CSIMarket
 
Safety Insurance Group inc   (SAFT)
Other Ticker:  
 
 

Safety Insurance Group Inc 's Customers Performance

SAFT

 
SAFT's Source of Revenues Safety Insurance Group Inc 's Customers have recorded an advance in their cost of revenue by 6.44 % in the 1 quarter 2021 year on year, sequentially costs of revenue grew by 39.12 %, for the same period Safety Insurance Group Inc recorded revenue increase by 22.57 % year on year, sequentially revnue fell by -5.58 %.

List of SAFT Customers




Safety Insurance Group Inc 's Customers have recorded an advance in their cost of revenue by 6.44 % in the 1 quarter 2021 year on year, sequentially costs of revenue grew by 39.12 %, for the same period Safety Insurance Group Inc recorded revenue increase by 22.57 % year on year, sequentially revnue fell by -5.58 %.

List of SAFT Customers


   
Customers Net Income grew in Q1 by Customers Net margin grew to
14.76 %



Safety Insurance Group Inc 's Customers, Q1 2021 Revenue Growth By Industry
Customers in Auto & Truck Parts Industry      12.54 %
Customers in Accident & Health Insurance Industry      6.54 %
Customers in Life Insurance Industry      21.09 %
Customers in Insurance Brokerage Industry      11.24 %
Customers in Property & Casualty Insurance Industry      25.44 %
Customers in Money Center Banks Industry      68.27 %
Customers in Regional Banks Industry      67.06 %
Customers in Real Estate Operations Industry      39.46 %
Customers in Special Transportation Services Industry      33.85 %
     
• Customers Valuation • Segment Rev. Growth • Segment Inc. Growth • Customers Mgmt. Effect.


Safety Insurance Group Inc 's Comment on Sales, Marketing and Customers



We are licensed by the Commissioner of Insurance (the "Commissioner") to transact property and casualty insurance in Massachusetts. All of our Massachusetts business is extensively regulated by the Commissioner.
The Massachusetts Market for Private Passenger Automobile Insurance. Private passenger automobile insurance is generally considered to be more heavily regulated in Massachusetts than in other states, under what the Massachusetts Commissioner of Insurance calls Managed Competition. Since 2008, Massachusetts automobile insurance premium rates are strictly regulated under a prior approval rate review process, governed by regulations that set certain terms and conditions that insurers must comply with in establishing their rates. Certain of the historically unique factors in Massachusetts continue to exist, including compulsory insurance, affinity group marketing, and the prominence of independent agents.

We distribute our products exclusively through independent agents, unlike some of our competitors who use multiple distribution channels. We believe this gives us a competitive advantage with the agents. With the exception of personal automobile business assigned to us by the Massachusetts Automobile Insurance Plan (“MAIP”) or written through CAR’s commercial automobile Limited Servicing Carrier program, we do not accept business from insurance brokers. Our voluntary agents have authority pursuant to our voluntary agency agreement to bind our Insurance Subsidiaries for any coverage that is within the scope of their authority.

We look for agents with profitable portfolios of business. To become a voluntary agent for our Company, we generally require that an agency: (i) have been in business for at least five years; (ii) have exhibited a three year private passenger average ratio of losses, excluding loss adjustment expenses, to net earned premiums ("pure loss ratio") of 65.0% or less on the portion of the agent's portfolio that we would underwrite; (iii) make a commitment for us to underwrite at least 300 policies from the agency during the first twelve months after entering an agreement with us; and (iv) offer multiple product lines. Every year, we review the performance of our agents during the prior year. If an agent fails to meet our profitability standards, we try to work with the agent to improve the profitability of the business it places with us. We generally terminate contracts each year with a few agencies, which, despite our efforts, have been consistently unable to meet our standards. Although independent agents usually represent several unrelated insurers, our goal is to be one of the top two insurance companies represented in each of our agencies, as measured by premiums.

ur underwriting department is responsible for a number of key decisions affecting the profitability of our business, including:

pricing of our private passenger automobile, commercial automobile, homeowners, dwelling fire, personal umbrella, business owners, commercial umbrella and commercial package products;

developing new products, coverages, forms and discounts, as well as expansion into new states;

determining underwriting guidelines for all our products; and

evaluating whether to accept transfers of a portion of an existing or potential new agent's portfolio from another insurer.

