Companies: 11,396     total market cap: $149.165 T
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Selective Insurance
SIGI
#2819
Rank
$5.89 B
Marketcap
๐Ÿ‡บ๐Ÿ‡ธ United States
Country
$98.83
Share price
-0.49%
Change (1 day)
30.06%
Change (1 year)
๐Ÿฆ Insurance
Categories
  1. Selective Insurance
  2. Quarterly Reports (10-Q)
  3. Financial Year FY2026 Q3

Selective Insurance - 10-Q quarterly report FY2026 Q3


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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
 
FORM 10-Q

☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
 
For the quarterly period ended: September 30, 2026

or 

☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
 
For the transition period from_____________________________to_____________________________
 
Commission File Number: 001-33067

Selective Insurance Logo.jpg

SELECTIVE INSURANCE GROUP, INC.
(Exact Name of Registrant as Specified in Its Charter)

New Jersey22-2168890
(State or Other Jurisdiction of Incorporation or Organization)(I.R.S. Employer Identification No.)

40 Wantage Avenue, Branchville, New Jersey 07890
(Address of Principal Executive Offices) (Zip Code)
Registrant's telephone number, including area code: (973) 948-3000

Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading Symbol (s)Name of each exchange on which registered
Common Stock, par value $2 per shareSIGIThe Nasdaq Stock Market LLC
Depositary Shares, each representing a 1/1,000th interest in a share of 4.60% Non-Cumulative Preferred Stock, Series B, without par valueSIGIPThe Nasdaq Stock Market LLC

Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer☒Accelerated filer☐Emerging growth company☐
Non-accelerated filer☐Smaller reporting company☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.
☐
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒

As of October 16, 2026, there were 58,996,229 shares of common stock, par value $2.00 per share, outstanding. 

    
SELECTIVE INSURANCE GROUP, INC.
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PART I. FINANCIAL INFORMATION
ITEM 1. FINANCIAL STATEMENTS.
SELECTIVE INSURANCE GROUP, INC.
CONSOLIDATED BALANCE SHEETS		Unaudited
($ in thousands, except share amounts)September 30, 2026December 31, 2025
ASSETS
Investments:
Fixed income securities, held-to-maturity – at carrying value (fair value: $20,984 – 2026; $23,939 – 2025)
$21,905 23,942 
Less: allowance for credit losses— — 
Fixed income securities, held-to-maturity, net of allowance for credit losses21,905 23,942 
Fixed income securities, available-for-sale – at fair value
(allowance for credit losses: $51,561 – 2026 and $31,287 – 2025; amortized cost: $10,382,993 – 2026 and $9,576,878 – 2025)
9,810,058 9,457,176 
Commercial mortgage loans – at carrying value (fair value: $279,076 – 2026 and $274,895 – 2025)
290,476 277,895 
Less: allowance for credit losses(2,896)(213)
Commercial mortgage loans, net of allowance for credit losses287,580 277,682 
Equity securities – at fair value (cost: $341,199 – 2026; $370,104 – 2025)
359,134 384,416 
Short-term investments391,710 648,542 
Alternative investments505,237 418,525 
Other investments111,074 92,157 
Total investments (Note 4 and 5)$11,486,698 11,302,440 
Cash928 346 
Restricted cash14,441 17,612 
Accrued investment income104,275 92,003 
Premiums receivable1,580,584 1,555,201 
Less: allowance for credit losses (Note 6)(30,835)(21,300)
Premiums receivable, net of allowance for credit losses1,549,749 1,533,901 
Reinsurance recoverable1,128,348 917,495 
Less: allowance for credit losses (Note 7)(2,000)(2,000)
Reinsurance recoverable, net of allowance for credit losses1,126,348 915,495 
Prepaid reinsurance premiums289,533 266,332 
Deferred federal income tax214,486 110,905 
Property and equipment – at cost, net of accumulated depreciation and amortization of: $317,147 – 2026; $297,211 – 2025
130,434 106,390 
Deferred policy acquisition costs470,661 492,270 
Goodwill7,849 7,849 
Other assets315,660 310,167 
Total assets$15,711,062 15,155,710 
LIABILITIES AND STOCKHOLDERS’ EQUITY
Liabilities:
Reserve for loss and loss expense (Note 8)$8,006,495 7,225,398 
Unearned premiums2,724,853 2,745,521 
Long-term debt901,519 901,873 
Current federal income tax4,210 16,939 
Accrued salaries and benefits141,281 140,786 
Other liabilities486,979 516,218 
Total liabilities$12,265,337 11,546,735 
Stockholders’ Equity:
Preferred stock of $0 par value per share:
$200,000 200,000 
Authorized shares: 5,000,000; Issued shares: 8,000 with $25,000 liquidation preference per share – 2026 and 2025
Common stock of $2 par value per share:
Authorized shares 360,000,000
Issued: 106,283,523 – 2026; 106,006,544 – 2025
212,567 212,013 
Additional paid-in capital619,120 591,272 
Retained earnings3,772,253 3,500,774 
Accumulated other comprehensive income (loss) (Note 11)(491,787)(151,660)
Treasury stock – at cost (shares:  47,288,070 – 2026; 45,930,091 – 2025)
(866,428)(743,424)
Total stockholders’ equity$3,445,725 3,608,975 
Commitments and contingencies
Total liabilities and stockholders’ equity$15,711,062 15,155,710 
The accompanying notes are an integral part of these unaudited interim consolidated financial statements.
1
SELECTIVE INSURANCE GROUP, INC.
UNAUDITED CONSOLIDATED STATEMENTS OF INCOME		Quarter ended
September 30,		Nine Months ended
September 30,
($ in thousands, except per share amounts)2026202520262025
Revenues:
Net premiums earned$1,180,191 1,204,678 $3,612,895 3,551,492 
Net investment income earned160,481 138,655 453,031 387,314 
Net realized and unrealized investment gains (losses)(19,446)8,057 (15,776)12,458 
Other income5,074 8,720 22,110 20,777 
Total revenues1,326,300 1,360,110 4,072,260 3,972,041 
Expenses:
Loss and loss expense incurred762,696 819,031 2,394,466 2,389,254 
Amortization of deferred policy acquisition costs241,356 250,182 742,816 747,923 
Other insurance expenses143,828 127,487 414,704 375,180 
Interest expense13,215 13,253 39,651 36,082 
Corporate expenses3,117 4,446 31,488 30,100 
Total expenses1,164,212 1,214,399 3,623,125 3,578,539 
Income (loss) before income tax
162,088 145,711 449,135 393,502 
Income tax expense (benefit):
Current39,156 39,546 106,625 93,640 
Deferred(5,720)(9,175)(13,203)(11,317)
Total income tax expense (benefit)
33,436 30,371 93,422 82,323 
Net income (loss)
$128,652 115,340 $355,713 311,179 
Preferred stock dividends2,300 2,300 6,900 6,900 
Net income (loss) available to common stockholders
$126,352 113,040 $348,813 304,279 
Earnings per common share:
Net income (loss) available to common stockholders - Basic
$2.13 1.87 $5.85 5.01 
Net income (loss) available to common stockholders - Diluted
$2.11 1.85 $5.80 4.97 
                The accompanying notes are an integral part of these unaudited interim consolidated financial statements.


2
SELECTIVE INSURANCE GROUP, INC.
UNAUDITED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)
Quarter ended
September 30,		Nine Months ended
September 30,
($ in thousands)2026202520262025
Net income (loss)$128,652 115,340 $355,713 311,179 
Other comprehensive income (loss), net of tax:
Unrealized gains (losses) on investment securities:
Unrealized holding gains (losses) arising during period(207,985)53,248 (283,494)141,037 
Unrealized gains (losses) on securities with credit loss recognized in earnings(73,527)9,585 (84,078)28,378 
Amounts reclassified into net income (loss):
Net realized (gains) losses on disposals and losses on intent-to-sell available-for-sale securities3,993 458 7,928 (101)
Credit loss (benefit) expense10,172 (655)17,605 (1,853)
Total unrealized gains (losses) on investment securities(267,347)62,636 (342,039)167,461 
Defined benefit pension and post-retirement plans:
Amounts reclassified into net income (loss):
Net actuarial loss638 690 1,912 2,068 
Total defined benefit pension and post-retirement plans638 690 1,912 2,068 
Other comprehensive income (loss)(266,709)63,326 (340,127)169,529 
Comprehensive income (loss)$(138,057)178,666 $15,586 480,708 

 The accompanying notes are an integral part of these unaudited interim consolidated financial statements.


3
SELECTIVE INSURANCE GROUP, INC.
UNAUDITED CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY		Quarter ended
September 30,		Nine Months ended
September 30,
($ in thousands, except share and per share amounts)2026202520262025
Preferred stock:
Beginning of period$200,000 200,000 $200,000 200,000 
Issuance of preferred stock— — — — 
End of period200,000 200,000 200,000 200,000 
Common stock:
Beginning of period212,538 211,832 212,013 211,219 
Dividend reinvestment plan12 13 39 37 
Stock purchase and compensation plans17 32 515 621 
End of period212,567 211,877 212,567 211,877 
Additional paid-in capital:
Beginning of period614,724 580,432 591,272 557,042 
Dividend reinvestment plan552 496 1,662 1,514 
Stock purchase and compensation plans3,844 3,497 26,186 25,869 
End of period619,120 584,425 619,120 584,425 
Retained earnings:
Beginning of period3,671,632 3,284,044 3,500,774 3,139,489 
Net income (loss)
128,652 115,340 355,713 311,179 
Dividends to preferred stockholders(2,300)(2,300)(6,900)(6,900)
Dividends to common stockholders(25,731)(23,179)(77,334)(69,863)
End of period3,772,253 3,373,905 3,772,253 3,373,905 
Accumulated other comprehensive income (loss):
Beginning of period(225,078)(230,642)(151,660)(336,845)
Other comprehensive income (loss) (266,709)63,326 (340,127)169,529 
End of period(491,787)(167,316)(491,787)(167,316)
Treasury stock:
Beginning of period(810,829)(676,287)(743,424)(650,829)
Acquisition of treasury stock - share repurchase authorization(55,546)(36,475)(117,862)(55,896)
Acquisition of treasury stock - shares acquired related to employee share-based compensation plans(53)(167)(5,142)(6,204)
End of period(866,428)(712,929)(866,428)(712,929)
Total stockholders’ equity$3,445,725 3,489,962 $3,445,725 3,489,962 
Dividends declared per preferred share$287.50 287.50 $862.50 862.50 
Dividends declared per common share$0.43 0.38 $1.29 1.14 
Preferred stock, shares outstanding:
Beginning of period 8,000 8,000 8,000 8,000 
Issuance of preferred stock— — — — 
End of period8,000 8,000 8,000 8,000 
Common stock, shares outstanding:
Beginning of period59,568,835 60,849,553 60,076,453 60,847,896 
Dividend reinvestment plan6,153 6,510 19,548 18,690 
Stock purchase and compensation plan8,257 16,209 257,431 310,626 
Acquisition of treasury stock - share repurchase authorization(587,229)(464,701)(1,300,663)(698,312)
Acquisition of treasury stock - shares acquired related to employee share-based compensation plans(563)(1,381)(57,316)(72,710)
End of period58,995,453 60,406,190 58,995,453 60,406,190 

The accompanying notes are an integral part of these unaudited interim consolidated financial statements.

4
SELECTIVE INSURANCE GROUP, INC.
UNAUDITED CONSOLIDATED STATEMENTS OF CASH FLOWS		Nine Months ended
September 30,
($ in thousands)20262025
Operating Activities
Net income (loss)$355,713 311,179 
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
Depreciation and amortization25,548 23,705 
Stock-based compensation expense21,566 20,452 
Undistributed gains of equity method investments(22,023)(11,704)
Distributions in excess of current year income of equity method investments9,431 12,781 
Net realized and unrealized (gains) losses15,776 (12,458)
(Gain) loss on disposal of fixed assets— (72)
Changes in assets and liabilities:
Increase in reserve for loss and loss expense, net of reinsurance recoverable570,244 600,332 
Increase (decrease) in unearned premiums, net of prepaid reinsurance(43,869)185,494 
Increase in net federal income taxes(25,897)(31,556)
Increase in premiums receivable(15,848)(148,681)
(Increase) decrease in deferred policy acquisition costs21,609 (30,953)
Increase in accrued investment income(12,265)(9,924)
Increase in accrued salaries and benefits495 10,161 
Increase in other assets(12,992)(15,049)
Decrease in other liabilities(69,819)(46,943)
Net cash provided by (used in) operating activities817,669 856,764 
Investing Activities
Purchases of fixed income securities, held-to-maturity(2,200)(2,400)
Purchases of fixed income securities, available-for-sale(2,935,738)(2,544,273)
Purchases of commercial mortgage loans(38,271)(63,193)
Purchases of equity securities(10,623)(141,210)
Purchases of alternative investments and other investments(105,113)(83,434)
Purchases of short-term investments(6,522,930)(10,693,027)
Sales of fixed income securities, available-for-sale1,149,949 779,703 
Proceeds from commercial mortgage loans25,690 17,987 
Sales of short-term investments6,779,677 10,614,642 
Redemption and maturities of fixed income securities, held-to-maturity4,237 3,532 
Redemption and maturities of fixed income securities, available-for-sale1,007,567 902,690 
Sales of equity securities55,138 7,125 
Sales of alternative investments and other investments46 44,620 
Distributions from alternative investments and other investments19,695 27,931 
Purchases of property and equipment(45,306)(28,762)
Net cash provided by (used in) investing activities(618,182)(1,158,069)
Financing Activities
Dividends to preferred stockholders(6,900)(6,900)
Dividends to common stockholders(74,706)(67,672)
Acquisition of treasury stock(123,004)(62,100)
Net proceeds from stock purchase and compensation plans4,498 5,306 
Proceeds from borrowings (net of debt issuance costs of $4.1 million in 2025)
— 395,957 
Repayments of borrowings— (100)
Repayments of finance lease obligations(1,964)(2,054)
Net cash provided by (used in) financing activities(202,076)262,437 
Net increase (decrease) in cash and restricted cash(2,589)(38,868)
Cash and restricted cash, beginning of period17,958 63,024 
Cash and restricted cash, end of period$15,369 24,156 

The accompanying notes are an integral part of these unaudited interim consolidated financial statements.
5
NOTES TO UNAUDITED INTERIM CONSOLIDATED FINANCIAL STATEMENTS

NOTE 1. Basis of Presentation
The words “Company,” “we,” “us,” or “our” refer to Selective Insurance Group, Inc. (the “Parent”) and its subsidiaries, except as expressly indicated or the context requires otherwise. We have prepared our interim unaudited consolidated financial statements (“Financial Statements”) in conformity with (i) United States (“U.S.”) generally accepted accounting principles (“GAAP”), and (ii) the rules and regulations of the U.S. Securities and Exchange Commission (“SEC”) regarding interim financial reporting. In preparing the Financial Statements, management is required to make estimates and assumptions that affect the reported assets and liabilities, the disclosure of contingent assets and liabilities, and the reported revenues and expenses. Actual results could differ from those estimates. All significant intercompany accounts and transactions are eliminated in consolidation.

Our Financial Statements reflect all adjustments that we consider normal, recurring, and necessary for a fair presentation of our financial condition, results of operations and cash flow. Our Financial Statements cover the third quarters ended September 30, 2026 (“Third Quarter 2026”) and September 30, 2025 (“Third Quarter 2025”), and the nine-month periods ended September 30, 2026 (“Nine Months 2026”) and September 30, 2025 (“Nine Months 2025”). Our Financial Statements do not include all information and disclosures required by GAAP and the SEC for audited annual financial statements. Because interim period results of operations are not necessarily indicative of full-year results, our Financial Statements should be read in conjunction with the consolidated financial statements in our Annual Report on Form 10-K for the year ended December 31, 2025 (“2025 Annual Report”) filed with the SEC.

NOTE 2. Adoption of Accounting Pronouncements 
We adopted no accounting pronouncements in Nine Months 2026.

Pronouncements to be effective in the future
In November 2024, the FASB issued ASU 2024-03, Disaggregation of Income Statement Expenses (“ASU 2024-03”). ASU 2024-03 requires disaggregated disclosure of income statement expenses. This ASU does not change the expense captions on the income statement; rather, it requires disaggregation of certain expense captions into specified categories in disclosures within the footnotes to the financial statements. ASU 2024-03 is effective for annual reporting periods beginning after December 15, 2026, and interim periods within annual reporting periods beginning after December 15, 2027. This ASU can be applied prospectively. Retrospective application and early adoption are permitted. As ASU 2024-03 only requires additional disclosure, it will not have a material impact on our financial condition and results of operations.

In September 2025, the FASB issued ASU 2025-06, Intangibles—Goodwill and Other—Internal-Use Software (Subtopic 350-40) (“ASU 2025-06”). ASU 2025-06 updates the accounting guidance for internal-use software by eliminating references to software development project stages, thereby requiring companies to start capitalizing software costs when (i) management has authorized and committed to funding the project and (ii) it is probable the project will be completed and the software will be used as intended. ASU 2025-06 is effective for annual periods beginning after December 15, 2027, with early adoption permitted. Amendments can be applied either (i) prospectively, (ii) through a modified transition approach based on the existing projects status and whether software costs were capitalized before the date of adoption, or (iii) retrospectively. We are currently evaluating the impact of ASU 2025-06 on the Company's financial condition and results of operations.

In December 2025, the FASB issued ASU 2025‑11, Interim Reporting (Topic 270): Narrow‑Scope Improvements (“ASU 2025‑11”). ASU 2025‑11 clarifies the scope, form, content, and disclosure requirements applicable to interim financial reporting under U.S. GAAP. The ASU improves the navigability of Topic 270 and provides clearer guidance on when the interim reporting requirements apply. Specifically, the amendments (i) clarify that Topic 270 applies to entities that provide interim financial statements and accompanying notes in accordance with GAAP, (ii) add a comprehensive list of required interim disclosures drawn from other FASB topics, and (iii) introduce a disclosure principle requiring entities to disclose events occurring after the end of the most recent annual reporting period that have a material impact on the entity. The ASU is not intended to change the fundamental nature of interim reporting, or expand or reduce existing disclosure requirements. ASU 2025‑11 is effective for interim reporting periods within annual periods beginning after December 15, 2027. Early adoption is permitted. The guidance may be applied prospectively or retrospectively. Because ASU 2025‑11 primarily provides clarifying guidance and requires disclosures in certain circumstances, it will not have a material impact on our financial condition or results of operations.
6
NOTE 3. Statements of Cash Flows
Supplemental cash flow information was as follows:

Nine Months ended
September 30,
($ in thousands)20262025
Cash paid (received) during the period for:
Interest$34,568 22,862 
Federal income tax111,000 108,269 
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases7,616 7,648 
Operating cash flows from financing leases102 196 
Financing cash flows from finance leases1,964 2,054 
Non-cash items:
Corporate actions related to fixed income securities, available-for-sale (“AFS”)1
25,477 44,452 
Conversion of alternative investment to equity securities
— 20,127 
Conversion of alternative investment to other investment1,288 — 
Conversion of AFS fixed income securities to equity securities— 736 
Conversion of commercial mortgage loan (“CML”) to alternative investment— 3,300 
Assets acquired under finance lease arrangements977 — 
Assets acquired under operating lease arrangements2,358 5,625 
Non-cash purchase of property and equipment1 14 
1Examples of corporate actions include like-kind exchanges, non-cash acquisitions, and stock splits.

