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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
FORM 10-Q
☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended: March 31, 2025
or
☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from_____________________________to_____________________________
Commission File Number: 001-33067
SELECTIVE INSURANCE GROUP, INC.
(Exact Name of Registrant as Specified in Its Charter)

New Jersey |  | 22-2168890
(State or Other Jurisdiction of Incorporation or Organization) |  | (I.R.S. Employer Identification No.)

40 Wantage Avenue, Branchville, New Jersey 07890
(Address of Principal Executive Offices) (Zip Code)
Registrant's telephone number, including area code: (973) 948-3000
Securities registered pursuant to Section 12(b) of the Act:

Title of each class |  | Trading Symbol (s) |  | Name of each exchange on which registered
Common Stock, par value $2 per share |  | SIGI |  | The Nasdaq Stock Market LLC
Depositary Shares, each representing a 1/1,000th interest in a share of 4.60% Non-Cumulative Preferred Stock, Series B, without par value |  | SIGIP |  | The Nasdaq Stock Market LLC

Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer | ☒ | Accelerated filer | ☐ | Emerging growth company | ☐
Non-accelerated filer | ☐ | Smaller reporting company | ☐ |  |

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.
☐
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒
As of April 18, 2025, there were 60,774,444 shares of common stock, par value $2.00 per share, outstanding.

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| SELECTIVE INSURANCE GROUP, INC. |
| Table of Contents |
|  | Page No.
PART I. FINANCIAL INFORMATION | 1
Item 1. | Financial Statements | 1
| Consolidated Balance Sheets as of March 31, 2025 (Unaudited) and December 31, 2024 | 1
| Unaudited Consolidated Statements of Income for the Quarter Ended March 31, 2025 and 2024 | 2
| Unaudited Consolidated Statements of Comprehensive Income (Loss) for the Quarter Ended March 31, 2025 and 2024 | 3
| Unaudited Consolidated Statements of Stockholders' Equity for the Quarter Ended March 31, 2025 and 2024 | 4
| Unaudited Consolidated Statements of Cash Flows for the Quarter Ended March 31, 2025 and 2024 | 5
| Notes to Unaudited Interim Consolidated Financial Statements | 6
Item 2. | Management’s Discussion and Analysis of Financial Condition and Results of Operations | 24
| Forward-Looking Statements | 24
| Introduction | 25
| Critical Accounting Policies and Estimates | 25
| Financial Highlights of Results for First Quarter 2025 and 2024 | 26
| Results of Operations and Related Information by Segment | 28
| Federal Income Taxes | 38
| Liquidity and Capital Resources | 38
| Ratings | 42
Item 3. | Quantitative and Qualitative Disclosures About Market Risk | 42
Item 4. | Controls and Procedures | 42
PART II. OTHER INFORMATION | 43
Item 1. | Legal Proceedings | 43
Item 1A. | Risk Factors | 43
Item 2. | Unregistered Sales of Equity Securities and Use of Proceeds | 43
Item 3. | Defaults Upon Senior Securities | 43
Item 4. | Mine Safety Disclosures | 44
Item 5. | Other Information | 44
Item 6. | Exhibits | 44
Signatures | 45

Table of Contents

PART I. FINANCIAL INFORMATION |

ITEM 1. FINANCIAL STATEMENTS. |

SELECTIVE INSURANCE GROUP, INC. CONSOLIDATED BALANCE SHEETS |  | Unaudited |  |
($ in thousands, except share amounts) |  | March 31, 2025 |  | December 31, 2024
ASSETS |  |  |  |
Investments: |  |  |  |
Fixed income securities, held-to-maturity – at carrying value (fair value: $24,800 – 2025; $24,735 – 2024) |  | $ | 25,310 |  |  | 25,375 |
Less: allowance for credit losses |  | — |  |  | — |
Fixed income securities, held-to-maturity, net of allowance for credit losses |  | 25,310 |  |  | 25,375 |
Fixed income securities, available-for-sale – at fair value (allowance for credit losses: $30,175 – 2025 and $31,948 – 2024; amortized cost: $8,871,026 – 2025 and $8,476,078 – 2024) |  | 8,605,175 |  |  | 8,127,334 |
Commercial mortgage loans – at carrying value (fair value: $251,498 – 2025 and $224,842 – 2024) |  | 257,846 |  |  | 233,774 |
Less: allowance for credit losses |  | (98) |  |  | (66) |
Commercial mortgage loans, net of allowance for credit losses |  | 257,748 |  |  | 233,708 |
Equity securities – at fair value (cost: $263,305 – 2025; $211,486 – 2024) |  | 266,471 |  |  | 213,601 |
Short-term investments |  | 631,090 |  |  | 509,318 |
Alternative investments |  | 411,111 |  |  | 440,896 |
Other investments |  | 98,405 |  |  | 101,065 |
Total investments (Note 4 and 5) |  | $ | 10,295,310 |  |  | 9,651,297 |
Cash |  | 124 |  |  | 91 |
Restricted cash |  | 108,170 |  |  | 62,933 |
Accrued investment income |  | 77,110 |  |  | 76,892 |
Premiums receivable |  | 1,561,342 |  |  | 1,488,206 |
Less: allowance for credit losses (Note 6) |  | (21,600) |  |  | (20,400) |
Premiums receivable, net of allowance for credit losses |  | 1,539,742 |  |  | 1,467,806 |
Reinsurance recoverable |  | 926,944 |  |  | 1,063,145 |
Less: allowance for credit losses (Note 7) |  | (2,000) |  |  | (2,000) |
Reinsurance recoverable, net of allowance for credit losses |  | 924,944 |  |  | 1,061,145 |
Prepaid reinsurance premiums |  | 235,923 |  |  | 235,378 |
Deferred federal income tax |  | 134,161 |  |  | 146,788 |
Property and equipment – at cost, net of accumulated depreciation and amortization of: $294,790 – 2025; $287,685 – 2024 |  | 100,098 |  |  | 93,303 |
Deferred policy acquisition costs |  | 492,492 |  |  | 479,304 |
Goodwill |  | 7,849 |  |  | 7,849 |
Other assets |  | 281,640 |  |  | 231,403 |
Total assets |  | $ | 14,197,563 |  |  | 13,514,189 |
LIABILITIES AND STOCKHOLDERS’ EQUITY |  |  |  |
Liabilities: |  |  |  |
Reserve for loss and loss expense (Note 8) |  | $ | 6,610,855 |  |  | 6,589,801 |
Unearned premiums |  | 2,698,499 |  |  | 2,616,268 |
Long-term debt |  | 903,232 |  |  | 507,938 |
Current federal income tax |  | 56,148 |  |  | 19,706 |
Accrued salaries and benefits |  | 105,611 |  |  | 121,662 |
Other liabilities |  | 564,678 |  |  | 538,738 |
Total liabilities |  | $ | 10,939,023 |  |  | 10,394,113 |
Stockholders’ Equity: |  |  |  |
Preferred stock of $0 par value per share: |  | $ | 200,000 |  |  | 200,000 |
Authorized shares: 5,000,000; Issued shares: 8,000 with $25,000 liquidation preference per share – 2025 and 2024 |  |  |  |
Common stock of $2 par value per share: |  |  |  |
Authorized shares 360,000,000 |  |  |  |
Issued: 105,836,427 – 2025; 105,609,364 – 2024 |  | 211,673 |  |  | 211,219 |
Additional paid-in capital |  | 571,289 |  |  | 557,042 |
Retained earnings |  | 3,223,731 |  |  | 3,139,489 |
Accumulated other comprehensive income (loss) (Note 11) |  | (272,068) |  |  | (336,845) |
Treasury stock – at cost (shares: 45,063,439 – 2025; 44,761,468 – 2024) |  | (676,085) |  |  | (650,829) |
Total stockholders’ equity |  | $ | 3,258,540 |  |  | 3,120,076 |
Commitments and contingencies |  |  |  |
Total liabilities and stockholders’ equity |  | $ | 14,197,563 |  |  | 13,514,189 |

The accompanying notes are an integral part of these unaudited interim consolidated financial statements.
1

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SELECTIVE INSURANCE GROUP, INC. UNAUDITED CONSOLIDATED STATEMENTS OF INCOME |  | Quarter ended March 31, |  |
($ in thousands, except per share amounts) |  | 2025 |  | 2024 |  |  |  |
Revenues: |  |  |  |  |  |  |  |
Net premiums earned |  | $ | 1,158,757 |  |  | 1,050,944 |  |  |  |  |
Net investment income earned |  | 120,691 |  |  | 107,849 |  |  |  |  |
Net realized and unrealized investment gains (losses) |  | 229 |  |  | (1,635) |  |  |  |  |
Other income |  | 5,509 |  |  | 7,801 |  |  |  |  |
Total revenues |  | 1,285,186 |  |  | 1,164,959 |  |  |  |  |
Expenses: |  |  |  |  |  |  |  |
Loss and loss expense incurred |  | 746,325 |  |  | 704,292 |  |  |  |  |
Amortization of deferred policy acquisition costs |  | 247,434 |  |  | 219,435 |  |  |  |  |
Other insurance expenses |  | 124,870 |  |  | 115,987 |  |  |  |  |
Interest expense |  | 9,573 |  |  | 7,181 |  |  |  |  |
Corporate expenses |  | 18,098 |  |  | 15,498 |  |  |  |  |
Total expenses |  | 1,146,300 |  |  | 1,062,393 |  |  |  |  |
Income (loss) before federal income tax |  | 138,886 |  |  | 102,566 |  |  |  |  |
Federal income tax expense (benefit): |  |  |  |  |  |  |  |
Current |  | 33,593 |  |  | 21,413 |  |  |  |  |
Deferred |  | (4,603) |  |  | (1,365) |  |  |  |  |
Total federal income tax expense (benefit) |  | 28,990 |  |  | 20,048 |  |  |  |  |
Net income (loss) |  | $ | 109,896 |  |  | 82,518 |  |  |  |  |
Preferred stock dividends |  | 2,300 |  |  | 2,300 |  |  |  |  |
Net income (loss) available to common stockholders |  | $ | 107,596 |  |  | 80,218 |  |  |  |  |
Earnings per common share: |  |  |  |  |  |  |  |
Net income (loss) available to common stockholders - Basic |  | $ | 1.77 |  |  | 1.32 |  |  |  |  |
Net income (loss) available to common stockholders - Diluted |  | $ | 1.76 |  |  | 1.31 |  |  |  |  |

The accompanying notes are an integral part of these unaudited interim consolidated financial statements.
2

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SELECTIVE INSURANCE GROUP, INC. UNAUDITED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) |  | Quarter ended March 31, |  |
($ in thousands) |  | 2025 |  | 2024 |  |  |  |
Net income (loss) |  | $ | 109,896 |  |  | 82,518 |  |  |  |  |
Other comprehensive income (loss), net of tax: |  |  |  |  |  |  |  |
Unrealized gains (losses) on investment securities: |  |  |  |  |  |  |  |
Unrealized holding gains (losses) arising during period |  | 54,715 |  |  | (12,293) |  |  |  |  |
Unrealized gains (losses) on securities with credit loss recognized in earnings |  | 10,086 |  |  | (2,474) |  |  |  |  |
Amounts reclassified into net income (loss): |  |  |  |  |  |  |  |
Net realized (gains) losses on disposals and losses on intent-to-sell available-for-sale securities |  | (216) |  |  | (61) |  |  |  |  |
Credit loss (benefit) expense |  | (497) |  |  | 2,093 |  |  |  |  |
Total unrealized gains (losses) on investment securities |  | 64,088 |  |  | (12,735) |  |  |  |  |
Defined benefit pension and post-retirement plans: |  |  |  |  |  |  |  |
Amounts reclassified into net income (loss): |  |  |  |  |  |  |  |
Net actuarial loss |  | 689 |  |  | 764 |  |  |  |  |
Total defined benefit pension and post-retirement plans |  | 689 |  |  | 764 |  |  |  |  |
Other comprehensive income (loss) |  | 64,777 |  |  | (11,971) |  |  |  |  |
Comprehensive income (loss) |  | $ | 174,673 |  |  | 70,547 |  |  |  |  |

The accompanying notes are an integral part of these unaudited interim consolidated financial statements.
3

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SELECTIVE INSURANCE GROUP, INC. UNAUDITED CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY |  | Quarter ended March 31, |  |
($ in thousands, except share and per share amounts) |  | 2025 |  | 2024 |  |  |  |
Preferred stock: |  |  |  |  |  |  |  |
Beginning of period |  | $ | 200,000 |  |  | 200,000 |  |  |  |  |
Issuance of preferred stock |  | — |  |  | — |  |  |  |  |
End of period |  | 200,000 |  |  | 200,000 |  |  |  |  |
Common stock: |  |  |  |  |  |  |  |
Beginning of period |  | 211,219 |  |  | 210,447 |  |  |  |  |
Dividend reinvestment plan |  | 12 |  |  | 10 |  |  |  |  |
Stock purchase and compensation plans |  | 442 |  |  | 438 |  |  |  |  |
End of period |  | 211,673 |  |  | 210,895 |  |  |  |  |
Additional paid-in capital: |  |  |  |  |  |  |  |
Beginning of period |  | 557,042 |  |  | 522,748 |  |  |  |  |
Dividend reinvestment plan |  | 508 |  |  | 488 |  |  |  |  |
Stock purchase and compensation plans |  | 13,739 |  |  | 11,091 |  |  |  |  |
End of period |  | 571,289 |  |  | 534,327 |  |  |  |  |
Retained earnings: |  |  |  |  |  |  |  |
Beginning of period |  | 3,139,489 |  |  | 3,029,396 |  |  |  |  |
Net income (loss) |  | 109,896 |  |  | 82,518 |  |  |  |  |
Dividends to preferred stockholders |  | (2,300) |  |  | (2,300) |  |  |  |  |
Dividends to common stockholders |  | (23,354) |  |  | (21,464) |  |  |  |  |
End of period |  | 3,223,731 |  |  | 3,088,150 |  |  |  |  |
Accumulated other comprehensive income (loss): |  |  |  |  |  |  |  |
Beginning of period |  | (336,845) |  |  | (373,001) |  |  |  |  |
Other comprehensive income (loss) |  | 64,777 |  |  | (11,971) |  |  |  |  |
End of period |  | (272,068) |  |  | (384,972) |  |  |  |  |
Treasury stock: |  |  |  |  |  |  |  |
Beginning of period |  | (650,829) |  |  | (635,209) |  |  |  |  |
Acquisition of treasury stock - share repurchase authorization |  | (19,421) |  |  | — |  |  |  |  |
Acquisition of treasury stock - shares acquired related to employee share-based compensation plans |  | (5,835) |  |  | (6,697) |  |  |  |  |
End of period |  | (676,085) |  |  | (641,906) |  |  |  |  |
Total stockholders’ equity |  | $ | 3,258,540 |  |  | 3,006,494 |  |  |  |  |
Dividends declared per preferred share |  | $ | 287.50 |  |  | 287.50 |  |  |  |  |
Dividends declared per common share |  | $ | 0.38 |  |  | 0.35 |  |  |  |  |
Preferred stock, shares outstanding: |  |  |  |  |  |  |  |
Beginning of period |  | 8,000 |  |  | 8,000 |  |  |  |  |
Issuance of preferred stock |  | — |  |  | — |  |  |  |  |
End of period |  | 8,000 |  |  | 8,000 |  |  |  |  |
Common stock, shares outstanding: |  |  |  |  |  |  |  |
Beginning of period |  | 60,847,896 |  |  | 60,636,437 |  |  |  |  |
Dividend reinvestment plan |  | 6,207 |  |  | 4,806 |  |  |  |  |
Stock purchase and compensation plan |  | 220,856 |  |  | 219,264 |  |  |  |  |
Acquisition of treasury stock - share repurchase authorization |  | (233,611) |  |  | — |  |  |  |  |
Acquisition of treasury stock - shares acquired related to employee share-based compensation plans |  | (68,360) |  |  | (69,068) |  |  |  |  |
End of period |  | 60,772,988 |  |  | 60,791,439 |  |  |  |  |

The accompanying notes are an integral part of these unaudited interim consolidated financial statements.
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SELECTIVE INSURANCE GROUP, INC. UNAUDITED CONSOLIDATED STATEMENTS OF CASH FLOWS |  | Quarter ended March 31,
($ in thousands) |  | 2025 |  | 2024
Operating Activities |  |  |  |
Net income (loss) |  | $ | 109,896 |  |  | 82,518 |
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities: |  |  |  |
Depreciation and amortization |  | 9,131 |  |  | 9,084 |
Stock-based compensation expense |  | 12,823 |  |  | 10,115 |
Undistributed gains of equity method investments |  | (5,006) |  |  | (5,873) |
Distributions in excess of current year income of equity method investments |  | 3,266 |  |  | 5,148 |
Net realized and unrealized (gains) losses |  | (229) |  |  | 1,635 |
Loss (gain) on disposal of fixed assets |  | (72) |  |  | — |
Changes in assets and liabilities: |  |  |  |
Increase in reserve for loss and loss expense, net of reinsurance recoverable |  | 157,255 |  |  | 170,279 |
Increase in unearned premiums, net of prepaid reinsurance |  | 81,686 |  |  | 105,677 |
Decrease in net federal income taxes |  | 31,850 |  |  | 18,979 |
Increase in premiums receivable |  | (71,936) |  |  | (126,033) |
Increase in deferred policy acquisition costs |  | (13,188) |  |  | (23,476) |
Increase in accrued investment income |  | (201) |  |  | (2,091) |
Increase (decrease) in accrued salaries and benefits |  | (16,051) |  |  | (24,085) |
Increase in other assets |  | (7,421) |  |  | (6,226) |
Increase (decrease) in other liabilities |  | (7,816) |  |  | (101,445) |
Net cash provided by (used in) operating activities |  | 283,987 |  |  | 114,206 |
Investing Activities |  |  |  |
Purchases of fixed income securities, held-to-maturity |  | (2,400) |  |  | — |
Purchases of fixed income securities, available-for-sale |  | (861,837) |  |  | (521,745) |
Purchases of commercial mortgage loans |  | (32,332) |  |  | (22,256) |
Purchases of equity securities |  | (57,682) |  |  | (6,473) |
Purchases of alternative investments and other investments |  | (22,129) |  |  | (12,738) |
Purchases of short-term investments |  | (4,802,547) |  |  | (1,232,780) |
Sales of fixed income securities, available-for-sale |  | 241,928 |  |  | 219,889 |
Proceeds from commercial mortgage loans |  | 8,260 |  |  | 2,812 |
Sales of short-term investments |  | 4,681,279 |  |  | 1,294,522 |
Redemption and maturities of fixed income securities, held-to-maturity |  | 2,465 |  |  | 2,404 |
Redemption and maturities of fixed income securities, available-for-sale |  | 262,911 |  |  | 193,109 |
Sales of equity securities |  | 6,336 |  |  | — |
Distributions from alternative investments and other investments |  | 3,859 |  |  | 3,448 |
Purchases of property and equipment |  | (13,013) |  |  | (6,199) |
Net cash provided by (used in) investing activities |  | (584,902) |  |  | (86,007) |
Financing Activities |  |  |  |
Dividends to preferred stockholders |  | (2,300) |  |  | (2,300) |
Dividends to common stockholders |  | (22,268) |  |  | (20,784) |
Acquisition of treasury stock |  | (25,200) |  |  | (6,697) |
Net proceeds from stock purchase and compensation plans |  | 787 |  |  | 885 |
Proceeds from borrowings (net of debt issuance costs of $4.0 million) |  | 395,867 |  |  | — |
Repayments of finance lease obligations |  | (701) |  |  | (731) |
Net cash provided by (used in) financing activities |  | 346,185 |  |  | (29,627) |
Net increase (decrease) in cash and restricted cash |  | 45,270 |  |  | (1,428) |
Cash and restricted cash, beginning of period |  | 63,024 |  |  | 13,272 |
Cash and restricted cash, end of period |  | $ | 108,294 |  |  | 11,844 |

The accompanying notes are an integral part of these unaudited interim consolidated financial statements.
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NOTES TO UNAUDITED INTERIM CONSOLIDATED FINANCIAL STATEMENTS
NOTE 1. Basis of Presentation
The words "Company," "we," "us," or "our" refer to Selective Insurance Group, Inc. (the "Parent") and its subsidiaries, except as expressly indicated or the context requires otherwise. We have prepared our interim unaudited consolidated financial statements ("Financial Statements") in conformity with (i) United States ("U.S.") generally accepted accounting principles ("GAAP"), and (ii) the rules and regulations of the U.S. Securities and Exchange Commission ("SEC") regarding interim financial reporting. These require management to make estimates and assumptions that affect the reported financial statement balances and the disclosure of contingent assets and liabilities. Actual results could differ from those estimates. All significant intercompany accounts and transactions are eliminated in consolidation.
Our Financial Statements reflect all adjustments that, in our opinion, are normal, recurring, and necessary for a fair presentation of our results of operations and financial condition. Our Financial Statements cover the first quarters ended March 31, 2025 ("First Quarter 2025") and March 31, 2024 ("First Quarter 2024"). Our Financial Statements do not include all information and disclosures required by GAAP and the SEC for audited annual financial statements. Because interim period results of operations are not necessarily indicative of full-year results, our Financial Statements should be read in conjunction with the consolidated financial statements in our Annual Report on Form 10-K for the year ended December 31, 2024 ("2024 Annual Report") filed with the SEC.
NOTE 2. Adoption of Accounting Pronouncements
We adopted no accounting pronouncements in First Quarter 2025.
Pronouncements to be effective in the future
In December 2023, the FASB issued ASU 2023-09, Improvements to Income Tax Disclosures ("ASU 2023-09"). ASU 2023-09 amends disclosure requirements to provide greater transparency on income taxes. The following additional disclosures are required annually: (i) specific required categories in the rate reconciliation, (ii) additional information for reconciling items that meet a quantitative threshold, (iii) the amount of income taxes paid disaggregated by jurisdiction, and (iv) income tax expense (or benefit) from continuing operations disaggregated by federal, state, and foreign. ASU 2023-09 is effective for annual periods beginning after December 15, 2024. Amendments can be applied prospectively. Retrospective application and early adoption are permitted. As it only requires additional disclosure, ASU 2023-09 will not have a material impact on our financial condition or results of operations.
In November 2024, the FASB issued ASU 2024-03, Disaggregation of Income Statement Expenses ("ASU 2024-03"). ASU
2024-03 requires disaggregated disclosure of income statement expenses. This ASU does not change the expense captions on the income statement; rather it requires disaggregation of certain expense captions into specified categories in disclosures within the footnotes to the financial statements. ASU 2024-03 is effective for annual reporting periods beginning after December 15, 2026, and interim periods within annual reporting periods beginning after December 15, 2027. This ASU can be applied prospectively. Retrospective application and early adoption are permitted. As ASU 2024-03 only requires additional disclosure, it will not have a material impact on our financial condition and results of operations.
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NOTE 3. Statements of Cash Flows
Supplemental cash flow information was as follows:

|  | Quarter ended March 31,
($ in thousands) |  | 2025 |  | 2024
Cash paid (received) during the period for: |  |  |  |
Interest |  | $ | 8,591 |  |  | 8,544 |
Federal income tax |  | (4,731) |  |  | — |
Cash paid for amounts included in the measurement of lease liabilities: |  |  |  |
Operating cash flows from operating leases |  | 2,474 |  |  | 1,777 |
Operating cash flows from financing leases |  | 74 |  |  | 22 |
Financing cash flows from finance leases |  | 701 |  |  | 731 |
Non-cash items: |  |  |  |
Corporate actions related to fixed income securities, available-for-sale ("AFS")1 |  | 18,802 |  |  | 2,298 |
Conversion of AFS fixed income securities to equity securities |  | 736 |  |  | — |
Assets acquired under finance lease arrangements |  | — |  |  | 3 |
Assets acquired under operating lease arrangements |  | 572 |  |  | 674 |
Non-cash purchase of property and equipment |  | 101 |  |  | 8 |