Pricing. Subject to the Commissioner's review, we set rates for our private passenger business using industry loss cost data, our own loss experience, residual market deficits, catastrophe modeling and prices charged by our competitors in the Massachusetts market. Additionally subject to the Commissioner's review, Commonwealth Automobile Reinsurers (“CAR”) establishes the rates for personal automobile policies assigned to carriers through the Massachusetts Automobile Insurance Plan (“MAIP”). In accordance with Massachusetts law, insurers may only charge MAIP policyholders the lower of the CAR/MAIP rate or the company's competitive voluntary market rate. We offer group discounts to private passenger auto policyholder who are members of 95 affinity groups. In general, we target affinity groups with a mature and stable membership base along with favorable driving records, offering between a 3.0% and 8.0% discount (with 4.7% being the average discount offered).
Subject to the Commissioner's review, CAR sets the premium rates for commercial automobile policies reinsured through the CAR residual market pool. We set rates for voluntary commercial automobile policies that are not reinsured through CAR, and for all other insurance lines we offer, including homeowners, dwelling fire, personal umbrella, commercial umbrella, commercial package policies and business owner policies. All of these rates are subject to the approval of the Commissioner of Insurance. In each line of business, we base our rates on our own loss experience, residual market deficits, catastrophe modeling, industry loss cost data and prices charged by our competitors in the Massachusetts market. We have three pricing segments for most products, utilizing Safety Insurance for standard rates, Safety Indemnity for preferred rates and Safety Property and Casualty for ultra preferred rates.

CAR Reinsurance Pool. CAR operates a reinsurance pool for commercial automobile policies and we are one of four approved servicing carriers. CAR also operates a reinsurance pool for taxi/limousine/car service commercial automobile policies, and we are one of two servicing carriers that service these policies for CAR. All commercial automobile business and taxi/limousine/car service business that is not written in the voluntary market in Massachusetts is apportioned to one of these servicing carriers who handle that business on behalf of CAR. Every Massachusetts commercial automobile insurer must bear a portion of the losses of the total commercial reinsurance pool that is serviced by the approved servicing carriers.


Bulk Policy Transfers and New Voluntary Agents. From time to time, we receive proposals from an existing voluntary agent to transfer a portfolio of the agent's business from another insurer to us. Our underwriters model the profitability of these portfolios before we accept these transfers. Among other things, we usually require that the private passenger portion of the portfolio have a pure loss ratio of 65.0% or less on the portion of the agent's portfolio that we would underwrite. In addition, we require any new voluntary agent to commit to transfer a portfolio to us consisting of at least 300 policies.


Policy Processing and Rate Pursuit. Our underwriting department assists in processing policy applications, endorsements, renewals and cancellations. Our proprietary software, Safety Express, provides our agents with new business and endorsement entry, real-time policy issuance for personal lines, immediate printing of declarations pages in agents' offices, policy downloads to most major agency management systems and data imports from Boston Software's WinRater (Massachusetts) and Vertafore's PL Rater (New Hampshire).


In personal lines, our agents now submit approximately 99% of all applications for new policies or endorsements for existing policies through Safety Express.
Our rate pursuit team aggressively monitors all insurance transactions to make sure we receive the correct premium for the risk insured. We accomplish this by verifying pricing criteria, such as proper classification of drivers, the make, model, and age of insured vehicles, and the availability of discounts. We verify that operators are properly listed and classified, assignment of operators to vehicles, vehicle garaging, vehicle pre-inspection requirements, and in some cases the validity of discounts. In our homeowners and dwelling fire lines, our team has completed a project to update the replacement costs for each dwelling. We use third-party software to assist in these appraisal efforts.

Product Management. The Product Management area is responsible for the overall review and updating of our products. The department maintains an annual schedule where each line of business is reviewed and benchmarked with our major competitors. Product offerings, discounts, rate levels and underwriting guidelines are reviewed and updates are performed as required. The department is also responsible for the updating of producer material such as rate and rule manuals, and underwriting guidelines as well as promotional materials. In conjunction with the underwriting operations area, the department works with third party vendors that assist with risk information gathering and rate pursuit for in force policies. The area also provides product training and general marketplace education for the organization.

Legal and Regulatory Compliance. The Legal and Regulatory Compliance department provides general legal and compliance support to all business units within the company. The department monitors legal and regulatory changes affecting the company and provides guidance on how to comply with those changes. The department reviews business unit operations to identify and address compliance vulnerabilities. It serves as the primary liaison for company regulators on regulatory matters, including complaints, inquiries, data requests and the like. The department also provides general legal support to all areas of the company, including the review of contracts and legal agreements with vendors and consultants. Legal and Regulatory Compliance additionally is responsible for the rate and form filing function at the company, across all states and lines of business.


