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Investments (Tables)

3 Months Ended

6 Months Ended

Jun. 30, 2011

Jun. 30, 2010

Jun. 30, 2011

Jun. 30, 2010

Investments [Abstract]

Held-To-Maturity Securities Disclosure

June 30, 2011				Net
				Unrealized				Unrecognized		Unrecognized
		Amortized		Gains		Carrying		Holding		Holding		Fair
($ in thousands)		Cost		(Losses)		Value		Gains		Losses		Value
U.S. government and government agencies	$	86,479		4,280		90,759		6,336		-		97,095
Foreign government		5,292		330		5,622		-		(167)		5,455
Obligations of states and political
subdivisions		779,013		17,284		796,297		25,828		(594)		821,531
Corporate securities		72,739		(3,023)		69,716		8,027		(8)		77,735
Asset-backed securities ("ABS")		10,238		(2,255)		7,983		1,803		(510)		9,276
Commercial mortgage-backed
securities ("CMBS")1		42,784		(6,181)		36,603		7,470		(218)		43,855
Residential mortgage-backed
securities ("RMBS")2		62,769		829		63,598		2,432		-		66,030
Total HTM fixed maturity securities	$	1,059,314		11,264		1,070,578		51,896		(1,497)		1,120,977

December 31, 2010				Net
				Unrealized				Unrecognized		Unrecognized
		Amortized		Gains		Carrying		Holding		Holding		Fair
($ in thousands)		Cost		(Losses)		Value		Gains		Losses		Value
U.S. government and government agencies	$	93,411		4,695		98,106		5,023		-		103,129
Foreign government		5,292		368		5,660		-		(30)		5,630
Obligations of states and political
subdivisions		874,388		22,183		896,571		16,845		(1,132)		912,284
Corporate securities		76,663		(3,990)		72,673		9,705		(313)		82,065
ABS		12,947		(2,422)		10,525		1,847		(444)		11,928
CMBS1		54,909		(7,354)		47,555		7,483		(109)		54,929
RMBS2		82,191		1,043		83,234		3,095		-		86,329
Total HTM fixed maturity securities	$	1,199,801		14,523		1,214,324		43,998		(2,028)		1,256,294
1 CMBS includes government guaranteed agency securities with a carrying value of $5.0 million at June 30, 2011 and $8.9 million at December 31, 2010.
2 RMBS includes government guaranteed agency securities with a carrying value of $6.9 million at June 30, 2011 and $4.0 million at December 31, 2010.

Available-For-Sale Securities Disclosure

June 30, 2011
		Cost/
		Amortized		Unrealized		Unrealized		Fair
($ in thousands)		Cost		Gains		Losses		Value
U.S. government and government agencies1	$	288,760		8,223		(52)		296,931
Foreign government		29,768		477		(145)		30,100
Obligations of states and political subdivisions		512,957		29,665		(6)		542,616
Corporate securities		1,047,110		35,518		(4,125)		1,078,503
ABS		77,573		760		(128)		78,205
CMBS2		105,706		4,599		(1,181)		109,124
RMBS3		380,705		10,565		(1,512)		389,758
AFS fixed maturity securities		2,442,579		89,807		(7,149)		2,525,237
AFS equity securities		128,187		10,053		(1,663)		136,577
Total AFS securities	$	2,570,766		99,860		(8,812)		2,661,814

