SELECTIVE INSURANCE GROUP INC
For the period ended Dec 31, 2024. Filed Feb 10, 2025.
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FY2024 · Filed Feb 10, 2025
SIGI$103.34+2.8%Stored close · as of Nov 10, 2026
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Item 15. Exhibits and Financial Statement Schedules
(a) The following documents are filed as part of this report:
(1) Financial Statements:
The Financial Statements listed below are included in Item 8. "Financial Statements and Supplementary Data."
| Page | |
|---|---|
| Consolidated Balance Sheets as of December 31, 2024 and 2023 | 77 |
| Consolidated Statements of Income for the Years Ended December 31, 2024, 2023, and 2022 | 78 |
| Consolidated Statements of Comprehensive Income for the Years Ended December 31, 2024, 2023, and 2022 | 79 |
| Consolidated Statements of Stockholders' Equity for the Years Ended December 31, 2024, 2023, and 2022 | 80 |
| Consolidated Statements of Cash Flows for the Years Ended December 31, 2024, 2023, and 2022 | 81 |
| Notes to Consolidated Financial Statements, December 31, 2024, 2023, and 2022 | 82 |
(2) Financial Statement Schedules:
The financial statement schedules, with Independent Auditors' Report thereon, required to be filed are listed below by page number as filed in this report. All other schedules are omitted as the information required is inapplicable, immaterial, or the information is presented in the Financial Statements or related notes.
| Page | ||
|---|---|---|
| Schedule I | Summary of Investments – Other than Investments in Related Parties at December 31, 2024 | 140 |
| Schedule II | Condensed Financial Information of Registrant at December 31, 2024, 2023, and 2022 and for the Years Ended December 31, 2024, 2023, and 2022 | 141 |
| Schedule III | Supplementary Insurance Information for the Years Ended December 31, 2024, 2023, and 2022 | 144 |
| Schedule IV | Reinsurance for the Years Ended December 31, 2024, 2023, and 2022 | 145 |
| Schedule V | Allowance for Credit Losses on Premiums and Other Receivables for the Years Ended December 31, 2024, 2023, and 2022 | 145 |
(3) Exhibits:
The exhibits required by Item 601 of Regulation S-K are listed in the Exhibit Index, which is incorporated by reference and immediately precedes the exhibits filed with or incorporated by reference in this Form 10-K.
SCHEDULE I
SUMMARY OF INVESTMENTS - OTHER THAN INVESTMENTS IN RELATED PARTIES
December 31, 2024
| Types of investment | ||||
|---|---|---|---|---|
| ($ in thousands) · Amortized Cost or Cost · Fair Value · Carrying Amount | ||||
| Fixed income securities: | ||||
| Held-to-maturity: | ||||
| All other corporate securities | $25,375 | 24,735 | 25,375 | |
| Total fixed income securities, held-to-maturity | 25,375 | 24,735 | 25,375 | |
| Available-for-sale: | ||||
| U.S. government and government agencies | 139,906 | 120,155 | 120,155 | |
| Foreign government | 10,656 | 9,302 | 9,302 | |
| Obligations of states and political subdivisions | 483,609 | 451,230 | 451,230 | |
| Public utilities | 229,834 | 221,386 | 221,386 | |
| All other corporate securities | 2,951,212 | 2,846,794 | 2,846,794 | |
| Collateralized loan obligation securities and other asset-backed securities | 2,065,611 | 2,033,149 | 2,033,149 | |
| Residential mortgage-backed securities | 1,812,744 | 1,692,358 | 1,692,358 | |
| Commercial mortgage-backed securities | 782,506 | 752,960 | 752,960 | |
| Total fixed income securities, available-for-sale | 8,476,078 | 8,127,334 | 8,127,334 | |
| Equity securities: | ||||
| Common stock: | ||||
| Banks, trusts and insurance companies | 34,781 | 33,262 | 33,262 | |
| Industrial, miscellaneous and all other | 174,745 | 178,505 | 178,505 | |
| Nonredeemable preferred stock | 1,960 | 1,834 | 1,834 | |
| Total equity securities | 211,486 | 213,601 | 213,601 | |
| Commercial mortgage loans | 233,774 | 233,708 | ||
