BNET Industries
Market Cap:$482.4M
Last Fiscal Year Sales:$670.0M
- Public
- US
Dow Jones Description
We are a leading provider of private passenger automobile insurance in Massachusetts. In addition to private passenger automobile insurance (which represented 71.7% of our direct written premiums in 2008), we offer a portfolio of property and casualty insurance products, including commercial automobile, homeowners, dwelling fire, umbrella and business owner policies. Operating exclusively in Massachusetts and New Hampshire through our insurance subsidiaries, Safety Insurance Company ("Safety Insurance"), Safety Indemnity Insurance Company ("Safety Indemnity") and Safety Property and Casualty Insurance Company ("Safety P&C") which was organized in December 2006 (together referred to as the "Insurance Subsidiaries"), we have established strong relationships with 827 independent insurance agents in 969 locations throughout Massachusetts. We have used these relationships and our extensive knowledge of the Massachusetts market to become the second largest private passenger automobile carrier, capturing an approximate 11.1% share of the Massachusetts private passenger automobile insurance market, and the third largest commercial automobile carrier, with an 11.7% share of the Massachusetts commercial automobile insurance market, in 2008 according to statistics compiled by Commonwealth Automobile Reinsurers ("CAR"). In addition, we were also ranked the 46 th largest automobile writer in the country according to A.M. Best, based on 2007 direct written premiums. ...
Chief Executive OfficerDavid F Brussard
Number of Employees 599
Contact Information
20 Custom House St
Boston, Massachusetts 02110
(617) 951-0600
Peer Companies
NAICS Code Other Direct Insurance (except Life, Health, and Medical) Carriers: 524128
Recent Events
-
Safety Insurance Q1 Profit Declines; Declares Q2 Cash Dividend Of 40 cents - Update
-
Safety Announces First Quarter 2009 Results and Declares Second Quarter 2009 Dividend
-
A.M. Best Affirms Ratings of Safety Group, Its Members and Safety Insurance Group, Inc.
-
HEADLINE STOCKS-U.S. stocks to watch on March 10Â
News & Analysis
Filter by
safety insurance group inc. - All News and Analysis
Safety Insurance Group: Reduces Risk with Attractive Probable Returns
Dean Morel submits: Ten months ago I recommended Safety Insurance Group SAFT. Its share price is down since then, but far from out. While I prefer absolute returns my sense of well being dictates I must look at 2008 through a relative lens. Relatively SAFT was a great performer, beating...
Safety Announces Second Quarter 2008 Results and Declares Third Quarter 2008 Dividend
BOSTON -- Safety Insurance Group, Inc. (NASDAQ:SAFT) today reported second quarter 2008 results. Net income for the quarter ended June 30, 2008 was $20.9 million, or $1.30 per diluted share, compared to $22.9 million, or $1.42 per diluted share, for the comparable 2007 period. Net income for the six months...
Safety Declares First Quarter 2008 Dividend and Schedules Year-End 2007 Events
BOSTON -- The Board of Directors of Safety Insurance Group, Inc. (NASDAQ:SAFT) today approved a $0.40 per share quarterly cash dividend on its issued and outstanding common stock, payable on March 14, 2008, to shareholders of record at the close of business on March 3, 2008. Safety plans to...
Safety Announces Second Quarter 2007 Results and Raises Third Quarter 2007 Dividend
Board Authorizes Share Buyback of $30 Million BOSTON -- Safety Insurance Group, Inc. (NASDAQ:SAFT) today reported second quarter 2007 results. Net income for the quarter ended June 30, 2007 was $22.9 million, or $1.42 per diluted share, compared to $29.1 million, or $1.81 per diluted share, for the comparable...
Additional Resources
Safety Announces First Quarter 2009 Results and Declares Second Quarter 2009 Dividend
BOSTON -- Safety Insurance Group, Inc. (NASDAQ:SAFT) today reported first quarter 2009 results. Net income for the quarter ended March 31, 2009 was $11.8 million, or $0.73 per...