1 Examples of corporate actions include like-kind exchanges, non-cash acquisitions, and stock splits.
The following table provides a reconciliation of cash and restricted cash reported within the Consolidated Balance Sheets to the amount reported in the Consolidated Statements of Cash Flows:

($ in thousands) |  | March 31, 2025 |  | December 31, 2024
Cash |  | $ | 124 |  |  | 91 |
Restricted cash |  | 108,170 |  |  | 62,933 |
Total cash and restricted cash shown in the Consolidated Statements of Cash Flows |  | $ | 108,294 |  |  | 63,024 |

Amounts in restricted cash represent cash received from the National Flood Insurance Program ("NFIP") that can only be used to pay flood claims under the Write Your Own program.
NOTE 4. Investments
(a) Information regarding our AFS securities as of March 31, 2025 and December 31, 2024, were as follows:

March 31, 2025 |  | Cost/ Amortized Cost |  | Allowance for Credit Losses |  | Unrealized Gains |  | Unrealized Losses |  | Fair Value
($ in thousands) |  |  |  |  |
AFS fixed income securities: |  |  |  |  |  |  |  |  |  |
U.S. government and government agencies |  | $ | 151,030 |  |  | — |  |  | 44 |  |  | (16,599) |  |  | 134,475 |
Foreign government |  | 11,535 |  |  | (19) |  |  | 22 |  |  | (1,150) |  |  | 10,388 |
Obligations of states and political subdivisions |  | 462,904 |  |  | (419) |  |  | 1,109 |  |  | (30,644) |  |  | 432,950 |
Corporate securities |  | 3,312,258 |  |  | (12,616) |  |  | 38,459 |  |  | (100,880) |  |  | 3,237,221 |
Collateralized loan obligations ("CLO") and other asset-backed securities ("ABS") |  | 2,228,290 |  |  | (5,499) |  |  | 21,067 |  |  | (46,673) |  |  | 2,197,185 |
Residential mortgage-backed securities ("RMBS") |  | 1,943,238 |  |  | (11,342) |  |  | 8,404 |  |  | (88,221) |  |  | 1,852,079 |
Commercial mortgage-backed securities ("CMBS") |  | 761,771 |  |  | (280) |  |  | 2,681 |  |  | (23,295) |  |  | 740,877 |
Total AFS fixed income securities |  | $ | 8,871,026 |  |  | (30,175) |  |  | 71,786 |  |  | (307,462) |  |  | 8,605,175 |

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December 31, 2024 |  | Cost/ Amortized Cost |  | Allowance for Credit Losses |  | Unrealized Gains |  | Unrealized Losses |  | Fair Value
($ in thousands) |  |  |  |  |
AFS fixed income securities: |  |  |  |  |  |  |  |  |  |
U.S. government and government agencies |  | $ | 139,906 |  |  | — |  |  | 2 |  |  | (19,753) |  |  | 120,155 |
Foreign government |  | 10,656 |  |  | (21) |  |  | — |  |  | (1,333) |  |  | 9,302 |
Obligations of states and political subdivisions |  | 483,609 |  |  | (570) |  |  | 550 |  |  | (32,359) |  |  | 451,230 |
Corporate securities |  | 3,181,046 |  |  | (14,924) |  |  | 25,259 |  |  | (123,201) |  |  | 3,068,180 |
CLO and other ABS |  | 2,065,611 |  |  | (4,889) |  |  | 22,116 |  |  | (49,689) |  |  | 2,033,149 |
RMBS |  | 1,812,744 |  |  | (11,544) |  |  | 3,880 |  |  | (112,722) |  |  | 1,692,358 |
CMBS |  | 782,506 |  |  | — |  |  | 1,478 |  |  | (31,024) |  |  | 752,960 |
Total AFS fixed income securities |  | $ | 8,476,078 |  |  | (31,948) |  |  | 53,285 |  |  | (370,081) |  |  | 8,127,334 |

The following tables provide a roll forward of the allowance for credit losses on our AFS fixed income securities for the indicated periods:

Quarter ended March 31, 2025 |  | Beginning Balance |  | Current Provision for Securities without Prior Allowance |  | Initial Allowance for Purchased Credit Deteriorated Assets with Credit Deterioration |  | Increase (Decrease) on Securities with Prior Allowance, excluding intent (or Requirement) to Sell Securities |  | Reductions for Securities Sold |  | Reductions for Securities Identified as Intent (or Requirement) to Sell during the Period |  | Ending Balance
($ in thousands) |  |  |  |  |  |  |
Foreign government |  | $ | 21 |  |  | — |  |  | — |  |  | (2) |  |  | — |  |  | — |  |  | 19 |
Obligations of states and political subdivisions |  | 570 |  |  | 6 |  |  | — |  |  | (71) |  |  | (86) |  |  | — |  |  | 419 |
Corporate securities |  | 14,924 |  |  | 1,109 |  |  | — |  |  | (2,643) |  |  | (774) |  |  | — |  |  | 12,616 |
CLO and other ABS |  | 4,889 |  |  | 677 |  |  | — |  |  | 62 |  |  | (129) |  |  | — |  |  | 5,499 |
RMBS |  | 11,544 |  |  | — |  |  | — |  |  | (47) |  |  | (155) |  |  | — |  |  | 11,342 |
CMBS |  | — |  |  | 279 |  |  | — |  |  | 1 |  |  | — |  |  | — |  |  | 280 |
Total AFS fixed income securities |  | $ | 31,948 |  |  | 2,071 |  |  | — |  |  | (2,700) |  |  | (1,144) |  |  | — |  |  | 30,175 |

Quarter ended March 31, 2024 |  | Beginning Balance |  | Current Provision for Securities without Prior Allowance |  | Initial Allowance for Purchased Credit Deteriorated Assets with Credit Deterioration |  | Increase (Decrease) on Securities with Prior Allowance, excluding intent (or Requirement) to Sell Securities |  | Reductions for Securities Sold |  | Reductions for Securities Identified as Intent (or Requirement) to Sell during the Period |  | Ending Balance
($ in thousands) |  |  |  |  |  |  |
Foreign government |  | $ | 35 |  |  | — |  |  | — |  |  | — |  |  | (6) |  |  | — |  |  | 29 |
Obligations of states and political subdivisions |  | 669 |  |  | 9 |  |  | — |  |  | 25 |  |  | (8) |  |  | — |  |  | 695 |
Corporate securities |  | 12,999 |  |  | 1,015 |  |  | — |  |  | 1,792 |  |  | (355) |  |  | (9) |  |  | 15,442 |
CLO and other ABS |  | 2,854 |  |  | 90 |  |  | — |  |  | (314) |  |  | (3) |  |  | — |  |  | 2,627 |
RMBS |  | 11,649 |  |  | — |  |  | — |  |  | 31 |  |  | (100) |  |  | — |  |  | 11,580 |
CMBS |  | 6 |  |  | 2 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 8 |
Total AFS fixed income securities |  | $ | 28,212 |  |  | 1,116 |  |  | — |  |  | 1,534 |  |  | (472) |  |  | (9) |  |  | 30,381 |

During First Quarter 2025 and First Quarter 2024, we had no write-offs or recoveries of our AFS fixed income securities.
For information on our methodology and significant inputs used to measure expected credit losses, our accounting policy for recognizing write-offs of uncollectible amounts, and our treatment of accrued interest, refer to Note 2. "Summary of Significant Accounting Policies" in Item 8. "Financial Statements and Supplementary Data." of our 2024 Annual Report. Accrued interest on AFS securities was $74.6 million as of March 31, 2025, and $74.3 million as of December 31, 2024. We did not record any material write-offs of accrued interest in First Quarter 2025 and First Quarter 2024.
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(b) Quantitative information about unrealized losses on our AFS portfolio follows:

March 31, 2025 |  | Less than 12 months |  | 12 months or longer |  | Total
($ in thousands) |  | Fair Value |  | Unrealized Losses |  | Fair Value |  | Unrealized Losses |  | Fair Value |  | Unrealized Losses
AFS fixed income securities: |  |  |  |  |  |  |  |  |  |  |  |
U.S. government and government agencies |  | $ | 11,277 |  |  | (41) |  |  | 108,507 |  |  | (16,558) |  |  | 119,784 |  |  | (16,599) |
Foreign government |  | — |  |  | — |  |  | 9,471 |  |  | (1,150) |  |  | 9,471 |  |  | (1,150) |
Obligations of states and political subdivisions |  | 122,534 |  |  | (2,103) |  |  | 236,649 |  |  | (28,541) |  |  | 359,183 |  |  | (30,644) |
Corporate securities |  | 441,777 |  |  | (5,535) |  |  | 1,021,950 |  |  | (95,345) |  |  | 1,463,727 |  |  | (100,880) |
CLO and other ABS |  | 507,154 |  |  | (7,615) |  |  | 555,377 |  |  | (39,058) |  |  | 1,062,531 |  |  | (46,673) |
RMBS |  | 589,388 |  |  | (10,728) |  |  | 668,360 |  |  | (77,493) |  |  | 1,257,748 |  |  | (88,221) |
CMBS |  | 110,041 |  |  | (1,036) |  |  | 387,080 |  |  | (22,259) |  |  | 497,121 |  |  | (23,295) |
Total AFS fixed income securities |  | $ | 1,782,171 |  |  | (27,058) |  |  | 2,987,394 |  |  | (280,404) |  |  | 4,769,565 |  |  | (307,462) |

December 31, 2024 |  | Less than 12 months |  | 12 months or longer |  | Total
($ in thousands) |  | Fair Value |  | Unrealized Losses |  | Fair Value |  | Unrealized Losses |  | Fair Value |  | Unrealized Losses
AFS fixed income securities: |  |  |  |  |  |  |  |  |  |  |  |
U.S. government and government agencies |  | $ | 14,708 |  |  | (70) |  |  | 105,326 |  |  | (19,683) |  |  | 120,034 |  |  | (19,753) |
Foreign government |  | — |  |  | — |  |  | 9,302 |  |  | (1,333) |  |  | 9,302 |  |  | (1,333) |
Obligations of states and political subdivisions |  | 153,996 |  |  | (3,539) |  |  | 247,735 |  |  | (28,820) |  |  | 401,731 |  |  | (32,359) |
Corporate securities |  | 684,999 |  |  | (11,699) |  |  | 1,083,392 |  |  | (111,502) |  |  | 1,768,391 |  |  | (123,201) |
CLO and other ABS |  | 349,786 |  |  | (6,296) |  |  | 601,057 |  |  | (43,393) |  |  | 950,843 |  |  | (49,689) |
RMBS |  | 714,061 |  |  | (21,206) |  |  | 677,574 |  |  | (91,516) |  |  | 1,391,635 |  |  | (112,722) |
CMBS |  | 184,394 |  |  | (2,870) |  |  | 417,472 |  |  | (28,154) |  |  | 601,866 |  |  | (31,024) |
Total AFS fixed income securities |  | $ | 2,101,944 |  |  | (45,680) |  |  | 3,141,858 |  |  | (324,401) |  |  | 5,243,802 |  |  | (370,081) |

We currently do not intend to sell any of the securities summarized in the tables above, nor do we believe we will be required to sell any of them. Considering these factors and our review of these securities under our credit loss policy as described in Note 2. "Summary of Significant Accounting Policies" in Item 8. "Financial Statements and Supplementary Data." of our 2024 Annual Report, we have concluded that no additional allowance for credit loss is required on these balances beyond the allowance for credit loss recorded as of March 31, 2025. This conclusion reflects our current judgment about the financial position and future prospects of the entities that issued the investment security and underlying collateral.
(c) AFS and held-to-maturity ("HTM") fixed income securities at March 31, 2025, by contractual maturity are shown below. The maturities of RMBS, CMBS, CLO and other ABS securities were calculated using each security's expected maturities. Expected maturities may differ from contractual maturities because issuers may have the right to call or prepay obligations with or without call or prepayment penalties.

|  | AFS |  | HTM
($ in thousands) |  | Fair Value |  | Carrying Value |  | Fair Value
Due in one year or less |  | $ | 580,543 |  |  | 661 |  |  | 660 |
Due after one year through five years |  | 3,561,447 |  |  | 16,193 |  |  | 15,758 |
Due after five years through 10 years |  | 3,398,781 |  |  | 8,456 |  |  | 8,382 |
Due after 10 years |  | 1,064,404 |  |  | — |  |  | — |
Total fixed income securities |  | $ | 8,605,175 |  |  | 25,310 |  |  | 24,800 |

(d) The following table summarizes our alternative investment portfolio by strategy:

|  | March 31, 2025 |  | December 31, 2024
($ in thousands) |  | Carrying Value |  | Remaining Commitment |  | Maximum Exposure to Loss |  | Carrying Value |  | Remaining Commitment |  | Maximum Exposure to Loss
Alternative Investments |  |  |  |  |  |  |  |  |  |  |  |
Private equity |  | $ | 322,644 |  |  | 180,116 |  |  | 502,760 |  |  | 346,020 |  |  | 182,355 |  |  | 528,375 |
Private credit |  | 46,294 |  |  | 111,299 |  |  | 157,593 |  |  | 52,100 |  |  | 99,185 |  |  | 151,285 |
Real assets |  | 42,173 |  |  | 38,480 |  |  | 80,653 |  |  | 42,776 |  |  | 38,950 |  |  | 81,726 |
Total alternative investments |  | $ | 411,111 |  |  | 329,895 |  |  | 741,006 |  |  | 440,896 |  |  | 320,490 |  |  | 761,386 |

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We are contractually committed to make additional investments up to the remaining commitments stated above. We did not provide any non-contractual financial support during 2025 or 2024.
The following table shows gross summarized financial information for our alternative investments portfolio, including the portion we do not own. As the majority of these investments report results to us on a one-quarter lag, the summarized financial statement information is for the three-month period ended December 31:

Income Statement Information |  | Quarter ended March 31, |  |
($ in millions) |  | 2025 |  | 2024 |  |  |  |
Net investment income (loss) |  | $ | 400.7 |  |  | (346.0) |  |  |  |  |
Realized gains |  | 612.0 |  |  | 1,830.8 |  |  |  |  |
Net change in unrealized appreciation (depreciation) |  | 1,879.4 |  |  | 3,819.0 |  |  |  |  |
Net income |  | $ | 2,892.1 |  |  | 5,303.8 |  |  |  |  |
Alternative investment income included in "Net investment income earned" on our Consolidated Statements of Income |  | $ | 7.1 |  |  | 6.9 |  |  |  |  |

(e) We have pledged certain AFS fixed income securities as collateral related to our borrowing relationships with the Federal Home Loan Bank of Indianapolis ("FHLBI") and the Federal Home Loan Bank of New York ("FHLBNY"). In addition, we had certain securities on deposit with various state and regulatory agencies at March 31, 2025, to comply with insurance laws. We retain all rights regarding all securities pledged as collateral.
The following table summarizes the market value of these securities at March 31, 2025:

($ in millions) |  | FHLBI Collateral |  | FHLBNY Collateral |  |  |  | State and Regulatory Deposits |  | Total
U.S. government and government agencies |  | $ | — |  |  | — |  |  |  |  | 23.1 |  |  | 23.1 |
Obligations of states and political subdivisions |  | — |  |  | — |  |  |  |  | 1.8 |  |  | 1.8 |
RMBS |  | 64.2 |  |  | 21.5 |  |  |  |  | — |  |  | 85.7 |
CMBS |  | 0.5 |  |  | 7.7 |  |  |  |  | — |  |  | 8.2 |
Total pledged as collateral |  | $ | 64.7 |  |  | 29.2 |  |  |  |  | 24.9 |  |  | 118.8 |

(f) We did not have exposure to any credit concentration risk of a single issuer greater than 10% of our stockholders' equity, other than to certain U.S. government agencies, as of March 31, 2025, or December 31, 2024.
(g) The components of pre-tax net investment income earned were as follows:

|  | Quarter ended March 31, |  |
($ in thousands) |  | 2025 |  | 2024 |  |  |  |
Fixed income securities |  | $ | 105,082 |  |  | 94,102 |  |  |  |  |
Commercial mortgage loans ("CMLs") |  | 3,615 |  |  | 2,794 |  |  |  |  |
Equity securities |  | 3,567 |  |  | 4,908 |  |  |  |  |
Short-term investments |  | 6,233 |  |  | 3,519 |  |  |  |  |
Alternative investments |  | 7,079 |  |  | 6,881 |  |  |  |  |
Other investments |  | 231 |  |  | 263 |  |  |  |  |
Investment expenses |  | (5,116) |  |  | (4,618) |  |  |  |  |
Net investment income earned |  | $ | 120,691 |  |  | 107,849 |  |  |  |  |

The increase in net investment income earned in First Quarter 2025 compared to First Quarter 2024 was primarily driven by active portfolio management, operating cash flow deployment, and net proceeds from the issuance of our 5.90% Senior Notes in First Quarter 2025. For additional information regarding our 5.90% Senior Notes issuance, see Note 12. "Indebtedness" in Item 1. "Financial Statements" of this Form 10-Q.
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(h) The following table summarizes net realized and unrealized investment gains and losses for the periods indicated:

|  | Quarter ended March 31, |  |
($ in thousands) |  | 2025 |  | 2024 |  |  |  |
Gross gains on sales |  | $ | 1,727 |  |  | 2,135 |  |  |  |  |
Gross losses on sales |  | (2,383) |  |  | (1,965) |  |  |  |  |
Net realized gains (losses) on disposals |  | (656) |  |  | 170 |  |  |  |  |
Net unrealized gains (losses) on equity securities |  | 1,050 |  |  | 692 |  |  |  |  |
Net credit loss benefit (expense) on fixed income securities, AFS |  | 629 |  |  | (2,650) |  |  |  |  |
Net credit loss benefit (expense) on CMLs |  | (35) |  |  | 168 |  |  |  |  |
Losses on securities for which we have the intent to sell |  | (759) |  |  | (15) |  |  |  |  |
Net realized and unrealized investment gains (losses) |  | $ | 229 |  |  | (1,635) |  |  |  |  |

Net unrealized gains and losses recognized in income on equity securities, as reflected in the table above, included the following:

|  | Quarter ended March 31, |  |
($ in thousands) |  | 2025 |  | 2024 |  |  |  |
Unrealized gains (losses) recognized in income on equity securities: |  |  |  |  |  |  |  |
On securities remaining in our portfolio at end of period |  | $ | 555 |  |  | 692 |  |  |  |  |
On securities sold in period |  | 495 |  |  | — |  |  |  |  |
Total unrealized gains (losses) recognized in income on equity securities |  | $ | 1,050 |  |  | 692 |  |  |  |  |

NOTE 5. Fair Value Measurements
The financial assets in our investment portfolio are primarily measured at fair value as disclosed on the Consolidated Balance Sheets. The following table presents the carrying amounts and fair values of our financial liabilities as of March 31, 2025, and December 31, 2024:

|  | March 31, 2025 |  | December 31, 2024
($ in thousands) |  | Carrying Amount |  | Fair Value |  | Carrying Amount |  | Fair Value
Financial Liabilities |  |  |  |  |  |  |  |
Long-term debt: |  |  |  |  |  |  |  |
7.25% Senior Notes |  | $ | 49,932 |  |  | 55,396 |  |  | 49,931 |  |  | 54,657 |
5.90% Senior Notes |  | 399,912 |  |  | 402,291 |  |  | — |  |  | — |
6.70% Senior Notes |  | 99,597 |  |  | 104,846 |  |  | 99,590 |  |  | 103,057 |
5.375% Senior Notes |  | 294,654 |  |  | 273,711 |  |  | 294,627 |  |  | 273,464 |
3.03% borrowings from FHLBI |  | 60,000 |  |  | 59,003 |  |  | 60,000 |  |  | 58,516 |
Subtotal long-term debt |  | 904,095 |  |  | 895,247 |  |  | 504,148 |  |  | 489,694 |
Unamortized debt issuance costs |  | (6,444) |  |  |  |  | (2,492) |  |  |
Finance lease obligations |  | 5,581 |  |  |  |  | 6,282 |  |  |
Total long-term debt |  | $ | 903,232 |  |  |  |  | 507,938 |  |  |

