|Stock Quote (NASDAQ: SAFT)|
|Tuesday, April 20|
|Last Trade Date:||04/19/2021|
|Last Trade Time:|
We are a leading provider of property and casualty insurance products in Massachusetts, New Hampshire, and Maine. In addition to private passenger automobile insurance (which represented 54.9% of our direct written premiums in 2020), we offer a portfolio of property and casualty insurance products, including commercial automobile (14.9% of 2020 direct written premium), homeowners (25.0% of 2020 direct written premium), dwelling fire, umbrella and business owner policies.
Operating through our insurance subsidiaries, Safety Insurance Company, Safety Indemnity Insurance Company, and Safety Property and Casualty Insurance Company, we have established strong relationships with independent insurance agents, who numbered 871 in 1,095 locations during 2020.
We have used these relationships and our extensive knowledge of the Massachusetts market to become the fourth largest private passenger automobile carrier, capturing an approximate 8.4% share of the Massachusetts private passenger automobile insurance market, and the second largest commercial automobile carrier, with a 12.8% share of the Massachusetts commercial automobile insurance market in 2020.
We also are the third largest homeowners insurance carrier in Massachusetts with a 7.0% share of the Massachusetts homeowners insurance market.
We were incorporated under the laws of Delaware in 2001, but through our predecessors, we have underwritten insurance in Massachusetts since 1979.
Our insurance subsidiaries continue to maintain an “A (Excellent)” rating from A.M. Best Company.