87,155 76,154 14 175,145 140,269 25 
Impact on Loss and Loss Expense Ratio:
   
Current year casualty loss costs40.3 
%
38.4 1.9 
pts
40.5 
%
39.1 1.4 
pts
Net catastrophe losses9.8 11.9 (2.1)10.6 8.2 2.4 
Non-catastrophe property loss and loss expenses8.8 13.0 (4.2)9.1 12.8 (3.7)
Total impact on loss and loss expense ratio
58.9 63.3 (4.4)60.2 60.1 0.1 

The loss and loss expense ratio decreased 4.4 points in Second Quarter 2025 compared to Second Quarter 2024, primarily driven by a 2.1-point decrease in catastrophe losses and a 4.2-point decrease in non-catastrophe property losses. The combined ratio impact of these property losses was influenced by (i) the impact of higher rates per exposure and (ii) normal period-to-period variability associated with property losses. Partially offsetting the lower property losses were higher current year loss costs, primarily driven by increased severities due to social inflation.

The loss and loss expense ratio was flat in Six Months 2025 compared to Six Months 2024 as higher net catastrophe losses and current year loss costs were offset by lower non-catastrophe property losses. Our Six Months 2025 catastrophe losses were impacted by the January 2025 California Palisades Fire, which added 1.4 points to our loss and loss expense ratio.


42

Reinsurance
We successfully completed negotiations of our July 1, 2025 excess of loss treaties that cover Standard Commercial Lines, Standard Personal Lines, and E&S Lines.

We renewed the Casualty Excess of Loss Treaty ("Casualty Treaty") with coverage for $87 million in excess of $3 million retention per loss occurrence, increasing our retention by $1 million. The first layer was modified with an increase in net retention from $2 million to $3 million, and we continue to retain a portion of the layer through a 20% co-participation. The 2025 treaty year deposit premium decreased primarily due to the increased retention and co-participation, partially offset by higher projected subject earned premium due to growth in our book of business.

We also renewed the Property Excess of Loss Treaty ("Property Treaty") with the same retention as the expiring treaty, but with a $30 million increase in limit. The treaty now provides coverage for $95 million in excess of a $5 million retention for losses on a per risk basis. The treaty year deposit premium increased modestly, reflecting higher projected subject earned premium due to growth in our book of business and the increased treaty limit.

The following table summarizes the Casualty Treaty and Property Treaty arrangements covering our Insurance Subsidiaries:

Treaty NameReinsurance CoverageTerrorism Coverage
Casualty Treaty (covers all insurance operations)
There are six layers covering $87 million in excess of $3 million. Losses other than terrorism losses are subject to the following:

- 80% of $3 million in excess of $3 million layer provides 65 reinstatements, $198 million annual aggregate limit;
- 100% of $6 million in excess of $6 million layer provides 14 reinstatements, $90 million annual aggregate limit;
- 100% of $9 million in excess of $12 million layer provides three reinstatements, $36 million annual aggregate limit;
- 100% of $9 million in excess of $21 million layer provides one reinstatement, $18 million annual aggregate limit;
- 100% of $20 million in excess of $30 million layer provides one reinstatement, $40 million annual aggregate limit; and
- 100% of $40 million in excess of $50 million layer provides one reinstatement, $80 million annual aggregate limit
All NBCR losses are excluded. All other losses stemming from the acts of terrorism are subject to the following:

- 80% of $3 million in excess of $3 million layer with $15 million net annual terrorism aggregate limit;
- 100% of $6 million in excess of $6 million layer with $30 million net annual terrorism aggregate limit;
- 100% of $9 million in excess of $12 million layer with $27 million net annual terrorism aggregate limit;
- 100% of $9 million in excess of $21 million layer with $18 million net annual terrorism aggregate limit;
- 100% of $20 million in excess of $30 million layer with $40 million net annual terrorism aggregate limit; and
- 100% of $40 million in excess of $50 million layer with $80 million net annual terrorism aggregate limit.
Property Treaty (covers all insurance operations)
There are three layers covering 100% of $95 million in excess of $5 million. Losses other than Terrorism Risk Insurance Program Reauthorization Act ("TRIPRA") certified losses are subject to the following reinstatements and annual aggregate limits:

- $5 million in excess of $5 million layer provides 15 reinstatements, $80 million in aggregate limits;
- $20 million in excess of $10 million layer provides four reinstatements, $100 million in aggregate limits; and
- $70 million in excess of $30 million layer provides one reinstatement, $140 million in aggregate limits.
All nuclear, biological, chemical, and radioactive ("NBCR") losses are excluded regardless of whether or not they are certified under the TRIPRA. For non-NBCR losses, the treaty distinguishes between acts committed on behalf of foreign persons or foreign interests ("Foreign Terrorism") and those that are not. The treaty provides annual aggregate limits for Foreign Terrorism (other than NBCR) acts of $15 million for the first layer, $60 million for the second layer, and $70 million for the third layer. Non-Foreign Terrorism losses (other than NBCR) are covered to the same extent as non-terrorism losses.