| Short-term investments | 509,328 | 509,318 | ||
| Alternative investments | 440,896 | 440,896 | ||
| Other investments | 101,065 | 101,065 | ||
| Total investments | $9,998,002 | 9,651,297 | ||
See accompanying Report of Independent Registered Public Accounting Firm in Item 8. "Financial Statements and Supplementary Data." of this Form 10-K
SCHEDULE II
Balance Sheets
| December 31, | ||
|---|---|---|
| ($ in thousands, except share amounts) | 2024 | 2023 |
| Assets: | ||
| Fixed income securities, available-for-sale – at fair value (allowance for credit losses: $380 – 2024; $426 – 2023; amortized cost: $288,852 – 2024; $443,261 – 2023 | $268,486 | 421,089 |
| Equity securities | 53,248 | 50,920 |
| Short-term investments | 62,223 | 17,671 |
| Alternative investments | 18,443 | 18,134 |
| Cash | 91 | 180 |
| Investment in subsidiaries | 3,191,905 | 2,958,746 |
| Current federal income tax | 8,675 | 9,006 |
| Deferred federal income tax | 11,689 | 11,128 |
| Other assets | 7,998 | 10,101 |
| Total assets | $3,622,758 | 3,496,975 |
| Liabilities: | ||
| Long-term debt | $441,656 | 441,310 |
| Intercompany notes payable | 47,571 | 81,465 |
| Accrued long-term stock compensation | 9,374 | 10,522 |
| Other liabilities | 4,081 | 9,297 |
| Total liabilities | $502,682 | 542,594 |
| Stockholders’ Equity: | ||
| Preferred stock of $0 par value per share: | ||
| Authorized shares: 5,000,000; Issued shares: 8,000 with $25,000 liquidation preference per share – 2024 and 2023 | $200,000 | 200,000 |
| Common stock of $2 par value per share: | ||
| Issued: 105,609,364 – 2024; 105,223,307 – 2023 | 211,219 | 210,447 |
| Additional paid-in capital | 557,042 | 522,748 |
| Retained earnings | 3,139,489 | 3,029,396 |
| Accumulated other comprehensive income (loss) | (336,845) | (373,001) |
| Treasury stock – at cost (shares: 44,761,468 – 2024; 44,586,870 – 2023) | (650,829) | (635,209) |
| Total stockholders’ equity | 3,120,076 | 2,954,381 |
| Total liabilities and stockholders’ equity | $3,622,758 | 3,496,975 |
See accompanying Report of Independent Registered Public Accounting Firm. Information should be read in conjunction with the Notes to Consolidated Financial Statements of Selective Insurance Group, Inc. and its subsidiaries. Both items are in Item 8. “Financial Statements and Supplementary Data.” of this Form 10-K.
SCHEDULE II (continued)
Statements of Income
| Year ended December 31, | |||
|---|---|---|---|
| ($ in thousands) | 2024 | 2023 | 2022 |
| Revenues: | |||
| Dividends from subsidiaries | $43,779 | 80,005 | 120,007 |
| Net investment income earned | 21,042 | 20,167 | 18,622 |
| Net realized and unrealized investment gains (losses) | 596 | 996 | (17,855) |
| Total revenues | 65,417 | 101,168 | 120,774 |
| Expenses: | |||
| Interest expense | 30,213 | 29,824 | 28,897 |
| Other expenses | 34,602 | 30,686 | 31,116 |
| Total expenses | 64,815 | 60,510 | 60,013 |
| Income before federal income tax | 602 | 40,658 | 60,761 |
| Federal income tax (benefit) expense: | |||
| Current | (7,466) | (9,618) | (9,381) |
| Deferred | (851) | 1,650 | (2,189) |
| Total federal income tax benefit | (8,317) | (7,968) | (11,570) |
| Net income before equity in undistributed income of subsidiaries | 8,919 | 48,626 | 72,331 |
| Equity in undistributed income of subsidiaries, net of tax | 198,093 | 316,612 | 152,555 |
| Net income | $207,012 | 365,238 | 224,886 |
| Preferred stock dividends | 9,200 | 9,200 | 9,200 |
| Net income available to common stockholders | $197,812 | 356,038 | 215,686 |
See accompanying Report of Independent Registered Public Accounting Firm. Information should be read in conjunction with the Notes to Consolidated Financial Statements of Selective Insurance Group, Inc. and its subsidiaries. Both items are in Item 8. “Financial Statements and Supplementary Data.” of this Form 10-K.
