Safety Insurance Group, Inc. ($SAFT)

Good morning, ladies and gentlemen. It is now 10:00 a.m. on Wednesday, May 13, 2026. The meeting will please come to order. I am George Murphy, Chairman of the Board of Directors, President and CEO of Safety Insurance Group, Inc. On behalf of Safety Insurance Group, I welcome all of you to the 2026 Annual Meeting of Stockholders. Before we go further, I'd like to introduce you to our directors and officers who are present at today's meeting. They are Thalia Meehan, our Lead Independent Director; John Farina; Mary McConnell, VP of Underwriting; and Chris Whitford, Vice President, CFO and Secretary. Joe DeSantis and [ John Szymczyk ] representatives of Deloitte and Touche LLP, our independent auditors are on the conference call and are available to respond to appropriate questions. As is stated in the handout that all of you should have received, we will conduct the formal portion of this meeting first. Following adjournment of the annual meeting, you will have an opportunity to raise any questions that you may have. Furthermore, questions sent in advance via e-mail will also be addressed. Now back to the official part of the meeting as President and CEO of Safety Insurance Group, I will act as Chairperson of the 2026 Annual Meeting. I hearby appoint Chris Whitford, Safety's Chief Financial Officer, Vice President and Secretary as the Secretary of this meeting. Now I will ask Chris to take care of certain preliminary formalities.

Thanks, George. Each of you should have received a copy of our one-page handout showing the agenda and the meeting procedures. Please conduct yourself in accordance with those rules of conduct. The handout also contains information regarding certain forward-looking statements, which may be expressed today regarding Safety's future operations or performance. I'd like to introduce everyone to Jennifer Borden of Borden Consulting Group. Ms. Borden has been appointed as Inspector of Elections for this meeting. If you've already voted by proxy, your vote will be counted automatically without any further action on your part. As a matter of convenience for the Inspector of Elections, it would be preferable for a stockholder who is present and who has previously given a proxy and does not wish to change his or her vote to allow his or her shares to be voted by proxy rather than voting in-person. Are there any stockholders present who wish to give their proxy to the Inspector of Elections, but has not done so? If so, please raise your hand, and the Inspector of Elections will collect them at this time. Also, if there's anyone present who wishes to vote his or her shares in-person, please raise your hand at this time. Before acting on the matters stated in the notice of the meeting and proxy statement, I will establish for the record that this meeting is properly convened and that there is a quorum present for the transaction of business and that the polls are open. According to the affidavit of distribution dated April 10, 2026, a notice of this Annual Meeting of Stockholders and instructions as to how to access the proxy statement, the proxy card and the annual report to stockholders were sent to each stockholder of record as of the close of business on March 16, 2026. Notice of this meeting has been duly given in accordance with Safety's bylaws and the proxy statement has been filed with the Securities and Exchange Commission. Extra copies of the annual report and proxy statement are available at the front of the room. Prior to the commitment of this meeting, Ms. Borden took an oath of office to faithfully and honestly execute the duties of inspector with strict impartiality and to the best of her ability. The affidavit of distribution and the oath of the Inspector of Elections are in our possession and will be filed with the minutes of this meeting. On the record date, there were 14,683,893 shares of Safety's common stock outstanding and entitled to vote at this meeting. The list of stockholders of record entitled to vote was taken from safety stock ledgers and has been prepared and certified by Broadridge Financial Solutions. I have been informed by the Inspector of Elections that there are holders of a total of no fewer than 13,652,279 shares of stock present or represented by proxy at this meeting. And as a result, I hereby declare a quorum is present and declare the meeting is duly convened. I believe this is all the preliminary matters and that they've been concluded on.

