Safety Insurance Group Inc 2024年度报告

20 Custom House Street,Boston,Massachusetts02110(Address of principal executive offices including zip code) (617)951-0600(Registrant’s telephone number, including area code) Securities registered pursuant to Section12(b) of the Act: Indicate by check mark whether the registrant is a well-known seasoned issuer, as defined in Rule405 of the SecuritiesAct.Yes☒No☐ Indicate by check mark whether the registrant is not required to file reports pursuant to Section13 of Section15(d) of theAct.Yes☐No☒ Indicate by check mark whether the registrant (1)has filed all reports required to be filed by Section13 or 15(d) of theSecurities Exchange Act of 1934 during the preceding 12months (or for such shorter period that the registrant was required to filesuch reports), and (2)has been subject to such filing requirements for the past 90days.Yes☒No☐ Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to besubmitted pursuant to Rule405 of RegulationS-T (§232.405 of this chapter) during the preceding 12months (or for such shorterperiod that the registrant was required to submit such files).Yes☒No☐ Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, asmaller reporting company, or an emerging growth company. See definitions of “large accelerated filer,” “accelerated filer,”“smaller reporting company,” and “emerging growth company” in Rule12b-2 of the Exchange Act. (Check one):Large accelerated filer☒Non-accelerated filer☐ Accelerated filer☐Smaller reporting company☐Emerging growth company☐ If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition periodfor complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.☐ Indicate by check mark whether the registrant has filed a report on and attestation to its management’s assessment of theeffectiveness of its internal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) bythe registered public accounting firm that prepared or issued its audit report.☒ If securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements ofthe registrant included in the filing reflect the correction of an error to previously issued financial statements.☐ Indicate by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive-based compensation received by any of the registrant’s executive officers during the relevant recovery period pursuant to§240.10D-1(b).☐ Indicate by check mark whether the registrant is a shell company (as defined in Rule12b-2 of the Act).Yes☐No☒ The aggregate market value of the registrant’s voting and non-voting common equity (based on the closing sales price onNASDAQ) held by non-affiliates of the registrant as of June30, 2024, was approximately $1,092,939,051. As of February 14, 2025 there were14,838,007Common Shares with a par value of $0.01 per share outstanding. Documents Incorporated by Reference Portions of the registrant’s definitive proxy statement for its Annual Meeting of Shareholders, which Safety Insurance Group,Inc.(“Safety”, the “Company”, “we”, “our”, “us”) intends to file within 120days after its December31, 2024year-end, areincorporated by reference into PartII and PartIII hereof. SAFETY INSURANCE GROUP, INC. Table of Contents PART I.PageItem 1.Business1Item 1A.Risk Factors26Item 1B.Unresolved Staff Comments33Item 1C.Cybersecurity33Item 2.Properties35Item 3.Legal Proceedings35Item 4.Mine Safety Disclosures35 Item 5.Market for Registrant's Common Equity, Related Stockholder Matters andIssuer Purchases of Equity Securities36Item 6.[Reserved]39Item 7.Management's Discussion and Analysis of Financial Condition and Resultsof Operations39Item 7A.Quantitative and Qualitative Disclosures About Market Risk58Item 8.Financial Statements and Supplementary Data59Item 9.Changes in and Disagreements With Accountants on Accounting andFinancial Disclosure99Item 9A.Controls and Procedures99Item 9B.Other Information100Item 9C.Disclosure Regarding Foreign Jurisdictions that Prevent Inspections101 Item 10.Directors, Executive Officers and Corporate Governance102Item 11.Executive Compensation102Item 12.Security Ownership of Certain Beneficial Owners and Management andRelatedStockholder Matters102Item 13.Certain Relationships and Related Transactions, and Director Independence102Item 14.Principal Accounting Fees and Services102 116 In this Form10-K, all dollar amounts are presented in thousands, except average premium,average claim and per claim data, share, and per share data. PART I. ITEM1.BUSINESS General We are a leading provider of private passenger automobile, commercial automobile, andhomeowners insurance in Massachusetts. In addition to these covera