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Safety Insurance Posts Q2 2009 Results

Net income of $15 million or $0.96 per diluted share

Safety Insurance Group has reported a net income for the quarter ended June 30, 2009 of $15 million, or $0.96 per diluted share, compared to $20.9 million, or $1.28 per diluted share, for the comparable 2008 period.

The net income for the six months ended June 30, 2009 was $26.9 million, or $1.69 per diluted share, as compared to $40 million, or $2.45 per diluted share, for the comparable 2008 period.

Safety’s book value per share increased to $39.20 at June 30, 2009, compared to $37.17 at December 31, 2008.

The net written premiums for the quarter ended June 30, 2009 decreased by 4.9% to $141 million, from $148.3 million for the comparable 2008 period. The net written premiums for the six months ended June 30, 2009 decreased by 9.8% to $281.9 million, from $312.5 million for the comparable 2008 period.

The net earned premiums for the quarter ended June 30, 2009 decreased by 10.7% to $131.3 million, from $147.0 million for the comparable 2008 period. The net earned premiums for the six months ended June 30, 2009 decreased by 10.4% to $266.7 million, from $297.7 million for the comparable 2008 period.