Selective Insurance Group, Inc. has announced the resignation of Wole Coaxum from its board of directors, effective immediately. With his departure, the board size has been fixed at 11 directors, 10 of whom are independent.
Coaxum, who has served on Selective's board for the last five years, expressed his confidence in the company's future and its focus on talent development and strategic vision. He emphasized his shift in attention to Mobility Capital Finance Inc., expressing his belief in his former team's ability to continue delivering value for shareholders and positively impacting the communities Selective serves.
John J. Marchioni, Chairman, President, and Chief Executive Officer of Selective, expressed gratitude for Coaxum's contributions and unique perspectives, drawing on his experiences as an executive leader with major insurance and finance companies, as well as an entrepreneur addressing financially underserved communities.
Selective Insurance Group, Inc. (NASDAQ: SIGI) is a holding company for 10 property and casualty insurance companies, rated "A+" (Superior) by AM Best. The company offers standard insurance for commercial and personal risks, specialty insurance for commercial risks, and flood insurance through the National Flood Insurance Program's Write Your Own program. Selective has been widely recognized as a leading insurance group and employer of choice, with awards and honors including listing in Forbes' Best Midsize Employers and certification for six consecutive years as a Great Place to Work®. As a result of these announcements, the company's shares have moved -1.18% on the market, and are now trading at a price of $80.065. For more information, read the company's full 8-K submission here.
