Selective Closes Over-Allotment Option

October 23, 2002

Selective Insurance Group Inc. of Branchville, N.J. announced the closing of the over-allotment option granted in connection with its previously announced offering of 30-year senior convertible notes due in 2032, which closed on Sept. 24, 2002.

The notes are senior unsecured notes, convertible under certain conditions into shares of Selective common stock, at a conversion price of $29.29, with a yield to maturity of 4.25 percent.

Selective raised approximately $15 million in additional gross proceeds from the over-allotment option exercise. The total offering, including the over-allotment, raised approximately $115 million in gross proceeds.