Investments
Our Investments segment's objectives are to maximize the economic value of our investment portfolio by achieving stable, risk-adjusted after-tax net investment income and generate long-term growth in book value per share, considering prevailing market conditions, our enterprise risk tolerances, and other risk implications. We aim to accomplish this by:

•Maximizing the portfolio's overall total return by investing (i) the premiums from our insurance operations, (ii) amounts generated through our capital management strategies, including debt and equity security issuances, and (iii) profits of our business, and

•Maintaining (i) a well-diversified portfolio across issuers, sectors, and asset classes and (ii) a high credit quality fixed income securities portfolio with a duration and maturity profile at an acceptable risk level that provides ample liquidity.

43
The effective duration of our fixed income and short-term investments was 4.2 years as of June 30, 2025. We monitor and manage the effective duration to maximize yield while managing interest rate risk at an acceptable level. We buy and sell investments with the intent of maximizing investment returns in the current market environment, while balancing capital preservation and ensuring adequate liquidity to support our insurance business.

Our fixed income and short-term investments represented 92% of invested assets at June 30, 2025 and December 31, 2024. These investments had (i) a weighted average credit rating of "A+" as of both June 30, 2025 and December 31, 2024, and (ii) investment grade holdings representing 96% of the total fixed income and short-term investment portfolio at June 30, 2025, and 97% at December 31, 2024.

For further details on the composition, credit quality, and various risks to which our portfolio is subject, see Item 7A. "Quantitative and Qualitative Disclosures About Market Risk." of our 2024 Annual Report.

Total Invested Assets
($ in thousands)June 30, 2025December 31, 2024Change
Total invested assets$10,553,552 9,651,297 9 %
Invested assets per dollar of common stockholders' equity3.33 3.31 1 
Components of unrealized gains (losses) – before tax:
Fixed income securities(184,118)(316,796)(42)%
Equity securities6,806 2,116 222 
Net unrealized gains (losses) – before tax(177,312)(314,680)(44)
Components of unrealized gains (losses) – after tax:
Fixed income securities(145,453)(250,269)(42)
Equity securities5,377 1,671 222 
Net unrealized gains (losses) – after tax(140,076)(248,598)(44)

Invested assets increased $902.3 million at June 30, 2025, compared to December 31, 2024, primarily reflecting (i) net proceeds from the issuance of our 5.9% Senior Notes in the first quarter of 2025, (ii) our active investment of operating cash flows, which were 18% of NPW in Six Months 2025, and (iii) a $137.4 million reduction in pre-tax net unrealized losses in our fixed income and equity securities portfolios from lower interest rates and strong performance of U.S. equities during Six Months 2025. For additional information about our 5.9% Senior Notes, see Note 12. "Indebtedness" in Item 1. "Financial Statements" of this Form 10-Q.

Net Investment Income
Net investment income earned components were as follows:

 Quarter ended
June 30,		Change
% or Points		Six Months ended
June 30,		Change
% or Points
($ in thousands)2025202420252024
Fixed income securities$115,733 93,935 23 %$220,815 188,037 17 %
Commercial mortgage loans ("CMLs")3,761 3,145 20 7,376 5,939 24 
Equity securities4,908 1,877 161 8,475 6,785 25 
Short-term investments5,267 4,680 13 11,500 8,199 40 
Alternative investments4,004 10,517 (62)11,083 17,398 (36)
Other investments163 118 38 394 381 3 
Investment expenses(5,868)(5,630)4 (10,984)(10,248)7 
Net investment income earned – before tax127,968 108,642 18 248,659 216,491 15 
Net investment income tax expense(26,547)(22,380)19 (51,617)(44,589)16 
Net investment income earned – after tax$101,421 86,262 18 $197,042 171,902 15 
Effective tax rate20.7 %20.6 0.1 pts20.8 %20.6 0.2 pts
Annualized after-tax yield on fixed income investments4.2 3.9 0.3 4.1 3.9 0.2 
Annualized after-tax yield on investment portfolio3.9 3.9 — 3.9 3.9 — 

After-tax net investment income earned increased 18% in Second Quarter 2025 and 15% in Six Months 2025 compared to the same prior-year periods, primarily driven by active portfolio management, operating cash flow deployment, and net proceeds from the issuance of our 5.9% Senior Notes in the first quarter of 2025. For additional information about our 5.9% Senior Notes, see Note 12. "Indebtedness" in Item 1. "Financial Statements" of this Form 10-Q.

