SAFETY INSURANCE GROUP, INC. (NASDAQ:SAFT) Files An 8-K Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain OfficersItem 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers
On July 3, 2017, the Board of Directors (the “Board”) of Safety Insurance Group, Inc. (the “Company”), on the recommendation of the Nominating and Corporate Governance Committee of the Board, elected Thalia Meehan to the Board as a Class III director of the Company, to serve in such capacity until the Company’s 2020 annual meeting of stockholders and until her successor is duly elected and qualified or until her earlier resignation, death or removal. In connection with her election to the Board, Ms. Meehan has also been appointed to serve as a member of the Investment Committee of the Board.
Ms. Meehan, a Chartered Financial Analyst, has over 30 years of experience in the investment sector. Most recently, Ms. Meehan served as a Team Leader and Portfolio Manager at Putnam Investments, where she previously held other positions such as Head of Municipal Credit Research and Senior Credit Analyst. Ms. Meehan retired from Putnam Investments in 2016 with 27 years of experience. Ms. Meehan currently serves on the Board of the Boston Women in Public Finance and was previously a member of the Municipal Securities Rulemaking Board Investor Advisory Group. Ms. Meehan graduated from Williams College with a B.A. in Mathematics.
In accordance with the Company’s non-employee director compensation policy, Ms. Meehan will receive an annual cash retainer of $75,000 for her service on the Board. The Company will also reimburse Ms. Meehan for all reasonable out-of-pocket expenses incurred in connection with attending meetings of the Board and its committees. On July 3, 2017, Ms. Meehan was granted 1,000 shares of restricted stock.Board of Director members must maintain stock ownership equal to at least four times their annual retainer. This requirement must be met within five years of becoming a director.
There are no arrangements or understandings between Ms. Meehan and any other persons to which she was selected as a director. There have been no transactions involving Ms. Meehan that would require disclosure under Item 404(a) of Regulation S-K.
About SAFETY INSURANCE GROUP, INC. (NASDAQ:SAFT)
Safety Insurance Group, Inc. is a provider of personal lines property and casualty insurance focuses primarily on the Massachusetts market. The Company provides private passenger automobile insurance. In addition to private passenger automobile insurance, it offers a portfolio of property and casualty insurance products, including commercial automobile, homeowners, dwelling fire, umbrella and business owner policies. The Company is engaged in property and casualty insurance operations segment. The Company serves small and medium sized commercial accounts with a program that covers apartments and residential condominiums; mercantile establishments, including cooking restaurants; offices, including office condominiums; processing and services businesses; special trade contractors, and wholesaling businesses. It offers a commercial package policy program that covers a range of business enterprises for commercial accounts or those clients that require specialized coverages.