BRANCHVILLE, N.J. - Selective Insurance Group, Inc. (NASDAQ: NASDAQ:SIGI) announced today the expansion of its Board of Directors with the appointment of Kate Sampson, effective immediately. Sampson, an insurance and technology veteran with over two decades of experience, joins the board as its thirteenth member.
Kate Sampson's career began at Marsh McLennan (NYSE:MMC) in 1996, where she rose to head the San Francisco/San Jose office. She later served as Lyft (NASDAQ:LYFT)'s first vice president of risk solutions from 2014 to 2018, where she was instrumental in developing the company's insurance programs.
Sampson's expertise further extends to financial technology, having worked with Anthemis Group as managing director and partner, focusing on insurance technology venture investments. Additionally, she founded Merinn Advisors LLC, providing strategic advice to companies in insurance and financial services.
Sampson's board and advisory roles span several technology firms, including Metabiota, Trov, and Vouch Insurance, reflecting her deep ties to the tech sector. Her academic contributions include serving on the Duke University FinTech Advisory Board, and she holds a degree from the University of Massachusetts at Amherst.
Cynthia (Cie) S. Nicholson, Chairperson of the Corporate Governance and Nominating Committee of Selective, expressed confidence in Sampson's ability to contribute to the company's strategic goals, citing her "exceptional background" and experience in innovation and technology within the insurance industry. John J. Marchioni, Selective's Chairman, President & CEO, echoed this sentiment, highlighting the company's commitment to innovation and superior customer experience in insurance.
Selective Insurance Group, a holding company for 10 property and casualty insurance companies, is recognized for its strong market position and workplace environment, having been listed in Forbes Best Midsize Employers and certified as a Great Place to Work® in 2024 for the fifth consecutive year.
The appointment of Sampson is part of Selective's ongoing board refreshment process and precedes anticipated retirements from the board. This information is based on a press release statement from Selective Insurance Group, Inc.
In other recent news, Selective Insurance Group's Q1 2024 earnings revealed an operating return on equity of 11.7% and a 16% growth in net premiums. Despite facing an elevated combined ratio of 98.2% due to reserve adjustments, the company remains hopeful of surpassing its 12% return on equity target for the year, with a combined ratio goal of 95%.
The firm also reported an after-tax net investment income rise of 17% to $86 million and GAAP equity exceeding $3 billion. However, the GAAP combined ratio guidance for 2024 has been adjusted to 96.5%.
In terms of future expectations, Selective Insurance is focused on maintaining a combined ratio below 96.5% for 2024 and aims to exceed the 12% return on equity by the year-end. These are the latest developments from the company's first quarter earnings.
InvestingPro Insights
Selective Insurance Group, Inc. (NASDAQ: SIGI) has been making headlines with its strategic board appointments, signaling a commitment to innovation and growth. In light of recent developments, a glance at real-time data and InvestingPro Tips can provide investors with a deeper understanding of the company's financial health and market position.
As of the latest figures, Selective Insurance Group boasts a market capitalization of $5.73 billion, reflecting its significant presence in the insurance sector. The company's P/E ratio stands at 16.48, which aligns with its adjusted P/E ratio for the last twelve months as of Q1 2024, indicating stability in its earnings valuation. Importantly, the company's revenue growth is noteworthy, with an 18.47% increase over the last twelve months as of Q1 2024, underscoring its expanding operations and market reach.
From an investor's standpoint, two InvestingPro Tips stand out. First, Selective Insurance Group has raised its dividend for 10 consecutive years, demonstrating a strong commitment to returning value to shareholders. Moreover, the company is trading at a low P/E ratio relative to near-term earnings growth, which may suggest an attractive valuation for those looking at earnings potential. With the dividend yield at 1.49%, investors are privy to a steady income stream.
For those seeking more comprehensive analysis and additional InvestingPro Tips for Selective Insurance Group, further insights are available. There are 9 more tips listed on InvestingPro, which can be accessed by visiting https://www.investing.com/pro/SIGI. To enrich your investment research experience, use the coupon code PRONEWS24 to get up to 10% off a yearly Pro and a yearly or biyearly Pro+ subscription.
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