44
Realized and Unrealized Gains and Losses
When evaluating securities for sale, our general philosophy is to reduce our exposure to securities and sectors based on economic evaluations of whether (i) the fundamentals for that security or sector have deteriorated or (ii) the timing is appropriate to trade opportunistically for other securities with better economic-return characteristics. Net realized and unrealized gains and losses for the indicated periods were as follows:

 Quarter ended
June 30,		Change
%		Six Months ended
June 30,		Change
%
($ in thousands)2025202420252024
Net realized gains (losses) on disposals$(240)3,136 (108)%$(896)3,306 (127)%
Net unrealized gains (losses) on equity securities3,640 (93)(4,014)4,690 599 683 
Net credit loss benefit (expense) on fixed income securities, AFS887 (1,233)(172)1,516 (3,883)(139)
Net credit loss benefit (expense) on CMLs(115)(32)259 (150)136 (210)
Losses on securities for which we have the intent to sell— (481)(100)(759)(496)53 
Total net realized and unrealized investment gains (losses)$4,172 1,297 222 $4,401 (338)(1,402)

Federal Income Taxes
The following table provides information about federal income taxes and reconciles federal income tax at the corporate rate to the effective tax rate:

Quarter ended
June 30,		Six Months ended
June 30,
($ in thousands)2025202420252024
Tax at statutory rate$22,870(16,821)$52,0364,718 
Tax-advantaged interest(275)(354)(500)(756)
Dividends received deduction(53)(79)(103)(117)
Executive compensation251634 1,4251,957 
Stock-based compensation8(15)(487)(1,454)
Other161(144)(419)(1,079)
Federal income tax expense (benefit)
$22,962(16,779)$51,9523,269 
Income before federal income tax, less preferred stock dividends$106,605(82,398)$243,19117,868 
Effective tax rate21.5 %20.4 21.4 %18.3 

On July 4, 2025, the One Big Beautiful Bill Act (the "Act") became law. The legislation extends and modifies multiple tax provisions, some affecting current and future years. By rule, we must reflect tax changes in the enactment period, which was July 2025. Accordingly, we are analyzing the Act's impact, including provisions that allow 100% bonus depreciation and full expensing of domestic research and development expenses.

Liquidity and Capital Resources
Capital resources and liquidity reflect our ability to generate cash flows from business operations, borrow funds at competitive rates, and raise new capital to meet our operating and growth needs.

Liquidity
We manage liquidity by generating sufficient cash flows to meet our business operations' short-term and long-term cash requirements. We adjust our liquidity requirements based on economic conditions, market conditions, and future cash flow commitments, as discussed further below.

Sources of Liquidity
The Parent's sources of cash historically have consisted of dividends from the Insurance Subsidiaries, the Parent's investment portfolio, borrowings under third-party lines of credit, intercompany revolving demand loan agreements with certain Insurance Subsidiaries, and the issuance of equity (common or preferred) and debt securities. We continue to monitor these sources, considering our short-term and long-term liquidity and capital preservation strategies.

45
The Parent's cash and components of its investment portfolio were as follows:

($ in thousands)June 30, 2025December 31, 2024
Fixed income securities
$314,050 268,486 
Equity securities
58,511 53,248 
Short-term investments
145,681 62,223 
Alternative investments
20,157 18,443 
Cash
60 91 
Total investments and cash
$538,459 402,491 

Short-term investments have historically been maintained in "AAA" rated money market funds and fixed income securities are comprised of high-quality, liquid government and corporate securities.

The amount and composition of the Parent's investment portfolio may change over time based on various factors, including the amount and availability of dividends from our Insurance Subsidiaries, investment income, expenses, other Parent cash needs, such as dividends payable to stockholders, asset allocation investment decisions, inorganic growth opportunities, debt retirement, and share repurchases. Our target is for the Parent to maintain liquid investments of at least twice its expected annual net cash outflow needs.

