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Safety Insurance Group Executive Compensation (FY25)

SAFT · Executive and director compensation, fiscal 2022 to 2025
Chief executive, fiscal 2025
◇
George Murphy
Latest say-on-pay support
=
May 13, 2026
Chief executive pay ratio
◇
To the median employee
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Data as of October 22, 2026Latest filing (8-K): May 14, 2026
13 filings cited on this page
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274 figures on this page: 262 cited to the filing that reported them, 12 calculated from figures it prints. See the citations
What changed from fiscal 2024 to fiscal 2025
The figures that moved, and by how much. Analysis of these figures is part of the Velarion platform.
Chief executive total compensation — George Murphy: $3,679,625 → $4,187,838 (13.8% higher)

Frequently asked questions

Answers drawn from the data on this page.
Who is Safety Insurance Group's chief executive and what were they paid?
Total compensation for George Murphy, President, Chief Executive Officer, came to $4,187,838 in fiscal 2025. Compared with the $3,679,625 reported for fiscal 2024, Murphy's total was 13.8% higher.
What was Safety Insurance Group's say-on-pay result?
The say-on-pay proposal drew 96.0% of votes cast including abstentions in favor at the meeting held May 13, 2026 for fiscal 2025.
Which companies are in Safety Insurance Group's peer group?
The disclosed peer group names American Coastal Insurance Corporation, Donegal Group, Inc., Employers Holdings, Inc., HCI Group, Inc. and Heritage Insurance Holdings Inc., among others.
What is Safety Insurance Group's chief executive pay ratio?
For fiscal 2025, the company reported a chief executive pay ratio of 43:1, against median employee compensation of $97,122.

Executive compensation

Every element reported for each named executive officer, by fiscal year.
Fiscal 2022
OfficerSalaryBonusStock awardsOption awardsNon-equity incentivePension and deferred earningsAll other compensationTotal
George Murphy
President, Chief Executive Officer
◇—◇—◇—◇◇
James Berry
Vice President - Underwriting
◇—◇—◇—◇◇
Christopher Whitford
Vice President
◇—◇—◇—◇◇
Stephen Varga
Vice President - Management Information Services
◇—◇—◇—◇◇
Paul Narciso
Vice President
◇—◇—◇—◇◇
Fiscal 2023
OfficerSalaryBonusStock awardsOption awardsNon-equity incentivePension and deferred earningsAll other compensationTotal
George Murphy
President, Chief Executive Officer
◇—◇———◇◇
Christopher Whitford
Vice President, Chief Financial Officer and Secretary
◇—◇———◇◇
Stephen Varga
Vice President - Management Information Services
◇—◇———◇◇
Paul Narciso
Vice President - Claims
◇—◇———◇◇
John Drago
Vice President - Marketing
◇—◇———◇◇
Fiscal 2024
OfficerSalaryBonusStock awardsOption awardsNon-equity incentivePension and deferred earningsAll other compensationTotal
George Murphy
President, Chief Executive Officer
◇—◇—◇—◇◇
Christopher Whitford
Vice President, Chief Financial Officer and Secretary
◇—◇—◇—◇◇
Stephen Varga
Vice President - Management Information Services
◇—◇—◇—◇◇
Paul Narciso
Vice President - Claims
◇—◇—◇—◇◇
John Drago
Vice President - Marketing
◇—◇—◇—◇◇
Fiscal 2025
OfficerSalaryBonusStock awardsOption awardsNon-equity incentivePension and deferred earningsAll other compensationTotal
George Murphy
President, Chief Executive Officer
◇—◇—◇—◇◇
Christopher Whitford
Vice President, Chief Financial Officer and Secretary
◇—◇—◇—◇◇
Stephen Varga
Vice President - Management Information Services
◇—◇—◇—◇◇
Paul Narciso
Vice President - Claims
◇—◇—◇—◇◇
John Drago
Vice President - Marketing
◇—◇—◇—◇◇
A dash means the company reported no figure in that column. $0 is shown only where the filing prints a zero. A negative change in pension value is shown but, as the company reports it, not included in the total.

Equity awards granted

Individual awards as disclosed: type, date, unit counts at each level, and grant date value.
Fiscal 2025
OfficerAwardGrant dateThreshold unitsTarget unitsUnits grantedMaximum unitsExercise priceGrant date fair value
Christopher T. WhitfordRSU◇——◇——◇
George M. MurphyRSU◇——◇——◇
John P. DragoRSU◇——◇——◇
Paul J. NarcisoRSU◇——◇——◇
Stephen A. VargaRSU◇——◇——◇
Fiscal 2022, 2024 are included in the PDF.
A dash means the company reported no figure in that column. $0 is shown only where the filing prints a zero. Threshold, target and maximum apply only to performance awards and are never shown for time-based or option awards.