December 31, 2010
		Cost/
		Amortized		Unrealized		Unrealized		Fair
($ in thousands)		Cost		Gains		Losses		Value
U.S. government and government agencies1	$	312,384		8,292		(147)		320,529
Foreign government		19,035		280		(349)		18,966
Obligations of states and political subdivisions		512,013		22,534		(650)		533,897
Corporate securities		973,835		28,674		(8,784)		993,725
ABS		48,558		514		(339)		48,733
CMBS2		103,374		4,024		(2,923)		104,475
RMBS3		316,789		7,871		(2,243)		322,417
AFS fixed maturity securities		2,285,988		72,189		(15,435)		2,342,742
AFS equity securities		58,039		11,597		-		69,636
Total AFS securities	$	2,344,027		83,786		(15,435)		2,412,378
1 U.S. government includes corporate securities fully guaranteed by the Federal Deposit Insurance Corporation ("FDIC") with a fair value of $98.9 million at June 30, 2011 and $121.0 million at December 31, 2010.
2 CMBS includes government guaranteed agency securities with a fair value of $72.3 million at June 30, 2011 and $71.9 million at December 31, 2010.
3 RMBS includes government guaranteed agency securities with a fair value of $94.7 million at June 30, 2011 and $91.1 million at December 31, 2010.

Schedule Of Fair Value and Gross Pre-Tax Net Unrealized/Unrecognized Loss of Securities by Length of Time

June 30, 2011		Less than 12 months				12 months or longer
($ in thousands)		Fair Value		Unrealized Losses1			Fair Value		Unrealized Losses1
AFS securities
U.S. government and government agencies2	$	4,051		(52)			-		-
Foreign government		15,355		(145)			-		-
Obligations of states and political subdivisions		-		-			305		(6)
Corporate securities		254,600		(4,125)			-		-
ABS		25,317		(56)			765		(72)
CMBS		8,064		(33)			10,362		(1,148)
RMBS		68,028		(888)			7,201		(624)
Total fixed maturity securities		375,415		(5,299)			18,633		(1,850)
Equity securities		51,650		(1,663)			-		-
Subtotal	$	427,065		(6,962)			18,633		(1,850)

		Less than 12 months						12 months or longer
($ in thousands)		Fair Value		Unrealized Losses1		Unrecognized Gains (Losses)3		Fair Value		Unrealized Losses1		Unrecognized Gains3
HTM securities
Obligations of states and political
subdivisions	$	13,127		(549)		476		23,379		(1,630)		1,312
ABS		-		-		-		3,364		(1,635)		340
CMBS		-		-		-		6,438		(3,554)		1,137
RMBS		-		-		-		112		(38)		18
Subtotal	$	13,127		(549)		476		33,293		(6,857)		2,807
Total AFS and HTM	$	440,192		(7,511)		476		51,926		(8,707)		2,807

December 31, 2010		Less than 12 months					12 months or longer
($ in thousands)		Fair Value		Unrealized Losses1				Fair Value		Unrealized Losses1
AFS securities
U.S. government and government agencies2	$	3,956		(147)				-		-
Foreign government		10,776		(349)				-		-
Obligations of states and political subdivisions		40,410		(650)				-		-
Corporate securities		362,502		(8,784)				-		-
ABS		30,297		(273)				880		(66)
CMBS		5,453		(271)				11,115		(2,652)
RMBS		70,934		(1,098)				20,910		(1,145)
Total fixed maturity securities		524,328		(11,572)				32,905		(3,863)
Equity securities		-		-				-		-
Subtotal	$	524,328		(11,572)				32,905		(3,863)

			Less than 12 months								12 months or longer
($ in thousands)			Fair Value		Unrealized (Losses) Gains1		Unrecognized Gains (Losses)3		Fair Value				Unrealized Losses1		Unrecognized Gains3
HTM securities
Obligations of states and political
subdivisions		$	21,036		(381)		45		27,855				(1,969)		670
Corporate securities			1,985		(434)		420		-				-		-
ABS			507		(546)		(440)		2,931				(1,095)		747
CMBS			3,621		15		(17)		5,745				(3,933)		833
RMBS			-		-		-		95				(38)		1
Subtotal		$	27,149		(1,346)		8		36,626				(7,035)		2,251
Total AFS and HTM		$	551,477		(12,918)		8		69,531				(10,898)		2,251
	Gross unrealized losses include non-OTTI unrealized amounts and OTTI losses recognized in AOCI.  In addition, this column includes remaining unrealized gain or loss amounts on securities that were transferred to an HTM designation in the first quarter of 2009 for those securities that are in a net unrealized/unrecognized loss position.
1
2																U.S. government includes corporate securities fully guaranteed by the FDIC.
3	Unrecognized holding gains/(losses) represent fair value fluctuations from the later of:  (i) the date a security is designated as HTM; or (ii) the date that an OTTI charge is recognized on an HTM security.

