<SEC-DOCUMENT>0001104659-20-131651.txt : 20201203
<SEC-HEADER>0001104659-20-131651.hdr.sgml : 20201203
<ACCEPTANCE-DATETIME>20201202180231
ACCESSION NUMBER:		0001104659-20-131651
CONFORMED SUBMISSION TYPE:	FWP
PUBLIC DOCUMENT COUNT:		2
FILED AS OF DATE:		20201203
DATE AS OF CHANGE:		20201202

SUBJECT COMPANY:	

	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:		FWP
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	333-225452
		FILM NUMBER:		201365021

	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

FILED BY:		

	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:		FWP

	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>
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<DESCRIPTION>FWP
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<P STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Filed pursuant to Rule 433<BR>
Issuer Free Writing Prospectus supplementing</B></P>

<P STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Preliminary Prospectus Supplement dated December 2, 2020
to </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right; margin: 0pt 0"><B>Prospectus dated December 2, 2020<BR>
Registration No. 333-225452</B></P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 160.1pt">&nbsp;</P>

<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><IMG SRC="image_002.jpg" ALT=""><FONT STYLE="font-size: 10pt"></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 2pt 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 2pt 0pt 0; text-align: center"><B>8,000,000 Depositary Shares,
Each Representing a 1/1,000th Interest in a Share of 4.60% </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 2pt 0pt 0; text-align: center"><B>Non-Cumulative Preferred Stock,
Series B</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 2pt 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 2pt 0pt 0; text-align: center"><B>Term Sheet</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 2pt 0pt 0; text-align: center"><B>December 2, 2020</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 46%; padding-top: 3pt; padding-bottom: 3pt"><B>Issuer:</B></TD>
    <TD STYLE="width: 54%; padding-top: 3pt; padding-bottom: 3pt">Selective Insurance Group, Inc.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 3pt; padding-bottom: 3pt"><B>Depositary Shares Offered:</B></TD>
    <TD STYLE="padding-top: 3pt; padding-bottom: 3pt">8,000,000 depositary shares, each representing a 1/1,000th interest in a share of the Issuer&rsquo;s 4.60% Non-Cumulative Preferred Stock, Series B (&ldquo;preferred stock&rdquo;). At the consummation of the depositary shares offering, the Issuer will issue 8,000 shares of preferred stock.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 3pt; padding-bottom: 3pt"><B>Expected Ratings (Moody&rsquo;s/S&amp;P/Fitch)*:</B></TD>
    <TD STYLE="padding-top: 3pt; padding-bottom: 3pt">Ba1 (Stable) / BB+ (Stable) / BBB- (Stable)</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 3pt; padding-bottom: 3pt"><B>Format:</B></TD>
    <TD STYLE="padding-top: 3pt; padding-bottom: 3pt">SEC Registered</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 3pt; padding-bottom: 3pt"><B>Offering Amount:</B></TD>
    <TD STYLE="padding-top: 3pt; padding-bottom: 3pt">$200,000,000</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 3pt; padding-bottom: 3pt"><B>Trade Date:</B></TD>
    <TD STYLE="padding-top: 3pt; padding-bottom: 3pt">December 2, 2020</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 3pt; padding-bottom: 3pt"><B>Settlement Date:</B></TD>
    <TD STYLE="padding-top: 3pt; padding-bottom: 3pt">December 9, 2020 (T+5)</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 3pt; padding-bottom: 3pt"><B>Maturity Date:</B></TD>
    <TD STYLE="padding-top: 3pt; padding-bottom: 3pt">Perpetual</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 3pt; padding-bottom: 3pt"><B>Dividend Rate:</B></TD>
    <TD STYLE="padding-top: 3pt; padding-bottom: 3pt">4.60% on the liquidation amount of $25,000 for each share of preferred stock per year.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 3pt; padding-bottom: 3pt"><B>Dividend Payment Dates:</B></TD>
    <TD STYLE="padding-top: 3pt; padding-bottom: 3pt">15th of March, June, September, and December, commencing March 15, 2021 (long first dividend payment period).</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 3pt; padding-bottom: 3pt"><B>Liquidation Preference:</B></TD>
    <TD STYLE="padding-top: 3pt; padding-bottom: 3pt">$25,000 liquidation preference per share of preferred stock (equivalent to $25.00 per depositary share).</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 3pt; padding-bottom: 3pt"><B>Price to Public:</B></TD>
    <TD STYLE="padding-top: 3pt; padding-bottom: 3pt">$25.00 per depositary share / $200 million total.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 3pt; padding-bottom: 3pt"><B>Underwriting discount:</B></TD>
    <TD STYLE="padding-top: 3pt; padding-bottom: 3pt">$0.7875 per depositary share sold to retail investors and $0.5000 per depositary share sold to institutional investors.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 0">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt"><B>Net Proceeds, Before Expenses, to the Issuer:</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P></TD>
    <TD STYLE="padding-top: 3pt; padding-bottom: 3pt">$195,939,567.50.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 3pt; padding-bottom: 3pt">&nbsp;</TD>
    <TD STYLE="padding-top: 3pt; padding-bottom: 3pt">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 46%; padding-top: 0; padding-bottom: 3pt"><B>Optional Redemption:</B></TD>
    <TD STYLE="width: 54%; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Issuer may, at its option, redeem the preferred stock:</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&bull;&emsp;in whole or in part, from time to time, on or after
        December 15, 2025, at a redemption price equal to $25,000 per share of preferred stock (equivalent to $25.00 per depositary share),
