Keefe, Bruyette & Woods Reports on Selective Insurance

Keefe, Bruyette & Woods commented on Selective Insurance SIGI in a report released earlier today. In the report, Keefe was positive in its assessment of the company. Keefe writes, "Selective announced it experienced $25 million of catastrophe losses in April related to a series of storms in the Midwest and Southeast. Losses were well above our 2Q11 catastrophe loss estimate of $8.3 million. We are lowering our 2Q11 and FY11 estimates to reflect the additional storm losses." Keefe currently has a Market Perform rating on Selective Insurance and a price target of $19. Shares of the company closed the trading day at $17.05, down $0.12 from the opening bell.