Schedule of the Number of Securities in an Unrealized Unrecognized Loss Position

($ in thousands) June 30, 2011						December 31, 2010
Number of Issues		% of Market/Book		Unrealized Unrecognized Loss		Number of Issues		% of Market/Book		Unrealized Unrecognized Loss
221		80% - 99%	$	9,331		193		80% - 99%	$	16,310
1		60% - 79%		23		2		60% - 79%		1,125
2		40% - 59%		2,529		2		40% - 59%		2,160
1		20% - 39%		1,052		1		20% - 39%		986
-		0% - 19%		-		1		0% - 19%		976
			$	12,935					$	21,557

Schedule of Held-To-Maturity Fixed Maturity Securities By Contractual Maturity

($ in thousands)		Carrying Value		Fair  Value
Due in one year or less	$	115,247		117,326
Due after one year through five years		648,116		676,796
Due after five years through 10 years		294,010		312,695
Due after 10 years		13,205		14,160
Total HTM fixed maturity securities	$	1,070,578		1,120,977

Schedule of Available-for-Sale Fixed Maturity Securities By Contractual Maturity

($ in thousands)		Fair Value
Due in one year or less	$	191,624
Due after one year through five years		1,646,663
Due after five years through 10 years		681,048
Due after 10 years		5,902
Total AFS fixed maturity securities	$	2,525,237

Schedule of Other Investment Portfolio by Strategy and the Remaining Commitment Amount Associated With Each Strategy

Other Investments		Carrying Value		June 30, 2011
		June 30,	December 31,	Remaining
($ in thousands)		2011	2010	Commitment
Alternative Investments
Energy/power generation	$	29,862	35,560	10,296
Secondary private equity		27,601	26,709	12,334
Distressed debt		19,868	20,432	3,389
Private equity		18,786	21,601	7,966
Real estate		15,642	14,192	10,670
Mezzanine financing		10,126	10,230	15,865
Venture capital		7,666	6,386	1,100
Total alternative investments		129,551	135,110	61,620
Other securities		2,586	2,755	-
Total other investments	$	132,137	137,865	61,620

Aggregated Summarized Financial Information for Partnerships in our Alternative Investment Portfolio

Income Statement Information		Quarter ended,				Six Months ended
		March 31,				March 31
($ in millions)		2011		2010		2011		2010
Net investment income	$	132.6		125.6		286.8		274.4
Realized gains (losses)		355.3		(396.9)		163.0		(486.7)
Net change in unrealized appreciation		608.3		810.3		2,072.5		1,248.8
Net income	$	1,096.2		539.0		2,522.3		1,036.5
Selective's insurance subsidiaries' net income	$	7.9		4.9		19.5		8.8

Net Investment Income

		Quarter ended					Six Months ended
		June 30,					June 30,
($ in thousands)		2011	2010				2011		2010
Fixed maturity securities	$	32,752	32,977				65,875		66,173
Equity securities		785	480				1,102		932
Short-term investments		33	133				95		233
Other investments		7,922	4,884				19,588		8,816
Investment expenses		(2,147)	(1,929)				(3,842)		(4,903)
Net investment income earned	$	39,345	36,545				82,818		71,251

Net Investment Income On Other Investments By Strategy

		Quarter ended June 30,				Six Months ended June 30,
($ in thousands)		2011		2010		2011		2010
Energy/power generation	$	1,284		965		5,839		3,031
Private equity		1,181		99		3,758		807
Secondary private equity		3,067		2,665		4,716		3,684
Distressed debt		421		(41)		1,394		723
Real estate		681		(494)		1,450		(2,359)
Venture capital		565		(18)		1,323		248
Mezzanine financing		701		1,692		1,061		2,629
Other		22		16		47		53
Total other investment income	$	7,922		4,884		19,588		8,816