For discussion regarding the fair value techniques of our financial instruments, refer to Note 2. "Summary of Significant Accounting Policies" in Item 8. "Financial Statements and Supplementary Data." of our 2024 Annual Report.
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The following tables provide quantitative disclosures of our financial assets that were measured and recorded at fair value at March 31, 2025, and December 31, 2024:

March 31, 2025 |  |  |  | Fair Value Measurements Using
($ in thousands) |  | Assets Measured at Fair Value |  | Quoted Prices in Active Markets for Identical Assets/ Liabilities (Level 1) |  | Significant Other Observable Inputs (Level 2) |  | Significant Unobservable Inputs (Level 3)
Description |  |  |  |  |  |  |  |
Measured on a recurring basis: |  |  |  |  |  |  |  |
AFS fixed income securities: |  |  |  |  |  |  |  |
U.S. government and government agencies |  | $ | 134,475 |  |  | 38,061 |  |  | 96,414 |  |  | — |
Foreign government |  | 10,388 |  |  | — |  |  | 10,388 |  |  | — |
Obligations of states and political subdivisions |  | 432,950 |  |  | — |  |  | 425,344 |  |  | 7,606 |
Corporate securities |  | 3,237,221 |  |  | — |  |  | 2,996,304 |  |  | 240,917 |
CLO and other ABS |  | 2,197,185 |  |  | — |  |  | 1,784,383 |  |  | 412,802 |
RMBS |  | 1,852,079 |  |  | — |  |  | 1,852,079 |  |  | — |
CMBS |  | 740,877 |  |  | — |  |  | 740,532 |  |  | 345 |
Total AFS fixed income securities |  | 8,605,175 |  |  | 38,061 |  |  | 7,905,444 |  |  | 661,670 |
Equity securities: |  |  |  |  |  |  |  |
Common stock 1 |  | 264,650 |  |  | 67,602 |  |  | — |  |  | 841 |
Preferred stock |  | 1,821 |  |  | 1,821 |  |  | — |  |  | — |
Total equity securities |  | 266,471 |  |  | 69,423 |  |  | — |  |  | 841 |
Short-term investments |  | 631,090 |  |  | 630,818 |  |  | 272 |  |  | — |
Total assets measured at fair value |  | $ | 9,502,736 |  |  | 738,302 |  |  | 7,905,716 |  |  | 662,511 |

December 31, 2024 |  |  |  | Fair Value Measurements Using
($ in thousands) |  | Assets Measured at Fair Value |  | Quoted Prices in Active Markets for Identical Assets/Liabilities (Level 1) |  | Significant Other Observable Inputs (Level 2) |  | Significant Unobservable Inputs (Level 3)
Description |  |  |  |  |  |  |  |
Measured on a recurring basis: |  |  |  |  |  |  |  |
AFS fixed income securities: |  |  |  |  |  |  |  |
U.S. government and government agencies |  | $ | 120,155 |  |  | 35,518 |  |  | 84,637 |  |  | — |
Foreign government |  | 9,302 |  |  | — |  |  | 9,302 |  |  | — |
Obligations of states and political subdivisions |  | 451,230 |  |  | — |  |  | 443,804 |  |  | 7,426 |
Corporate securities |  | 3,068,180 |  |  | — |  |  | 2,825,501 |  |  | 242,679 |
CLO and other ABS |  | 2,033,149 |  |  | — |  |  | 1,665,155 |  |  | 367,994 |
RMBS |  | 1,692,358 |  |  | — |  |  | 1,692,358 |  |  | — |
CMBS |  | 752,960 |  |  | — |  |  | 752,620 |  |  | 340 |
Total AFS fixed income securities |  | 8,127,334 |  |  | 35,518 |  |  | 7,473,377 |  |  | 618,439 |
Equity securities: |  |  |  |  |  |  |  |
Common stock 1 |  | 211,767 |  |  | 41,445 |  |  | — |  |  | 808 |
Preferred stock |  | 1,834 |  |  | 1,834 |  |  | — |  |  | — |
Total equity securities |  | 213,601 |  |  | 43,279 |  |  | — |  |  | 808 |
Short-term investments |  | 509,318 |  |  | 474,225 |  |  | 35,093 |  |  | — |
Total assets measured at fair value |  | $ | 8,850,253 |  |  | 553,022 |  |  | 7,508,470 |  |  | 619,247 |

1 Investments amounting to $196.2 million at March 31, 2025, and $169.5 million at December 31, 2024, were measured at fair value using the net asset value per share (or its practical expedient) and have not been classified in the fair value hierarchy. These investments are not redeemable and the timing of liquidations of the underlying assets is unknown at each reporting period. The fair value amounts in this table are intended to permit reconciliation of the fair value hierarchy to total assets measured at fair value.
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The following tables provide a summary of Level 3 changes in First Quarter 2025 and First Quarter 2024:

March 31, 2025 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
($ in thousands) |  |  | Obligations of States and Political Subdivisions |  | Corporate Securities |  | CLO and Other ABS |  |  |  | CMBS |  | Common Stock |  | Total
Fair value, December 31, 2024 |  |  | $ | 7,426 |  |  | 242,679 |  |  | 367,994 |  |  |  |  | 340 |  |  | 808 |  |  | 619,247 |
Total net gains (losses) for the period included in: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Other comprehensive income (loss) ("OCI") |  |  | 91 |  |  | 2,109 |  |  | (1,710) |  |  |  |  | 3 |  |  | — |  |  | 493 |
Net realized and unrealized gains (losses) |  |  | 89 |  |  | 101 |  |  | (92) |  |  |  |  | — |  |  | 33 |  |  | 131 |
Net investment income earned |  |  | — |  |  | 12 |  |  | (43) |  |  |  |  | 5 |  |  | — |  |  | (26) |
Purchases |  |  | — |  |  | 1,908 |  |  | 30,454 |  |  |  |  | — |  |  | — |  |  | 32,362 |
Sales |  |  | — |  |  | — |  |  | — |  |  |  |  | — |  |  | — |  |  | — |
Issuances |  |  | — |  |  | — |  |  | — |  |  |  |  | — |  |  | — |  |  | — |
Settlements |  |  | — |  |  | (5,892) |  |  | (7,080) |  |  |  |  | (3) |  |  | — |  |  | (12,975) |
Transfers into Level 3 |  |  | — |  |  | — |  |  | 23,279 |  |  |  |  | — |  |  | — |  |  | 23,279 |
Transfers out of Level 3 |  |  | — |  |  | — |  |  | — |  |  |  |  | — |  |  | — |  |  | — |
Fair value, March 31, 2025 |  |  | $ | 7,606 |  |  | 240,917 |  |  | 412,802 |  |  |  |  | 345 |  |  | 841 |  |  | 662,511 |
Change in unrealized gains (losses) for the period included in earnings for assets held at period end |  |  | 89 |  |  | 101 |  |  | (92) |  |  |  |  | — |  |  | 33 |  |  | 131 |
Change in unrealized gains (losses) for the period included in OCI for assets held at period end |  |  | 91 |  |  | 2,149 |  |  | (1,710) |  |  |  |  | 3 |  |  | — |  |  | 533 |

March 31, 2024 |  |  |  |  |  |  |  |  |  |  |  |  |
($ in thousands) | Obligation of state and Political Subdivisions |  | Corporate Securities |  | CLO and Other ABS |  |  |  | CMBS |  | Common Stock |  | Total
Fair value, December 31, 2023 | $ | 7,834 |  |  | 297,332 |  |  | 245,313 |  |  |  |  | 356 |  |  | 854 |  |  | 551,689 |
Total net gains (losses) for the period included in: |  |  |  |  |  |  |  |  |  |  |  |  |
OCI | (86) |  |  | (376) |  |  | 399 |  |  |  |  | 3 |  |  | — |  |  | (60) |
Net realized and unrealized gains (losses) | (1) |  |  | 140 |  |  | 57 |  |  |  |  | — |  |  | 213 |  |  | 409 |
Net investment income earned | — |  |  | 280 |  |  | (1) |  |  |  |  | (1) |  |  | — |  |  | 278 |
Purchases | — |  |  | 1,152 |  |  | 14,658 |  |  |  |  | — |  |  | — |  |  | 15,810 |
Sales | — |  |  | — |  |  | — |  |  |  |  | — |  |  | — |  |  | — |
Issuances | — |  |  | — |  |  | — |  |  |  |  | — |  |  | — |  |  | — |
Settlements | — |  |  | (2,870) |  |  | (1,173) |  |  |  |  | (3) |  |  | — |  |  | (4,046) |
Transfers into Level 3 | — |  |  | 20,065 |  |  | 19,537 |  |  |  |  | — |  |  | — |  |  | 39,602 |
Transfers out of Level 3 | — |  |  | (28,227) |  |  | (18,693) |  |  |  |  | — |  |  | — |  |  | (46,920) |
Fair value, March 31, 2024 | $ | 7,747 |  |  | 287,496 |  |  | 260,097 |  |  |  |  | 355 |  |  | 1,067 |  |  | 556,762 |
Change in unrealized gains (losses) for the period included in earnings for assets held at period end | (1) |  |  | 140 |  |  | 57 |  |  |  |  | — |  |  | 213 |  |  | 409 |
Change in unrealized gains (losses) for the period included in OCI for assets held at period end | (86) |  |  | (376) |  |  | 399 |  |  |  |  | 3 |  |  | — |  |  | (60) |

The following tables present quantitative information about the significant unobservable inputs used in the fair value measurements of Level 3 assets at March 31, 2025, and December 31, 2024:

March 31, 2025 |  |  |  |  |  |  |  |  |  |
($ in thousands) |  | Assets Measured at Fair Value |  | Valuation Techniques |  | Unobservable Inputs |  | Range |  | Weighted Average
Internal valuations: |  |  |  |  |  |  |  |  |  |
Corporate securities |  | $ | 147,340 |  |  | Discounted Cash Flow |  | Illiquidity Spread |  | (4.4)% - 5.3% |  | 1.8%
CLO and other ABS |  | 231,805 |  |  | Discounted Cash Flow |  | Illiquidity Spread |  | (0.97)% - 19.6% |  | 2.2%
Total internal valuations |  | 379,145 |  |  |  |  |  |  |  |  |
Other 1 |  | 283,366 |  |  |  |  |  |  |  |  |
Total Level 3 securities |  | $ | 662,511 |  |  |  |  |  |  |  |  |

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December 31, 2024 |  |  |  |  |  |  |  |  |  |
($ in thousands) |  | Assets Measured at Fair Value |  | Valuation Techniques |  | Unobservable Inputs |  | Range |  | Weighted Average
Internal valuations: |  |  |  |  |  |  |  |  |  |
Corporate securities |  | $ | 147,294 |  |  | Discounted Cash Flow |  | Illiquidity Spread |  | (4.4)% - 5.3% |  | 1.7%
CLO and other ABS |  | 249,506 |  |  | Discounted Cash Flow |  | Illiquidity Spread |  | (0.97)% - 19.6% |  | 1.9%
Total internal valuations |  | 396,800 |  |  |  |  |  |  |  |  |
Other 1 |  | 222,447 |  |  |  |  |  |  |  |  |
Total Level 3 securities |  | $ | 619,247 |  |  |  |  |  |  |  |  |

1 Other is comprised of broker quotes or other third-party pricing for which there is a lack of transparency into the inputs used to develop the valuations. The quantitative details of these unobservable inputs are neither provided to us, nor reasonably available to us, and therefore are not included in the tables above.
For the securities in the tables above valued using a discounted cash flow analysis, we apply an illiquidity spread in determining fair value. An increase in this assumption would result in a lower fair value measurement.
The following tables provide quantitative information about our financial assets and liabilities that were not measured at fair value, but were disclosed as such at March 31, 2025, and December 31, 2024:

March 31, 2025 |  |  |  | Fair Value Measurements Using
($ in thousands) |  | Assets/ Liabilities Disclosed at Fair Value |  | Quoted Prices in Active Markets for Identical Assets/ Liabilities (Level 1) |  | Significant Other Observable Inputs (Level 2) |  | Significant Unobservable Inputs (Level 3)
Financial Assets |  |  |  |  |  |  |  |
HTM: |  |  |  |  |  |  |  |
Corporate securities |  | $ | 24,800 |  |  | — |  |  | 24,800 |  |  | — |
Total HTM fixed income securities |  | 24,800 |  |  | — |  |  | 24,800 |  |  | — |
CMLs |  | $ | 251,498 |  |  | — |  |  | — |  |  | 251,498 |
Financial Liabilities |  |  |  |  |  |  |  |
Long-term debt: |  |  |  |  |  |  |  |
7.25% Senior Notes |  | $ | 55,396 |  |  | — |  |  | 55,396 |  |  | — |
5.90% Senior Notes |  | 402,291 |  |  | — |  |  | 402,291 |  |  | — |
6.70% Senior Notes |  | 104,846 |  |  | — |  |  | 104,846 |  |  | — |
5.375% Senior Notes |  | 273,711 |  |  | — |  |  | 273,711 |  |  | — |
3.03% borrowings from FHLBI |  | 59,003 |  |  | — |  |  | 59,003 |  |  | — |
Total long-term debt |  | $ | 895,247 |  |  | — |  |  | 895,247 |  |  | — |

December 31, 2024 |  |  |  | Fair Value Measurements Using
($ in thousands) |  | Assets/ Liabilities Disclosed at Fair Value |  | Quoted Prices in Active Markets for Identical Assets/ Liabilities (Level 1) |  | Significant Other Observable Inputs (Level 2) |  | Significant Unobservable Inputs (Level 3)
Financial Assets |  |  |  |  |  |  |  |
HTM: |  |  |  |  |  |  |  |
Corporate securities |  | $ | 24,735 |  |  | — |  |  | 24,735 |  |  | — |
Total HTM fixed income securities |  | 24,735 |  |  | — |  |  | 24,735 |  |  | — |
CMLs |  | $ | 224,842 |  |  | — |  |  | — |  |  | 224,842 |
Financial Liabilities |  |  |  |  |  |  |  |
Long-term debt: |  |  |  |  |  |  |  |
7.25% Senior Notes |  | $ | 54,657 |  |  | — |  |  | 54,657 |  |  | — |
6.70% Senior Notes |  | 103,057 |  |  | — |  |  | 103,057 |  |  | — |
5.375% Senior Notes |  | 273,464 |  |  | — |  |  | 273,464 |  |  | — |
3.03% borrowings from FHLBI |  | 58,516 |  |  | — |  |  | 58,516 |  |  | — |
Total long-term debt |  | $ | 489,694 |  |  | — |  |  | 489,694 |  |  | — |

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NOTE 6. Allowance for Credit Losses on Premiums Receivable
The following table provides a roll forward of the allowance for credit losses on our premiums receivable balance for the indicated periods:

|  | Quarter ended March 31, |  |
($ in thousands) |  | 2025 |  | 2024 |  |  |  |
Balance at beginning of period |  | $ | 20,400 |  |  | 18,900 |  |  |  |  |
Current period change for expected credit losses |  | 3,866 |  |  | 1,784 |  |  |  |  |
Write-offs charged against the allowance for credit losses |  | (2,889) |  |  | (1,056) |  |  |  |  |
Recoveries |  | 223 |  |  | 372 |  |  |  |  |
Allowance for credit losses, end of period |  | $ | 21,600 |  |  | 20,000 |  |  |  |  |

For a discussion of the methodology used to evaluate our estimate of expected credit losses on premiums receivable, refer to Note 2. "Summary of Significant Accounting Policies" in Item 8. "Financial Statements and Supplementary Data." of our 2024 Annual Report.
NOTE 7. Reinsurance
We evaluate and monitor the financial condition of our reinsurers under voluntary reinsurance arrangements to minimize our exposure to significant losses from reinsurer insolvencies. The following tables provide (i) a disaggregation of our reinsurance recoverable balance by financial strength rating and (ii) an aging analysis of our past due reinsurance recoverable balances as of March 31, 2025, and December 31, 2024:

|  | March 31, 2025
($ in thousands) |  | Current |  | Past Due |  | Total Reinsurance Recoverables
Financial strength rating of rated reinsurers |  |  |  |  |  |
A++ |  | $ | 114,152 |  |  | 835 |  |  | 114,987 |
A+ |  | 475,469 |  |  | 3,881 |  |  | 479,350 |
A |  | 131,695 |  |  | 2,029 |  |  | 133,724 |
A- |  | 6,036 |  |  | 97 |  |  | 6,133 |
Total rated reinsurers |  | 727,352 |  |  | 6,842 |  |  | 734,194 |
Non-rated reinsurers |  |  |  |  |  |
Federal and state pools |  | 184,555 |  |  | — |  |  | 184,555 |
Other than federal and state pools |  | 8,192 |  |  | 3 |  |  | 8,195 |
Total non-rated reinsurers |  | 192,747 |  |  | 3 |  |  | 192,750 |
Total reinsurance recoverable, gross |  | $ | 920,099 |  |  | 6,845 |  |  | 926,944 |
Less: allowance for credit losses |  |  |  |  |  | (2,000) |
Total reinsurance recoverable, net |  |  |  |  |  | 924,944 |

|  | December 31, 2024
($ in thousands) |  | Current |  | Past Due |  | Total Reinsurance Recoverables
Financial strength rating of rated reinsurers |  |  |  |  |  |
A++ |  | $ | 111,481 |  |  | 225 |  |  | 111,706 |
A+ |  | 483,317 |  |  | 5,205 |  |  | 488,522 |
A |  | 131,087 |  |  | 819 |  |  | 131,906 |
A- |  | 5,421 |  |  | 149 |  |  | 5,570 |
Total rated reinsurers |  | 731,306 |  |  | 6,398 |  |  | 737,704 |
Non-rated reinsurers |  |  |  |  |  |
Federal and state pools |  | 318,785 |  |  | — |  |  | 318,785 |
Other than federal and state pools |  | 6,647 |  |  | 9 |  |  | 6,656 |
Total non-rated reinsurers |  | 325,432 |  |  | 9 |  |  | 325,441 |
Total reinsurance recoverable, gross |  | $ | 1,056,738 |  |  | 6,407 |  |  | 1,063,145 |
Less: allowance for credit losses |  |  |  |  |  | (2,000) |
Total reinsurance recoverable, net |  |  |  |  |  | 1,061,145 |

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The $134.2 million decrease in "Federal and state pools" as of March 31, 2025, compared to December 31, 2024, primarily related to First Quarter 2025 claim payments on Hurricane Helene losses that were reserved for at December 31, 2024. These losses were related to our participation in the NFIP Write Your Own Program, and are 100% ceded to the NFIP.
The following table provides a roll forward of the allowance for credit losses on our reinsurance recoverable balance for the periods indicated:

|  | Quarter ended March 31, |  |
($ in thousands) |  | 2025 |  | 2024 |  |  |  |
Balance at beginning of period |  | $ | 2,000 |  |  | 1,700 |  |  |  |  |
Current period change for expected credit losses |  | — |  |  | — |  |  |  |  |
Write-offs charged against the allowance for credit losses |  | — |  |  | — |  |  |  |  |
Recoveries |  | — |  |  | — |  |  |  |  |
Allowance for credit losses, end of period |  | $ | 2,000 |  |  | 1,700 |  |  |  |  |

For a discussion of the methodology used to evaluate our estimate of expected credit losses on our reinsurance recoverable balance, refer to Note 2. "Summary of Significant Accounting Policies" in Item 8. "Financial Statements and Supplementary Data." of our 2024 Annual Report.
The following table lists direct, assumed, and ceded reinsurance amounts for premiums written, premiums earned, and loss and loss expense incurred for the indicated periods. For more information about reinsurance, refer to Note 9. "Reinsurance" in Item 8. "Financial Statements and Supplementary Data." of our 2024 Annual Report.

|  | Quarter ended March 31, |  |
($ in thousands) |  | 2025 |  | 2024 |  |  |  |
Premiums written: |  |  |  |  |  |  |  |
Direct |  | $ | 1,422,851 |  |  | 1,315,911 |  |  |  |  |
Assumed |  | 5,977 |  |  | 5,985 |  |  |  |  |
Ceded |  | (188,385) |  |  | (165,275) |  |  |  |  |
Net |  | 1,240,443 |  |  | 1,156,621 |  |  |  |  |
Premiums earned: |  |  |  |  |  |  |  |
Direct |  | 1,340,446 |  |  | 1,205,368 |  |  |  |  |
Assumed |  | 6,151 |  |  | 6,191 |  |  |  |  |
Ceded |  | (187,840) |  |  | (160,615) |  |  |  |  |
Net |  | 1,158,757 |  |  | 1,050,944 |  |  |  |  |
Loss and loss expense incurred: |  |  |  |  |  |  |  |
Direct |  | 830,672 |  |  | 753,567 |  |  |  |  |
Assumed |  | 5,498 |  |  | 5,981 |  |  |  |  |
Ceded |  | (89,845) |  |  | (55,256) |  |  |  |  |
Net |  | $ | 746,325 |  |  | 704,292 |  |  |  |  |

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NOTE 8. Reserve for Loss and Loss Expense
The table below provides a roll forward of the reserve for loss and loss expense for beginning and ending reserve balances:

|  | Quarter ended March 31,
($ in thousands) |  | 2025 |  | 2024
Gross reserve for loss and loss expense, at beginning of period |  | $ | 6,589,801 |  |  | 5,336,911 |
Less: reinsurance recoverable on unpaid loss and loss expense, at beginning of period |  | 1,022,245 |  |  | 618,601 |
Net reserve for loss and loss expense, at beginning of period |  | 5,567,556 |  |  | 4,718,310 |
Incurred loss and loss expense for claims occurring in the: |  |  |  |
Current year |  | 759,992 |  |  | 688,519 |
Prior years |  | (13,667) |  |  | 15,773 |
Total incurred loss and loss expense |  | 746,325 |  |  | 704,292 |
Paid loss and loss expense for claims occurring in the: |  |  |  |
Current year |  | 105,268 |  |  | 107,719 |
Prior years |  | 487,152 |  |  | 435,489 |
Total paid loss and loss expense |  | 592,420 |  |  | 543,208 |
Net reserve for loss and loss expense, at end of period |  | 5,721,461 |  |  | 4,879,394 |
Add: Reinsurance recoverable on unpaid loss and loss expense, at end of period |  | 889,394 |  |  | 622,356 |
Gross reserve for loss and loss expense, at end of period |  | $ | 6,610,855 |  |  | 5,501,750 |

Prior year reserve development in First Quarter 2025 was favorable by $13.7 million, consisting of $18.7 million of favorable property reserve development, partially offset by $5.0 million of unfavorable casualty reserve development. The unfavorable casualty reserve development related to our Standard Personal Lines segment and was driven by $5.0 million in unfavorable development, primarily related to increased severities in accident year 2024 in the personal automobile line of business.
Prior year reserve development in First Quarter 2024 was unfavorable by $15.8 million, consisting of $35.0 million of unfavorable casualty reserve development, partially offset by $19.2 million of favorable property reserve development. Our Standard Commercial Lines segment drove the unfavorable casualty reserve development consisting of $50.0 million in our general liability line of business, primarily driven by increased severities in accident years 2020 through 2023, partially offset by $15.0 million of favorable casualty reserve development in our workers compensation line of business.
Our Standard Personal Lines Segment also had unfavorable casualty reserve development of $5.0 million in our personal automobile line of business, offset by favorable development of $5.0 million in our homeowners line of business in First Quarter 2024.
NOTE 9. Segment Information
We evaluate the results of our four reportable segments as follows:
•Our Standard Commercial Lines, Standard Personal Lines, and E&S Lines are evaluated on (i) before and after-tax underwriting results (net premiums earned, incurred loss and loss expense, policyholder dividends, policy acquisition costs, and other underwriting expenses), (ii) their return on equity ("ROE") contribution, and (iii) their combined ratios.
•Our Investments segment is primarily evaluated on after-tax net investment income and its ROE contribution. After-tax net realized and unrealized gains and losses are also included in our Investments segment results.
In computing each segment's results, we do not make adjustments for interest expense or corporate expenses. No segment has a separate investment portfolio or allocated assets.
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(a) The following table presents revenues by segments and a reconciliation to consolidated revenue.

