Selective Insurance Group, Inc. reported third quarter net income of $9 million, or 17 cents per diluted share, a 76 percent decrease from the $37.1 million net income, or 66 cents per diluted share, reported a year ago.

Gregory E. Murphy, Selective chairman, president, and chief executive officer, said although catastrophe losses were higher than expected, and despite "the extraordinary volatility of the financial markets," he was pleased with overall operating performance and the company's strong investment portfolio.

Net premiums written fell in the quarter to $400.5 million compared to $409.5 million in 2007. Net premiums earned fell to $372.5 million from $378.3 million in last year's third quarter.

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