The following table provides a reconciliation of cash and restricted cash reported within the Consolidated Balance Sheets to the amount reported in the Consolidated Statements of Cash Flows:

($ in thousands)September 30, 2026December 31, 2025
Cash$928 346 
Restricted cash14,441 17,612 
Total cash and restricted cash shown in the Consolidated Statements of Cash Flows$15,369 17,958 

Amounts in restricted cash represent cash received from the National Flood Insurance Program (“NFIP“) that can only be used to pay flood claims under the Write Your Own program.

NOTE 4. Investments
(a) Information regarding our AFS securities as of September 30, 2026 and December 31, 2025, was as follows:

September 30, 2026Cost/
Amortized
Cost		Allowance for Credit LossesUnrealized
Gains		Unrealized
Losses		Fair
Value
($ in thousands)
AFS fixed income securities:
U.S. government and government agencies$207,774 — — (25,658)182,116 
Foreign government17,109 (75)8 (1,679)15,363 
Obligations of states and political subdivisions540,579 (619)162 (48,207)491,915 
Corporate securities3,959,528 (24,893)8,882 (189,692)3,753,825 
Collateralized loan obligations (“CLO”) and other asset-backed securities (“ABS”)2,576,294 (14,417)14,427 (70,902)2,505,402 
Residential mortgage-backed securities (“RMBS”)2,447,862 (11,543)1,345 (184,471)2,253,193 
Commercial mortgage-backed securities (“CMBS”)633,847 (14)229 (25,818)608,244 
Total AFS fixed income securities$10,382,993 (51,561)25,053 (546,427)9,810,058 

7
December 31, 2025Cost/
Amortized
Cost		Allowance for Credit LossesUnrealized
Gains		Unrealized
Losses		Fair
Value
($ in thousands)
AFS fixed income securities:
U.S. government and government agencies$177,877 — 108 (14,778)163,207 
Foreign government10,768 (16)47 (797)10,002 
Obligations of states and political subdivisions567,757 (259)6,342 (23,883)549,957 
Corporate securities3,409,875 (7,691)73,842 (71,862)3,404,164 
CLO and other ABS2,570,451 (11,902)26,596 (34,859)2,550,286 
RMBS2,127,004 (11,284)21,547 (61,334)2,075,933 
CMBS713,146 (135)5,221 (14,605)703,627 
Total AFS fixed income securities$9,576,878 (31,287)133,703 (222,118)9,457,176 

The following tables provide a roll forward of the allowance for credit losses on our AFS fixed income securities for the indicated periods:

Quarter ended September 30, 2026Beginning BalanceCurrent Provision for Securities without Prior AllowanceInitial Allowance for Purchased Credit Deteriorated Assets with Credit DeteriorationIncrease (Decrease) on Securities with Prior Allowance, excluding intent (or Requirement) to Sell SecuritiesReductions for Securities SoldReductions for Securities Identified as Intent (or Requirement) to Sell during the PeriodEnding Balance
($ in thousands)
Foreign government$79 — — (4)— — 75 
Obligations of states and political subdivisions305 333 — (19)— — 619 
Corporate securities12,398 10,550 — 2,281 (336)— 24,893 
CLO and other ABS14,917 161 — (654)(7)— 14,417 
RMBS11,394 — — 223 (74)— 11,543 
CMBS9 — — 5 — — 14 
Total AFS fixed income securities$39,102 11,044 — 1,832 (417)— 51,561 

Quarter ended September 30, 2025Beginning BalanceCurrent Provision for Securities without Prior AllowanceInitial Allowance for Purchased Credit Deteriorated Assets with Credit DeteriorationIncrease (Decrease) on Securities with Prior Allowance, excluding intent (or Requirement) to Sell SecuritiesReductions for Securities SoldReductions for Securities Identified as Intent (or Requirement) to Sell during the PeriodEnding Balance
($ in thousands)
Foreign government$21 — — (2)— — 19 
Obligations of states and political subdivisions390 13 — (77)— — 326 
Corporate securities9,571 369 — (1,568)(352)— 8,020 
CLO and other ABS7,230 333 1,938 68 (335)— 9,234 
RMBS11,422 — — 25 (79)— 11,368 
CMBS99 — — 10 — — 109 
Total AFS fixed income securities$28,733 715 1,938 (1,544)(766)— 29,076 

Nine Months ended September 30, 2026Beginning BalanceCurrent Provision for Securities without Prior AllowanceInitial Allowance for Purchased Credit Deteriorated Assets with Credit DeteriorationIncrease (Decrease) on Securities with Prior Allowance, excluding intent (or Requirement) to Sell SecuritiesReductions for Securities SoldReductions for Securities Identified as Intent (or Requirement) to Sell during the PeriodEnding Balance
($ in thousands)
Foreign government$16 65 — (6)— — 75 
Obligations of states and political subdivisions259 420 — (57)(3)— 619 
Corporate securities7,691 18,179 — 679 (1,656)— 24,893 
CLO and other ABS11,902 512 — 2,100 (97)— 14,417 
RMBS11,284 37 — 477 (255)— 11,543 
CMBS135 — — (121)— — 14 
Total AFS fixed income securities$31,287 19,213 — 3,072 (2,011)— 51,561 
8
Nine Months ended September 30, 2025Beginning BalanceCurrent Provision for Securities without Prior AllowanceInitial Allowance for Purchased Credit Deteriorated Assets with Credit DeteriorationIncrease (Decrease) on Securities with Prior Allowance, excluding intent (or Requirement) to Sell SecuritiesReductions for Securities SoldReductions for Securities Identified as Intent (or Requirement) to Sell during the PeriodEnding Balance
($ in thousands)
Foreign government$21 — — (2)— — 19 
Obligations of states and political subdivisions570 18 — (156)(106)— 326 
Corporate securities14,924 957 — (6,363)(1,498)— 8,020 
CLO and other ABS4,889 2,177 1,938 752 (522)— 9,234 
RMBS11,544 — — 163 (339)— 11,368 
CMBS— 109 — — — — 109 
Total AFS fixed income securities$31,948 3,261 1,938 (5,606)(2,465)— 29,076 

During Nine Months 2026 and Nine Months 2025, we had no write-offs or recoveries of our AFS fixed income securities.

For information on our methodology and significant inputs used to measure expected credit losses, our accounting policy for recognizing write-offs of uncollectible amounts, and our treatment of accrued interest, refer to Note 2. “Summary of Significant Accounting Policies” in Item 8. “Financial Statements and Supplementary Data.” of our 2025 Annual Report. Accrued interest on AFS securities was $101.6 million as of September 30, 2026, and $88.9 million as of December 31, 2025. We did not record any material write-offs of accrued interest in Nine Months 2026 or Nine Months 2025.

(b) Quantitative information about unrealized losses on our AFS portfolio follows:

September 30, 2026Less than 12 months12 months or longerTotal
($ in thousands)
Fair
Value
Unrealized
Losses
Fair
Value
Unrealized
Losses
Fair
Value
Unrealized
Losses
AFS fixed income securities:
U.S. government and government agencies$93,042 (5,474)89,010 (20,184)182,052 (25,658)
Foreign government6,897 (544)7,561 (1,135)14,458 (1,679)
Obligations of states and political subdivisions302,778 (14,193)161,130 (34,014)463,908 (48,207)
Corporate securities2,466,362 (102,586)572,314 (87,106)3,038,676 (189,692)
CLO and other ABS1,421,402 (40,216)328,580 (30,686)1,749,982 (70,902)
RMBS1,677,296 (91,274)523,639 (93,197)2,200,935 (184,471)
CMBS366,333 (9,863)190,087 (15,955)556,420 (25,818)
Total AFS fixed income securities$6,334,110 (264,150)1,872,321 (282,277)8,206,431 (546,427)

December 31, 2025Less than 12 months12 months or longerTotal
($ in thousands)Fair
Value		Unrealized
Losses
Fair
Value
Unrealized
Losses
Fair
Value
Unrealized
Losses
AFS fixed income securities:
U.S. government and government agencies$28,710 (57)110,826 (14,721)139,536 (14,778)
Foreign government— — 9,058 (797)9,058 (797)
Obligations of states and political subdivisions53,076 (604)230,441 (23,279)283,517 (23,883)
Corporate securities128,218 (3,070)830,001 (68,792)958,219 (71,862)
CLO and other ABS573,832 (6,993)462,469 (27,866)1,036,301 (34,859)
RMBS283,926 (1,913)672,455 (59,421)956,381 (61,334)
CMBS53,716 (1,009)304,054 (13,596)357,770 (14,605)
Total AFS fixed income securities$1,121,478 (13,646)2,619,304 (208,472)3,740,782 (222,118)

We currently do not intend to sell any of the securities summarized in the tables above, nor do we believe we will be required to sell any of them. The increase in gross unrealized losses at September 30, 2026, compared to December 31, 2025, was primarily driven by an increase in benchmark U.S. Treasury rates. Considering these factors and our review of these securities under our credit loss policy as described in Note 2. “Summary of Significant Accounting Policies” in Item 8. “Financial Statements and Supplementary Data.” of our 2025 Annual Report, we have concluded that no additional allowance for credit loss is required on these balances beyond the allowance for credit loss recorded as of September 30, 2026. This conclusion reflects our current judgment about the financial position and future prospects of the entities that issued the investment security and underlying collateral.

9
(c) AFS and held-to-maturity (“HTM”) fixed income securities at September 30, 2026, by contractual maturity are shown below. The maturities of RMBS, CMBS, CLO and other ABS securities were calculated using each security's expected maturities. Expected maturities may differ from contractual maturities because issuers may have the right to call or prepay obligations with or without call or prepayment penalties.
 
AFSHTM
($ in thousands)Fair ValueCarrying ValueFair Value
Due in one year or less$432,032 — — 
Due after one year through five years3,420,422 19,705 18,807 
Due after five years through ten years3,876,752 2,200 2,177 
Due after ten years2,080,852 — — 
Total fixed income securities$9,810,058 21,905 20,984 

(d) The following table summarizes our alternative investment portfolio by strategy:

September 30, 2026December 31, 2025
($ in thousands)Carrying ValueRemaining CommitmentMaximum Exposure to LossCarrying ValueRemaining CommitmentMaximum Exposure to Loss
Alternative Investments
   Private equity$410,628 222,436 633,064 335,415 194,275 529,690 
   Private credit45,349 89,378 134,727 37,029 133,639 170,668 
   Real assets49,260 52,727 101,987 46,081 48,385 94,466 
Total alternative investments$505,237 364,541 869,778 418,525 376,299 794,824 

We are contractually committed to make additional investments up to the remaining commitments stated above. We did not provide any non-contractual financial support during Nine Months 2026 or 2025.

(e) We have pledged certain AFS fixed income securities as collateral related to our borrowing relationships with the Federal Home Loan Bank of Indianapolis (“FHLBI”) and the Federal Home Loan Bank of New York (“FHLBNY”). We also had certain securities on deposit with various state and regulatory agencies at September 30, 2026, to comply with insurance laws. We retain all rights regarding all securities pledged as collateral.

The following table summarizes the market value of these securities at September 30, 2026:

($ in millions)FHLBI CollateralFHLBNY Collateral
State and Regulatory Deposits
Total
U.S. government and government agencies$— — 25.1 25.1 
Obligations of states and political subdivisions— — 0.2 0.2 
RMBS63.8 17.0 0.4 81.2 
CMBS— 5.0 — 5.0 
Total pledged as collateral$63.8 22.0 25.7 111.5 

(f) We did not have exposure to any credit concentration risk of a single issuer greater than 10% of our stockholders' equity, other than to certain U.S. government agencies, as of September 30, 2026, or December 31, 2025.

(g) The components of pre-tax net investment income earned were as follows:

Quarter ended
September 30,		Nine Months ended
September 30,
($ in thousands)2026202520262025
Fixed income securities$137,589 117,242 $398,857 338,057 
Commercial mortgage loans (“CMLs”)4,148 3,999 12,463 11,375 
Equity securities5,376 5,164 15,098 13,639 
Short-term investments3,384 5,712 12,081 17,212 
Alternative investments15,187 11,769 30,670 22,852 
Other investments139 171 625 565 
Investment expenses(5,342)(5,402)(16,763)(16,386)
Net investment income earned$160,481 138,655 $453,031 387,314 

10
The increase in net investment income earned in Third Quarter 2026 and Nine Months 2026 compared to the same prior-year periods was primarily driven by active portfolio management resulting in higher after-tax portfolio yield and operating cash flow deployment.

(h) The following table summarizes net realized and unrealized investment gains and losses for the periods indicated:

Quarter ended
September 30,		Nine Months ended
September 30,
($ in thousands)2026202520262025
Gross gains on sales$16,471 8,311 $22,377 12,192 
Gross losses on sales(5,890)(8,886)(16,248)(13,663)
Net realized gains (losses) on disposals10,581 (575)6,129 (1,471)
Net unrealized gains (losses) on equity securities(17,691)7,802 3,624 12,492 
Net credit loss benefit (expense) on fixed income investments(12,318)830 (25,123)2,196 
Losses on securities for which we have the intent to sell(18)— (406)(759)
Net realized and unrealized investment gains (losses)$(19,446)8,057 $(15,776)12,458 

Net unrealized gains and losses recognized in income on equity securities, as reflected in the table above, included the following:

Quarter ended
September 30,		Nine Months ended
September 30,
($ in thousands)2026202520262025
Unrealized gains (losses) recognized in income on equity securities:
On securities remaining in our portfolio at end of period$(1,969)7,802 $11,720 11,341 
On securities sold in period(15,722)— (8,096)1,151 
Total unrealized gains (losses) recognized in income on equity securities$(17,691)7,802 $3,624 12,492 

NOTE 5. Fair Value Measurements
The financial assets in our investment portfolio are primarily measured at fair value as disclosed on the Consolidated Balance Sheets. The following table presents the carrying amounts and fair values of our financial liabilities as of September 30, 2026, and December 31, 2025:

September 30, 2026December 31, 2025
($ in thousands)Carrying AmountFair ValueCarrying AmountFair Value
Financial Liabilities
Long-term debt:
7.25% Senior Notes
$49,940 52,934 49,936 56,973 
6.70% Senior Notes
99,638 101,158 99,617 110,244 
5.90% Senior Notes
399,923 389,612 399,917 419,869 
5.375% Senior Notes
294,824 251,315 294,737 277,541 
3.03% borrowings from FHLBI
60,000 59,816 60,000 59,625 
Subtotal long-term debt904,325 854,835 904,207 924,252 
Unamortized debt issuance costs(5,389)(5,904)
Finance lease obligations2,583 3,570 
Total long-term debt$901,519 901,873 

For discussion regarding fair value techniques of our financial instruments, refer to Note 2. “Summary of Significant Accounting Policies” in Item 8. “Financial Statements and Supplementary Data.” of our 2025 Annual Report.

11
The following tables provide quantitative disclosures of our financial assets that were measured and recorded at fair value at September 30, 2026, and December 31, 2025:

September 30, 2026Fair Value Measurements Using
($ in thousands)Assets
 Measured at
 Fair Value		Quoted Prices in
Active Markets for
Identical Assets/
Liabilities (Level 1)		Significant Other
 Observable
Inputs
 (Level 2)		Significant Unobservable
 Inputs
 (Level 3)
Description
Measured on a recurring basis:
AFS fixed income securities:
U.S. government and government agencies$182,116 31,760 150,356 — 
Foreign government15,363 — 15,363 — 
Obligations of states and political subdivisions491,915 — 484,610 7,305 
Corporate securities3,753,825 — 3,375,427 378,398 
CLO and other ABS2,505,402 — 2,108,273 397,129 
RMBS2,253,193 — 2,253,193 — 
CMBS608,244 — 607,914 330 
Total AFS fixed income securities9,810,058 31,760 8,995,136 783,162 
Equity securities:
Common stock1
357,530 103,019 772 — 
Preferred stock1,604 1,604 — — 
Total equity securities359,134 104,623 772 — 
Short-term investments391,710 381,645 10,065 — 
Total assets measured at fair value$10,560,902 518,028 9,005,973 783,162 

December 31, 2025Fair Value Measurements Using
($ in thousands)Assets
 Measured at
 Fair Value		Quoted Prices in
 Active Markets for
Identical Assets/Liabilities
(Level 1)		Significant
Other Observable Inputs
(Level 2)		Significant Unobservable
Inputs
 (Level 3)
Description
Measured on a recurring basis:
AFS fixed income securities:
U.S. government and government agencies$163,207 39,472 123,735 — 
Foreign government10,002 — 10,002 — 
Obligations of states and political subdivisions549,957 — 542,548 7,409 
Corporate securities3,404,164 — 3,035,053 369,111 
CLO and other ABS2,550,286 — 1,985,197 565,089 
RMBS2,075,933 — 2,075,933 — 
CMBS703,627 — 703,292 335 
Total AFS fixed income securities9,457,176 39,472 8,475,760 941,944 
Equity securities:
Common stock1
382,577 107,125 653 — 
Preferred stock1,839 1,839 — — 
Total equity securities384,416 108,964 653 — 
Short-term investments648,542 637,751 10,791 — 
Total assets measured at fair value$10,490,134 786,187 8,487,204 941,944 
1Investments amounting to $253.7 million at September 30, 2026, and $274.8 million at December 31, 2025, were measured at fair value using the net asset value per share (or its practical expedient) and have not been classified in the fair value hierarchy. These investments are subject to restrictions on redemption, and the timing of liquidations of the underlying assets is unknown at each reporting period. The fair value amounts in this table are intended to permit reconciliation of the fair value hierarchy to total assets measured at fair value.