Safety Insurance Group Inc 's Comment on Sales, Marketing and Customers


We are licensed by the Commissioner of Insurance (the "Commissioner") to transact property and casualty insurance in Massachusetts. All of our Massachusetts business is extensively regulated by the Commissioner.
The Massachusetts Market for Private Passenger Automobile Insurance. Private passenger automobile insurance is generally considered to be more heavily regulated in Massachusetts than in other states, under what the Massachusetts Commissioner of Insurance calls Managed Competition. Since 2008, Massachusetts automobile insurance premium rates are strictly regulated under a prior approval rate review process, governed by regulations that set certain terms and conditions that insurers must comply with in establishing their rates. Certain of the historically unique factors in Massachusetts continue to exist, including compulsory insurance, affinity group marketing, and the prominence of independent agents.

We distribute our products exclusively through independent agents, unlike some of our competitors who use multiple distribution channels. We believe this gives us a competitive advantage with the agents. With the exception of personal automobile business assigned to us by the Massachusetts Automobile Insurance Plan (“MAIP”) or written through CAR’s commercial automobile Limited Servicing Carrier program, we do not accept business from insurance brokers. Our voluntary agents have authority pursuant to our voluntary agency agreement to bind our Insurance Subsidiaries for any coverage that is within the scope of their authority.

We look for agents with profitable portfolios of business. To become a voluntary agent for our Company, we generally require that an agency: (i) have been in business for at least five years; (ii) have exhibited a three year private passenger average ratio of losses, excluding loss adjustment expenses, to net earned premiums ("pure loss ratio") of 65.0% or less on the portion of the agent's portfolio that we would underwrite; (iii) make a commitment for us to underwrite at least 300 policies from the agency during the first twelve months after entering an agreement with us; and (iv) offer multiple product lines. Every year, we review the performance of our agents during the prior year. If an agent fails to meet our profitability standards, we try to work with the agent to improve the profitability of the business it places with us. We generally terminate contracts each year with a few agencies, which, despite our efforts, have been consistently unable to meet our standards. Although independent agents usually represent several unrelated insurers, our goal is to be one of the top two insurance companies represented in each of our agencies, as measured by premiums.

ur underwriting department is responsible for a number of key decisions affecting the profitability of our business, including:

pricing of our private passenger automobile, commercial automobile, homeowners, dwelling fire, personal umbrella, business owners, commercial umbrella and commercial package products;

developing new products, coverages, forms and discounts, as well as expansion into new states;

determining underwriting guidelines for all our products; and

evaluating whether to accept transfers of a portion of an existing or potential new agent's portfolio from another insurer.

Pricing. Subject to the Commissioner's review, we set rates for our private passenger business using industry loss cost data, our own loss experience, residual market deficits, catastrophe modeling and prices charged by our competitors in the Massachusetts market. Additionally subject to the Commissioner's review, Commonwealth Automobile Reinsurers (“CAR”) establishes the rates for personal automobile policies assigned to carriers through the Massachusetts Automobile Insurance Plan (“MAIP”). In accordance with Massachusetts law, insurers may only charge MAIP policyholders the lower of the CAR/MAIP rate or the company's competitive voluntary market rate. We offer group discounts to private passenger auto policyholder who are members of 95 affinity groups. In general, we target affinity groups with a mature and stable membership base along with favorable driving records, offering between a 3.0% and 8.0% discount (with 4.7% being the average discount offered).
Subject to the Commissioner's review, CAR sets the premium rates for commercial automobile policies reinsured through the CAR residual market pool. We set rates for voluntary commercial automobile policies that are not reinsured through CAR, and for all other insurance lines we offer, including homeowners, dwelling fire, personal umbrella, commercial umbrella, commercial package policies and business owner policies. All of these rates are subject to the approval of the Commissioner of Insurance. In each line of business, we base our rates on our own loss experience, residual market deficits, catastrophe modeling, industry loss cost data and prices charged by our competitors in the Massachusetts market. We have three pricing segments for most products, utilizing Safety Insurance for standard rates, Safety Indemnity for preferred rates and Safety Property and Casualty for ultra preferred rates.

CAR Reinsurance Pool. CAR operates a reinsurance pool for commercial automobile policies and we are one of four approved servicing carriers. CAR also operates a reinsurance pool for taxi/limousine/car service commercial automobile policies, and we are one of two servicing carriers that service these policies for CAR. All commercial automobile business and taxi/limousine/car service business that is not written in the voluntary market in Massachusetts is apportioned to one of these servicing carriers who handle that business on behalf of CAR. Every Massachusetts commercial automobile insurer must bear a portion of the losses of the total commercial reinsurance pool that is serviced by the approved servicing carriers.


