Safety Insurance (SAFT) VP reports stock grants and tax share disposals

Rhea-AI Filing Summary

SAFETY INSURANCE GROUP INC executive Paul J. Narciso, VP – Claims, reported several equity-related transactions in company common stock. On February 25, 2026, he acquired a total of 4,628 shares through stock grants and awards, and separately recorded a 2,420-share adjustment classified as another acquisition or disposition.

Between February 24 and March 2, 2026, he disposed of 905 shares through tax-withholding transactions, where shares were delivered to cover tax liabilities upon vesting of prior awards. After these movements, his directly held common stock balance was reported between 36,626 and 40,592 shares at different points in the sequence of transactions.

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

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Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

X

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

1. Name and Address of Reporting Person^*

Narciso Paul J

(Last) (First) (Middle)

C/O SAFETY INSURANCE

20 CUSTOM HOUSE ST.

(Street)

BOSTON MA 02110

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
SAFETY INSURANCE GROUP INC [ SAFT ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

	Director		10% Owner
X	Officer (give title below)		Other (specify below)
	VP - CLAIMS

3. Date of Earliest Transaction (Month/Day/Year)
02/24/2026

4. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price
Common Stock	02/25/2026		J		2,420(1)	D	$0	36,626	D
Common Stock	02/25/2026		A		2,151(2)	A	$0	38,777	D
Common Stock	02/25/2026		A		2,477(3)	A	$0	41,254	D
Common Stock	02/24/2026		F		333(4)(5)	D	$77(6)	40,921	D
Common Stock	02/24/2026		F		39(4)(5)	D	$77.46(7)	40,882	D
Common Stock	02/27/2026		F		89(4)(5)	D	$76.79(8)	40,793	D
Common Stock	02/27/2026		F		178(4)(5)	D	$77.49(9)	40,615	D
Common Stock	03/02/2026		F		23(4)(5)	D	$76.19(10)	40,592	D
Common Stock	03/02/2026		F		243(4)(5)	D	$76.89(11)	40,349	D

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares

Explanation of Responses:

1. Represents the difference between performance shares, with a three year performance period, that were granted on February 22, 2023 and actual shares earned at the end of the performance period on December 31, 2025. Final shares were approved by the Compensation Committee on February 25, 2026.

2. Represents restricted stock awards effective February 25, 2026, with respect to which sale or transfer rights shall vest over three years with installments of 30% on February 25, 2027, 30% on February 25, 2028, and the remaining 40% on February 25, 2029, provided the grantee meets certain employment conditions.

3. Represents restricted stock awards granted effective February 25, 2026 with respect to which sale or transfer rights will vest over a three-year performance period commencing on January 1, 2026 and ending on December 31, 2028. Vesting of these shares is dependent upon the attainment of pre-established performance objectives, and any difference between shares granted and shares earned at the end of the performance period will be reported at the conclusion of the performance period in 2029.

4. Represents securities delivered in payment of a tax liability with respect to vesting of securities issued in accordance with Rule 16b-3.

5. Securities sold pursuant to a Rule 10b5-1 trading plan adopted by the reporting person on September 29, 2025.

6. Represents the weighted average sale price of multiple open market same day sales with prices ranging from $76.38 to $77.38 per share. Full information regarding the number of shares sold at each separate price will be provided to the Securities and Exchange Commission or a security holder of the issuer upon request.

7. Represents the weighted average sale price of multiple open market same day sales with prices ranging from $77.39 to $77.51 per share. Full information regarding the number of shares sold at each separate price will be provided to the Securities and Exchange Commission or a security holder of the issuer upon request.

8. Represents the weighted average sale price of multiple open market same day sales with prices ranging from $76.10 to $77.09 per share. Full information regarding the number of shares sold at each separate price will be provided to the Securities and Exchange Commission or a security holder of the issuer upon request.

9. Represents the weighted average sale price of multiple open market same day sales with prices ranging from $77.20 to $77.73 per share. Full information regarding the number of shares sold at each separate price will be provided to the Securities and Exchange Commission or a security holder of the issuer upon request.

10. Represents the weighted average sale price of multiple open market same day sales with prices ranging from $75.50 to $76.22 per share. Full information regarding the number of shares sold at each separate price will be provided to the Securities and Exchange Commission or a security holder of the issuer upon request.

11. Represents the weighted average sale price of multiple open market same day sales with prices ranging from $76.53 to $77.17 per share. Full information regarding the number of shares sold at each separate price will be provided to the Securities and Exchange Commission or a security holder of the issuer upon request.

	/s/ Paul J. Narciso	03/03/2026
	** Signature of Reporting Person	Date
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FAQ

What did SAFT executive Paul J. Narciso report in this Form 4 filing?

Paul J. Narciso reported a mix of stock grants and tax-related share dispositions in Safety Insurance Group common stock. The filing shows equity awards increasing his holdings and share deliveries used to satisfy tax liabilities tied to vesting of earlier performance and restricted stock awards.

How many Safety Insurance (SAFT) shares did Paul J. Narciso acquire?

On February 25, 2026, Narciso acquired 4,628 shares of Safety Insurance common stock through stock grants and awards. These consisted of two separate non-cash acquisitions, reflecting performance-based and restricted stock awards approved and effective on that date under the company’s compensation programs.

How many SAFT shares were disposed of for tax withholding purposes?

Across February 24, 27, and March 2, 2026, Narciso disposed of 905 Safety Insurance shares through tax-withholding transactions. In each case, shares were delivered to cover tax liabilities upon vesting of equity awards, rather than sold as open-market investment decisions by the executive.

What does the Form 4 say about Paul J. Narciso’s remaining SAFT holdings?

After the reported transactions, Narciso’s directly held Safety Insurance common stock position is shown at several points, including 36,626 shares and later 40,592 shares. These figures reflect his evolving balance as grants, vesting-related adjustments, and tax-withholding dispositions were recorded over the reported dates.

What is the nature of the equity awards reported for SAFT’s Paul J. Narciso?

The filing describes performance shares and restricted stock awards granted or earned effective February 25, 2026. Some awards vest over three years based on service conditions, while others depend on achieving pre-established performance objectives over multi-year performance periods, with final earned amounts determined at period end.

Were the SAFT share dispositions by Paul J. Narciso open-market sales?

The reported share dispositions are coded as tax-withholding events, not open-market sales. Shares were delivered to satisfy tax liabilities upon vesting of previously granted securities in accordance with Rule 16b-3, meaning they reflect administrative tax payments rather than discretionary trading activity by the executive.