Intrinsic value of Selective Insurance Group - SIGI

Previous Close

$63.55

  Intrinsic Value

$29.90

stock screener

  Rating & Target

str. sell

-53%

Previous close

$63.55

 
Intrinsic value

$29.90

 
Up/down potential

-53%

 
Rating

str. sell

Our model is not good at valuating stocks of financial companies, such as SIGI.

We calculate the intrinsic value of SIGI stock by summing up the current values of future distributable cash flows generated by the company and dividing the sum by the number of outstanding shares. As such, the intrinsic value calculation depends entirely on projections. The more accurate your projections of the company's performance are - the more reliable is the intrinsic value calculation result. Please make sure to check the stock valuation input data below and adjust it if necessary. The quality of the output (intrinsic valuation result) is only as good as the quality of the input. See also DISCLAIMERS.

STOCK VALUATION INPUT DATA

Revenue (in 2017), $M
Initial revenue growth rate, %
Terminal revenue growth rate, %
Revenue decline factor
Initial discount rate, %
Discount rate multiplier
Variable cost ratio, %
Fixed operating expenses, $M
Interest rate on debt, %
Effective corporate tax rate, %
Production assets / Revenue, %
Life of production assets, yrs
Working capital / Revenue, %
Revenue / Adjusted assets
Adjusted equity ratio
Cash flow adjustment, % of Revenue
Book value of equity, $M
Shares outstanding, mln
Market capitalization, $bln 3.7

 

FINANCIAL STATEMENTS FORECAST and PRESENT VALUE CALCULATION

Fiscal year
   2018
   2019
   2020
   2021
   2022
   2023
   2024
   2025
   2026
   2027
   2028
   2029
   2030
   2031
   2032
   2033
   2034
   2035
   2036
   2037
   2038
   2039
   2040
   2041
   2042
   2043
   2044
   2045
   2046
   2047

INCOME STATEMENT

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenue growth rate, %
  8.10
  7.79
  7.51
  7.26
  7.03
  6.83
  6.65
  6.48
  6.33
  6.20
  6.08
  5.97
  5.88
  5.79
  5.71
  5.64
  5.57
  5.52
  5.47
  5.42
  5.38
  5.34
  5.31
  5.27
  5.25
  5.22
  5.20
  5.18
  5.16
  5.15
Revenue, $m
  2,670
  2,878
  3,094
  3,319
  3,552
  3,795
  4,047
  4,310
  4,583
  4,867
  5,163
  5,471
  5,793
  6,128
  6,478
  6,843
  7,224
  7,623
  8,039
  8,475
  8,931
  9,408
  9,907
  10,429
  10,977
  11,550
  12,150
  12,780
  13,440
  14,131
Variable operating expenses, $m
  1,874
  2,020
  2,172
  2,330
  2,494
  2,664
  2,841
  3,025
  3,217
  3,416
  3,624
  3,841
  4,066
  4,302
  4,547
  4,804
  5,071
  5,351
  5,644
  5,950
  6,269
  6,604
  6,955
  7,321
  7,706
  8,108
  8,530
  8,971
  9,435
  9,920
Fixed operating expenses, $m
  122
  124
  127
  130
  133
  136
  139
  142
  145
  148
  151
  155
  158
  161
  165
  169
  172
  176
  180
  184
  188
  192
  196
  201
  205
  210
  214
  219
  224
  229
Total operating expenses, $m
  1,996
  2,144
  2,299
  2,460
  2,627
  2,800
  2,980
  3,167
  3,362
  3,564
  3,775
  3,996
  4,224
  4,463
  4,712
  4,973
  5,243
  5,527
  5,824
  6,134
  6,457
  6,796
  7,151
  7,522
  7,911
  8,318
  8,744
  9,190
  9,659
  10,149
Operating income, $m
  674
  733
  795
  859
  926
  995
  1,067
  1,143
  1,221
  1,302
  1,387
  1,476
  1,568
  1,665
  1,765
  1,871
  1,981
  2,096
  2,216
  2,342
  2,473
  2,611
  2,756
  2,907
  3,066
  3,232
  3,407
  3,590
  3,781
  3,983
EBITDA, $m
  1,487
  1,610
  1,737
  1,870
  2,008
  2,151
  2,300
  2,455
  2,616
  2,784
  2,959
  3,142
  3,332
  3,531
  3,738
  3,954
  4,180
  4,417
  4,664
  4,922
  5,193
  5,476
  5,773
  6,083
  6,408
  6,749
  7,107
  7,481
  7,874
  8,285
Interest expense (income), $m
  22
  307
  307
  307
  307
  307
  307
  307
  307
  307
  307
  307
  307
  307
  307
  307
  307
  307
  307
  307
  307
  307
  307
  307
  307
  307
  307
  307
  307
  307
  307
Earnings before tax, $m
  367
  426
  488
  552
  619
  688
  760
  836
  914
  995
  1,080
  1,169
  1,261
  1,358
  1,458
  1,564
  1,674
  1,789
  1,909
  2,035
  2,166
  2,304
  2,449
  2,600
  2,759
  2,925
  3,100
  3,283
  3,474
  3,676
Tax expense, $m
  99
  115
  132
  149
  167
  186
  205
  226
  247
  269
  292
  316
  341
  367
  394
  422
  452
  483
  515
  549
  585
  622
  661
  702
  745
  790
  837
  886
  938
  992
Net income, $m
  268
  311
  356
  403
  452
  502
  555
  610
  667
  727
  789
  853
  921
  991
  1,065
  1,141
  1,222
  1,306
  1,393
  1,485
  1,582
  1,682
  1,788
  1,898
  2,014
  2,135
  2,263
  2,396
  2,536
  2,683

