-----BEGIN PRIVACY-ENHANCED MESSAGE-----
Proc-Type: 2001,MIC-CLEAR
Originator-Name: webmaster@www.sec.gov
Originator-Key-Asymmetric:
 MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen
 TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB
MIC-Info: RSA-MD5,RSA,
 DXYo1XdlcoPNd4u5JL9kYa5USxBg9L7oEMVJABVICC61Y9XDG7hv6bQ5XH8JnWSg
 Pt7EWiOKXN9rN274dnBiPQ==

<SEC-DOCUMENT>0001341004-07-002845.txt : 20071025
<SEC-HEADER>0001341004-07-002845.hdr.sgml : 20071025
<ACCEPTANCE-DATETIME>20071025162909
ACCESSION NUMBER:		0001341004-07-002845
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		3
CONFORMED PERIOD OF REPORT:	20071025
ITEM INFORMATION:		Results of Operations and Financial Condition
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20071025
DATE AS OF CHANGE:		20071025

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			SELECTIVE INSURANCE GROUP INC
		CENTRAL INDEX KEY:			0000230557
		STANDARD INDUSTRIAL CLASSIFICATION:	FIRE, MARINE & CASUALTY INSURANCE [6331]
		IRS NUMBER:				222168890
		STATE OF INCORPORATION:			NJ
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-33067
		FILM NUMBER:		071191133

	BUSINESS ADDRESS:	
		STREET 1:		40 WANTAGE AVENUE
		CITY:			BRANCHVILLE
		STATE:			NJ
		ZIP:			07890
		BUSINESS PHONE:		9739483000

	MAIL ADDRESS:	
		STREET 1:		40 WANTAGE AVE
		STREET 2:		40 WANTAGE AVE
		CITY:			BRANCHVILLE
		STATE:			NJ
		ZIP:			07890

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	SRI CORP
		DATE OF NAME CHANGE:	19860508
</SEC-HEADER>
<DOCUMENT>
<TYPE>8-K
<SEQUENCE>1
<FILENAME>form8-k.htm
<TEXT>
<html>

  <head>
    <title>form8-k.htm</title>
<!-- Licensed to: Skadden Arps-->
<!-- Document Created using EDGARizer 4.0.1.0 -->
<!-- Copyright 2007 EDGARfilings, Ltd., an IEC company.-->
<!-- All rights reserved EDGARfilings.com -->
</head>
  <body bgcolor="#ffffff">
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 12.55pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, serif;"><strong>UNITED
      STATES</strong></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 12.55pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, serif;"><strong>SECURITIES
      AND EXCHANGE COMMISSION</strong></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 12.55pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, serif;"><strong>WASHINGTON,
      D.C. 20549</strong></font></div>
    <div><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 15.95pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 14pt; FONT-FAMILY: Times New Roman, serif;"><strong>FORM
      8-K</strong></font></div>
    <div><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 12.55pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, serif;"><strong>CURRENT
      REPORT PURSUANT</strong></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 12.55pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, serif;"><strong>TO
      SECTION 13 OR 15(D) OF THE</strong></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 12.55pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, serif;"><strong>SECURITIES
      EXCHANGE ACT OF 1934</strong></font></div>
    <div><br></div>
    <div><br></div>
    <div>
      <table cellpadding="0" cellspacing="0" width="100%">

          <tr>
            <td colspan="3" valign="top" width="53%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 11.4pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, serif;">Date
                of Report (Date of earliest event reported)</font></div>
            </td>
            <td align="left" valign="top" width="26%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 11.4pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, serif;">October
                25, 2007</font></div>
            </td>
          </tr>
          <tr>
            <td colspan="4" valign="top" width="80%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman;">&#160;</font></td>
          </tr>
          <tr>
            <td colspan="4" valign="top" width="80%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman;">&#160;</font></td>
          </tr>
          <tr>
            <td colspan="4" valign="top" width="80%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 13.7pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman, serif;"><strong><u>SELECTIVE
                INSURANCE GROUP, INC.</u></strong></font></div>
            </td>
          </tr>
          <tr>
            <td colspan="4" valign="top" width="80%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 11.4pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, serif;">(Exact
                name of registrant as specified in its charter)</font></div>
            </td>
          </tr>
          <tr>
            <td colspan="4" valign="top" width="80%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman;">&#160;</font></td>
          </tr>
          <tr>
            <td colspan="4" valign="top" width="80%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman;">&#160;</font></td>
          </tr>
          <tr>
            <td valign="top" width="27%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 11.4pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, serif;"><u>New
                Jersey</u></font></div>
            </td>
            <td valign="top" width="27%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 11.4pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, serif;"><u>0-8641</u></font></div>
            </td>
            <td colspan="2" valign="top" width="27%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 11.4pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, serif;"><u>22-2168890</u></font></div>
            </td>
          </tr>
          <tr>
            <td valign="top" width="27%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 11.4pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, serif;">(State
                or other jurisdiction of incorporation)</font></div>
            </td>
            <td valign="top" width="27%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 11.4pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, serif;">(Commission
                File Number)</font></div>
            </td>
            <td colspan="2" valign="top" width="27%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 11.4pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, serif;">(I.R.S.
                Employer Identification No.)</font></div>
            </td>
          </tr>
          <tr>
            <td colspan="2" valign="top" width="53%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman;">&#160;</font></td>
            <td colspan="2" valign="top" width="27%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman;">&#160;</font></td>
          </tr>
          <tr>
            <td colspan="2" valign="top" width="53%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 11.4pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, serif;"><u>40
                Wantage Avenue, Branchville, New Jersey</u></font></div>
            </td>
            <td colspan="2" valign="top" width="27%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 11.4pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, serif;"><u>07890</u></font></div>
            </td>
          </tr>
          <tr>
            <td colspan="2" valign="top" width="53%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 11.4pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, serif;">(Address
                of principal executive offices)</font></div>
            </td>
            <td colspan="2" valign="top" width="27%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 11.4pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, serif;">(Zip
                Code)</font></div>
            </td>
          </tr>
          <tr>
            <td colspan="2" valign="top" width="53%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman;">&#160;</font></td>
            <td colspan="2" valign="top" width="27%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman;">&#160;</font></td>
          </tr>
          <tr>
            <td colspan="2" valign="top" width="53%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 11.4pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, serif;">Registrant's
                telephone number, including area code</font></div>
            </td>
            <td colspan="2" valign="top" width="27%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 11.4pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, serif;">(973)
                948-3000</font></div>
            </td>
          </tr>
          <tr>
            <td colspan="4" valign="top" width="80%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman;">&#160;</font></td>
          </tr>
          <tr>
            <td colspan="4" valign="top" width="80%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 11.4pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, serif;"><u>Not
                Applicable</u></font></div>
            </td>
          </tr>
          <tr>
            <td colspan="4" valign="top" width="80%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 11.4pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, serif;">(Former
                name or former address, if changed since last
                report.)</font></div>
            </td>
          </tr>

      </table>
    </div>
    <div><br></div>
    <div><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 11.4pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, serif;">Check
      the appropriate box below if the Form 8-K filing is intended to simultaneously
      satisfy the filing obligation of the registrant under any of the following
      provisions:</font></div>
    <div><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 11.4pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, serif;">[
      ] Written communications pursuant to Rule 425 under the Securities Act (17
      CFR
      230.425)</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 11.4pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, serif;">[
      ] Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR
      240.14a-12)</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 11.4pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, serif;">[
      ] Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange
      Act (17 CFR 240.14d-2(b))</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 11.4pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, serif;">[
      ] Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange
      Act (17 CFR 240.13e-4(c))</font></div>
    <div><br></div>
    <div id="PGBRK" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
      <div id="FTR">
        <div id="GLFTR" style="WIDTH: 100%" align="left">&#160;</div>
      </div>
      <div id="PN" style="PAGE-BREAK-AFTER: always">
        <div style="WIDTH: 100%; TEXT-ALIGN: center">&#160;</div>
        <div style="WIDTH: 100%; TEXT-ALIGN: center">
          <hr style="COLOR: black" noshade size="1">
        </div>
      </div>
      <div id="HDR">
        <div id="GLHDR" style="WIDTH: 100%" align="right">&#160;</div>
      </div>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 110pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 11.4pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, serif;"><strong>Section
      2 &#8211; Financial Information</strong></font></div>
    <div><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 11.4pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, serif;"><strong>Item
      2.02.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Results
      of Operations and Financial Condition.</strong></font></div>
    <div><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 40pt; LINE-HEIGHT: 11.4pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, serif;">On
      October 25, 2007, Selective Insurance Group, Inc. issued a press release
      announcing results for the third quarter ended September 30,
      2007.&#160;&#160;The press release is attached hereto as Exhibit 99.1 and is
      being furnished, not filed, under Item 2.02 to this Report on Form
      8-K.</font></div>
    <div><br></div>
    <div><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 110pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 11.4pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, serif;"><strong>Section
      9 &#8211; Financial Statements and Exhibits</strong></font></div>
    <div><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 11.4pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, serif;"><strong>Item
      9.01.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Financial
      Statements and Exhibits.</strong></font></div>
    <div><br></div>
    <div>
      <table cellpadding="0" cellspacing="0" width="100%">

          <tr>
            <td align="left" valign="top" width="7%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 11.4pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, serif;">(d)</font></div>
            </td>
            <td align="left" valign="top" width="71%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 11.4pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, serif;"><em>Exhibits</em></font></div>
            </td>
          </tr>
          <tr>
            <td valign="top" width="7%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman;">&#160;</font></td>
            <td valign="top" width="71%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman;">&#160;</font></td>
          </tr>
          <tr>
            <td valign="top" width="7%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman;">&#160;</font></td>
            <td align="left" valign="top" width="71%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 11.4pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, serif;">99.1&#160;&#160;&#160;&#160;&#160;Press
                Release of Selective Insurance Group, Inc. dated October 25,
                2007</font></div>
            </td>
          </tr>

      </table>
    </div>
    <div><br></div>
    <div><br></div>
    <div id="PGBRK" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
      <div id="FTR">
        <div id="GLFTR" style="WIDTH: 100%" align="left">&#160;</div>
      </div>
      <div id="PN" style="PAGE-BREAK-AFTER: always">
        <div style="WIDTH: 100%; TEXT-ALIGN: center">&#160;</div>
        <div style="WIDTH: 100%; TEXT-ALIGN: center">
          <hr style="COLOR: black" noshade size="1">
        </div>
      </div>
      <div id="HDR">
        <div id="GLHDR" style="WIDTH: 100%" align="right">&#160;</div>
      </div>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 11.4pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, serif;"><strong>SIGNATURES</strong></font></div>
    <div><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 40pt; LINE-HEIGHT: 11.4pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, serif;">Pursuant
      to the requirements of the Securities Exchange Act of 1934, the registrant
      has
      duly caused this report to be signed on its behalf by the undersigned hereunto
      duly authorized.</font></div>
    <div><br></div>
    <div>
      <table cellpadding="0" cellspacing="0" width="100%">

