Safety Insurance Group Inc (NASDAQ: SAFT) is a property and casualty insurance company that underwrites private passenger automobile, commercial automobile, and homeowners insurance, operating exclusively in Massachusetts, New Hampshire, and Maine. Revenue comes from net earned premiums collected on policies written through independent agents, supplemented by net investment income on the float generated by those premiums. Independent agents accounted for approximately 68.8% of the Massachusetts personal lines insurance market measured by direct written premiums in 2025, making the independent agent channel the primary distribution mechanism in the company's core state. Beyond its three main lines, SAFT also offers dwelling fire, umbrella, and business owner policies. The company is headquartered at 20 Custom House Street, Boston, MA, and operates through insurance company subsidiaries. Its geographic concentration in three northeastern states defines both its addressable market and its exposure to regional weather and regulatory conditions.

Revenue model

Net earned premiums from private passenger auto, commercial auto, and homeowners insurance policies, plus net investment income on insurance float. Policies are distributed through independent agents.

Products and services

Private passenger automobile insurance, commercial automobile insurance, homeowners insurance, dwelling fire insurance, umbrella policies, business owner policies.

Customers and end markets

Personal lines and small commercial policyholders in Massachusetts, New Hampshire, and Maine. Policies are accessed primarily through independent agents, who accounted for approximately 68.8% of the Massachusetts personal lines insurance market by direct written premiums in 2025.

Value-chain role

Direct insurance underwriter and risk carrier. Distributes through independent agents rather than captive or direct-to-consumer channels.

Geographic exposure

Exclusively Massachusetts, New Hampshire, and Maine as of the 10-K filed 2026-02-27.

Source: SEC 10-K, filed 2026-02-27

Industry: Fire, Marine & Casualty Insurance Peers: Amerisafe Inc Employers Holdings Inc Palomar Holdings Inc Kemper Corp Lemonade Inc Mercury General Corp Proassurance Corp Progressive Corp Stewart Information Services Corp