12
The following tables provide a summary of Level 3 changes in Nine Months 2026 and Nine Months 2025:

September 30, 2026
($ in thousands)Obligations of States and Political SubdivisionsCorporate SecuritiesCLO and Other ABSRMBSCMBSTotal
Fair value, December 31, 2025
$7,409 369,111 565,089 — 335 941,944 
Total net gains (losses) for the period included in:
Other comprehensive income (loss) (“OCI”)(113)(12,254)(9,974)(3,187)5 (25,523)
   Net realized and unrealized investment gains (losses)7 (785)32 — — (746)
Net investment income earned— 80 85 (147)(2)16 
Purchases— 126,614 155,324 40,464 — 322,402 
Sales— — — — — — 
Issuances— — — — — — 
Settlements(64)(46,811)(56,183)(1,566)(8)(104,632)
Transfers into Level 32,771 127,675 100,971 — — 231,417 
Transfers out of Level 3(2,705)(185,232)(358,215)(35,564)— (581,716)
Fair value, September 30, 2026
$7,305 378,398 397,129 — 330 783,162 
Change in unrealized gains (losses) for the period included in earnings for assets held at period end7 (799)118 — — (674)
Change in unrealized gains (losses) for the period included in OCI for assets held at period end(113)(12,518)(9,493)(3,187)5 (25,306)

September 30, 2025
($ in thousands)Obligations of States and Political SubdivisionsCorporate SecuritiesCLO and Other ABSRMBSCMBSCommon StockTotal
Fair value, December 31, 2024
$7,426 242,679 367,994 — 340 808 619,247 
Total net gains (losses) for the period included in:
OCI132 7,164 1,894 8 — — 9,198 
   Net realized and unrealized investment gains (losses)144 286 39 — — 655 1,124 
Net investment income earned— 35 48 (1)4 — 86 
Purchases— 61,531 115,903 5,555 — — 182,989 
Sales— — — — — — — 
Issuances— — — — — — — 
Settlements(72)(13,704)(35,827)(79)(7)(1,463)(51,152)
Transfers into Level 3— 19,571 85,788 — — — 105,359 
Transfers out of Level 3— (295)(39,803)— — — (40,098)
Fair value, September 30, 2025
$7,630 317,267 496,036 5,483 337 — 826,753 
Change in unrealized gains (losses) for the period included in earnings for assets held at period end144 285 39 — — — 468 
Change in unrealized gains (losses) for the period included in OCI for assets held at period end132 7,169 1,214 8 — — 8,523 

During Nine Months 2026, we transferred securities with a fair value of $581.7 million from Level 3 to Level 2 in the fair value hierarchy. These investments were primarily corporate securities, CLOs and other ABS that were transferred in the second quarter of 2026, as we transitioned to a matrix-pricing methodology that provides sufficient observable inputs to support Level 2 classification and eliminates the prior need to rely on significant unobservable inputs in determining fair value.

The following tables present quantitative information about the significant unobservable inputs used in the fair value measurements of Level 3 assets at September 30, 2026, and December 31, 2025:

September 30, 2026
($ in thousands)Assets Measured at Fair ValueValuation TechniquesUnobservable InputsRange Weighted Average
Internal valuations:
CLO and other ABS$75,907 
Discounted Cash Flow
Illiquidity Spread
2.0% - 19.6%
8.1%
Total internal valuations75,907 
Other1
707,255 
Total Level 3 securities$783,162 
13
December 31, 2025
($ in thousands)Assets Measured at Fair ValueValuation TechniquesUnobservable InputsRangeWeighted Average
Internal valuations:
Corporate securities$175,433 Discounted Cash FlowIlliquidity Spread
(4.4)% - 5.3%
1.9%
CLO and other ABS295,307 Discounted Cash FlowIlliquidity Spread
(1.8)% - 19.6%
2.3%
Total internal valuations470,740 
Other1
471,204 
Total Level 3 securities$941,944 
1Other is comprised of broker quotes or other third-party pricing for which there is a lack of transparency into the inputs used to develop the valuations. The quantitative details of these unobservable inputs are neither provided to us, nor reasonably available to us, and therefore are not included in the tables above.

For the securities in the tables above valued using a discounted cash flow analysis, we apply an illiquidity spread in determining fair value. An increase in this assumption would result in a lower fair value measurement.

The following tables provide quantitative information about our financial assets and liabilities that were not measured at fair value, but were disclosed as such at September 30, 2026, and December 31, 2025:

September 30, 2026Fair Value Measurements Using
($ in thousands)Assets/
Liabilities
Disclosed at
Fair Value		Quoted Prices in
 Active Markets for
 Identical Assets/
Liabilities
(Level 1)		Significant Other
Observable Inputs
(Level 2)		Significant
Unobservable
Inputs
(Level 3)
Financial Assets
HTM:
Corporate securities$20,984 — 20,984 — 
Total HTM fixed income securities20,984 — 20,984 — 
CMLs$279,076 — — 279,076 
Financial Liabilities
Long-term debt:
7.25% Senior Notes
$52,934 — 52,934 — 
6.70% Senior Notes
101,158 — 101,158 — 
5.90% Senior Notes
389,612 — 389,612 — 
5.375% Senior Notes
251,315 — 251,315 — 
3.03% borrowings from FHLBI
59,816 — 59,816 — 
Total long-term debt$854,835 — 854,835 — 

December 31, 2025Fair Value Measurements Using
($ in thousands)Assets/
Liabilities
Disclosed at
Fair Value		Quoted Prices in
 Active Markets for
 Identical Assets/
Liabilities
(Level 1)		Significant Other
Observable Inputs
(Level 2)		Significant
Unobservable
Inputs
(Level 3)
Financial Assets
HTM:
Corporate securities$23,939 — 23,939 — 
Total HTM fixed income securities23,939 — 23,939 — 
CMLs$274,895 — — 274,895 
Financial Liabilities
Long-term debt:
7.25% Senior Notes
$56,973 — 56,973 — 
6.70% Senior Notes
110,244 — 110,244 — 
5.90% Senior Notes
419,869 — 419,869 — 
5.375% Senior Notes
277,541 — 277,541 — 
3.03% borrowings from FHLBI
59,625 — 59,625 — 
Total long-term debt$924,252 — 924,252 — 
14
NOTE 6. Allowance for Credit Losses on Premiums Receivable
The following table provides a roll forward of the allowance for credit losses on our premiums receivable balance for the indicated periods:

Quarter ended
September 30,		Nine Months ended
September 30,
($ in thousands)2026202520262025
Balance at beginning of period$24,100 21,800 $21,300 20,400 
Current period change for expected credit losses11,637 2,148 18,485 7,947 
Write-offs charged against the allowance for credit losses(5,243)(2,693)(9,780)(7,896)
Recoveries341 345 830 1,149 
Allowance for credit losses, end of period$30,835 21,600 $30,835 21,600 

For a discussion of the methodology used to evaluate our estimate of expected credit losses on premiums receivable, refer to Note 2. “Summary of Significant Accounting Policies” in Item 8. “Financial Statements and Supplementary Data” of our 2025 Annual Report.

NOTE 7. Reinsurance
We evaluate and monitor the financial condition of our reinsurers under voluntary reinsurance arrangements to minimize our exposure to significant losses from reinsurer insolvencies. The following tables provide (i) a disaggregation of our reinsurance recoverable balance by financial strength rating and (ii) an aging analysis of our past due reinsurance recoverable balances as of September 30, 2026, and December 31, 2025:

September 30, 2026
($ in thousands)CurrentPast DueTotal Reinsurance Recoverables
Financial strength rating of rated reinsurers
A++$180,507 278 180,785 
A+676,773 2,691 679,464 
A170,725 688 171,413 
A-54 109 163 
Total rated reinsurers1,028,059 3,766 1,031,825 
Non-rated reinsurers
Federal and state pools94,832 — 94,832 
Other than federal and state pools1,643 48 1,691 
Total non-rated reinsurers96,475 48 96,523 
Total reinsurance recoverable, gross$1,124,534 3,814 1,128,348 
Less: allowance for credit losses(2,000)
Total reinsurance recoverable, net1,126,348 

December 31, 2025
($ in thousands)CurrentPast DueTotal Reinsurance Recoverables
Financial strength rating of rated reinsurers
A++$153,275 1,681 154,956 
A+529,027 5,556 534,583 
A130,457 974 131,431 
A-1,166 114 1,280 
Total rated reinsurers813,925 8,325 822,250 
Non-rated reinsurers
Federal and state pools82,322 — 82,322 
Other than federal and state pools12,862 61 12,923 
Total non-rated reinsurers95,184 61 95,245 
Total reinsurance recoverable, gross$909,109 8,386 917,495 
Less: allowance for credit losses(2,000)
Total reinsurance recoverable, net915,495 

15
The following table provides a roll forward of the allowance for credit losses on our reinsurance recoverable balance for the periods indicated:

Quarter ended
September 30,		Nine Months ended
September 30,
($ in thousands)
2026202520262025
Balance at beginning of period$2,000 2,000 $2,000 2,000 
Current period change for expected credit losses— — — — 
Write-offs charged against the allowance for credit losses— — — — 
Recoveries— — — — 
Allowance for credit losses, end of period$2,000 2,000 $2,000 2,000 

For a discussion of the methodology used to evaluate our estimate of expected credit losses on our reinsurance recoverable balance, refer to Note 2. “Summary of Significant Accounting Policies” in Item 8. “Financial Statements and Supplementary Data.” of our 2025 Annual Report.

The following table lists direct, assumed, and ceded reinsurance amounts for premiums written, premiums earned, and loss and loss expense incurred for the indicated periods. For more information about reinsurance, refer to Note 9. “Reinsurance” in Item 8. “Financial Statements and Supplementary Data.” of our 2025 Annual Report.

Quarter ended
September 30,		Nine Months ended
September 30,
($ in thousands)2026202520262025
Premiums written:
Direct$1,331,836 1,411,730 $4,163,469 4,325,386 
Assumed8,199 7,542 20,970 18,960 
Ceded(217,211)(211,356)(615,413)(607,358)
Net1,122,824 1,207,916 3,569,026 3,736,988 
Premiums earned:
Direct1,374,205 1,387,891 4,185,132 4,101,417 
Assumed6,726 6,306 19,976 18,379 
Ceded(200,740)(189,519)(592,213)(568,304)
Net1,180,191 1,204,678 3,612,895 3,551,492 
Loss and loss expense incurred:
Direct985,205 966,358 2,748,937 2,726,959 
Assumed6,503 5,260 20,273 15,895 
Ceded(229,012)(152,587)(374,744)(353,600)
Net$762,696 819,031 $2,394,466 2,389,254 

NOTE 8. Reserve for Loss and Loss Expense
The table below provides a roll forward of the reserve for loss and loss expense for beginning and ending reserve balances:

Nine Months ended
September 30,
($ in thousands)20262025
Gross reserve for loss and loss expense, at beginning of period$7,225,398 6,589,801 
Less: reinsurance recoverable on unpaid loss and loss expense, at beginning of period877,843 1,022,245 
Net reserve for loss and loss expense, at beginning of period6,347,555 5,567,556 
Incurred loss and loss expense for claims occurring in the:
Current year2,417,011 2,319,158 
Prior years(22,545)70,096 
Total incurred loss and loss expense2,394,466 2,389,254 
Paid loss and loss expense for claims occurring in the:
Current year610,602 594,811 
Prior years1,210,969 1,199,822 
Total paid loss and loss expense1,821,571 1,794,633 
Net reserve for loss and loss expense, at end of period6,920,450 6,162,177 
Add: Reinsurance recoverable on unpaid loss and loss expense, at end of period1,086,045 914,245 
Gross reserve for loss and loss expense, at end of period8,006,495 7,076,422 


16
Favorable prior year property reserve development was $22.5 million in Nine Months 2026. We did not record any favorable or unfavorable prior year casualty reserve development in Nine Months 2026.

Prior year reserve development in Nine Months 2025 was unfavorable by $70.1 million, consisting of $90.0 million of unfavorable casualty reserve development, partially offset by $19.9 million of favorable property reserve development. Our Standard Commercial Lines segment drove the unfavorable casualty reserve development consisting of (i) $60.0 million in our commercial automobile line of business, related to severities primarily in accident years 2022 through 2024 and (ii) $20.0 million in our general liability line of business, driven by higher severities on umbrella coverages related to commercial automobile claims, primarily in accident years 2022 and 2023. We also had an unfavorable development of $10.0 million in our personal automobile line of business, primarily related to increased severities in accident year 2024.

NOTE 9. Segment Information
We evaluate the results of our four reportable segments as follows:

•Our Standard Commercial Lines, Standard Personal Lines, and E&S Lines are evaluated on (i) before and after-tax underwriting results (net premiums earned, incurred loss and loss expense, policyholder dividends, policy acquisition costs, and other underwriting expenses), (ii) their return on equity (“ROE”) contribution, and (iii) their combined ratios.

•Our Investments segment is primarily evaluated on after-tax net investment income and its ROE contribution. After-tax net realized and unrealized gains and losses are also included in our Investments segment results.

When computing each segment's results, we do not adjust for interest expense or corporate expenses. No segment has a separate investment portfolio or allocated assets.

(a) The following table presents revenues by segments and a reconciliation to consolidated revenue.

Revenue by SegmentQuarter ended
September 30,		Nine Months ended
September 30,
($ in thousands)2026202520262025
Standard Commercial Lines:
Net premiums earned (“NPE”):
General liability$302,146 312,556 $935,936 913,086 
Commercial automobile281,698 294,014 869,489 866,358 
Commercial property197,020 194,037 597,129 571,594 
Workers compensation73,583 75,528 235,310 236,588 
Businessowners' policies52,646 49,673 156,848 144,982 
Bonds10,595 13,046 32,603 39,559 
Other9,416 8,418 27,592 24,950 
Total Standard Commercial Lines NPE
927,104 947,272 2,854,907 2,797,117 
Standard Personal Lines:
Net premiums earned:
Personal automobile42,533 49,933 133,853 154,188 
Homeowners49,861 48,742 149,877 144,997 
Other2,931 2,844 9,262 8,366 
Total Standard Personal Lines NPE
95,325 101,519 292,992 307,551 
E&S Lines:
Net premiums earned:
Casualty lines93,826 92,771 276,000 265,290 
Property lines63,936 63,116 188,996 181,534 
Total E&S Lines NPE
157,762 155,887 464,996 446,824 
Investments:
Net investment income earned160,481 138,655 453,031 387,314 
Net realized and unrealized investment gains (losses)(19,446)8,057 (15,776)12,458 
Total Investments revenue141,035 146,712 437,255 399,772 
Total segments revenue1,321,226 1,351,390 4,050,150 3,951,264 
Other income5,074 8,720 22,110 20,777 
Total revenues $1,326,300 1,360,110 $4,072,260 3,972,041 
17
(b) The following tables present information about our segments' pre- and after-tax income, significant expenses, and reconciliations to consolidated results for the periods indicated.

Quarter Ended September 30, 2026Standard Commercial LinesStandard Personal LinesE&S LinesTotal Insurance OperationsInvestmentsTotal Reportable Segments
($ in thousands)
Total segment revenues
$927,104 95,325 157,762 1,180,191 141,035 1,321,226 
Loss and loss expense incurred:
Net catastrophe losses42,412 18,342 3,345 64,099 — 64,099 
Non-catastrophe property loss and loss expense107,142 30,683 16,707 154,532 — 154,532 
(Favorable)/unfavorable prior year casualty reserve development— — — — — — 
Current year casualty loss costs
450,701 24,482 68,882 544,065 — 544,065 
Total loss and loss expense incurred600,255 73,507 88,934 762,696 — 762,696 
Net underwriting expenses incurred:
Commissions to distribution partners164,687 5,276 35,219 205,182 — 205,182 
Salaries and employee benefits83,196 10,380 8,115 101,691 — 101,691 
Other segment expenses
58,903 9,210 4,211 72,324 — 72,324 
Total net underwriting expenses incurred306,786 24,866 47,545 379,197 — 379,197 
Dividends to policyholders913 — — 913 — 913 
Segment income (loss), before income tax
19,150 (3,048)21,283 37,385 141,035 178,420 
Income tax (expense) benefit
(7,851)(29,090)(36,941)
Segment income (loss), after income tax
29,534 111,945 141,479 
Reconciliation of segment income (loss) to consolidated income before and after income tax
Total segment income (loss)178,420 
Interest expense(13,215)
Corporate expenses(3,117)
Income before income tax
162,088 
Income tax (expense) benefit on segment income (loss)
(36,941)
Income tax (expense) benefit on interest and corporate expenses
3,504 
Total income tax (expense) benefit
(33,436)
Net income128,652 
Preferred stock dividends(2,300)
Net income available to common stockholders126,352 
18
Quarter Ended September 30, 2025Standard Commercial LinesStandard Personal LinesE&S LinesTotal Insurance OperationsInvestmentsTotal Reportable Segments
($ in thousands)
Total segment revenues
$947,272 101,519 155,887 1,204,678 146,712 1,351,390 
Loss and loss expense incurred:
Net catastrophe losses15,013 12,160 (2,274)24,899 — 24,899 
Non-catastrophe property loss and loss expense118,749 39,907 10,974 169,630 — 169,630 
(Favorable)/unfavorable prior year casualty reserve development35,000 5,000 — 40,000 — 40,000 
Current year casualty loss costs
489,196 32,223 63,083 584,502 — 584,502 
Total loss and loss expense incurred657,958 89,290 71,783 819,031 — 819,031 
Net underwriting expenses incurred:
Commissions to distribution partners173,294 4,083 35,150 212,527 — 212,527 
Salaries and employee benefits79,150 9,620 7,636 96,406 — 96,406 
Other segment expenses
46,170 8,769 4,201 59,140 — 59,140 
Total net underwriting expenses incurred298,614 22,472 46,987 368,073 — 368,073 
Dividends to policyholders876 — — 876 — 876 
Segment income (loss), before income tax
(10,176)(10,243)37,117 16,698 146,712 163,410 
Income tax (expense) benefit
(3,507)(30,380)(33,887)
Segment income (loss), after income tax
13,191 116,332 129,523 
Reconciliation of segment income (loss) to consolidated income before and after income tax
Total segment income (loss)163,410 
Interest expense(13,253)
Corporate expenses(4,446)
Income before income tax
145,711 
Income tax (expense) benefit on segment income (loss)
(33,887)
Income tax (expense) benefit on interest and corporate expenses
3,516 
Total Income tax (expense) benefit
(30,371)
Net income115,340 
Preferred stock dividends(2,300)
Net income available to common stockholders113,040 

