Selective Insurance Group, Inc. (NASDAQ:SIGI) Q4 2023 Earnings Call Transcript

Meyer Shields: Great, thank you and good morning. I apologize if this has been covered already, but within personal auto was there any screw up to prior quarters in 2023 in the loss pick. If we take out the adverse development, the adverse prior year movement.

John Marchioni: Yes. In personal auto, we had roughly speaking, a $9 million update to the current accident year, and then on a full year basis, that was about $16 million, $17 million.

Meyer Shields: All right, that’s helpful. Does that relate at all to, like, are the development patterns for the mass affluent book any different than they were in sort of the standard book that you’re moving away from?

John Marchioni: No, we don’t really attribute this to the shift in the book of business as much as just quick recognition of some elevated frequency and severity in the current year that we wanted to react to as quickly as possible.

Meyer Shields: Okay, perfect. Understood. And then again, apologies if I missed this. I was hoping to get catastrophe losses by line of business in the quarter.

John Marchioni: At losses for commercial lines?

Meyer Shields: Commercial, I assume that personal is all home.

John Marchioni: Yes, personal. The home was 8.1 of the 9.1 in personal lines. For the commercial lines, we had $13.8 million in commercial property, we had $0.9 million in commercial auto, and we had $1.5 million in business owners, for a total of $16.1 million or two points on commercial lines.

Meyer Shields: Okay, perfect. Thank you so much.

John Marchioni: Thank you.

Operator: At this time, speakers. We don’t have any questions on queue. You may proceed.

John Marchioni: Great. Well, thank you all for joining us this morning. We appreciate your time and your questions. And as always, feel free to reach out to Brad with any follow up. Thank you.

Operator: And that concludes today’s conference. Thank you so much, everyone for joining. You may now disconnect and have a great day.