Safety Insurance Group is a regional property and casualty insurer operating exclusively in Massachusetts, New Hampshire, and Maine. The company sells personal and commercial auto, homeowners, and several smaller insurance lines through a network of independent agents — roughly 800 agencies across 1,063 locations. Massachusetts dominates the business at about 94% of direct written premiums. Private passenger auto is the largest product at roughly 55% of premiums, followed by homeowners at ~25% and commercial auto at ~15%. Safety is the fourth largest private passenger auto carrier in Massachusetts with a 9.4% market share, and the largest commercial auto carrier with a 13% share. Safety's business model centers on two income streams: underwriting income and investment income from the float between premium collection and claims payment. The investment portfolio is roughly $1.7B, primarily investment-grade fixed income, generating a roughly 4% yield. Safety sells exclusively through independent agents, and views agents — not end policyholders — as its primary customer. Safety competes for agent attention through commissions, profit-sharing, technology tools, and a broad multi-line product offering. The independent agent channel is unusually dominant in Massachusetts relative to the national average, which supports Safety's distribution model. Safety also participates in Massachusetts' residual auto insurance markets through Commonwealth Automobile Reinsurers. Capital returns are primarily through dividends, and Safety describes itself as profitable in 44 of 45 years since its 1979 founding.