Revenue by Segment |  | Quarter ended March 31, |  |
($ in thousands) |  | 2025 |  | 2024 |  |  |  |
Standard Commercial Lines: |  |  |  |  |  |  |  |
Net premiums earned: |  |  |  |  |  |  |  |
General liability |  | $ | 294,687 |  |  | 273,415 |  |  |  |  |
Commercial automobile |  | 283,585 |  |  | 251,720 |  |  |  |  |
Commercial property |  | 186,530 |  |  | 161,553 |  |  |  |  |
Workers compensation |  | 79,036 |  |  | 87,777 |  |  |  |  |
Businessowners' policies |  | 46,893 |  |  | 39,921 |  |  |  |  |
Bonds |  | 13,258 |  |  | 12,088 |  |  |  |  |
Other |  | 8,221 |  |  | 7,636 |  |  |  |  |
Miscellaneous income |  | 4,860 |  |  | 7,134 |  |  |  |  |
Total Standard Commercial Lines revenue |  | 917,070 |  |  | 841,244 |  |  |  |  |
Standard Personal Lines: |  |  |  |  |  |  |  |
Net premiums earned: |  |  |  |  |  |  |  |
Personal automobile |  | 52,968 |  |  | 56,960 |  |  |  |  |
Homeowners |  | 47,943 |  |  | 44,113 |  |  |  |  |
Other |  | 2,744 |  |  | 2,773 |  |  |  |  |
Miscellaneous income |  | 572 |  |  | 640 |  |  |  |  |
Total Standard Personal Lines revenue |  | 104,227 |  |  | 104,486 |  |  |  |  |
E&S Lines: |  |  |  |  |  |  |  |
Net premiums earned: |  |  |  |  |  |  |  |
Casualty lines |  | 85,119 |  |  | 71,638 |  |  |  |  |
Property lines |  | 57,773 |  |  | 41,350 |  |  |  |  |
Miscellaneous income |  | 77 |  |  | 27 |  |  |  |  |
Total E&S Lines revenue |  | 142,969 |  |  | 113,015 |  |  |  |  |
Investments: |  |  |  |  |  |  |  |
Net investment income earned |  | 120,691 |  |  | 107,849 |  |  |  |  |
Net realized and unrealized investment gains (losses) |  | 229 |  |  | (1,635) |  |  |  |  |
Total Investments revenue |  | 120,920 |  |  | 106,214 |  |  |  |  |
Total revenues |  | $ | 1,285,186 |  |  | 1,164,959 |  |  |  |  |

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(b) The following tables present information about our segments' pre- and after-tax income, significant expenses, and reconciliations to consolidated results for the periods indicated.

Quarter Ended March 31, 2025 |  | Standard Commercial Lines |  | Standard Personal Lines |  | E&S Lines |  | Total Insurance Operations |  | Investments |  | Total Reportable Segments
($ in thousands) |  |  |  |  |  |
Total segment revenues |  | $ | 917,070 |  |  | 104,227 |  |  | 142,969 |  |  | 1,164,266 |  |  | 120,920 |  |  | 1,285,186 |
Loss and loss expense incurred: |  |  |  |  |  |  |  |  |  |  |  |
Net catastrophe losses |  | 19,811 |  |  | 7,113 |  |  | 16,433 |  |  | 43,357 |  |  | — |  |  | 43,357 |
Non-catastrophe property loss and loss expense |  | 128,791 |  |  | 36,489 |  |  | 13,416 |  |  | 178,696 |  |  | — |  |  | 178,696 |
(Favorable)/unfavorable prior year casualty reserve development |  | — |  |  | 5,000 |  |  | — |  |  | 5,000 |  |  | — |  |  | 5,000 |
Current year casualty loss costs |  | 433,064 |  |  | 28,067 |  |  | 58,141 |  |  | 519,272 |  |  | — |  |  | 519,272 |
Total loss and loss expense incurred |  | 581,666 |  |  | 76,669 |  |  | 87,990 |  |  | 746,325 |  |  | — |  |  | 746,325 |
Net underwriting expenses incurred: |  |  |  |  |  |  |  |  |  |  |  |
Commissions to distribution partners |  | 170,170 |  |  | 7,351 |  |  | 32,707 |  |  | 210,228 |  |  | — |  |  | 210,228 |
Salaries and employee benefits |  | 79,591 |  |  | 8,595 |  |  | 7,595 |  |  | 95,781 |  |  | — |  |  | 95,781 |
Other segment expenses |  | 51,742 |  |  | 9,575 |  |  | 3,995 |  |  | 65,312 |  |  | — |  |  | 65,312 |
Total net underwriting expenses incurred |  | 301,503 |  |  | 25,521 |  |  | 44,297 |  |  | 371,321 |  |  | — |  |  | 371,321 |
Dividends to policyholders |  | 983 |  |  | — |  |  | — |  |  | 983 |  |  | — |  |  | 983 |
Segment income (loss), before federal income tax |  | 32,918 |  |  | 2,037 |  |  | 10,682 |  |  | 45,637 |  |  | 120,920 |  |  | 166,557 |
Federal income tax (expense) benefit |  |  |  |  |  |  |  | (9,584) |  |  | (25,118) |  |  | (34,702) |
Segment income (loss), after federal income tax |  |  |  |  |  |  |  | 36,053 |  |  | 95,802 |  |  | 131,855 |
Reconciliation of segment income (loss) to consolidated income before and after federal income tax |  |  |  |  |  |  |  |  |  |  |  |
Total segment income (loss) |  |  |  |  |  |  |  |  |  |  |  | 166,557 |
Interest expense |  |  |  |  |  |  |  |  |  |  |  | (9,573) |
Corporate expenses |  |  |  |  |  |  |  |  |  |  |  | (18,098) |
Income before federal income tax |  |  |  |  |  |  |  |  |  |  |  | 138,886 |
Federal income tax (expense) benefit on segment income (loss) |  |  |  |  |  |  |  |  |  |  |  | (34,702) |
Federal income tax (expense) benefit on interest and corporate expenses |  |  |  |  |  |  |  |  |  |  |  | 5,712 |
Total federal income tax (expense) benefit |  |  |  |  |  |  |  |  |  |  |  | (28,990) |
Net income |  |  |  |  |  |  |  |  |  |  |  | 109,896 |
Preferred stock dividends |  |  |  |  |  |  |  |  |  |  |  | (2,300) |
Net income available to common stockholders |  |  |  |  |  |  |  |  |  |  |  | 107,596 |

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Quarter Ended March 31, 2024 |  | Standard Commercial Lines |  | Standard Personal Lines |  | E&S Lines |  | Total Insurance Operations |  | Investments |  | Total Reportable Segments
($ in thousands) |  |  |  |  |  |
Total segment revenues |  | $ | 841,244 |  |  | 104,486 |  |  | 113,015 |  |  | 1,058,745 |  |  | 106,214 |  |  | 1,164,959 |
Loss and loss expense incurred: |  |  |  |  |  |  |  |  |  |  |  |
Net catastrophe losses |  | 38,495 |  |  | 11,845 |  |  | 4,902 |  |  | 55,242 |  |  | — |  |  | 55,242 |
Non-catastrophe property loss and loss expense |  | 115,041 |  |  | 41,878 |  |  | 14,253 |  |  | 171,172 |  |  | — |  |  | 171,172 |
(Favorable)/unfavorable prior year casualty reserve development |  | 35,000 |  |  | — |  |  | — |  |  | 35,000 |  |  | — |  |  | 35,000 |
Current year casualty loss costs |  | 367,297 |  |  | 30,621 |  |  | 44,960 |  |  | 442,878 |  |  | — |  |  | 442,878 |
Total loss and loss expense incurred |  | 555,833 |  |  | 84,344 |  |  | 64,115 |  |  | 704,292 |  |  | — |  |  | 704,292 |
Net underwriting expenses incurred: |  |  |  |  |  |  |  |  |  |  |  |
Commissions to distribution partners |  | 153,970 |  |  | 7,498 |  |  | 25,141 |  |  | 186,609 |  |  | — |  |  | 186,609 |
Salaries and employee benefits |  | 72,274 |  |  | 9,439 |  |  | 5,766 |  |  | 87,479 |  |  | — |  |  | 87,479 |
Other segment expenses |  | 45,532 |  |  | 8,540 |  |  | 4,008 |  |  | 58,080 |  |  | — |  |  | 58,080 |
Total net underwriting expenses incurred |  | 271,776 |  |  | 25,477 |  |  | 34,915 |  |  | 332,168 |  |  | — |  |  | 332,168 |
Dividends to policyholders |  | 3,254 |  |  | — |  |  | — |  |  | 3,254 |  |  | — |  |  | 3,254 |
Segment income (loss), before federal income tax |  | 10,381 |  |  | (5,335) |  |  | 13,985 |  |  | 19,031 |  |  | 106,214 |  |  | 125,245 |
Federal income tax (expense) benefit |  |  |  |  |  |  |  | (3,997) |  |  | (21,866) |  |  | (25,863) |
Segment income (loss), after federal income tax |  |  |  |  |  |  |  | 15,034 |  |  | 84,348 |  |  | 99,382 |
Reconciliation of segment income (loss) to consolidated income before and after federal income tax |  |  |  |  |  |  |  |  |  |  |  |
Total segment income (loss) |  |  |  |  |  |  |  |  |  |  |  | 125,245 |
Interest expense |  |  |  |  |  |  |  |  |  |  |  | (7,181) |
Corporate expenses |  |  |  |  |  |  |  |  |  |  |  | (15,498) |
Income before federal income tax |  |  |  |  |  |  |  |  |  |  |  | 102,566 |
Federal income tax (expense) benefit on segment income (loss) |  |  |  |  |  |  |  |  |  |  |  | (25,863) |
Federal income tax (expense) benefit on interest and corporate expenses |  |  |  |  |  |  |  |  |  |  |  | 5,815 |
Total federal income tax (expense) benefit |  |  |  |  |  |  |  |  |  |  |  | (20,048) |
Net income |  |  |  |  |  |  |  |  |  |  |  | 82,518 |
Preferred stock dividends |  |  |  |  |  |  |  |  |  |  |  | (2,300) |
Net income available to common stockholders |  |  |  |  |  |  |  |  |  |  |  | 80,218 |

The "Other segment expenses" primarily consist of (i) fees paid for licenses, (ii) depreciation expense, and (iii) general overhead items to operate our business operations, including travel expenses, postage and telephone expenses, and utility expenses. "Loss and loss expense incurred" includes a portion of salaries and employee benefits related to claims personnel.
(c) The following tables present reconciliations of our segments' ROE contributions and combined ratios to consolidated results.

ROE |  | Quarter Ended March 31, |  |  |  |  |  |  |  |  |  |  |
|  | 2025 |  |  | 2024 |  |  |  |  |  |  |  |  |  |  |  |  |  |
Standard Commercial Lines segment |  | 3.5 |  | % |  | 1.2 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Standard Personal Lines segment |  | 0.2 |  |  |  | (0.6) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
E&S Lines segment |  | 1.1 |  |  |  | 1.6 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Total insurance operations |  | 4.8 |  |  |  | 2.2 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net investment income earned |  | 12.8 |  |  |  | 12.3 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net realized and unrealized investment gains (losses) |  | — |  |  |  | (0.2) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Total investments segment |  | 12.8 |  |  |  | 12.1 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Other |  | (3.2) |  |  |  | (2.8) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
ROE |  | 14.4 |  |  |  | 11.5 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |

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Combined Ratio | Quarter ended March 31, |  |  |  |  |  |  |  |  |  |  |  |  |
| 2025 |  | 2024 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Amount |  | Ratio |  |  | Amount |  | Ratio |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Standard Commercial Lines: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net premiums earned | $ | 912,210 |  |  |  |  |  | 834,110 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Loss and loss expense incurred | 581,666 |  |  | 63.8 |  | % |  | 555,833 |  |  | 66.7 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net underwriting expenses incurred 1 | 296,643 |  |  | 32.5 |  |  |  | 264,642 |  |  | 31.7 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Dividends to policyholders | 983 |  |  | 0.1 |  |  |  | 3,254 |  |  | 0.4 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Underwriting income (loss) | 32,918 |  |  | 96.4 |  |  |  | 10,381 |  |  | 98.8 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Standard Personal Lines: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net premiums earned | 103,655 |  |  |  |  |  | 103,846 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Loss and loss expense incurred | 76,669 |  |  | 73.9 |  |  |  | 84,344 |  |  | 81.2 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net underwriting expenses incurred 1 | 24,949 |  |  | 24.1 |  |  |  | 24,837 |  |  | 23.9 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Underwriting income (loss) | 2,037 |  |  | 98.0 |  |  |  | (5,335) |  |  | 105.1 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
E&S Lines: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net premiums earned | 142,892 |  |  |  |  |  | 112,988 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Loss and loss expense incurred | 87,990 |  |  | 61.6 |  |  |  | 64,115 |  |  | 56.7 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net underwriting expenses incurred 1 | 44,220 |  |  | 30.9 |  |  |  | 34,888 |  |  | 30.9 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Underwriting income (loss) | 10,682 |  |  | 92.5 |  |  |  | 13,985 |  |  | 87.6 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Total Insurance Operations: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net premiums earned | 1,158,757 |  |  |  |  |  | 1,050,944 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Loss and loss expense incurred | 746,325 |  |  | 64.4 |  |  |  | 704,292 |  |  | 67.0 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net underwriting expenses incurred 1 | 365,812 |  |  | 31.6 |  |  |  | 324,367 |  |  | 30.9 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Dividends to policyholders | 983 |  |  | 0.1 |  |  |  | 3,254 |  |  | 0.3 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Underwriting income (loss) | 45,637 |  |  | 96.1 |  |  |  | 19,031 |  |  | 98.2 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |

1"Net underwriting expenses incurred" includes "Other income" allocated to each reportable segment.
NOTE 10. Retirement Plans
The primary pension plan for our employees is the Retirement Income Plan for Selective Insurance Company of America (the "Pension Plan"). The Pension Plan is closed to new entrants and its benefits ceased accruing 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 2024 Annual Report.
The following tables provide information about the Pension Plan:

|  | Pension Plan
|  | Quarter ended March 31, |  |
($ in thousands) |  | 2025 |  | 2024 |  |  |  |
Net Periodic Pension Cost (Benefit): |  |  |  |  |  |  |  |
Interest cost |  | $ | 3,973 |  |  | 3,888 |  |  |  |  |
Expected return on plan assets |  | (5,339) |  |  | (5,382) |  |  |  |  |
Amortization of unrecognized net actuarial loss |  | 868 |  |  | 955 |  |  |  |  |
Total net periodic pension cost (benefit)1 |  | $ | (498) |  |  | (539) |  |  |  |  |

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
|  | Quarter ended March 31,
|  | 2025 |  | 2024
Weighted-Average Expense Assumptions: |  |  |  |
Discount rate |  | 5.69 | % |  | 5.02 | %
Effective interest rate for calculation of interest cost |  | 5.42 |  |  | 4.91 |
Expected return on plan assets |  | 6.60 |  |  | 6.40 |

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NOTE 11. Comprehensive Income (Loss)
The components of comprehensive income (loss), both gross and net of tax, for First Quarter 2025 and First Quarter 2024 were as follows:

First Quarter 2025 |  |  |  |  |  |
($ in thousands) |  | Gross |  | Tax |  | Net
Net income (loss) |  | $ | 138,886 |  |  | 28,990 |  |  | 109,896 |
Components of OCI: |  |  |  |  |  |
Unrealized gains (losses) on investment securities: |  |  |  |  |  |
Unrealized holding gains (losses) during the period |  | 69,260 |  |  | 14,545 |  |  | 54,715 |
Unrealized gains (losses) on securities with credit loss recognized in earnings |  | 12,766 |  |  | 2,680 |  |  | 10,086 |
Amounts reclassified into net income (loss): |  |  |  |  |  |
Net realized (gains) losses on disposals and intent-to-sell AFS securities |  | (274) |  |  | (58) |  |  | (216) |
Credit loss (benefit) expense |  | (629) |  |  | (132) |  |  | (497) |
Total unrealized gains (losses) on investment securities |  | 81,123 |  |  | 17,035 |  |  | 64,088 |
Defined benefit pension and post-retirement plans: |  |  |  |  |  |
Amounts reclassified into net income (loss): |  |  |  |  |  |
Net actuarial (gain) loss |  | 872 |  |  | 183 |  |  | 689 |
Total defined benefit pension and post-retirement plans |  | 872 |  |  | 183 |  |  | 689 |
Other comprehensive income (loss) |  | 81,995 |  |  | 17,218 |  |  | 64,777 |
Comprehensive income (loss) |  | $ | 220,881 |  |  | 46,208 |  |  | 174,673 |
First Quarter 2024 |  |  |  |  |  |
($ in thousands) |  | Gross |  | Tax |  | Net
Net income (loss) |  | $ | 102,566 |  |  | 20,048 |  |  | 82,518 |
Components of OCI: |  |  |  |  |  |
Unrealized gains (losses) on investment securities: |  |  |  |  |  |
Unrealized holding gains (losses) during the period |  | (15,560) |  |  | (3,267) |  |  | (12,293) |
Unrealized gains (losses) on securities with credit loss recognized in earnings |  | (3,132) |  |  | (658) |  |  | (2,474) |
Amounts reclassified into net income (loss): |  |  |  |  |  |
Net realized (gains) losses on disposals and intent-to-sell AFS securities |  | (78) |  |  | (17) |  |  | (61) |
Credit loss (benefit) expense |  | 2,650 |  |  | 557 |  |  | 2,093 |
Total unrealized gains (losses) on investment securities |  | (16,120) |  |  | (3,385) |  |  | (12,735) |
Defined benefit pension and post-retirement plans: |  |  |  |  |  |
Amounts reclassified into net income (loss): |  |  |  |  |  |
Net actuarial (gain) loss |  | 967 |  |  | 203 |  |  | 764 |
Total defined benefit pension and post-retirement plans |  | 967 |  |  | 203 |  |  | 764 |
Other comprehensive income (loss) |  | (15,153) |  |  | (3,182) |  |  | (11,971) |
Comprehensive income (loss) |  | $ | 87,413 |  |  | 16,866 |  |  | 70,547 |

The following table shows each component of accumulated other comprehensive income (loss) ("AOCI") (net of taxes), including balances and changes, as of March 31, 2025:

March 31, 2025 |  | Net Unrealized Gains (Losses) on Investment Securities |  | Defined Benefit Pension and Post-Retirement Plans |  | Total AOCI
($ in thousands) |  | Credit Loss Related 1 |  | All Other |  | Investments Subtotal |  |
Balance, December 31, 2024 |  | $ | (72,206) |  |  | (178,057) |  |  | (250,263) |  |  | (86,582) |  |  | (336,845) |
OCI before reclassifications |  | 10,086 |  |  | 54,715 |  |  | 64,801 |  |  | — |  |  | 64,801 |
Amounts reclassified from AOCI |  | (497) |  |  | (216) |  |  | (713) |  |  | 689 |  |  | (24) |
Net current period OCI |  | 9,589 |  |  | 54,499 |  |  | 64,088 |  |  | 689 |  |  | 64,777 |
Balance, March 31, 2025 |  | $ | (62,617) |  |  | (123,558) |  |  | (186,175) |  |  | (85,893) |  |  | (272,068) |

