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SELECTIVE INSURANCE GROUP INC

SELECTIVE INSURANCE GROUP INC is an American fire company based in Branchville, incorporated in New Jersey.2 Its shares trade on Nasdaq under the symbol SIGI.2

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Last updated Oct 21, 2026.

Overview

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  • TickerSIGI on Nasdaq2
  • IndustryFire, Marine & Casualty Insurance2
  • HeadquartersBranchville, United States2
  • Incorporated inNJ3
  • Business address40 Wantage Avenue, Branchville, Nj 078903
  • Filer categoryLarge accelerated filer3
  • Legal formBusiness Corporation2
  • LEI549300R3WGJWLE40R2582
  • StatusActive2
  • LEI statusIssued and current2
  • Registered address40 Wantage Avenue, 07826 Branchville, United States2
  • Registered withBusiness Records Service (Division of Revenue & Enterprise Services), 01000454792

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Selective Insurance Group, Inc. ("Parent") is a New Jersey insurance holding company incorporated in 1977. It owns ten property and casualty insurance subsidiaries ("Insurance Subsidiaries") that sell products and services only in the United States ("U.S.") and exclusively through independent insurance agents and wholesale brokers. Nine of our Insurance Subsidiaries are licensed by various state insurance departments as admitted carriers, allowing them to write specific property and casualty lines in the standard market. The tenth subsidiary is authorized as a non-admitted carrier to write property and casualty insurance in the excess and surplus ("E&S") lines market. Throughout this document, we refer to the Parent and the Insurance Subsidiaries collectively as "we," "us," or "our." We use "Parent" when appropriate to distinguish it from the Insurance Subsidiaries. Specific terms relate…5 From its latest annual report

Financials

From the company’s reports to the SEC. Every number links to the filing it came from.

Key numbers, fiscal 2025

8.7%Net margin6
9.8%Revenue growth, 20256
12.9%Return on equity6
$1.2BFree cash flow6

What sells

Revenue by product, business segment and region, as the company reports it to the SEC.

Business segments

Standard Commercial Lines brought in 71% of the revenue SELECTIVE INSURANCE GROUP INC broke down this way in fiscal 2025.

  1. Standard Commercial Lines$3.8B671%up 9% from 2024
  2. E&S Lines$606.1M611%up 20% from 2024
  3. Investment$539.5M610%up 19% from 2024
  4. Standard Personal Lines$408.2M68%down 4% from 2024
Business segments by year
Business segments202320242025
Standard Commercial Lines$3.1B$3.4B$3.8B
E&S Lines$390.6M$504.0M$606.1M
Investment$385.1M$454.1M$539.5M
Standard Personal Lines$365.2M$424.9M$408.2M

Where the money goes

Where each dollar of revenue went, fiscal 2025

  • Other costs89¢$4.7B
  • Income tax2¢$123.2M
  • Profit9¢$466.4M

Out of $5.3B in revenue.6

Where each dollar of operating cash went, fiscal 2025

  • Capital spending3¢$38.7M
  • Dividends paid8¢$92.9M
  • Share buybacks8¢$92.6M
  • Kept or used elsewhere82¢$1.0B

Out of $1.2B of cash from operations.6

Financial statements

Revenue789106$5.3B in 2025+87% since 2019
0$2.0B$4.0B$6.0B2019: $2.8B$2.8B20192020: $2.9B$2.9B2020+3%2021: $3.4B$3.4B2021+16%2022: $3.6B$3.6B2022+5%2023: $4.2B$4.2B2023+19%2024: $4.9B$4.9B2024+15%2025: $5.3B$5.3B2025+10%
Net income789106$466.4M in 2025+72% since 2019
0$200.0M$400.0M$600.0M2019: $271.6M$271.6M20192020: $246.4M$246.4M2020−9%2021: $403.8M$403.8M2021+64%2022: $224.9M$224.9M2022−44%2023: $365.2M$365.2M2023+62%2024: $207.0M$207.0M2024−43%2025: $466.4M$466.4M2025+125%

Every line of the income statement as filed: the last 3 fiscal years, latest first.6

