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Retirement Plans | 6 Months Ended
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Jun. 30, 2024
Retirement Benefits [Abstract] |
Retirement Plans | Retirement Plans The primary pension plan for our employees is the Retirement Income Plan for Selective Insurance Company of America (the “Pension Plan”). The plan is closed to new entrants, and benefits ceased accruing under the Pension Plan after March 31, 2016. For more information about Selective Insurance Company of America's ("SICA") retirement plans, see Note 15. “Retirement Plans” in Item 8. “Financial Statements and Supplementary Data.” of our 2023 Annual Report. The following tables provide information about the Pension Plan:
|  | Pension Plan
|  | Quarter ended June 30, |  | Six Months ended June 30,
($ in thousands) |  | 2024 |  | 2023 |  | 2024 |  | 2023
Net Periodic Pension Cost (Benefit): |  |  |  |  |  |  |  |
Interest cost |  | $ | 3,888 |  |  | 3,866 |  |  | $ | 7,776 |  |  | 7,732 |
Expected return on plan assets |  | (5,383) |  |  | (5,772) |  |  | (10,765) |  |  | (11,545) |
Amortization of unrecognized net actuarial loss |  | 955 |  |  | 750 |  |  | 1,910 |  |  | 1,501 |
Total net periodic pension cost (benefit)1 |  | $ | (540) |  |  | (1,156) |  |  | $ | (1,079) |  |  | (2,312) |
1 The components of net periodic pension cost (benefit) are included within "Loss and loss expense incurred" and "Other insurance expenses" on the Consolidated Statements of Income.
|  | Pension Plan
|  | Six Months ended June 30,
|  | 2024 |  | 2023
Weighted-Average Expense Assumptions: |  |  |  |
Discount rate |  | 5.02 | % |  | 5.21 | %
Effective interest rate for calculation of interest cost |  | 4.91 |  |  | 5.09 |
Expected return on plan assets |  | 6.40 |  |  | 6.90 |

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