Welcome to our dedicated page for Safety Ins Group news (Ticker: SAFT), a resource for investors and traders seeking the latest updates and insights on Safety Ins Group stock.
Safety Insurance Group Inc (SAFT) provides property and casualty insurance solutions through independent agents across Massachusetts and New Hampshire. This page serves as the definitive source for official company announcements and market-relevant developments.
Access curated SAFT news including quarterly earnings reports, product updates, leadership changes, and strategic initiatives. Investors will find essential updates on underwriting performance, dividend declarations, and regulatory filings, while industry observers can track market expansion efforts and agent network developments.
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Safety Insurance Group, Inc. (NASDAQ: SAFT) announced the immediate appointments of John D. Farina and Deborah E. Gray to its Board of Directors, enhancing the board's expertise in insurance, finance, and governance. These changes come as part of a broader strategy to improve corporate governance, including proposals to enhance shareholder rights to be voted on at the upcoming Annual Meeting. The board has also seen the retirement of Frederic H. Lindeberg. The company plans to file a preliminary proxy statement with the SEC.
Ides Capital Management has expressed disappointment over Safety Insurance Group's lack of engagement regarding stock underperformance, ESG deficiencies, and capital allocation issues. The firm, holding about 1% of shares, critiques the company's recent $50 million buyback as insufficient. Ides urges for a more substantial repurchase of 10% of shares and highlights several governance gaps, including the need for diverse board members and better sustainability practices. Ides remains committed to advocating for all shareholders through director nominations and further engagement.
Safety Insurance Group reported its fourth quarter and full-year 2021 results, showing a net income of $32.0 million, down from $52.9 million in Q4 2020, and $130.7 million for the year, compared to $138.2 million in 2020. The combined ratio improved to 93.0%, below the industry average of 95.2%. Book value increased by 5.2% to $62.47 per share. The company announced a $50 million expansion of its share repurchase program and maintained a dividend yield of 4.3%. Losses and loss adjustment expenses rose by 26.3% in Q4, impacting profitability.
The Board of Directors of Safety Insurance Group (NASDAQ:SAFT) has declared a $0.90 per share quarterly cash dividend, payable on March 15, 2022, to shareholders of record as of March 1, 2022. The company will report its fourth-quarter and year-end 2021 financial results on February 23, 2022, with its 10-K filing due by February 28, 2022. Safety operates in Massachusetts, New Hampshire, and Maine, offering various property and casualty insurance products.
Ides Capital Management has expressed frustration over Safety Insurance Group’s stock performance, ESG shortcomings, and capital allocation issues. Through a recent letter, Ides criticized the company’s lack of constructive engagement and transparency, highlighting its January 12 announcement as insufficient. Ides has nominated two independent director candidates, Olga Kondrashova and Farooq Sheikh, to advocate for shareholders. They recommend actions such as initiating share repurchases and improving governance practices to enhance shareholder value.
Safety Insurance Group (NASDAQ: SAFT) announced significant enhancements to its corporate governance and board structure. The board size will increase from six to seven members, aligning with ongoing refreshment efforts. Key appointments include a lead independent director and a new chair for the Nominating and Governance Committee. Furthermore, three-year term limits for committee chairs have been adopted. This strategy aims to improve governance practices and shareholder engagement, with expectations for new director nominees prior to the 2022 annual meeting.
Safety Insurance Group (NASDAQ:SAFT) reported Q3 2021 net income of $24.8 million ($1.64 per diluted share), down from $44.7 million ($2.96 per diluted share) in Q3 2020. Year-to-date net income increased to $98.7 million ($6.58 per diluted share) from $85.2 million ($5.58 per diluted share) in the same prior year period. The company declared a quarterly dividend of $0.90 per share, payable on December 15, 2021. Direct written premiums fell by 1.1% to $211.1 million, while net earned premiums decreased marginally by 0.2%. Total losses increased by 22.7% to $119.1 million for Q3 2021.
Safety Insurance Group, Inc. (NASDAQ:SAFT) reported Q2 2021 net income of $37.7 million, or $2.49 per diluted share, down from $42.5 million, or $2.78 per diluted share in Q2 2020. Year-to-date net income rose to $73.8 million, or $4.93 per diluted share, compared to $40.5 million in 2020. The company declared a quarterly dividend of $0.90 per share, payable September 15, 2021. Direct written premiums increased by 5.8% to $217.2 million. However, losses incurred rose 21.1% to $110.2 million. Book value per share grew to $61.43, and combined ratio increased to 90.2%.
AM Best has affirmed the Financial Strength Rating (FSR) of A (Excellent) and the Long-Term Issuer Credit Ratings (Long-Term ICR) of "a+" (Excellent) for Safety Insurance companies. The ratings outlook is stable. Concurrently, a new FSR of A (Excellent) and Long-Term ICR of "a+" are assigned to Safety Northeast Insurance Company. The ratings reflect Safety's very strong balance sheet, strong operating performance, and neutral business profile. Despite geographic concentration risks in Massachusetts, Safety's financial metrics and intercompany agreements support its stability.
Safety Insurance Group (NASDAQ:SAFT) reported a strong first quarter 2021, achieving net income of $36.2 million, or $2.42 per diluted share, a turnaround from a net loss of $2.0 million in Q1 2020. Non-GAAP operating income rose to $1.93 per diluted share. However, direct written premiums fell by 2.6% to $192.2 million. The company declared a $0.90 per share dividend, payable June 15, 2021. Q1 2021 saw loss and loss adjustment expenses decrease by 7.7%, indicating better claims management.