Bulk Policy Transfers and New Voluntary Agents. From time to time, we receive proposals from an existing voluntary agent to transfer a portfolio of the agent's business from another insurer to us. Our underwriters model the profitability of these portfolios before we accept these transfers. Among other things, we usually require that the private passenger portion of the portfolio have a pure loss ratio of 65.0% or less on the portion of the agent's portfolio that we would underwrite. In addition, we require any new voluntary agent to commit to transfer a portfolio to us consisting of at least 300 policies.


Policy Processing and Rate Pursuit. Our underwriting department assists in processing policy applications, endorsements, renewals and cancellations. Our proprietary software, Safety Express, provides our agents with new business and endorsement entry, real-time policy issuance for personal lines, immediate printing of declarations pages in agents' offices, policy downloads to most major agency management systems and data imports from Boston Software's WinRater (Massachusetts) and Vertafore's PL Rater (New Hampshire).


In personal lines, our agents now submit approximately 99% of all applications for new policies or endorsements for existing policies through Safety Express.
Our rate pursuit team aggressively monitors all insurance transactions to make sure we receive the correct premium for the risk insured. We accomplish this by verifying pricing criteria, such as proper classification of drivers, the make, model, and age of insured vehicles, and the availability of discounts. We verify that operators are properly listed and classified, assignment of operators to vehicles, vehicle garaging, vehicle pre-inspection requirements, and in some cases the validity of discounts. In our homeowners and dwelling fire lines, our team has completed a project to update the replacement costs for each dwelling. We use third-party software to assist in these appraisal efforts.

Product Management. The Product Management area is responsible for the overall review and updating of our products. The department maintains an annual schedule where each line of business is reviewed and benchmarked with our major competitors. Product offerings, discounts, rate levels and underwriting guidelines are reviewed and updates are performed as required. The department is also responsible for the updating of producer material such as rate and rule manuals, and underwriting guidelines as well as promotional materials. In conjunction with the underwriting operations area, the department works with third party vendors that assist with risk information gathering and rate pursuit for in force policies. The area also provides product training and general marketplace education for the organization.

Legal and Regulatory Compliance. The Legal and Regulatory Compliance department provides general legal and compliance support to all business units within the company. The department monitors legal and regulatory changes affecting the company and provides guidance on how to comply with those changes. The department reviews business unit operations to identify and address compliance vulnerabilities. It serves as the primary liaison for company regulators on regulatory matters, including complaints, inquiries, data requests and the like. The department also provides general legal support to all areas of the company, including the review of contracts and legal agreements with vendors and consultants. Legal and Regulatory Compliance additionally is responsible for the rate and form filing function at the company, across all states and lines of business.








SAFT's vs. Customers, Data

(Revenue and Income for Trailing 12 Months, in Millions of $, except Employees)



