Fitch affirms Selective Insurance

Fitch Ratings said it affirmed Selective Insurance Group Inc.'s A- issuer default rating, the BBB+ senior debt rating on Selective's senior notes and the A+ insurer financial strength rating of the members of the Selective intercompany pool. The outlook for all ratings is stable.

Fitch said the ratings reflect Selective's consistently favorable operating results, disciplined underwriting culture, strong independent agency relationships and improved diversification through continued efforts to reduce its concentration in New Jersey.

These positives are partially offset by the company's continued geographically concentrated revenue base, increased competition in New Jersey, recent adverse reserve development and moderate operating leverage, the agency said. At the end of 2005, leverage was 1.6x, down slightly from 1.7x at the end of 2004.

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