UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
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Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
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Securities registered pursuant to Section 12(b) of the Act:
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Item 8.01 Other Events
On September 12, 2019, Safety Insurance Group, Inc. (“the Company”) reached an agreement to settle litigation involving a liability claim seeking to recover extra-contractual damages against one of the Company’s personal umbrella policyholders. The settlement has received court approval and the Company will accrue the costs associated with such settlement in the third quarter of fiscal year 2019 within loss and loss adjustment expense. The net expected pre-tax income impact from this settlement on third quarter 2019 earnings is $15.5 million which represents an after-tax impact of $12.3 million or $0.80 per diluted share.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
Safety Insurance Group, Inc. | ||
(Registrant) | ||
Date: September 16, 2019 | By: | /s/ WILLIAM J. BEGLEY, JR |
William J. Begley, Jr. | ||
V.P., Chief Financial Officer and Secretary | ||
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Document and Entity Information |
May 01, 2019 |
|---|---|
| Document and Entity Information [Abstract] | |
| Document Type | 8-K |
| Document Period End Date | Sep. 12, 2019 |
| Entity File Number | 000-50070 |
| Entity Registrant Name | SAFETY INSURANCE GROUP, INC. |
| Entity Incorporation, State or Country Code | DE |
| Entity Tax Identificatoin Number | 13-4181699 |
| Entity Address, Address Line One | 20 Custom House Street |
| Entity Address, State or Province | MA |
| Entity Address, City or Town | Boston |
| Entity Address, Postal Zip Code | 02110 |
| City Area Code | (617) |
| Local Phone Number | 951-0600 |
| Written Communications | false |
| Soliciting Material | false |
| Pre-commencement Tender Offer | false |
| Pre-commencement Issuer Tender Offer | false |
| Title of 12(b) Security | Common Stock, par value $0.01 per share |
| Trading Symbol | SAFT |
| Security Exchange Name | NASDAQ |
| Entity Emerging Growth Company | false |
| Entity Ex Transition Period | false |
| Entity Central Index Key | 0001172052 |
| Amendment Flag | false |