COMPANY NAME MARKET CAP REVENUES INCOME EMPLOYEES
Safety Insurance Group inc 1,201 887 176 622
Atlas Air Worldwide Holdings Inc 2,188 3,429 427 1,724
Arch Capital Group Ltd 16,078 9,257 2,030 2,030
Accuride Corp 0 0 0 2,290
Agree Realty Corporation 4,504 271 101 0
Assured Guaranty ltd 3,710 1,196 441 300
Aspen Insurance Holdings Limited 0 2,836 -40 0
American International Group Inc 45,584 43,747 -3,553 65,000
Amerinst Insurance Group Ltd 0 19 -10 22
Arthur j Gallagher and Co 28,779 14,457 896 21,500
Amerisafe Inc 1,211 344 95 449
Aon Plc 57,050 11,381 2,160 69,000
Aspira Womens Health Inc 638 -641 -92 1,433
American Axle and Manufacturing Holdings Inc 1,421 4,792 -21 13,050
Axis Capital Holdings Ltd 4,417 4,982 181 1,225
Blue Capital Reinsurance Holdings Ltd. 62 35 -29 1
Berkshire Hathaway Inc 521,415 245,728 18,963 0
Brown and Brown Inc 14,887 2,730 528 7,807
Chubb Ltd 0 38,268 5,581 0
Countrywide Financial Corporation 0 0 0 0
Cigna Corporation 85,087 162,903 8,471 37,200
Capital Financial Holdings, Inc. 0 15 0 20
Cooper standard Holdings Inc 539 2,390 -192 29,000
Crawford and Co 243 1,019 46 8,941
Corvel Corporation 2,232 553 46 3,508
Dana Inc 3,855 7,443 -21 22,600
Dana Corporation 0 0 0 0
Employers Holdings Inc 1,244 748 178 716
Emc Insurance Group Inc. 780 722 32 1
Endurance Specialty Holdings Ltd. 0 2,539 283 1,154
Enerpulse Technologies, Inc. 0 0 0 8
Erie Indemnity Company 9,924 2,574 308 4,800
Enstar Group Ltd 5,425 1,897 1,096 1,327
Essent Group Ltd 5,350 971 399 366
Fuel Systems Solutions, Inc. 0 0 0 1,300
Global Indemnity Group Llc 446 655 29 460
Greenkraft, Inc. 4 1 0 18
Greenlight Capital Re Ltd 322 559 63 30
Genworth Financial Inc 2,112 8,806 479 5,300
Horizon Global Corp 265 697 -36 2,700
Keycorp 21,376 6,402 1,819 13,853
Loews Corp 15,062 13,106 46 17,510
Maiden Holdings Ltd 297 155 155 204
Markel Corporation 16,463 12,300 2,813 10,600
Marsh and Mclennan Companies Inc 71,405 17,652 2,277 57,000
Meritor Inc 1,894 3,144 67 8,400
Enpro Industries Inc 2,031 1,077 211 5,000
Omnitek Engineering Corp 2 1 0 11
Oxbridge Re Holdings Ltd 17 2 0 2
Partnerre Ltd 0 7,876 254 1,035
Everest Reinsurance Holdings Inc 10,185 6,981 155 1,207
Regions Financial Corporation 20,831 5,667 2,084 23,723
Reinsurance Group Of America Incorporated 8,504 15,511 642 2,201
Rli Corp 4,758 1,153 291 902
Renaissancere Holdings Ltd 7,475 5,138 637 376
Safeco Corporation 0 0 0 0
Siriuspoint Ltd 1,264 1,380 460 0
Superior Industries International Inc 637 1,158 -40 3,050
Titan International Inc 579 1,309 -24 600
Unum Group 6,208 13,363 785 9,500
Validus Holdings Ltd 5,393 2,817 -478 876
Wabco Holdings Inc 7,013 3,234 199 12,429
Xl Group Ltd 2,246 11,388 -543 4,663
Alleghany Corp 9,889 10,067 726 3,135
SUBTOTAL 1,033,304 718,201 51,375 481,557


Economy


Advance Monthly Sales

Consumer Price Index CPI

Producer Price Index PPI

Retail Inventories

Personal Income

Gross Domestic Product GDP

Money Supply

Industrial Production

Productivity

Employment Situation

US International Trade

Factory Orders

Durable Goods

Construction Spending

Housing Starts

Vehicle Unit Sales

Stocks


Event Calendar

SVFA's Profile

Stock Price

SVFA's Financials

Business Description

Fundamentals

Charts & Quotes

SVFA's News

Suppliers

SVFA's Competitors

Customers & Markets

Economic Indicators

SVFA's Growth

Company Segments

Screening


Stock Performance

Growth Rates

Profitability

Valuation

Dividend

Financial Strength

Efficiency

Largest Companies

Management Effectivness

Industries


At a Glance

Performance

Growth Rates

Profitability

Valuation

Financial Strength

Markets


At a Glance

Stocks

Indices

Sectors & Industries

Financials

Commodities

Currencies

News


At a Glance

Stocks

Economy

Industries

Other

Help


Sitemap

Advertise

About us

Glossary


Financial Terms

Technical Analysis

Fundamental Analysis

Energy Terms

Manufacturing Terms

Transportation Terms

Health Care

Insurance Terms

Economy Terms

Hotel & Leisure Terms

CSIMarket Company, Sector, Industry, Market Analysis, Stock Quotes, Earnings, Economy, News and Research.    Copyright © 2021 CSIMarket, Inc. All rights reserved. This site uses cookies to make your browsing experince better. By using this site, you agree to the Terms of Service and Privacy Policy - UPDATED (Read about our Privacy Policy)

Intraday data delayed per exchange requirements. All quotes are in local exchange time. Intraday data delayed 15 minutes for Nasdaq, and other exchanges. Fundamental and financial data for Stocks, Sector, Industry, and Economic Indicators provided by CSIMarket.com
CSIMarket.com 1500 N. University Drive, Coral Springs, FL 33071