Fitch ups Selective Insurance, units

Fitch Ratings said it upgraded to BBB+ from BBB the long-term issuer rating of Selective Insurance Group Inc. and the senior debt rating for Selective's $305 million senior unsecured convertible notes.

Fitch also upgraded to A+ from A the insurer financial strength rating for the members of the Selective intercompany pool and assigned an A+ insurer financial strength rating to a new member of the pool, Selective Insurance Co. of New England. The outlook is stable.

Fitch upgraded Selective's long-term issuer rating and senior convertible notes to BBB+ and Selective Insurance Co. of America's, Selective Way Insurance Co.'s, Selective Insurance Co. of South Carolina's, Selective Insurance Co. of the Southeast's, Selective Insurance Co. of New York's and Selective Insurance Co. of New England's insurer financial strength to A+.

Fitch said the rating action reflects Selective's consistently favorable and improving operating results in commercial lines, despite modest adverse reserve development, greatly improved results in personal lines, particularly in the New Jersey private passenger automobile line and somewhat improved diversification through continued efforts to reduce its concentration in New Jersey.

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