SCHEDULE II (continued)
Statements of Cash Flows
| Year ended December 31, | |||
|---|---|---|---|
| ($ in thousands) | 2024 | 2023 | 2022 |
| Operating Activities: | |||
| Net income | $207,012 | 365,238 | 224,886 |
| Adjustments to reconcile net income to net cash provided by (used in) operating activities: | |||
| Equity in undistributed income of subsidiaries, net of tax | (198,093) | (316,612) | (152,555) |
| Stock-based compensation expense | 22,763 | 18,346 | 18,428 |
| Net realized and unrealized investment (gains) losses | (596) | (996) | 17,855 |
| Undistributed (gains) losses of equity method investments | 2,709 | (279) | (2,240) |
| Disbursements in excess of current year income of equity method investments | — | 766 | — |
| Amortization – other | (28) | (1,020) | (154) |
| Changes in assets and liabilities: | |||
| Increase (decrease) in accrued long-term stock compensation | (1,148) | (579) | 136 |
| (Increase) decrease in net federal income taxes | (520) | 1,538 | (3,875) |
| (Increase) decrease in other assets | 2,064 | 963 | (1,961) |
| Increase (decrease) in other liabilities | (4,976) | 1,375 | (2,813) |
| Net cash provided by (used in) operating activities | 29,187 | 68,740 | 97,707 |
| Investing Activities: | |||
| Purchases of fixed income securities, available-for-sale | (15,925) | (72,328) | (208,512) |
| Purchases of equity securities | (2,153) | (743) | (1,647) |
| Purchases of short-term investments | (516,183) | (233,129) | (362,213) |
| Purchases of alternative investments | (3,018) | (53,262) | (4,149) |
| Redemption and maturities of fixed income securities, available-for-sale | 31,826 | 29,619 | 35,527 |
| Sales of fixed income securities, available-for-sale | 138,546 | 20,314 | 66,725 |
| Sales of equity securities | — | 48,960 | 77,971 |
| Sales of short-term investments | 471,650 | 248,588 | 385,254 |
| Proceeds from alternative investments | — | 20 | — |
| Net cash provided by (used in) investing activities | 104,743 | (11,961) | (11,044) |
| Financing Activities: | |||
| Dividends to preferred stockholders | (9,200) | (9,200) | (9,200) |
| Dividends to common stockholders | (84,936) | (73,827) | (66,920) |
| Acquisition of treasury stock | (15,620) | (7,930) | (18,344) |
| Net proceeds from stock purchase and compensation plans | 9,630 | 9,133 | 9,086 |
| Proceeds from borrowings from subsidiaries | — | 27,000 | — |
| Principal payment on borrowings from subsidiaries | (33,893) | (1,801) | (1,714) |
| Net cash provided by (used in) financing activities | (134,019) | (56,625) | (87,092) |
| Net increase (decrease) in cash | (89) | 154 | (429) |
| Cash, beginning of year | 180 | 26 | 455 |
| Cash, end of year | $91 | 180 | 26 |
See accompanying Report of Independent Registered Public Accounting Firm. Information should be read in conjunction with the Notes to Consolidated Financial Statements of Selective Insurance Group, Inc. and its subsidiaries. Both items are in Item 8. “Financial Statements and Supplementary Data.” of this Form 10-K.
SCHEDULE III
SUPPLEMENTARY INSURANCE INFORMATION
Year ended December 31, 2024
| ($ in thousands) | Deferredpolicyacquisition costs | Reservefor lossand loss expense | Unearned premiums | Netpremiums earned | Netinvestment income1 | Lossand lossexpense incurred | Amortizationof deferredpolicyacquisition costs | Otheroperating expenses2 | Netpremiums written |
|---|---|---|---|---|---|---|---|---|---|
| Standard Commercial Lines Segment | $389,992 | 5,388,205 | 1,908,949 | 3,447,556 | — | 2,501,615 | 764,662 | 326,262 | 3,632,113 |
| Standard Personal Lines Segment | 23,374 | 541,449 | 433,056 | 424,917 | — | 364,601 | 46,487 | 53,314 | 430,725 |
| E&S Lines Segment | 65,938 | 660,147 | 274,263 | 503,974 | — | 298,268 | 111,282 | 42,544 | 567,163 |
| Investments Segment | — | — | — | — | 454,102 | — | — | — | — |
| Total | $479,304 | 6,589,801 | 2,616,268 | 4,376,447 | 454,102 | 3,164,484 | 922,431 | 422,120 | 4,630,001 |
2“Other operating expenses” of $422,120 reconciles to the Consolidated Statements of Income as follows:
| Other insurance expenses | $453,235 |
|---|---|
| Other income | (31,115) |
| Total | $422,120 |
Year ended December 31, 2023
| ($ in thousands) | Deferredpolicyacquisition costs | Reservefor lossand loss expense | Unearned premiums | Netpremiums earned | Netinvestment income1 | Lossand lossexpense incurred | Amortizationof deferredpolicyacquisition costs | Otheroperating expenses2 | Netpremiums written |
|---|---|---|---|---|---|---|---|---|---|
| Standard Commercial Lines Segment | $350,198 | 4,494,965 | 1,722,706 | 3,071,784 | — | 1,919,204 | 674,374 | 320,900 | 3,281,319 |
