New Jersey’s Selective Insurance Group, Inc. announced that third quarter 2003 results will be impacted by estimated losses from Hurricane Isabel of $10 million, pre-tax, as a result of over 1,900 claims.
The bulletin also said the loss would be partially offset by “revenue of approximately $1 million from Isabel flood claim servicing fees.”
Chairman, President and CEO Gregory E. Murphy stated: “Events like Hurricane Isabel reiterate the competitive advantage provided by our field-based claims operation and 24×7 Claims Service Center — which deliver fast, fair and efficient service to our agents and customers. Although this storm was significant, we anticipate another solid quarter, with net premium written up 19% over the same period last year, driven by ongoing double-digit commercial lines renewal price increases. Our analysis of third quarter 2003 results is not yet complete; however, including Hurricane Isabel losses we anticipate net income per diluted share of between $0.50 and $0.55 for the period, including net realized capital gains of $0.03. That compares with net income of $0.41 per diluted share for the third quarter of 2002, including net realized capital gains of $0.03.”
The Company plans to announce third quarter earnings on November 4, 2003.
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