Selective Insurance to sell $25-par non-cumulative preferred stock

By James McCandless

San Antonio, Dec. 2 – Selective Insurance Group, Inc. plans to price an offering of $25-par series B non-cumulative preferred stock, according to a 424B5 filing with the Securities and Exchange Commission.

Wells Fargo Securities, LLC, BofA Securities, Inc. and RBC Capital Markets, LLC are the bookrunners.

The lead managers are Credit Suisse Securities (USA) LLC and Goldman Sachs & Co. LLC.

Dividends are payable on March 15, June 15, Sept. 15 and Dec. 15, starting on March 15, 2021.

The preferreds are redeemable on or after Dec. 15, 2025 at par. Prior to that, the preferreds are redeemable within 90 days after a regulatory capital event at par or within 90 days after a rating agency event at 102.

Selective plans to use the proceeds for general corporate purposes, which may include the repurchase of shares of its common stock.

The company plans to list the preferreds on the Nasdaq under the symbol “SIGIP.”

Selective is a Branchville, N.J.-based insurance provider.

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