Best’s News & Research Service - September 11, 2013 02:24 PM (EDT)
Selective Insurance Group Names Longtime Employee President and COO
- September 11, 2013 02:24 PM (EDT)
BRANCHVILLE, N.J. //BestWire// - Gregory Murphy, the chairman and chief executive officer of Selective Insurance Group, is relinquishing his responsibilities as the company's president.
Those duties will be handed off to John Marchioni, who will also serve as the company's chief operating officer, Selective said in a statement. Selective's board of directors elected Marchioni to the positions.
Marchioni is a longtime Selective employee, joining the company in 1998. He's held since then a variety of leadership positions and had been most recently serving as the company's executive vice president of insurance operations. In his new position, he will assume responsibility for other areas of the company, including its actuaries, human resources and information technology, along with the insurance operations oversight, the company said.
The majority of Selective Insurance Group's business is standard commercial, but the company also writes excess and surplus lines and personal lines covers, according to BestLink, A.M. Best Co.'s online financial system. The company writes business in 22 states, primarily along the East Coast and in the Midwest.
Selective Insurance Group companies in 2012 had direct premiums written of $1.95 billion and a net income of $50.4 million, according to BestLink. The group has a five-year average combined ratio of 102.9. Group companies currently have a Best's Financial Strength Rating of A (Excellent). The morning of Sept. 11, shares of Selective Insurance Group (NASDAQ: SIGI) were trading at $23.84, up 0.51% from the previous close.
(By Michael Buck, senior associate editor, BestWeek: Michael.Buck@ambest.com)