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Total assets, $m
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Adjusted assets (=assets-cash), $m
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Revenue / Adjusted assets
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
Average production assets, $m
  8,130
  8,764
  9,422
  10,106
  10,817
  11,556
  12,324
  13,123
  13,954
  14,819
  15,720
  16,659
  17,638
  18,659
  19,724
  20,837
  21,998
  23,212
  24,480
  25,807
  27,194
  28,646
  30,166
  31,757
  33,424
  35,169
  36,998
  38,915
  40,924
  43,030
Working capital, $m
  -6,448
  -6,951
  -7,473
  -8,015
  -8,579
  -9,165
  -9,774
  -10,408
  -11,067
  -11,753
  -12,468
  -13,213
  -13,989
  -14,799
  -15,643
  -16,526
  -17,447
  -18,409
  -19,415
  -20,467
  -21,568
  -22,720
  -23,925
  -25,187
  -26,508
  -27,893
  -29,343
  -30,863
  -32,457
  -34,127
Total debt, $m
  5,685
  5,685
  5,685
  5,685
  5,685
  5,685
  5,685
  5,685
  5,685
  5,685
  5,685
  5,685
  5,685
  5,685
  5,685
  5,685
  5,685
  5,685
  5,685
  5,685
  5,685
  5,685
  5,685
  5,685
  5,685
  5,685
  5,685
  5,685
  5,685
  5,685
Total liabilities, $m
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Total equity, $m
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Total liabilities and equity, $m
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Debt-to-equity ratio
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
Adjusted equity ratio
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  268
  311
  356
  403
  452
  502
  555
  610
  667
  727
  789
  853
  921
  991
  1,065
  1,141
  1,222
  1,306
  1,393
  1,485
  1,582
  1,682
  1,788
  1,898
  2,014
  2,135
  2,263
  2,396
  2,536
  2,683
Depreciation, amort., depletion, $m
  813
  876
  942
  1,011
  1,082
  1,156
  1,232
  1,312
  1,395
  1,482
  1,572
  1,666
  1,764
  1,866
  1,972
  2,084
  2,200
  2,321
  2,448
  2,581
  2,719
  2,865
  3,017
  3,176
  3,342
  3,517
  3,700
  3,891
  4,092
  4,303
Funds from operations, $m
  1,081
  1,188
  1,298
  1,414
  1,533
  1,658
  1,788
  1,922
  2,063
  2,209
  2,361
  2,519
  2,685
  2,857
  3,037
  3,225
  3,422
  3,627
  3,841
  4,066
  4,301
  4,547
  4,804
  5,074
  5,356
  5,652
  5,963
  6,288
  6,629
  6,986
Change in working capital, $m
  -483
  -502
  -522
  -543
  -564
  -586
  -609
  -634
  -659
  -686
  -715
  -745
  -776
  -810
  -845
  -882
  -921
  -963
  -1,006
  -1,052
  -1,101
  -1,152
  -1,205
  -1,262
  -1,322
  -1,384
  -1,451
  -1,520
  -1,593
  -1,670
Cash from operations, $m
  1,564
  1,690
  1,821
  1,956
  2,097
  2,244
  2,397
  2,556
  2,722
  2,895
  3,075
  3,264
  3,461
  3,667
  3,882
  4,107
  4,343
  4,589
  4,848
  5,118
  5,401
  5,698
  6,010
  6,336
