Safety Insurance Group, Inc. · Boston, MA United States ·(NASDAQ (GS): SAFT)

Company Description

20 Custom House St.

Boston, MA

02110

United States (Map)

Phone: 617-951-0600

Fax: 617-603-4837

Rankings

S&P 600

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Buckle up, Bostonians, car safety first! Safety Insurance Group, through its subsidiaries (Safety Insurance, Safety Indemnity Insurance, and Safety Property and Casualty), sells property/casualty insurance exclusively in its home state of Massachusetts. The company is one of the top three private passenger automobile and commercial automobile insurers in the state, controlling around 11% of each market. Safety Insurance Group also provides homeowners, dwelling fire, personal umbrella, and business-owner policies; it cross-sells its non-auto property/casualty products to increase its share of the market. The company sells its products through more than 800 independent agents located throughout Massachusetts. To read the full description, subscribe now.

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Key Safety Insurance Group, Inc. Financials

Company Type	Public - NASDAQ (GS): SAFT Headquarters
Fiscal Year-End	December
2008 Sales (mil.)	$641.0
2008 Employees	599

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Safety Insurance Group, Inc. Executives

12 executives listed for Safety Insurance Group, Inc.'s Boston, MA location.

Title	Name & Bio	Contact
Chairman, President, and CEO	David Brussard	Network
VP, CFO, and Secretary	William Begley	Network
VP Management Information Systems and CIO	Daniel Loranger	Network

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Competition

Competitive Landscape for Safety Insurance Group, Inc.

Demand is driven by demographics and commercial transactions. Demand is also driven by legal or financial requirements. Consumers are usually required by states to buy auto insurance and by lenders to buy homeowners insurance, for example. The profitability of individual companies depends on effective marketing and on the ability to accurately estimate future payments. Large companies have big economies of scale in administration and in access to capital, as well as advertising and marketing. Small companies can compete successfully by specializing in particular products or industries. Average annual revenue per worker is around $400,000, so the industry is not labor-intensive. In the late 2000s recession, insurers saw revenues decline sharply when their investment portfolios lost value after the market fell. Insurance carriers rely heavily on their investment portfolios, which is where they invest premiums collected until they are needed to pay claims or benefits. In addition, deregulation of the insurance and financial services industries led to increased risk taking that hurt insurers' credit ratings. Insurance giant AIG was forced to accept $150 billion in government loans to stave off bankruptcy that was brought on by its overexposure to credit default swaps. Federal government bailouts have primarily targeted banks. Aside from AIG, insurance companies have not been as hard hit by the subprime mortgage meltdown. But some insurance companies are seeking relief from state regulators to allow them to operate with less capital. Other insurance companies are buying financial institutions to qualify for federal aid. To read the full description, subscribe now.

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Safety Insurance Group, Inc. · Boston, MA United States ·(NASDAQ (GS): SAFT)

Company Description

Key Safety Insurance Group, Inc. Financials

Safety Insurance Group, Inc. Executives

Competition

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