S&P cuts Selective Insurance outlook to negative

Standard & Poor's said it revised its outlook on Selective Insurance Group Inc. and its subsidiaries to negative from stable.

At the same time, the agency said it affirmed its BBB+ counterparty credit rating on Selective Insurance and its A+ counterparty credit and financial strength ratings on Selective Insurance Co. of America and its insurance company affiliates.

According to S&P, the rating and outlook actions reflect Selective's strong competitive position in its core Mid-Atlantic market, strong operating performance, strong operating company capitalization and strong financial flexibility.

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