| Standard Personal Lines Segment | 24,759 | 278,152 | 399,157 | 365,213 | — | 353,185 | 36,001 | 55,290 | 414,585 |
| E&S Lines Segment | 49,907 | 563,794 | 208,793 | 390,609 | — | 211,896 | 85,807 | 38,150 | 438,628 |
| Investments Segment | — | — | — | — | 385,098 | — | — | — | — |
| Total | $424,864 | 5,336,911 | 2,330,656 | 3,827,606 | 385,098 | 2,484,285 | 796,182 | 414,340 | 4,134,532 |
2“Other operating expenses” of $414,340 reconciles to the Consolidated Statements of Income as follows:
| Other insurance expenses | $433,742 |
|---|---|
| Other income | (19,402) |
| Total | $414,340 |
Year ended December 31, 2022
| ($ in thousands) | Deferredpolicyacquisition costs | Reservefor loss and loss expense | Unearned premiums | Netpremiums earned | Netinvestment income1 | Lossand lossexpense incurred | Amortizationof deferredpolicyacquisition costs | Otheroperating expenses2 | Netpremiums written |
|---|---|---|---|---|---|---|---|---|---|
| Standard Commercial Lines Segment | $311,535 | 4,275,002 | 1,511,447 | 2,739,819 | — | 1,683,988 | 605,845 | 306,290 | 2,901,984 |
| Standard Personal Lines Segment | 17,817 | 340,302 | 322,668 | 299,405 | — | 231,113 | 27,129 | 48,356 | 319,059 |
| E&S Lines Segment | 39,272 | 529,517 | 158,666 | 334,156 | — | 196,677 | 72,848 | 34,332 | 352,547 |
| Investments Segment | — | — | — | — | 173,347 | — | — | — | — |
| Total | $368,624 | 5,144,821 | 1,992,781 | 3,373,380 | 173,347 | 2,111,778 | 705,822 | 388,978 | 3,573,590 |
2“Other operating expenses” of $388,978 reconciles to the Consolidated Statements of Income as follows:
| Other insurance expenses | $400,313 |
|---|---|
| Other income | (11,335) |
| Total | $388,978 |
SCHEDULE IV
REINSURANCE
Years ended December 31, 2024, 2023, and 2022
| ($ thousands) | Direct Amount | Ceded to Other Companies | Assumed from Other Companies | Net Amount | % of Amount Assumed to Net |
|---|---|---|---|---|---|
| Premiums earned: | |||||
| Accident and health insurance | $— | — | — | — | — |
| Property and liability insurance | 5,034,952 | 684,955 | 26,450 | 4,376,447 | 1% |
| Total premiums earned | 5,034,952 | 684,955 | 26,450 | 4,376,447 | 1% |
| Premiums earned: | |||||
| Accident and health insurance | $— | — | — | — | — |
| Property and liability insurance | 4,386,556 | 583,977 | 25,027 | 3,827,606 | 1% |
| Total premiums earned | 4,386,556 | 583,977 | 25,027 | 3,827,606 | 1% |
| Premiums earned: | |||||
| Accident and health insurance | $— | — | — | — | — |
| Property and liability insurance | 3,880,522 | 537,884 | 30,742 | 3,373,380 | 1% |
| Total premiums earned | 3,880,522 | 537,884 | 30,742 | 3,373,380 | 1% |
SCHEDULE V
ALLOWANCE FOR CREDIT LOSSES ON PREMIUMS AND OTHER RECEIVABLES
Years ended December 31, 2024, 2023, and 2022
| ($ in thousands) | 2024 | 2023 | 2022 |
|---|---|---|---|
| Balance, January | $20,600 | 17,700 | 15,200 |
| Additions | 8,946 | 7,980 | 7,478 |
| Deductions | (7,146) | (5,080) | (4,978) |
| Balance, December 31 | $22,400 | 20,600 | 17,700 |
EXHIBIT INDEX
| Exhibit | |
|---|---|
| Number | |
| 3.1 | Amended and Restated Certificate of Incorporation of Selective Insurance Group, Inc., filed May 4, 2010, as amended by Certificate of Correction thereto, dated August 17, 2020 and effective May 4, 2010 (incorporated by reference herein to Exhibit 3.1 of the Company’s Quarterly Report on Form 10-Q for the quarter ended September 30, 2020, filed October 29, 2020, File No. 001-33067). |
| 3.2 | Certificate of Amendment of the Restated Certificate of Incorporation of Selective Insurance Group, Inc., with respect to the 4.60% Non-Cumulative Preferred Stock, Series B of Selective Insurance Group, Inc., filed with the State of New Jersey Department of Treasury and effective December 7, 2020 (incorporated by reference to Exhibit 3.2 to the Company’s Registration Statement on Form 8-A, filed December 8, 2020, File No. 001-33067). |
| 3.3 | By-Laws of Selective Insurance Group, Inc., effective January 1, 2024 (incorporated by reference herein to Exhibit 3.1 of the Company's Current Report on Form 8-K, filed December 15, 2023, File No. 001-33067). |
| 4.1 | Indenture, dated as of September 24, 2002, between Selective Insurance Group, Inc. and National City Bank, as Trustee, relating to the Company's 1.6155% Senior Convertible Notes due September 24, 2032 (incorporated by reference herein to Exhibit 4.1 of the Company's Registration Statement on Form S-3, filed November 26, 2002 File No. 333-101489). |
