Branchville, N.J.-based insurer Selective Insurance Group Inc. reported third-quarter net income dropped 2.5 percent, but its chief executive said the company results were strong in the face of a softening market.

“Our third-quarter results were solid on all fronts,” despite “continued intense marketplace competition,” said Gregory E. Murphy, chairman, president and chief executive officer.

For the third quarter of this year, ending Sept. 30, the firm reported net income decreased $937,000 to $37 million compared with the same period last year. Net income per share managed to increase 3 cents to 66 cents a share. Revenues rose 1 percent, or $4.7 million, in the quarter to $455.5 million. Net premiums rose 2 percent, or $8.1 million, to $409.5 million. The company reported a combined ratio of 96.2, an increase of 1.3 points.

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