Selective, Siebels Bruce Back Out of Flood Insurance Deal

The Seibels Bruce Group Inc. and Selective Insurance Company of America announced that the letter of intent to transfer the former’s flood insurance servicing rights to the latter has been mutually terminated due to lack of regulatory approval.

Seibels Bruce will continue to pursue a sale of its flood insurance business to another Write Your Own insurance company. Seibels Bruce wrote $44.7 million and $22.5 of flood insurance through the National Flood Insurance Program for the year ended December 31, 2001 and the six months ended June 30, 2002, respectively.