| 4.2 | Indenture, dated as of November 16, 2004, between Selective Insurance Group, Inc. and Wachovia Bank, National Association, as Trustee, relating to the Company's 7.25% Senior Notes due 2034 (incorporated by reference herein to Exhibit 4.1 of the Company's Current Report on Form 8-K, filed November 18, 2004, File No. 000-08641). |
| 4.3 | Indenture, dated as of November 3, 2005, between Selective Insurance Group, Inc. and Wachovia Bank, National Association, as Trustee, relating to the Company’s 6.70% Senior Notes due 2035 (incorporated by reference herein to Exhibit 4.1 of the Company’s Current Report on Form 8-K, filed November 9, 2005, File No. 000-08641). |
| 4.4 | Indenture, dated as of February 8, 2013, between Selective Insurance Group, Inc. and U.S. Bank National Association, as Trustee (incorporated by reference herein to Exhibit 4.1 of the Company's Current Report on Form 8-K, filed February 8, 2013, File No. 001-33067). |
| 4.5 | Second Supplemental Indenture, dated as of March 1, 2019 between Selective Insurance Group, Inc. and U.S. Bank National Association, as Trustee, relating to the Company’s 5.375% Senior Notes due 2049 (incorporated by reference herein to Exhibit 4.1 of the Company’s Current Report on Form 8-K, filed March 1, 2019 File No. 001-33067). |
| 4.6 | Deposit Agreement, dated as of December 9, 2020, among the Company and Equiniti Trust Company, acting as Depositary, Registrar and Transfer Agent, and the holders from time to time of the depositary receipts described therein (incorporated by reference herein to Exhibit 4.2 of the Company’s Current Report on Form 8-K, filed December 9, 2020, File No. 001-33067). |
| 4.7 | Description of the Company's Securities Registered Under Section 12 of the Securities Exchange Act of 1934, as amended (incorporated by reference herein to Exhibit 4.9 of the Company’s Annual Report on Form 10-K for the year ended December 31, 2020, filed February 12, 2021, File No. 001-33067). |
| 10.1+ | Selective Insurance Supplemental Pension Plan, As Amended and Restated Effective January 1, 2005 (incorporated by reference herein to Exhibit 10.1 of the Company’s Quarterly Report on Form 10-Q for the quarter ended September 30, 2008, filed October 31, 2008, File No. 001-33067). |
| 10.1a+ | Amendment No. 1 to Selective Insurance Supplemental Pension Plan, As Amended and Restated Effective January 1, 2005 (incorporated by reference herein to Exhibit 10.1 of the Company's Current Report on Form 8-K, filed March 25, 2013, File No. 001-33067). |
| Exhibit | |
|---|---|
| Number | |
| 10.1b+ | Amendment No. 2 to Selective Insurance Supplemental Pension Plan, As Amended and Restated Effective January 1, 2005 (incorporated by reference herein to Exhibit 10.1 of the Company's Quarterly Report on Form 10-Q for the quarter ended March 31, 2020, filed May 5, 2020, File No. 001-33067). |
| 10.2+ | Selective Insurance Company of America Deferred Compensation Plan (2005), As Amended and Restated Effective as of January 1, 2010 (incorporated by reference herein to Exhibit 10.2 of the Company’s Quarterly Report on Form 10-Q for the quarter ended September 30, 2011, filed October 27, 2011, File No. 001-33067). |
| 10.2a+ | Amendment No 1. to Selective Insurance Company of America Deferred Compensation Plan (2005) (incorporated by reference herein to Exhibit 10.2a of the Company's Quarterly Report on Form 10-Q for the quarter ended September 30, 2011, filed October 27, 2011, File No. 001-33067). |
| 10.2b+ | Amendment No. 2 to Selective Insurance Company of America Deferred Compensation Plan (2005), as Amended and Restated Effective as of January 1, 2010 (incorporated by reference herein to Exhibit 10.2 of the Company's Current Report on Form 8-K, filed March 25, 2013, File No. 001-33067). |
| 10.3+ | Selective Insurance Group, Inc. 2014 Omnibus Stock Plan, effective May 1, 2014 (incorporated by reference herein to Appendix A-1 to the Company’s Definitive Proxy Statement for its 2014 Annual Meeting of Stockholders, filed April 3, 2014, File No. 001-33067). |
| 10.4+ | Selective Insurance Group, Inc. 2014 Omnibus Stock Plan Director Stock Option Agreement (incorporated by reference herein to Exhibit 10.1 to the Company’s Quarterly Report on Form 10-Q for the quarter ended March 31, 2014, filed April 24, 2014, File No. 001-33067). |
| 10.5+ | Selective Insurance Group, Inc. 2014 Omnibus Stock Plan Stock Option Agreement (incorporated by reference herein to Exhibit 10.2 to the Company’s Quarterly Report on Form 10-Q for the quarter ended March 31, 2014, filed April 24, 2014, File No. 001-33067). |