19
Nine Months ended September 30, 2026
($ in thousands)Standard Commercial LinesStandard Personal LinesE&S LinesTotal Insurance OperationsInvestmentsTotal Reportable Segments
Total segment revenues
$2,854,907 292,992 464,996 3,612,895 437,255 4,050,150 
Loss and loss expense incurred:
Net catastrophe losses148,263 43,480 16,247 207,990 — 207,990 
Non-catastrophe property loss and loss expense357,811 91,134 54,145 503,090 — 503,090 
(Favorable)/unfavorable prior year casualty reserve development— — — — — — 
Current year casualty loss costs
1,403,264 77,196 202,926 1,683,386 — 1,683,386 
Total loss and loss expense incurred1,909,338 211,810 273,318 2,394,466 — 2,394,466 
Net underwriting expenses incurred:
Commissions to distribution partners512,091 16,597 105,902 634,590 — 634,590 
Salaries and employee benefits249,975 29,772 24,752 304,499 — 304,499 
Other segment expenses
156,846 26,275 11,097 194,218 — 194,218 
Total net underwriting expenses incurred918,912 72,644 141,751 1,133,307 — 1,133,307 
Dividends to policyholders2,103 — — 2,103 — 2,103 
Segment income (loss), before federal income tax24,554 8,538 49,927 83,019 437,255 520,274 
Federal income tax (expense) benefit(17,434)(90,140)(107,574)
Segment income (loss), after federal income tax65,585 347,115 412,700 
Reconciliation of segment income (loss) to consolidated income before and after federal income tax
Total segment income (loss)520,274 
Interest expense(39,651)
Corporate expenses(31,488)
Income before federal income tax449,135 
Federal income tax (expense) benefit on segment income (loss)(107,574)
Federal income tax (expense) benefit on interest and corporate expenses14,152 
Total federal income tax (expense) benefit(93,422)
Net income355,713 
Preferred stock dividends(6,900)
Net income available to common stockholders348,813 
20
Nine Months ended September 30, 2025
($ in thousands)Standard Commercial LinesStandard Personal LinesE&S LinesTotal Insurance OperationsInvestmentsTotal Reportable Segments
Total segment revenues
$2,797,117 307,551 446,824 3,551,492 399,772 3,951,264 
Loss and loss expense incurred:
Net catastrophe losses85,705 33,864 28,619 148,188 — 148,188 
Non-catastrophe property loss and loss expense379,423 104,667 37,475 521,565 — 521,565 
(Favorable)/unfavorable prior year casualty reserve development80,000 10,000 — 90,000 — 90,000 
Current year casualty loss costs
1,361,262 87,405 180,834 1,629,501 — 1,629,501 
Total loss and loss expense incurred1,906,390 235,936 246,928 2,389,254 — 2,389,254 
Net underwriting expenses incurred:
Commissions to distribution partners516,871 17,958 101,625 636,454 — 636,454 
Salaries and employee benefits237,604 27,045 22,743 287,392 — 287,392 
Other segment expenses
136,644 26,268 12,558 175,470 — 175,470 
Total net underwriting expenses incurred891,119 71,271 136,926 1,099,316 — 1,099,316 
Dividends to policyholders3,010 — — 3,010 — 3,010 
Segment income (loss), before federal income tax(3,402)344 62,970 59,912 399,772 459,684 
Federal income tax (expense) benefit(12,582)(82,921)(95,503)
Segment income (loss), after federal income tax47,330 316,851 364,181 
Reconciliation of segment income (loss) to consolidated income before and after federal income tax
Total segment income (loss)459,684 
Interest expense(36,082)
Corporate expenses(30,100)
Income before federal income tax393,502 
Federal income tax (expense) benefit on segment income (loss)(95,503)
Federal income tax (expense) benefit on interest and corporate expenses13,180 
Total federal income tax (expense) benefit(82,323)
Net income311,179 
Preferred stock dividends(6,900)
Net income available to common stockholders304,279 

The “Other segment expenses” primarily consist of (i) fees paid for licenses, (ii) depreciation expense, and (iii) general overhead items to operate our business operations, including travel, postage, telephone, and utility expenses. “Loss and loss expense incurred” includes a portion of salaries and employee benefits related to claims personnel.

(c) The following tables present reconciliations of our segments' ROE contributions and combined ratios to consolidated results.

ROE
Quarter Ended September 30,Nine Months ended September 30,
2026202520262025
Standard Commercial Lines segment1.8 %(1.0)0.7 %(0.1)
Standard Personal Lines segment (0.3)(1.0)0.3 — 
E&S Lines segment2.0 3.6 1.6 2.1 
Total insurance operations3.5 1.6 2.6 2.0 
Net investment income earned
15.2 13.6 14.2 13.2 
Net realized and unrealized investment gains (losses)(1.8)0.8 (0.5)0.4 
Total investments segment 13.4 14.4 13.7 13.6 
Other(1.8)(2.0)(2.5)(2.6)
ROE15.1 14.0 13.8 13.0 

21
Combined Ratio
Quarter Ended September 30,Nine Months ended September 30,
2026202520262025
AmountRatioAmountRatioAmountRatioAmount Ratio
Standard Commercial Lines:
Net premiums earned
$927,104 947,272 $2,854,907 2,797,117 
Loss and loss expense incurred
600,255 64.7 
%
657,958 69.5 1,909,338 66.8 
%
1,906,390 68.1 
Net underwriting expenses incurred1
306,786 33.1 298,614 31.5 918,912 32.2 891,119 31.9 
Dividends to policyholders
913 0.1 876 0.1 2,103 0.1 3,010 0.1 
Underwriting income (loss)
19,150 97.9 (10,176)101.1 24,554 99.1 (3,402)100.1 
Standard Personal Lines:
Net premiums earned
95,325 101,519 292,992 307,551 
Loss and loss expense incurred73,507 77.1 89,290 88.0 211,810 72.3 235,936 76.7 
Net underwriting expenses incurred1
24,866 26.1 22,472 22.1 72,644 24.8 71,271 23.2 
Underwriting income (loss)
(3,048)103.2 (10,243)110.1 8,538 97.1 344 99.9 
E&S Lines:
Net premiums earned
157,762 155,887 464,996 446,824 
Loss and loss expense incurred
88,934 56.4 71,783 46.1 273,318 58.8 246,928 55.3 
Net underwriting expenses incurred1
47,545 30.1 46,987 30.1 141,751 30.5 136,926 30.6 
Underwriting income (loss)
21,283 86.5 37,117 76.2 49,927 89.3 62,970 85.9 
Total Insurance Operations:
Net premiums earned
1,180,191 1,204,678 3,612,895 3,551,492 
Loss and loss expense incurred
762,696 64.6 819,031 67.9 2,394,466 66.2 2,389,254 67.2 
Net underwriting expenses incurred1
379,197 32.1 368,073 30.6 1,133,307 31.4 1,099,316 31.0 
Dividends to policyholders
913 0.1 876 0.1 2,103 0.1 3,010 0.1 
Underwriting income (loss)
37,385 96.8 16,698 98.6 83,019 97.7 59,912 98.3 
1“Net underwriting expenses incurred” includes “Other income” allocated to each reportable segment.

NOTE 10. Retirement Plans
The primary pension plan for our employees is the Retirement Income Plan for Selective Insurance Company of America (the “Pension Plan”). The Pension Plan is closed to new entrants, and its benefits ceased accruing after March 31, 2016. For more information about Selective Insurance Company of America's (“SICA”) retirement plans, see Note 15. “Retirement Plans” in Item 8. “Financial Statements and Supplementary Data.” of our 2025 Annual Report.

The following tables provide information about the Pension Plan:

Pension Plan
Quarter ended
September 30,		Nine Months ended
September 30,
($ in thousands)2026202520262025
Net Periodic Pension Cost (Benefit):
Interest cost$3,696 3,974 $11,087 11,920 
Expected return on plan assets(5,783)(5,339)(17,348)(16,017)
Amortization of unrecognized net actuarial loss800 868 2,399 2,604 
Total net periodic pension cost (benefit)1
$(1,287)(497)$(3,862)(1,493)
1The components of net periodic pension cost (benefit) are included within “Loss and loss expense incurred” and “Other insurance expenses” on the Consolidated Statements of Income.

Pension Plan
Nine Months ended September 30,
20262025
Weighted-Average Expense Assumptions:
Discount rate5.48 %5.69 %
Effective interest rate for calculation of interest cost4.94 5.42 
Expected return on plan assets6.85 6.60 

22
NOTE 11. Comprehensive Income (Loss)
The components of comprehensive income (loss), both gross and net of tax, for Third Quarter 2026 and Nine Months 2026 and Third Quarter 2025 and Nine Months 2025 were as follows:

Third Quarter 2026
($ in thousands)GrossTaxNet
Net income (loss)
$162,088 33,436 128,652 
Components of OCI:
Unrealized gains (losses) on investment securities:
Unrealized holding gains (losses) during the period(263,272)(55,287)(207,985)
Unrealized gains (losses) on securities with credit loss recognized in earnings(93,072)(19,545)(73,527)
Amounts reclassified into net income (loss):
Net realized (gains) losses on disposals and intent-to-sell AFS securities5,055 1,062 3,993 
Credit loss (benefit) expense12,876 2,704 10,172 
    Total unrealized gains (losses) on investment securities(338,413)(71,066)(267,347)
Defined benefit pension and post-retirement plans:
Amounts reclassified into net income (loss):
Net actuarial (gain) loss807 169 638 
    Total defined benefit pension and post-retirement plans807 169 638 
Other comprehensive income (loss)(337,606)(70,897)(266,709)
Comprehensive income (loss)$(175,518)(37,461)(138,057)
Third Quarter 2025
($ in thousands)GrossTaxNet
Net income (loss)
$145,711 30,371 115,340 
Components of OCI:
Unrealized gains (losses) on investment securities:
Unrealized holding gains (losses) during the period67,404 14,156 53,248 
Unrealized gains (losses) on securities with credit loss recognized in earnings12,134 2,549 9,585 
Amounts reclassified into net income (loss):
Net realized (gains) losses on disposals and intent-to-sell AFS securities580 122 458 
Credit loss (benefit) expense(829)(174)(655)
    Total unrealized gains (losses) on investment securities79,289 16,653 62,636 
Defined benefit pension and post-retirement plans:
Amounts reclassified into net income (loss):
Net actuarial (gain) loss872 182 690 
    Total defined benefit pension and post-retirement plans872 182 690 
Other comprehensive income (loss)80,161 16,835 63,326 
Comprehensive income (loss)$225,872 47,206 178,666 
23
Nine Months 2026
($ in thousands)GrossTaxNet
Net income (loss)
$449,135 93,422 355,713 
Components of OCI:
Unrealized gains (losses) on investment securities:
Unrealized holding gains (losses) during the period(358,853)(75,359)(283,494)
Unrealized gains (losses) on securities with credit loss recognized in earnings(106,428)(22,350)(84,078)
Amounts reclassified into net income (loss):
Net realized (gains) losses on disposals and intent-to-sell AFS securities10,036 2,108 7,928 
Credit loss (benefit) expense22,285 4,680 17,605 
Total unrealized gains (losses) on investment securities(432,960)(90,921)(342,039)
Defined benefit pension and post-retirement plans:
Amounts reclassified into net income (loss):
Net actuarial (gain) loss2,420 508 1,912 
Total defined benefit pension and post-retirement plans2,420 508 1,912 
Other comprehensive income (loss)(430,540)(90,413)(340,127)
Comprehensive income (loss)$18,595 3,009 15,586 
Nine Months 2025
($ in thousands)GrossTaxNet
Net income (loss)
$393,502 82,323 311,179 
Components of OCI:
Unrealized gains (losses) on investment securities:
Unrealized holding gains (losses) during the period178,528 37,491 141,037 
Unrealized gains (losses) on securities with credit loss recognized in earnings35,922 7,544 28,378 
Amounts reclassified into net income (loss):
Net realized (gains) losses on disposals and intent-to-sell AFS securities(128)(27)(101)
Credit loss (benefit) expense(2,345)(492)(1,853)
Total unrealized gains (losses) on investment securities211,977 44,516 167,461 
Defined benefit pension and post-retirement plans:
Amounts reclassified into net income (loss):
Net actuarial (gain) loss2,617 549 2,068 
Total defined benefit pension and post-retirement plans2,617 549 2,068 
Other comprehensive income (loss)214,594 45,065 169,529 
Comprehensive income (loss)$608,096 127,388 480,708 

The following table shows each component of accumulated other comprehensive income (loss) (“AOCI”) (net of taxes), including balances and changes, as of September 30, 2026:

September 30, 2026Net Unrealized Gains (Losses) on Investment SecuritiesDefined Benefit Pension and Post-Retirement PlansTotal AOCI
($ in thousands)
Credit Loss Related1
All
Other		Investments
Subtotal
Balance, December 31, 2025
$(44,973)(24,861)(69,834)(81,826)(151,660)
OCI before reclassifications(84,078)(283,494)(367,572)— (367,572)
Amounts reclassified from AOCI17,605 7,928 25,533 1,912 27,445 
Net current period OCI(66,473)(275,566)(342,039)1,912 (340,127)
Balance, September 30, 2026
$(111,446)(300,427)(411,873)(79,914)(491,787)
1Represents change in unrealized gains (losses) on securities with credit loss recognized in earnings.









24
The reclassifications out of AOCI were as follows:

Quarter ended
September 30,		Nine Months ended
September 30,		Affected Line Item in the Unaudited Consolidated Statements of Income
($ in thousands)2026202520262025
Net realized (gains) losses on disposals and intent-to-sell AFS securities
Net realized (gains) losses
$5,055 580 $10,036 (128)Net realized and unrealized investment gains (losses)
Tax (benefit) expense
(1,062)(122)(2,108)27 Total income tax expense (benefit)
Net of taxes
3,993 458 7,928 (101)Net income (loss)
Credit loss related
Credit loss (benefit) expense12,876 (829)22,285 (2,345)Net realized and unrealized investment gains (losses)
Tax (benefit) expense
(2,704)174 (4,680)492 Total income tax expense (benefit)
Net of taxes
10,172 (655)17,605 (1,853)Net income (loss)
Defined benefit pension and post-retirement life plans
Net actuarial loss 186 201 557 602 Loss and loss expense incurred
Net actuarial loss621 671 1,863 2,015 Other insurance expenses
Total
807 872 2,420 2,617 Income (loss) before income tax
Tax (benefit) expense(169)(182)(508)(549)Total income tax expense (benefit)
Net of taxes638 690 1,912 2,068 Net income (loss)
Total reclassifications for the period$14,803 493 $27,445 114 Net income (loss)

NOTE 12. Equity
In October 2025, the Company announced that its Board of Directors authorized a share repurchase program under which the Company may repurchase issued and outstanding shares of common stock up to $200 million, exclusive of any excise tax impact. This program was effective on October 27, 2025, and has no expiration date. Activity under the authorization was as follows:

Nine Months ended September 30, 2026
Total Number of Shares Purchased
Total Cost1
(in millions)
Remaining Authorization
as of 9/30/26
(in millions)
Authorized Share Repurchase Program1,300,663 $116.9 53.1 
1Excludes commissions and excise tax.

On October 22, 2026, the Company announced that its Board of Directors authorized a new share repurchase program under which the Company may repurchase issued and outstanding shares of common stock up to $200 million, exclusive of any excise tax impact, bringing the total available for repurchases to $253.1 million. This new program is effective as of immediately following the completion of the repurchases authorized under the prior stock repurchase program and has no expiration date.

NOTE 13. Earnings per Common Share
The following table presents the calculations of earnings per common share (“EPS”) on a basic and diluted basis:

Quarter ended
September 30,		Nine Months ended
September 30,
(in thousands, except per share amounts)2026202520262025
Net income (loss) available to common stockholders:
$126,352 113,040 $348,813 304,279 
Weighted average common shares outstanding:
Weighted average common shares outstanding - basic59,27360,58559,63660,764
Effect of dilutive securities - stock compensation plans580 449521433
Weighted average common shares outstanding - diluted59,85361,03460,15761,197
EPS:
Basic$2.13 1.87 $5.85 5.01 
Diluted2.11 1.85 5.80 4.97 



25

NOTE 14. Related Party Transactions
Vanguard, one of the world’s largest investment management companies, previously reported that it had purchased our common shares in the ordinary course of its investment business and had previously filed Schedules 13G/A with the SEC. Based on their February 13, 2024 filing of Schedule 13G/A, their beneficial ownership was 10.24% of our common stock as of December 29, 2023.

Subsequently, on March 27, 2026, The Vanguard Group, Inc. filed a Schedule 13G/A with the SEC indicating that due to an internal alignment, The Vanguard Group, Inc. will report beneficial interests on a disaggregated basis from its subsidiaries or business units. On April 29, 2026, Vanguard Portfolio Management filed a Schedule 13G reporting that it held 5.87% of the Parent’s common shares as of March 31, 2026. On April 30, 2026, Vanguard Capital Management filed a Schedule 13G reporting that it held 5.24% of the Parent’s common shares as of March 31, 2026. Both of these amounts are below the related party disclosure threshold.

NOTE 15. Litigation
We are not involved in any legal action that we believe could have a material adverse effect on our consolidated financial condition, results of operations, or cash flows.

In the ordinary course of conducting business, we are parties in various legal actions. Most matters involve claims litigation handled by our ten insurance subsidiaries (collectively, the “Insurance Subsidiaries”) in their capacities as: (i) liability insurers defending or indemnifying third-party claims brought against our customers; (ii) insurers responding to first-party coverage claims; or (iii) liability insurers seeking declaratory judgments regarding coverage obligations. We recognize these matters through unpaid loss and loss expense reserves. Considering potential losses and defense costs reserves, we expect that any potential ultimate liability for ordinary course claims litigation will not be material to our consolidated financial condition, results of operations, or cash flows.

From time to time, our Insurance Subsidiaries are named as defendants in other legal actions, including some alleging large or indeterminate amounts. Plaintiffs may style these actions as class actions and seek judicial certification of a state or national class for allegations involving our business practices, including allegations related to medical provider reimbursement under workers compensation or automobile insurance policies, or reimbursement practices involving automobile parts. Similarly, our Insurance Subsidiaries can be named defendants in individual actions seeking extra-contractual damages, punitive damages, or penalties, often alleging bad faith in handling insurance claims. We believe we have valid defenses to these allegations, and we account for such activity by establishing unpaid loss and loss expense reserves. Considering estimated losses, defense costs reserves, and reasonably possible losses in excess of amounts accrued, we expect that any potential ultimate liability for these other legal actions will not be material to our consolidated financial condition. Litigation outcomes are inherently unpredictable, and certain matters involve large or indeterminate amounts. Adverse outcomes could materially affect our consolidated results of operations or cash flows in the period in which they occur.

26
ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS.

Forward-Looking Statements
The terms “Company,” “we,” “us,” and “our” refer to Selective Insurance Group, Inc. (the “Parent”) and its subsidiaries, except as expressly indicated or the context otherwise requires. Certain statements in this Quarterly Report on Form 10‑Q, including information incorporated by reference, are “forward‑looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995 (“PSLRA”). The PSLRA provides a safe harbor for forward‑looking statements under the Securities Act of 1933 and the Securities Exchange Act of 1934.

Forward‑looking statements include our expectations, intentions, beliefs, projections, estimates, or forecasts regarding future events or financial performance. In some cases, forward‑looking statements may be identified by words such as “may,” “will,” “could,” “would,” “should,” “expect,” “plan,” “anticipate,” “believe,” “intend,” “estimate,” “project,” “predict,” “potential,” “pro forma,” “seek,” “target,” “continue,” “outlook,” “guidance,” “forecast,” “goal,” “likely,” or the negative of such terms or other variations or similar expressions.

