Moody's rates Selective Insurance notes Baa2

Moody's Investors Service said it assigned a Baa2 rating to the $50 million in senior notes to be issued by Selective Insurance Group Inc. In addition, Moody's affirmed the company's current debt ratings (senior convertible notes at Baa2, subordinated debt at Baa3) and the A2 insurance financial strength ratings of the group's insurance subsidiaries.

The outlook is stable.

Moody's stated that the ratings of Selective are based on its solid franchise as a regional, independent agency insurer, as well as its conservative underwriting posture and financial discipline. Negative factors that impact Selective's rating profile include the keen competition in its chosen businesses, its limited scale, and its continuing substantial geographic concentration despite the incremental expansion discussed above.

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