A.M. Best Assigns Ratings to Selective Insurance Group, Inc.'s New Shelf Registration

• Press Release
• Source: A.M. Best Company
• On 10:39 am EDT, Wednesday October 21, 2009

OLDWICK, N.J.--(BUSINESS WIRE)--A.M. Best Co. has assigned indicative debt ratings of “a-” to senior unsecured debt, “bbb+” to subordinated debt and “bbb” to preferred stock, which may be issued under the recently filed and approved shelf registration statement of Selective Insurance Group, Inc. (Selective) (Branchville, NJ) [NASDAQ:SIGI]. The outlook assigned to all ratings is negative.

Related Quotes

Symbol	Price	Change
SIGI	15.29	-0.43

{"s" : "sigi","k" : "c10,l10,p20,t10","o" : "","j" : ""}

The new shelf registration replaces Selective’s previous shelf registration filed in September 2006, which was withdrawn simultaneously with the approval; consequently, A.M. Best has withdrawn its ratings on the previous shelf registration.

Selective’s unadjusted debt-to-total capital ratio was 21.7% at June 30, 2009 (U.S.GAAP). The company’s financial leverage ratios remain within A.M. Best’s guidelines for its debt ratings; however, coverage ratios are trending below the requirements for a holding company with an issuer credit rating (ICR) of “a-”.

Selective’s ICR of “a-” and existing debt ratings, as well as the financial strength rating of A+ (Superior) and ICRs of “aa-” of its insurance operating entities, are all unchanged. These ratings were assigned a negative outlook on May 20, 2009.

For Best’s Credit Ratings, an overview of the rating process and rating methodologies, please visit www.ambest.com/ratings.

The principal methodologies used in determining these ratings, including any additional methodologies and factors that may have been considered, can be found at www.ambest.com/ratings/methodology.

Founded in 1899, A.M. Best Company is a global full-service credit rating organization dedicated to serving the financial and health care service industries, including insurance companies, banks, hospitals and health care system providers. For more information, visit www.ambest.com.

A.M. Best Company
Analysts
Edward Keane, 908-439-2200, ext. 5291
edward.keane@ambest.com
or
Michelle Baurkot, 908-439-2200, ext. 5507
michelle.baurkot@ambest.com
or
Public Relations
Jim Peavy, 908-439-2200, ext. 5644
james.peavy@ambest.com
or
Rachelle Morrow, 908-439-2200, ext. 5378
rachelle.morrow@ambest.com