Investment Banking - Selective Insurance Group, Inc.
Transactions | Insurance
Client: Selective Insurance Group, Inc.
Transaction Type: Preferred Stock
Selective Insurance Group Closes $200 Million Offering of Perpetual
Non-Cumulative Preferred Stock
- Selective Insurance Group, Inc. (NASDAQ: SIGI or the “Company”) is a holding company for 10 property and casualty insurance companies rated “A” (Excellent) by A.M. Best. Through independent agents, the insurance companies offer standard and specialty insurance for commercial and personal risks, as well as flood insurance underwritten by the National Flood Insurance Program.
- On December 9, 2020, SIGI announced an underwritten public offering (the “Offering”) of depositary shares, each of which represents a 1/1000th interest in a share of its Series B Fixed-Rate Non-Cumulative Perpetual Preferred Stock, $25,000 liquidation preference per share (equivalent to $25.00 per depositary share).
- The Company has filed an application to list the depositary shares with the NASDAQ Global Select Market. If the application is approved, trading of the depositary shares is expected to begin within 30 days after the original issue date.
- The Company intends to use the net proceeds from the Offering for general corporate purposes, which may include the repurchase of shares of its common stock. On November 30, 2020, the Company’s board of directors authorized, subject to completion of the Offering, the repurchase of up to $100 million of its common stock.
- Boenning & Scattergood served as Co-Manager in connection with the Offering.