  6,678
  7,037
  7,413
  7,808
  8,222
  8,656
Maintenance CAPEX, $m
  -752
  -813
  -876
  -942
  -1,011
  -1,082
  -1,156
  -1,232
  -1,312
  -1,395
  -1,482
  -1,572
  -1,666
  -1,764
  -1,866
  -1,972
  -2,084
  -2,200
  -2,321
  -2,448
  -2,581
  -2,719
  -2,865
  -3,017
  -3,176
  -3,342
  -3,517
  -3,700
  -3,891
  -4,092
New CAPEX, $m
  -609
  -633
  -658
  -684
  -711
  -739
  -768
  -799
  -831
  -865
  -901
  -939
  -979
  -1,021
  -1,065
  -1,112
  -1,162
  -1,214
  -1,269
  -1,327
  -1,388
  -1,452
  -1,520
  -1,591
  -1,666
  -1,746
  -1,829
  -1,917
  -2,009
  -2,106
Cash from investing activities, $m
  -1,361
  -1,446
  -1,534
  -1,626
  -1,722
  -1,821
  -1,924
  -2,031
  -2,143
  -2,260
  -2,383
  -2,511
  -2,645
  -2,785
  -2,931
  -3,084
  -3,246
  -3,414
  -3,590
  -3,775
  -3,969
  -4,171
  -4,385
  -4,608
  -4,842
  -5,088
  -5,346
  -5,617
  -5,900
  -6,198
Free cash flow, $m
  203
  244
  286
  330
  376
  423
  473
  525
  578
  634
  692
  753
  816
  882
  951
  1,023
  1,098
  1,176
  1,258
  1,344
  1,433
  1,527
  1,625
  1,728
  1,836
  1,949
  2,067
  2,191
  2,322
  2,458
Issuance/(repayment) of debt, $m
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Issuance/(repurchase) of shares, $m
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash from financing (excl. dividends), $m  
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Total cash flow (excl. dividends), $m
  203
  244
  286
  330
  376
  423
  473
  525
  578
  634
  692
  753
  816
  882
  951
  1,023
  1,098
  1,176
  1,258
  1,344
  1,433
  1,527
  1,625
  1,728
  1,836
  1,949
  2,067
  2,191
  2,322
  2,458
Retained Cash Flow (-), $m
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Prev. year cash balance distribution, $m
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash flow adjustment, $m
  12
  13
  14
  15
  17
  18
  19
  20
  22
  23
  24
  26
  27
  29
  31
  32
  34
  36
  38
  40
  42
  45
  47
  50
  52
  55
  58
  61
  64
  67
Cash available for distribution, $m
  203
  244
  286
  330
  376
  423
  473
  525
  578
  634
  692
  753
  816
  882
  951
  1,023
  1,098
  1,176
  1,258
  1,344
  1,433
  1,527
  1,625
  1,728
  1,836
  1,949
  2,067
  2,191
  2,322
  2,458
Discount rate, %
  14.50
  15.23
  15.99
  16.79
  17.62
  18.51
  19.43
  20.40
  21.42
  22.49
  23.62
  24.80
  26.04
  27.34
  28.71
  30.14
  31.65
  33.23
  34.90
  36.64
  38.47
  40.40
  42.42
  44.54
  46.76
  49.10
  51.56
  54.14
  56.84
  59.68
PV of cash for distribution, $m
  177
  183
  183
  177
  167
  153
  136
  119
  101
  83
  67
  53
  40
  30
  22
  15
  10
  7
  4
  3
  2
  1
  0
  0
  0
  0
  0
  0
  0
  0
Current shareholders' claim on cash, %
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0