A.M. Best Affirms Ratings of Safety Group, Its Members and Safety Insurance Group, Inc.
OLDWICK, N.J. -- A.M. Best Co. has affirmed the financial strength rating of A Excellent and issuer credit ratings ICR of âaâ of Safety Group Safety and its...
Safety Announces Additional Share Repurchase Authorization
BOSTON -- Safety Insurance Group, Inc. (NASDAQ:SAFT) reported today that the Board of Directors has increased Safetyâs existing share repurchase program by authorizing repurchase of up to $60.0...
Safety Announces Fourth Quarter 2008 Results
BOSTON -- Safety Insurance Group, Inc. (NASDAQ:SAFT) today reported fourth quarter 2008 results. Net income for the quarter ended December 31, 2008 was $11.9 million, or $0.74 per...
Safety Declares First Quarter 2009 Dividend and Schedules Year-End 2008 Events
BOSTON -- The Board of Directors of Safety Insurance Group, Inc. (NASDAQ:SAFT) today approved a $0.40 per share quarterly cash dividend on its issued and outstanding common stock, payable on March 13, 2009, to shareholders of record at the close of business on March 2, 2009. Safety plans...
Safety Announces Third Quarter 2008 Results and Declares Fourth Quarter 2008 Dividend
BOSTON -- Safety Insurance Group, Inc. (NASDAQ:SAFT) today reported third quarter 2008 results. Net income for the quarter ended September 30, 2008 was $18.4 million, or $1.14 per diluted share, compared to $22.9 million, or $1.42 per diluted share, for the comparable 2007 period. Net income for the nine months...
- 1
Decision Makers
| Name (plus bio) | Position |
|---|---|
| David F Brussard | Chief Executive Officer |
| Daniel D. Loranger | Chief Information Officer |
| William J. Begley | Chief Financial Officer |
| David E. Krupa | Vice President, Claims Operations |
| Edward N. Patrick | Vice President of Underwriting |
| George M. Murphy | Vice President, Marketing |
| James D. Berry | Vice President of Insurance Operations |
| Robert J. Kerton | Vice President, Claims |
| Bruce R. Berkowitz | Director |
| David K. McKown | Director |
| Frederic H. Lindeberg | Director |
Board of Directors
| Name (plus bio) | Position |
|---|---|
| Peter J. Manning | Chairman |
| A. Richard Caputo | Board of Directors |
| David D. McKown | Board of Directors |
David F. Brussard was appointed Chairman of the Board in March 2004 and President and Chief Executive Officer ( CEO ) in June 2001. Mr. Brussard has served as a Director of the Company since October 2001. Since January 1999, Mr. Brussard has been the CEO and President of the three insurance subsidiaries, Safety Insurance Company, Safety Indemnity Insurance Company, and Safety Property and Casualty Insurance Company (together referred to as the Insurance Subsidiaries ). Previously, Mr. Brussard served as Executive Vice President of the Insurance Subsidiaries from 1985 to 1999 and as Chief Financial Officer and Treasurer of the Insurance Subsidiaries from 1979 to 1999. Mr. Brussard has been employed by one or more of our subsidiaries for over 31 years. Mr. Brussard is also Chairman of the Governing Committee and a member of the Budget Committee, Executive Committee and Nominating Committee of the Automobile Insurers Bureau of Massachusetts and is Chairman of the Governing Committee and a member of the Budget and Personnel Committee of Commonwealth Automobile Reinsurers ( CAR ). Mr. Brussard is also on the Board of Trustees of the Insurance Library Association of Boston.
