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December, 2001
Safety Maintains "A" Rating From A.M. Best To Our Customer – The Independent Agent, Just weeks after the company's sale was made final, we've already achieved one of our corporate goals: maintain our A rating from A.M. Best. In their report dated November 16, 2001, A.M. Best describes the rationale behind their rating: "The rating reflects the group's excellent capitalization, sustained operating profitability and solid operating cash flow. These attributes are derived from Safety's conservative reserving philosophy, strict underwriting discipline, expertise in its highly regulated automobile market and favorable market position as the third largest automobile writer in Massachusetts. In addition, the rating reflects management's product diversification efforts and long-term commitment to its independent agency force. The rating also recognizes the recent sale of the group's parent, the Thomas Black Corporation to Safety Holdings, Inc., a holding company formed in June 2001 that is approximately 30% owned by the senior management of the Safety Group." "Although the group operates in a competitive and highly regulated market, management has a proven track record of successfully dealing with the many changes that have impacted the Massachusetts auto market. In addition, Safety has prudently managed its catastrophe exposure through the utilization of reinsurance as property business has expanded." This vote of confidence from one of the industry's most trusted rating sources bodes well for Safety and is a reflection of all our efforts. On behalf of the executive management team of Safety, I would like to say “thank you” — without your continued support, our results would not be achievable. - Dave Brussard Return to Current News. |
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