Selective Insurance Group, Inc. is a holding company. As of December 31, 2016, the Company had 10 insurance subsidiaries, nine of which were licensed by various state departments of insurance to write specific lines of property and casualty insurance business. The remaining subsidiary is authorized by various state insurance departments to write property and casualty insurance in the excess and surplus lines (E&S) market. Its segments include Standard Commercial Lines, which consists of insurance products and services provided in the standard marketplace; Standard Personal Lines, which consists of insurance products and services, including flood insurance coverage that it writes through the National Flood Insurance Program (NFIP); E&S Lines, which consists of insurance products and services provided to customers not obtaining coverage in the standard marketplace, and investment segment invests insurance premiums, as well as amounts generated through its capital management strategies.

FINANCIAL RATIOS  of  Selective Insurance Group (SIGI)

Valuation Ratios
P/E Ratio 23.2
Price to Sales 1.6
Price to Book 2.4
Price to Tangible Book
Price to Cash Flow 12.2
Price to Free Cash Flow 13
Growth Rates
Sales Growth Rate 6.7%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 12.5%
Cap. Spend. - 3 Yr. Gr. Rate 5.2%
Financial Strength
Quick Ratio NaN
Current Ratio NaN
LT Debt to Equity 28.7%
Total Debt to Equity 28.7%
Interest Coverage 11
Management Effectiveness
Return On Assets 2.5%
Ret/ On Assets - 3 Yr. Avg. 2.5%
Return On Total Capital 8.5%
Ret/ On T. Cap. - 3 Yr. Avg. 9%
Return On Equity 10.9%
Return On Equity - 3 Yr. Avg. 11.7%
Asset Turnover 0.3
Profitability Ratios
Gross Margin 0%
Gross Margin - 3 Yr. Avg. 0%
EBITDA Margin 13.3%
EBITDA Margin - 3 Yr. Avg. 13.6%
Operating Margin 10.6%
Oper. Margin - 3 Yr. Avg. 11.1%
Pre-Tax Margin 9.6%
Pre-Tax Margin - 3 Yr. Avg. 10%
Net Profit Margin 6.9%
Net Profit Margin - 3 Yr. Avg. 7.2%
Effective Tax Rate 27.7%
Eff/ Tax Rate - 3 Yr. Avg. 28.1%
Payout Ratio 21.4%

SIGI stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the SIGI stock intrinsic value calculation we used $2470 million for the last fiscal year's total revenue generated by Selective Insurance Group. The default revenue input number comes from 2017 income statement of Selective Insurance Group. You may change it if you feel that it should be adjusted for some unusual circumstances that are not expected to be repeated in the future or if you already know (from interim financial statements, for example) that this year's revenue is going to be quite different.

Revenue growth rate. Forecasted future revenue growth rate is the most important input parameter for the intrinsic value calculation. Unlike other input parameters that are reasonably expected to be in line with their historic averages or their historic trends, the revenue growth rate by and large is a wild card: nobody really knows what the company's revenue will be in the future. Of course, the level of unpredictability is different for different industries (utility companies being the most predictable and, thus, less risky).
    We use three input parameters to forecast the revenue growth rate in our SIGI stock valuation model: a) initial revenue growth rate of 8.1% whose default value is the revenue growth rate in the most recent quarter compared to the quarterly revenue a year ago; b) terminal revenue growth rate of 5% whose default value is chosen to be close to the average nominal (i.e. not adjusted for inflation) GDP growth rate; and c) revenue decline factor of 0.9, which stipulates that revenue growth rate in each forecasted year will be equal to the difference of the revenue growth rate in the preceding year and the terminal revenue growth rate multiplied by this revenue decline factor (with the passage of time the revenue growth rate will be approaching the terminal revenue growth rate, but not quite reaching it - though the difference could be infinitesimally small).
    At the revenue decline factor of 1, the future revenue growth rate is forecasted to be constant and equal to the initial revenue growth rate. The smaller the revenue decline factor, the faster the revenue growth rate will approach the terminal revenue growth.

Discount rate. The discount rate is used for determining the present value of future cash flows: future cash flows are "discounted" as at normal conditions (that translate into positive expected return on investment) one dollar today is worth more than the same dollar in the future. Unlike all other valuation models, we use variable discount rate, i.e. it increases for each consecutive year. This is done to account for higher risk of cash flows coming in further in the future.
    The initial discount rate of 14.5%, whose default value for SIGI is calculated based on our internal credit rating of Selective Insurance Group, is applied to the cash flow expected to be received a year from now (well, actually, to be precise, in the financial year following the base year - the last year for which we have financial statements). For each consecutive year the discount rate is multiplied by the discount rate multiplier of 1.05, e.i. each year it increases by 5%. Feel free to change this number to correspond to your level of risk assessment of Selective Insurance Group.
    By the way, it is easy to set the discount rate to be constant (this would make comparison with other valuation models easier): just set the discount rate multiplier equal to 1 and chose the magnitude of the initial discount rate to your liking.

