NU Online News Service, May 20, 10:38 a.m. EDT
Natural catastrophe events in April have cost Selective Insurance Group Inc. $25 million in pretax catastrophe and other property losses for the month of April.
The Branchville, N.J.-based insurer says tornadoes, wind and hail from five major storms in the Midwest and Southeast were the primary events.
“Across our footprint, our customers affected by these devastating storms have to date reported more than 1,200 claims,” says Selective Chairman, President and CEO Gregory E. Murphy in a statement.
Claims-management specialists who live and work in the affected territories were on the ground shortly after the event, says Murphy, to “help people rebuild their lives.”
For the first quarter of this year, the company reported a combined ratio of 102.6 and net income of $21.5 million—an increase of $16 million over the same period last year.
In its first-quarter report, the company says it expects to report GAAP combined ratios between 101 and 102 for the full year. That includes a loss assumption of two points and no assumptions for additional reserve developments.