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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Selective Insurance Group Inc | NASDAQ:SIGI | NASDAQ | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
2.18 | 2.22% | 100.25 | 100.13 | 102.78 | 100.78 | 98.87 | 98.87 | 364,510 | 01:00:00 |
BRANCHVILLE, N.J., Dec. 9, 2021 /PRNewswire/ -- Selective Insurance Group, Inc. (NASDAQ: SIGI) announced that Gregory E. Murphy, the Company's Non-Executive Chairperson, will not stand for re-election at the 2022 Annual Meeting of Stockholders. Mr. Murphy, who joined Selective in 1980, served as Chairman and Chief Executive Officer from 2000 to 2020, before assuming the Executive Chairman role in February 2020. He became Non-Executive Chairperson in February 2021, and he has been a director since 1997.
"As both CEO and Board Chairperson, Greg Murphy has overseen a period of tremendous value creation for our stockholders and led Selective's growth into a premier independent agency property and casualty insurance carrier. In his 20 years as CEO, he increased our market capitalization by more than 6.5 times, tripled net premiums written, and expanded our operations into multiple new states and excess and surplus lines. He has successfully prepared Selective for the future, as demonstrated by our successful leadership transition," said J. Brian Thebault, Selective's Lead Independent Director.
Mr. Murphy added, "I am extremely pleased with – and proud of – Selective's current financial and market position, as evidenced by AM Best's recent rating upgrade to 'A+' (Superior). John Marchioni and his team have demonstrated their ability to grow our operations and develop strategies that continue to drive Selective's success. After a 42-year career at Selective, I have decided the time is right to leave Selective and pursue other focused interests."
In connection with today's announcement, the Selective Board of Directors announced its intention to maintain the Lead Independent Director position and nominate John J. Marchioni, the Company's President and Chief Executive Officer and member of the Board, as Chairperson following the 2022 Annual Meeting of Stockholders. Mr. Marchioni became President and Chief Executive Officer in February 2020. He was President and Chief Operating Officer from 2013 to 2020, and elected to Selective's Board of Directors in May 2019.
About Selective Insurance Group, Inc.
Selective Insurance Group, Inc. is a holding company for 10 property and casualty insurance companies rated "A+" (Superior) by AM Best. Through independent agents, the insurance companies offer standard and specialty insurance for commercial and personal risks and flood insurance through the National Flood Insurance Program's Write Your Own Program. Selective's unique position as both a leading insurance group and an employer of choice is recognized in a wide variety of awards and honors, including listing in the Fortune 1000 and being named one of "America's Best Mid-Size Employers" by Forbes Magazine. For more information about Selective, visit www.Selective.com.
Forward-Looking Statements
Certain statements in this report, including information incorporated by reference, are "forward-looking statements" as that term is defined in the Private Securities Litigation Reform Act of 1995 ("PSLRA"). The PSLRA provides a safe harbor under the Securities Act of 1933 and the Securities Exchange Act of 1934 for forward-looking statements.
These statements relate to our intentions, beliefs, projections, estimations, or forecasts of future events or our future financial performance and involve known and unknown risks, uncertainties, and other factors that may cause our or our industry's actual results, levels of activity, or performance to be materially different from those expressed or implied by the forward-looking statements. In some cases, you can identify forward-looking statements by use of words such as "may," "will," "could," "would," "should," "expect," "plan," "anticipate," "target," "project," "intend," "believe," "estimate," "predict," "potential," "pro forma," "seek," "likely," or "continue" or other comparable terminology. These statements are only predictions, and we can give no assurance that such expectations will prove to be correct. We undertake no obligation, other than as may be required under the federal securities laws, to publicly update or revise any forward-looking statements for any reason.
Factors that could cause our actual results to differ materially from what we project, forecast, or estimate in forward-looking statements, include without limitation:
These risk factors may not be exhaustive. We operate in a continually changing business environment, and new risk factors that we cannot predict or assess may emerge from time-to-time.
Selective's SEC filings can be accessed through the Investors page of Selective's website, www.Selective.com, or through the SEC's EDGAR Database at www.sec.gov
(Selective EDGAR CIK No. 0000230557).
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SOURCE Selective Insurance Group, Inc.
Copyright 2021 PR Newswire
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