New Jersey-based insurer Selective Insurance Group Inc, posted a fourth-quarter profit of $20.6 million, up from a $14.4 million loss in the year-ago quarter.
For the year, earnings were $36.4 million, down from $43.8 million in 2008.
“In 2009, our underwriting performance was solid with a GAAP combined ratio of 99.8% and a statutory combined ratio of 100.5%,” said Chairman, President and Chief Executive Officer Gregory E. Murphy. “Most important is the success we achieved in both Personal Lines and Commercial Lines renewal pricing.”
Total net premiums written were $1.4 billion for the year, with commercial lines account for about $1.2 billion. Net premiums written in 2009 fell by 5 percent, which the company attributed to return audit and endorsement premium of $73 million.
Commercial Lines new business premium was $266 million and total policy count increased by 3 percent. Personal Lines new business was up 27 percent, to $55 million, and total policy count increased by 11 percent.
Selective’s bottom line for the year also benefitted from a favorable statutory reserve development of $29 million, up from $18 million in 2008
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