Forward-looking statements involve known and unknown risks, uncertainties, and other factors that may cause our actual results, activity levels, or performance to differ materially from those expressed or implied in the forward‑looking statements. We discuss factors that could cause actual results to differ materially from those expressed in forward‑looking statements in Part I, Item 1A, “Risk Factors,” of our Annual Report on Form 10-K for the fiscal year ended December 31, 2025 and in our subsequent reports and filings with the United States (“U.S.”) Securities and Exchange Commission (“SEC”). These risk factors may not be exhaustive. We operate in a continually changing business environment, and new risk factors may emerge at any time. We cannot predict these new factors, their potential impact on our business, or the extent to which any factor – or combination of factors – may cause actual results to differ materially from those expressed in forward‑looking statements.

Forward-looking statements are predictions based on the Company’s current expectations and assumptions regarding future events. They are not guarantees or assurances of any outcomes, financial results, levels of activity, performance or achievements, and readers are cautioned not to place undue reliance on them. Forward-looking statements speak only as of the date they are made. We undertake no obligation to publicly update or revise any forward‑looking statements, except as may be required by applicable law.

Introduction
We classify our business into four reportable segments:

•Standard Commercial Lines;
•Standard Personal Lines;
•Excess and Surplus Lines (“E&S Lines”); and
•Investments.

For additional information about these segments, refer to Note 9. “Segment Information” in Item 1. “Financial Statements.” of this Form 10-Q and Note 12. “Segment Information” in Item 8. “Financial Statements and Supplementary Data.” of our Annual Report on Form 10-K for the year ended December 31, 2025 (“2025 Annual Report”).

We write our Standard Commercial and Standard Personal Lines products and services through nine of our insurance subsidiaries, some of which participate in the federal government's National Flood Insurance Program's (“NFIP”) Write Your Own Program. We write our E&S products through another subsidiary, Mesa Underwriters Specialty Insurance Company, a nationally authorized non-admitted carrier for customers who generally cannot obtain coverage in the standard marketplace. Collectively, we refer to our ten insurance subsidiaries as the “Insurance Subsidiaries.”

The following is Management’s Discussion and Analysis (“MD&A”) of our financial condition and consolidated results of operations, including an evaluation of the amounts and certainty of cash flows from operations and outside sources, trends, and uncertainties that may have a material impact in future periods. Investors should read the MD&A in conjunction with Item 1. “Financial Statements.” of this Form 10-Q and the consolidated financial statements in our 2025 Annual Report filed with the SEC.

In the MD&A, we discuss and analyze the following:

•Critical Accounting Policies and Estimates;
•Financial Highlights of Results for the third quarters ended September 30, 2026 (“Third Quarter 2026”) and September 30, 2025 (“Third Quarter 2025”); and the nine-month periods ended September 30, 2026 (“Nine Months 2026”) and September 30, 2025 (“Nine Months 2025”)
27
•Results of Operations and Related Information by Segment;
•Income Taxes;
•Liquidity and Capital Resources; and
•Ratings.

Critical Accounting Policies and Estimates
Our unaudited interim consolidated financial statements include amounts for which we have made informed estimates and judgments for transactions not yet completed. These estimates and judgments affect the reported amounts in our consolidated financial statements. Our 2025 Annual Report outlines the estimates and judgments most critical to the preparation of the consolidated financial statements: (i) reserve for loss and loss expense; (ii) investment valuation and the allowance for credit losses on available-for-sale (“AFS”) fixed income securities; and (iii) reinsurance. These estimates and judgments require our use of assumptions about highly uncertain matters that could change as facts and circumstances develop. Different estimates or judgments could result in materially different reported amounts. For additional information regarding our critical accounting policies and estimates, refer to pages 38 through 45 of our 2025 Annual Report.

Financial Highlights of Results for Third Quarter and Nine Months 2026 and Third Quarter and Nine Months 20251

Quarter ended
September 30,		Change
% or Points		Nine Months ended
September 30,		Change
% or Points
($ and shares in thousands, except per share amounts)2026202520262025
Financial Data:
Revenues
$1,326,300 1,360,110 (2)%$4,072,260 3,972,041 3 %
After-tax net investment income127,307 109,967 16 359,578 307,009 17 
After-tax underwriting income (loss)29,534 13,191 124 65,586 47,330 39 
Net income (loss) before federal income tax162,088 145,711 11 449,135 393,502 14 
Net income (loss)128,652 115,340 12 355,713 311,179 14 
Net income (loss) available to common stockholders126,352 113,040 12 348,813 304,279 15 
Key Metrics:
Combined ratio96.8 %98.6 (1.8)pts97.7 %98.3 (0.6)pts
Invested assets per dollar of common stockholders' equity$3.54 3.36 5 %$3.54 3.36 5 %
Annualized after-tax yield on investment portfolio4.4 %4.1 0.3 pts4.2 
%
4.0 0.2 pts
Return on common equity (“ROE”)15.1 14.0 1.1 13.8 13.0 0.8 
Net premiums written (“NPW”) to statutory surplus$1.25 1.42 (12)%$1.25 1.42 (12)
%
Per Common Share Amounts:
Diluted net income (loss) per share$2.11 1.85 14 %$5.80 4.97 17 %
Book value per share55.02 54.46 1 55.02 54.46 1 
Dividends declared per share to common stockholders0.43 0.38 13 1.29 1.14 13 
Non-GAAP Information:
Non-GAAP operating income (loss)2
$141,714 106,675 33 %$361,276 294,437 23 %
Non-GAAP operating income (loss) per diluted common share2
2.37 1.75 35 6.01 4.81 25 
Non-GAAP operating ROE2
16.9 %13.2 3.7 pts14.3 %12.6 1.7 pts
Adjusted book value per common share2
$62.00 55.83 11 %$62.00 55.83 11 %
1Refer to the Glossary of Terms attached to our 2025 Annual Report as Exhibit 99.1 for definitions of terms used in this Form 10-Q.
2Non-GAAP operating income (loss), non-GAAP operating income (loss) per diluted common share, and non-GAAP operating ROE are comparable to net income (loss) available to common stockholders, net income (loss) available to common stockholders per diluted common share, and ROE, respectively, but exclude after-tax net realized and unrealized gains and losses on investments included in net income (loss). Adjusted book value per common share is comparable to book value per common share, but excludes total after-tax unrealized gains and losses on investments included in accumulated other comprehensive income (loss). These non-GAAP measures are important financial measures used by us, analysts, and investors because the timing of realized and unrealized investment gains and losses on securities in any given period is largely discretionary. In addition, net realized and unrealized investment gains and losses on investments could distort the analysis of trends.

28
The tables below provide reconciliations of our GAAP to non-GAAP measures:

Reconciliation of net income (loss) available to common stockholders to non-GAAP operating income (loss)
Quarter ended
September 30,		Nine Months ended
September 30,
($ in thousands)2026202520262025
Net income (loss) available to common stockholders
$126,352 113,040 $348,813 304,279 
Net realized and unrealized investment (gains) losses included in net income (loss), before tax
19,446 (8,057)15,776 (12,458)
Tax on reconciling items(4,084)1,692 (3,313)2,616 
Non-GAAP operating income (loss)
$141,714 106,675 $361,276 294,437 

Reconciliation of net income (loss) available to common stockholders per diluted common share to non-GAAP operating income (loss) per diluted common share
Quarter ended
September 30,		Nine Months ended
September 30,
2026202520262025
Net income (loss) available to common stockholders per diluted common share
$2.11 1.85 $5.80 4.97 
Net realized and unrealized investment (gains) losses included in net income (loss), before tax
0.32 (0.13)0.26 (0.20)
Tax on reconciling items(0.06)0.03 (0.05)0.04 
Non-GAAP operating income (loss) per diluted common share
$2.37 1.75 $6.01 4.81 

Reconciliation of ROE to non-GAAP operating ROEQuarter ended
September 30,		Nine Months ended
September 30,
2026202520262025
ROE15.1 %14.0 13.8 %13.0 
Net realized and unrealized investment (gains) losses included in net income (loss), before tax
2.3 (1.0)0.6 (0.5)
Tax on reconciling items(0.5)0.2 (0.1)0.1 
Non-GAAP operating ROE16.9 %13.2 14.3 %12.6 

Reconciliation of book value per common share to adjusted book value per common shareQuarter ended
September 30,		Nine Months ended
September 30,
2026202520262025
Book value per common share$55.02 54.46 $55.02 54.46 
Total unrealized investment (gains) losses included in accumulated other comprehensive income (loss), before tax8.84 1.73 8.84 1.73 
Tax on reconciling items(1.86)(0.36)(1.86)(0.36)
Adjusted book value per common share$62.00 55.83 $62.00 55.83 

The following table depicts the components of ROE and non-GAAP operating ROE:

ROE and non-GAAP operating ROE ComponentsQuarter ended
September 30,		Change PointsNine Months ended
September 30,		Change Points
2026202520262025
Standard Commercial Lines Segment1.8 %(1.0)2.8 0.7 %(0.1)0.8 
Standard Personal Lines Segment(0.3)(1.0)0.7 0.3 — 0.3 
E&S Lines Segment2.0 3.6 (1.6)1.6 2.1 (0.5)
Total insurance operations3.5 1.6 1.9 2.6 2.0 0.6 
Net investment income earned
15.2 13.6 1.6 14.2 13.2 1.0 
Net realized and unrealized investment gains (losses)(1.8)0.8 (2.6)(0.5)0.4 (0.9)
Total investments segment13.4 14.4 (1.0)13.7 13.6 0.1 
Other(1.8)(2.0)0.2 (2.5)(2.6)0.1 
ROE15.1 14.0 1.1 13.8 13.0 0.8 
Net realized and unrealized investment (gains) losses, after tax1.8 (0.8)2.6 0.5 (0.4)0.9 
Non-GAAP operating ROE16.9 13.2 3.7 14.3 12.6 1.7 

In Third Quarter 2026, we delivered an ROE of 15.1% and a non-GAAP operating ROE of 16.9%, higher by 1.1 points and 3.7 points, respectively, compared to Third Quarter 2025. Improved underwriting results complemented strong after-tax net investment income of $127 million, which was up 16% from a year ago. The overall combined ratio of 96.8% for Third Quarter 2026 was 1.8 points better than 98.6% in Third Quarter 2025 and reflected a lower loss and loss expense ratio, partially offset by higher underwriting expenses. There was no prior year casualty reserve development in any segment or line of business in the quarter. Total insurance operations contributed 3.5 points of ROE in Third Quarter 2026, a 1.9-point increase from the prior-year quarter, primarily driven by improvement in Standard Commercial Lines.
29
On a year-to-date basis, our 13.8% ROE and 14.3% operating ROE were both higher than the 13.0% and 12.6%, respectively, generated in Nine Months 2025. Similar to the quarter, strong net investment income and underwriting performance in Nine Months 2026 drove the improvement.

Outlook
In Third Quarter 2026, we marked our ninth consecutive quarter of double-digit operating returns with an operating ROE of 16.9%, and returned $81 million to common stockholders through regular dividends and opportunistic share repurchases, reinforcing our commitment to delivering long-term value. As Selective celebrated its 100th anniversary this year, we are proud of our history, the work our employees do, and the value we deliver our policyholders, distribution partners, and shareholders. We remain focused on a set of key priorities across the company to drive future success, including:

•Relentlessly improving on the fundamentals across risk selection, individual policy pricing, and claims outcomes. Risk selection, granular and accurate risk pricing, and prompt, fair claims adjudication are foundational capabilities we have built over many decades and remain focused on today.

•Diversifying revenue and income within and across our three insurance segments. Growth levers include achieving greater market share and segment diversification in Standard Commercial Lines, potential geographic expansion in Standard Personal Lines, and increasing our product and distribution capabilities in E&S Lines and other specialty lines.

•Further leveraging the use of data analytics and technology, including general-purpose, industry-trained, and agentic artificial intelligence (“AI”) solutions, to drive operational efficiency and improved underwriting and claim outcomes. Early AI successes in claims, underwriting, and risk management are delivering measurable outcomes in accuracy, speed, and productivity, positioning us to responsibly scale AI across the organization. We have also made considerable progress in modernizing our policy acquisition and claims systems. For example, system enhancements in our E&S Lines segment have created significant operational efficiency, positioning us for premium growth with limited headcount additions.

•Building a connected, accountable, and empowered organization by developing talent and aligning on prioritized goals.

We remain committed to making strategic investments that fuel continued growth, innovation, and performance excellence. As we position ourselves for the future, we have several strategies to grow market share profitably over time:

•In our existing footprint, we are focused on growing with existing partners and strategically appointing new agency locations. During Nine Months 2026, we added 120 agency locations and we had a net increase of 100 agency locations in 2025.

•Careful and deliberate geographic expansion. Since 2017, we have added sixteen states to our Standard Commercial Lines footprint, including Montana and Wyoming as of July 1, 2026. In Nine Months 2026, these expansion states produced $351 million in premium, representing approximately 8% of total direct premiums written.

Our full-year expectations for 2026 are as follows:

•A GAAP combined ratio of 96.5% to 97.5%, including net catastrophe losses of 5.5 points. Our combined ratio estimate assumes no prior year casualty reserve development, as we record our best estimate each quarter. We do not make assumptions about future reserve development;
•After-tax net investment income of $490 million, up from prior guidance of $480 million;
•An overall effective tax rate of 21.5%; and
•Weighted average shares of 59.9 million on a fully diluted basis, reflecting the shares repurchased in Nine Months 2026 and assuming no additional repurchases under our share repurchase authorizations.
30
Results of Operations and Related Information by Segment
Insurance Operations
The following table provides quantitative information for analyzing the combined ratio:

All LinesQuarter ended
September 30,		Change % or PointsNine Months ended
September 30,		Change % or Points
($ in thousands)2026202520262025
Insurance Operations Results:
NPW$1,122,824 1,207,916 (7)%$3,569,026 3,736,988 (4)%
Net premiums earned (“NPE”)1,180,191 1,204,678 (2)3,612,895 3,551,492 2 
Less:
Loss and loss expense incurred762,696 819,031 (7)2,394,466 2,389,254 — 
Net underwriting expenses incurred379,197 368,073 3 1,133,307 1,099,316 3 
Dividends to policyholders913 876 4 2,103 3,010 (30)
Underwriting income (loss)$37,385 16,698 124 %$83,019 59,912 39 %
Combined Ratios:
Loss and loss expense ratio64.6 %67.9 (3.3)pts 66.2 %67.2 (1.0)pts 
Underwriting expense ratio32.1 30.6 1.5 31.4 31.0 0.4 
Dividends to policyholders ratio0.1 0.1 — 0.1 0.1 — 
Combined ratio96.8 98.6 (1.8)97.7 98.3 (0.6)

Lower NPW in Third Quarter 2026 and Nine Months 2026 compared to the same prior-year periods reflect reduced new business in a competitive environment and our granular pricing actions to drive lower retention on underperforming business. Retention in our Standard Commercial Lines segment reflects these actions at 82% in Third Quarter 2026 and 81% in Nine Months 2026. While enhancing underwriting profitability is a primary focus, we are also executing on strategies to support future growth opportunities, including expanding our geographic footprint and broadening our E&S distribution capabilities with retail access.

Quarter ended
September 30,		Nine Months ended
September 30,
($ in millions)2026202520262025
Direct new business premiums$202.8 233.2 $622.8 732.3 
Renewal pure price increases5.6 %9.6 6.4 %9.9 

NPE decreased 2% in Third Quarter 2026 and increased 2% in Nine Months 2026 compared to the same prior-year periods. The Third Quarter 2026 decline reflected the earned impact of lower NPW this year, while the Nine Months 2026 increase reflected growth in 2025.

Loss and Loss Expenses
The following table provides quantitative information for analyzing loss and loss expense incurred:

Quarter ended
September 30,		Change % or PointsNine Months ended
September 30,		Change % or Points
($ in thousands)2026202520262025
Loss and Loss Expense Incurred:
(Favorable) unfavorable prior year casualty reserve development$— 40,000 (100)%$— 90,000 (100)%
Current year casualty loss costs544,065 584,502 (7)1,683,386 1,629,501 3 
Net catastrophe losses64,099 24,899 157 207,990 148,188 40 
Non-catastrophe property loss and loss expenses154,532 169,630 (9)503,090 521,565 (4)
Total loss and loss expense incurred762,696 819,031 (7)2,394,466 2,389,254 — 
Impact on Loss and Loss Expense Ratio:
(Favorable) unfavorable prior year casualty reserve development— 
%
3.3 (3.3)
pts
— 
%
2.5 (2.5)
pts
Current year casualty loss costs46.1 48.4 (2.3)46.5 45.8 0.7 
Net catastrophe losses5.4 2.1 3.3 5.8 4.2 1.6 
Non-catastrophe property loss and loss expenses13.1 14.1 (1.0)13.9 14.7 (0.8)
Total impact on loss and loss expense ratio
64.6 67.9 (3.3)66.2 67.2 (1.0)

31
(Favorable)/Unfavorable Prior Year Casualty Reserve DevelopmentQuarter ended
September 30,		Nine Months ended
September 30,
($ in millions)2026202520262025
General liability$— — $— 20.0 
Commercial automobile— 35.0 — 60.0 
   Total Standard Commercial Lines— 35.0 — 80.0 
Personal automobile— 5.0 — 10.0 
   Total Standard Personal Lines— 5.0 — 10.0 
Total (favorable) unfavorable prior year casualty reserve development
$— 40.0 $— 90.0 
(Favorable) unfavorable impact on loss ratio
— pts3.3 — pts2.5 

The loss and loss expense ratio improved in both Third Quarter 2026 and Nine Months 2026 compared to the prior-year periods. There was no prior year casualty reserve development recorded this year, compared to unfavorable development in both the quarter and year-to-date periods last year. Current year casualty loss costs were lower in Third Quarter 2026 compared to Third Quarter 2025 reflecting the earned impact of the rate and underwriting actions during the quarter, while in Nine Months 2026, this improvement was offset by the increased loss trend assumptions that we recognized over the course of 2025 that are included in our expectations for 2026. In both Third Quarter 2026 and Nine Months 2026, property losses were higher compared to the prior-year periods due to normal variability in these losses.

As the table illustrates above, there was no prior year casualty reserve development in any segment or line of business in Third Quarter 2026 or Nine Months 2026. The unfavorable prior year casualty reserve development in Third Quarter 2025 and Nine Months 2025 was primarily driven by (i) our commercial automobile line of business that experienced increased severities in accident years 2022 through 2024 and (ii) umbrella claims within our general liability line of business driven by commercial automobile losses in accident years 2022 and 2023.