| 10.6+ | Selective Insurance Group, Inc. 2014 Omnibus Stock Plan Service-Based Restricted Stock Agreement (incorporated by reference herein to Exhibit 10.3 to the Company’s Quarterly Report on Form 10-Q for the quarter ended March 31, 2014, filed April 24, 2014, File No. 001-33067). |
| 10.7+ | Selective Insurance Group, Inc. 2014 Omnibus Stock Plan Performance-Based Restricted Stock Agreement (incorporated by reference herein to Exhibit 10.4 to the Company’s Quarterly Report on Form 10-Q for the quarter ended March 31, 2014, filed April 24, 2014, File No. 001-33067). |
| 10.8+ | Selective Insurance Group, Inc. 2014 Omnibus Stock Plan Service-Based Restricted Stock Unit Agreement (incorporated by reference herein to Exhibit 10.5 to the Company’s Quarterly Report on Form 10-Q for the quarter ended March 31, 2014, filed April 24, 2014, File No. 001-33067). |
| 10.9+ | Selective Insurance Group, Inc. 2014 Omnibus Stock Plan Performance-Based Restricted Stock Unit Agreement (incorporated by reference herein to Exhibit 10.6 to the Company’s Quarterly Report on Form 10-Q for the quarter ended March 31, 2014, filed April 24, 2014, File No. 001-33067). |
| 10.10+ | Selective Insurance Group, Inc. 2014 Omnibus Stock Plan Director Restricted Stock Unit Agreement (incorporated by reference herein to Exhibit 10.7 to the Company’s Quarterly Report on Form 10-Q for the quarter ended March 31, 2014, filed April 24, 2014, File No. 001-33067). |
| 10.11+ | Selective Insurance Group, Inc. 2005 Omnibus Stock Plan As Amended and Restated Effective as of May 1, 2010 (incorporated by reference herein to Appendix C of the Company’s Definitive Proxy Statement for its 2010 Annual Meeting of Stockholders, filed March 25, 2010, File No. 001-33067). |
| 10.12+ | Selective Insurance Group, Inc. 2014 Omnibus Stock Plan, as Amended and Restated Effective as of May 2, 2018 (incorporated by reference herein to Appendix A of the Company’s Definitive Proxy Statement for its 2018 Annual Meeting of Stockholders, filed March 26, 2018, File No. 001-33067). |
| Exhibit | |
|---|---|
| Number | |
| 10.13+ | Selective Insurance Group, Inc. Non-Employee Directors’ Compensation and Deferral Plan, as Amended and Restated Effective as of January 1, 2017 (incorporated by reference herein to Exhibit 10.18 to the Company's Annual Report on Form 10-K for the year ended December 31, 2016, filed February 22, 2017, File No. 001-33067). |
| 10.14+ | Deferred Compensation Plan for Directors of Selective Insurance Group, Inc. and Subsidiaries, Amended and Restated as of May 8, 1996 (incorporated by reference herein to Exhibit 10.14 to the Company's Annual Report on Form 10-K for the year ended December 31, 2023, filed February 9, 2024, File No. 001-33067). |
| 10.15+ | Selective Insurance Group, Inc. Employee Stock Purchase Plan (2021), Amended and Restated Effective July 1, 2021 (incorporated by reference herein to Exhibit 10.1 to the Company’s Quarterly Report on Form 10-Q for the quarter ended March 31, 2021, filed April 29, 2021, File No. 001-33067). |
| 10.16+ | Selective Insurance Group, Inc. Cash Incentive Plan As Amended and Restated as of May 1, 2014 (incorporated by reference herein to Appendix B to the Company’s Definitive Proxy Statement for its 2014 Annual Meeting of Stockholders, filed March 24, 2014, File No. 001-33067). |
| 10.17+ | Selective Insurance Group, Inc. Cash Incentive Plan Service-Based Cash Incentive Unit Award Agreement (incorporated by reference herein to Exhibit 10.8 of the Company’s Quarterly Report on Form 10-Q for the quarter ended March 31, 2014, filed April 24, 2014, File No. 001-33067). |
| 10.18+ | Selective Insurance Group, Inc. Cash Incentive Plan Performance-Based Cash Incentive Unit Award Agreement (incorporated by reference herein to Exhibit 10.9 of the Company’s Quarterly Report on Form 10-Q for the quarter ended March 31, 2014, filed April 24, 2014, File No. 001-33067). |
| 10.19+ | Amended and Restated Selective Insurance Group, Inc. Stock Purchase Plan for Independent Insurance Agencies (2010), Amended and Restated as of November 1, 2020 (incorporated by reference herein to Exhibit 10.1 to the Company's Quarterly Report on Form 10-Q for the quarter ended September 30, 2020, filed October 29, 2020, File No. 001-33067). |
| 10.20+ | Employment Agreement between Selective Insurance Company of America and John J. Marchioni, dated as of February 10, 2020 (incorporated by reference herein to Exhibit 10.32 of the Company’s Annual Report on Form 10-K for the year ended December 31, 2019, filed February 12, 2020, File No. 001-33067). |