Period ending2025-12-312024-12-312023-12-31
Net premiums earned$4.8B$4.4B$3.8B
Net investment income earned$531.1M$457.1M$388.6M
Net realized and unrealized investment gains (losses)$8.3M-$2.9M-$3.6M
Other income$29.3M$31.1M$19.4M
Total revenues$5.3B$4.9B$4.2B
Loss and loss expense incurred$3.2B$3.2B$2.5B
Amortization of deferred policy acquisition costs$1.0B$922.4M$796.2M
Other insurance expenses$501.5M$453.2M$433.7M
Interest expense$49.3M$28.9M$28.8M
Corporate expenses$36.4M$34.6M$30.7M
Total expenses$4.7B$4.6B$3.8B
Income before income tax$589.6M$258.0M$458.4M
Current$136.6M$67.4M$94.0M
Deferred-$13.4M-$16.3M-$848.0K
Total income tax expense$123.2M$51.0M$93.2M
Net income$466.4M$207.0M$365.2M
Preferred stock dividends$9.2M$9.2M$9.2M
Net income available to common stockholders$457.2M$197.8M$356.0M
Net income available to common stockholders$457.2M$197.8M$356.0M
Net income available to common stockholders - Basic (in dollars per share)$7.54$3.25$5.87
Net income available to common stockholders - Diluted (in dollars per share)$7.49$3.23$5.84

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Corporate structure

SELECTIVE INSURANCE GROUP INC sits at the top of its group. 15 entities, 1 country on record. Switch between the flow chart and the network, and select any entity to see its details.

Major holders of SELECTIVE INSURANCE GROUP INC

  • AQR CAPITAL MANAGEMENT LLC Filed SCHEDULE 13G/A on SELECTIVE INSURANCE GROUP INC, latest Aug 13, 2026 (2 filings since Feb 13, 2026)
  • FMR LLC Filed SCHEDULE 13G/A on SELECTIVE INSURANCE GROUP INC, latest May 6, 2026 (3 filings since Feb 9, 2024)
  • VANGUARD CAPITAL MANAGEMENT LLC Filed SCHEDULE 13G on SELECTIVE INSURANCE GROUP INC, latest Apr 30, 2026
  • VANGUARD PORTFOLIO MANAGEMENT LLC Filed SCHEDULE 13G on SELECTIVE INSURANCE GROUP INC, latest Apr 29, 2026
  • VANGUARD GROUP INC Filed SCHEDULE 13G/A on SELECTIVE INSURANCE GROUP INC, latest Mar 27, 2026 (5 filings since Feb 10, 2022)
  • BlackRock Filed SC 13G/A on SELECTIVE INSURANCE GROUP INC, latest Jan 23, 2024 (4 filings since Jan 25, 2022)
  • SELECTIVE INSURANCE GROUP INC Branchville, New Jersey, United States
    • Stellus Private Credit BDC Stake · Houston, Texas
    • Mesa Underwriters Specialty Insurance Company Subsidiary · New Jersey, United States
    • Selective Auto Insurance Company of New Jersey Subsidiary · New Jersey, United States
    • Selective Casualty Insurance Company Subsidiary · New Jersey, United States
    • Selective Fire and Casualty Insurance Company Subsidiary · New Jersey, United States
    • Selective Insurance Company of America Subsidiary · New Jersey, United States
    • Selective Insurance Company of New England Subsidiary · New Jersey, United States
    • Selective Insurance Company of New York Subsidiary · New York, United States
    • Selective Insurance Company of South Carolina Subsidiary · Indiana, United States
    • Selective Insurance Company of the Southeast Subsidiary · Indiana, United States
    • Selective Way Insurance Company Subsidiary · New Jersey, United States
    • SRM Insurance Brokerage, LLC. Subsidiary · New Jersey, United States
    • Wantage Avenue ABC, LLC. Subsidiary · New Jersey, United States
    • Wantage Avenue Holding Company, Inc. Subsidiary · New Jersey, United States

Built from parent and subsidiary links from GLEIF, the Global Legal Entity Identifier Foundation (CC0); subsidiaries listed in Exhibit 21 of annual reports filed with the SEC; major holders from Schedules 13D and 13G; stakes of 5% or more it reported on Schedules 13D and 13G (1 companies). Each entity in the chart links to its source.

What it owns

What SELECTIVE INSURANCE GROUP INC reports owning in its annual reports to the SEC: buildings, land and equipment, real estate and locations, investments, intangible assets and inventory, at the end of its latest fiscal year and a year before.