| Organization | Position | Status |
|---|---|---|
| Safety Insurance Group, Inc. | Chief Executive Officer | Current |
| Safety Insurance Group, Inc. | President | Current |
| Safety Insurance Co Inc | President | Current |
| Safety Insurance Group, Inc. | Chairman | Current |
| Safety Insurance Group, Inc. | Director | Former |
| Organization | Position | Status |
|---|---|---|
| Safety Insurance Group, Inc. | Chief Information Officer | Current |
| Safety Insurance Group, Inc. | Vice President of Management Information Systems | Current |
| Safety Insurance Group, Inc. | Data Processing Executive | Current |
| Organization | Position | Status |
|---|---|---|
| Safety Insurance Group, Inc. | Chief Financial Officer | Current |
| Safety Insurance Group, Inc. | Vice President | Current |
| Safety Insurance Group, Inc. | Secretary | Current |
| Organization | Position | Status |
|---|---|---|
| Safety Insurance Group, Inc. | Vice President, Claims Operations | Current |
| Safety Insurance Group, Inc. | Management Positions, Claims Department | Former |
Edward N. Patrick, Jr. was appointed Vice President of Underwriting of the Company on March 4, 2002. Mr. Patrick has served as Vice President of Underwriting of the Insurance Subsidiaries since 1979 and as Secretary since 1999. He has been employed by one or more of our subsidiaries for over 33 years. Mr. Patrick has served on several committees of CAR, including the MAIP Steering, Actuarial, Market Review, Servicing Carrier, Statistical, Automation and Reinsurance Operations Committees. Mr. Patrick has also served on the Operations Committee of CAR since 1984 and has served as its chairman since 1998.
| Organization | Position | Status |
|---|---|---|
| Safety Insurance Group, Inc. | Vice President of Underwriting | Current |
| Organization | Position | Status |
|---|---|---|
| Safety Insurance Group, Inc. | Vice President, Marketing | Current |
James D. Berry was appointed Vice President of Insurance Operations of the Company on October 1, 2005. Mr. Berry has been employed by the Insurance Subsidiaries for over 24 years and has directed the Company s Massachusetts Private Passenger line of business since 2001. Mr. Berry serves on the Market Review Committee of CAR and the Personal Lines Rules and Forms Committee of the Automobile Insurers Bureau of Massachusetts. He also represents Safety on the Computer Sciences Corporation Series II Advisory Council.
| Organization | Position | Status |
|---|---|---|
| Safety Insurance Group, Inc. | Vice President of Insurance Operations | Current |
Robert J. Kerton was appointed Vice President of Casualty Claims of the Company on March 4, 2002. Mr. Kerton has served as Vice President of Claims of the Insurance Subsidiaries since 1986 and has been employed by the Insurance Subsidiaries for over 21 years. Mr. Kerton previously served 18 years with Allstate Insurance Company in various Massachusetts claim management assignments. Mr. Kerton serves as Chairman of the Claims Committee of the Automobile Insurers Bureau of Massachusetts, Vice Chairman of the Claims Committee of CAR, and is a member of the Governing Board of the Massachusetts Insurance Fraud Bureau.
| Organization | Position | Status |
|---|---|---|
| Safety Insurance Group, Inc. | Vice President, Claims | Current |
Peter J. Manning has served as a director of the Company since September 2003. Mr. Manning retired in 2003 as Vice Chairman of FleetBoston Financial, after 31 years with FleetBoston Financial Corporation (formerly BankBoston) where he also held the positions of Comptroller and Executive Vice President and Chief Financial Officer. Mr. Manning started his career with Coopers & Lybrand in 1962 prior to his 1972 employment with BankBoston. He currently is a director of Thermo Fisher Scientific, and various non-profit companies and is Chairman of the Board of the Tournament Players Club of Boston.
| Organization | Position | Status |
|---|---|---|
| Safety Insurance Group, Inc. | Chairman | Current |
| FleetBoston Financial | Vice Chairman | Former |
| Safety Insurance Group, Inc. | Director | Former |
| Organization | Position | Status |
|---|---|---|
| The Jordan Company L.P. | Managing Director | Current |
| The Jordan Company L.P. | Managing Principal | Current |
| The Jordan Company L.P. | Board of Directors | Current |
| Safety Insurance Group, Inc. | Board of Directors | Current |
| Universal Technical Institute, Inc. | Board of Directors | Current |
| Tal International Corporation | Board of Directors | Current |
| Tal International Corporation | Chairman | Former |
Mr. Berkowitz has been the Managing Member of Fairholme Capital Management, L.L.C., a registered investment advisor, since June 1997 and President and Director of Fairholme Funds, Inc., a registered investment company under the Investment Company Act of 1940, since December 1999. Mr. Berkowitz is a director of White Mountains Insurance Group, Ltd., a publicly held property and casualty insurer, and also serves as a director of TAL International Group, Inc., a publicly traded lessor of intermodel freight containers.
