Joins Selective with Nearly Two Decades of
Insurance Experience
Selective Insurance Group, Inc. (NASDAQ: SIGI) today announced
the appointment of Patrick S. Brennan as Chief Financial Officer,
effective October 1, 2024. Mr. Brennan brings nearly two decades of
insurance industry and public company executive experience to
Selective, having most recently served as Treasurer of The
Progressive Corporation, overseeing the treasury, capital strategy,
risk management, and investor relations functions.
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Selective Insurance Group, Inc. has
announced Patrick S. Brennan as Chief Financial Officer, effective
October 1, 2024. (Photo: Business Wire)
John J. Marchioni, Selective’s Chairman, President and Chief
Executive Officer, said, “We are excited to welcome Patrick to
Selective and have him serve as our CFO. With significant
experience in the insurance space and a deep background in
corporate finance, Patrick is ideally suited to oversee the
execution of the financial priorities that support our long-term
strategic objectives.”
Mr. Brennan commented, “It is an honor to become part of
Selective and lead the finance organization. Having spent the vast
majority of my professional career in insurance, I have long
admired Selective and am excited to join an industry leader as CFO.
I look forward to working closely with John and the rest of the
leadership team to build on Selective’s strong foundation for
continued profitability, growth, and value creation.”
With Mr. Brennan’s appointment as CFO, Tony Harnett will
continue as Selective’s Senior Vice President, Chief Accounting
Officer.
Mr. Marchioni added, “On behalf of everyone at Selective, I want
to thank Tony for stepping in to serve as interim CFO and for his
continued leadership.”
About Patrick S. Brennan Before joining Selective
Insurance, Patrick Brennan spent 18 years at The Progressive
Corporation, serving for the last eight years as Treasurer,
overseeing treasury, capital strategy, risk management, and
investor relations. Previously, Mr. Brennan spent five years as
Commercial Lines Product Manager, where he led several large states
and ultimately moved to a strategic role focused on the countrywide
Business Auto and Contractors customer verticals. He joined
Progressive in 2006 as Senior Manager of Investor Relations.
Earlier in his career, Mr. Brennan worked at IBM Corporation, where
he served in its Treasury department, performing roles focused on
funding strategy, foreign exchange strategy, and operations.
Mr. Brennan received a Bachelor of Science degree in Mathematics
and an MBA from the University of Notre Dame.
About Selective Insurance Group, Inc. Selective Insurance
Group, Inc. (Nasdaq: SIGI) is a holding company for 10 property and
casualty insurance companies rated "A+" (Superior) by AM Best.
Through independent agents, the insurance companies offer standard
and specialty insurance for commercial and personal risks and flood
insurance through the National Flood Insurance Program's Write Your
Own Program. Selective's unique position as both a leading
insurance group and an employer of choice is recognized in a wide
variety of awards and honors, including listing in Forbes Best
Midsize Employers in 2024 and certification as a Great Place to
Work® in 2024 for the fifth consecutive year. For more information
about Selective, visit www.Selective.com.
Forward-Looking Statements
Certain statements in this report, including information
incorporated by reference, are “forward-looking statements” defined
in the Private Securities Litigation Reform Act of 1995 ("PSLRA").
The PSLRA provides a forward-looking statement safe harbor under
the Securities Act of 1933 and the Securities Exchange Act of 1934.
These statements discuss our intentions, beliefs, projections,
estimations, or forecasts of future events and financial
performance. They involve known and unknown risks, uncertainties,
and other factors that may cause our or our industry’s actual
results, activity levels, or performance to materially differ from
those in or implied by the forward-looking statements. In some
cases, forward-looking statements include the words “may,” “will,”
“could,” “would,” “should,” “expect,” “plan,” “anticipate,”
“attribute,” “confident,” “strong,” “target,” “project,” “intend,”
“believe,” “estimate,” “predict,” “potential,” “pro forma,” “seek,”
“likely,” “continue,” or comparable terms. Our forward-looking
statements are only predictions; we cannot guarantee or assure that
such expectations will prove correct. We undertake no obligation to
publicly update or revise any forward-looking statements for any
reason, except as may be required by law.
Factors that could cause our actual results to differ materially
from what we project, forecast, or estimate in forward-looking
statements include, without limitation:
- Challenging conditions in the economy, global capital markets,
the banking sector, and commercial real estate, including prolonged
higher inflation, could increase loss costs and negatively impact
investment portfolios;
- Deterioration in the public debt, public equity, or private
investment markets that could lead to investment losses and
interest rate fluctuations;
- Ratings downgrades on individual securities we own could affect
investment values and, therefore, statutory surplus;
- The adequacy of our loss reserves and loss expense
reserves;
- Frequency and severity of catastrophic events, including
natural events that may be impacted by climate change, such as
hurricanes, severe convective storms, tornadoes, windstorms,
earthquakes, hail, severe winter weather, floods, and fires, and
man-made events such as criminal and terrorist acts, including
cyber-attacks, explosions, and civil unrest;
- Adverse market, governmental, regulatory, legal, political, or
judicial conditions or actions, including social inflation;
- The significant geographic concentration of our business in the
eastern portion of the United States;
- The cost, terms and conditions, and availability of
reinsurance;
- Our ability to collect on reinsurance and the solvency of our
reinsurers;
- The impact of changes in U.S. trade policies and imposition of
tariffs on imports that may lead to higher than anticipated
inflationary trends for our loss and loss expenses;
- Related to COVID-19, we have successfully defended against
payment of COVID-19-related business interruption losses based on
our policies' terms, conditions, and exclusions. However, should
the highest courts determine otherwise, our loss and loss expenses
may increase, our related reserves may not be adequate, and our
financial condition and liquidity may be materially impacted.
- Ongoing wars and conflicts impacting global economic, banking,
commodity, and financial markets, exacerbating ongoing economic
challenges, including inflation and supply chain disruption, which
influences insurance loss costs, premiums, and investment
valuations;
- Uncertainties related to insurance premium rate increases and
business retention;
- Changes in insurance regulations that impact our ability to
write and/or cease writing insurance policies in one or more
states;
- The effects of data privacy or cyber security laws and
regulations on our operations;
- Major defect or failure in our internal controls or information
technology and application systems that result in harm to our brand
in the marketplace, increased senior executive focus on crisis and
reputational management issues, and/or increased expenses,
particularly if we experience a significant privacy breach;
- Potential tax or federal financial regulatory reform provisions
that could pose certain risks to our operations;
- Our ability to maintain favorable financial ratings, which may
include sustainability considerations, from rating agencies,
including AM Best, Standard & Poor’s, Moody’s, and Fitch;
- Our entry into new markets and businesses; and
- Other risks and uncertainties we identify in filings with the
United States Securities and Exchange Commission, including our
Annual Report on Form 10-K and other periodic reports.
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Media Contact
Jamie Beal Vice President, Director of Communications (973)
948-1234 Jamie.Beal@Selective.com
Investor Contact
Brad Wilson Senior Vice President, Investor Relations and
Treasurer (973) 948-1283 Brad.Wilson@Selective.com
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