1 Represents change in unrealized gains (losses) on securities with credit loss recognized in earnings.
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The reclassifications out of AOCI were as follows:

|  | Quarter ended March 31, |  |  |  | Affected Line Item in the Unaudited Consolidated Statements of Income
($ in thousands) |  | 2025 |  | 2024 |  |  |  |  |
Net realized (gains) losses on disposals and intent-to-sell AFS securities |  |  |  |  |  |  |  |  |  |
Net realized (gains) losses |  | $ | (274) |  |  | (78) |  |  |  |  |  |  | Net realized and unrealized investment gains (losses)
Tax (benefit) expense |  | 58 |  |  | 17 |  |  |  |  |  |  | Total federal income tax expense (benefit)
Net of taxes |  | (216) |  |  | (61) |  |  |  |  |  |  | Net income (loss)
Credit loss related |  |  |  |  |  |  |  |  |  |
Credit loss (benefit) expense |  | (629) |  |  | 2,650 |  |  |  |  |  |  | Net realized and unrealized investment gains (losses)
Tax (benefit) expense |  | 132 |  |  | (557) |  |  |  |  |  |  | Total federal income tax expense (benefit)
Net of taxes |  | (497) |  |  | 2,093 |  |  |  |  |  |  | Net income (loss)
Defined benefit pension and post-retirement life plans |  |  |  |  |  |  |  |  |  |
Net actuarial loss |  | 201 |  |  | 222 |  |  |  |  |  |  | Loss and loss expense incurred
Net actuarial loss |  | 671 |  |  | 745 |  |  |  |  |  |  | Other insurance expenses
Total |  | 872 |  |  | 967 |  |  |  |  |  |  | Income (loss) before federal income tax
Tax (benefit) expense |  | (183) |  |  | (203) |  |  |  |  |  |  | Total federal income tax expense (benefit)
Net of taxes |  | 689 |  |  | 764 |  |  |  |  |  |  | Net income (loss)
Total reclassifications for the period |  | $ | (24) |  |  | 2,796 |  |  |  |  |  |  | Net income (loss)

NOTE 12. Indebtedness
The table below provides a summary of our outstanding debt at March 31, 2025, and December 31, 2024:

Outstanding Debt |  | Issuance Date |  | Maturity Date |  | Interest Rate |  | Original Amount |  | 2025 |  | Carry Value
($ in thousands) |  |  |  |  |  | Unamortized Issuance Costs |  | Debt Discount |  | March 31, 2025 |  | December 31, 2024
Description |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Long-term |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
FHLBI |  | 12/16/2016 |  | 12/16/2026 |  | 3.03 | % |  | 60,000 |  |  | — |  |  | — |  |  | 60,000 |  |  | 60,000 |
Senior Notes |  | 11/16/2004 |  | 11/15/2034 |  | 7.25 | % |  | 50,000 |  |  | 96 |  |  | 68 |  |  | 49,836 |  |  | 49,831 |
Senior Notes |  | 2/20/2025 |  | 4/15/2035 |  | 5.90 | % |  | 400,000 |  |  | 4,003 |  |  | 88 |  |  | 395,909 |  |  | — |
Senior Notes |  | 11/3/2005 |  | 11/1/2035 |  | 6.70 | % |  | 100,000 |  |  | 193 |  |  | 403 |  |  | 99,404 |  |  | 99,391 |
Senior Notes |  | 3/1/2019 |  | 3/1/2049 |  | 5.375 | % |  | 300,000 |  |  | 2,152 |  |  | 5,346 |  |  | 292,502 |  |  | 292,434 |
Finance lease obligations |  |  |  |  |  |  |  |  |  |  |  |  |  | 5,581 |  |  | 6,282 |
Total long-term debt |  |  |  |  |  |  |  |  |  | 6,444 |  |  | 5,905 |  |  | 903,232 |  |  | 507,938 |

Long-Term Debt Activity
In First Quarter 2025 we issued $400 million of 5.90% Senior Notes due 2035 at a discount of $0.1 million, resulting in $395.9 million of net proceeds after approximately $4.1 million in debt issuance costs. The 5.90% Senior Notes will pay interest on April 15 and October 15 of each year, beginning on October 15, 2025. The proceeds from this debt issuance are being used for general corporate purposes, including supporting organic growth.
For additional information on our indebtedness and debt covenants, see Note 11. "Indebtedness" in Item 8. "Financial Statements and Supplementary Data." of our 2024 Annual Report.
NOTE 13. Equity
On December 2, 2020, we announced that our Board of Directors authorized a $100 million share repurchase program, with no set expiration or termination date. Our repurchase program does not obligate us to acquire any particular amount of our common stock. Management has the discretion under the authorization to determine the timing and amount of any share repurchases based on market conditions and other considerations. In First Quarter 2025, we repurchased 233,611 shares of our common stock under the program. The total cost of repurchases, including commissions, was $19.4 million in First Quarter 2025. Authorized repurchases reflected in the Consolidated Statements of Stockholders' Equity also include estimated excise taxes of $0.1 million in First Quarter 2025. We had $56.1 million of remaining capacity under our share repurchase program as of March 31, 2025.
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NOTE 14. Earnings per Common Share
The following table presents the calculations of earnings per common share ("EPS") on a basic and diluted basis:

|  | Quarter ended March 31, |  |
(in thousands, except per share amounts) |  | 2025 |  | 2024 |  |  |  |
Net income (loss) available to common stockholders: |  | $ | 107,596 |  |  | 80,218 |  |  |  |  |
Weighted average common shares outstanding: |  |  |  |  |  |  |  |
Weighted average common shares outstanding - basic |  | 60,865 |  | 60,827 |  |  |  |
Effect of dilutive securities - stock compensation plans |  | 426 |  |  | 386 |  |  |  |
Weighted average common shares outstanding - diluted |  | 61,291 |  | 61,213 |  |  |  |
EPS: |  |  |  |  |  |  |  |
Basic |  | $ | 1.77 |  |  | 1.32 |  |  |  |  |
Diluted |  | 1.76 |  |  | 1.31 |  |  |  |  |

NOTE 15. Litigation
As of March 31, 2025, we do not believe we are involved in any legal action that could have a material adverse effect on our consolidated financial condition, results of operations, or cash flows.
In the ordinary course of conducting business, we are parties in various legal actions. Most are claims litigation involving our ten insurance subsidiaries (collectively referred to as "Insurance Subsidiaries") as (i) liability insurers defending or providing indemnity for third-party claims brought against our customers, (ii) insurers defending first-party coverage claims brought against them, or (iii) liability insurers seeking declaratory judgment on our insurance coverage obligations. We account for such activity by establishing unpaid loss and loss expense reserves. Considering potential losses and defense costs reserves, we expect that any potential ultimate liability for ordinary course claims litigation will not be material to our consolidated financial condition, results of operations, or cash flows.
From time to time, our Insurance Subsidiaries are named as defendants in other legal actions, some asserting claims for substantial amounts. Plaintiffs may style these actions as class actions and seek judicial certification of a state or national class for allegations involving our business practices, such as improper medical provider reimbursement under workers compensation and personal and commercial automobile insurance policies or improper reimbursement for automobile parts. Similarly, our Insurance Subsidiaries can be named defendants in individual actions seeking extra-contractual damages, punitive damages, or penalties, often alleging bad faith in handling insurance claims. We believe we have valid defenses to these allegations and account for such activity by establishing unpaid loss and loss expense reserves. Considering estimated losses and defense costs reserves, we expect that any potential ultimate liability for these other legal actions will not be material to our consolidated financial condition. Litigation outcomes are inherently unpredictable and the amounts sought in certain actions are large or indeterminate. Adverse outcomes could have a material adverse effect on our consolidated results of operations or cash flows in the quarterly or annual period in which they occur.
ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS.
Forward-Looking Statements
The terms "Company," "we," "us," and "our" refer to Selective Insurance Group, Inc. (the "Parent") and its subsidiaries, except as expressly indicated or the context otherwise requires. Certain statements in this Quarterly Report on Form 10-Q, including information incorporated by reference, are “forward-looking statements” defined in the Private Securities Litigation Reform Act of 1995 ("PSLRA"). The PSLRA provides a forward-looking statement safe harbor under the Securities Act of 1933 and the Securities Exchange Act of 1934. These statements discuss our intentions, beliefs, projections, estimations, or forecasts of future events and financial performance. They involve uncertainties and known and unknown risks and other factors that may cause actual results, activity levels, or performance to materially differ from those in or implied by the forward-looking statements. In some cases, forward-looking statements include the words "may," "will," "could," "would," "should," "expect," "plan," "anticipate," "attribute," "confident," "strong," "target," "project," "intend," "believe," "estimate," "predict," "potential," "pro forma," "seek," "likely," "continue," or comparable terms. Our forward-looking statements are only predictions; we cannot guarantee or assure that such expectations will prove correct. We undertake no obligation to publicly update or revise any forward-looking statements for any reason except as may be required by law.
We discuss the factors that could cause our actual results to differ materially from our projections, forecasts, or estimates in forward-looking statements in Item 1A. "Risk Factors." in Part II. "Other Information" of this Form 10-Q. These risk factors
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may not be exhaustive. We operate in a constantly changing business environment, and new risk factors may emerge at any time. We cannot predict these new risk factors, their impact on our businesses, or the extent to which one or any combination of factors may cause actual results to differ materially from any forward-looking statements. Given these risks, uncertainties, and assumptions, the forward-looking events we discuss might not occur.
Introduction
We classify our business into four reportable segments:
•Standard Commercial Lines;
•Standard Personal Lines;
•Excess and Surplus Lines ("E&S Lines"); and
•Investments.
For more details about these segments, refer to Note 9. "Segment Information" in Item 1. "Financial Statements." of this Form 10-Q and Note 12. "Segment Information" in Item 8. "Financial Statements and Supplementary Data." of our Annual Report on Form 10-K for the year ended December 31, 2024 ("2024 Annual Report").
We write our Standard Commercial and Standard Personal Lines products and services through nine of our insurance subsidiaries, some of which participate in the federal government's National Flood Insurance Program's ("NFIP") Write Your Own Program. We write our E&S products through another subsidiary, Mesa Underwriters Specialty Insurance Company, a nationally-authorized non-admitted platform for customers who generally cannot obtain coverage in the standard marketplace. Collectively, we refer to our ten insurance subsidiaries as the "Insurance Subsidiaries."
The following is Management’s Discussion and Analysis ("MD&A") of our financial condition and consolidated results of operations, including an evaluation of the amounts and certainty of cash flows from operations and outside sources, trends, and uncertainties that may have a material impact in future periods. Investors should read the MD&A in conjunction with Item 1. "Financial Statements." of this Form 10-Q and the consolidated financial statements in our 2024 Annual Report filed with the United States ("U.S.") Securities and Exchange Commission.
In the MD&A, we will discuss and analyze the following:
•Critical Accounting Policies and Estimates;
•Financial Highlights of Results for the first quarters ended March 31, 2025 ("First Quarter 2025") and March 31, 2024 ("First Quarter 2024");
•Results of Operations and Related Information by Segment;
•Federal Income Taxes;
•Liquidity and Capital Resources; and
•Ratings.
Critical Accounting Policies and Estimates
Our unaudited interim consolidated financial statements include amounts for which we have made informed estimates and judgments for transactions not yet completed. Such estimates and judgments affect the reported amounts in the consolidated financial statements. As outlined in our 2024 Annual Report, those estimates and judgments most critical to the preparation of the consolidated financial statements involved the following: (i) reserve for loss and loss expense; (ii) investment valuation and the allowance for credit losses on available-for-sale ("AFS") fixed income securities; and (iii) reinsurance. These estimates and judgments require our use of assumptions about highly uncertain matters that make them subject to change as facts and circumstances develop. If we applied different estimates and judgments, the financial statements might have reported materially different amounts. For additional information regarding our critical accounting policies and estimates, refer to pages 38 through 45 of our 2024 Annual Report.
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Financial Highlights of Results for First Quarter 2025 and First Quarter 2024 1

($ and shares in thousands, except per share amounts) |  | Quarter ended March 31, |  | Change % or Points |  |  |  |  |  |
| 2025 |  |  | 2024 |  |  |  |  |  |  |  |  |
Financial Data: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Revenues |  | $ | 1,285,186 |  |  |  | 1,164,959 |  |  | 10 |  | % |  |  |  |  |  |  |  |
After-tax net investment income |  | 95,621 |  |  |  | 85,640 |  |  | 12 |  |  |  |  |  |  |  |  |  |
After-tax underwriting income (loss) |  | 36,053 |  |  |  | 15,034 |  |  | 140 |  |  |  |  |  |  |  |  |  |
Net income (loss) before federal income tax |  | 138,886 |  |  |  | 102,566 |  |  | 35 |  |  |  |  |  |  |  |  |  |
Net income (loss) |  | 109,896 |  |  |  | 82,518 |  |  | 33 |  |  |  |  |  |  |  |  |  |
Net income (loss) available to common stockholders |  | 107,596 |  |  |  | 80,218 |  |  | 34 |  |  |  |  |  |  |  |  |  |
Key Metrics: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Combined ratio |  | 96.1 |  | % |  | 98.2 |  |  | (2.1) |  | pts |  |  |  |  |  |  |  |
Invested assets per dollar of common stockholders' equity |  | $ | 3.37 |  |  |  | 3.12 |  |  | 8 |  | % |  |  |  |  |  |  |  |
Annualized after-tax yield on investment portfolio |  | 3.8 |  | % |  | 3.9 |  |  | (0.1) |  | pts |  |  |  |  |  |  |  |
Return on common equity ("ROE") |  | 14.4 |  |  |  | 11.5 |  |  | 2.9 |  |  |  |  |  |  |  |  |  |
Net premiums written ("NPW") to statutory surplus |  | $ | 1.47 |  |  |  | 1.55 |  |  | (5) |  | % |  |  |  |  |  |  |  |
Per Common Share Amounts: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Diluted net income (loss) per share |  | $ | 1.76 |  |  |  | 1.31 |  |  | 34 |  | % |  |  |  |  |  |  |  |
Book value per share |  | 50.33 |  |  |  | 46.17 |  |  | 9 |  |  |  |  |  |  |  |  |  |
Dividends declared per share to common stockholders |  | 0.38 |  |  |  | 0.35 |  |  | 9 |  |  |  |  |  |  |  |  |  |
Non-GAAP Information: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Non-GAAP operating income (loss)2 |  | $ | 107,414 |  |  |  | 81,510 |  |  | 32 |  | % |  |  |  |  |  |  |  |
Non-GAAP operating income (loss) per diluted common share 2 |  | 1.76 |  |  |  | 1.33 |  |  | 32 |  |  |  |  |  |  |  |  |  |
Non-GAAP operating ROE 2 |  | 14.4 |  | % |  | 11.7 |  |  | 2.7 |  | pts |  |  |  |  |  |  |  |
Adjusted book value per common share 2 |  | $ | 53.39 |  |  |  | 50.97 |  |  | 5 |  | % |  |  |  |  |  |  |  |

1 Refer to the Glossary of Terms attached to our 2024 Annual Report as Exhibit 99.1 for definitions of terms used in this Form 10-Q.
2 Non-GAAP operating income (loss), non-GAAP operating income (loss) per diluted common share, and non-GAAP operating ROE are comparable to net income (loss) available to common stockholders, net income (loss) available to common stockholders per diluted common share, and ROE, respectively, but exclude after-tax net realized and unrealized gains and losses on investments included in net income (loss). Adjusted book value per common share is comparable to book value per common share, but excludes total after-tax unrealized gains and losses on investments included in accumulated other comprehensive income (loss). These non-GAAP measures are important financial measures used by us, analysts, and investors because the timing of realized and unrealized investment gains and losses on securities in any given period is largely discretionary. In addition, net realized and unrealized investment gains and losses on investments could distort the analysis of trends.
The tables below provide reconciliations of our GAAP to non-GAAP measures:

Reconciliation of net income (loss) available to common stockholders to non-GAAP operating income (loss) |  | Quarter ended March 31, |  |
($ in thousands) |  | 2025 |  | 2024 |  |  |  |
Net income (loss) available to common stockholders |  | $ | 107,596 |  |  | 80,218 |  |  |  |  |
Net realized and unrealized investment (gains) losses included in net income (loss), before tax |  | (229) |  |  | 1,635 |  |  |  |  |
Tax on reconciling items |  | 47 |  |  | (343) |  |  |  |  |
Non-GAAP operating income (loss) |  | $ | 107,414 |  |  | 81,510 |  |  |  |  |

Reconciliation of net income (loss) available to common stockholders per diluted common share to non-GAAP operating income (loss) per diluted common share |  | Quarter ended March 31, |  |
| 2025 |  | 2024 |  |  |  |
Net income (loss) available to common stockholders per diluted common share |  | $ | 1.76 |  |  | 1.31 |  |  |  |  |
Net realized and unrealized investment (gains) losses included in net income (loss), before tax |  | — |  |  | 0.03 |  |  |  |  |
Tax on reconciling items |  | — |  |  | (0.01) |  |  |  |  |
Non-GAAP operating income (loss) per diluted common share |  | $ | 1.76 |  |  | 1.33 |  |  |  |  |

Reconciliation of ROE to non-GAAP operating ROE |  | Quarter ended March 31, |  |
|  | 2025 |  | 2024 |  |  |  |
ROE |  | 14.4 | % |  | 11.5 |  |  |  |  |
Net realized and unrealized investment (gains) losses included in net income (loss), before tax |  | — |  |  | 0.2 |  |  |  |  |
Tax on reconciling items |  | — |  |  | — |  |  |  |  |
Non-GAAP operating ROE |  | 14.4 | % |  | 11.7 |  |  |  |  |

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Reconciliation of book value per common share to adjusted book value per common share |  | Quarter ended March 31, |  |
| 2025 |  | 2024 |  |  |  |
Book value per common share |  | $ | 50.33 |  |  | 46.17 |  |  |  |  |
Total unrealized investment (gains) losses included in accumulated other comprehensive income (loss), before tax |  | 3.88 |  |  | 6.08 |  |  |  |  |
Tax on reconciling items |  | (0.82) |  |  | (1.28) |  |  |  |  |
Adjusted book value per common share |  | $ | 53.39 |  |  | 50.97 |  |  |  |  |

The following table depicts the components of ROE and non-GAAP operating ROE:

ROE and non-GAAP operating ROE Components |  | Quarter ended March 31, |  | Change Points |  |  |  |
|  | 2025 |  | 2024 |  |  |  |  |  |
Standard Commercial Lines Segment |  | 3.5 |  | % |  | 1.2 |  |  | 2.3 |  | pts |  |  |  |  |  |
Standard Personal Lines Segment |  | 0.2 |  |  |  | (0.6) |  |  | 0.8 |  |  |  |  |  |  |  |
E&S Lines Segment |  | 1.1 |  |  |  | 1.6 |  |  | (0.5) |  |  |  |  |  |  |  |
Total insurance operations |  | 4.8 |  |  |  | 2.2 |  |  | 2.6 |  |  |  |  |  |  |  |
Net investment income earned |  | 12.8 |  |  |  | 12.3 |  |  | 0.5 |  |  |  |  |  |  |  |
Net realized and unrealized investment gains (losses) |  | — |  |  |  | (0.2) |  |  | 0.2 |  |  |  |  |  |  |  |
Total investments segment |  | 12.8 |  |  |  | 12.1 |  |  | 0.7 |  |  |  |  |  |  |  |
Other |  | (3.2) |  |  |  | (2.8) |  |  | (0.4) |  |  |  |  |  |  |  |
ROE |  | 14.4 |  |  |  | 11.5 |  |  | 2.9 |  |  |  |  |  |  |  |
Net realized and unrealized investment (gains) losses, after tax |  | — |  |  |  | 0.2 |  |  | (0.2) |  |  |  |  |  |  |  |
Non-GAAP operating ROE |  | 14.4 |  |  |  | 11.7 |  |  | 2.7 |  |  |  |  |  |  |  |

In First Quarter 2025, we generated an ROE of 14.4%, compared to 11.5% in First Quarter 2024. Non-GAAP operating ROE of 14.4% was above our First Quarter 2024 non-GAAP operating ROE of 11.7%, exceeding our 12% target. The increase in our non-GAAP operating ROE in First Quarter 2025 compared to First Quarter 2024 was driven by improved underwriting profitability in our Commercial and Personal Lines segments and increased net investment income. Net investment income increased 12% from a year ago, to $95.6 million after-tax in First Quarter 2025, compared to $85.6 million after-tax in First Quarter 2024, and contributed 12.8 points to annualized ROE.
For additional qualitative discussion on our segment results, refer to the insurance segment sections below.
Outlook
Our differentiated operating model and empowered decision-makers deliver our products and value-added services to our customers. Open and dynamic discussions with our distribution partners about customer expectations, insurance market dynamics, talent, and technology confirm our belief that significant market opportunities exist for us and our partners.
Nonetheless, the insurance industry faces significant uncertainty around the macroeconomic environment, including financial market performance, international trade, and a possible recession. We believe we will be able to face these challenges by focusing on our long-term value proposition and executing our strategy, which includes prudent underwriting, pricing discipline, strong relationships with our distribution partners, and leveraging sophisticated analytical tools. Our significant investments in recent years to support scalable and profitable growth provide us with many opportunities to increase our market share, while aiming to meet or exceed our profitability targets.
We remain disciplined underwriters by prioritizing profitability over growth. New business has moderated as rate increases accelerated. However, policy retention has remained strong as we execute our pricing strategy in a granular fashion. As we position ourselves for the future, we have several strategies to profitably grow market share:
•In our existing footprint, we are focused on growing with existing partners and strategically appointing new agency locations. In First Quarter 2025, we added thirty agency locations. In full-year 2024, we had a net increase of two hundred agency locations.
•Careful and deliberate geographic expansion continues to provide growth opportunities. Since 2017, we have added thirteen states to our Standard Commercial Lines footprint, with five last year. In 2024 these thirteen states produced $350 million in premium, which represented approximately 10% of Standard Commercial Lines NPW and
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approximately 2% marginal premium growth. We expect to write new business in Kansas, Montana, and Wyoming by the end of 2026.
•Technology investments are critical to ensure efficiency and scale. We are actively developing and executing artificial intelligence use cases focused on underwriting scalability and improving claims outcomes. We have also made considerable progress modernizing our policy acquisition and claims systems. For example, system enhancements in our E&S Lines segment have created significant operational efficiency, with the segment’s premium production up significantly with limited headcount growth.
We continue to price new and renewal business incorporating our latest view of loss trends and profitability relative to our 95% combined ratio target. In First Quarter 2025, overall renewal pure pricing across our three insurance segments was 10.3%, up 2.2 points from a year ago. We believe our actions in 2024 and the continued execution of our strategy in 2025 position us well despite elevated uncertainty in the macroeconomic environment.
After contemplating First Quarter 2025 results, we are reaffirming our full-year 2025 guidance as follows:
•A GAAP combined ratio between 96% and 97%, including net catastrophe losses of 6 points. Consistent with our longstanding practice, our combined ratio estimate assumes no additional prior year casualty reserve development;
•Net investment income of $405 million after tax. A higher asset base due to proceeds from our senior notes issuance should benefit net investment income. However, alternative investments could face valuation headwinds in the coming months. Depending on the ultimate outcome and timing of tariffs, economic uncertainty and financial market volatility, there is heightened risk that alternative investment income, reported on a one-quarter lag, could be under pressure when we report second quarter earnings. We remain comfortable with the long-term performance expectations of the asset class and our 4% allocation; and
•Weighted average shares of 61.5 million on a fully diluted basis, including the common shares repurchased in First Quarter 2025 and assuming no additional repurchases under our existing share repurchase authorization.
Results of Operations and Related Information by Segment
Insurance Operations
The following table provides quantitative information for analyzing the combined ratio:

All Lines |  | Quarter ended March 31, |  | Change % or Points |  |  |  |  |  |
($ in thousands) |  | 2025 |  | 2024 |  |  |  |  |  |  |  |  |
Insurance Operations Results: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
NPW |  | $ | 1,240,443 |  |  | 1,156,621 |  |  | 7 |  | % |  |  |  |  |  |  |  |
Net premiums earned (“NPE”) |  | 1,158,757 |  |  | 1,050,944 |  |  | 10 |  |  |  |  |  |  |  |  |  |
Less: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Loss and loss expense incurred |  | 746,325 |  |  | 704,292 |  |  | 6 |  |  |  |  |  |  |  |  |  |
Net underwriting expenses incurred |  | 365,812 |  |  | 324,367 |  |  | 13 |  |  |  |  |  |  |  |  |  |
Dividends to policyholders |  | 983 |  |  | 3,254 |  |  | (70) |  |  |  |  |  |  |  |  |  |
Underwriting income (loss) |  | $ | 45,637 |  |  | 19,031 |  |  | 140 |  | % |  |  |  |  |  |  |  |
Combined Ratios: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Loss and loss expense ratio |  | 64.4 |  | % | 67.0 |  |  | (2.6) |  | pts |  |  |  |  |  |  |  |
Underwriting expense ratio |  | 31.6 |  |  | 30.9 |  |  | 0.7 |  |  |  |  |  |  |  |  |  |
Dividends to policyholders ratio |  | 0.1 |  |  | 0.3 |  |  | (0.2) |  |  |  |  |  |  |  |  |  |
Combined ratio |  | 96.1 |  |  | 98.2 |  |  | (2.1) |  |  |  |  |  |  |  |  |  |

The NPW and NPE growth in First Quarter 2025 compared to First Quarter 2024 reflected overall renewal pure price increases and direct new business. In addition, NPW and NPE growth in First Quarter 2025 benefited from stable retention in our Standard Commercial Lines and E&S Lines and exposure growth on renewal policies.

|  | Quarter ended March 31, |  |
($ in millions) |  | 2025 |  | 2024 |  |  |  |
Direct new business premiums |  | $ | 251.3 |  |  | 260.8 |  |  |  |  |
Renewal pure price increases |  | 10.3 | % |  | 8.1 |  |  |  |  |

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Loss and Loss Expenses
The following table provides quantitative information for analyzing loss and loss expense incurred:

|  | Quarter ended March 31, |  | Change % or Points |  |  |  |  |
($ in thousands) |  | 2025 |  |  | 2024 |  |  |  |  |  |  |  |
Loss and Loss Expense Incurred: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
(Favorable) unfavorable prior year casualty reserve development |  | $ | 5,000 |  |  |  | 35,000 |  |  | (86) |  | % |  |  |  |  |  |  |
Current year casualty loss costs |  | 519,272 |  |  |  | 442,878 |  |  | 17 |  |  |  |  |  |  |  |  |
Net catastrophe losses |  | 43,357 |  |  |  | 55,242 |  |  | (22) |  |  |  |  |  |  |  |  |
Non-catastrophe property loss and loss expenses |  | 178,696 |  |  |  | 171,172 |  |  | 4 |  |  |  |  |  |  |  |  |
Total loss and loss expense incurred |  | 746,325 |  |  |  | 704,292 |  |  | 6 |  |  |  |  |  |  |  |  |
Impact on Loss and Loss Expense Ratio: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
(Favorable) unfavorable prior year casualty reserve development |  | 0.4 |  | % |  | 3.3 |  |  | (2.9) |  | pts |  |  |  |  |  |  |
Current year casualty loss costs |  | 44.9 |  |  |  | 42.1 |  |  | 2.8 |  |  |  |  |  |  |  |  |
Net catastrophe losses |  | 3.7 |  |  |  | 5.3 |  |  | (1.6) |  |  |  |  |  |  |  |  |
Non-catastrophe property loss and loss expenses |  | 15.4 |  |  |  | 16.3 |  |  | (0.9) |  |  |  |  |  |  |  |  |
Total impact on loss and loss expense ratio |  | 64.4 |  |  |  | 67.0 |  |  | (2.6) |  |  |  |  |  |  |  |  |

Prior Year Casualty Reserve Development and Current Year Casualty Loss Costs
Details of prior year casualty reserve development by line of business follow:

(Favorable)/Unfavorable Prior Year Casualty Reserve Development |  | Quarter ended March 31, |  |  |
($ in millions) |  | 2025 |  | 2024 |  |  |  |  |
General liability |  | $ | — |  |  |  | 50.0 |  |  |  |  |  |  |
Workers compensation |  | — |  |  |  | (15.0) |  |  |  |  |  |  |
Total Standard Commercial Lines |  | — |  |  |  | 35.0 |  |  |  |  |  |  |
Homeowners |  | — |  |  |  | (5.0) |  |  |  |  |  |  |
Personal automobile |  | 5.0 |  |  |  | 5.0 |  |  |  |  |  |  |
Total Standard Personal Lines |  | 5.0 |  |  |  | — |  |  |  |  |  |  |
Total (favorable) unfavorable prior year casualty reserve development |  | $ | 5.0 |  |  |  | 35.0 |  |  |  |  |  |  |
(Favorable) unfavorable impact on loss ratio |  | 0.4 |  | pts |  | 3.3 |  |  |  |  |  |  |

The reduction in unfavorable prior year reserve development was partially offset by higher current year casualty loss costs. The increase in current year loss costs in First Quarter 2025 compared to First Quarter 2024 was primarily due to increased severities related to social inflation on our general liability and E&S casualty lines of business.
For additional qualitative discussion on prior year casualty reserve development and current year casualty loss costs, refer to the insurance segment sections below.
Property Losses
Net catastrophe and non-catastrophe property losses reduced the loss and loss expense ratio by 2.5 points in the aggregate in First Quarter 2025 compared to First Quarter 2024. The net catastrophe loss and loss expense ratio was 1.6 points lower in First Quarter 2025 compared to First Quarter 2024, as fewer and less severe storms impacted our footprint. The non-catastrophe property loss and loss expense ratio was 0.9 points lower in First Quarter 2025 compared to First Quarter 2024, reflecting (i) the earned impact of higher renewal pure price increases in 2025, (ii) lower claim frequencies, and (iii) normal variability from period to period of non-catastrophe weather.
For additional qualitative discussion on non-catastrophe property loss and loss expenses, refer to the insurance segment sections below.
Underwriting Expenses
The underwriting expense ratio increased 0.7 points in First Quarter 2025 compared to First Quarter 2024, primarily due to higher profit-based compensation to our distribution partners. In First Quarter 2024, the underwriting expense ratio also included the benefit of a state plan assessment reimbursement.
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Standard Commercial Lines Segment

|  | Quarter ended March 31, |  | Change % or Points |  |  |  |  |  |
($ in thousands) |  | 2025 |  | 2024 |  |  |  |  |  |  |  |
Insurance Segments Results: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
NPW |  | $ | 1,003,225 |  |  |  | 931,677 |  |  | 8 |  | % |  |  |  |  |  |  |  |
NPE |  | 912,210 |  |  |  | 834,110 |  |  | 9 |  |  |  |  |  |  |  |  |  |
Less: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Loss and loss expense incurred |  | 581,666 |  |  |  | 555,833 |  |  | 5 |  |  |  |  |  |  |  |  |  |
Net underwriting expenses incurred |  | 296,643 |  |  |  | 264,642 |  |  | 12 |  |  |  |  |  |  |  |  |  |
Dividends to policyholders |  | 983 |  |  |  | 3,254 |  |  | (70) |  |  |  |  |  |  |  |  |  |
Underwriting income (loss) |  | 32,918 |  |  |  | 10,381 |  |  | 217 |  |  |  |  |  |  |  |  |  |
Combined Ratios: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Loss and loss expense ratio |  | 63.8 |  | % |  | 66.7 |  |  | (2.9) |  | pts |  |  |  |  |  |  |  |
Underwriting expense ratio |  | 32.5 |  |  |  | 31.7 |  |  | 0.8 |  |  |  |  |  |  |  |  |  |
Dividends to policyholders ratio |  | 0.1 |  |  |  | 0.4 |  |  | (0.3) |  |  |  |  |  |  |  |  |  |
Combined ratio |  | 96.4 |  |  |  | 98.8 |  |  | (2.4) |  |  |  |  |  |  |  |  |  |

NPW and NPE growth in First Quarter 2025 compared to First Quarter 2024 primarily reflected (i) renewal pure price increases, (ii) strong exposure growth on renewal policies, and (iii) strong retention as the following table shows:

|  | Quarter ended March 31, |  |  |  |  |  |  |
($ in millions) |  | 2025 |  |  | 2024 |  |  |  |  |  |  |
Direct new business premiums |  | $ | 172.2 |  |  |  | 172.1 |  |  |  |  |  |  |  |  |  |  |
Retention |  | 85 |  | % |  | 86 |  |  |  |  |  |  |  |  |  |  |
Renewal pure price increases |  | 9.1 |  |  |  | 7.6 |  |  |  |  |  |  |  |  |  |  |

Loss and Loss Expenses
The following table provides quantitative information for analyzing loss and loss expense incurred:

|  | Quarter ended March 31, |  | Change % or Points |  |  |  |  |
($ in thousands) |  | 2025 |  |  | 2024 |  |  |  |  |  |  |  |
Loss and Loss Expense Incurred: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
(Favorable) unfavorable prior year casualty reserve development |  | $ | — |  |  |  | 35,000 |  |  | (100) |  | % |  |  |  |  |  |  |
Current year casualty loss costs |  | 433,064 |  |  |  | 367,297 |  |  | 18 |  |  |  |  |  |  |  |  |
Net catastrophe losses |  | 19,811 |  |  |  | 38,495 |  |  | (49) |  |  |  |  |  |  |  |  |
Non-catastrophe property loss and loss expenses |  | 128,791 |  |  |  | 115,041 |  |  | 12 |  |  |  |  |  |  |  |  |
Total loss and loss expense incurred |  | 581,666 |  |  |  | 555,833 |  |  | 5 |  |  |  |  |  |  |  |  |
Impact on Loss and Loss Expense Ratio: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
(Favorable) unfavorable prior year casualty reserve development |  | — |  | % |  | 4.2 |  |  | (4.2) |  | pts |  |  |  |  |  |  |
Current year casualty loss costs |  | 47.5 |  |  |  | 44.1 |  |  | 3.4 |  |  |  |  |  |  |  |  |
Net catastrophe losses |  | 2.2 |  |  |  | 4.6 |  |  | (2.4) |  |  |  |  |  |  |  |  |
Non-catastrophe property loss and loss expenses |  | 14.1 |  |  |  | 13.8 |  |  | 0.3 |  |  |  |  |  |  |  |  |
Total impact on loss and loss expense ratio |  | 63.8 |  |  |  | 66.7 |  |  | (2.9) |  |  |  |  |  |  |  |  |

Prior Year Casualty Reserve Development and Current Year Casualty Loss Costs
The details of the prior year casualty reserve development by line of business were as follows:

(Favorable)/Unfavorable Prior Year Casualty Reserve Development |  | Quarter ended March 31, |  |  |  |
($ in millions) |  | 2025 |  | 2024 |  |  |  |
General liability |  | $ | — |  |  | 50.0 |  |  |  |  |
Workers compensation |  | — |  |  | (15.0) |  |  |  |  |
Total Standard Commercial Lines |  | — |  |  | 35.0 |  |  |  |  |

The reduction in unfavorable prior year reserve development was partially offset by higher current year casualty loss costs. The increase in current year casualty loss costs in First Quarter 2025 compared to First Quarter 2024 was primarily due to increased severities related to social inflation.
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Refer to the line of business sections below for qualitative discussion on the significant drivers of unfavorable prior year casualty reserve development and current year casualty loss costs.
Property Losses
Net catastrophe and non-catastrophe property losses reduced the loss and loss expense ratio by 2.1 points in the aggregate in First Quarter 2025 compared to First Quarter 2024. Net catastrophe losses were 2.4 points lower than last year, driven by lower frequency and severity of wind and winter storm events.
Underwriting Expenses
The underwriting expense ratio increased 0.8 points in First Quarter 2025 compared to First Quarter 2024, primarily due to higher profit-based compensation to our distribution partners. In First Quarter 2024, the underwriting expense ratio also included the benefit of a state plan assessment reimbursement.
A discussion of our most significant Standard Commercial Lines of business follows:

General Liability |  |  |  |  |  |  |  |
|  | Quarter ended March 31, |  | Change % or Points 1 |  |  |  |  |  |
($ in thousands) |  | 2025 |  |  | 2024 |  |  |  |  |  |  |  |  |
NPW |  | $ | 333,896 |  |  |  | 307,444 |  |  | 9 |  | % |  |  |  |  |  |  |  |
Direct new business |  | 53,665 |  |  |  | 50,229 |  |  | n/a |  |  |  |  |  |  |  |  |
Retention |  | 85 |  | % |  | 87 |  |  | n/a |  |  |  |  |  |  |  |  |
Renewal pure price increases |  | 12.0 |  |  |  | 6.5 |  |  | n/a |  |  |  |  |  |  |  |  |
NPE |  | $ | 294,687 |  |  |  | 273,415 |  |  | 8 |  | % |  |  |  |  |  |  |  |
Underwriting income (loss) |  | (15,913) |  |  |  | (29,441) |  |  | (46) |  |  |  |  |  |  |  |  |  |
Combined ratio |  | 105.4 |  | % |  | 110.8 |  |  | (5.4) |  | pts |  |  |  |  |  |  |  |
% of total Standard Commercial Lines NPW |  | 33 |  |  |  | 33 |  |  |  |  |  |  |  |  |  |  |  |

1 n/a: not applicable.
NPW grew 9% in First Quarter 2025 compared to First Quarter 2024, benefiting from renewal pure price increases, exposure growth on renewal policies, and stable retention.
The combined ratio decreased 5.4 points in First Quarter 2025 compared to First Quarter 2024 and included the following:

|  | Quarter ended March 31, |  | Change % or Points |
($ in thousands) |  | 2025 |  |  | 2024 |  |
Loss and Loss Expense Incurred: |  |  |  |  |  |  |  |
(Favorable) unfavorable prior year casualty reserve development |  | $ | — |  |  |  | 50,000 |  |  | (100) |  | %
Current year casualty loss costs |  | 213,674 |  |  |  | 165,355 |  |  | 29 |  |
Total loss and loss expense incurred |  | 213,674 |  |  |  | 215,355 |  |  | (1) |  |
Impact on Loss and Loss Expense Ratio: |  |  |  |  |  |  |  |
(Favorable) unfavorable prior year casualty reserve development |  | — |  | % |  | 18.3 |  |  | (18.3) |  | pts
Current year casualty loss costs |  | 72.5 |  |  |  | 60.5 |  |  | 12.0 |  |
Total impact on loss and loss expense ratio |  | 72.5 |  |  |  | 78.8 |  |  | (6.3) |  |

We did not record any prior year casualty reserve development in First Quarter 2025. The unfavorable prior year casualty reserve development in First Quarter 2024 was primarily due to social inflation, which resulted in higher severities in accident years 2023 and prior. The general liability line of business has experienced a long-term historical trend of meaningful severity increases, partially offset by claim frequency decreases. Prior-year severities developed adversely, which extended into more recent accident years in 2024 after previously impacting the pre-pandemic period. We attribute the increased severities to elevated social inflation, which we view as an industry dynamic characterized by higher claimant propensity for attorney representation and litigation, longer settlement times, and higher settlement values. Certain jurisdictions with expanded liability theories and higher damage awards pose increased challenges. We are closely monitoring these jurisdictions and the broader trends across our business.
Partially offsetting the decrease in unfavorable prior year casualty reserve development was an increase in current year casualty loss costs of 12.0 points in First Quarter 2025 compared to First Quarter 2024, primarily driven by higher severities due to social inflation in the more recent accident years that was observed and responded to during the course of 2024. These actions produced full-year 2024 casualty loss costs of 67.0%, compared with 60.5% in First Quarter 2024. The 2025 ratio reflects the
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increase recognized in the 2024 accident year, as well as elevated loss trend expectations for the line.
We believe that social inflation and elevated loss trends are an industry dynamic, which we expect to continue to support an elevated near-term pricing environment. Given the consistency in our underwriting appetite and risk profile over time, we have focused primarily on prudent underwriting and appropriate pricing. Our renewal pure price increase in this line of business accelerated to 12.0% in First Quarter 2025, up from 10.6% last quarter, and 8.6% for full-year 2024.
The underwriting expense ratio increased 1.2 points in First Quarter 2025 compared to First Quarter 2024, as discussed in the "Total Standard Commercial Lines" section above.

Commercial Automobile |  |  |  |  |  |  |  |
|  | Quarter ended March 31, |  | Change % or Points 1 |  |  |  |  |  |
($ in thousands) |  | 2025 |  |  | 2024 |  |  |  |  |  |  |  |  |
NPW |  | $ | 312,654 |  |  |  | 285,601 |  |  | 9 |  | % |  |  |  |  |  |  |  |
Direct new business |  | 45,871 |  |  |  | 47,795 |  |  | n/a |  |  |  |  |  |  |  |  |
Retention |  | 85 |  | % |  | 86 |  |  | n/a |  |  |  |  |  |  |  |  |
Renewal pure price increases |  | 10.6 |  |  |  | 10.4 |  |  | n/a |  |  |  |  |  |  |  |  |
NPE |  | $ | 283,585 |  |  |  | 251,720 |  |  | 13 |  | % |  |  |  |  |  |  |  |
Underwriting income (loss) |  | 7,644 |  |  |  | 262 |  |  | 2,818 |  |  |  |  |  |  |  |  |  |
Combined ratio |  | 97.3 |  | % |  | 99.9 |  |  | (2.6) |  | pts |  |  |  |  |  |  |  |
% of total Standard Commercial Lines NPW |  | 31 |  |  |  | 31 |  |  |  |  |  |  |  |  |  |  |  |

1 n/a: not applicable.
NPW grew 9% in First Quarter 2025 compared to First Quarter 2024, primarily benefiting from renewal pure price increases and stable retention. Stable retention and direct new business contributed to a 1% growth of in-force vehicle counts as of March 31, 2025, compared to March 31, 2024.
The combined ratio decreased 2.6 points in First Quarter 2025 compared to First Quarter 2024, and included the following:

|  | Quarter ended March 31, |  | Change % or Points |
($ in thousands) |  | 2025 |  |  | 2024 |  |
Loss and Loss Expense Incurred: |  |  |  |  |  |  |  |
Current year casualty loss costs |  | $ | 144,739 |  |  |  | 129,579 |  |  | 12 |  | %
Net catastrophe losses |  | 1,477 |  |  |  | 1,418 |  |  | 4 |  |
Non-catastrophe property loss and loss expenses |  | 42,548 |  |  |  | 44,337 |  |  | (4) |  |
Total loss and loss expense incurred |  | 188,764 |  |  |  | 175,334 |  |  | 8 |  |
Impact on Loss and Loss Expense Ratio: |  |  |  |  |  |  |  |
Current year casualty loss costs |  | 51.1 |  | % |  | 51.5 |  |  | (0.4) |  | pts
Net catastrophe losses |  | 0.5 |  |  |  | 0.6 |  |  | (0.1) |  |
Non-catastrophe property loss and loss expenses |  | 15.0 |  |  |  | 17.6 |  |  | (2.6) |  |
Total impact on loss and loss expense ratio |  | 66.6 |  |  |  | 69.7 |  |  | (3.1) |  |

Non-catastrophe property loss and loss expenses decreased in First Quarter 2025 compared to First Quarter 2024, primarily due to the earned impact of renewal price increases.
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Commercial Property 1 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  | Quarter ended March 31, |  | Change % or Points 2 |  |  |  |  |  |
($ in thousands) |  | 2025 |  |  | 2024 |  |  |  |  |  |  |  |  |
NPW |  | $ | 196,254 |  |  |  | 174,512 |  |  | 12 |  | % |  |  |  |  |  |  |  |
Direct new business |  | 41,416 |  |  |  | 38,540 |  |  | n/a |  |  |  |  |  |  |  |  |
Retention |  | 84 |  | % |  | 85 |  |  | n/a |  |  |  |  |  |  |  |  |
Renewal pure price increases |  | 8.5 |  |  |  | 10.9 |  |  | n/a |  |  |  |  |  |  |  |  |
NPE |  | $ | 186,530 |  |  |  | 161,553 |  |  | 15 |  | % |  |  |  |  |  |  |  |
Underwriting income (loss) |  | 30,012 |  |  |  | 9,567 |  |  | 214 |  |  |  |  |  |  |  |  |  |
Combined ratio |  | 83.9 |  | % |  | 94.1 |  |  | (10.2) |  | pts |  |  |  |  |  |  |  |
% of total Standard Commercial Lines NPW |  | 20 |  |  |  | 19 |  |  |  |  |  |  |  |  |  |  |  |

1 includes Inland Marine.
2 n/a: not applicable.
NPW grew 12% in First Quarter 2025 compared to First Quarter 2024, primarily benefiting from renewal pure price increases, stable retention, and exposure growth on renewal policies.
The combined ratio decreased 10.2 points in First Quarter 2025 compared to First Quarter 2024 and included the following:

|  | First Quarter 2025 |  | First Quarter 2024 |  |  |
($ in millions) |  | Loss and Loss Expense Incurred |  | Impact on Combined Ratio |  |  | Loss and Loss Expense Incurred |  | Impact on Combined Ratio |  | Change in Ratio |
Net catastrophe losses |  | $ | 16.4 |  |  | 8.8 |  | pts |  | 32.9 |  |  | 20.3 |  |  | (11.5) |  | pts
Non-catastrophe property loss and loss expenses |  | 76.6 |  |  | 41.1 |  |  |  | 62.4 |  |  | 38.6 |  |  | 2.5 |  |
Total |  | $ | 93.0 |  |  | 49.9 |  |  |  | 95.3 |  |  | 58.9 |  |  | (9.0) |  |

Net catastrophe losses were lower in First Quarter 2025 compared to First Quarter 2024, as discussed in the "Standard Commercial Lines Segment" section above.