| 10.21+ | Employment Agreement between Selective Insurance Company of America and Mark A. Wilcox, dated as of October 28, 2016 (incorporated by reference herein to Exhibit 10.1 of the Company’s Current Report on Form 8-K, filed October 31, 2016, File No. 001-33067). |
| 10.22+ | Employment Agreement between Selective Insurance Company of America and Michael H. Lanza, dated as of March 2, 2020 (incorporated by reference herein to Exhibit 10.1 of the Company's Current Report on Form 8-K, filed March 2, 2020, File No. 001-33067). |
| 10.23+ | Employment Agreement between Selective Insurance Company of America and Brenda M. Hall, dated as of September 30, 2019 (incorporated by reference to Exhibit 10.1 of the Company’s Quarterly Report on Form 10-Q for the quarter ended September 30, 2021, filed October 28, 2021, File No. 001-33067). |
| 10.24+ | Employment Agreement between Selective Insurance Company of America and Paul Kush, dated as of December 5, 2019 (incorporated by reference to Exhibit 10.2 of the Company’s Quarterly Report on Form 10-Q for the quarter ended September 30, 2021, filed October 28, 2021, File No. 001-33067). |
| 10.25+ | Employment Agreement between Selective Insurance Company of America and Vincent M. Senia, dated as of June 6, 2017 (incorporated by reference to Exhibit 10.3 of the Company’s Quarterly Report on Form 10-Q for the quarter ended September 30, 2021, filed October 28, 2021, File No. 001-33067). |
| 10.26+ | Employment Agreement between Selective Insurance Company of America and Anthony D. Harnett, dated as of November 1, 2023 (incorporated by reference herein to Exhibit 10.1 of the Company’s Current Report on Form 8-K/A, filed November 3, 2023, File No. 001-33067). |
| Exhibit | |
|---|---|
| Number | |
| 10.27+ | Employment Agreement between Selective Insurance Company of America and Joseph Owen Eppers, dated as of February 28, 2022 (incorporated by reference herein to Exhibit 10.27 to the Company’s Annual Report on Form 10-K for the year ended December 31, 2023, filed February 9, 2024, File No. 001-33067). |
| 10.28+ | Employment Agreement between Selective Insurance Company of America and Jeffrey F. Kamrowski, dated as of March 1, 2020 (incorporated by reference herein to Exhibit 10.28 to the Company’s Annual Report on Form 10-K for the year ended December 31, 2023, filed February 9, 2024, File No. 001-33067). |
| 10.29 | Credit Agreement among Selective Insurance Group, Inc., the Lenders Named Therein and Wells Fargo Bank, National Association, as Administrative Agent, dated as of November 7, 2022 (incorporated by reference herein to Exhibit 10.1 of the Company’s Current Report on Form 8-K, filed November 11, 2022, File No. 001-33067). |
| 10.30 | Form of Indemnification Agreement between Selective Insurance Group, Inc. and each of its directors and executive officers, as adopted on May 19, 2005 (incorporated by reference herein to Exhibit 10.1 of the Company’s Current Report on Form 8-K, filed May 20, 2005, File No. 000-08641). |
| 10.31+ | Selective Insurance Group, Inc. 2024 Omnibus Stock Plan, effective May 1, 2024 (incorporated by reference herein to Exhibit 4.4 to the Company’s Registration Statement on Form S-8, filed May 2, 2024, File No. 333-279060). |
| 10.32+ | Selective Insurance Group, Inc. 2024 Omnibus Stock Plan Service-Based Restricted Stock Unit Agreement (incorporated by reference herein to Exhibit 10.1 to the Company’s Quarterly Report on Form 10-Q for the quarter ended March 31, 2024, filed May 2, 2024, File No. 001-33067). |
| 10.33+ | Selective Insurance Group, Inc. 2024 Omnibus Stock Plan Performance-Based Restricted Stock Unit Agreement (incorporated by reference herein to Exhibit 10.2 to the Company’s Quarterly Report on Form 10-Q for the quarter ended March 31, 2024, filed May 2, 2024, File No. 001-33067). |
| 10.34+ | Selective Insurance Group, Inc. 2024 Omnibus Stock Plan Non-Employee Director Restricted Stock Unit Agreement (incorporated by reference herein to Exhibit 10.3 to the Company’s Quarterly Report on Form 10-Q for the quarter ended March 31, 2024, filed May 2, 2024, File No. 001-33067). |
| 10.35+ | Amendment No. 1 to Employment Agreement between Selective Insurance Company of America and Joseph Owen Eppers, dated as of June 3, 2024 (incorporated by reference to Exhibit 10.1 of the Company’s Quarterly Report on Form 10-Q for the quarter ended June 30, 2024, filed July 26, 2024, File No. 001-33067). |
| 10.36+ | Amendment No. 1 to Employment Agreement between Selective Insurance Company of America and Brenda M. Hall, dated as of June 3, 2024 (incorporated by reference to Exhibit 10.2 of the Company’s Quarterly Report on Form 10-Q for the quarter ended June 30, 2024, filed July 26, 2024, File No. 001-33067). |
