Shares of Selective Insurance Group fell in post-market trading after the company swung to a loss in the second quarter and said it’s responding to a challenging backdrop through additional price hikes.
The stock was down 7.3% to $92.99, and was off by less than 1% in the regular session to close at $100.32.
The insurance company reported a net loss of $65.6 million, or $1.08 a share, compared with a profit of $56.3 million, or 92 cents a share, for the same period a year earlier.
The company will maintain its focus in the areas of risk selection, pricing, and claims management in the face of this challenging and dynamic loss trend environment, Chief Executive John Marchioni said.