Underwriting Expenses
Our underwriting expense ratio increased 1.5 points and 0.4 points in Third Quarter 2026 and Nine Months 2026, respectively, compared to the prior-year periods, as lower NPE has put pressure on our underwriting expense ratio.

Standard Commercial Lines Segment

Quarter ended
September 30,
Change % or Points
Nine Months ended
September 30,
Change % or Points
($ in thousands)2026202520262025
Insurance Segments Results:
NPW$867,505 940,780 (8)%$2,821,741 2,962,009 (5)%
NPE927,104 947,272 (2)2,854,907 2,797,117 2 
Less:    
Loss and loss expense incurred600,255 657,958 (9)1,909,338 1,906,390 — 
Net underwriting expenses incurred306,786 298,614 3 918,912 891,119 3 
Dividends to policyholders913 876 4 2,103 3,010 (30)
Underwriting income (loss)
19,150 (10,176)(288)$24,554 (3,402)(822)
Combined Ratios:
Loss and loss expense ratio64.7 %69.5 (4.8)pts66.8 %68.1 (1.3)pts
Underwriting expense ratio33.1 31.5 1.6 32.2 31.9 0.3 
Dividends to policyholders ratio0.1 0.1 — 0.1 0.1 — 
Combined ratio97.9 101.1 (3.2)99.1 100.1 (1.0)

Lower NPW in Third Quarter 2026 and Nine Months 2026 compared to Third Quarter 2025 and Nine Months 2025 reflected reduced new business and targeted actions on our renewal portfolio. Stronger new business pricing, informed by our view of expected loss trends, combined with a competitive environment, drove lower acquisition rates on new business. We are leveraging our granular insights and differentiated operating model to drive higher renewal retention on our best-performing business and meaningfully lower retention on our underperforming business through appropriate rating and underwriting actions. While overall rate increases have moderated and retention has been impacted, we expect these mix improvement actions to contribute to improved profitability.

32
Quarter ended
September 30,		Nine Months ended
September 30,
($ in millions)2026202520262025
Direct new business premiums$121.7 146.6 $377.7 477.0 
Retention82 %82 %81 %82 
Renewal pure price increases5.7 8.9 6.4 8.9 

NPE decreased 2% in Third Quarter 2026 and increased 2% in Nine Months 2026 compared to the same prior-year periods. The Third Quarter 2026 decline reflected the earned impact of lower NPW this year, while the Nine Months 2026 increase reflected NPW growth last year.

Loss and Loss Expenses
The following table provides quantitative information for analyzing loss and loss expense incurred:

Quarter ended
September 30,		Change % or PointsNine Months ended
September 30,		Change % or Points
($ in thousands)2026202520262025
Loss and Loss Expense Incurred:
(Favorable) unfavorable prior year casualty reserve development$— 35,000 (100)%$— 80,000 (100)%
Current year casualty loss costs450,701 489,196 (8)1,403,264 1,361,262 3 
Net catastrophe losses42,412 15,013 183 148,263 85,705 73 
Non-catastrophe property loss and loss expenses107,142 118,749 (10)357,811 379,423 (6)
Total loss and loss expense incurred600,255 657,958 (9)1,909,338 1,906,390 — 
Impact on Loss and Loss Expense Ratio:
(Favorable) unfavorable prior year casualty reserve development— 
%
3.7 (3.7)
pts
— 
%
2.9 (2.9)
pts
Current year casualty loss costs48.5 51.7 (3.2)49.1 48.5 0.6 
Net catastrophe losses4.6 1.6 3.0 5.2 3.1 2.1 
Non-catastrophe property loss and loss expenses11.6 12.5 (0.9)12.5 13.6 (1.1)
Total impact on loss and loss expense ratio
64.7 69.5 (4.8)66.8 68.1 (1.3)

The loss and loss expense ratio decreased 4.8 points in Third Quarter 2026 compared to Third Quarter 2025, primarily due to (i) no net prior year casualty reserve development in the current year quarter compared to 3.7 points of unfavorable prior year casualty reserve development in the year-ago quarter and (ii) lower current year casualty loss costs. These items were partially offset by period-to-period variability in property losses.

In Nine Months 2026, the loss and loss expense ratio decreased 1.3 points compared to Nine Months 2025, with higher current year loss costs and catastrophe losses more than offset by improvements in prior year casualty reserve development and non-catastrophe losses. The increase in catastrophe losses was driven by higher frequency and severity of winter storms and thunderstorm events that impacted our footprint this year compared to last.

The details of the prior year casualty reserve development by line of business were as follows:

(Favorable)/Unfavorable Prior Year Casualty Reserve DevelopmentQuarter ended
September 30,		Nine Months ended
September 30,
($ in millions)
2026202520262025
General liability$— — $— 20.0 
Commercial automobile— 35.0 — 60.0 
Workers compensation— — — — 
Businessowners' policies— — — — 
Bonds— — — — 
Total Standard Commercial Lines
— 35.0 — 80.0 

Prior year casualty reserve development in Third Quarter 2025 and Nine Months 2025 reflected (i) increased severities in accident years 2022 through 2024 in our commercial automobile line of business and (ii) increased severities in accident years 2022 and 2023 within our umbrella coverages in our general liability line of business related to commercial automobile claims.

33
Current year casualty loss costs were lower in Third Quarter 2026 compared to the prior-year quarter, primarily reflecting the earned impact of pricing and underwriting actions taken to improve rate adequacy. Higher current year casualty loss costs in Nine Months 2026 reflected the increased loss trend assumptions we recognized throughout 2025 and included in our expectations for 2026. Elevated severity trend assumptions attributable to social inflation on our general liability and commercial automobile liability lines of business, as well as elevated commercial automobile claim frequencies relative to expectations, drove the increase in current year casualty loss costs in Nine Months 2026. These increases were partially offset by lower workers compensation loss trends from decreasing claim frequencies in our 2026 expectations.

Underwriting Expenses
Our underwriting expense ratio increased 1.6 points in Third Quarter 2026 compared to Third Quarter 2025, as lower NPE has put pressure on our underwriting expense ratio.

Information about our most significant Standard Commercial Lines of business follows:

General Liability
Quarter ended
September 30,		Change % or PointsNine Months ended
September 30,		Change % or Points
($ in thousands)2026202520262025
NPW$276,335 303,531 (9)%$938,500 979,068 (4)%
  Direct new business36,053 41,781 (14)108,709 140,100 (22)
  Retention83 %82 1 82 %82 — 
  Renewal pure price increases7.9 11.4 (3.5)8.6 11.8 (3.2)
NPE$302,146 312,556 (3)%$935,936 913,086 3 %
Underwriting income (loss)
(20,053)(20,747)(3)(63,562)(67,955)(6)
Combined ratio106.6 %106.6 — pts106.8 %107.4 (0.6)pts
% of total Standard Commercial Lines NPW32 32 33 33 

NPW was down in Third Quarter 2026 and Nine Months 2026 compared to the same prior-year periods, reflecting deliberate actions to enhance underwriting profitability. In sectors and markets where pricing does not align with our view of rate need, we are taking targeted underwriting actions, including (i) revising underwriting guidelines, (ii) tightening coverage offerings, and (iii) reducing writings.

NPE decreased 3% in Third Quarter 2026 and increased 3% in Nine Months 2026 compared to the same prior-year periods. The Third Quarter 2026 decline reflected the earned impact of lower NPW this year, while the Nine Months 2026 increase reflected NPW growth last year.

The combined ratio was flat in Third Quarter 2026 and decreased 0.6 points in Nine Months 2026 compared to the same prior-year periods, driven by a lower loss and loss expense ratio partially offset by higher underwriting expenses. The components of the loss and loss expense ratio follow:

Quarter ended
September 30,		Change % or PointsNine Months ended
September 30,
Change % or Points
($ in thousands)2026202520262025
Loss and Loss Expense Incurred:
(Favorable) unfavorable prior year casualty reserve development$— — — %$— 20,000 (100)%
Current year casualty loss costs223,089 238,516 (6)696,199 672,800 3 
Total loss and loss expense incurred223,089 238,516 (6)696,199 692,800 — 
Impact on Loss and Loss Expense Ratio:
(Favorable) unfavorable prior year casualty reserve development— 
%
— — 
pts
— 
%
2.2 (2.2)
pts
Current year casualty loss costs73.8 76.3 (2.5)74.4 73.7 0.7 
Total impact on loss and loss expense ratio
73.8 76.3 (2.5)74.4 75.9 (1.5)

The general liability line of business has experienced a long-term historical trend of meaningful severity increases, partially offset by claim frequency decreases. We attribute the increased severities to elevated social inflation, which we view as an industry dynamic characterized by higher claimant propensity for attorney representation and litigation, longer settlement times, and higher settlement values. Certain jurisdictions with expanded liability theories and higher damage awards pose increased challenges. We are closely monitoring these jurisdictions and the broader trends across our business.
34
These dynamics have impacted our view of current year loss costs. The increased loss trend assumptions that we recognized over the course of 2025 that are included in our expectations for 2026, drove a 0.7-point increase in current year loss costs in Nine Months 2026 compared to the same prior-year period. In Third Quarter 2026, however, current year casualty loss costs decreased 2.5 points compared to the year-ago quarter, reflecting the earned impact of the rate and underwriting actions.

We did not record any prior year casualty reserve development in Third Quarter 2026 and Nine Months 2026. We recorded $20 million of unfavorable prior year casualty reserve development in Nine Months 2025, which was driven by increased severities on umbrella coverages related to commercial automobile claims, in accident years 2022 and 2023.

The underwriting expense ratio increased 2.5 points in Third Quarter 2026 compared to Third Quarter 2025, and 0.9 points in Nine Months 2026 compared to Nine Months 2025, as lower NPE has put pressure on our underwriting expense ratio.

Commercial Automobile
Quarter ended
September 30,		Change % or PointsNine Months ended
September 30,		Change % or Points
($ in thousands)2026202520262025
NPW$260,058 292,905 (11)%$851,453 918,525 (7)%
  Direct new business26,835 37,986 (29)82,766 125,852 (34)
  Retention80 %82 (2)80 %83 (3)
  Renewal pure price increases
7.6 10.0 (2.4)8.7 10.3 (1.6)
NPE$281,698 294,014 (4)%$869,489 866,358 — %
Underwriting income (loss)
(5,751)(51,791)(89)(5,536)(52,572)(89)
Combined ratio102.0 %117.6 (15.6)pts100.6 %106.1 (5.5)pts
% of total Standard Commercial Lines NPW30 31 30 31 

NPW decreased 11% in Third Quarter 2026 and 7% in Nine Months 2026 compared to the same prior-year periods, driven by underwriting actions to improve profitability, such as achieving renewal pure price increases and tightening underwriting guidelines for fleet exposures. Lower renewal pure price increases this year compared to last were driven by a reduction in rates for physical damage that were partially offset by higher commercial automobile liability rates.

NPE decreased 4% in Third Quarter 2026 and slightly increased in Nine Months 2026 compared to the same prior-year periods. The Third Quarter 2026 decline reflected the earned impact of lower NPW this year, while the Nine Months 2026 increase reflected NPW growth last year.

The combined ratio improved 15.6 points in Third Quarter 2026 and 5.5 points in Nine Months 2026 compared to the same prior-year periods, and included the following:

Quarter ended
September 30,
Change % or Points
Nine Months ended
September 30,
Change % or Points
($ in thousands)2026202520262025
Loss and Loss Expense Incurred:
(Favorable) unfavorable prior year casualty reserve development$— 35,000 (100)%$— 60,000 (100)%
Current year casualty loss costs161,035 178,781 (10)493,533 465,339 6 
Net catastrophe losses1,839 1,533 20 4,623 7,144 (35)
Non-catastrophe property loss and loss expenses37,211 43,544 (15)114,062 126,789 (10)
Total loss and loss expense incurred200,085 258,858 (23)612,218 659,272 (7)
Impact on Loss and Loss Expense Ratio:
(Favorable) unfavorable prior year casualty reserve development— %11.9 (11.9)
pts
— %6.9 (6.9)
pts
Current year casualty loss costs57.1 60.9 (3.8)56.8 53.9 2.9 
Net catastrophe losses0.7 0.5 0.2 0.5 0.8 (0.3)
Non-catastrophe property loss and loss expenses13.2 14.8 (1.6)13.1 14.6 (1.5)
Total impact on loss and loss expense ratio
71.0 88.1 (17.1)70.4 76.2 (5.8)

35
We did not record any prior year casualty reserve development in Third Quarter 2026 and Nine Months 2026, compared to unfavorable prior year casualty reserve development of $35.0 million in Third Quarter 2025 and $60.0 million in Nine Months 2025, driven by increased severities in the state of New Jersey for accident years 2022 through 2024. Current year casualty loss costs were lower in Third Quarter 2026 compared to the same prior-year period, primarily reflecting the earned impact of pricing and underwriting actions taken to improve rate adequacy and profitability, while in Nine Months 2026 compared to Nine Months 2025, this improvement was offset by the increased loss trend assumptions we recognized throughout 2025 that are included in our expectations for 2026.

In the aggregate, net catastrophe and non-catastrophe property losses were 1.4 points lower in Third Quarter 2026 and 1.8 points lower in Nine Months 2026 compared to the same prior-year periods. This reduction was driven by (i) the earned impact of renewal pure price increases and (ii) period-to-period variability of catastrophe and non-catastrophe property losses.

Commercial Property1
Quarter ended
September 30,		Change % or PointsNine Months ended
September 30,		Change % or Points
($ in thousands)2026202520262025
NPW$199,922 207,689 (4)%$597,741 611,873 (2)%
  Direct new business40,224 40,980 (2)122,800 125,532 (2)
  Retention79 %80 (1)79 %81 (2)
Renewal pure price increases
3.3 8.4 (5.1)4.0 8.3 (4.3)
NPE$197,020 194,037 2 %$597,129 571,594 4 %
Underwriting income (loss)
33,311 56,521 (41)60,491 93,974 (36)
Combined ratio83.1 %70.9 12.2 pts89.9 %83.6 6.3 pts
% of total Standard Commercial Lines NPW23 22 21 21 
1Includes Inland Marine.

NPW decreased 4% in Third Quarter 2026 and 2% in Nine Months 2026 compared to the same prior-year periods, reflecting lower new business and deliberate actions to strengthen underwriting profitability.

Growth in NPE of 2% in Third Quarter 2026 and 4% in Nine Months 2026 reflected the impact of NPW growth through the first quarter of 2026, but was pressured by the impact of lower NPW for the last two quarters.

The combined ratio increased 12.2 points in Third Quarter 2026 compared to Third Quarter 2025, and 6.3 points in Nine Months 2026 compared to Nine Months 2025, and included the following:

Third Quarter 2026Third Quarter 2025
($ in thousands)
Loss and Loss Expense IncurredImpact on
Combined Ratio		Loss and Loss Expense IncurredImpact on
Combined Ratio		Change in Ratio
Net catastrophe losses$36,369 18.4 pts13,089 6.7 11.7 pts
Non-catastrophe property loss and loss expenses55,359 28.1 55,616 28.8 (0.7)
Total$91,728 46.5 68,705 35.5 11.0 
Nine Months 2026Nine Months 2025
($ in thousands)
Loss and Loss Expense IncurredImpact on
Combined Ratio		Loss and Loss Expense IncurredImpact on
Combined Ratio		Change in Ratio
Net catastrophe losses$127,663 21.4 pts63,388 11.1 10.3 pts
Non-catastrophe property loss and loss expenses200,723 33.6 215,394 37.7 (4.1)
Total$328,386 55.0 278,782 48.8 6.2 

In the aggregate, net catastrophe and non-catastrophe property losses were higher in both Third Quarter 2026 and Nine Months 2026 compared to the same prior-year periods. The increase in net catastrophe losses was driven by higher frequency and severity of winter storms and thunderstorm events that impacted our footprint this year compared to last. This was partially offset by lower non-catastrophe property losses due to normal period-to-period variability in property losses.

36
Workers Compensation
Quarter ended
September 30,		Change % or PointsNine Months ended
September 30,		Change % or Points
($ in thousands)2026202520262025
NPW$61,827 65,707 (6)%$221,140 234,856 (6)%
Direct new business6,870 10,945 (37)24,416 36,782 (34)
Retention81 %83 (2)81 %83 (2)
Renewal pure price increases (decreases)(3.3)(3.7)0.4 (3.4)(3.7)0.3 
NPE$73,583 75,528 (3)%$235,310 236,588 (1)%
Underwriting income (loss)
327 (3,474)(109)2,084 (11,052)(119)
Combined ratio99.6 %104.6 (5.0)pts99.1 %104.7 (5.6)pts
% of total Standard Commercial Lines NPW7 7 8 8 

NPW decreased 6% in Third Quarter 2026 and 6% in Nine Months 2026 compared to the same prior-year periods, primarily due to negative rate changes and lower new business. The rate level reductions were driven by continued decreases in workers compensation rating bureau loss costs, which form the basis for our filed rating plans, and heavily influence marketplace pricing for this line of business. Additionally, retention was lower compared to the same prior-year periods, resulting from underwriting actions taken to improve profitability.

The combined ratio decreased 5.0 points in Third Quarter 2026 and 5.6 points in Nine Months 2026 compared to the same prior-year periods and included the following:

Third Quarter 2026Third Quarter 2025
($ in thousands)
Loss and Loss Expense IncurredImpact on
Combined Ratio		Loss and Loss Expense IncurredImpact on
Combined Ratio		Change in Ratio
(Favorable) unfavorable prior year casualty reserve development$— — pts— — — pts
Current year casualty loss costs52,786 71.8 58,349 77.3 (5.5)
Total
$52,786 71.8 $58,349 77.3 (5.5)
Nine Months 2026Nine Months 2025
($ in thousands)
Loss and Loss Expense IncurredImpact on
Combined Ratio		Loss and Loss Expense IncurredImpact on
Combined Ratio		Change in Ratio
(Favorable) unfavorable prior year casualty reserve development$— — pts— — — pts
Current year casualty loss costs171,648 72.9 183,176 77.5 (4.6)
Total$171,648 72.9 $183,176 77.5 (4.6)

Lower current year casualty loss costs in Third Quarter 2026 and Nine Months 2026 compared to the same prior-year periods were primarily driven by decreased claim frequencies leading to improved loss trends. In addition, the combined ratio benefited from a 1.3-point reduction in the underwriting expense ratio in Nine Months 2026 compared to the same prior-year period, primarily driven by lower commissions on this line of business.

