Written by Jasir Jawaid
"We've deployed all powers of the cloaking device so nobody can find Branchville, N.J."
That's how Selective Insurance Group Inc. CFO Dale Thatcher jokingly responded to a question by Bank of America Merrill Lynch's Jay Cohen during the company's earnings conference call Oct. 29. The analyst asked if the company was getting calls from bankers to be a buyer or a seller.
Thatcher said the company would not be a buyer at the sort of prices involved in some of the recent deals, echoing comments made on the previous quarter's call when he said the company would not overpay for a deal.
"We believe an independent path is the best way for us to generate long-term shareholder value," Thatcher said, but he added that if a "credible offer" is on the table, the board will do its fiduciary duty.
Also, the company expects a "very manageable" loss of $5 million from Hurricane Joaquin in its personal and commercial lines, Chairman and CEO Gregory Murphy said on the call.
This article was published by S&P Global Market Intelligence on the S&P Capital IQ Pro platform.
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