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Safety Announces First Quarter 2023 Results and Declares Second Quarter 2023 Dividend PDFMay 3, 2023
George M. Murphy, President and Chief Executive Officer, commented: “The first quarter results were significantly impacted by a thirty-six hour period in February when temperatures plunged below zero across the Northeast region and Boston reached a low of -10 degrees Fahrenheit, the first double digit negative temperature in the region since 1957. This weather resulted in 783 burst pipe claims causing incurred water damage of $32.1 million, which contributed 17.0 percentage points to our combined ratio of 118.5%. In addition to this weather event, our underlying business is impacted by the increased cost of catastrophe reinsurance and continuing inflationary pressure on private passenger auto severity. Offsetting these losses is continued favorable loss reserve development. Despite the challenges in the quarter, we remain focused on the appropriate pricing of our products and anticipate continued rate increases in 2023.”
Safety Insurance Group, Inc. Announces Board of Director Updates PDFApril 5, 2023
Safety Insurance Group, Inc. announced today the retirement of David F. Brussard and the appointments of Charles J. Brophy III and Dennis J. Langwell, effective May 17, 2023, at the upcoming annual meeting of stockholders.
Safety Insurance Group, Inc. Announces Fourth Quarter and Full Year 2022 Results PDFFebruary 22, 2023
George M. Murphy, President and Chief Executive Officer, commented: “Looking back at 2022, Safety Insurance had another financially successful year with a combined ratio of 97.2%, GAAP earnings per diluted share of $3.15 and non-GAAP operating earnings per diluted share of $5.05. While industry challenges around inflation continue to exist, our commitment to strong underwriting results and enhanced investment returns, remains unchanged. As always, we focus on pricing our products appropriately for the risks we are insuring while generating the capital to grow our business in new and creative ways.”
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