Two quick charts for Safety Insurance Group Inc. (SAFT).

Safety Insurance (SAFT) the second largest private passenger insurer in Massachusetts reported good earnings on November 2nd. Book value jumped 10.9% YoY and earnings again showed signs of stabilising.

Safety Insurance Third Quarter 2009 Results and Q4 Dividend

• Dividend is unchanged at $0.40.
• Book value up 10.9% YoY to $41.21.
• Combined ratio 93.4%
• Net income $17M, $1.11 eps
• Premiums written stabilising.

SAFT closed at $35.04 with a Book Value of 0.85, considerably below it’s long term average. While investors shouldn’t expect P/B to return to pre-open market days of 1.5 to 1.6 a re-rating on stablising conditions should see a P/B of 1-1.2 with the book continuing to expand.

Full results PDF.

Disclosure: Long SAFT

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4. Safety Insurance Group Inc. (SAFT) Q3 2008
5. Safety in Numbers – Q4 2009 Results
6. AmTrust Financial Services Inc. (AFSI) Q3 2009 Earnings