Property and equipment

ItemLatestA year beforeChange
Accumulated depreciation$297.2M6 Dec 31, 2025$287.7M6 Dec 31, 2024+3.3%
Property and equipment, net$106.4M6 Dec 31, 2025$93.3M6 Dec 31, 2024+14.0%
Finance-lease assets$3.4M6 Dec 31, 2025$6.2M6 Dec 31, 2024−44.4%
Operating-lease assets (leased space)$101.8M6 Dec 31, 2025$45.1M6 Dec 31, 2024+125.9%

Investments

ItemLatestA year beforeChange
Debt securities available for sale$9.5B6 Dec 31, 2025$8.1B6 Dec 31, 2024+16.4%
Debt securities held to maturity$23.9M6 Dec 31, 2025$25.4M6 Dec 31, 2024−5.6%
Equity securities at fair value$384.4M6 Dec 31, 2025$213.6M6 Dec 31, 2024+80.0%

Intangibles and goodwill

ItemLatestA year beforeChange
Goodwill$7.8M6 Dec 31, 2025$7.8M6 Dec 31, 20240%

Properties, in its own words

We own a 315,000-square-foot building on 56-acres zoned for office and professional use in Branchville, New Jersey. We lease all of our other operating facilities from unrelated parties, including a new facility in Short Hills, New Jersey. Many of our Branchville operations will relocate to Short Hills beginning in mid-2026 and continuing through 2029. The principal office locations of our insurance and investment operations are listed in the "Geographic Markets" section of Item 1. "Business." of this Form 10-K. Our facilities provide adequate space for our present needs. Additional space should be available on reasonable terms if needed.

Item 2 of the 10-K filed Feb 9, 2026.5

Leadership

Who has led SELECTIVE INSURANCE GROUP INC, and when. Pick a name to see everywhere that person has worked.

Chief executive

  1. Gregory E. Murphy2006–2020
  2. John J. Marchioni2020–now

Chair

  1. Gregory E. Murphy2006–2020

President

  1. John J. Marchioni2013–now

Chief financial officer

  1. Dale A. Thatcher2006–2016
  2. Mark Alexander Wilcox2017–2023
  3. Anthony D. Harnett2024
  4. Patrick Sean Brennan2024–now

Chief operating officer

  1. John J. Marchioni2013–2020
  2. Brenda M. Hall2022–2025
2010201520202025
Board members and other officers (47)

Subsidiaries and ownership

Subsidiaries (Exhibit 21)

  • Mesa Underwriters Specialty Insurance Company New Jersey4
  • SRM Insurance Brokerage, LLC. New Jersey4
  • Selective Auto Insurance Company of New Jersey New Jersey4
  • Selective Casualty Insurance Company New Jersey4
  • Selective Fire and Casualty Insurance Company New Jersey4
  • Selective Insurance Company of America New Jersey4
  • Selective Insurance Company of New England New Jersey4
  • Selective Insurance Company of New York New York4
  • Selective Insurance Company of South Carolina Indiana4
  • Selective Insurance Company of the Southeast Indiana4
  • Selective Way Insurance Company New Jersey4
  • Wantage Avenue ABC, LLC. New Jersey4
  • Wantage Avenue Holding Company, Inc. New Jersey4

The subsidiaries the company lists in Exhibit 21 of its annual report, as filed.

Timeline

  1. Sep 16, 20268-K Executive or director change; Regulation FD disclosure70
  2. Jul 23, 20268-K Results of operations; Regulation FD disclosure71
  3. May 14, 20268-K Executive or director change72
  4. Apr 30, 20268-K Shareholder vote73
  5. Apr 22, 20268-K Results of operations; Regulation FD disclosure74
  6. Jan 30, 20268-K Bylaws or fiscal year changed75
  7. Jan 29, 20268-K Results of operations; Regulation FD disclosure76
  8. Nov 3, 20258-K Executive or director change; Regulation FD disclosure77
  9. Oct 22, 20258-K Results of operations; Regulation FD disclosure; Other events78
  10. Jul 30, 20258-K Executive or director change; Regulation FD disclosure79
  11. Jul 23, 20258-K Results of operations; Regulation FD disclosure80
  12. Jul 1, 20258-K Entered a material agreement; Ended a material agreement; New debt or obligation81
  13. Feb 7, 2020New chief executive John J. Marchioni becomes CEO15
  14. Feb 1, 2006New chief executive Gregory E. Murphy becomes CEO16
  15. Aug 8, 1977Founded SELECTIVE INSURANCE GROUP INC is founded2

Calendar

Coming up

  1. Oct 22, 2026 · After the closeReports results for the quarter ending Sep/2026 A year earlier it reported $1.75 a share, on Oct 22, 2025.82