Insurance Subsidiary Dividends
The Insurance Subsidiaries generate liquidity through insurance float, created by collecting premiums and earning investment income before paying claims. Given the long payment patterns of certain claims, the float period can extend over many years. Our investment portfolio consists of securities with maturity dates that continually provide a source of cash flow for claims payments in the ordinary course of business. To protect our Insurance Subsidiaries' capital, we purchase reinsurance coverage for significantly large claims or catastrophes that may occur.

Our Insurance Subsidiaries may pay dividends to the Parent company. The Insurance Subsidiaries did not declare or pay cash dividends to the Parent in Six Months 2025. As of December 31, 2024, our allowable ordinary maximum dividend is $290 million for 2025. All Insurance Subsidiary dividends to the Parent are (i) subject to the approval and/or review of its domiciliary state insurance regulator and (ii) generally payable only from earned statutory surplus reported in its annual statements as of the preceding December 31. Although domiciliary state insurance regulators have historically approved dividends, there is no assurance they will approve future Insurance Subsidiary dividends.

New Jersey corporate law also limits the maximum amount of dividends the Parent can pay our stockholders if either (i) the Parent would be unable to pay its debts as they become due in the usual course of business or (ii) the Parent’s total assets would be less than its total liabilities. The Parent’s ability to pay dividends to stockholders is also impacted by (i) covenants in its credit agreement that obligate it, among other things, to maintain a minimum consolidated net worth and a maximum ratio of consolidated debt to total capitalization and (ii) the terms of our preferred stock that prohibit dividends from being declared or paid on our common stock if dividends are not declared and paid, or made payable, on all outstanding preferred stock for the latest completed dividend period.

For additional information regarding dividend restrictions and financial covenants, where applicable, see Note 11. "Indebtedness," Note 17. "Equity," and Note 22. "Statutory Financial Information, Capital Requirements, and Restrictions on Dividends and Transfers of Funds" in Item 8. "Financial Statements and Supplementary Data." of our 2024 Annual Report.

Line of Credit
On June 30, 2025, the Parent entered into a Credit Agreement with the lenders named therein (the "Lenders") and Wells Fargo Bank, National Association, as administrative agent ("Line of Credit"). Under the Line of Credit, the Lenders have agreed to provide the Parent with a $100 million revolving credit facility that can be increased to $200 million with the Lenders' consent. The Line of Credit will mature on June 30, 2028, and has a variable interest rate based on the Parent’s debt ratings. This agreement replaced a prior credit agreement that the Parent terminated in conjunction with entering into the Line of Credit. No borrowings were made under either credit facility in Six Months 2025. For additional information regarding the Line of Credit and corresponding representations, warranties, and covenants, see Note 12. "Indebtedness" in Item 1. "Financial Statements" of this Form 10-Q.

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Four Insurance Subsidiaries are members of Federal Home Loan Bank ("FHLB") branches, as shown in the following table. Membership requires the ownership of branch stock and includes the right to access liquidity. All Federal Home Loan Bank of Indianapolis ("FHLBI") and Federal Home Loan Bank of New York ("FHLBNY") borrowings are required to be secured by investments pledged as collateral. For additional information regarding collateral outstanding, refer to Note 4. "Investments" in Item 1. "Financial Statements." of this Form 10-Q.

BranchInsurance Subsidiary Member
FHLBI
Selective Insurance Company of South Carolina1
Selective Insurance Company of the Southeast1
FHLBNY
Selective Insurance Company of America
Selective Insurance Company of New York ("SICNY")
1These subsidiaries are jointly referred to as the "Indiana Subsidiaries" because they are domiciled in Indiana.

The Line of Credit permits aggregate borrowings from the FHLBI and the FHLBNY up to 10% of the respective member company’s admitted assets for the previous year. SICNY is domiciled in New York, which limits its FHLBNY borrowings to the lesser of 5% of admitted assets for the most recently completed fiscal quarter or 10% of the previous year-end's admitted assets. As of June 30, 2025, we had remaining capacity of $610.0 million for FHLB borrowings, with a $25.0 million additional stock purchase requirement to allow the member companies to borrow their remaining capacity amounts.

Short-term Borrowings
We made no short-term borrowings from FHLB branches during Six Months 2025.