          <tr>
            <td valign="top" width="36%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman;">&#160;</font></td>
            <td align="left" colspan="3" valign="top" width="42%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 11.4pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, serif;">SELECTIVE
                INSURANCE GROUP, INC.</font></div>
            </td>
          </tr>
          <tr>
            <td valign="top" width="36%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman;">&#160;</font></td>
            <td valign="top" width="4%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman;">&#160;</font></td>
            <td valign="top" width="29%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman;">&#160;</font></td>
            <td valign="top" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman;">&#160;</font></td>
          </tr>
          <tr>
            <td valign="top" width="36%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman;">&#160;</font></td>
            <td valign="top" width="4%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman;">&#160;</font></td>
            <td valign="top" width="29%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman;">&#160;</font></td>
            <td valign="top" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman;">&#160;</font></td>
          </tr>
          <tr>
            <td valign="top" width="36%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman;">&#160;</font></td>
            <td valign="top" width="4%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman;">&#160;</font></td>
            <td valign="top" width="29%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman;">&#160;</font></td>
            <td valign="top" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman;">&#160;</font></td>
          </tr>
          <tr>
            <td valign="top" width="36%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman;">&#160;</font></td>
            <td valign="top" width="4%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman;">&#160;</font></td>
            <td valign="top" width="29%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman;">&#160;</font></td>
            <td valign="top" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman;">&#160;</font></td>
          </tr>
          <tr>
            <td align="left" valign="top" width="36%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 11.4pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, serif;">Date:&#160;&#160;October
                25, 2007</font></div>
            </td>
            <td align="left" valign="top" width="4%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 11.4pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, serif;">By:</font></div>
            </td>
            <td align="left" valign="top" width="29%" style="BORDER-BOTTOM: black 0.5pt solid">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 11.4pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, serif;">/s/
                Michael H. Lanza</font></div>
            </td>
            <td valign="top" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman;">&#160;</font></td>
          </tr>
          <tr>
            <td valign="top" width="36%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman;">&#160;</font></td>
            <td valign="top" width="4%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman;">&#160;</font></td>
            <td align="left" valign="top" width="29%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 11.4pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, serif;">Michael
                H. Lanza</font></div>
            </td>
            <td valign="top" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman;">&#160;</font></td>
          </tr>
          <tr>
            <td valign="top" width="36%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman;">&#160;</font></td>
            <td valign="top" width="4%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman;">&#160;</font></td>
            <td align="left" valign="top" width="29%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 11.4pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, serif;">Senior
                Vice President, General Counsel</font></div>
            </td>
            <td valign="top" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman;">&#160;</font></td>
          </tr>
          <tr>
            <td valign="top" width="36%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman;">&#160;</font></td>
            <td valign="top" width="4%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman;">&#160;</font></td>
            <td align="left" valign="top" width="29%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 11.4pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, serif;">&amp;
                Corporate Secretary</font></div>
            </td>
            <td valign="top" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman;">&#160;</font></td>
          </tr>

      </table>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 11.4pt; MARGIN-RIGHT: 0pt" align="center">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 11.4pt; MARGIN-RIGHT: 0pt" align="center">&#160;</div>
    <div id="PGBRK" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
      <div id="FTR">
        <div id="GLFTR" style="WIDTH: 100%" align="left">&#160;</div>
      </div>
      <div id="PN" style="PAGE-BREAK-AFTER: always">
        <div style="WIDTH: 100%; TEXT-ALIGN: center">&#160;</div>
        <div style="WIDTH: 100%; TEXT-ALIGN: center">
          <hr style="COLOR: black" noshade size="1">
        </div>
      </div>
      <div id="HDR">
        <div id="GLHDR" style="WIDTH: 100%" align="right">&#160;</div>
      </div>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 11.4pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, serif;"><strong>EXHIBIT
      INDEX</strong></font></div>
    <div><br></div>
    <div><br></div>
    <div>
      <table cellpadding="0" cellspacing="0" width="100%">

          <tr>
            <td align="left" valign="top" width="11%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 11.4pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, serif;"><u>Exhibit
                No.</u></font></div>
            </td>
            <td align="left" valign="top" width="67%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 11.4pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, serif;"><u>Description</u></font></div>
            </td>
          </tr>
          <tr>
            <td align="left" valign="top" width="11%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 11.4pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, serif;">99.1</font></div>
            </td>
            <td align="left" valign="top" width="67%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 11.4pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, serif;">Press
                Release of Selective Insurance Group, Inc. dated October 25,
                2007</font></div>
            </td>
          </tr>

      </table>
    </div>
    <div><br></div>
  </body>
</html>


</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>2
<FILENAME>ex99-1.htm
<DESCRIPTION>EXHIBIT 99.1 - PRESS RELEASE
<TEXT>
<html>

  <head>
    <title>ex99-1.htm</title>
<!-- Licensed to: Skadden Arps-->
<!-- Document Created using EDGARizer 4.0.1.0 -->
<!-- Copyright 2007 EDGARfilings, Ltd., an IEC company.-->
<!-- All rights reserved EDGARfilings.com -->
</head>
  <body bgcolor="#ffffff">
    <div>&#160;</div>
    <div><br></div>
    <div><br></div>
    <div align="center">
      <table bgcolor="white" cellpadding="0" cellspacing="0" width="100%">

          <tr bgcolor="white">
            <td width="50%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">&#160;<img src="ex99-13.jpg" alt=""></font></td>
            <td width="50%">
              <div><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;"><font size="+0">Selective
                Insurance Group, Inc.</font></font></div>
              <div><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: arial, sans-serif;">40
                Wantage Avenue</font></font></div>
              <div><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: arial, sans-serif;">Branchville,
                New Jersey 07890</font></font></div>
              <div><font size="2">www
                .selective.com</font></div>
            </td>
          </tr>

      </table>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 400pt; TEXT-INDENT: 40pt; LINE-HEIGHT: 11.4pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial, sans-serif;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 13.7pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Arial, sans-serif;"><strong>For
      release at 4:15 p.m. (ET) on Oct. 25, 2007</strong></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 11.4pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial, sans-serif;">Media
      Contact: Sharon Cooper</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 11.4pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial, sans-serif;">973-948-1324,
      sharon.cooper@selective.com</font></div>
    <div><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 11.4pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial, sans-serif;">Investor
      Contact: Jennifer DiBerardino</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 11.4pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial, sans-serif;">973-948-1364,
      jennifer.diberardino@selective.com</font></div>
    <div><br></div>
    <div><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 15.95pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 14pt; FONT-FAMILY: Arial, sans-serif;"><strong>Selective
      Insurance Group Reports</strong></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 15.95pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 14pt; FONT-FAMILY: Arial, sans-serif;"><strong>Third
      Quarter 2007 Earnings</strong></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 12.55pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Arial, sans-serif;">Commercial
      lines new business up 16%</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 12.55pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Arial, sans-serif;">Investment
      income up 11%, after-tax</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 12.55pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Arial, sans-serif;">2007
      earnings guidance raised</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 12.55pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Arial, sans-serif;">Quarterly
      dividend increased 8%</font></div>
    <div><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 12.55pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Arial, sans-serif;">Branchville,
      NJ &#8211; Oct. 25, 2007 - Selective Insurance Group, Inc. (NASDAQ: SIGI), today
      reported its financial results for the third quarter ended Sept. 30,
      2007.</font></div>
    <div><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 12.55pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Arial, sans-serif;">Selective
      Chairman, President and CEO Gregory E. Murphy stated, &#8220;Our third quarter results
      were solid on all fronts. Despite continued intense marketplace competition,
      net
      premiums written were up 2% compared to third quarter 2006, driven by a 16%
      increase in commercial lines new business to more than $82 million and a 0.5
      point increase in retention that reflect the outstanding relationships we share
      with agents and customers through Selective&#8217;s field-based business model. The
      commercial lines statutory combined ratio was 95.4%. Personal lines showed
      modest growth and a statutory combined ratio, including flood, of 101.2%.
      After-tax investment income increased 11% to over $33 million. All of these
      drivers generated diluted operating earnings per share of $0.63. Due to our
      strong performance this quarter, we raised 2007 earnings guidance to a range
      of
      $2.10 to $2.20 per diluted share from the previous range of $2.00 to $2.15.
      In
      addition, our Board of Directors increased the quarterly dividend 8%, to $0.13
      per share.&#8221;</font></div>
    <div><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 12.55pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Arial, sans-serif;"><font style="DISPLAY: inline; COLOR: #000000;">Selective</font><font style="DISPLAY: inline; COLOR: #000000;">&#8217;</font><font style="DISPLAY: inline; COLOR: #000000;">s
</font><font style="DISPLAY: inline; COLOR: #000000;">third</font><font style="DISPLAY: inline; COLOR: #000000;">
      quarter 2007 highlights, compared to
</font><font style="DISPLAY: inline; COLOR: #000000;">third</font><font style="DISPLAY: inline; COLOR: #000000;">
      quarter 2006:</font></font></div>
    <div>
      <table cellpadding="0" cellspacing="0" id="list" width="100%">

          <tr valign="top">
            <td align="right" style="WIDTH: 40pt">
              <div><font style="DISPLAY: inline; FONT-SIZE: 11pt; COLOR: #000000; FONT-FAMILY: Arial, sans-serif;"><font style="DISPLAY: inline; COLOR: #000000;">-</font>&#160;&#160;</font></div>
            </td>
            <td>
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Arial, sans-serif;"><font style="DISPLAY: inline; COLOR: #000000;">Net
                income </font><font style="DISPLAY: inline; COLOR: #000000;">was</font><font style="DISPLAY: inline; COLOR: #000000;">&#160;</font><font style="DISPLAY: inline; COLOR: #000000;">$</font><font style="DISPLAY: inline; COLOR: #000000;">37.1</font><font style="DISPLAY: inline; COLOR: #000000;">
                million, or $</font><font style="DISPLAY: inline; COLOR: #000000;">0.66</font><font style="DISPLAY: inline; COLOR: #000000;">
                per diluted share</font><font style="DISPLAY: inline; COLOR: #000000;">, compared
                to $</font><font style="DISPLAY: inline; COLOR: #000000;">38.1 </font><font style="DISPLAY: inline; COLOR: #000000;">millio</font><font style="DISPLAY: inline; COLOR: #000000;">n,</font><font style="DISPLAY: inline; COLOR: #000000;">
                or $</font><font style="DISPLAY: inline; COLOR: #000000;">0.63</font><font style="DISPLAY: inline; COLOR: #000000;">
                per diluted share</font><font style="DISPLAY: inline; COLOR: #000000;">;</font></font></div>
            </td>
          </tr>