| 10.37+ | Amendment No. 1 to Employment Agreement between Selective Insurance Company of America and Anthony D. Harnett, dated as of June 3, 2024 (incorporated by reference to Exhibit 10.3 of the Company’s Quarterly Report on Form 10-Q for the quarter ended June 30, 2024, filed July 26, 2024, File No. 001-33067). |
| 10.38+ | Amendment No. 1 to Employment Agreement between Selective Insurance Company of America and Jeffrey F. Kamrowski, dated as of June 3, 2024 (incorporated by reference to Exhibit 10.4 of the Company’s Quarterly Report on Form 10-Q for the quarter ended June 30, 2024, filed July 26, 2024, File No. 001-33067). |
| 10.39+ | Amendment No. 1 to Employment Agreement between Selective Insurance Company of America and Paul Kush, dated as of June 3, 2024 (incorporated by reference to Exhibit 10.5 of the Company’s Quarterly Report on Form 10-Q for the quarter ended June 30, 2024, filed July 26, 2024, File No. 001-33067). |
| 10.40+ | Amendment No. 1 to Employment Agreement between Selective Insurance Company of America and Michael H. Lanza, dated as of June 3, 2024 (incorporated by reference to Exhibit 10.6 of the Company’s Quarterly Report on Form 10-Q for the quarter ended June 30, 2024, filed July 26, 2024, File No. 001-33067). |
| 10.41+ | Amendment No. 1 to Employment Agreement between Selective Insurance Company of America and John J. Marchioni, dated as of June 3, 2024 (incorporated by reference to Exhibit 10.7 of the Company’s Quarterly Report on Form 10-Q for the quarter ended June 30, 2024, filed July 26, 2024, File No. 001-33067). |
| Exhibit | |
|---|---|
| Number | |
| 10.42+ | Amendment No. 1 to Employment Agreement between Selective Insurance Company of America and Vincent M. Senia, dated as of June 3, 2024 (incorporated by reference to Exhibit 10.8 of the Company’s Quarterly Report on Form 10-Q for the quarter ended June 30, 2024, filed July 26, 2024, File No. 001-33067). |
| 10.43+ | Employment Agreement between Selective Insurance Company of America and Patrick S. Brennan, dated as of September 23, 2024 (incorporated by reference to Exhibit 10.1 of the Company’s Current Report on Form 8-K, filed September 23, 2024, File No. 001-33067). |
| *19 | Insider Trading Policy. |
| *21 | Subsidiaries of Selective Insurance Group, Inc. |
| *23.1 | Consent of KPMG LLP. |
| *24.1 | Power of Attorney of Ainar D. Aijala, Jr. |
| *24.2 | Power of Attorney of Lisa Rojas Bacus. |
| *24.3 | Power of Attorney of Terrence W. Cavanaugh. |
| *24.4 | Power of Attorney of Wole C. Coaxum. |
| *24.5 | Power of Attorney of Robert Kelly Doherty. |
| *24.6 | Power of Attorney of Thomas A. McCarthy. |
| *24.7 | Power of Attorney of Stephen C. Mills. |
| *24.8 | Power of Attorney of H. Elizabeth Mitchell. |
| *24.9 | Power of Attorney of Cynthia S. Nicholson. |
| *24.10 | Power of Attorney of Kate E. R. Sampson. |
| *24.11 | Power of Attorney of John S. Scheid. |
| *24.12 | Power of Attorney of Philip H. Urban. |
| *31.1 | Certification of Chief Executive Officer in accordance with Section 302 of the Sarbanes-Oxley Act of 2002. |
| *31.2 | Certification of Chief Financial Officer in accordance with Section 302 of the Sarbanes-Oxley Act of 2002. |
| **32.1 | Certification of Chief Executive Officer in accordance with Section 906 of the Sarbanes-Oxley Act of 2002. |
| **32.2 | Certification of Chief Financial Officer in accordance with Section 906 of the Sarbanes-Oxley Act of 2002. |
| 97.1 | Selective Insurance Group, Inc. Compensation Recoupment Policy (incorporated by reference herein to Exhibit 97.1 to the Company's Annual Report on Form 10-K for the year ended December 31, 2023, filed February 9, 2024, File No. 001-33067). |
| *99.1 | Glossary of Terms. |
| ** 101 | The following financial statements from the Company's Annual report on Form 10-K for the year ended December 31, 2024, formatted in Inline Extensible Business Reporting Language (iXBRL): (i) Consolidated Balance Sheets, (ii) Consolidated Statements of Income, (II) Consolidated Statements of Comprehensive Income, (iv) Consolidated Statements of Stockholders' Equity, (v) Consolidated Statements of Cash Flows, and (vi) Notes to Consolidated Financial Statements. |
| ** 104 | The cover page from the Company's Annual Report on Form 10-K for the year ended December 31, 2024, formatted in iXBRL. |
- Filed herewith.
** Furnished and not filed herewith.
- Management compensation plan or arrangement.
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.