Piper Sandler lowered the firm’s price target on Selective Insurance to $85 from $104 and keeps a Neutral rating on the shares after the company reported a miss driven by unexpected unfavorable reserve development related to its general liability book and elevated cat losses. The firm notes reserve issues in the Q1 seem to have become worse in Q2. It is probably an industry-wide issue, but it appears to have affected Selective Insurance much more than others, Piper adds.
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