Workers Compensation |  |  |  |  |  |  |  |
|  | Quarter ended March 31, |  | Change % or Points 1 |  |  |  |  |  |
($ in thousands) |  | 2025 |  |  | 2024 |  |  |  |  |  |  |  |  |
NPW |  | $ | 86,146 |  |  |  | 98,783 |  |  | (13) |  | % |  |  |  |  |  |  |  |
Direct new business |  | 13,734 |  |  |  | 18,483 |  |  | n/a |  |  |  |  |  |  |  |  |
Retention |  | 84 |  | % |  | 85 |  |  | n/a |  |  |  |  |  |  |  |  |
Renewal pure price increases (decreases) |  | (3.2) |  |  |  | (2.6) |  |  | n/a |  |  |  |  |  |  |  |  |
NPE |  | $ | 79,036 |  |  |  | 87,777 |  |  | (10) |  | % |  |  |  |  |  |  |  |
Underwriting income |  | (4,678) |  |  |  | 18,193 |  |  | (126) |  |  |  |  |  |  |  |  |  |
Combined ratio |  | 105.9 |  | % |  | 79.3 |  |  | 26.6 |  | pts |  |  |  |  |  |  |  |
% of total Standard Commercial Lines NPW |  | 9 |  |  |  | 11 |  |  |  |  |  |  |  |  |  |  |  |

1 n/a: not applicable.
NPW decreased 13% in First Quarter 2025 compared to First Quarter 2024, primarily due to decreases in renewal pure price and direct new business.
The combined ratio increased 26.6 points in First Quarter 2025 compared to First Quarter 2024 and included the following:

|  | First Quarter 2025 |  | First Quarter 2024 |  |  |
($ in millions) |  | Loss and Loss Expense Incurred |  | Impact on Combined Ratio |  |  | Loss and Loss Expense Incurred |  | Impact on Combined Ratio |  | Change in Ratio |
(Favorable) unfavorable prior year casualty reserve development |  | $ | — |  |  | — |  | pts |  | (15.0) |  |  | (17.1) |  |  | 17.1 |  | pts
Current year casualty loss costs |  | 61.5 |  |  | 77.8 |  |  |  | 60.8 |  |  | 69.3 |  |  | 8.5 |  |
Total |  | $ | 61.5 |  |  | 77.8 |  |  |  | $ | 45.8 |  |  | 52.2 |  |  | 25.6 |  |

There was no prior year casualty reserve development in First Quarter 2025. The favorable prior year casualty reserve development in First Quarter 2024 was primarily due to improved loss severities in accident years 2021 and prior.
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In First Quarter 2025, the combined ratio was adversely impacted by an increase in current year casualty loss costs of 8.5 points, primarily driven by loss trend outpacing rate level reductions. These rate level reductions are driven by continued decreases in workers compensation rating bureau loss costs, which we use to supplement our data in determining premium rates for this line of business.
Standard Personal Lines Segment

|  | Quarter ended March 31, |  | Change % or Points |  |  |  |  |  |
($ in thousands) |  | 2025 |  |  | 2024 |  |  |  |  |  |  |  |  |
Insurance Segments Results: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
NPW |  | $ | 87,513 |  |  |  | 99,904 |  |  | (12) |  | % |  |  |  |  |  |  |  |
NPE |  | 103,655 |  |  |  | 103,846 |  |  | — |  |  |  |  |  |  |  |  |  |
Less: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Loss and loss expense incurred |  | 76,669 |  |  |  | 84,344 |  |  | (9) |  |  |  |  |  |  |  |  |  |
Net underwriting expenses incurred |  | 24,949 |  |  |  | 24,837 |  |  | — |  |  |  |  |  |  |  |  |  |
Underwriting income (loss) |  | $ | 2,037 |  |  |  | (5,335) |  |  | (138) |  |  |  |  |  |  |  |  |  |
Combined Ratios: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Loss and loss expense ratio |  | 73.9 |  | % |  | 81.2 |  |  | (7.3) |  | pts |  |  |  |  |  |  |  |
Underwriting expense ratio |  | 24.1 |  |  |  | 23.9 |  |  | 0.2 |  |  |  |  |  |  |  |  |  |
Combined ratio |  | 98.0 |  |  |  | 105.1 |  |  | (7.1) |  |  |  |  |  |  |  |  |  |

NPW decreased 12% in First Quarter 2025 compared to First Quarter 2024. The decrease in First Quarter 2025 compared to First Quarter 2024 was primarily due to direct new business and retention reductions, partially offset by renewal pure price increases and higher average policy sizes from our mass affluent market strategy. New business decreased 58% and new policy counts decreased 68% in First Quarter 2025 compared to First Quarter 2024 as we focused on growth in states where our rate levels are adequate, and where we anticipate profitable growth. We have also significantly curtailed production, including restricting new business in certain states, like New Jersey, our biggest market, where filed rates do not support a path to profitability. The following table depicts our reductions in direct new business and retention:

|  | Quarter ended March 31, |  |  |  |  |  |  |  |
($ in millions) |  | 2025 |  |  | 2024 |  |  |  |  |  |  |  |  |
Direct new business premiums 1 |  | $ | 8.9 |  |  |  | 21.3 |  |  |  |  |  |  |  |  |  |  |  |
Retention |  | 75 |  | % |  | 83 |  |  |  |  |  |  |  |  |  |  |  |
Renewal pure price increases |  | 24.1 |  |  |  | 14.3 |  |  |  |  |  |  |  |  |  |  |  |

1 Excludes our Flood direct premiums written, which are 100% ceded to the NFIP and do not impact NPW.
We are taking actions to improve the profitability of this business, refine our pricing factors, and prioritize rate filings to mitigate inflationary impacts. Our more significant rate increases began to take effect early in 2023 and increased in number and magnitude through 2024. We expect 2025 rate changes to remain above loss trends but moderate compared to our rate increases in 2024. Directly related to our actions, we achieved a renewal pure price increase of 24.1% in First Quarter 2025. We also are continuing to seek improved homeowners profitability by expanding the use of new policy terms and conditions, including (i) coverage for older roofs based on a schedule of factors rather than replacement cost and (ii) where allowed by law, mandatory wind/hail deductibles in states exposed to severe convective storms.
The change in NPE in First Quarter 2025 compared to First Quarter 2024 resulted from the same impacts to NPW described above.
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Loss and Loss Expenses
The following table provides quantitative information for analyzing loss and loss expense incurred:

|  | Quarter ended March 31, |  | Change % or Points |
($ in thousands) |  | 2025 |  |  | 2024 |  |
Loss and Loss Expense Incurred: |  |  |  |  |  |  |  |
(Favorable) unfavorable prior year casualty reserve development |  | $ | 5,000 |  |  |  | — |  |  | n/a | %
Current year casualty loss costs |  | 28,067 |  |  |  | 30,621 |  |  | (8) |  |
Net catastrophe losses |  | 7,113 |  |  |  | 11,845 |  |  | (40) |  |
Non-catastrophe property loss and loss expenses |  | 36,489 |  |  |  | 41,878 |  |  | (13) |  |
Total loss and loss expense incurred |  | 76,669 |  |  |  | 84,344 |  |  | (9) |  |
Impact on Loss and Loss Expense Ratio: |  |  |  |  |  |  |  |
(Favorable) unfavorable prior year casualty reserve development |  | 4.8 |  | % |  | — |  |  | 4.8 |  | pts
Current year casualty loss costs |  | 27.0 |  |  |  | 29.5 |  |  | (2.5) |  |
Net catastrophe losses |  | 6.9 |  |  |  | 11.4 |  |  | (4.5) |  |
Non-catastrophe property loss and loss expenses |  | 35.2 |  |  |  | 40.3 |  |  | (5.1) |  |
Total impact on loss and loss expense ratio |  | 73.9 |  |  |  | 81.2 |  |  | (7.3) |  |

Prior Year Casualty Reserve Development and Current Year Casualty Loss Costs
Details of the prior year casualty reserve development by line of business follow:

(Favorable)/Unfavorable Prior Year Casualty Reserve Development |  | Quarter ended March 31, |  |  |  |
($ in millions) |  | 2025 |  | 2024 |  |  |  |
Homeowners |  | $ | — |  |  | (5.0) |  |  |  |  |
Personal automobile |  | 5.0 |  |  | 5.0 |  |  |  |  |
Total Standard Personal Lines |  | 5.0 |  |  | — |  |  |  |  |

Prior year casualty reserve development in First Quarter 2025 included $5.0 million in personal automobile, primarily driven by increased severities in accident year 2024. Our homeowners line of business experienced $5.0 million of favorable prior year casualty reserve development in First Quarter 2024, primarily due to lower loss severities in accident years 2021 and prior. This favorable development was offset by $5.0 million of unfavorable prior year casualty reserve development on our personal automobile line of business in First Quarter 2024, primarily driven by increased loss severities in accident years 2021 through 2023.
Current year casualty loss costs decreased 2.5 points in First Quarter 2025 compared to First Quarter 2024, primarily due to the earned impact of significant rate increases.
Property Losses
Net catastrophe and non-catastrophe property losses reduced the loss and loss expense ratio by 9.6 points in the aggregate in First Quarter 2025 compared to First Quarter 2024. Non-catastrophe property loss and loss expense ratios were lower in First Quarter 2025 compared to First Quarter 2024 due to (i) the earned impact of higher renewal pure price increases in 2025 and (ii) variability from period to period of catastrophe and non-catastrophe losses. Net catastrophe losses were lower in First Quarter 2025 compared to First Quarter 2024 due to lower frequency and severity of events this year compared to the same prior-year period.
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E&S Lines Segment

|  | Quarter ended March 31, |  | Change % or Points |  |  |  |  |  |
($ in thousands) |  | 2025 |  | 2024 |  |  |  |  |  |  |  |
Insurance Segments Results: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
NPW |  | $ | 149,705 |  |  |  | 125,040 |  |  | 20 |  | % |  |  |  |  |  |  |  |
NPE |  | 142,892 |  |  |  | 112,988 |  |  | 26 |  |  |  |  |  |  |  |  |  |
Less: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Loss and loss expense incurred |  | 87,990 |  |  |  | 64,115 |  |  | 37 |  |  |  |  |  |  |  |  |  |
Net underwriting expenses incurred |  | 44,220 |  |  |  | 34,888 |  |  | 27 |  |  |  |  |  |  |  |  |  |
Underwriting income (loss) |  | 10,682 |  |  |  | 13,985 |  |  | (24) |  |  |  |  |  |  |  |  |  |
Combined Ratios: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Loss and loss expense ratio |  | 61.6 |  | % |  | 56.7 |  |  | 4.9 |  | pts |  |  |  |  |  |  |  |
Underwriting expense ratio |  | 30.9 |  |  |  | 30.9 |  |  | — |  |  |  |  |  |  |  |  |  |
Combined ratio |  | 92.5 |  |  |  | 87.6 |  |  | 4.9 |  |  |  |  |  |  |  |  |  |

NPW and NPE growth in First Quarter 2025 compared to First Quarter 2024 included:

|  | Quarter ended March 31, |  |  |  |  |  |  |  |
($ in millions) |  | 2025 |  | 2024 |  |  |  |  |  |  |  |
Direct new business premiums |  | $ | 70.2 |  |  |  | 67.4 |  |  |  |  |  |  |  |  |  |  |  |
Renewal pure price increases |  | 8.7 |  | % |  | 5.2 |  |  |  |  |  |  |  |  |  |  |  |

NPW and NPE growth in First Quarter 2025 also benefited from (i) both property and casualty exposure growth on renewal policies, (ii) higher rates per exposure, and (iii) higher new business production.
Loss and Loss Expenses
The following table provides quantitative information for analyzing loss and loss expense incurred:

|  | Quarter ended March 31, |  | Change % or Points |
($ in thousands) |  | 2025 |  |  | 2024 |  |
Loss and Loss Expense Incurred: |  |  |  |  |  |  |  |
Current year casualty loss costs |  | $ | 58,141 |  |  |  | 44,960 |  |  | 29 |  | %
Net catastrophe losses |  | 16,433 |  |  |  | 4,902 |  |  | 235 |  |
Non-catastrophe property loss and loss expenses |  | 13,416 |  |  |  | 14,253 |  |  | (6) |  |
Total loss and loss expense incurred |  | 87,990 |  |  |  | 64,115 |  |  | 37 |  |
Impact on Loss and Loss Expense Ratio: |  |  |  |  |  |  |  |
Current year casualty loss costs |  | 40.7 |  | % |  | 39.8 |  |  | 0.9 |  | pts
Net catastrophe losses |  | 11.5 |  |  |  | 4.3 |  |  | 7.2 |  |
Non-catastrophe property loss and loss expenses |  | 9.4 |  |  |  | 12.6 |  |  | (3.2) |  |
Total impact on loss and loss expense ratio |  | 61.6 |  |  |  | 56.7 |  |  | 4.9 |  |

The loss and loss expense ratio increased 4.9 points in First Quarter 2025 compared to First Quarter 2024, primarily driven by a 4.0-point aggregate increase in property losses in First Quarter 2025 compared to First Quarter 2024. Our First Quarter 2025 catastrophe losses were impacted by (i) the January 2025 California Palisades Fire, which added 2.9 points to our loss and loss expense ratio and (ii) severe wind and thunderstorm events impacting our footprint in March 2025.
We experienced lower non-catastrophe property loss and loss expenses in First Quarter 2025 compared to First Quarter 2024, reflecting the continued period to period variability normally associated with property lines of business.
Current year casualty loss cost increased 0.9 points in First Quarter 2025, negatively affecting the loss and loss expense ratio compared to First Quarter 2024, primarily driven by increased severities due to social inflation.
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Investments
Our Investments segment's objectives are to maximize the economic value of our investment portfolio by achieving stable, risk-adjusted after-tax net investment income and generate long-term growth in book value per share, considering prevailing market conditions, our enterprise risk tolerances, and other risk implications. We aim to accomplish this by:
•Maximizing the portfolio's overall total return by investing (i) the premiums from our insurance operations, (ii) amounts generated through our capital management strategies, including debt and equity security issuances, and (iii) profits of our business, and
•Maintaining (i) a well-diversified portfolio across issuers, sectors, and asset classes and (ii) a high credit quality fixed income securities portfolio with a duration and maturity profile at an acceptable risk level that provides ample liquidity.
The effective duration of our fixed income and short-term investments was 4.1 years as of March 31, 2025. We monitor and manage the effective duration to maximize yield while managing interest rate risk at an acceptable level. We buy and sell investments with the intent of maximizing investment returns in the current market environment, while balancing capital preservation and ensuring adequate liquidity to support our insurance business.
Our fixed income and short-term investments represented 92% of invested assets at March 31, 2025 and December 31, 2024. These investments had (i) a weighted average credit rating of "A+" as of March 31, 2025 and December 31, 2024, and (ii) investment grade holdings representing 97% of the total fixed income and short-term investment portfolio at March 31, 2025 and December 31, 2024.
For further details on the composition, credit quality, and various risks to which our portfolio is subject, see Item 7A. "Quantitative and Qualitative Disclosures About Market Risk." of our 2024 Annual Report.

Total Invested Assets |  |  |  |  |  |  |
($ in thousands) |  | March 31, 2025 |  | December 31, 2024 |  | Change |
Total invested assets |  | $ | 10,295,310 |  |  | 9,651,297 |  |  | 7 |  | %
Invested assets per dollar of common stockholders' equity |  | 3.37 |  |  | 3.31 |  |  | 2 |  |
Components of unrealized gains (losses) – before tax: |  |  |  |  |  |  |
Fixed income securities |  | (235,676) |  |  | (316,796) |  |  | (26) |  | %
Equity securities |  | 3,166 |  |  | 2,116 |  |  | 50 |  |
Net unrealized gains (losses) – before tax |  | (232,510) |  |  | (314,680) |  |  | (26) |  |
Components of unrealized gains (losses) – after tax: |  |  |  |  |  |  |
Fixed income securities |  | (186,184) |  |  | (250,269) |  |  | (26) |  |
Equity securities |  | 2,501 |  |  | 1,671 |  |  | 50 |  |
Net unrealized gains (losses) – after tax |  | (183,683) |  |  | (248,598) |  |  | (26) |  |

Invested assets increased $644.0 million at March 31, 2025, compared to December 31, 2024, primarily reflecting: (i) net proceeds from the issuance of our 5.9% Senior Notes in First Quarter 2025; (ii) our active investment of operating cash flows, which were 23% of NPW in First Quarter 2025; and (iii) pre-tax net unrealized gains in our fixed income and equity securities portfolios of $82.2 million due to a reduction in interest rates and strong performance of U.S. equities during First Quarter 2025. For additional information about our 5.9% Senior Notes, see Note 12. "Indebtedness" in Item 1. "Financial Statements" of this Form 10-Q.
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Net Investment Income
Net investment income earned components were as follows:

|  | Quarter ended March 31, |  | Change % or Points |  |  |  |  |  |
($ in thousands) |  | 2025 |  | 2024 |  |  |  |  |  |
Fixed income securities |  | $ | 105,082 |  |  | 94,102 |  |  | 12 |  | % |  |  |  |  |  |  |
Commercial mortgage loans ("CMLs") |  | 3,615 |  |  | 2,794 |  |  | 29 |  |  |  |  |  |  |  |  |
Equity securities |  | 3,567 |  |  | 4,908 |  |  | (27) |  |  |  |  |  |  |  |  |
Short-term investments |  | 6,233 |  |  | 3,519 |  |  | 77 |  |  |  |  |  |  |  |  |
Alternative investments |  | 7,079 |  |  | 6,881 |  |  | 3 |  |  |  |  |  |  |  |  |
Other investments |  | 231 |  |  | 263 |  |  | (12) |  |  |  |  |  |  |  |  |
Investment expenses |  | (5,116) |  |  | (4,618) |  |  | 11 |  |  |  |  |  |  |  |  |
Net investment income earned – before tax |  | 120,691 |  |  | 107,849 |  |  | 12 |  |  |  |  |  |  |  |  |
Net investment income tax expense |  | (25,070) |  |  | (22,209) |  |  | 13 |  |  |  |  |  |  |  |  |
Net investment income earned – after tax |  | $ | 95,621 |  |  | 85,640 |  |  | 12 |  |  |  |  |  |  |  |  |
Effective tax rate |  | 20.8 | % |  | 20.6 |  |  | 0.2 |  | pts |  |  |  |  |  |  |
Annualized after-tax yield on fixed income investments |  | 4.0 |  |  | 4.0 |  |  | — |  |  |  |  |  |  |  |  |
Annualized after-tax yield on investment portfolio |  | 3.8 |  |  | 3.9 |  |  | (0.1) |  |  |  |  |  |  |  |  |

After-tax net investment income earned increased 12% in First Quarter 2025 compared to First Quarter 2024, primarily driven by active portfolio management, operating cash flow deployment, and net proceeds from the issuance of our 5.9% Senior Notes in First Quarter 2025. For additional information about our 5.9% Senior Notes, see Note 12. "Indebtedness" in Item 1. "Financial Statements" of this Form 10-Q.
Realized and Unrealized Gains and Losses
When evaluating securities for sale, our general philosophy is to reduce our exposure to securities and sectors based on economic evaluations of whether (i) the fundamentals for that security or sector have deteriorated or (ii) the timing is appropriate to trade opportunistically for other securities with better economic-return characteristics. Net realized and unrealized gains and losses for the indicated periods were as follows:

|  | Quarter ended March 31, |  | Change % |  |  |  |
($ in thousands) |  | 2025 |  | 2024 |  |  |  |
Net realized gains (losses) on disposals |  | $ | (656) |  |  | 170 |  |  | (486) |  | % |  |  |  |  |  |  |
Net unrealized gains (losses) on equity securities |  | 1,050 |  |  | 692 |  |  | 52 |  |  |  |  |  |  |  |  |
Net credit loss benefit (expense) on fixed income securities, AFS |  | 629 |  |  | (2,650) |  |  | (124) |  |  |  |  |  |  |  |  |
Net credit loss benefit (expense) on CMLs |  | (35) |  |  | 168 |  |  | (121) |  |  |  |  |  |  |  |  |
Losses on securities for which we have the intent to sell |  | (759) |  |  | (15) |  |  | N/M |  |  |  |  |  |  |  |
Total net realized and unrealized investment gains (losses) |  | $ | 229 |  |  | (1,635) |  |  | (114) |  |  |  |  |  |  |  |  |