      </table>
    </div>
    <div>
      <table cellpadding="0" cellspacing="0" id="list" width="100%">

          <tr valign="top">
            <td align="right" style="WIDTH: 40pt">
              <div><font style="DISPLAY: inline; FONT-SIZE: 11pt; COLOR: #000000; FONT-FAMILY: Arial, sans-serif;"><font style="DISPLAY: inline; COLOR: #000000;">-</font>&#160;&#160;</font></div>
            </td>
            <td>
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Arial, sans-serif;"><font style="DISPLAY: inline; COLOR: #000000;">Operating
                income<sup>i</sup></font><font style="DISPLAY: inline; COLOR: #000000;">&#160;</font><font style="DISPLAY: inline; COLOR: #000000;">was</font><font style="DISPLAY: inline; COLOR: #000000;">&#160;</font><font style="DISPLAY: inline; COLOR: #000000;">$</font><font style="DISPLAY: inline; COLOR: #000000;">35.3</font><font style="DISPLAY: inline; COLOR: #000000;">
                million, or $</font><font style="DISPLAY: inline; COLOR: #000000;">0.63</font><font style="DISPLAY: inline; COLOR: #000000;">&#160;</font><font style="DISPLAY: inline; COLOR: #000000;">per
                diluted share</font><font style="DISPLAY: inline; COLOR: #000000;">, compared
                to $</font><font style="DISPLAY: inline; COLOR: #000000;">35.5 </font><font style="DISPLAY: inline; COLOR: #000000;">million</font><font style="DISPLAY: inline; COLOR: #000000;">,
</font><font style="DISPLAY: inline; COLOR: #000000;">or
                $</font><font style="DISPLAY: inline; COLOR: #000000;">0.59 </font><font style="DISPLAY: inline; COLOR: #000000;">per
                diluted share</font><font style="DISPLAY: inline; COLOR: #000000;">;</font></font></div>
            </td>
          </tr>

      </table>
    </div>
    <div>
      <table cellpadding="0" cellspacing="0" id="list" width="100%">

          <tr valign="top">
            <td align="right" style="WIDTH: 40pt">
              <div><font style="DISPLAY: inline; FONT-SIZE: 11pt; COLOR: #000000; FONT-FAMILY: Arial, sans-serif;"><font style="DISPLAY: inline; COLOR: #000000;">-</font>&#160;&#160;</font></div>
            </td>
            <td>
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Arial, sans-serif;"><font style="DISPLAY: inline; COLOR: #000000;">Combined
                ratio: GAAP: </font><font style="DISPLAY: inline; COLOR: #000000;">98.6</font><font style="DISPLAY: inline; COLOR: #000000;">%
</font><font style="DISPLAY: inline; COLOR: #000000;">vs.
</font><font style="DISPLAY: inline; COLOR: #000000;">96.7</font><font style="DISPLAY: inline; COLOR: #000000;">%;
                Statutory: </font><font style="DISPLAY: inline; COLOR: #000000;">96.2</font><font style="DISPLAY: inline; COLOR: #000000;">%
</font><font style="DISPLAY: inline; COLOR: #000000;">vs.
</font><font style="DISPLAY: inline; COLOR: #000000;">94.9</font><font style="DISPLAY: inline; COLOR: #000000;">%</font><font style="DISPLAY: inline; COLOR: #000000;">;</font></font></div>
            </td>
          </tr>

      </table>
    </div>
    <div>
      <table cellpadding="0" cellspacing="0" id="list" width="100%">

          <tr valign="top">
            <td align="right" style="WIDTH: 40pt">
              <div><font style="DISPLAY: inline; FONT-SIZE: 11pt; COLOR: #000000; FONT-FAMILY: Arial, sans-serif;"><font style="DISPLAY: inline; COLOR: #000000;">-</font>&#160;&#160;</font></div>
            </td>
            <td>
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Arial, sans-serif;"><font style="DISPLAY: inline; COLOR: #000000;">Total
</font><font style="DISPLAY: inline; COLOR: #000000;">net
                premiums written (</font><font style="DISPLAY: inline; COLOR: #000000;">NPW</font><font style="DISPLAY: inline; COLOR: #000000;">)
                were</font><font style="DISPLAY: inline; COLOR: #000000;">&#160;</font><font style="DISPLAY: inline; COLOR: #000000;">up
</font><font style="DISPLAY: inline; COLOR: #000000;">2</font><font style="DISPLAY: inline; COLOR: #000000;">%
                to </font><font style="DISPLAY: inline; COLOR: #000000;">$</font><font style="DISPLAY: inline; COLOR: #000000;">409.5</font><font style="DISPLAY: inline; COLOR: #000000;">&#160;</font><font style="DISPLAY: inline; COLOR: #000000;">m</font><font style="DISPLAY: inline; COLOR: #000000;">illion</font><font style="DISPLAY: inline; COLOR: #000000;">:</font></font></div>
            </td>
          </tr>

      </table>
    </div>
    <div>
      <table cellpadding="0" cellspacing="0" id="list" width="100%">

          <tr valign="top">
            <td align="right" style="WIDTH: 75pt">
              <div><font style="DISPLAY: inline; FONT-SIZE: 11pt; COLOR: #000000; FONT-FAMILY: Courier New, monospace;"><font style="DISPLAY: inline; COLOR: #000000;">o</font>&#160;&#160;</font></div>
            </td>
            <td>
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Arial, sans-serif;"><font style="DISPLAY: inline; COLOR: #000000;">Commercial
                lines NPW w</font><font style="DISPLAY: inline; COLOR: #000000;">ere</font><font style="DISPLAY: inline; COLOR: #000000;">&#160;</font><font style="DISPLAY: inline; COLOR: #000000;">up
</font><font style="DISPLAY: inline; COLOR: #000000;">2</font><font style="DISPLAY: inline; COLOR: #000000;">%
                to</font><font style="DISPLAY: inline; COLOR: #000000;"> $</font><font style="DISPLAY: inline; COLOR: #000000;">355.7</font><font style="DISPLAY: inline; COLOR: #000000;">
                million</font><font style="DISPLAY: inline; COLOR: #000000;">;</font></font></div>
            </td>
          </tr>

      </table>
    </div>
    <div>
      <table cellpadding="0" cellspacing="0" id="list" width="100%">

          <tr valign="top">
            <td align="right" style="WIDTH: 75pt">
              <div><font style="DISPLAY: inline; FONT-SIZE: 11pt; COLOR: #000000; FONT-FAMILY: Courier New, monospace;"><font style="DISPLAY: inline; COLOR: #000000;">o</font>&#160;&#160;</font></div>
            </td>
            <td>
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Arial, sans-serif;"><font style="DISPLAY: inline; COLOR: #000000;">Personal
                lines </font><font style="DISPLAY: inline; COLOR: #000000;">NPW </font><font style="DISPLAY: inline; COLOR: #000000;">were
                up slightly to</font><font style="DISPLAY: inline; COLOR: #000000;">&#160;</font><font style="DISPLAY: inline; COLOR: #000000;">$</font><font style="DISPLAY: inline; COLOR: #000000;">53</font><font style="DISPLAY: inline; COLOR: #000000;">.8
</font><font style="DISPLAY: inline; COLOR: #000000;">million</font><font style="DISPLAY: inline; COLOR: #000000;">;</font></font></div>
            </td>
          </tr>

      </table>
    </div>
    <div>
      <table cellpadding="0" cellspacing="0" id="list" width="100%">

          <tr valign="top">
            <td align="right" style="WIDTH: 40pt">
              <div><font style="DISPLAY: inline; FONT-SIZE: 11pt; COLOR: #000000; FONT-FAMILY: Arial, sans-serif;"><font style="DISPLAY: inline; COLOR: #000000;">-</font>&#160;&#160;</font></div>
            </td>
            <td>
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Arial, sans-serif;"><font style="DISPLAY: inline; COLOR: #000000;">C</font><font style="DISPLAY: inline; COLOR: #000000;">atastrophe
                losses were
                $</font><font style="DISPLAY: inline; COLOR: #000000;">1.2</font><font style="DISPLAY: inline; COLOR: #000000;">
                million</font><font style="DISPLAY: inline; COLOR: #000000;">, after-tax,</font><font style="DISPLAY: inline; COLOR: #000000;">&#160;</font><font style="DISPLAY: inline; COLOR: #000000;">vs.
</font><font style="DISPLAY: inline; COLOR: #000000;">$</font><font style="DISPLAY: inline; COLOR: #000000;">4.3</font><font style="DISPLAY: inline; COLOR: #000000;">
                million</font><font style="DISPLAY: inline; COLOR: #000000;">, after-tax</font><font style="DISPLAY: inline; COLOR: #000000;">;
                and</font></font></div>
            </td>
          </tr>

      </table>
    </div>
    <div>
      <table cellpadding="0" cellspacing="0" id="list" width="100%">

          <tr valign="top">
            <td align="right" style="WIDTH: 40pt">
              <div><font style="DISPLAY: inline; FONT-SIZE: 11pt; COLOR: #000000; FONT-FAMILY: Arial, sans-serif;"><font style="DISPLAY: inline; COLOR: #000000;">-</font>&#160;&#160;</font></div>
            </td>
            <td>
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Arial, sans-serif;"><font style="DISPLAY: inline; COLOR: #000000;">Investment
                Income, after-tax,
                increased </font><font style="DISPLAY: inline; COLOR: #000000;">11</font><font style="DISPLAY: inline; COLOR: #000000;">%
                to $</font><font style="DISPLAY: inline; COLOR: #000000;">33.4</font><font style="DISPLAY: inline; COLOR: #000000;">
                million</font><font style="DISPLAY: inline; COLOR: #000000;">.</font></font></div>
            </td>
          </tr>

