Safety Insurance Group, Inc. Announces Intent to Acquire Northeast Metrowest Insurance Agency

Safety Insurance Group, Inc. (NASDAQ:SAFT) (“Safety” or “the Company”) today announced the execution of a non-binding Letter of Intent to acquire, through a wholly-owned subsidiary, the assets and operations of Northeast Insurance Agency, Inc (“Northeast / Metrowest”). The transaction will be subject to customary conditions and is expected to be completed in the fourth quarter of 2022.

George M. Murphy, President and Chief Executive Officer, commented: “Safety is proud of our history as an independent agency company and remains committed to the agency channel. Our success is rooted in providing products and services to our agency partners and their policyholders, thereby gaining and holding their respect and loyalty. This acquisition is an exciting opportunity to strengthen our position within the independent agency channel while positioning us for future prosperity. Over 30% of our current policies are handled in our Service Center and there will be numerous synergies that can be recognized by both Safety and Northeast / Metrowest, that will enhance our policyholder services.”

Since 1989, Northeast / Metrowest has provided personal and commercial insurance to properly protect its customers by determining the best coverage to suit their unique needs. Over that time, Northeast / Metrowest has grown to include over $40 million in policy premiums and continues to expand its offerings to its customers. Scott Bulger, co-principal of Northeast / Metrowest stated, “We are excited to further our long-term valued partnership with Safety while continuing to provide the products and service we are known for in the New England market.”

“We are always looking for ways to grow shareholder value, and the opportunity to acquire an agency with the scale and experience of Northeast / Metrowest provides us an additional revenue platform,” commented David F. Brussard, Safety’s Chairman of the Board of Directors. “Safety and Northeast / Metrowest have had a great partnership for over 20 years and this transaction demonstrates our continued support of the independent agency system. The Safety Board of Directors is committed to providing long-term value and investment return by identifying new opportunities, while continuing to focus on our strong underwriting results and core business.”