Selective Insurance Group Inc. said it has lowered its earnings estimate due to unexpectedly heavy losses during the second quarter of this year.

The Branchville, N.J.-based insurer said it would reduce its earnings per share estimate by nine cents. The company said large property loss activity accounted for six cents and catastrophe losses were two cents higher than expected.

The remaining one cent was due to a one-time after-tax charge of $900,000 for the reorganization of the company's personal lines operation that reduced staff by 31.

Recommended For You

Want to continue reading?
Become a Free PropertyCasualty360 Digital Reader

Your access to unlimited PropertyCasualty360 content isn’t changing.
Once you are an ALM digital member, you’ll receive:

  • Breaking insurance news and analysis, on-site and via our newsletters and custom alerts
  • Weekly Insurance Speak podcast featuring exclusive interviews with industry leaders
  • Educational webcasts, white papers, and ebooks from industry thought leaders
  • Critical converage of the employee benefits and financial advisory markets on our other ALM sites, BenefitsPRO and ThinkAdvisor
NOT FOR REPRINT

© Touchpoint Markets, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more inforrmation visit Asset & Logo Licensing.