Moody's rates Selective Insurance notes Baa2

Moody's Investors Service said it assigned a Baa2 rating to the $100 million 30-year senior notes to be issued by Selective Insurance Group Inc. and affirmed the company's Baa2 senior note and Baa3 subordinated debt ratings and the A2 insurance financial strength ratings of the group's insurance subsidiaries.

The outlook is stable.

Moody's said the ratings reflect the group's solid franchise as an independent regional agency insurer, its conservative underwriting posture and financial discipline.

Negative factors impacting the ratings include keen competition in the group's chosen businesses, its limited scale and its continuing substantial geographic concentration, the agency said. In particular, the company operates in several states with adverse regulatory and market environments such as New York and New Jersey.

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