Outstanding awards

Awards still held at fiscal year end.
As disclosed at fiscal 2025 year end
OfficerAwardUnvested unitsMarket value of unvested unitsExercise priceExpires
John DragoRestricted Stock◇◇——
Restricted Stock◇=——
RSU◇◇——
Restricted Stock◇◇——
Restricted Stock◇◇——
Restricted Stock◇◇——
Restricted Stock◇◇——
Stephen VargaRestricted Stock◇◇——
RSU◇◇——
Restricted Stock◇◇——
Restricted Stock◇◇——
Restricted Stock◇◇——
Restricted Stock◇◇——
Restricted Stock◇◇——
Christopher WhitfordRSU◇◇——
Restricted Stock◇◇——
Restricted Stock◇◇——
Restricted Stock◇◇——
Restricted Stock◇◇——
Restricted Stock◇◇——
Restricted Stock◇◇——
Paul NarcisoRestricted Stock◇◇——
RSU◇◇——
Restricted Stock◇◇——
Restricted Stock◇◇——
Restricted Stock◇◇——
Restricted Stock◇◇——
Restricted Stock◇◇——
George MurphyRestricted Stock◇◇——
RSU◇◇——
Restricted Stock◇◇——
Restricted Stock◇◇——
Restricted Stock◇◇——
Restricted Stock◇◇——
Restricted Stock◇◇——
A dash means the company reported no figure in that column. $0 is shown only where the filing prints a zero.

Severance and change in control

The terms as written in the agreements.
Christopher Whitford
Vice President, Chief Financial Officer and Secretary · Terms as described in the company’s compensation discussion · citing a 2026 filing
Severance multiple◇
Severance base◇
Change-in-control multiple◇
Benefits continuation on change in control◇
Benefits continuation◇
George Murphy
President, Chief Executive Officer · Terms as described in the company’s compensation discussion · citing a 2026 filing
Severance multiple◇
Severance base◇
Change-in-control multiple◇
Benefits continuation on change in control◇
Benefits continuation◇
John Drago
Vice President - Marketing · Terms as described in the company’s compensation discussion · citing a 2026 filing
Severance multiple◇
Severance base◇
Change-in-control multiple◇
Benefits continuation on change in control◇
Benefits continuation◇
Paul Narciso
Vice President - Claims · Terms as described in the company’s compensation discussion · citing a 2026 filing
Severance multiple◇
Severance base◇
Change-in-control multiple◇
Benefits continuation on change in control◇
Benefits continuation◇
Stephen Varga
Vice President - Management Information Services · Terms as described in the company’s compensation discussion · citing a 2026 filing
Severance multiple◇
Severance base◇
Change-in-control multiple◇
Benefits continuation on change in control◇
Benefits continuation◇

Director compensation

What each non-employee director was paid.
Fiscal 2025
DirectorFees earned in cashStock awardsOption awardsNon-equity incentivePension and deferred earningsAll other compensationTotal
Thalia M. Meehan
Lead independent director
◇◇————◇
John D. Farina
◇◇————◇
Dennis J. Langwell
◇◇————◇
Deborah E. Gray
◇◇————◇
Mary C. Moran
◇◇————◇
Charles J. Brophy III
—◇————◇
George M. Murphy served on the board in fiscal 2025 and received no compensation for board service. Executive directors are typically paid through their executive roles, shown above.
Earlier years are included in the PDF.
A dash means the company reported no figure in that column. $0 is shown only where the filing prints a zero.

Director fee schedule

The standing retainers and premiums the board pays, as published.
Board cash retainer◇
Lead independent director premium◇
Audit committee chair◇
Compensation committee chair◇
Nominating and governance chair◇
Equity is delivered as Stock.

Disclosed peer group

The companies this board named as its compensation comparison group. The list is disclosure; the comparison is analysis.
Fiscal 2025
  • American Coastal Insurance Corporation ACIC
  • Donegal Group, Inc. DGICA
  • Employers Holdings, Inc. EIG
  • HCI Group, Inc. HCI
  • Heritage Insurance Holdings Inc. HRTG
  • Horace Mann Educators Corporation HMN
  • Mercury General Corporation MCY
  • NI Holdings, Inc. NODK
  • Palomar Holdings, Inc. PLMR
  • ProAssurance Corporation PRA
  • RLI Corporation RLI
  • Root Inc. ROOT
  • Selective Insurance Group, Inc. SIGI
  • Skyward Specialty Insurance Group Inc. SKWD
  • The Hanover Insurance Group, Inc. THG
  • United Fire Group, Inc. UFCS
  • Universal Insurance Holdings, Inc. UVE