Standard Personal Lines Segment
Quarter ended
September 30,		Change % or PointsNine Months ended
September 30,		Change % or Points
($ in thousands)2026202520262025
Insurance Segments Results:
NPW$95,998 104,248 (8)%$279,969 302,217 (7)%
NPE95,325 101,519 (6)292,992 307,551 (5)
Less:
Loss and loss expense incurred73,507 89,290 (18)211,810 235,936 (10)
Net underwriting expenses incurred24,866 22,472 11 72,644 71,271 2 
Underwriting income (loss)$(3,048)(10,243)(70)$8,538 344 2,382 
Combined Ratios:
Loss and loss expense ratio77.1 %88.0 (10.9)pts72.3 %76.7 (4.4)pts
Underwriting expense ratio26.1 22.1 4.0 24.8 23.2 1.6 
Combined ratio103.2 110.1 (6.9)97.1 99.9 (2.8)

37
Lower NPW and NPE in Third Quarter 2026 and Nine Months 2026 compared to the same prior-year periods were driven by reductions in direct new business and lower renewal pure price increases. New business decreased 36% in Third Quarter 2026 and 29% in Nine Months 2026 compared to the same prior-year periods, driven by (i) market conditions, including an increasingly competitive market for auto insurance and (ii) restrictions we have in place to manage overall growth in the State of New Jersey. We have received regulatory approvals for increased rate levels in most of our footprint states and are focused on growth in our target market segment where we believe our rates are adequate. In Third Quarter 2026 and Nine Months 2026 we achieved renewal pure price increases of 8.1% and 9.3%, respectively.

The following table depicts direct new business, retention, and renewal pure price increases for the Third Quarter 2026 and Nine Months 2026:

Quarter ended
September 30,		Nine Months ended
September 30,
($ in millions)2026202520262025
Direct new business premiums1
$8.2 12.8 $24.1 34.6 
Retention80 %79 79 %77 
Renewal pure price increases8.1 16.9 9.3 19.8 
1Excludes our Flood direct premiums written, which are 100% ceded to the NFIP and do not impact NPW.

Loss and Loss Expenses
The following table provides quantitative information for analyzing loss and loss expense incurred:

Quarter ended
September 30,		Change % or PointsNine Months ended
September 30,		Change % or Points
($ in thousands)2026202520262025
Loss and Loss Expense Incurred:
(Favorable) unfavorable prior year casualty reserve development$— 5,000 (100)%$— 10,000 (100)%
Current year casualty loss costs24,482 32,223 (24)77,196 87,405 (12)
Net catastrophe losses18,342 12,160 51 43,480 33,864 28 
Non-catastrophe property loss and loss expenses30,683 39,907 (23)91,134 104,667 (13)
Total loss and loss expense incurred73,507 89,290 (18)211,810 235,936 (10)
Impact on Loss and Loss Expense Ratio:
(Favorable) unfavorable prior year casualty reserve development— %4.9 (4.9)pts— %3.3 (3.3)pts
Current year casualty loss costs25.8 31.8 (6.0)26.4 28.4 (2.0)
Net catastrophe losses19.2 12.0 7.2 14.8 11.0 3.8 
Non-catastrophe property loss and loss expenses32.2 39.3 (7.1)31.1 34.0 (2.9)
Total impact on loss and loss expense ratio77.2 88.0 (10.8)72.3 76.7 (4.4)

The loss and loss expense ratio decreased 10.8 points in Third Quarter 2026 and 4.4 points in Nine Months 2026 compared to the same prior-year periods. The absence of unfavorable prior year casualty reserve development in the 2026 periods contributed 4.9 points to this variance for the quarter and 3.3 points for the year-to-date period. Prior year casualty reserve development was as follows:

(Favorable)/Unfavorable Prior Year Casualty Reserve DevelopmentQuarter ended
September 30,		Nine Months ended
September 30,
($ in millions)2026202520262025
Homeowners$— — — — 
Personal automobile— 5.0 — 10.0 
Total Standard Personal Lines— 5.0 — 10.0 

The unfavorable prior year casualty reserve development of $5.0 million in Third Quarter 2025 and $10.0 million in Nine Months 2025 was primarily driven by increased severities in accident year 2024 related to the New Jersey portfolio.

38
Lower non-catastrophe property losses and current year casualty loss costs reduced the loss and loss expense ratio in Third Quarter 2026 and Nine Months 2026 compared to the same prior-year periods. The decrease in non-catastrophe property losses was primarily due to normal period-to-period variability associated with such losses. These amounts were partially offset by higher net catastrophe losses compared to the same prior-year periods due to higher frequency and severity of weather-related catastrophe events impacting our footprint.

Underwriting Expenses
Our underwriting expense ratio increased 4.0 points and 1.6 points in Third Quarter 2026 and Nine Months 2026, respectively, compared to the prior-year periods, as lower NPE has put pressure on our underwriting expense ratio.

E&S Lines Segment
Quarter ended
September 30,		Change % or PointsNine Months ended
September 30,
Change % or Points
($ in thousands)2026202520262025
Insurance Segments Results:
NPW$159,321 162,888 (2)%$467,316 472,762 (1)%
NPE157,762 155,887 1 464,996 446,824 4 
Less:
Loss and loss expense incurred88,934 71,783 24 273,318 246,928 11 
Net underwriting expenses incurred47,545 46,987 1 141,751 136,926 4 
Underwriting income (loss)21,283 37,117 (43)49,927 62,970 (21)
Combined Ratios:
Loss and loss expense ratio56.4 %46.1 10.3 pts58.8 %55.3 3.5 pts
Underwriting expense ratio30.1 30.1 — 30.5 30.6 (0.1)
Combined ratio86.5 76.2 10.3 89.3 85.9 3.4 

Increased competition in the marketplace and our continued underwriting discipline contributed to a decline in NPW of 2% in Third Quarter 2026 and 1% in Nine Months 2026 compared to the same prior-year periods. This NPW decline was primarily due to more capacity entering the excess and surplus lines marketplace and the admitted markets' expansion in appetite for business previously written by excess and surplus lines companies. NPW included the impact of the following:

Quarter ended
September 30,		Nine Months ended
September 30,
($ in millions)2026202520262025
Direct new business premiums$72.8 73.9 $221.0 220.8 
Retention63 %61 62 %63 
Renewal pure price increases1.5 8.3 2.7 8.7 

Despite the decline in NPW during 2026, NPE grew 1% in Third Quarter 2026 and 4% in Nine Months 2026 compared to the same prior-year periods, driven by growth in NPW in 2025 and the corresponding earnings of those premiums written.

Loss and Loss Expenses
The following table provides quantitative information for analyzing loss and loss expense incurred:

Quarter ended
September 30,		Change % or PointsNine Months ended
September 30,		Change % or Points
($ in thousands)2026202520262025
Loss and Loss Expense Incurred:
Current year casualty loss costs$68,882 63,083 9 
%
$202,926 180,834 12 
%
Net catastrophe losses3,345 (2,274)(247)16,247 28,619 (43)
Non-catastrophe property loss and loss expenses16,707 10,974 52 54,145 37,475 44 
Total loss and loss expense incurred88,934 71,783 24 273,318 246,928 11 
Impact on Loss and Loss Expense Ratio:
Current year casualty loss costs43.7 
%
40.6 3.1 
pts
43.7 
%
40.4 3.3 
pts
Net catastrophe losses2.1 (1.5)3.6 3.5 6.5 (3.0)
Non-catastrophe property loss and loss expenses10.6 7.0 3.6 11.6 8.4 3.2 
Total impact on loss and loss expense ratio
56.4 46.1 10.3 58.8 55.3 3.5 

39
The loss and loss expense ratio increased 10.3 points in Third Quarter 2026 compared to Third Quarter 2025, impacted by (i) higher current year casualty loss costs, primarily driven by higher embedded severity assumptions due to social inflation, (ii) higher non-catastrophe property loss and loss expenses, reflecting normal period-to-period variability associated with property losses, and (iii) higher net catastrophe losses due to higher frequency and severity of weather-related events that impacted our footprint.

The loss and loss expense ratio increased 3.5 points in Nine Months 2026 compared to Nine Months 2025. In Nine Months 2026, higher current year casualty loss costs and non-catastrophe property losses were partially offset by lower net catastrophe losses compared to Nine Months 2025, which included losses from the California Palisades Fire that impacted the first quarter of 2025.
Reinsurance
We successfully completed negotiations of our July 1, 2026 excess of loss treaties that cover Standard Commercial Lines, Standard Personal Lines, and E&S Lines.

We renewed the Casualty Excess of Loss Treaty (“Casualty Treaty”) with coverage for $87 million in excess of a $3 million retention per loss occurrence, which is the same as the expiring treaty. We continue to retain a portion of the first layer through an 8% co-participation, compared to a 20% co-participation in the expiring treaty. The 2026 treaty year deposit premium increased primarily due to increased premium rates and lower co-participation in the first layer.

We also renewed the Property Excess of Loss Treaty (“Property Treaty”) with the same retention as the expiring treaty, but with a $20 million increase in limit. The treaty now provides coverage for $115 million in excess of a $5 million retention for losses on a per-risk basis. The treaty year deposit premium decreased modestly, primarily driven by a reduction in rates.

The following table summarizes the Casualty Treaty and Property Treaty arrangements covering our Insurance Subsidiaries:

Treaty NameReinsurance CoverageTerrorism Coverage
Casualty Treaty (covers all insurance operations)
There are six layers covering $87 million in excess of $3 million. Losses other than terrorism losses are subject to the following:

- 92% of $3 million in excess of $3 million layer provides 81 reinstatements, $246 million annual aggregate limit;
- 100% of $6 million in excess of $6 million layer provides 15 reinstatements, $96 million annual aggregate limit;
- 100% of $9 million in excess of $12 million layer provides three reinstatements, $36 million annual aggregate limit;
- 100% of $9 million in excess of $21 million layer provides one reinstatement, $18 million annual aggregate limit;
- 100% of $20 million in excess of $30 million layer provides one reinstatement, $40 million annual aggregate limit; and
- 100% of $40 million in excess of $50 million layer provides one reinstatement, $80 million annual aggregate limit.
x.x
All NBCR losses are excluded. All other losses stemming from the acts of terrorism are subject to the following:

- 92% of $3 million in excess of $3 million layer with $15 million net annual terrorism aggregate limit;
- 100% of $6 million in excess of $6 million layer with $30 million net annual terrorism aggregate limit;
- 100% of $9 million in excess of $12 million layer with $27 million net annual terrorism aggregate limit;
- 100% of $9 million in excess of $21 million layer with $18 million net annual terrorism aggregate limit;
- 100% of $20 million in excess of $30 million layer with $40 million net annual terrorism aggregate limit; and
- 100% of $40 million in excess of $50 million layer with $80 million net annual terrorism aggregate limit.
Property Treaty (covers all insurance operations)
There are three layers covering 100% of $115 million in excess of $5 million. Losses other than Terrorism Risk Insurance Program Reauthorization Act (“TRIPRA”) certified losses are subject to the following reinstatements and annual aggregate limits:

- $5 million in excess of $5 million layer provides 15 reinstatements, $80 million in aggregate limits;
- $30 million in excess of $10 million layer provides four reinstatements, $150 million in aggregate limits; and
- $80 million in excess of $40 million layer provides one reinstatement, $160 million in aggregate limits.
All nuclear, biological, chemical, and radioactive (“NBCR”) losses are excluded regardless of whether or not they are certified under the TRIPRA. For non-NBCR losses, the treaty distinguishes between acts committed on behalf of foreign persons or foreign interests (“Foreign Terrorism”) and those that are not. The treaty provides annual aggregate limits for Foreign Terrorism (other than NBCR) acts of $15 million for the first layer, $60 million for the second layer, and $80 million for the third layer. Non-Foreign Terrorism losses (other than NBCR) are covered to the same extent as non-terrorism losses.
Investments
Our Investments segment's objectives are to maximize the economic value of our investment portfolio by achieving stable, risk-adjusted after-tax net investment income and generating long-term growth in book value per share. Our strategies consider prevailing market conditions, our enterprise risk tolerances, and other risk implications by:

•Maximizing the portfolio's overall total return by investing (i) the premiums from our insurance operations, (ii) amounts generated through our capital management strategies, including debt and equity security issuances, and (iii) profits of our business; and

•Maintaining (i) a well-diversified portfolio across issuers, sectors, and asset classes and (ii) a fixed income securities portfolio with high credit quality and acceptable duration and maturity profiles to provide ample liquidity.
40
The effective duration of our fixed income and short-term investments was 4.5 years as of September 30, 2026. We monitor and manage the effective duration to maximize yield while managing interest rate risk at an acceptable level. We buy and sell investments with the intent of maximizing investment returns in the current market environment, while balancing capital preservation and ensuring adequate liquidity to support our insurance business.

Our fixed income and short-term investments represented 91% of invested assets at September 30, 2026, and 92% at December 31, 2025, and had a weighted average credit rating of “A+” as of both dates. Investment grade holdings represented 96% of the total fixed income and short-term investment portfolio as of September 30, 2026, and 97% as of December 31, 2025.

For further details on the composition, credit quality, and various risks to which our portfolio is subject, see Item 7A. “Quantitative and Qualitative Disclosures About Market Risk.” of our 2025 Annual Report.

Total Invested Assets
($ in thousands)September 30, 2026December 31, 2025Change
Total invested assets$11,486,698 11,302,440 2 %
Invested assets per dollar of common stockholders' equity3.54 3.32 7 
Components of unrealized gains (losses) – before tax:
Fixed income securities(521,374)(88,415)490 %
Equity securities17,935 14,311 25 
Net unrealized gains (losses) – before tax(503,439)(74,104)579 
Components of unrealized gains (losses) – after tax:
Fixed income securities(411,885)(69,848)490 
Equity securities14,169 11,306 25 
Net unrealized gains (losses) – after tax(397,716)(58,542)579 

Invested assets increased $184.3 million as of September 30, 2026, compared to December 31, 2025, primarily reflecting our active investment of operating cash flows, which were 23% of NPW in Nine Months 2026. Invested assets included a $433.0 million increase in pre-tax net unrealized losses in our fixed income portfolio primarily due to higher interest rates as of September 30, 2026, compared to December 31, 2025.

Net Investment Income
Net investment income earned components were as follows:

Quarter ended
September 30,		Change
% or Points		Nine Months ended
September 30,		Change
% or Points
($ in thousands)2026202520262025
Fixed income securities$137,589 117,242 17 %$398,857 338,057 18 %
Commercial mortgage loans (“CMLs”)4,148 3,999 4 12,463 11,375 10 
Equity securities5,376 5,164 4 15,098 13,639 11 
Short-term investments3,384 5,712 (41)12,081 17,212 (30)
Alternative investments15,187 11,769 29 30,670 22,852 34 
Other investments139 171 (19)625 565 11 
Investment expenses(5,342)(5,402)(1)(16,763)(16,386)2 
Net investment income earned – before tax160,481 138,655 16 453,031 387,314 17 
Net investment income tax expense(33,174)(28,688)16 (93,453)(80,305)16 
Net investment income earned – after tax$127,307 109,967 16 $359,578 307,009 17 
Effective tax rate20.7 %20.7 — pts20.6 %20.7 (0.1)pts
Annualized after-tax yield on fixed income investments4.4 4.1 0.3 4.4 4.1 0.3 
Annualized after-tax yield on investment portfolio4.4 4.1 0.3 4.2 4.0 0.2 

The increase in after-tax net investment income earned in both Third Quarter 2026 and Nine Months 2026 compared to the same prior-year periods, was primarily driven by (i) active portfolio management resulting in higher after-tax portfolio yield and (ii) operating cash flow deployment.

41
Realized and Unrealized Gains and Losses
When evaluating securities for sale, our general philosophy is to reduce our exposure to securities and sectors based on economic evaluations of whether (i) the fundamentals for that security or sector have deteriorated or (ii) the timing is appropriate to trade opportunistically for other securities with better economic-return characteristics. Net realized and unrealized gains and losses for the indicated periods were as follows:

Quarter ended
September 30,		Change
%		Nine Months ended
September 30,		Change
%
($ in thousands)2026202520262025
Net realized gains (losses) on disposals$10,581 (575)(1,940)%$6,129 (1,471)(517)%
Net unrealized gains (losses) on equity securities(17,691)7,802 (327)3,624 12,492 (71)
Net credit loss benefit (expense) on fixed income investments
(12,318)830 (1,584)(25,123)2,196 (1,244)
Losses on securities for which we have the intent to sell(18)— 100 (406)(759)(47)
Total net realized and unrealized investment gains (losses)$(19,446)8,057 (341)$(15,776)12,458 (227)

The change in net realized and unrealized investment losses in Third Quarter 2026 and Nine Months 2026 compared to net realized and unrealized investment gains in the same prior-year periods, was primarily driven by (i) a decrease in valuations reflecting the current public equities market and (ii) an increase in net credit loss expense on fixed income investments, primarily due to higher interest rates in Third Quarter 2026 and Nine Months 2026 compared to the same prior-year periods. The higher interest rates increased unrealized losses on our fixed income investments, thereby increasing the amount of recognized credit losses.

Income Taxes
The following table provides information regarding income taxes.

Quarter ended
September 30,		Nine Months ended
September 30,
($ in millions)2026202520262025
Income tax expense
$33.4 30.4 $93.4 82.3 
Effective tax rate1
20.9 %21.2 21.1 %21.3 
1The effective tax rate is calculated by taking “Total income tax expense (benefit)” divided by “Income (loss) before income tax” less “Preferred stock dividends” on our Consolidated Statements of Income.

Liquidity and Capital Resources
Capital resources and liquidity reflect our ability to generate cash flows from business operations, borrow funds at competitive rates, and raise new capital to meet our operating and growth needs.

Liquidity
We manage liquidity by generating sufficient cash flows to meet our business operations' short-term and long-term cash requirements. We adjust our liquidity requirements based on economic conditions, market conditions, and future cash flow commitments, as discussed further below.

Sources of Liquidity
The Parent's sources of cash historically have consisted of dividends from the Insurance Subsidiaries, the Parent's investment portfolio, borrowings under third-party lines of credit, intercompany revolving demand loan agreements with certain Insurance Subsidiaries, and the issuance of equity (common or preferred) and debt securities. We continue to monitor these sources, considering our short-term and long-term liquidity and capital preservation strategies.

The Parent's cash and components of its investment portfolio were as follows:

($ in thousands)September 30, 2026December 31, 2025
Fixed income securities$223,682 254,851 
Equity securities52,311 49,978 
Short-term investments101,413 78,973 
Alternative investments21,027 21,603 
Cash101 248 
Total investments and cash$398,534 405,653 

Short-term investments have historically been maintained in “AAA” rated money market funds and fixed income securities are comprised of high-quality, liquid government and corporate securities.
42
The amount and composition of the Parent's investment portfolio may change over time based on various factors, including the amount and availability of dividends from our Insurance Subsidiaries, investment income, expenses, other Parent cash needs, such as dividends payable to stockholders, asset allocation investment decisions, inorganic growth opportunities, debt retirement, and share repurchases. We have an established target for the Parent to maintain liquid investments of at least twice its expected annual net cash outflow needs.

