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Selective Insurance waives contingent conversion feature on convertibles
New York, Oct. 27 - Selective Insurance Group Inc. said it has waived the contingent conversion feature on its senior convertible notes due 2032.
The notes are now convertible at any time, according to an 8-K filing with the Securities and Exchange Commission.
Selective can choose to pay cash, stock or a combination in response to a conversion.
The Branchville, N.J., insurance company issued $100 million proceeds of the notes in September 2002.
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