When it reported results

  1. Jul 23, 2026Reported quarterly or annual results71
  2. Apr 22, 2026Reported quarterly or annual results74
  3. Jan 29, 2026Reported quarterly or annual results76
  4. Oct 22, 2025Reported quarterly or annual results78
  5. Jul 23, 2025Reported quarterly or annual results80
  6. Apr 23, 2025Reported quarterly or annual results83
  7. Jan 29, 2025Reported quarterly or annual results84
  8. Oct 21, 2024Reported quarterly or annual results85

Upcoming dates from Nasdaq's calendar; past results from the company's 8-K filings (Item 2.02). The full markets calendar

Filings

289 filings to the SEC since October 2021: 5 annual reports, 15 quarterly reports, 51 major events, 163 insider forms, 16 large holders, 39 other. The latest 20:

  1. Oct 7, 20263 EDGAR
  2. Sep 17, 20263 EDGAR
  3. Sep 16, 20268-K EDGAR
  4. Aug 13, 2026SCHEDULE 13G/A EDGAR
  5. Jul 29, 20264 EDGAR
  6. Jul 28, 2026144 EDGAR
  7. Jul 24, 202610-Q 10-Q JUNE 30, 2026 EDGAR
  8. Jul 23, 20268-K EDGAR
  9. Jun 15, 2026144 EDGAR
  10. May 14, 20268-K EDGAR
  11. May 6, 2026SCHEDULE 13G/A EDGAR
  12. May 4, 20264 EDGAR
  13. May 4, 20264 EDGAR
  14. May 4, 20264 EDGAR
  15. May 4, 20264 EDGAR
  16. May 4, 20264 EDGAR
  17. May 4, 20264 EDGAR
  18. May 4, 20264 EDGAR
  19. May 4, 20264 EDGAR
  20. May 4, 20264 EDGAR

The 289 filings since October 2021 can be filtered by form type and year here when JavaScript is on.

Every filing from the last five years, summarized. The full record is on SEC EDGAR.

Insider trades

45 open-market trades by officers, directors and large owners since October 2021: 15 buys and 30 sales. Grants, option exercises and gifts are left out.

DateWhoTradeSharesPriceValueFiling
Jul 28, 2026Lanza Michael HEVP and General CounselSale17,100$94.04$1.6MForm 4
Feb 17, 2026Harnett Anthony D.SVP, Chief Accounting OfficerSale1,064$87.33$92.9KForm 4
Feb 2, 2026Bacus Lisa RDirectorBuy600$84.81$50.9KForm 4
Feb 2, 2026Harnett Anthony D.SVP, Chief Accounting OfficerSale955$85.31$81.5KForm 4
Oct 24, 2025Brennan Patrick SeanEVP, Chief Financial OfficerBuy2,700$76.17$205.7KForm 4
Aug 1, 2025DOHERTY ROBERT KELLYDirectorBuy1,500$77.00$115.5KForm 4
Jul 28, 2025McCarthy Thomas ADirectorBuy2,500$77.42$193.6KForm 4
Jul 28, 2025Marchioni John J.President and CEOBuy3,200$77.89$249.2KForm 4
Jul 25, 2025Eppers JosephEVP, Chief Investment OfficerBuy1,402$76.82$107.7KForm 4
Jul 25, 2025Cavanaugh Terrence WDirectorBuy2,000$75.72$151.4KForm 4
Apr 25, 2025Harnett Anthony D.SVP, Chief Accounting OfficerSale1,352$87.06$117.7KForm 4
Mar 3, 2025Marchioni John J.President and CEOBuy1,180$86.69$102.3KForm 4
Feb 27, 2025Brennan Patrick SeanEVP, Chief Financial OfficerBuy3,000$83.15$249.4KForm 4
Feb 24, 2025DOHERTY ROBERT KELLYDirectorBuy1,500$80.28$120.4KForm 4
Nov 4, 2024Coaxum Wole CDirectorSale1,903$91.56$174.2KForm 4
Oct 25, 2024Harnett Anthony D.SVP, Chief Accounting OfficerSale1,404$92.61$130.0KForm 4
Jul 23, 2024Cavanaugh Terrence WDirectorBuy2,000$85.85$171.7KForm 4
Jul 22, 2024Marchioni John J.President and CEOBuy2,400$83.56$200.5KForm 4
Mar 4, 2024Hall Brenda MEVP, COO, Standard LinesSale2,626$105.88$278.0KForm 4
Feb 16, 2024DOHERTY ROBERT KELLYDirectorSale2,900$104.69$303.6KForm 4

All 45 trades can be filtered by person here when JavaScript is on.