Thank you, Chris. If there is no objection to the report of the Secretary, it will be accepted. There being no objection, it stands so accepted. We shall now move on to the transaction of business. In addition to certain procedural matters, there are three proposals before the stockholders. The first is the election of two of Safety's directors to Class III with a term ending in 2029. The second is the ratification of the appointment of Deloitte & Touche LLP as Safety's independent registered public accounting firm for 2026. The third is an advisory vote on the compensation of the named executive officers as disclosed in the company's proxy statement for the 2026 Annual Meeting. In order to make this process as orderly as possible, after a motion has been moved and seconded, I will open the floor to any questions or discussions related only to that function. Please hold all other questions not directly related to the motion until after the formal portion of the meeting. The first order of business is the election of two Class III directors to serve for a 3-year term expiring in 2029. May I have a motion?

I move that we elect two Class II directors. And on behalf of the Board of Directors, I nominate John Farina and Thalia Meehan to each serve a 3-year term ending up the 2029 Annual Meeting of Stockholders.

Is there a second?

I second the motion.

Is there any discussion on the motion? The second order of business is the ratification of the appointment of Deloitte & Touche LLP as Safety's independent registered public accounting firm for 2026. May I have a motion.

I move that we ratify the appointment of Deloitte & Touche as Safety's independent registered public accounting firm for 2026.

Is there a second?

I second the motion.

Is there any discussion on the motion? The third order of business is an advisory vote on compensation of the named executive officers as disclosed in the company's proxy statement for the 2026 Annual Meeting. May I have a motion?

I move that we approve the compensation of the named executive officers as disclosed in the company's proxy statement for the 2026 Annual Meeting.

Is there a second?

I second the motion.

Is there any discussion on the motion? Polls are now closed. Is the Inspector of Election ready to report on the results of the votes?

Yes. Mr. Chairman, I have received and tabulated the proxies and ballots on the first item identified in the company's notice of Annual Meeting of Stockholders and proxy statement dated March 31, 2026. As of May 13, 2026, at least 11,767,003 shares of Safety's common stock representing a majority of the votes cast by the stockholders entitled to vote on this matter at this meeting in accordance with the bylaws, have voted in favor of John Farina. Mr. Chairman, I have received and tabulated the proxies and ballots on the first item identified in the company's notice of Annual Meeting of Stockholders and proxy statement dated March 31, 2025. As of May 13, 2026, at least 11,864,129 shares of Safety's common stock, representing a majority of the votes cast by the stockholders entitled to vote on this matter at this meeting in accordance with the bylaws, have been voted in favor of Thalia Meehan.

I hereby declare that Mr. Farina and Ms. Meehan have been elected as Directors of Safety Insurance Group.

Mr. Chairman, I have also received and tabulated proxies and ballots on the second item identified in the company's notice of Annual Meeting of Stockholders and proxy statement dated March 31, 2026. As of May 13, 2026, at least 13,618,768 shares of Safety's common stock representing a majority of those present or represented and entitled to vote on this matter at this meeting in accordance with the bylaws, have been voted in favor of ratifying the appointment of Deloitte & Touche as Safety's independent registered public accounting firm for 2026.

I hereby declare that the appointment of Deloitte & Touche LLP as Safety's independent registered public accounting firm for 2026 has been ratified.

I've also received and tabulated the proxies and ballots on the third item identified in the company's notice of Annual Meeting of Stockholders and proxy statement dated March 31, 2026. As of May 13, 2026, at least 11,491,433 shares of Safety's common stock representing a majority of the votes present or represented and entitled to vote on this matter at this meeting have been voted in favor of approving, on an advisory basis, the compensation of the named executive officers as disclosed in the company's proxy statement for 2026 Annual Meeting.

I hereby declare that the compensation of the named executive officers as disclosed in the company's proxy statement for the 2026 Annual Meeting has been approved on an advisory basis. Is there any further business to come before the meeting? If there is no other business, I will entertain a motion to adjourn.

So moved.

Is there a second?

I second the motion.

Unless there is an objection, I intend to handle the motion to adjourn by voice vote. All those in favor, please say, yes.

Yes.

Those oppose, please say, no. Motion is carried. I declare the formal part of the meeting adjourned. Thank you all for attending and those on the phone who have dialed in. We're happy to answer any questions that those in person may have at this time. There seems to be no questions. Meeting is adjourned.

Thank you.