Say-on-pay history

Shareholder support for the compensation program, by year.
YearMeetingSupportVotes forVotes againstAbstentions
2025May 13, 2026=◇◇◇
2024May 14, 2025=◇◇◇
2023May 15, 2024=◇◇◇
2022May 17, 2023=◇◇◇
2021June 1, 2022=◇◇◇
2020May 19, 2021=◇◇◇
2019May 20, 2020=◇◇◇
2018May 22, 2019=◇◇◇
2017May 23, 2018=◇◇◇
2016May 24, 2017=◇◇◇
2015May 18, 2016=◇◇◇

Chief executive pay ratio

As calculated and reported by the company.
Ratio
◇
Median employee compensation
◇
Chief executive total compensation
◇

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- George Murphy (President, Chief Executive Officer), FY2025 total compensation $4,187,838 (base salary $850,000) [exec_comp, SEC accession 0001172052-26-000009, filed 2026-03-31]

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What this page does not include

Everything above is a fact Safety Insurance Group disclosed, and it is free. Everything below is our analysis of those facts, and it is not.
Peer benchmarking
Where Safety Insurance Group sits against its disclosed peers — percentile position by role and by pay element, and the ranking behind it. The disclosed peer group is free; comparisons across it are part of the Velarion platform.
Executive Compensation Report — $1,500
Written compensation analysis
A read of the pay program as designed and as paid: incentive structure, goal rigor, the alignment between the committee's stated philosophy and what the numbers show.
Executive Compensation Report — $1,500
Board and governance analysis
Committee composition, independence, director pay positioning, and the governance provisions read together rather than listed.
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Realizable pay
What the awards above are actually worth today against what they were valued at on grant, and what the gap says about the pay-for-performance link.
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Citations

Every figure on this page is cited to the document that reported it. Select any figure to see its citation.
274 figures on this page: 262 cited to the filing that reported them, 12 calculated from figures it prints.
262 cited to the filing
12 calculated from the filing

Documents cited

  1. 0001172052-26-000017
    Item 5.07 Submission of Matters to a Vote of Security Holders
  2. 0001172052-26-000009
    Compensation Discussion and Analysis · DIRECTOR COMPENSATION · Grants of Plan-Based Awards · Outstanding Equity Awards at Fiscal Year-End · and 1 more section
  3. 0001172052-25-000023
    Item 5.07 Submission of Matters to a Vote of Security Holders
  4. 0001172052-24-000026
    Item 5.07 Submission of Matters to a Vote of Security Holders
  5. 0001172052-23-000024
    Item 5.07 Submission of Matters to a Vote of Security Holders
  6. 0001172052-23-000014
    Summary Compensation Table
  7. 0001172052-22-000033
    Item 5.07 Submission of Matters to a Vote of Security Holders
  8. 0001172052-21-000021
    Item 5.07 Submission of Matters to a Vote of Security Holders
  9. 0001172052-20-000031
    Item 5.07 Submission of Matters to a Vote of Security Holders
  10. 0001172052-19-000016
    Item 5.07 Submission of Matters to a Vote of Security Holders
  11. 0001172052-18-000016
    Item 5.07 Submission of Matters to a Vote of Security Holders
  12. 0001558370-17-004511
    Item 5.07 Submission of Matters to a Vote of Security Holders
  13. 0001558370-16-006067
    Item 5.07 Submission of Matters to a Vote of Security Holders
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Velarion, “Safety Insurance Group executive compensation, FY2022–FY2025.” https://intel.velarion.ai/comp/SAFT (accessed 2026).
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13 filings cited on this page
Method: intel.velarion.ai/methodology
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Insurance rankings

Chief executive pay — InsuranceCEO pay ratio — InsuranceSay-on-pay support — Insurance

Peers Safety Insurance Group discloses

The companies named in SAFT's own disclosed peer group.

American Coastal Insurance CorporationDonegal Group, Inc.Employers Holdings, Inc.HCI Group, Inc.Heritage Insurance Holdings Inc.Horace Mann Educators CorporationMercury General CorporationNI Holdings, Inc.Palomar Holdings, Inc.ProAssurance CorporationRLI CorporationRoot Inc.Selective Insurance Group, Inc.Skyward Specialty Insurance Group Inc.The Hanover Insurance Group, Inc.United Fire Group, Inc.Universal Insurance Holdings, Inc.

Terms on this page

Say-on-Pay VoteCEO Pay RatioMedian Employee CompensationAll companies

Free to read and cite. Redistribution or bulk use of the dataset requires a data license. Talk to us about the data license.

Cite this data
APA
Velarion Company Intelligence. (2026). Velarion database: executive and board compensation data (Version 2026Q3) [Data set]. Zenodo. https://doi.org/10.5281/zenodo.22283854
BibTeX
@misc{velarionData2026,
  author = {{Velarion Company Intelligence}},
  title = {Velarion database: executive and board compensation data},
  year = {2026},
  version = {2026Q3},
  doi = {10.5281/zenodo.22283854},
  publisher = {Zenodo},
  url = {https://doi.org/10.5281/zenodo.22283854}
}
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