      </table>
    </div>
    <div><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 12.55pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Arial, sans-serif;">Murphy
      added: &#8220;Our powerful combination of people, technology and analytical tools
      enable us to deliver long-term profitable growth to our shareholders throughout
      fluctuating market conditions. Selective&#8217;s deep bench of talent remains one of
      our most compelling strengths. Last month, many members of our leadership team
      took on important new roles within our company, and I am confident they will
      position us to compete even more successfully and to capitalize on emerging
      opportunities. These leaders are supported by leading edge technology that
      provides efficiencies and customer service enhancements to both agencies and
      Selective, while our predictive models and other analytical tools deliver new
      and better ways to write and retain the most profitable accounts. In fact,
      just
      last week we were honored to receive the Commercial Lines Agent Interface
      Carrier of the Year Award from the Applied Systems Client Network.</font></div>
    <div><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 12.55pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Arial, sans-serif;">&#8220;As
      a
      result of these factors, coupled with our ongoing focus on improvement and
      future planning, we have grown book value per share, plus dividends, at a
      compound annual growth rate exceeding 10% over the last five years. Growth
      in
      book value is one of the most fundamental measures of the success of our
      strategies and a clear indication of our ability to generate long-term
      shareholder value,&#8221; Murphy said.</font></div>
    <div><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 12.55pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Arial, sans-serif;">For
      the
      quarter, Diversified Insurance Services (DIS) revenue was flat, and return
      on
      revenue was 10.5%, compared to 13.5% in third quarter 2006. Premium at the
      Flood
      operation grew 16%. Selective&#8217;s investment operation delivered double-digit
      growth, with after-tax investment income up 11% to $33.4 million, mainly due
      to
      increased fixed maturity income from a larger asset base, and higher dividends
      and other investment income. At Sept. 30, 2007, Selective&#8217;s assets reached $5.0
      billion, including $3.6 billion in the company&#8217;s investment
      portfolio.</font></div>
    <div><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 12.55pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Arial, sans-serif;">For
      the
      nine months ended Sept. 30, 2007, Selective&#8217;s net income was $110.3 million, or
      $1.92 per diluted share. Operating income was $92.6 million, or $1.62 per
      diluted share. For the comparable period last year, Selective reported net
      income of $120.0 million, or $1.94 per diluted share, and operating income
      of
      $103.3 million, or $1.67 per diluted share. Selective&#8217;s GAAP combined ratio was
      98.7% for the first nine months of 2007, compared to 95.9% for the nine-month
      period ended Sept. 30, 2006. For the same period, the statutory combined ratio
      was 96.3% in 2007, compared to 94.5% in 2006. Catastrophe losses for the first
      nine months of 2007 were $9.1 million, after-tax, compared to $9.6 million,
      after-tax, for the comparable period in 2006.</font></div>
    <div><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 12.55pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Arial, sans-serif;">The
      quarterly cash dividend on Selective&#8217;s common stock was increased by 8% to $0.13
      per share. The dividend is payable Dec. 3, 2007 to stockholders of record on
      Nov. 15, 2007. During the quarter, the company repurchased 480,700 shares of
      Selective&#8217;s outstanding common stock at an average price per share of $20.68 and
      price to book of 1.05. There are 3.5 million shares remaining under the current
      four million share repurchase authorization.</font></div>
    <div><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 12.55pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Arial, sans-serif;"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif;">T</font><font style="DISPLAY: inline; COLOR: #000000;">he
      supplemental investor packet,
      including financial information that is not part of this press release, is
      available on the Investors page of Selective</font><font style="DISPLAY: inline; COLOR: #000000;">&#8217;</font><font style="DISPLAY: inline; COLOR: #000000;">s
      public website at </font><font style="DISPLAY: inline; COLOR: #000000;"><u>www.selective.com</u></font><font style="DISPLAY: inline; COLOR: #000000;">.
      Selective</font><font style="DISPLAY: inline; COLOR: #000000;">&#8217;</font><font style="DISPLAY: inline; COLOR: #000000;">s
      quarterl</font><font style="DISPLAY: inline; COLOR: #000000;">y analyst conference
      call will be
      simulcast at </font></font><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Arial, sans-serif;"><font style="DISPLAY: inline; COLOR: #000000;">8:30
      a.m. ET, on </font><font style="DISPLAY: inline; COLOR: #000000;">Oct. 26, 2007 </font><font style="DISPLAY: inline; COLOR: #000000;">at
</font><font style="DISPLAY: inline; COLOR: #000000;"><u>www.selective.com</u></font><font style="DISPLAY: inline; COLOR: #000000;">.
      The webcast will be available for
      rebroadcast until the close of business on </font><font style="DISPLAY: inline; COLOR: #000000;">Nov. 26, 2007.</font></font></div>
    <div><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 12.55pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Arial, sans-serif;">Selective
      Insurance Group, Inc., is a holding company for seven property and casualty
      insurance companies rated &#8220;A+&#8221; (Superior) by A.M. Best. Through independent
      agents, the insurance companies offer primary and alternative market insurance
      for commercial and personal risks, and flood insurance underwritten by the
      National Flood Insurance Program. Other subsidiaries of the company provide
      claims, human resources and risk management services. Selective maintains a
      website at <u>www.selective.com</u>.</font></div>
    <div><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 12.55pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Arial, sans-serif;">In
      this
      press release, Selective and its management discuss and make statements based
      on
      currently available information regarding their intentions, beliefs, current
      expectations, and projections regarding Selective&#8217;s future operations and
      performance. Such statements are &#8220;forward-looking&#8221; statements as that term is
      defined in the Private Securities Litigation Reform Act of 1995, which provides
      a safe harbor under the Securities Act of 1933, as amended, and the Securities
      Exchange Act of 1934, as amended, for forward-looking statements. These
      forward-looking statements are often identified by words such as &#8220;may,&#8221; &#8220;will,&#8221;
&#8220;could,&#8221; &#8220;would,&#8221; &#8220;should,&#8221; &#8220;expect,&#8221; &#8220;plan,&#8221; &#8220;anticipate,&#8221; &#8220;target,&#8221; &#8220;project,&#8221;
&#8220;intend,&#8221; &#8220;believe,&#8221; &#8220;estimate,&#8221; &#8220;predict,&#8221; &#8220;potential,&#8221; &#8220;pro forma,&#8221; &#8220;seek,&#8221;
&#8220;likely,&#8221; or &#8220;continue,&#8221; or other comparable terminology and their negatives.
      Selective and its management assume no obligation to update these
      forward-looking statements due to changes in underlying factors, new
      information, future developments or otherwise.</font></div>
    <div><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 12.55pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Arial, sans-serif;">Selective
      and its management caution investors that such forward-looking statements are
      not guarantees of future performance. Risks and uncertainties are inherent
      in
      Selective&#8217;s future performance. Factors that could cause Selective&#8217;s actual
      results to differ materially from those indicated by such forward-looking
      statements, include, among other things, those discussed or identified from
      time
      to time in our public filings with the SEC and those associated
      with:</font></div>
    <div>
      <table cellpadding="0" cellspacing="0" id="list" width="100%">

          <tr valign="top">
            <td align="right" style="WIDTH: 20pt">
              <div><font style="DISPLAY: inline; FONT-SIZE: 11pt; COLOR: #000000;" face="Symbol, serif"><font style="DISPLAY: inline; COLOR: #000000;">&#183;</font>&#160;&#160;</font></div>
            </td>
            <td>
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; COLOR: #000000; FONT-FAMILY: Arial, sans-serif;"><font style="DISPLAY: inline; COLOR: #000000;">the
                frequency and severity of
                catastrophic events, including, but not limited to, hurricanes, tornadoes,
                windstorms, earthquakes, hail, severe winter weather, fires, explosions
                and terrorism;</font></font></div>
            </td>
          </tr>

      </table>
    </div>
    <div>
      <table cellpadding="0" cellspacing="0" id="list" width="100%">

          <tr valign="top">
            <td align="right" style="WIDTH: 20pt">
              <div><font style="DISPLAY: inline; FONT-SIZE: 11pt;" face="Symbol, serif">&#183;&#160;&#160;</font></div>
            </td>
            <td>
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; COLOR: #000000; FONT-FAMILY: Arial, sans-serif;"><font style="DISPLAY: inline; COLOR: #000000;">adverse
                economic, market,
                regulatory, legal or judicial
                conditions;</font></font></div>
            </td>
          </tr>

      </table>
    </div>
    <div>
      <table cellpadding="0" cellspacing="0" id="list" width="100%">

          <tr valign="top">
            <td align="right" style="WIDTH: 20pt">
              <div><font style="DISPLAY: inline; FONT-SIZE: 11pt;" face="Symbol, serif">&#183;&#160;&#160;</font></div>
            </td>
            <td>
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; COLOR: #000000; FONT-FAMILY: Arial, sans-serif;"><font style="DISPLAY: inline; COLOR: #000000;">the
                concentration of our business
                in a number of Eastern Region
                states;</font></font></div>
            </td>
          </tr>

      </table>
    </div>
    <div>
      <table cellpadding="0" cellspacing="0" id="list" width="100%">

          <tr valign="top">
            <td align="right" style="WIDTH: 20pt">
              <div><font style="DISPLAY: inline; FONT-SIZE: 11pt;" face="Symbol, serif">&#183;&#160;&#160;</font></div>
            </td>
            <td>
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; COLOR: #000000; FONT-FAMILY: Arial, sans-serif;"><font style="DISPLAY: inline; COLOR: #000000;">the
                adequacy of our loss reserves
                and loss expense reserves;</font></font></div>
            </td>
          </tr>

      </table>
    </div>
    <div>
      <table cellpadding="0" cellspacing="0" id="list" width="100%">

          <tr valign="top">
            <td align="right" style="WIDTH: 20pt">
              <div><font style="DISPLAY: inline; FONT-SIZE: 11pt;" face="Symbol, serif">&#183;&#160;&#160;</font></div>
            </td>
            <td>
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; COLOR: #000000; FONT-FAMILY: Arial, sans-serif;"><font style="DISPLAY: inline; COLOR: #000000;">the
                cost and availability of
                reinsurance;</font></font></div>
            </td>
          </tr>

      </table>
    </div>
    <div>
      <table cellpadding="0" cellspacing="0" id="list" width="100%">

          <tr valign="top">
            <td align="right" style="WIDTH: 20pt">
              <div><font style="DISPLAY: inline; FONT-SIZE: 11pt;" face="Symbol, serif">&#183;&#160;&#160;</font></div>
            </td>
            <td>
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; COLOR: #000000; FONT-FAMILY: Arial, sans-serif;"><font style="DISPLAY: inline; COLOR: #000000;">our
                ability to collect on
                reinsurance and the solvency of our
                reinsurers;</font></font></div>
            </td>
          </tr>

      </table>
    </div>
    <div>
      <table cellpadding="0" cellspacing="0" id="list" width="100%">

          <tr valign="top">
            <td align="right" style="WIDTH: 20pt">
              <div><font style="DISPLAY: inline; FONT-SIZE: 11pt;" face="Symbol, serif">&#183;&#160;&#160;</font></div>
            </td>
            <td>
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; COLOR: #000000; FONT-FAMILY: Arial, sans-serif;"><font style="DISPLAY: inline; COLOR: #000000;">uncertainties
                related to insurance
                premium rate increases and business
                retention;</font></font></div>
            </td>
          </tr>

      </table>
    </div>
    <div>
      <table cellpadding="0" cellspacing="0" id="list" width="100%">

          <tr valign="top">
            <td align="right" style="WIDTH: 20pt">
              <div><font style="DISPLAY: inline; FONT-SIZE: 11pt;" face="Symbol, serif">&#183;&#160;&#160;</font></div>
            </td>
            <td>
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; COLOR: #000000; FONT-FAMILY: Arial, sans-serif;"><font style="DISPLAY: inline; COLOR: #000000;">changes
                in insurance regulations
                that impact our ability to write and/or cease writing insurance policies
                in one or more states, particularly changes in New Jersey automobile
                insurance laws and
                regulations;</font></font></div>
            </td>
          </tr>

