Selective Insurance initiated with a Market Perform at BMO Capital

BMO Capital analyst Michael Zaremski initiated coverage of Selective Insurance with a Market Perform rating and $90 price target. While Zaremski thinks Selective Insurance can meet 2023 expectations, he does not see a reason for management to get aggressive given property loss-inflation levels are still running in the high-single to low-double digit levels, the analyst tells investors in a research note.