Intercompany Loan Agreements
The Parent has lending agreements with the Indiana Subsidiaries, approved by the Indiana Department of Insurance, that provide the Parent with additional intercompany liquidity. Like the Line of Credit, these lending agreements limit the Parent’s borrowings from the Indiana Subsidiaries to 10% of the admitted assets of the respective Indiana Subsidiary. The outstanding balance on these intercompany loans was $35.0 million as of both June 30, 2025 and December 31, 2024. The remaining capacity under these intercompany loan agreements was $171.8 million as of both June 30, 2025 and December 31, 2024. We have other insurance regulator-approved intercompany agreements that facilitate liquidity management between the Parent and the Insurance Subsidiaries to enhance flexibility.

Capital Market Activities
In Six Months 2025, the Parent issued $400 million of 5.90% Senior Notes due 2035, resulting in net proceeds of $395.9 million after a $0.1 million discount and debt issuance costs of approximately $4.1 million. The proceeds from this debt issuance are being used for general corporate purposes, including supporting organic growth with a $200 million capital contribution to the Insurance Subsidiaries in March 2025. The Parent had no private or public stock issuances during Six Months 2025.

During Six Months 2025, we repurchased 233,611 shares of our common stock under our existing share repurchase program for $19.4 million, an $82.87 average price per share, excluding commissions paid. We had $56.1 million of remaining capacity under our share repurchase program as of June 30, 2025. For additional information on the share repurchase program, refer to Note 17. "Equity" in Item 8. "Financial Statements and Supplementary Data." of our 2024 Annual Report.

Uses of Liquidity
The Parent uses the liquidity generated from the sources discussed above to pay dividends to our stockholders, among other things. Dividends on shares of the Parent's common and preferred stock are declared and paid at the discretion of the Board of Directors ("Board") based on our operating results, financial condition, capital requirements, contractual restrictions, and other relevant factors. Our Board declared:

•    A quarterly cash dividend on common stock of $0.38 per common share that is payable September 2, 2025, to holders of record on August 15, 2025; and
•    A quarterly cash dividend of $287.50 per share on our 4.60% Non-Cumulative Preferred Stock, Series B (equivalent to $0.28750 per depositary share) payable on September 15, 2025, to holders of record as of August 29, 2025.

Our ability to meet our interest and principal repayment obligations on our debt and our ability to continue to pay dividends to our stockholders is dependent on (i) liquidity at the Parent, (ii) the ability of the Insurance Subsidiaries to pay dividends, if necessary, and/or (iii) the availability of other sources of liquidity to the Parent. Our next borrowing principal repayment is $60 million to FHLBI due on December 16, 2026.

47
Restrictions on the ability of the Insurance Subsidiaries to declare and pay dividends without alternative liquidity options could materially affect our ability to service debt and pay dividends on common and preferred stock.

Capital Resources
Capital resources ensure we can pay policyholder claims, furnish the financial strength to support the business of underwriting insurance risks, and facilitate continued business growth. At June 30, 2025, we had GAAP stockholders' equity of $3.4 billion and statutory surplus of $3.3 billion. With total debt of $902.7 million at June 30, 2025, our debt-to-capital ratio was 21.1%. For additional information on our statutory surplus, see Note 22. "Statutory Financial Information, Capital Requirements, and Restrictions on Dividends and Transfers of Funds" in Item 8. "Financial Statements and Supplementary Data." of our 2024 Annual Report.

The following table summarizes certain contractual obligations we had at June 30, 2025, that may require us to invest additional amounts into our investment portfolio, which we would fund primarily with operating cash flows.

($ in millions)Amount of Obligation
Alternative and other investments$306.1 
Non-publicly traded collateralized loan obligations in our fixed income securities portfolio188.3 
Non-publicly traded common stock within our equity portfolio21.1 
CMLs20.7 
Privately-placed corporate securities60.1 
Total$596.3 

There is no certainty (i) these additional investments will be required or (ii) about the timing of funding. We expect to have the capacity to fund these commitments through our normal operating and investing activities as they come due.

The following table provides future cash payments on our notes payable as of June 30, 2025, including our 5.9% Senior Notes, details about which are included in the "Capital Markets" discussion above and Note 12. "Indebtedness" in Item 1. "Financial Statements." of this Form 10-Q:

Payment Due by Period
  Less than
1 year		1-3
years		3-5
years		More than
5 years
($ in millions)Total
Notes payable$910.0 — 60.0 — 850.0 
Interest on debt obligation733.7 55.2 100.9 100.1 477.5 
Total$1,643.7 55.2 160.9 100.1 1,327.5 

Our current and long-term material cash requirements associated with (i) loss and loss expense reserves and (ii) contractual obligations under operating and financing leases for office space and equipment have not materially changed since December 31, 2024. The Insurance Subsidiaries' net loss and loss expense reserves duration was 3.0 years at December 31, 2024.

