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Selective Insurance cuts new business as casualty loss costs climb
In the three months ended June 30, 2026, net premiums written fell 5% year on year to $1.22 billion, even as its combined ratio improved to 98%.
Selective Insurance Group accelerated a pullback on premiums in the second quarter as it reduced new business and kept fewer poorer-performing accounts, while casualty loss costs continued to rise, Insurance Business reported.
Net premiums written declined 5% year on year to $1.22 billion for the three months ended June 30, 2026, following a 1% decrease in the first quarter. The drop was led by standard commercial lines, which make up 79% of total written premiums, with segment premiums down 6% versus a 1% decrease earlier in the year.
Commercial renewal price increases slowed to 6.5% from 7.1% in the first quarter and 8.9% a year earlier, and retention fell to 81% from 82% in the prior quarter. The insurer said it was seeking to retain more of its better-performing accounts while accepting lower retention on poorer-performing business.
Even with the premium decline, Selective returned to an underwriting profit as its combined ratio improved to 98%, from 100.2% a year earlier, producing after-tax underwriting income of $19.3 million, after a $1.9 million underwriting loss in the second quarter of 2025.