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SELECTIVE INSURANCE GROUP, INC. EXPECTS LOWER FIRST QUARTER EARNINGS

 BRANCHVILLE, N.J., April 16 /PRNewswire/ -- Selective Insurance Group, Inc. announced today that net income for the quarter ended March 31, 1993, will be reduced by approximately $4.4 million after reinsurance and taxes, or $.33 per share on a primary basis and $.31 per share fully diluted, resulting from two winter storms (mainly the "blizzard of 93") and higher incurred losses in workers' compensation. The additional workers' compensation losses of $1.8 million after-tax ($.13 per primary and fully diluted share) reflect, for the most part, an increase in the number of severe claims reported in March 1993. The per share loss from the storms amounted to $.20 primary and $.18 fully diluted. The company limits its exposure to catastrophe-type losses through an integrated reinsurance program that includes an 80 percent New Jersey homeowners quota share contract along with traditional catastrophe reinsurance. By integrating the program, the company was able to reduce the amount of catastrophe cover required.
 An industry group estimates that the "blizzard of 93" cost the insurance industry $1.6 billion, making it the fourth costliest catastrophe in history.
 Selective Insurance Group, Inc. is a holding company with six insurance subsidiaries: Selective Insurance Company of America and Selective Way Insurance Company, based in Branchville, N.J.; Selective Insurance Company of the Southeast and Selective Insurance Company of South Carolina, based in Charlotte, N.C.; Exchange Insurance Company, based in Buffalo, N.Y.; and Charleston Insurance Company, based in Charleston, S.C.
 -0- 4/16/93
 /CONTACT: Charles L. Tice, senior vice president and treasurer, of Selective Insurance Group, Inc., 201-948-1311/
 (SIGI)


CO: Selective Insurance Group, Inc. ST: New Jersey IN: INS SU: ERP

LR-OS -- NY036 -- 6728 04/16/93 11:43 EDT
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Publication:PR Newswire
Date:Apr 16, 1993
Words:286
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