Our other cash requirements include, without limitation, dividends to stockholders, capital expenditures, and other operating expenses, including commissions to our distribution partners, labor costs, premium taxes, general and administrative expenses, and income taxes.

As of June 30, 2025, and December 31, 2024, we had no (i) material guarantees on behalf of others and trading activities involving non-exchange traded contracts accounted for at fair value, (ii) material transactions with related parties other than those disclosed in Note 18. "Related Party Transactions" in Item 8. "Financial Statements and Supplementary Data." of our 2024 Annual Report, and (iii) material relationships with unconsolidated entities or financial partnerships, such as structured finance or special purpose entities, established to facilitate off-balance sheet arrangements or other contractually narrow or limited purposes. Consequently, we are not exposed to any material financing, liquidity, market, or credit risk related to off-balance sheet arrangements.

We continually monitor our cash requirements and the capital resources we maintain at the holding company and Insurance Subsidiary levels. As part of our long-term capital strategy, we strive to maintain capital metrics that support our targeted financial strength relative to the macroeconomic environment. Based on our analysis and market conditions, we may take a variety of actions, including, without limitation, contributing capital to the Insurance Subsidiaries, issuing additional debt and/or equity securities, repurchasing existing debt, repurchasing shares of the Parent’s common stock, and adjusting common stockholders’ dividends.
48

Our capital management strategy is intended to protect the interests of the policyholders of the Insurance Subsidiaries and our stockholders and enhance our financial strength and underwriting capacity. We have a solid capital base and high-quality underwriting portfolio, positioning us well to leverage potential market opportunities.

Book value per common share increased 9% to $52.09 as of June 30, 2025, from $47.99 as of December 31, 2024, primarily driven by $3.12 in net income (loss) available to common stockholders per diluted common share and a $1.74 decrease in after-tax net unrealized losses on our fixed income securities portfolio, partially offset by $0.76 in dividends to our common stockholders. A decline in benchmark U.S. Treasury rates primarily drove the decrease in net unrealized losses on our fixed income securities. Our adjusted book value per share, which is book value per share excluding total after-tax unrealized gains or losses on investments included in accumulated other comprehensive income (loss), increased to $54.48 as of June 30, 2025, from $52.10 as of December 31, 2024.

Cash Flows
Net cash provided by operating activities increased to $450.9 million in Six Months 2025, compared to $380.3 million in Six Months 2024, primarily driven by higher levels of cash received for premiums. For more information on our underwriting results, refer to "Insurance Operations" above in this MD&A.

Net cash used in investing activities increased to $799.5 million in Six Months 2025, compared to $333.3 million in Six Months 2024, primarily due to the investment of proceeds from our 5.9% Senior Note issuance in Six Months 2025. These proceeds also drove the $323.8 million in net cash provided by financing activities in Six Months 2025, compared to $49.4 million in net cash used in financing activities in Six Months 2024. Partially offsetting cash proceeds from the 5.9% Senior Notes issuance was cash used for share repurchases.

Ratings
Our ratings are as follows:

Nationally Recognized Statistical Rating Organizations
Financial Strength RatingOutlook
AM Best CompanyA+Stable
Moody's Investors Services
A2Stable
Fitch Ratings ("Fitch")
A+Stable
Standard & Poor's Global Ratings
AStable

On May 7, 2025, Fitch reaffirmed our "A+" rating with a "stable" outlook. In taking this rating action, Fitch cited our (i) business profile as having favorable competitive positioning within our core standard lines businesses, driven by strong independent agency relationships and (ii) strong capital position.

ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK.

There have been no material changes in the information about market risk set forth in our 2024 Annual Report.

ITEM 4. CONTROLS AND PROCEDURES.

