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| SIGI > SEC Filings for SIGI > Form 8-K on 17-Feb-2009 | All Recent SEC Filings |
17-Feb-2009
Regulation FD Disclosure
Effective February 1, 2009, Selective Insurance Group, Inc. and its subsidiaries (collectively, the "Company") reclassified $1.6 billion of available-for-sale securities to a held-to-maturity designation. The reclassification of these securities is permitted under applicable accounting rules, as we have appropriately determined that we have the ability and the intent to hold these securities as an investment until maturity or call.
During January 2009, the Company's investment portfolio's unrealized loss position improved by approximately $48 million pre-tax, or $30 million after-tax. In light of this improvement in the overall valuation of the portfolio and our ability and intent to hold certain positions within the portfolio to maturity, we felt it prudent for us to reclassify certain of our securities. Of the $1.6 billion in available-for-sale securities reclassified, $1.3 billion were state and political subdivision obligations and $0.3 billion were U.S. government, government agency obligations, and corporate, mortgage-backed, and asset-backed securities. In total, the securities transferred had a net unrealized gain of approximately $8 million as of February 1, 2009.
The information contained in this report on Form 8-K is being furnished and shall not be deemed "filed" for the purpose of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, except as shall be expressly set forth by specific reference in such filing. The Company makes no admission as to the materiality of any information in this report.
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