| Organization | Position | Status |
|---|---|---|
| White Mountains Insurance Group, Ltd. | Director | Current |
| Tal International Corporation | Director | Current |
| AmeriCredit Corp. | Director | Current |
| Winthrop Realty Trust - Investor Relations Template | Board of Directors | Current |
| Tal International Group Inc. | Director | Former |
| Fairholme Capital Management, LLC | Managing Member | Current |
David K. McKown has served as director of the Company since November 2002. Mr. McKown has been a Senior Advisor to Eaton Vance Management since 2000, focusing on business origination in real estate and asset-based loans. Mr. McKown retired in March 2000 having served as a Group Executive with BankBoston since 1993, where he focused on acquisitions and high-yield bank debt financings. Mr. McKown has been in the banking industry for 47 years, worked for BankBoston for over 32 years and had previously been the head of BankBoston's real estate department, corporate finance department, and a managing director of BankBoston's private equity unit. Mr. McKown is currently a director of Global Partners L.P., of Newcastle Investment Corporation, and various privately held companies.
| Organization | Position | Status |
|---|---|---|
| Safety Insurance Group, Inc. | Board of Directors | Current |
| BankBoston International | Managing Director of Bankboston's Private Equity Unit | Former |
| Organization | Position | Status |
|---|---|---|
| Eaton Vance Management | Senior Advisor | Current |
| Newcastle Investment Corp. | Senior Advisor, Eaton Vance Management | Current |
| Powdr Corp | Director | Current |
| Newcastle Investment Corp. | Director | Current |
| Safety Insurance Group, Inc. | Director | Current |
| Global Partners LP | Board of Directors | Current |
| Safety Insurance Group, Inc. | Member | Current |
| BankBoston International | Managing Director of Bankboston's Private Equity Unit | Former |
| BankBoston International | Board of Directors | Former |
Frederic H. Lindeberg has served as a director of the Company since August 2004. Mr. Lindeberg has had a consulting practice providing taxation, management and investment counsel since 1991, focusing on finance, real estate, manufacturing and retail industries. Mr. Lindeberg retired in 1991 as Partner-In-Charge of various KPMG tax offices, after 24 years of service where he provided both accounting and tax counsel to various clients. Mr. Lindeberg was formerly an adjunct professor at Penn State Graduate School of Business. Mr. Lindeberg is currently a director of TAL International, Inc.
| Organization | Position | Status |
|---|---|---|
| Tal International Corporation | Director | Current |
| Safety Insurance Group, Inc. | Director | Current |
| Provident Realty Partners LLC | Board of Directors | Current |
| Drexel University | J.D. | Former |
| Temple University James E. Beasley School of Law | Jd | Former |
| Drexel University | BS In Business Administration | Former |
| Temple University James E. Beasley School of Law | B.S. In Business Administration | Former |
Executive News
-
Notes from White Mountains Insurance Analyst Day, Part I
Industry Transcripts by Seeking Alpha
-
H&R Block, Inc. F4Q09 (Qtr End 04/30/09) Earnings Call Transcript
on Jun 29, 2009about HRB
-
Paychex F4Q09 (Qtr End 5/31/09) Earnings Call Transcript
on Jun 25, 2009about PAYX
-
Discover Financial Services Q2 2009 Earnings Call Transcript
on Jun 18, 2009about DFS
-
VeriFone Holdings Inc. F2Q09 (Qtr End 04/30/09) Earnings Call Transcript
on Jun 02, 2009about PAY
-
Provident Financial Services, Inc. Q1 2009 Earnings Call Transcript
on May 27, 2009about PFS