Our management, with the participation of our Chief Executive Officer and Chief Financial Officer, has evaluated the effectiveness of our disclosure controls and procedures (as such term is defined in Rules 13a-15(e) and 15d-15(e) under the Securities Exchange Act of 1934, as amended (the "Exchange Act")), as of the end of the period covered by this report. In performing this evaluation, management used the criteria set forth by the Committee of Sponsoring Organizations of the Treadway Commission in Internal Control – Integrated Framework ("COSO Framework") in 2013. Based on this evaluation, our Chief Executive Officer and Chief Financial Officer have concluded that our disclosure controls and procedures as of the end of such period are (i) effective in recording, processing, summarizing, and reporting information on a timely basis that we are required to disclose in the reports that we file or submit under the Exchange Act, and (ii) effective in ensuring that information that we are required to disclose in the reports that we file or submit under the Exchange Act is appropriately accumulated and communicated to our management, including our Chief Executive Officer and Chief Financial Officer, to allow timely decisions about required disclosure. No changes in our internal control over financial reporting (as such term is defined in Rule 13a-15(f) of the Exchange Act) occurred during Second Quarter 2025 that materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

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PART II. OTHER INFORMATION

ITEM 1. LEGAL PROCEEDINGS.

Incidental to our insurance operations, we are routinely engaged in legal proceedings with inherently unpredictable outcomes that could have a material adverse effect on our consolidated results of operations or cash flows in particular quarterly or annual periods. For additional information regarding our legal risks, refer to Note 15. "Litigation" in Item 1. "Financial Statements." of this Form 10-Q and Item 1A. "Risk Factors." below in Part II. "Other Information." As of June 30, 2025, we have no material pending legal proceedings that could have a material adverse effect on our consolidated financial condition, results of operations, or cash flows.

ITEM 1A. RISK FACTORS.

Certain risk factors can significantly impact our business, liquidity, capital resources, results of operations, financial condition, and debt ratings. These risk factors might affect, alter, or change our actions in executing our long-term capital strategy. Examples include, without limitation, contributing capital to any or all of the Insurance Subsidiaries, issuing additional debt and/or equity securities, repurchasing our existing debt and/or equity securities, or increasing or decreasing common stockholders' dividends. We operate in a continually changing business environment, and new risk factors that we cannot predict or assess may emerge at any time. Consequently, we can neither predict such new risk factors nor assess the potential future impact on our business. Except as discussed below, there have been no material changes from the risk factors disclosed in Item 1A. "Risk Factors." in our 2024 Annual Report.

Changes in international trade policy could adversely and materially affect our business, results of operations, financial condition, and growth.
Changes in international trade policies and tariffs by the United States and other countries, particularly large trading partners like Canada, China, and Mexico, could (i) impact our claims severity across multiple lines of business and cause adverse reserve development by increasing costs for materials and parts used in claims involving real property and personal property, including commercial and personal automobiles and (ii) negatively affect our investments' fair value and/or our level of investment income.

ITEM 2. UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS.

The following table provides information regarding our purchases of our common stock in Second Quarter 2025:

Period
Total Number of
Shares Purchased1
Average Price
Paid per Share
Total Number of
Shares Purchased
as Part of Publicly
Announced Programs2
Approximate Dollar Value of
Shares that May Yet
Be Purchased Under the Announced Programs
(in millions)2
April 1 – 30, 2025
1,026 $86.67 — $— 
May 1 – 31, 2025
1,271 87.87 — — 
June 1 – 30, 2025
672 85.80 — — 
Total2,969 $86.99 — $— 
1Total number of shares purchased includes 2,969 shares purchased from employees to satisfy tax withholding obligations associated with the vesting of their restricted stock units.
2On December 2, 2020, we announced our Board authorized a $100 million share repurchase program with no set expiration or termination date. Our repurchase program does not obligate us to acquire any particular amount of our common stock. Management will determine the timing and amount of any share repurchases under the authorization at its discretion based on market conditions and other considerations.

ITEM 3. DEFAULTS UPON SENIOR SECURITIES.

None.

ITEM 4. MINE SAFETY DISCLOSURES.

Not applicable.

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ITEM 5. OTHER INFORMATION.

During the three months ended June 30, 2025, no director or officer of the Company adopted, modified, or terminated any contract, instruction, or written plan for the purchase or sale of the Company’s securities that was intended to satisfy the affirmative defense conditions of Rule 10b5-1(c) (a "Rule 10b5-1 trading arrangement") or any "non-Rule 10b5-1 trading arrangement" (as defined in Item 408(c) of Regulation S-K).

ITEM 6. EXHIBITS.