Variable cost ratio is the ratio of variable costs (i.e. costs that fluctuate with fluctuation of the volume of production) to the revenue expressed as a percentage. In the calculation of intrinsic value of SIGI stock the variable cost ratio is equal to 70.2%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $119 million in the base year in the intrinsic value calculation for SIGI stock. These expenses increase with the level of inflation in subsequent years.

Interest rate on debt is the average all-in rate of interest paid by the company on its debt. It is set at 5.4% for Selective Insurance Group.

Corporate tax rate of 27% is the nominal tax rate for Selective Insurance Group. In reality, companies find ways to pay much less taxes than that or not to pay them at all.

Cash flow adjustment could be used for any adjustment the investor deems necessary. Most commonly we use this field to account for stock options-related effects in excess of what is reported on the company's income statement. The cash flow adjustment is expressed as a percentage of the revenue, and in the current valuation of the SIGI stock is equal to 0.5%.

Production assets are the company's assets used for manufacturing products or provision of services. In the valuation model input table they are expressed as a percentage of revenue and for SIGI are equal to 304.5%.

Life of production assets of 10 years is the average useful life of capital assets used in Selective Insurance Group operations. It is used to calculate yearly capital expenditures needed to keep these assets in good order - we call it the maintenance CAPEX.

Working capital is the difference between the company's current assets and liabilities. In the model we use the ratio of working capital to revenue, which for SIGI is equal to -241.5%. A negative number means that the company is apt at using financial resources of its suppliers and customers; a large positive number, on the other hand, means that it either provides in-kind financing to others or is not good at managing its inventories.

Book value of equity - $0 million for Selective Insurance Group - is used in calculation of the "floor" for intrinsic valuation based on the discounted cash flow (DCF) method. Even if the prospects are very bad for a company, its assets could always be sold now for their current fair market value.

Shares outstanding of 58 million for Selective Insurance Group is needed to calculate the intrinsic value of one share.

Market capitalization is used here only for reference purposes and as a quick check that the share price and the number of shares outstanding numbers are correct - something especially to be cognizant about at stock splits. So, the market capitalization of Selective Insurance Group at the current share price and the inputted number of shares is $3.7 billion.

RELATED COMPANIES Price Int.Val. Rating
ERIE Erie Indemnity 126.54 86.68  sell
ALL Allstate 100.02 91.01  hold

COMPANY NEWS

▶ Selective Insurance: 2Q Earnings Snapshot   [05:10AM  Associated Press]
▶ 3 Top Small-Cap Stocks to Buy in July   [Jul-28-18 07:15AM  Motley Fool]
▶ Selective Appoints Terry Cavanaugh to Board of Directors   [Jul-17-18 04:15PM  PR Newswire]
▶ Selective Insurance: 1Q Earnings Snapshot   [May-02-18 07:37PM  Associated Press]
▶ Selective Insurance Group Announces Officer Appointments   [Mar-14-18 02:00PM  PR Newswire]
▶ Selective Appoints H. Elizabeth Mitchell as New Director   [Mar-12-18 08:00AM  PR Newswire]
▶ Selective Insurance posts 4Q profit   [Feb-01-18 05:41PM  Associated Press]
▶ 6 Stocks Trading Below Peter Lynch Value   [02:56PM  GuruFocus.com]
▶ Selective Insurance Group Announces Officer Appointments   [Dec-15-17 02:00PM  PR Newswire]
▶ Fed Hikes Rates: Top 5 Winners for 2018   [Dec-14-17 07:47AM  Zacks]
▶ Selective Appoints Thomas A. McCarthy as New Director   [Dec-13-17 04:30PM  PR Newswire]
▶ Selective Insurance posts 3Q profit   [Oct-25-17 07:27PM  Associated Press]
▶ IBD Rating Upgrades: Selective Insurance Shows Improved Technical Strength   [Sep-18-17 03:00AM  Investor's Business Daily]
▶ Selective Insurance Group Announces Officer Appointments   [Aug-22-17 11:00AM  PR Newswire]
▶ Selective Insurance posts 2Q profit   [Jul-26-17 11:23PM  Associated Press]
▶ Selective Insurance posts 2Q profit   [06:14PM  Associated Press]
▶ Top Ranked Momentum Stocks to Buy for May 8th   [May-08-17 10:52AM  Zacks]
▶ Selective Insurance posts 1Q profit   [Apr-26-17 06:46PM  Associated Press]
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