Safety Insurance Group Inc. Files 10-Q for Period Ending March 31, 2024

TL;DR

<b>Safety Insurance Group Inc. filed its quarterly report (10-Q) for the period ending March 31, 2024, detailing financial data and equity components.</b>

AI Summary

SAFETY INSURANCE GROUP INC (SAFT) filed a Quarterly Report (10-Q) with the SEC on May 9, 2024. The filing is a 10-Q report for Safety Insurance Group Inc. for the period ending March 31, 2024. The company's principal business address is 20 Custom House Street, Boston, MA 02110. The filing includes data related to treasury stock, retained earnings, common stock, additional paid-in capital, and accumulated other comprehensive income for various periods. Information on restricted stock and vesting based on performance is provided for the period. Fair value disclosures for Level 1, Level 2, and Level 3 inputs are included as of March 31, 2024, and December 31, 2023.

Why It Matters

For investors and stakeholders tracking SAFETY INSURANCE GROUP INC, this filing contains several important signals. This 10-Q provides a snapshot of Safety Insurance Group's financial health and equity structure as of the first quarter of 2024, crucial for investors assessing performance and stability. The inclusion of detailed fair value inputs and equity component data allows stakeholders to understand the valuation of assets and the composition of shareholder equity.

Risk Assessment

Risk Level: low — SAFETY INSURANCE GROUP INC shows low risk based on this filing. The filing is a standard 10-Q report, which typically contains routine financial disclosures and does not indicate any immediate or significant risks.

Analyst Insight

Review the detailed equity component data and fair value disclosures to understand the company's financial position and asset valuations as of Q1 2024.

Key Numbers

• 2024-03-31 — Report Date (Period of report)
• 2024-05-09 — Filing Date (Date filed)
• 2024-03-31 — Fair Value Inputs Level 3 (As of March 31, 2024)
• 2023-12-31 — Fair Value Inputs Level 3 (As of December 31, 2023)

Key Players & Entities

• SAFETY INSURANCE GROUP INC (company) — Filer name
• 20 CUSTOM HOUSE STREET (location) — Business address
• BOSTON (location) — Business address city
• MA (location) — Business address state
• 02110 (location) — Business address zip
• SAFETY HOLDINGS INC (company) — Former company name
• RBS CITIZENS (company) — Mentioned in context of revolving credit facility

FAQ

Industry Context

Safety Insurance Group Inc. operates in the Fire, Marine & Casualty Insurance industry.

Regulatory Implications

The filing is a standard 10-Q, a quarterly report required by the SEC for public companies.

What Investors Should Do

1. Analyze the detailed breakdown of equity components (Treasury Stock, Retained Earnings, etc.) for Q1 2024.
2. Examine the fair value disclosures for Level 1, Level 2, and Level 3 inputs as of March 31, 2024.
3. Review any mentions of restricted stock and performance-based vesting plans.

Key Dates

• 2024-03-31: Quarterly Report Period End — End of the reporting period for the 10-Q filing.
• 2024-05-09: Filing Date — Date the 10-Q was officially filed with the SEC.

Year-Over-Year Comparison

This is the first 10-Q filing for the fiscal year 2024, providing updated financial information compared to the previous year's filings.

Key Financial Figures

• $0.01 — ch registered Common Stock, par value $0.01 per share SAFT The Nasdaq Stock Mar

Filing Documents

• saft-20240331x10q.htm (10-Q) — 2305KB
• saft-20240331xex10d30.htm (EX-10.30) — 126KB
• saft-20240331xex10d31.htm (EX-10.31) — 42KB
• saft-20240331xex31d1.htm (EX-31.1) — 13KB
• saft-20240331xex31d2.htm (EX-31.2) — 14KB
• saft-20240331xex32d1.htm (EX-32.1) — 6KB
• saft-20240331xex32d2.htm (EX-32.2) — 5KB
• 0001172052-24-000023.txt (&nbsp;) — 8947KB
• saft-20240331.xsd (EX-101.SCH) — 43KB
• saft-20240331_cal.xml (EX-101.CAL) — 90KB
• saft-20240331_def.xml (EX-101.DEF) — 140KB
• saft-20240331_lab.xml (EX-101.LAB) — 465KB
• saft-20240331_pre.xml (EX-101.PRE) — 322KB
• saft-20240331x10q_htm.xml (XML) — 1737KB

Financial Information

Part I. Financial Information Item 1. Consolidated Financial Statements Consolidated Balance Sheets 3 Consolidated Statements of Operations 4 Consolidated Statements of Comprehensive Income (Loss) 5 Consolidated Statements of Changes in Shareholders' Equity 6 Consolidated Statements of Cash Flows 7 Notes to Unaudited Consolidated Financial Statements 8 Item 2.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 24 Item 3. Quantitative and Qualitative Information about Market Risk 42 Item 4.

Controls and Procedures

Controls and Procedures 42

Other Information

Part II. Other Information Item 1

Legal Proceedings

Legal Proceedings 44 Item 1A.

Risk Factors

Risk Factors 44 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 44 Item 3. Defaults upon Senior Securities 44 Item 4. Mine Safety Disclosures 44 Item 5. Other Information 44 Item 6. Exhibits 44 EXHIBIT INDEX 46 SIGNATURE 47 2 Table of Contents Safety Insurance Group, Inc. and Subsidiaries Consolidated Balance Sheets (Dollars in thousands, except share data) March 31, December 31, 2024 2023 (Unaudited) Assets Investments: Fixed maturities, available for sale, at fair value (amortized cost: $ 1,119,116 and $ 1,120,682 , allowance for expected credit losses of $ 1,349 and $ 1,208 ) $ 1,043,556 $ 1,052,145 Equity securities, at fair value (cost: $ 192,721 and $ 221,809 ) 216,598 238,022 Other invested assets 138,270 133,946 Total investments 1,398,424 1,424,113 Cash and cash equivalents 30,801 38,152 Accounts receivable, net of allowance for expected credit losses of $ 824 and $ 1,053 269,491 256,687 Receivable for securities sold 322 124 Accrued investment income 8,012 7,261 Taxes recoverable — 623 Receivable from reinsurers related to paid loss and loss adjustment expenses 15,359 13,129 Receivable from reinsurers related to unpaid loss and loss adjustment expenses 121,504 112,623 Ceded unearned premiums 34,029 32,346 Deferred policy acquisition costs 93,711 91,917 Deferred income taxes 14,667 12,150 Equity and deposits in pools 36,410 35,247 Operating lease right-of-use-assets 19,078 19,756 Goodwill 17,093 17,093 Intangible assets 7,340 7,551 Other assets 27,198 25,232 Total assets $ 2,093,439 $ 2,094,004 Liabilities Loss and loss adjustment expense reserves $ 603,796 $ 603,081 Unearned premium reserves 544,075 528,150 Accounts payable and accrued liabilities 60,615 64,235 Payable for securities purchased 6,434 1,863 Payable to reinsurers 12,496 15,941 Taxes

View Full Filing

View this 10-Q filing on SEC EDGAR