Federal Income Taxes
The following table provides information regarding federal income taxes and reconciles federal income tax at the corporate rate to the effective tax rate:

|  | Quarter ended March 31, |  |
($ in thousands) |  | 2025 |  | 2024 |  |  |  |
Tax at statutory rate |  | $ | 29,166 |  |  | 21,539 |  |  |  |  |
Tax-advantaged interest |  | (226) |  |  | (402) |  |  |  |  |
Dividends received deduction |  | (50) |  |  | (38) |  |  |  |  |
Executive compensation |  | 1,175 |  |  | 1,323 |  |  |  |  |
Stock-based compensation |  | (495) |  |  | (1,439) |  |  |  |  |
Other |  | (580) |  |  | (935) |  |  |  |  |
Federal income tax expense (benefit) |  | $ | 28,990 |  |  | 20,048 |  |  |  |  |
Income before federal income tax, less preferred stock dividends |  | $ | 136,586 |  |  | 100,266 |  |  |  |  |
Effective tax rate |  | 21.2 | % |  | 20.0 |  |  |  |  |

Liquidity and Capital Resources
Capital resources and liquidity reflect our ability to generate cash flows from business operations, borrow funds at competitive rates, and raise new capital to meet our operating and growth needs.
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Liquidity
We manage liquidity by generating sufficient cash flows to meet our business operations' short-term and long-term cash requirements. We adjust our liquidity requirements based on economic conditions, market conditions, and future cash flow commitments, as discussed further below.
Sources of Liquidity
The Parent's sources of cash historically have consisted of dividends from the Insurance Subsidiaries, the Parent's investment portfolio, borrowings under third-party lines of credit, intercompany revolving demand loan agreements with certain Insurance Subsidiaries, and the issuance of equity (common or preferred) and debt securities. We continue to monitor these sources, considering our short-term and long-term liquidity and capital preservation strategies.
The Parent's cash and components of its investment portfolio were as follows:

($ in thousands) |  | March 31, 2025 |  | December 31, 2024
Fixed income securities |  | $ | 304,186 |  |  | 268,486 |
Equity securities |  | 57,443 |  |  | 53,248 |
Short-term investments |  | 179,854 |  |  | 62,223 |
Alternative investments |  | 18,481 |  |  | 18,443 |
Cash |  | 124 |  |  | 91 |
Total investments and cash |  | $ | 560,088 |  |  | 402,491 |

Short-term investments have historically been maintained in "AAA" rated money market funds and fixed income securities are comprised of high-quality, liquid government and corporate securities.
The amount and composition of the Parent's investment portfolio may change over time based on various factors, including the amount and availability of dividends from our Insurance Subsidiaries, investment income, expenses, other Parent cash needs, such as dividends payable to stockholders, asset allocation investment decisions, inorganic growth opportunities, debt retirement, and share repurchases. Our target is for the Parent to maintain liquid investments of at least twice its expected annual net cash outflow needs.
Insurance Subsidiary Dividends
The Insurance Subsidiaries generate liquidity through insurance float, created by collecting premiums and earning investment income before paying claims. Given the long payment patterns of certain claims, the period of float can extend over many years. Our investment portfolio consists of securities with maturity dates that continually provide a source of cash flow for claims payments in the ordinary course of business. To protect our Insurance Subsidiaries' capital, we purchase reinsurance coverage for significantly large claims or catastrophes that may occur.
From time to time, our Insurance Subsidiaries pay dividends to the Parent company. The Insurance Subsidiaries did not declare or pay cash dividends to the Parent in First Quarter 2025. As of December 31, 2024, our allowable ordinary maximum dividend is $290 million for 2025. All Insurance Subsidiary dividends to the Parent are (i) subject to the approval and/or review of its domiciliary state insurance regulator and (ii) generally payable only from earned statutory surplus reported in its annual statements as of the preceding December 31. Although domiciliary state insurance regulators have historically approved dividends, there is no assurance they will approve future Insurance Subsidiary dividends.
New Jersey corporate law also limits the maximum amount of dividends the Parent can pay our stockholders if either (i) the Parent would be unable to pay its debts as they become due in the usual course of business or (ii) the Parent’s total assets would be less than its total liabilities. The Parent’s ability to pay dividends to stockholders is also impacted by (i) covenants in its credit agreement that obligate it, among other things, to maintain a minimum consolidated net worth and a maximum ratio of consolidated debt to total capitalization and (ii) the terms of our preferred stock that prohibit dividends from being declared or paid on our common stock if dividends are not declared and paid, or made payable, on all outstanding preferred stock for the latest completed dividend period.
For additional information regarding dividend restrictions and financial covenants, where applicable, see Note 11. "Indebtedness," Note 17. "Equity," and Note 22. "Statutory Financial Information, Capital Requirements, and Restrictions on Dividends and Transfers of Funds" in Item 8. "Financial Statements and Supplementary Data." of our 2024 Annual Report.
Line of Credit
On November 7, 2022, the Parent entered into a Credit Agreement with the lenders named therein (the "Lenders") and Wells Fargo Bank, National Association, as Administrative Agent ("Line of Credit"). Under the Line of Credit, the Lenders have
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agreed to provide the Parent with a $50 million revolving credit facility that can be increased to $125 million with the Lenders' consent. No borrowings were made under the Line of Credit in First Quarter 2025. The Line of Credit will mature on November 7, 2025, and has a variable interest rate based on the Parent’s debt ratings. We expect to continue to maintain a credit facility for liquidity purposes. For additional information regarding the Line of Credit and corresponding representations, warranties, and covenants, refer to Note 11. "Indebtedness" in Item 8. "Financial Statements and Supplementary Data." of our 2024 Annual Report. We met all covenants under our Line of Credit as of March 31, 2025.
Four Insurance Subsidiaries are members of Federal Home Loan Bank ("FHLB") branches, as shown in the following table. Membership requires the ownership of branch stock and includes the right to access liquidity. All Federal Home Loan Bank of Indianapolis ("FHLBI") and Federal Home Loan Bank of New York ("FHLBNY") borrowings are required to be secured by investments pledged as collateral. For additional information regarding collateral outstanding, refer to Note 4. "Investments" in Item 1. "Financial Statements." of this Form 10-Q.

Branch | Insurance Subsidiary Member
FHLBI | Selective Insurance Company of South Carolina 1 Selective Insurance Company of the Southeast 1
FHLBNY | Selective Insurance Company of America Selective Insurance Company of New York ("SICNY")

1 These subsidiaries are jointly referred to as the "Indiana Subsidiaries" because they are domiciled in Indiana.
The Line of Credit permits aggregate borrowings from the FHLBI and the FHLBNY up to 10% of the respective member company’s admitted assets for the previous year. SICNY is domiciled in New York, which limits its FHLBNY borrowings to the lesser of 5% of admitted assets for the most recently completed fiscal quarter or 10% of the previous year-end's admitted assets. As of March 31, 2025, we had remaining capacity of $607.7 million for FHLB borrowings, with a $24.9 million additional stock purchase requirement to allow the member companies to borrow their remaining capacity amounts.
Short-term Borrowings
We made no short-term borrowings from FHLB branches during First Quarter 2025.
Intercompany Loan Agreements
The Parent has lending agreements with the Indiana Subsidiaries, approved by the Indiana Department of Insurance, that provide the Parent with additional intercompany liquidity. Like the Line of Credit, these lending agreements limit the Parent’s borrowings from the Indiana Subsidiaries to 10% of the admitted assets of the respective Indiana Subsidiary. The outstanding balance on these intercompany loans was $35.0 million as of March 31, 2025 and December 31, 2024. The remaining capacity under these intercompany loan agreements was $171.8 million as of March 31, 2025 and December 31, 2024. We have other insurance regulator-approved intercompany agreements that facilitate liquidity management between the Parent and the Insurance Subsidiaries to enhance flexibility.
Capital Market Activities
In First Quarter 2025, the Parent issued $400 million of 5.90% Senior Notes due 2035, resulting in net proceeds of $395.9 million after a $0.1 million discount and debt issuance costs of approximately $4.1 million. The proceeds from this debt issuance are being used for general corporate purposes, including supporting organic growth with a $200 million capital contribution to the Insurance Subsidiaries in March 2025. The Parent had no private or public stock issuances during First Quarter 2025.
During First Quarter 2025, we repurchased 233,611 shares of our common stock under our existing share repurchase program for $19.4 million, an $82.87 average price per share, excluding commissions paid. We had $56.1 million of remaining capacity under our share repurchase program as of March 31, 2025. For additional information on the share repurchase program, refer to Note 17. "Equity" in Item 8. "Financial Statements and Supplementary Data." of our 2024 Annual Report.
Uses of Liquidity
The Parent uses the liquidity generated from the sources discussed above to pay dividends to our stockholders, among other things. Dividends on shares of the Parent's common and preferred stock are declared and paid at the discretion of the Board of Directors ("Board") based on our operating results, financial condition, capital requirements, contractual restrictions, and other relevant factors. Our Board declared:
• A quarterly cash dividend on common stock of $0.38 per common share that is payable June 2, 2025, to holders of record on May 15, 2025; and
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• A quarterly cash dividend of $287.50 per share on our 4.60% Non-Cumulative Preferred Stock, Series B (equivalent to $0.28750 per depositary share) payable on June 16, 2025, to holders of record as of May 30, 2025.
Our ability to meet our interest and principal repayment obligations on our debt and our ability to continue to pay dividends to our stockholders is dependent on (i) liquidity at the Parent, (ii) the ability of the Insurance Subsidiaries to pay dividends, if necessary, and/or (iii) the availability of other sources of liquidity to the Parent. Our next borrowing principal repayment is $60 million to FHLBI due on December 16, 2026.
Restrictions on the ability of the Insurance Subsidiaries to declare and pay dividends without alternative liquidity options could materially affect our ability to service debt and pay dividends on common and preferred stock.
Capital Resources
Capital resources ensure we can pay policyholder claims, furnish the financial strength to support the business of underwriting insurance risks, and facilitate continued business growth. At March 31, 2025, we had GAAP stockholders' equity of $3.3 billion and statutory surplus of $3.2 billion. With total debt of $903.2 million at March 31, 2025, our debt-to-capital ratio was 21.7%. For additional information on our statutory surplus, see Note 22. "Statutory Financial Information, Capital Requirements, and Restrictions on Dividends and Transfers of Funds" in Item 8. "Financial Statements and Supplementary Data." of our 2024 Annual Report.
The following table summarizes certain contractual obligations we had at March 31, 2025, that may require us to invest additional amounts into our investment portfolio, which we would fund primarily with operating cash flows.

($ in millions) |  | Amount of Obligation
Alternative and other investments |  | $ | 329.9 |
Non-publicly traded collateralized loan obligations in our fixed income securities portfolio |  | 153.5 |
Non-publicly traded common stock within our equity portfolio |  | 21.1 |
CMLs |  | 23.6 |
Privately-placed corporate securities |  | 55.6 |
Total |  | $ | 583.7 |

There is no certainty (i) these additional investments will be required or (ii) about the timing of funding. We expect to have the capacity to fund these commitments through our normal operating and investing activities as they come due.
The following table provides future cash payments on our notes payable as of March 31, 2025, including our 5.9% Senior Notes, details about which are included in the "Capital Markets" discussion above and Note 12. "Indebtedness" in Item 1. "Financial Statements." in this Form 10-Q:

|  | Payment Due by Period
|  |  |  | Less than 1 year |  | 1-3 years |  | 3-5 years |  | More than 5 years
($ in millions) |  | Total |  |  |  |
Notes payable |  | $ | 910.0 |  |  | — |  |  | 60.0 |  |  | — |  |  | 850.0 |
Interest on debt obligation |  | 739.4 |  |  | 43.4 |  |  | 101.4 |  |  | 100.1 |  |  | 494.5 |
Total |  | $ | 1,649.4 |  |  | $ | 43.4 |  |  | 161.4 |  |  | 100.1 |  |  | 1,344.5 |

Our current and long-term material cash requirements associated with (i) loss and loss expense reserves and (ii) contractual obligations under operating and financing leases for office space and equipment have not materially changed since December 31, 2024. The Insurance Subsidiaries' net loss and loss expense reserves duration was 3.0 years at December 31, 2024.
Our other cash requirements include, without limitation, dividends to stockholders, capital expenditures, and other operating expenses, including commissions to our distribution partners, labor costs, premium taxes, general and administrative expenses, and income taxes.
As of March 31, 2025, and December 31, 2024, we had no (i) material guarantees on behalf of others and trading activities involving non-exchange traded contracts accounted for at fair value, (ii) material transactions with related parties other than those disclosed in Note 18. "Related Party Transactions" in Item 8. "Financial Statements and Supplementary Data." of our 2024 Annual Report, and (iii) material relationships with unconsolidated entities or financial partnerships, such as structured finance or special purpose entities, established to facilitate off-balance sheet arrangements or other contractually narrow or
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limited purposes. Consequently, we are not exposed to any material financing, liquidity, market, or credit risk related to off-balance sheet arrangements.
We continually monitor our cash requirements and the capital resources we maintain at the holding company and Insurance Subsidiary levels. As part of our long-term capital strategy, we strive to maintain capital metrics that support our targeted financial strength relative to the macroeconomic environment. Based on our analysis and market conditions, we may take a variety of actions, including, without limitation, contributing capital to the Insurance Subsidiaries, issuing additional debt and/or equity securities, repurchasing existing debt, repurchasing shares of the Parent’s common stock, and adjusting common stockholders’ dividends.
Our capital management strategy is intended to protect the interests of the policyholders of the Insurance Subsidiaries and our stockholders and enhance our financial strength and underwriting capacity. We have a solid capital base and high-quality underwriting portfolio, positioning us well to leverage potential market opportunities.
Book value per common share increased 5% to $50.33 as of March 31, 2025, from $47.99 as of December 31, 2024, driven by a $1.06 decrease in net unrealized losses on our fixed income securities portfolio and $1.76 in net income (loss) available to common stockholders per diluted common share, partially offset by $0.38 in dividends to our common stockholders. A decline in benchmark U.S. Treasury rates primarily drove the decrease in net unrealized losses on our fixed income securities. Our adjusted book value per share, which is book value per share excluding total after-tax unrealized gains or losses on investments included in accumulated other comprehensive income (loss), increased to $53.39 as of March 31, 2025, from $52.10 as of December 31, 2024.
Cash Flows
Net cash provided by operating activities increased to $284.0 million in First Quarter 2025, compared to $114.2 million in First Quarter 2024, primarily driven by higher levels of cash received for premiums. For more information on our underwriting results, refer to "Insurance Operations" above in this MD&A.
Net cash used in investing activities increased to $584.9 million in First Quarter 2025, compared to $86.0 million in First Quarter 2024, as a result of investing proceeds from our 5.9% Senior Note issuance in First Quarter 2025. These proceeds also drove the $346.2 million in net cash provided by financing activities in First Quarter 2025, compared to $29.6 million in First Quarter 2024. Partially offsetting cash proceeds from the 5.9% Senior Notes issuance was cash used for share repurchases.
Ratings
Our ratings remain the same as reported in our "Overview" section of Item 1. "Business." of our 2024 Annual Report and are as follows:

Nationally Recognized Statistical Rating Organizations |  | Financial Strength Rating |  | Outlook
AM Best Company |  | A+ |  | Stable
Moody's Investors Services |  | A2 |  | Stable
Fitch Ratings |  | A+ |  | Stable
Standard & Poor's Global Ratings |  | A |  | Stable

ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK.
There have been no material changes in the information about market risk set forth in our 2024 Annual Report.
ITEM 4. CONTROLS AND PROCEDURES.
Our management, with the participation of our Chief Executive Officer and Chief Financial Officer, has evaluated the effectiveness of our disclosure controls and procedures (as such term is defined in Rules 13a-15(e) and 15d-15(e) under the Securities Exchange Act of 1934, as amended (the "Exchange Act")), as of the end of the period covered by this report. In performing this evaluation, management used the criteria set forth by the Committee of Sponsoring Organizations of the Treadway Commission in Internal Control – Integrated Framework ("COSO Framework") in 2013. Based on this evaluation, our Chief Executive Officer and Chief Financial Officer have concluded that our disclosure controls and procedures as of the end of such period are (i) effective in recording, processing, summarizing, and reporting information on a timely basis that we are required to disclose in the reports that we file or submit under the Exchange Act, and (ii) effective in ensuring that information that we are required to disclose in the reports that we file or submit under the Exchange Act is appropriately accumulated and communicated to our management, including our Chief Executive Officer and Chief Financial Officer, to
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allow timely decisions about required disclosure. No changes in our internal control over financial reporting (as such term is defined in Rule 13a-15(f) of the Exchange Act) occurred during First Quarter 2025 that materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.
PART II. OTHER INFORMATION
ITEM 1. LEGAL PROCEEDINGS.
Incidental to our insurance operations, we are routinely engaged in legal proceedings with inherently unpredictable outcomes that could have a material adverse effect on our consolidated results of operations or cash flows in particular quarterly or annual periods. For additional information regarding our legal risks, refer to Note 15. "Litigation" in Item 1. "Financial Statements." of this Form 10-Q and Item 1A. "Risk Factors." below in Part II. "Other Information." As of March 31, 2025, we have no material pending legal proceedings that could have a material adverse effect on our consolidated financial condition, results of operations, or cash flows.
ITEM 1A. RISK FACTORS.
Certain risk factors can significantly impact our business, liquidity, capital resources, results of operations, financial condition, and debt ratings. These risk factors might affect, alter, or change our actions in executing our long-term capital strategy. Examples include, without limitation, contributing capital to any or all of the Insurance Subsidiaries, issuing additional debt and/or equity securities, repurchasing our existing debt and/or equity securities, or increasing or decreasing common stockholders' dividends. We operate in a continually changing business environment, and new risk factors that we cannot predict or assess may emerge at any time. Consequently, we can neither predict such new risk factors nor assess the potential future impact on our business. Except as discussed below, there have been no material changes from the risk factors disclosed in Item 1A. "Risk Factors." in our 2024 Annual Report.
Changes in international trade policy could adversely and materially affect our business, results of operations, financial condition, and growth.
Changes in international trade policies and tariffs by the United States and other countries, particularly large trading partners like Canada, China, and Mexico, could (i) impact our claims severity across multiple lines of business and cause adverse reserve development by increasing costs for materials and parts used in claims involving real property and personal property, including commercial and personal automobiles and (ii) negatively affect our investments' fair value and/or our level of investment income.
ITEM 2. UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS.
The following table provides information regarding our purchases of our common stock in First Quarter 2025:

Period |  | Total Number of Shares Purchased 1 |  | Average Price Paid per Share |  | Total Number of Shares Purchased as Part of Publicly Announced Programs 2 |  | Approximate Dollar Value of Shares that May Yet Be Purchased Under the Announced Programs (in millions)2
January 1 – 31, 2025 |  | 50,249 |  |  | $ | 83.08 |  |  | 49,602 |  |  | $ | 71.4 |
February 1 – 28, 2025 |  | 248,856 |  |  | 83.48 |  |  | 182,014 |  |  | 56.3 |
March 1 – 31, 2025 |  | 2,866 |  |  | 86.08 |  |  | 1,995 |  |  | 56.1 |
Total |  | 301,971 |  |  | $ | 83.44 |  |  | 233,611 |  |  | $ | 56.1 |

1 Total number of shares purchased includes 68,360 shares purchased from employees to satisfy tax withholding obligations associated with the vesting of their restricted stock units.
2 On December 2, 2020, we announced our Board authorized a $100 million share repurchase program with no set expiration or termination date. Our repurchase program does not obligate us to acquire any particular amount of our common stock. Management will determine the timing and amount of any share repurchases under the authorization at its discretion based on market conditions and other considerations.
ITEM 3. DEFAULTS UPON SENIOR SECURITIES.
None.
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ITEM 4. MINE SAFETY DISCLOSURES.
Not applicable.
ITEM 5. OTHER INFORMATION.
During the three months ended March 31, 2025, no director or officer of the Company adopted, modified, or terminated any contract, instruction, or written plan for the purchase or sale of the Company’s securities that was intended to satisfy the affirmative defense conditions of Rule 10b5-1(c) (a "Rule 10b5-1 trading arrangement") or any "non-Rule 10b5-1 trading arrangement" (as defined in Item 408(c) of Regulation S-K).
ITEM 6. EXHIBITS.

Exhibit No. |  |
*31.1 |  | Certification of Chief Executive Officer in accordance with Section 302 of the Sarbanes-Oxley Act of 2002.
*31.2 |  | Certification of Chief Financial Officer in accordance with Section 302 of the Sarbanes-Oxley Act of 2002.
**32.1 |  | Certification of Chief Executive Officer in accordance with Section 906 of the Sarbanes-Oxley Act of 2002.
**32.2 |  | Certification of Chief Financial Officer in accordance with Section 906 of the Sarbanes-Oxley Act of 2002.
**101 |  | The following financial statements from the Company's Quarterly Report on Form 10-Q for the quarter ended March 31, 2025, formatted in Inline Extensible Business Reporting Language (iXBRL): (i) Consolidated Balance Sheets, (ii) Consolidated Statements of Income, (iii) Consolidated Statements of Comprehensive Income (Loss), (iv) Consolidated Statements of Stockholders' Equity, (v) Consolidated Statements of Cash Flows and (vi) Notes to Consolidated Financial Statements.
**104 |  | The cover page from the Company's Quarterly Report on Form 10-Q for the quarter ended March 31, 2025, formatted in iXBRL.

* Filed herewith.
** Furnished and not filed herewith.
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SIGNATURES
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 thereunto duly authorized.
SELECTIVE INSURANCE GROUP, INC.
Registrant

Date: | April 25, 2025 |  | By: /s/ John J. Marchioni |
|  |  | John J. Marchioni |
|  |  | Chairman of the Board, President and Chief Executive Officer |
|  |  | (principal executive officer) |
Date: | April 25, 2025 |  | By: /s/ Patrick S. Brennan |
|  |  | Patrick S. Brennan |
|  |  | Executive Vice President and Chief Financial Officer
|  |  | (principal financial officer) |

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