      </table>
    </div>
    <div>
      <table cellpadding="0" cellspacing="0" id="list" width="100%">

          <tr valign="top">
            <td align="right" style="WIDTH: 20pt">
              <div><font style="DISPLAY: inline; FONT-SIZE: 11pt;" face="Symbol, serif">&#183;&#160;&#160;</font></div>
            </td>
            <td>
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; COLOR: #000000; FONT-FAMILY: Arial, sans-serif;"><font style="DISPLAY: inline; COLOR: #000000;">our
                ability to maintain favorable
                ratings from rating agencies, including A.M. Best, S&amp;P, Moody&#8217;s and
                Fitch;</font></font></div>
            </td>
          </tr>

      </table>
    </div>
    <div>
      <table cellpadding="0" cellspacing="0" id="list" width="100%">

          <tr valign="top">
            <td align="right" style="WIDTH: 20pt">
              <div><font style="DISPLAY: inline; FONT-SIZE: 11pt;" face="Symbol, serif">&#183;&#160;&#160;</font></div>
            </td>
            <td>
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; COLOR: #000000; FONT-FAMILY: Arial, sans-serif;"><font style="DISPLAY: inline; COLOR: #000000;">fluctuations
                in interest rates and
                the performance of the financial
                markets;</font></font></div>
            </td>
          </tr>

      </table>
    </div>
    <div>
      <table cellpadding="0" cellspacing="0" id="list" width="100%">

          <tr valign="top">
            <td align="right" style="WIDTH: 20pt">
              <div><font style="DISPLAY: inline; FONT-SIZE: 11pt;" face="Symbol, serif">&#183;&#160;&#160;</font></div>
            </td>
            <td>
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; COLOR: #000000; FONT-FAMILY: Arial, sans-serif;"><font style="DISPLAY: inline; COLOR: #000000;">our
                entry into new markets and
                businesses; and</font></font></div>
            </td>
          </tr>

      </table>
    </div>
    <div>
      <table cellpadding="0" cellspacing="0" id="list" width="100%">

          <tr valign="top">
            <td align="right" style="WIDTH: 20pt">
              <div><font style="DISPLAY: inline; FONT-SIZE: 11pt;" face="Symbol, serif">&#183;&#160;&#160;</font></div>
            </td>
            <td>
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; COLOR: #000000; FONT-FAMILY: Arial, sans-serif;"><font style="DISPLAY: inline; COLOR: #000000;">other
                risks and uncertainties we
                identify in filings with the SEC, including, but not limited to,
                our
                Annual Report on Form 10-K.</font></font></div>
            </td>
          </tr>

      </table>
    </div>
    <div><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 12.55pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Arial, sans-serif;">Selective&#8217;s
      SEC filings can be accessed through the Investors and Corporate Governance
      sections of Selective&#8217;s website, <u>www.selective.com</u>, or through the SEC&#8217;s
      EDGAR Database at <u>www.sec.gov</u> (Selective EDGAR CIK No.
      0000230557).</font></div>
    <div><br></div>
    <div><br></div>
    <div id="PGBRK" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
      <div id="FTR">
        <div id="GLFTR" style="WIDTH: 100%" align="left">
        </div>
      </div>
      <div id="PN" style="PAGE-BREAK-AFTER: always">
        <div style="WIDTH: 100%; TEXT-ALIGN: center">
        </div>
        <div style="WIDTH: 100%; TEXT-ALIGN: center">
          <hr style="COLOR: black" noshade size="1">
        </div>
      </div>
      <div id="HDR">
        <div id="GLHDR" style="WIDTH: 100%" align="right">
        </div>
      </div>
    </div>
    <div><br></div>
    <div><br></div>
    <div>
      <table cellpadding="0" cellspacing="0" width="100%">

