Wole Coaxum resigns from Selective Insurance board

Wole Coaxum resigned from the board of directors of Selective Insurance Group Inc. (NASDAQ: SIGI), effective immediately, the company announced. Coaxum cited other professional responsibilities as the reason for his departure, stating it was not due to any disagreement with the company's operations, policies or practices.

The resignation reduces Selective's board size to 11 directors, with 10 classified as independent. Coaxum served on the board for five years.

"As I shift my full attention to Mobility Capital Finance Inc., I am extremely confident in the team's ability to deliver value for shareholders and positively impact the communities Selective serves," Coaxum said in a statement.

John J. Marchioni, chairman, president and chief executive officer of Selective, acknowledged Coaxum's contributions to the company. "Wole brought us a unique perspective, drawing on his experiences as an executive leader with some of the world's largest insurance and finance companies and as an entrepreneur addressing financially underserved communities," Marchioni said.

Selective Insurance Group is a holding company for 10 property and casualty insurance companies rated "A+" by AM Best. The company offers standard insurance for commercial and personal risks and specialty insurance for commercial risks through independent agents.

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