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Safety Announces Third Quarter 2011 Results And Declares Fourth Quarter 2011 Dividend

Safety Insurance Group, Inc. (NASDAQ:SAFT) today reported third quarter 2011 results. Net income for the quarter ended September 30, 2011 was $8.8 million, or $0.58 per diluted share, compared to net income of $15.4 million, or $1.03 per diluted share, for the comparable 2010 period. Net income for the nine months ended September 30, 2011 was $8.9 million, or $0.59 per diluted share, compared to $43.3 million, or $2.87 per diluted share, for the comparable 2010 period. Safety’s book value per share decreased to $43.15 at September 30, 2011 from $43.37 at December 31, 2010. Safety paid $0.50 per share in dividends to investors during each of the quarters ended September 30, 2011 and 2010. Safety paid $1.80 per share in dividends to investors during the year ended December 31, 2010.

The quarter ended September 30, 2011 was marked by two severe weather events, the Western Massachusetts wind and hail storm and Tropical Storm Irene, which caused extensive property damage. As a result, we experienced elevated catastrophe claims activity in our personal and commercial property lines for the quarter ended September 30, 2011. For the quarter ended September 30, 2011, loss and loss adjustment expenses incurred increased by $23.1 million, or 26.1%, to $111.5 million from $88.4 million for the comparable 2010 period. For the nine months ended September 30, 2011, loss and loss adjustment expenses incurred increased by $82.5 million, or 31.1%, to $347.4 million from $264.9 million for the comparable 2010 period. Loss, expense, and combined ratios calculated under U.S. generally accepted accounting principles for the quarter ended September 30, 2011 were 73.7%, 30.1%, and 103.8%, respectively, compared to 63.5%, 31.8%, and 95.3%, respectively, for the comparable 2010 period. Loss, expense, and combined ratios calculated under U.S. generally accepted accounting principles for the nine months ended September 30, 2011 were 78.1%, 29.7%, and 107.8%, respectively, compared to 64.8%, 31.4%, and 96.2%, respectively, for the comparable 2010 period. Total prior year favorable development included in the pre-tax results for the quarter and nine months ended September 30, 2011 was $6.3 million and $25.1 million, respectively, compared to $10.3 million and $32.9 million, respectively, for the comparable 2010 periods.

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