          <tr>
            <td colspan="5" valign="bottom" width="62%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 12.55pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: arial, sans-serif;"><strong><a name="range_a1:e46">Selective
                Insurance Group, Inc. <font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif;">(Nasdaq:
                SIGI) *</font></a></strong></font></div>
            </td>
          </tr>
          <tr>
            <td colspan="5" valign="bottom" width="62%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 11.4pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: arial, sans-serif;"><strong>GAAP
                Highlights and Reconciliation of Non-GAAP Measures to
                Comparable</strong></font></div>
            </td>
          </tr>
          <tr>
            <td colspan="5" valign="bottom" width="62%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 11.4pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: arial, sans-serif;"><strong>GAAP
                Measures</strong></font></div>
            </td>
          </tr>
          <tr>
            <td align="left" colspan="5" valign="bottom" width="62%" style="BORDER-BOTTOM: black 1pt solid">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 11.4pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman, serif;"><em>(in
                thousands, except per share data)</em></font></div>
            </td>
          </tr>
          <tr>
            <td align="left" valign="bottom" width="35%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 11.4pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman, serif;"><strong><u>3
                months ended September 30:</u></strong></font></div>
            </td>
            <td valign="bottom" width="3%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman;">&#160;</font></td>
            <td valign="bottom" width="11%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 11.4pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman, serif;"><strong><u>2007</u></strong></font></div>
            </td>
            <td valign="bottom" width="2%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman;">&#160;</font></td>
            <td valign="bottom" width="11%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 11.4pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman, serif;"><strong><u>2006</u></strong></font></div>
            </td>
          </tr>
          <tr>
            <td align="left" valign="bottom" width="35%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 11.4pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman, serif;">Net
                premiums written</font></div>
            </td>
            <td align="left" valign="bottom" width="3%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 11.4pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman, serif;">$</font></div>
            </td>
            <td align="right" valign="bottom" width="11%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 11.4pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman, serif;">409,523</font></div>
            </td>
            <td valign="bottom" width="2%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman;">&#160;</font></td>
            <td align="right" valign="bottom" width="11%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 11.4pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman, serif;">401,426</font></div>
            </td>
          </tr>
          <tr>
            <td align="left" valign="middle" width="35%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 11.4pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman, serif;">Net
                premiums earned</font></div>
            </td>
            <td valign="middle" width="3%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman;">&#160;</font></td>
            <td align="right" valign="middle" width="11%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 11.4pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman, serif;">378,260</font></div>
            </td>
            <td valign="middle" width="2%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman;">&#160;</font></td>
            <td align="right" valign="middle" width="11%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 11.4pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman, serif;">377,572</font></div>
            </td>
          </tr>
          <tr>
            <td align="left" valign="middle" width="35%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 11.4pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman, serif;">Net
                investment income earned</font></div>
            </td>
            <td valign="middle" width="3%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman;">&#160;</font></td>
            <td align="right" valign="middle" width="11%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 11.4pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman, serif;">43,674</font></div>
            </td>
            <td valign="middle" width="2%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman;">&#160;</font></td>
            <td align="right" valign="middle" width="11%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 11.4pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman, serif;">38,891</font></div>
            </td>
          </tr>
          <tr>
            <td align="left" valign="middle" width="35%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 11.4pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman, serif;">Diversified
                insurance services revenue</font></div>
            </td>
            <td valign="middle" width="3%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman;">&#160;</font></td>
            <td align="right" valign="middle" width="11%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 11.4pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman, serif;">29,331</font></div>
            </td>
            <td valign="middle" width="2%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman;">&#160;</font></td>
            <td align="right" valign="middle" width="11%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 11.4pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman, serif;">29,284</font></div>
            </td>
          </tr>
          <tr>
            <td align="left" valign="middle" width="35%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 11.4pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman, serif;">Total
                revenues</font></div>
            </td>
            <td valign="middle" width="3%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman;">&#160;</font></td>
            <td align="right" valign="middle" width="11%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 11.4pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman, serif;">455,469</font></div>
            </td>
            <td valign="middle" width="2%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman;">&#160;</font></td>
            <td align="right" valign="middle" width="11%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 11.4pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman, serif;">450,786</font></div>
            </td>
          </tr>
          <tr>
            <td valign="middle" width="35%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman;">&#160;</font></td>
            <td valign="middle" width="3%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman;">&#160;</font></td>
            <td valign="bottom" width="11%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman;">&#160;</font></td>
            <td valign="middle" width="2%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman;">&#160;</font></td>
            <td valign="bottom" width="11%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman;">&#160;</font></td>
          </tr>
          <tr>
            <td align="left" valign="middle" width="35%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 11.4pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman, serif;">Operating
                income</font></div>
            </td>
            <td valign="middle" width="3%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman;">&#160;</font></td>
            <td align="right" valign="middle" width="11%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 11.4pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman, serif;">35,290</font></div>
            </td>
            <td valign="middle" width="2%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman;">&#160;</font></td>
            <td align="right" valign="middle" width="11%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 11.4pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman, serif;">35,489</font></div>
            </td>
          </tr>
          <tr>
            <td align="left" valign="middle" width="35%" style="PADDING-BOTTOM: 2px">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 11.4pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman, serif;">Net
                realized gains, net of tax</font></div>
            </td>
            <td valign="middle" width="3%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman;">&#160;</font></td>
            <td align="right" valign="middle" width="11%" style="BORDER-BOTTOM: black 2px solid">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 11.4pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman, serif;">1,829</font></div>
            </td>
            <td valign="middle" width="2%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman;">&#160;</font></td>
            <td align="right" valign="middle" width="11%" style="BORDER-BOTTOM: black 2px solid">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 11.4pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman, serif;">2,567</font></div>
            </td>
          </tr>
          <tr>
            <td align="left" valign="middle" width="35%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 11.4pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman, serif;">Net
                income</font></div>
            </td>
            <td align="left" valign="middle" width="3%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 11.4pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman, serif;">$</font></div>
            </td>
            <td align="right" valign="middle" width="11%" style="BORDER-BOTTOM: black 2.25pt double">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 11.4pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman, serif;">37,119</font></div>
            </td>
            <td valign="middle" width="2%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman;">&#160;</font></td>
            <td align="right" valign="middle" width="11%" style="BORDER-BOTTOM: black 2.25pt double">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 11.4pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman, serif;">38,056</font></div>
            </td>
          </tr>
          <tr>
            <td valign="middle" width="35%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman;">&#160;</font></td>
            <td valign="middle" width="3%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman;">&#160;</font></td>
            <td valign="middle" width="11%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman;">&#160;</font></td>
            <td valign="middle" width="2%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman;">&#160;</font></td>
            <td valign="middle" width="11%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman;">&#160;</font></td>
          </tr>
          <tr>
            <td align="left" valign="middle" width="35%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 11.4pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman, serif;">Statutory
                combined ratio</font></div>
            </td>
            <td valign="middle" width="3%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman;">&#160;</font></td>
            <td align="right" valign="middle" width="11%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 11.4pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman, serif;">96.2%</font></div>
            </td>
            <td valign="middle" width="2%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman;">&#160;</font></td>
            <td align="right" valign="middle" width="11%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 11.4pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman, serif;">94.9%</font></div>
            </td>
          </tr>
          <tr>
            <td align="left" valign="middle" width="35%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 11.4pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman, serif;">GAAP
                combined ratio</font></div>
            </td>
            <td valign="middle" width="3%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman;">&#160;</font></td>
            <td align="right" valign="middle" width="11%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 11.4pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman, serif;">98.6%</font></div>
            </td>
            <td valign="middle" width="2%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman;">&#160;</font></td>
            <td align="right" valign="middle" width="11%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 11.4pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman, serif;">96.7%</font></div>
            </td>
          </tr>
          <tr>
            <td valign="middle" width="35%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman;">&#160;</font></td>
            <td valign="middle" width="3%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman;">&#160;</font></td>
            <td valign="middle" width="11%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman;">&#160;</font></td>
            <td valign="middle" width="2%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman;">&#160;</font></td>
            <td valign="middle" width="11%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman;">&#160;</font></td>
          </tr>
          <tr>
            <td align="left" valign="middle" width="35%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 11.4pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman, serif;">Operating
                income per diluted share</font></div>
            </td>
            <td align="left" valign="middle" width="3%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 11.4pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman, serif;">$</font></div>
            </td>
            <td align="right" valign="middle" width="11%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 11.4pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman, serif;">0.63</font></div>
            </td>
            <td valign="middle" width="2%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman;">&#160;</font></td>
            <td align="right" valign="middle" width="11%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 11.4pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman, serif;">0.59</font></div>
            </td>
          </tr>
          <tr>
            <td align="left" valign="middle" width="35%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 11.4pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman, serif;">Net
                income per diluted share</font></div>
            </td>
            <td valign="middle" width="3%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman;">&#160;</font></td>
            <td align="right" valign="middle" width="11%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 11.4pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman, serif;">0.66</font></div>
            </td>
            <td valign="middle" width="2%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman;">&#160;</font></td>
            <td align="right" valign="middle" width="11%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 11.4pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman, serif;">0.63</font></div>
            </td>
          </tr>
          <tr>
            <td align="left" valign="middle" width="35%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 11.4pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman, serif;">Weighted
                average diluted shares</font></div>
            </td>
            <td valign="middle" width="3%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman;">&#160;</font></td>
            <td align="right" valign="middle" width="11%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 11.4pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman, serif;">56,434</font></div>
            </td>
            <td valign="middle" width="2%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman;">&#160;</font></td>
            <td align="right" valign="middle" width="11%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 11.4pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman, serif;">61,660</font></div>
            </td>
          </tr>
          <tr>
            <td align="left" valign="middle" width="35%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 11.4pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman, serif;">Book
                value per share</font></div>
            </td>
            <td align="left" valign="middle" width="3%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 11.4pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman, serif;">$</font></div>
            </td>
            <td align="right" valign="middle" width="11%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 11.4pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman, serif;">19.64</font></div>
            </td>
            <td valign="middle" width="2%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman;">&#160;</font></td>
            <td align="right" valign="middle" width="11%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 11.4pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman, serif;">18.28</font></div>
            </td>
          </tr>
          <tr>
            <td valign="middle" width="35%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman;">&#160;</font></td>
            <td valign="middle" width="3%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman;">&#160;</font></td>
            <td valign="middle" width="11%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman;">&#160;</font></td>
            <td valign="middle" width="2%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman;">&#160;</font></td>