Exhibit No. 
Certification of Chief Executive Officer in accordance with Section 302 of the Sarbanes-Oxley Act of 2002.
Certification of Chief Financial Officer in accordance with Section 302 of the Sarbanes-Oxley Act of 2002.
Certification of Chief Executive Officer in accordance with Section 906 of the Sarbanes-Oxley Act of 2002.
Certification of Chief Financial Officer in accordance with Section 906 of the Sarbanes-Oxley Act of 2002.
**101
The following financial statements from the Company's Quarterly Report on Form 10-Q for the quarter ended June 30, 2025, formatted in Inline Extensible Business Reporting Language (iXBRL): (i) Consolidated Balance Sheets, (ii) Consolidated Statements of Income, (iii) Consolidated Statements of Comprehensive Income (Loss), (iv) Consolidated Statements of Stockholders' Equity, (v) Consolidated Statements of Cash Flows and (vi) Notes to Consolidated Financial Statements.
**104
The cover page from the Company's Quarterly Report on Form 10-Q for the quarter ended June 30, 2025, formatted in iXBRL.
* Filed herewith.
** Furnished and not filed herewith.
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SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

SELECTIVE INSURANCE GROUP, INC.
Registrant 
Date:July 25, 2025By: /s/ John J. Marchioni
 John J. Marchioni
 Chairman of the Board, President and Chief Executive Officer
(principal executive officer)
Date:July 25, 2025
By: /s/ Patrick S. Brennan
Patrick S. Brennan
Executive Vice President and Chief Financial Officer
(principal financial officer)

52

Exhibit 31.1
  
Certification pursuant to Rule 13a-14(a), as adopted pursuant to
Section 302 of the Sarbanes-Oxley Act of 2002
  
I, JOHN J. MARCHIONI, President and Chief Executive Officer of Selective Insurance Group, Inc. (the “Company”), certify, that:
 
1. I have reviewed this quarterly report on Form 10-Q of the Company;
 
2. Based on my knowledge, this quarterly report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
 
3. Based on my knowledge, the financial statements, and other financial information included in this quarterly report, fairly present in all material respects the financial condition, results of operations, comprehensive income and cash flows of the registrant as of, and for, the periods presented in this report;
 
4. The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

(a)Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
(b)Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
(c)Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
(d)Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and
 
5. The registrant's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

(a)All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and
(b)Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.
 
Date:July 25, 2025By: /s/ John J. Marchioni
 John J. Marchioni
 President and Chief Executive Officer
 

Exhibit 31.2
  
Certification pursuant to Rule 13a-14(a), as adopted pursuant to
Section 302 of the Sarbanes-Oxley Act of 2002
  
I, PATRICK S. BRENNAN, Executive Vice President and Chief Financial Officer of Selective Insurance Group, Inc. (the “Company”), certify, that:
 
1. I have reviewed this quarterly report on Form 10-Q of the Company;
 
2. Based on my knowledge, this quarterly report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
 
3. Based on my knowledge, the financial statements, and other financial information included in this quarterly report, fairly present in all material respects the financial condition, results of operations, comprehensive income and cash flows of the registrant as of, and for, the periods presented in this report;
 
4. The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

(a)Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
(b)Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
(c)Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
(d)Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and
 
5. The registrant's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

(a)All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and
(b)Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.
 
Date:July 25, 2025By: /s/ Patrick S. Brennan
 Patrick S. Brennan
 Executive Vice President and Chief Financial Officer

Exhibit 32.1
 
Certification pursuant to 18 U.S.C. Section 1350, as adopted pursuant to
Section 906 of the Sarbanes-Oxley Act of 2002

 
I, JOHN J. MARCHIONI, President and Chief Executive Officer of Selective Insurance Group, Inc. (the “Company”), hereby certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that the quarterly report on Form 10-Q of the Company for the quarterly period ended June 30, 2025 (the “Form 10-Q”), which this certification accompanies, fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, and the information contained in the Form 10-Q fairly presents, in all material respects, the financial condition and results of operations of the Company.

Date:July 25, 2025By: /s/ John J. Marchioni
 John J. Marchioni
 President and Chief Executive Officer

Exhibit 32.2
 
Certification pursuant to 18 U.S.C. Section 1350, as adopted pursuant to
Section 906 of the Sarbanes-Oxley Act of 2002

 
I, PATRICK S. BRENNAN, Executive Vice President and Chief Financial Officer of Selective Insurance Group, Inc. (the “Company”), hereby certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that the quarterly report on Form 10-Q of the Company for the quarterly period ended June 30, 2025 (the “Form 10-Q”), which this certification accompanies, fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, and the information contained in the Form 10-Q fairly presents, in all material respects, the financial condition and results of operations of the Company.

Date:July 25, 2025By: /s/ Patrick S. Brennan
 Patrick S. Brennan
 Executive Vice President and Chief Financial Officer
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