From Forms 4 filed with the SEC.

Major holders

Investors who own more than 5% of the shares must tell the SEC: a 13D if they may seek to influence the company, a 13G if they hold passively.

Stakes it holds

SELECTIVE INSURANCE GROUP INC has told the SEC it owns more than 5% of 1 company, latest first (Schedules 13D and 13G).

Held by these funds

The largest holders among investment managers' 13F reports for the quarter ending Jun 30, 2026, the top 25 of 100. Change is in shares since the quarter before.

FundSharesValueShare of the fundChange
BlackRock, Inc.7,778,138$754.6M0.0%+278,988
Vanguard Portfolio Management LLC3,495,978$339.1M0.0%+36,728
Aqr Capital Management LLC3,345,130$324.5M0.1%−591,528
Vanguard Capital Management LLC2,697,663$261.7M0.0%+15,202
State Street Corp2,451,382$237.8M0.0%+125,102
American Century Companies Inc2,228,969$216.2M0.1%+961,697
Fmr LLC1,941,671$188.4M0.0%−559,560
Geode Capital Management, LLC1,825,150$177.1M0.0%+116,331
First Trust Advisors LP1,610,141$156.2M0.1%+228,274
Dimensional Fund Advisors LP1,449,582$140.6M0.0%+90,358
Morgan Stanley971,847$94.3M0.0%−150,239
Vaughan Nelson Investment Management, L.P.931,336$90.3M0.8%+467,099
Northern Trust Corp916,721$88.9M0.0%+46,951
Nomura Asset Management International Inc.903,173$87.6M0.1%−294,638
Charles Schwab Investment Management Inc892,649$86.6M0.0%−1,104
Wellington Management Group Llp795,272$77.1M0.0%New
Norges Bank764,284$74.1M0.0%New
Franklin Resources Inc689,202$66.9M0.0%+133,878
Goldman Sachs Group Inc658,666$63.9M0.0%+55,702
Bank Of America Corp /de/653,775$63.4M0.0%−105,347
Jacobs Levy Equity Management, Inc600,650$58.3M0.2%+51,055
Arrowstreet Capital, Limited Partnership588,462$57.1M0.0%+168,356
Verition Fund Management LLC534,470$51.8M0.4%+50,463
Jupiter Topco LLC490,237$47.6M0.0%New
Bank of New York Mellon Corp489,452$47.5M0.0%+6,568

13F reports cover disclosed long positions in U.S. stocks only.

Members of Congress who traded it

2 trades disclosed by members of Congress. “Vs S&P since” is the stock’s change since the trade minus the S&P 500’s.

DateMemberTradeAmountVs S&P sinceFiling
Jun 17, 2025Lisa C. McClainRepublican, HouseSale$1,001 - $15,000+26.4%Report
Jun 11, 2025Lisa C. McClainRepublican, HouseBuy$1,001 - $15,000−25.8%Report

Members report amounts as ranges, not exact figures. Returns are price-only (no dividends).

SEC filer profile

How SELECTIVE INSURANCE GROUP INC is registered with the Securities and Exchange Commission, from its EDGAR record and the cover page of its latest annual report.

  • Name on EDGARSELECTIVE INSURANCE GROUP INC1
  • CIK0000230557
  • Employer ID (EIN)22-21688905
  • Filer statusLarge accelerated filer not an emerging growth company; not a smaller reporting company; not a shell company5
  • Incorporated inNew Jersey5
  • Fiscal year endsDecember 311
  • Industry code (SIC)6331 Fire, Marine & Casualty Insurance1
  • SEC reviewing officeOffice of Finance, Division of Corporation Finance1
  • Business address40 Wantage Avenue, Branchville, NJ 078901
  • Mailing address40 Wantage Ave, 40 Wantage Ave, Branchville, NJ 078901
  • Phone97394830001
  • Shares outstanding59,569,119 as of Jul 17, 202613
  • Public float$5.2B as of Jun 30, 20255
  • AuditorKPMG LLP, Short Hills, New Jersey PCAOB ID 185; it also attests to the company’s internal control over financial reporting5
  • On EDGAR sinceApr 2, 19961
  • Filings2,048 in all: 4 (1,313), 8-K (252), 10-Q (92), SC 13G/A (57), 3 (43), DEF 14A (31), 10-K (27), 4/A (27)1
    All 48 form types