OTTI by Asset Type

Second Quarter 2011 ($ in thousands)		Gross		Included in Other Comprehensive Income ("OCI")		Recognized in Earnings
Fixed maturity securities
CMBS	$	(260)		(402)		142
RMBS		97		70		27
OTTI losses	$	(163)		(332)		169

Second Quarter 2010 ($ in thousands)		Gross		Included in OCI		Recognized in Earnings
Fixed maturity securities
CMBS	$	3,405		569		2,836
RMBS		2,085		(591)		2,676
Total fixed maturity securities		5,490		(22)		5,512
Equity securities		672		-		672
OTTI losses	$	6,162		(22)		6,184

Six Months 2011 ($ in thousands)		Gross		Included in OCI		Recognized in Earnings
Fixed maturity securities
Obligations of states and political subdivisions	$	17		-		17
Corporate securities		244		-		244
CMBS		(186)		(658)		472
RMBS		294		228		66
OTTI losses	$	369		(430)		799

Six Months 2010 ($ in thousands)		Gross		Included in OCI		Recognized in Earnings
Fixed maturity securities
ABS	$	158		127		31
CMBS		3,445		(2,052)		5,497
RMBS		7,960		(264)		8,224
Total fixed maturity securities		11,563		(2,189)		13,752
Equity securities		672		-		672
OTTI losses	$	12,235		(2,189)		14,424

Gross Credit Loss Impairments on Fixed Maturity Securities for Which a Portion of the OTTI Charge Was Recognized In OCI

		Quarter ended June 30,
($ in thousands)		2011	2010
Balance, beginning of period	$	14,368	24,737
Addition for the amount related to credit loss for which an OTTI was not previously recognized		-	2,004
Reductions for securities sold during the period		-	(2,990)
Reductions for securities for which the amount previously recognized in OCI was recognized in
earnings because of intention or potential requirement to sell before recovery of amortized cost		-	-
Reductions for securities for which the entire amount previously recognized in OCI was recognized in
earnings due to a decrease in cash flows expected		(372)	(4,358)
Additional increases to the amount related to credit loss for which an OTTI was previously recognized		28	950
Accretion of credit loss impairments previously recognized due to an increase in cash flows expected
to be collected		-	-
Balance, end of period	$	14,024	20,343

		Six Months ended June 30,
($ in thousands)		2011	2010
Balance, beginning of period	$	17,723	22,189
Addition for the amount related to credit loss for which an OTTI was not previously recognized		-	2,134
Reductions for securities sold during the period		-	(2,990)
Reductions for securities for which the amount previously recognized in OCI was recognized in
earnings because of intention or potential requirement to sell before recovery of amortized cost		-	-
Reductions for securities for which the entire amount previously recognized in OCI was recognized in
earnings due to a decrease in cash flows expected		(3,954)	(4,652)
Additional increases to the amount related to credit loss for which an OTTI was previously recognized		255	3,662
Accretion of credit loss impairments previously recognized due to an increase in cash flows expected
to be collected		-	-
Balance, end of period	$	14,024	20,343

Components of Net Realized Gains Excluding OTTI Charges

		Quarter ended						Six Months ended
		June 30,						June 30,
($ in thousands)		2011		2010				2011		2010
HTM fixed maturity securities
Gains	$	8		368				9		412
Losses		(108)		(210)				(322)		(450)
AFS fixed maturity securities
Gains		1,947		325				2,354		4,782
Losses		-		(7,558)				(7)		(7,589)
AFS equity securities
Gains		468		9,995				6,671		14,174
Losses		-		-				-		(233)
Total other net realized investment gains		2,315		2,920				8,705		11,096
Total OTTI charges recognized in earnings		(169)		(6,184)				(799)		(14,424)
Total net realized gains (losses)	$	2,146		(3,264)				7,906		(3,328)

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