Insurance Subsidiary Dividends
The Insurance Subsidiaries generate liquidity through insurance float, created by collecting premiums and earning investment income before paying claims. The float period can extend over many years. Our investment portfolio consists of securities with maturity dates that continually provide a source of cash flow for claims payments in the ordinary course of business. To protect our Insurance Subsidiaries' capital, we purchase reinsurance coverage for significantly large claims or catastrophes that may occur.

The Insurance Subsidiaries paid $230 million in total dividends to the Parent in Nine Months 2026. As of December 31, 2025, our allowable ordinary maximum dividend is $466 million for 2026. All Insurance Subsidiary dividends to the Parent are (i) subject to the approval and/or review of its domiciliary state insurance regulator and (ii) generally payable only from earned statutory surplus reported in its annual statements as of the preceding December 31. Although domiciliary state insurance regulators have historically approved Insurance Subsidiary dividends, there is no assurance they will approve future dividends.

New Jersey corporate law also limits the maximum amount of dividends the Parent can pay our stockholders if either (i) the Parent would be unable to pay its debts as they become due in the usual course of business or (ii) the Parent’s total assets would be less than its total liabilities. The Parent’s ability to pay dividends to stockholders is also impacted by (i) covenants in its credit agreement that obligate it, among other things, to maintain a minimum consolidated net worth and a maximum ratio of consolidated debt to total capitalization, and (ii) the terms of our preferred stock that prohibit dividends from being declared or paid on our common stock if dividends are not declared and paid, or made payable, on all outstanding preferred stock for the latest completed dividend period.

For additional information regarding dividend restrictions and financial covenants, where applicable, see Note 11. “Indebtedness,” Note 17. “Equity,” and Note 22. “Statutory Financial Information, Capital Requirements, and Restrictions on Dividends and Transfers of Funds” in Item 8. “Financial Statements and Supplementary Data.” of our 2025 Annual Report.

Line of Credit
On June 30, 2025, the Parent entered into a Credit Agreement with the lenders named therein (the “Lenders”) and Wells Fargo Bank, National Association, as administrative agent (“Line of Credit”). Under the Line of Credit, the Lenders have agreed to provide the Parent with a $100 million revolving credit facility that can be increased to $200 million with the Lenders' consent. The Line of Credit will mature on June 30, 2028, and has a variable interest rate based on the Parent’s debt ratings. In the second quarter of 2026, we executed a $1.0 million overnight borrowing on the Line of Credit as a periodic validation of processes for accessing capital and liquidity resources. No additional borrowings were made under the Line of Credit in Nine Months 2026. For additional information regarding the Line of Credit and corresponding representations, warranties, and covenants, see Note 11. “Indebtedness” in Item 8. “Financial Statements and Supplementary Data.” of our 2025 Annual Report.

Four Insurance Subsidiaries are members of Federal Home Loan Bank (“FHLB”) branches, as shown in the following table. Membership requires the ownership of branch stock and includes the right to access liquidity. All Federal Home Loan Bank of Indianapolis (“FHLBI”) and Federal Home Loan Bank of New York (“FHLBNY”) borrowings are required to be secured by investments pledged as collateral. For additional information regarding collateral outstanding, refer to Note 4. “Investments” in Item 1. “Financial Statements.” of this Form 10-Q.

BranchInsurance Subsidiary Member
FHLBI
Selective Insurance Company of South Carolina1
Selective Insurance Company of the Southeast1
FHLBNY
Selective Insurance Company of America
Selective Insurance Company of New York (“SICNY”)
1These subsidiaries are jointly referred to as the “Indiana Subsidiaries” because they are domiciled in Indiana.

The Line of Credit permits aggregate borrowings from the FHLBI and the FHLBNY up to 10% of the respective member company’s admitted assets for the previous year. SICNY is domiciled in New York, which limits its FHLBNY borrowings to the lesser of 5% of admitted assets for the most recently completed fiscal quarter or 10% of the previous year-end's admitted assets. As of September 30, 2026, we had remaining capacity of $691.4 million for FHLB borrowings, with a $28.6 million additional stock purchase requirement to allow the member companies to borrow their remaining capacity amounts. We currently have a $60 million borrowing outstanding from FHLBI, which is due for repayment on December 16, 2026.

43
Short-term Borrowings
We made no material short-term borrowings from FHLB branches during Nine Months 2026; however in the second quarter of 2026, we executed an insignificant overnight borrowing from FHLBNY as a periodic validation of processes for accessing capital and liquidity resources.
Intercompany Loan Agreements
The Parent has lending agreements with the Indiana Subsidiaries, approved by the Indiana Department of Insurance, that provide the Parent with additional intercompany liquidity. Like the Line of Credit, these lending agreements limit the Parent’s borrowings from the Indiana Subsidiaries to 10% of the admitted assets of the respective Indiana Subsidiary. The outstanding balance on these intercompany loans was $35.0 million as of both September 30, 2026 and December 31, 2025. The remaining capacity under these intercompany loan agreements was $198.0 million as of both September 30, 2026 and December 31, 2025. We have other insurance regulator-approved intercompany agreements that facilitate liquidity management between the Parent and the Insurance Subsidiaries to enhance flexibility.

Capital Market Activities
The Parent had no private or public stock issuances during Nine Months 2026.

In October 2025, the Company announced that its Board of Directors authorized a share repurchase program under which the Company may repurchase issued and outstanding shares of common stock up to $200 million, exclusive of any excise tax impact. During Nine Months 2026, we repurchased 1,300,663 shares of our common stock for $116.9 million, excluding commissions paid and estimated excise tax. We had $53.1 million of remaining capacity under that program as of September 30, 2026.

On October 22, 2026, the Company announced that its Board of Directors authorized a new share repurchase program under which the Company may repurchase issued and outstanding shares of common stock up to $200 million, exclusive of any excise tax impact, bringing the total available for repurchases to $253.1 million. This new program is effective as of immediately following the completion of the repurchases authorized under the prior stock repurchase program and has no expiration date.

Uses of Liquidity
The Parent uses the liquidity generated from the sources discussed above to pay dividends to our stockholders, among other things. Dividends on shares of the Parent's common and preferred stock are declared and paid at the discretion of the Board of Directors (“Board”) based on our operating results, financial condition, capital requirements, contractual restrictions, and other relevant factors. Our Board declared:

•    A 12% increase in the quarterly cash dividend on common stock, to $0.48 per common share payable December 1, 2026, to holders of record as of November 16, 2026; and
•    A quarterly cash dividend of $287.50 per share on our 4.60% Non-Cumulative Preferred Stock, Series B (equivalent to $0.28750 per depositary share) payable on December 15, 2026, to holders of record as of November 30, 2026.

Our ability to meet our interest and principal repayment obligations on our debt and our ability to continue to pay dividends to our stockholders is dependent on (i) liquidity at the Parent, (ii) the ability of the Insurance Subsidiaries to pay dividends, if necessary, and/or (iii) the availability of other sources of liquidity to the Parent.

Restrictions on the Insurance Subsidiaries' ability to declare and pay dividends without alternative liquidity options, could materially affect our ability to service debt and pay dividends on common and preferred stock.

Capital Resources
Capital resources ensure we can pay policyholder claims, furnish the financial strength to support underwriting insurance risks, and facilitate continued business growth. At September 30, 2026, we had GAAP stockholders' equity of $3.4 billion and statutory surplus of $3.7 billion. With total debt of $902 million at September 30, 2026, our debt-to-capital ratio was 20.7%. For additional information on our statutory surplus, see Note 22. “Statutory Financial Information, Capital Requirements, and Restrictions on Dividends and Transfers of Funds” in Item 8. “Financial Statements and Supplementary Data.” of our 2025 Annual Report.

Our current and long-term material cash requirements associated with (i) loss and loss expense reserves, (ii) contractual obligations under operating and financing leases for office space and equipment, and (iii) notes payable, funded primarily with operating cash flows, have not materially changed since December 31, 2025. The Insurance Subsidiaries' net loss and loss expense reserves duration was 3.0 years at December 31, 2025.

44
The following table summarizes certain contractual obligations we had at September 30, 2026, that may require us to invest additional amounts into our investment portfolio, which we would fund primarily with operating cash flows.

($ in millions)Amount of Obligation
Fixed income securities$645.8 
Alternative investments364.5 
Equity securities14.2 
CMLs14.2 
Total$1,038.7 

There is no certainty (i) these additional investments will be required or (ii) about the timing of funding. We expect to have the capacity to fund these commitments through our normal operating and investing activities as they come due.

Our other cash requirements include, without limitation, dividends to stockholders, capital expenditures, and other operating expenses, including commissions to our distribution partners, labor costs, premium taxes, general and administrative expenses, and income taxes.

As of September 30, 2026 and December 31, 2025, we had no (i) material guarantees on behalf of others and trading activities involving non-exchange traded contracts accounted for at fair value, (ii) material transactions with related parties other than those disclosed in Note 18. “Related Party Transactions” in Item 8. “Financial Statements and Supplementary Data.” of our 2025 Annual Report and Note 14. “Related Party Transactions” in Item 1. “Financial Statements.” of this Form 10-Q, and (iii) material relationships with unconsolidated entities or financial partnerships, such as structured finance or special purpose entities, established to facilitate off-balance sheet arrangements or other contractually narrow or limited purposes. Consequently, we are not exposed to any material financing, liquidity, market, or credit risk related to off-balance sheet arrangements.

We continually monitor our cash requirements and the capital resources we maintain at the holding company and Insurance Subsidiary levels. As part of our long-term capital strategy, we strive to maintain capital metrics that support our targeted financial strength relative to the macroeconomic environment. Based on our analysis and market conditions, we may take a variety of actions, including, without limitation, contributing capital to the Insurance Subsidiaries, issuing additional debt and/or equity securities, repurchasing existing debt, repurchasing shares of the Parent’s common stock, and adjusting common stockholders’ dividends.

Our capital management strategy is intended to protect the interests of the Insurance Subsidiaries' policyholders and our stockholders, and to enhance our financial strength and underwriting capacity. We have a strong capital base and high-quality underwriting portfolio, positioning us well to capitalize on potential market opportunities.

Book value per common share decreased to $55.02 as of September 30, 2026, from $56.74 as of December 31, 2025. The reduction was primarily attributable to a $5.80 increase in after-tax net unrealized losses on our fixed income securities portfolio and $1.29 in common stockholder dividends, partially offset by $5.80 of net income per diluted common share. The increase in after-tax unrealized losses on our fixed income securities portfolio was primarily driven by an increase in benchmark U.S. Treasury rates. Our adjusted book value per share, which is book value per share excluding total after-tax unrealized gains or losses on investments included in accumulated other comprehensive income (loss), increased to $62.00 as of September 30, 2026, from $57.91 as of December 31, 2025.

Cash Flows
Net cash provided by operating activities decreased to $817.7 million in Nine Months 2026, compared to $856.8 million in Nine Months 2025, primarily driven by lower levels of cash received for premiums.

Net cash used in investing activities decreased to $618.2 million in Nine Months 2026, compared to $1.2 billion in Nine Months 2025. Nine Months 2025 was elevated as a result of investing proceeds from our $400 million, 5.9% Senior Note issuance in February 2025. These proceeds also drove the $262 million in net cash provided by financing activities in Nine Months 2025, compared to net cash used in financing activities in Nine Months 2026 of $202 million.

45
Ratings
Our ratings remain the same as reported in our “Overview” section of Item 1. “Business.” of our 2025 Annual Report and are as follows:

Nationally Recognized Statistical Rating Organizations
Financial Strength RatingOutlook
AM Best CompanyA+Stable
Moody's Investors Services
A2Stable
Fitch Ratings (“Fitch”)A+Stable
Standard & Poor's Global Ratings (“S&P”)AStable

On April 29, 2026, Fitch affirmed our “A+” rating with a “stable” outlook. In taking this rating action, Fitch cited our (i) business profile as having favorable competitive positioning within our core standard lines businesses, driven by strong independent agency relationships and (ii) strong capital position.

On September 29, 2026, S&P affirmed our “A” rating with a “stable” outlook. In taking this rating action, S&P cited our (i) strong balance sheet and track record of disciplined loss reserve management and (ii) improving operating performance through targeted pricing, business mix adjustments, and enhanced risk segmentation.

On October 15, 2026, Moody’s affirmed our “A2” rating with a “stable” outlook. In taking this rating action, Moody’s cited our (i) solid regional franchise focused on small-to-midsize commercial accounts, (ii) strong independent agency relationships, (iii) long record of underwriting profitability, and (iv) high-quality investment portfolio.

ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK.

There have been no material changes in the information about market risk set forth in our 2025 Annual Report.

ITEM 4. CONTROLS AND PROCEDURES.

Our management, with the participation of our Chief Executive Officer and Chief Financial Officer, has evaluated the effectiveness of our disclosure controls and procedures (as defined in Rules 13a-15(e) and 15d-15(e) under the Securities Exchange Act of 1934, as amended (the “Exchange Act”)), as of the end of the period covered by this report. Based on this evaluation, our Chief Executive Officer and Chief Financial Officer have concluded that our disclosure controls and procedures were effective as of the end of such period to provide reasonable assurance that information we are required to disclose in the reports that we file or submit under the Exchange Act is (i) recorded, processed, summarized, and reported within the time periods specified in the SEC's rules and forms and (ii) accumulated and communicated to our management, including our Chief Executive Officer and Chief Financial Officer, as appropriate to allow timely decisions about required disclosure.

No changes in our internal control over financial reporting (as defined in Rule 13a-15(f) and 15d-15(f) of the Exchange Act) occurred during Third Quarter 2026 that materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

PART II. OTHER INFORMATION

ITEM 1. LEGAL PROCEEDINGS.

In the ordinary course of our insurance operations, we are routinely engaged in legal proceedings with inherently unpredictable outcomes that could have a material adverse effect on our consolidated results of operations or cash flows in particular quarterly or annual periods. For additional information regarding our legal risks, refer to Note 15. “Litigation” in Item 1. “Financial Statements.” of this Form 10-Q and Item 1A. “Risk Factors.” in Part II. “Other Information.” As of September 30, 2026, we are not party to any pending legal proceedings that we believe could have a material adverse effect on our consolidated financial condition, results of operations, or cash flows.






46
ITEM 1A. RISK FACTORS.

Certain risk factors can significantly impact our business, liquidity, capital resources, results of operations, financial condition, and debt ratings. These risk factors might affect, alter, or change our actions in executing our long-term capital strategy. Examples include, without limitation, contributing capital to any or all of our ten Insurance Subsidiaries, issuing additional debt and/or equity securities, repurchasing our existing debt and/or equity securities, or increasing or decreasing common stockholders' dividends. We operate in a continually changing business environment, and new risk factors that we cannot predict or assess may emerge at any time. Consequently, we can neither predict such new risk factors nor assess the potential future impact on our business. Except as discussed below, there have been no material changes from the risk factors disclosed in Item 1A. “Risk Factors.” in our 2025 Annual Report.

Continuing geopolitical developments could adversely and materially affect our business, results of operations, financial condition, and growth.
Continuing geopolitical developments, including military conflict in the Middle East, have contributed to increased volatility in global energy markets and international shipping activity. Though we only write business domestically in the United States, and our insurance operations do not have direct exposure to businesses or individuals in the Middle East, these developments have resulted in higher energy and transportation costs, supply‑chain delays, and volatility in global financial markets. Such conditions may adversely affect global economic activity and the market value of our investment portfolio and could increase our loss costs and reinsurance expense.

ITEM 2. UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS.

The following table provides information regarding our purchases of our common stock in Third Quarter 2026:

Period
Total Number of
Shares Purchased1
Average Price
Paid per Share
Total Number of
Shares Purchased
as Part of Publicly
Announced Programs2
Approximate Dollar Value of
Shares that May Yet
Be Purchased Under the Announced Programs
(in millions)2
July 1 – 31, 2026350,798 94.80 350,500 $74.9 
August 1 – 31, 2026125,200 94.82 125,124 63.0 
September 1 – 30, 2026111,794 88.81 111,605 53.1 
Total587,792 $93.66 587,229 $53.1 
1Total number of shares purchased includes 563 shares purchased from employees to satisfy tax withholding obligations associated with the vesting of their restricted stock units.
2For information on our publicly announced share repurchase program, refer to Note 17. “Equity” in Item 8. “Financial Statements and Supplementary Data.” of our 2025 Annual Report.

ITEM 3. DEFAULTS UPON SENIOR SECURITIES.

None.

ITEM 4. MINE SAFETY DISCLOSURES.

Not applicable.

ITEM 5. OTHER INFORMATION.

During Third Quarter 2026, none of the Company's directors or officers (as defined in Rule 16a-1(f) under the Exchange Act) adopted, modified, or terminated any contract, instruction, or written plan for the purchase or sale of the Company’s common stock intended to satisfy the affirmative defense conditions of Rule 10b5-1(c) under the Exchange Act, or any “non-Rule 10b5-1 trading arrangement” (as defined in Item 408(c) of Regulation S-K).

47
Table of Contents
ITEM 6. EXHIBITS.

Exhibit No.
Employment Agreement between Selective Insurance Company of America and Vaibhav Kalia, dated as of October 5, 2026.
Employment Agreement between Selective Insurance Company of America and Jacob E. Rothfuss, dated as of October 12, 2026.
Certification of Chief Executive Officer in accordance with Section 302 of the Sarbanes-Oxley Act of 2002.
Certification of Chief Financial Officer in accordance with Section 302 of the Sarbanes-Oxley Act of 2002.
Certification of Chief Executive Officer in accordance with Section 906 of the Sarbanes-Oxley Act of 2002.
Certification of Chief Financial Officer in accordance with Section 906 of the Sarbanes-Oxley Act of 2002.
**101
The following financial statements from the Company's Quarterly Report on Form 10-Q for the quarter ended September 30, 2026, formatted in Inline Extensible Business Reporting Language (iXBRL): (i) Consolidated Balance Sheets, (ii) Consolidated Statements of Income, (iii) Consolidated Statements of Comprehensive Income (Loss), (iv) Consolidated Statements of Stockholders' Equity, (v) Consolidated Statements of Cash Flows and (vi) Notes to Consolidated Financial Statements.
**104Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101).
* Filed herewith.
** Furnished and not filed herewith.
+ Management compensation plan or arrangement.
48
SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

SELECTIVE INSURANCE GROUP, INC.
Registrant 
Date:October 23, 2026/s/ John J. Marchioni
John J. Marchioni
Chairman of the Board, President and Chief Executive Officer
(principal executive officer)
Date:October 23, 2026/s/ Patrick S. Brennan
Patrick S. Brennan
Executive Vice President and Chief Financial Officer
(principal financial officer)

49

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