Selective

The ratings agency praised the insurer’s strong balance sheet and operating performance as well as its adequate risk management.

The carrier’s results during the quarter were driven by lower underwriting gains in its commercial lines segment.

Ida soaks the tri-state – and has the potential to affect personal auto carriers more than comparable storms of the past.

Employment data indicates that easy growth and margin expansion may slow soon.

CEO John Marchioni also said he expected increases in social inflation trends to return as the economy reopens.

The New Jersey-based insurance group has rebounded from prior-year Covid-19-related challenges, calling this its "strongest capital position in history".

Management at Selective Insurance has updated the carrier’s profit guidance for 2021, saying it now expects the company to report a combined ratio of 90% for the full year.

Selective’s operating profits more than doubled year on year to $102.8mn for the first quarter of 2021, as the carrier benefitted from a $30mn prior-year reserve release and a 24% rise in investment income during the period.

Insurers face the difficult balancing act of signaling optimism to investors as they seek to push rate rises.

The first week’s reporters present a conundrum around whether or not we will see ROE expansion in 2021.

The executive says pricing increases in lines such as property and GL during the quarter were less pronounced.

Despite the continuing impact of Covid-19, the insurer’s combined ratio for the period improved by 3.7 points to 88.1%.