            <td valign="middle" width="11%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman;">&#160;</font></td>
          </tr>
          <tr>
            <td colspan="5" valign="middle" width="62%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman;">&#160;</font></td>
          </tr>
          <tr>
            <td valign="middle" width="35%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman;">&#160;</font></td>
            <td valign="middle" width="3%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman;">&#160;</font></td>
            <td valign="middle" width="11%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman;">&#160;</font></td>
            <td valign="middle" width="2%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman;">&#160;</font></td>
            <td valign="middle" width="11%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman;">&#160;</font></td>
          </tr>
          <tr>
            <td align="left" valign="bottom" width="35%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 11.4pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman, serif;"><strong><u>9
                months ended September 30:</u></strong></font></div>
            </td>
            <td valign="bottom" width="3%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman;">&#160;</font></td>
            <td valign="bottom" width="11%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 11.4pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman, serif;"><strong><u>2007</u></strong></font></div>
            </td>
            <td valign="bottom" width="2%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman;">&#160;</font></td>
            <td valign="bottom" width="11%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 11.4pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman, serif;"><strong><u>2006</u></strong></font></div>
            </td>
          </tr>
          <tr>
            <td align="left" valign="bottom" width="35%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 11.4pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman, serif;">Net
                premiums written</font></div>
            </td>
            <td align="left" valign="bottom" width="3%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 11.4pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman, serif;">$</font></div>
            </td>
            <td align="right" valign="bottom" width="11%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 11.4pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman, serif;">1,231,631</font></div>
            </td>
            <td valign="bottom" width="2%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman;">&#160;</font></td>
            <td align="right" valign="bottom" width="11%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 11.4pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman, serif;">1,229,036</font></div>
            </td>
          </tr>
          <tr>
            <td align="left" valign="middle" width="35%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 11.4pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman, serif;">Net
                premiums earned</font></div>
            </td>
            <td valign="middle" width="3%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman;">&#160;</font></td>
            <td align="right" valign="middle" width="11%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 11.4pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman, serif;">1,134,624</font></div>
            </td>
            <td valign="middle" width="2%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman;">&#160;</font></td>
            <td align="right" valign="middle" width="11%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 11.4pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman, serif;">1,122,484</font></div>
            </td>
          </tr>
          <tr>
            <td align="left" valign="middle" width="35%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 11.4pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman, serif;">Net
                investment income earned</font></div>
            </td>
            <td valign="middle" width="3%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman;">&#160;</font></td>
            <td align="right" valign="middle" width="11%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 11.4pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman, serif;">124,179</font></div>
            </td>
            <td valign="middle" width="2%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman;">&#160;</font></td>
            <td align="right" valign="middle" width="11%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 11.4pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman, serif;">112,283</font></div>
            </td>
          </tr>
          <tr>
            <td align="left" valign="middle" width="35%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 11.4pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman, serif;">Diversified
                insurance services revenue</font></div>
            </td>
            <td valign="middle" width="3%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman;">&#160;</font></td>
            <td align="right" valign="middle" width="11%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 11.4pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman, serif;">89,186</font></div>
            </td>
            <td valign="middle" width="2%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman;">&#160;</font></td>
            <td align="right" valign="middle" width="11%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 11.4pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman, serif;">84,111</font></div>
            </td>
          </tr>
          <tr>
            <td align="left" valign="middle" width="35%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 11.4pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman, serif;">Total
                revenues</font></div>
            </td>
            <td valign="middle" width="3%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman;">&#160;</font></td>
            <td align="right" valign="middle" width="11%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 11.4pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman, serif;">1,379,617</font></div>
            </td>
            <td valign="middle" width="2%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman;">&#160;</font></td>
            <td align="right" valign="middle" width="11%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 11.4pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman, serif;">1,348,913</font></div>
            </td>
          </tr>
          <tr>
            <td valign="middle" width="35%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman;">&#160;</font></td>
            <td valign="middle" width="3%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman;">&#160;</font></td>
            <td valign="bottom" width="11%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman;">&#160;</font></td>
            <td valign="middle" width="2%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman;">&#160;</font></td>
            <td valign="bottom" width="11%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman;">&#160;</font></td>
          </tr>
          <tr>
            <td align="left" valign="middle" width="35%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 11.4pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman, serif;">Operating
                income</font></div>
            </td>
            <td valign="middle" width="3%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman;">&#160;</font></td>
            <td align="right" valign="middle" width="11%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 11.4pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman, serif;">92,575</font></div>
            </td>
            <td valign="middle" width="2%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman;">&#160;</font></td>
            <td align="right" valign="middle" width="11%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 11.4pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman, serif;">103,260</font></div>
            </td>
          </tr>
          <tr>
            <td align="left" valign="middle" width="35%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 11.4pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman, serif;">Net
                realized gains, net of tax</font></div>
            </td>
            <td valign="middle" width="3%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman;">&#160;</font></td>
            <td align="right" valign="middle" width="11%" style="BORDER-BOTTOM: black 0.5pt solid">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 11.4pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman, serif;">17,683</font></div>
            </td>
            <td valign="middle" width="2%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman;">&#160;</font></td>
            <td align="right" valign="middle" width="11%" style="BORDER-BOTTOM: black 0.5pt solid">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 11.4pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman, serif;">16,771</font></div>
            </td>
          </tr>
          <tr>
            <td align="left" valign="middle" width="35%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 11.4pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman, serif;">Net
                income</font></div>
            </td>
            <td align="left" valign="middle" width="3%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 11.4pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman, serif;">$</font></div>
            </td>
            <td align="right" valign="middle" width="11%" style="BORDER-BOTTOM: black 2.25pt double">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 11.4pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman, serif;">110,258</font></div>
            </td>
            <td valign="middle" width="2%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman;">&#160;</font></td>
            <td align="right" valign="middle" width="11%" style="BORDER-BOTTOM: black 2.25pt double">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 11.4pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman, serif;">120,031</font></div>
            </td>
          </tr>
          <tr>
            <td valign="middle" width="35%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman;">&#160;</font></td>
            <td valign="middle" width="3%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman;">&#160;</font></td>
            <td valign="middle" width="11%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman;">&#160;</font></td>
            <td valign="middle" width="2%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman;">&#160;</font></td>
            <td valign="middle" width="11%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman;">&#160;</font></td>
          </tr>
          <tr>
            <td align="left" valign="middle" width="35%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 11.4pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman, serif;">Statutory
                combined ratio</font></div>
            </td>
            <td valign="middle" width="3%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman;">&#160;</font></td>
            <td align="right" valign="middle" width="11%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 11.4pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman, serif;">96.3%</font></div>
            </td>
            <td valign="middle" width="2%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman;">&#160;</font></td>
            <td align="right" valign="middle" width="11%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 11.4pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman, serif;">94.5%</font></div>
            </td>
          </tr>
          <tr>
            <td align="left" valign="middle" width="35%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 11.4pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman, serif;">GAAP
                combined ratio</font></div>
            </td>
            <td valign="middle" width="3%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman;">&#160;</font></td>
            <td align="right" valign="middle" width="11%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 11.4pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman, serif;">98.7%</font></div>
            </td>
            <td valign="middle" width="2%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman;">&#160;</font></td>
            <td align="right" valign="middle" width="11%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 11.4pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman, serif;">95.9%</font></div>
            </td>
          </tr>
          <tr>
            <td valign="middle" width="35%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman;">&#160;</font></td>
            <td valign="middle" width="3%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman;">&#160;</font></td>
            <td valign="middle" width="11%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman;">&#160;</font></td>
            <td valign="middle" width="2%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman;">&#160;</font></td>
            <td valign="middle" width="11%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman;">&#160;</font></td>
          </tr>
          <tr>
            <td align="left" valign="middle" width="35%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 11.4pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman, serif;">Operating
                income per diluted share</font></div>
            </td>
            <td align="left" valign="middle" width="3%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 11.4pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman, serif;">$</font></div>
            </td>
            <td align="right" valign="middle" width="11%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 11.4pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman, serif;">1.62</font></div>
            </td>
            <td valign="middle" width="2%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman;">&#160;</font></td>
            <td align="right" valign="middle" width="11%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 11.4pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman, serif;">1.67</font></div>
            </td>
          </tr>
          <tr>
            <td align="left" valign="middle" width="35%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 11.4pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman, serif;">Net
                income per diluted share</font></div>
            </td>
            <td valign="middle" width="3%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman;">&#160;</font></td>
            <td align="right" valign="middle" width="11%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 11.4pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman, serif;">1.92</font></div>
            </td>
            <td valign="middle" width="2%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman;">&#160;</font></td>
            <td align="right" valign="middle" width="11%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 11.4pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman, serif;">1.94</font></div>
            </td>
          </tr>
          <tr>
            <td align="left" valign="middle" width="35%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 11.4pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman, serif;">Weighted
                average diluted shares</font></div>
            </td>
            <td valign="middle" width="3%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman;">&#160;</font></td>
            <td align="right" valign="middle" width="11%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 11.4pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman, serif;">58,017</font></div>
            </td>
            <td valign="middle" width="2%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman;">&#160;</font></td>
            <td align="right" valign="middle" width="11%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 11.4pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman, serif;">62,814</font></div>
            </td>
          </tr>
          <tr>
            <td align="left" valign="middle" width="35%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 11.4pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman, serif;">Book
                value per share</font></div>
            </td>
            <td align="left" valign="middle" width="3%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 11.4pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman, serif;">$</font></div>
            </td>
            <td align="right" valign="middle" width="11%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 11.4pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman, serif;">19.64</font></div>
            </td>
            <td valign="middle" width="2%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman;">&#160;</font></td>
            <td align="right" valign="middle" width="11%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 11.4pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman, serif;">18.28</font></div>
            </td>
          </tr>
          <tr>
            <td valign="middle" width="35%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman;">&#160;</font></td>
            <td valign="middle" width="3%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman;">&#160;</font></td>
            <td valign="middle" width="11%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman;">&#160;</font></td>
            <td valign="middle" width="2%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman;">&#160;</font></td>
            <td valign="middle" width="11%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman;">&#160;</font></td>
          </tr>
          <tr>
            <td colspan="5" valign="middle" width="62%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 11.4pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman, serif;"><em>*All
                amounts included in this release exclude inter-company
                transactions.</em></font></div>
            </td>
          </tr>

