Selective Insurance CFO Tony Harnett said the carrier has booked $50mn of unfavorable prior year development in general liability, primarily driven by increased severities from accident years 2020-2023.
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Selective reports GL reserve charge of $50mn driven by AY 2020-2023: CFO Harnett
The action comes in addition to a $55mn unfavorable development in GL in Q4 2023.