    144 (20), UPLOAD (19), SC 13G (18), CORRESP (15), S-8 (15), 424B3 (14), 11-K (11), ARS (11), 424B5 (8), S-3ASR (8), S-8 POS (8), 424B2 (5), FWP (5), 10-K405 (3), 8-A12B (3), 8-K/A (3), S-3 (3), SCHEDULE 13G (3), SCHEDULE 13G/A (3), 10-K405/A (2), 144/A (2), 25-NSE (2), 8-A12B/A (2), AW (2), CERTNYS (2), DEFA14A (2), POS AM (2), S-3/A (2), S-4 (2), 10-C (1), 10-K/A (1), 10-Q/A (1), 15-12B (1), CERT (1), NO ACT (1), POSASR (1), PRE 14A (1), PX14A6G (1), RW (1), S-3D (1)

  • Latest filingsAnnual report (10-K) Feb 9, 2026
    Quarterly report (10-Q) Jul 24, 2026
    Proxy statement (DEF 14A) Mar 26, 2026
    Latest 8-K (8-K) Sep 16, 2026

Securities registered for trading

ClassSymbolExchange
Common Stock, par value $2 per shareSIGIThe Nasdaq Stock Market LLC
Depositary Shares, each representing a 1/1,000th interest in a share of 4.60% Non-Cumulative Preferred Stock, Series B, without par valueSIGIPThe Nasdaq Stock Market LLC

From the cover page of the 10-K filed Feb 9, 2026 (Section 12(b) of the Exchange Act).5

Risk factors and legal proceedings

The risks SELECTIVE INSURANCE GROUP INC names in Item 1A of its 10-K filed Feb 9, 2026: 19 risks under these headings, as written.5

  • Risks Related to our Insurance Operations
  • We are subject to losses from catastrophic events.
  • Natural catastrophes
  • Human-made catastrophes
  • Cyber Attacks and Incidents
  • Our loss and loss expense reserves may not adequately cover actual losses and expenses.
  • Our ability to reduce our risk exposure depends on the availability and cost of reinsurance.
  • We are exposed to credit risk.
  • We depend on distribution partners.
  • National and global economic conditions could adversely and materially affect our business, results of operations, financial condition, and growth.
  • A downgrade or a potential downgrade in our financial strength or credit ratings could result in a loss of business and have a material adverse effect on our financial condition and results of operations.
  • Markets for insurance products and services are highly competitive and subject to rapid technological advancement, and we may struggle to compete effectively.
The other 11 risks
  • We have less loss experience data than our larger competitors.
  • We are subject to various modeling risks that could have a material adverse impact on our business results.
  • Risks Related to Our Investments Segment
  • Our investments are exposed to credit risk, interest rate fluctuation, and changes in value.
  • We are subject to the risks inherent in investing in private limited partnerships.
  • Determining the amount of credit losses taken on our investments is highly subjective and could materially impact our results of operations or our financial position.
  • Risks Related to Evolving Laws, Regulations, and Public Policy Debates
  • We are subject to complex and changing laws, regulations, and public policy debates that expose us to regulatory scrutiny, potential liabilities, increased costs, reputational harm, and other adverse effects on our business.
  • We are engaged in ordinary, routine legal proceedings incidental to our insurance operations that are inherently unpredictable and could impact our reputation and/or have a material adverse effect on our consolidated results of operations or cash flows in particular quarterly or annual periods.
  • Risks Related to Our Corporate Structure and Governance
  • We are a holding company, and our ability to declare dividends to our shareholders, pay indebtedness, and enter into affiliate transactions may be limited because our Insurance Subsidiaries are regulated.
  • Because we are a New Jersey corporation and an insurance holding company, we may be less attractive to potential acquirers, and our common stock's value could be adversely affected.
  • Risks Related to Our General Operations
  • We, our distribution partners, and vendors are subject to attempted cyber-attacks and other cybersecurity and system availability risks.
  • Operational leverage relies on the success of our risk management strategies, and their failure could have a material adverse effect on our financial condition or results of operations.

Legal proceedings

We are routinely engaged in legal proceedings incidental to our insurance operations that have inherently unpredictable outcomes and could have a material adverse effect on our consolidated results of operations or cash flows in particular quarterly or annual periods. For additional information regarding our legal risks, refer to Item 1A. "Risk Factors." and Note 21. "Litigation" included in Item 8. "Financial Statements and Supplementary Data." of this Form 10-K. As of December 31, 2025, we have no material pending legal proceedings that could have a material adverse effect on our consolidated financial condition, results of operations, or cash flows.

The opening of Item 3, Legal Proceedings.5

Sources

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