Selective Insurance director Coaxum resigns to focus on own company

BRANCHVILLE, N.J. - Selective Insurance Group, Inc. (NASDAQ:SIGI), a property and casualty insurer with a market capitalization of $4.8 billion and a "GOOD" financial health rating according to InvestingPro, announced Wednesday that board member Wole Coaxum has resigned effective immediately to concentrate on his professional responsibilities elsewhere.

Coaxum, who served on Selective’s board for five years, is leaving to focus on Mobility Capital Finance Inc., a company he founded. His departure reduces the board size to 11 directors, with 10 being independent, according to a company statement. The news comes as Selective’s stock has experienced a 10% decline over the past week, though analysis suggests the stock may be undervalued at its current trading level.

"It has been an honor and a privilege to serve on Selective’s Board for the last five years," Coaxum said. He added that the company is "well-positioned for the future" as he shifts his attention to his own business.

John J. Marchioni, Chairman, President and Chief Executive Officer of Selective, acknowledged Coaxum’s contributions, noting that he "brought us a unique perspective, drawing on his experiences as an executive leader with some of the world’s largest insurance and finance companies and as an entrepreneur."

Selective Insurance Group is a holding company for 10 property and casualty insurance companies rated "A+" by AM Best. The company offers standard and specialty insurance for commercial and personal risks through independent agents.

The resignation is not related to any disagreement with the company regarding its operations, policies, or practices, according to the press release statement.

In other recent news, Selective Insurance Group, Inc. reported its second-quarter earnings, which did not meet analyst expectations. The company posted a non-GAAP operating income of $1.31 per diluted share, falling short of the estimated $1.50 per share. Additionally, revenue for the quarter reached $1.28 billion, which was below the consensus forecast of $1.33 billion. Despite these shortfalls, the results marked a significant improvement compared to the same period last year when the company reported a loss of $1.10 per share. These developments come amid ongoing evaluations by various analyst firms.

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