      </table>
    </div>
    <div><br></div>
    <div><br>&#160;</div>
    <div>_________________________<a name="ref.id4850742">&#160; </a>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 10.15pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman, serif;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman, serif;"><sup>i.
        </sup>&#160;&#160; Operating income differs from net income by the exclusion of
        realized gains or losses on investment sales. It is used as an important
        financial measure by management, analysts and investors, because the realization
        of investment gains and losses in any given period is largely discretionary
        as
        to timing and could distort the analysis of trends; however, it is not intended
        as a substitute for net income prepared in accordance with accounting principles
        generally accepted in the United States of America (GAAP). A reconciliation
        of
        operating income to net income is provided in the GAAP Highlights and
        Reconciliation of Non-GAAP Measures to Comparable GAAP Measures. Statutory
        data
        is prepared in accordance with statutory accounting rules as defined by the
        National Association of Insurance Commissioners Accounting Practices and
        Procedures Manual and, therefore, is not reconciled to GAAP.</font></font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 10.25pt; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 10.25pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial, sans-serif;">###</font></div>
    </div>
    <div><br></div>
  </body>
</html>

</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>3
<FILENAME>ex99-13.jpg
<TEXT>
begin 644 ex99-13.jpg
M_]C_X``02D9)1@`!`0$`8`!@``#_X0!P17AI9@``24DJ``@````$`!H!!0`!
M````/@```!L!!0`!````1@```"@!`P`!`````@#`P#$!`@`9````3@``````
M``!@`````0```&`````!````141'05)I>F5R(%-O9G1W87)E(%-U:71E``#_
MVP!#``(!`0$!`0(!`0$"`@("`@0#`@("`@4$!`,$!@4&!@8%!@8&!PD(!@<)
M!P8&"`L("0H*"@H*!@@+#`L*#`D*"@K_VP!#`0("`@("`@4#`P4*!P8'"@H*
M"@H*"@H*"@H*"@H*"@H*"@H*"@H*"@H*"@H*"@H*"@H*"@H*"@H*"@H*"@H*
M"@K_P``1"``S`,@#`2(``A$!`Q$!_\0`'P```04!`0$!`0$```````````$"
M`P0%!@<("0H+_\0`M1```@$#`P($`P4%!`0```%]`0(#``01!1(A,4$&$U%A
M!R)Q%#*!D:$((T*QP152T?`D,V)R@@D*%A<8&1HE)B<H*2HT-38W.#DZ0T1%
M1D=(24I35%565UA96F-D969G:&EJ<W1U=G=X>7J#A(6&AXB)BI*3E)66EYB9
MFJ*CI*6FIZBIJK*SM+6VM[BYNL+#Q,7&Q\C)RM+3U-76U]C9VN'BX^3EYN?H
MZ>KQ\O/T]?;W^/GZ_\0`'P$``P$!`0$!`0$!`0````````$"`P0%!@<("0H+
M_\0`M1$``@$"!`0#!`<%!`0``0)W``$"`Q$$!2$Q!A)!40=A<1,B,H$(%$*1
MH;'!"2,S4O`58G+1"A8D-.$E\1<8&1HF)R@I*C4V-S@Y.D-$149'2$E*4U15
M5E=865IC9&5F9VAI:G-T=79W>'EZ@H.$A8:'B(F*DI.4E9:7F)F:HJ.DI::G
MJ*FJLK.TM;:WN+FZPL/$Q<;'R,G*TM/4U=;7V-G:XN/DY>;GZ.GJ\O/T]?;W
M^/GZ_]H`#`,!``(1`Q$`/P#]_*"1C.:"0!DD5\*?\%?_`/@KOH'[#WA.?X/?
M!>6TUGXIZQ9$P0G$D'A^%Q@7-P.AD/6.$]<;FPN`W1A<+7QE=4J2NV8UZ]+#
MTG.;LD>E_M>?\%!/"WPO^+^D?LC_``JU&WO_`(@ZW";O5Y(R'C\-:8@W/<S=
M1Y[C"0Q'^*17<;``]GX1_M3Q^'=572?&>H2W&G3OS=3,7>W8_P`9/4J>X_$>
MA_%O_@F;X\\4ZO\`'SQS\4?B)KMWJ>OZOI?FWNJ:A,9)[F26X#RN[$Y))5?R
MK[:'Q5(.?/S]37U-;(Z6'7L=W;5^?EY(\K#9A*O'VCT[+R/U:L;VTU"VCO[&
MY26":,/%+&X974C(((ZBIZ^"OV4OV[8?ACJ<7@KX@WCR^';F7$=PQ+/I[L?O
M`=3&3R5'3J.X/W;I>JZ=K6GPZKI5_#<VUQ"LL%Q!(&21&&0RD<$$=#7S.,P=
M7!U.66SV?<]:E6A55T6**,CUI"RKU-<AJ+12;E/0BER/6@`HI"ZCJPI<CUH`
M**.E&1ZBBZ`**,CUI`Z'HP_.@!:*0,IX##\Z7(]10`449!Z&D+*#@F@!:*,C
MKFC(]:`"BC(]1576=:TCP]I5SKFN:G;V=G9V[SW=U<RA(X8U!9G9CPJ@`DD\
M#%&X;%K(]:*\A\+?MN?`'Q5K6G:;:ZQK5G:ZQ=QVVC:WJ_A74+/3=0FD.(DA
MNYX%A8R'`C^8"4D;-V1DJY4ZD':2L3&<9JZ9X]_P4[_X*6:7^R1X5E^&OPFG
MM=1^(VJ6V((Y`)(M%B8<7,Z]WQRD9QD_,?E&&_$3Q=H'B#Q]XHO_`!MXVUJY
MU75]4NGN=1U&^F,DMQ*QRSLQZD_I7Z$?\%,/^"=?C/X.?$'4?CAX<O\`4=>\
M+^(+]I[J^O9VGN=.N)&R8YW8EF0DX20D]E/."WR@?A[<'D1?6OT+(:>"PV$4
MZ+NY;OKZ>5CYO'^VK5K5-ELCA_@<)OAAXU_M6W`2&[MVM[DCT)!!_!@*]N'Q
M,7'-V/SKBE^'MP1Q'^M8WC+3M0\(V\5_<$^1(^PDG[K=OSYKUY^SK2OU.6'-
M35D>G?\`"S4'_+W^IKZ<_8(_X*9'X&:O!\,/BSJ;7'@V\FV0W;99](=C]\#^
M*$D_,O49W#N#^>G_``F=N>DP^N:[3X`?#3XD?M-?%'3OA'\(M$?4-5OWRQ#$
M16L(QOGF?GRXUR,L>IP!EF4'DQF`P]?#M5M(]^WF:TL1.%1.&Y_0YHNL:3X@
MTNWUO0]1AO+.[A6:VNK>0/'+&PRK*PX((.0:\]_;#_:#B_96_9E\;_M"2>'W
MU9O">@37T.F))L^TR@;8T+8.Q2[+N;!VKDX.,4S]C_\`9RM_V5O@1I'P=B\6
M7VM2V0:6ZOKV9F4S/RZQ(21%$#G:@Z<DY))/4_%WP]\.?&_@#4_AY\6;2RN=
M`\26_P#8^HV>H.%BNUNCY`@R2/F=G"*!SN88YQ7YHE1AB%]J"?I=7_5'TS=2
M5'3237W,^<O@5KO[<7Q4^'?PO_:5T+]I+PMXBTSQ5+I=]XL\'Z?X-ABLH=.N
MMIF6SN/.:=9+<.<F5WW>6WRJ?EKEO^"G_P"U_P#M4?LL?'#X+>`?@;XS\/P6
M/Q8\8+H-V/$'AG[;_9A,MI$)HO+GA+_Z]F*L>2``5%?/W@'X?_M%_P#!$7]L
MOP/\+?#OCN]\7_L]_%[Q>FBZ=I>HR;Y]#O[AP(\9X20%MQ9,+,B2;D#A2.T_
MX+OZ==:[^T-^R/HECKUWI=Q>?%<0PZE8+&9[1FN=/42QB5'3>I(8;U9<@9!'
M%>Y3PM%YC3^&5.2DXNRV2>C7=-'E5:]58.6ZG%I-7\UL^S/LCX+>&?VQ_#?Q
M+U*V^.OQ>\*^+/#$NB*VF7.@^#6TB>WOO-PRR*]W<^8ICP005`.<YXKP?X+_
M`+6G[4?C#_@K#\0?V'?%'CW1IO"/@GPK;Z[:7EKX;6._N_-%BWD2R&0H%'VI
MP65%)"KT.37OGP+^!GQ8^$WQ&UW7O'/[3?BKQ]I&I:3:PZ99^*5L4DL+B.6=
MIG1;*VMT*NKPC+*6!C(SC`KY+_9S=1_P<5?'A?7X3:?CC_IGI%<6%C1J*LY6
M=J=TTK:WCK8ZJTIPE26JO*SU\F?:G[3FO>._!WP%\6>.?AQXCATW5]`\.WNI
MV<UU8K<PR/!;R2+'(A()0E1G:RMZ$5\C?L2_&_\`X*8?MK?L<Z'^U+X?^/'P
MYTR]UBYNE'A<_#24ADM[QX&5;MM1PK,L;$,8B`2,@@9/UI^U7<PM^S!\28D?
M+?\`"`ZOE1U&;*;'\C^5?!__``1B_9X^+GCC_@G)\//&W@?]K;QMX=MHM>N[
MA_"=G#IO]ERPPZO(9H2QLS=`2HC@L)\@N<8`Q1A(T5ETYOENIQ2;5]U+39]D
M%>4WBXP3=N5Z7L?3'[=7[>>K?LT>)O`_[/WP9\$6WB[XL?$S4#:>$=!O;EH;
M2VC!Q)?7;J-RP1Y)(7#.$?!&TD:-Q\#O^"A=[H']J#]N;0+3Q`\6_P"QVGPI
MMVTI),9\L+)<FX*9XW&;=CG':OD/]N?5T^!7_!?;X`_'GXH7/V;PAKGA;^Q-
M-U2X;]S;W9^WP,I/1<27MN2>PER<`''Z@QR(,$$XQQ48B$,'AZ$H)/GCS-M7
MN[[:[6\AT6Z]6HI-KE=DK]--3Y5^&\'_``5+^*_A/0M0UOXH?#WP)J>FP:C9
M>*M_@2XU&#4[Z'4[F".2VB:\A>&+[/!%('9V$GVC(4`5Y-^S-^TG_P`%'_VB
M_P!JOXT?LQ1?M"_#C26^$>H6EJNLM\*IYQJGG>:-QB_M1?)QY?3>^<]J^_=-
MU;2=4CDETF_AN$BGDAD>"4.%D1BCH2#PRLI4CJ""*_/O_@F+S_P5@_;.'KXB
MTO\`]"N:TPU2-2A7DX1O&*:]U:-R7^9-6#IU*45-ZNSUWT9Z3^V+\<_VX/V0
M_P#@G7XA^/GB/QOX4O/B%X0OF>ZEMO#I_LS5+634D@A;R#-YD)%O(K8$A(;(
M.X5G_'+]H+]N7PO_`,$QM'_;3^$7C#0=2\6P^!M/\3:_HM]X5$EI-;S0QS7(
MA5)5DC\E'9QEGRL9!Y.:W?\`@N<ZK_P2T^*F3C_0M/'_`)4;6O4OV*M%TKQ+
M^P+\+/#^N:?#=V-_\*M&M[RUG0,DT3Z?$KHP/!!4D$=P:(2I0P,,1*";]H[Z
M;JR=OS"49O$RI*3^'37KKJ._82_:(_X:A_8]\#?'V]UV*[O/$6A)<:K)%;+$
MD%X&*7$0120JQRJZC))PH))SFO+/V3?CC^U-^TQX%^)7QD3XH:99>$K#Q/JF
MF?"^YA\,PM+J=I9,T;7]PQ?;(DDR2*JHL?RQD[CN!'Q=^SI\3/B1^PU;_'K_
M`()'>&M0G7Q;J?B^WM/@G(Z$,UKK#")[D$\;+>W*W+'^\LOH:_47P%\'_!O[
M/W[-MA\&/`EF(-(\,>$_[/LAM`+I%`5\QL=68Y9CW9B>]&-P]/!RDDDU-IQ_
MP[W_`!2^\5"K/$15WK%-2_Q;6_7[CXT_8._:2_X*<?MZ_L@7_P"T9X1^./PV
MT36H]3O]/T[PW-\-9I8[B:W12@-R=17R]Y8#)C8+U.>:^KOVR?`GC/X@?LLZ
M]X8T309-:U`165S>:/;E5;5H(+J">ZLUR0,S11RQ@'@[\=#7P'_P0^_9Z^+O
MQ3_X)X2ZW\-?VMO&_@N3_A,-32WT/2(=,_L^21/).7:2S>Y4/P&*3`@<K@U^
MK221RQAXV#*PX(Z&C,W2P^/DJ7+:,G9)6MMOHKCP:E6PJ<[W:ZO\C\NQH>@^
M,-7\>1^`]2T?Q!X@^)]IXUTO0O#&D6\46L:5=W^K1S:;=:BB'[1&D2?OBUPB
M&S\@CAF"T5^H"6%K'.;E;:,.?O.%Y/XT4Z><5J-^2*U[Z_Y"EEM.I\;>G9V(
M?$&@:-XHT6Z\/^(=+@O;&\@:&ZM;F,-'+&PP58'J"*_./]L+_@GW=?!'79?%
MO@&TDO/"EY(3&/O/IKD\1.>Z?W7_``/."?THJMJNDZ;K>GSZ5J]A%<VUQ$8Y
MX)DW*ZD8((/:N3!8ZM@:O-#9[HZZ^'A7C9[GXUGX6RY^:V_\=KSW]JGX>?V1
M^S_XEUV2#:=/LA<H^.5*2*>/PR/QK]&OC[^R*/A]JCZ]X5MFFT.=_D7&YK0G
M^!CW7T;\#SR?EC]LWX&?$?XL?#2W_9L^"WAO^T?%OQ"U"+3[*$MM2TM(W66Z
MO9FQ\D$:*JLQ_BF10"6`/V&%S"E5E&:>GY=SQ\1AG3IRMO;0_-']FOX9_&O]
MK7XO:9\$?@?X9GU36]2DR3@K!:0@C?<3R8(BB0$$L?8`%B`?Z&_^"?G[`7PR
M_80^$D?A#PZT>J^(]0C23Q/XHEAVRW\P'W5')CA4DA$S[G+$DT/^"</_``3@
M^#W_``3R^#R>#?!L4>J>)=4C23Q;XLG@Q/J,X'W%SGRX$R0D8Z<L<LS$_1J@
M*,#I7BYYG<LQJ>RHZ4U][]3IRW+WA8\]36;_``%``KSO]I_X`1_M*_">Y^&7
M_"P-9\*W!U&PU'3?$&@/&+JQO+.ZCNH)4\Q65L2Q)E2,$9%>B45\_&4H24H[
MH]248SCRO8^=]/\`V$=9\:?%'PE\5?VH_C_JGQ(N/`5V;WPCI$^AVFFZ?:7Y
M38+Z2&!<SW"C.QF;:A)*H#S6;^W%_P`$V-$_;D\<^"O'/BGXY>)/"\_P^OVU
M#PNOARVM=T%X7A?SW::-]Y#01D#``P<YSQ]-45O#&8FE5C4A*SCHK):7WTM;
M6YE+#49P<)*Z>YXS\(_V8/B=X(^)T7Q-^*?[5GBGX@26>C7%AI>FZQI.G6=O
M:&:2%I)P+.WC+R$0JN6)`!;`&37E&I_\$JM77]K3Q'^VMX(_;'\<>&O'/B>T
M6SU*;2]+TR2U-HJ0HL`AN+>0;0((CDDG*YSVKZ]HHAC,13;<7:ZL]%JNVU@E
MAJ,TDUMKNSPC2_V._'7_``J3QY\.O&W[47B?Q+JOC^![/4O%.IZ98I<6=DUL
M;?[/;Q0PI#&`K2.&*$[Y&)S7F/P>_P""4_CS]G_X)M^SG\'?V_/B-HW@UA<*
MNEIH^CR21+.S-,(YVM#+'N+,<ALJ6)&*^Q:*%C,0HN*>C=[66_W?D#PU%R4K
M:I6W9Y7^TK^QK\`OVN/@VOP/^._@B+6-'A"-92>88[FRE12BS0RK\T;A21D<
M$$@@@D5Y=X-_8,_:>^%_A5/AS\-O^"E?CZ'P_;1>3I\?B#PSI6J7UI"!A42[
MEA#M@<`N&(P/2OJ6BIAB:].'(G[N]FDU?YW'+#T93YFM>^WY'"?`GX'V_P``
M_A!IWPHT'Q;J6JO8K/)<:]K<HFN[Z[GFDGFNIB``SO+([G``R<=*\F_9Q_X)
MU6G[-W[37CO]I_P]\<M;U/5/B7>BY\7:;J.G6WV:5ED9T$.Q%>+;O91\S<'G
M)YKZ4HI1Q%:*G9_'OY]?S&Z--N.GP[>1X_\`MM_LDZ?^VS\"=1_9Z\3?$+4]
M`T/69(3J\FCP1-<3K%,DR(KRJP0;XUS\I)''%=-^SI\&[[X`_!_0/@V_C:XU
MVQ\,Z3;:9I5U>6D<4PM8(EBC$GE@*[;5&6`7/I7=44G6JNBJ5_=3O;S?4:I0
M51SMKL>.^(OV*/A!XG_;.T#]M[4[`MXK\/>$[G0[-2H,;+*X*7!R,B6-&N(P
M1U6X;/08]&^(7A;5_&/@K4O"FA^)6T>?4+1[==1BMEE>`,I4LJO\I."<9R`>
MQZ5N44I5:DN7F=[*R\EO8:IP5[+?<^-/V??^"37C7]E/X6W?P8_9[_;[^(_A
M[P[>W,US)9?V-HUPT<TJJLCQR2VA>,D*.AP",C!YKZU\#>$K7P+X-TGP78W4
MT\&D:;!90SW#[I)$BC5`SGNQ"Y)]:UJ*NOB:V)ES5'=^B5_6R(IT*5%6@K!1
M116!L%!Z&BB@"MJ%M;W]E+97L"2PRH5DCD4$,#U!%<5\(/`OA'0;[5/$6DZ%
M#%?2W+VKW7+/Y"-E8P23A<DG`QD\G-%%:1;5.21+2NF=Z!@X'3%+11690444
H4`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!1110`4444`?_V3\_
`
end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
-----END PRIVACY-ENHANCED MESSAGE-----
