Keefe Bruyette downgraded Selective Insurance (SIGI) to Market Perform from Outperform with a price target of $93, down from $116, following the Q4 report. The firm reduced estimates to reflect higher core loss ratios partly offset by faster premium and investment income growth. Keefe expects increasingly conservative casualty loss picks to suppress Selective’s earnings in 2025 and 2026 and believes it will take time for the stock’s multiple to return to its previous premium to its peers, likely limiting near-term upside.
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