        plus an amount equal to any declared but unpaid dividends and the portion of the quarterly dividend per share attributable to the
        then-current dividend period that has not been declared and paid to, but excluding, such redemption date;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&bull;&emsp;in whole but not in part, at any time prior to December
        15, 2025, within 90 days after the occurrence of a &ldquo;rating agency event&rdquo; (as defined in the preliminary prospectus
        supplement), at a redemption price equal to $25,500 per share of preferred stock (102% of the stated amount of $25,000 per share)
        (equivalent to $25.50 per depositary share), plus an amount equal to any declared but unpaid dividends and the portion of the quarterly
        dividend per share attributable to the then-current dividend period that has not been declared and paid to, but excluding, such
        redemption date; and</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&bull;&emsp; in whole but not in part, at any time prior to
        December 15, 2025, within 90 days after the occurrence of a &ldquo;regulatory capital event&rdquo; (as defined in the preliminary
        prospectus supplement), at a redemption price equal to $25,000 per share of preferred stock (equivalent to $25.00 per depositary
        share), plus an amount equal to any declared but unpaid dividends and the portion of the quarterly dividend per share attributable
        to the then-current dividend period that has not been declared and paid to, but excluding, such redemption date.</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 3pt; padding-bottom: 3pt"><B>Use of Proceeds:</B></TD>
    <TD STYLE="padding-top: 3pt; padding-bottom: 3pt">The Issuer intends to use the net proceeds from this offering for general corporate purposes, which may include the repurchase of shares of its common stock. On November 30, 2020, the Issuer&rsquo;s board of directors authorized, subject to completion of this offering, the repurchase of up to $100 million of its common stock.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 3pt; padding-bottom: 3pt"><B>CUSIP / ISIN:</B></TD>
    <TD STYLE="padding-top: 3pt; padding-bottom: 3pt">816300 503 / US8163005031</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 3pt; padding-bottom: 3pt"><B>Listing:</B></TD>
    <TD STYLE="padding-top: 3pt; padding-bottom: 3pt">The Issuer will apply to list the depositary shares on the Nasdaq Stock Market and expects trading on the Nasdaq Stock Market to begin within 30 days of the initial issuance of the depositary shares.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 3pt; padding-bottom: 3pt"><B>Joint Book-Running Managers:</B></TD>
    <TD STYLE="padding-bottom: 5.4pt; text-align: left; padding-right: 5.4pt">
        <P STYLE="padding-top: 3pt; padding-bottom: 3pt">Wells Fargo Securities, LLC<BR>
BofA Securities, Inc.<BR>RBC Capital Markets, LLC</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 0; padding-bottom: 3pt"><B>Joint Lead Managers:</B></TD>
    <TD STYLE="padding-bottom: 5.4pt; padding-right: 5.4pt; padding-left: 0">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt">Credit
Suisse Securities (USA) LLC<BR>Goldman Sachs &amp; Co. LLC</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 0; padding-bottom: 3pt"><B>Co-Managers:</B></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">BMO Capital Markets Corp.<BR>Boenning &amp; Scattergood,
Inc.<BR>JMP Securities LLC<BR>Keefe, Bruyette &amp; Woods, Inc.<BR>Piper Sandler &amp; Co.</P></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 27.15pt 0pt 5.95pt">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 27.15pt 0pt 5.95pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-right: 27.15pt; margin-bottom: 0pt">*Note: A securities rating is not a recommendation
to buy, sell or hold securities and may be subject to revision or withdrawal at any time.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 27.15pt 0pt 5.95pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-right: 27.15pt; margin-bottom: 0pt">The underwriters expect to deliver the depositary
shares on or about December 9, 2020, which is the fifth U.S. business day following the date hereof (such settlement being referred
to as &ldquo;T+5&rdquo;). Under Rule 15c6-1 under the Exchange Act, trades in the secondary market generally are required to settle
in two business days, unless the parties to any such trade expressly agree otherwise. Accordingly, purchasers who wish to trade
the depositary shares prior to the second business day prior to the closing of the offering will be required, by virtue of the
fact that the depositary shares initially will settle in T+5, to specify alternative settlement arrangements to prevent a failed
settlement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-right: 5.6pt; margin-bottom: 0pt">The issuer has filed a registration statement,
including a prospectus and a preliminary prospectus supplement, with the Securities and Exchange Commission (the &ldquo;SEC&rdquo;)
for the offering to which this communication relates. Before you invest, you should read the prospectus and the preliminary prospectus
supplement in the registration statement and other documents the issuer has filed with the SEC for more complete information about
the issuer and this offering. You may obtain these documents for free by visiting EDGAR on the SEC Web site at www.sec.gov. Alternatively,
the issuer, any underwriter or any dealer participating in the offering will arrange to send you the prospectus if you request
it by calling Wells Fargo Securities, LLC toll-free at 1-800-645-3751; BofA Securities, Inc. toll-free at 1-800-294-1322; or RBC
Capital Markets, LLC toll-free at 1-866-375-6829.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 5.6pt 0pt 5.95pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 5.6pt 0pt 5.95pt"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 5.6pt 0pt 5.95pt">&nbsp;</P>

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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
