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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
F O R M 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): March 2, 1994
Commission File Number 1-6563
SAFECO CORPORATION
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(Exact name of registrant as specified in its charter)
Washington 91-0742146
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(State of Incorporation) (I.R.S. Employer
Identification No.)
SAFECO Plaza, Seattle, Washington 98185
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(Address of principal executive offices)
Registrant's Telephone Number, Including Area Code (206) 545-5000
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Item 5. Other Events
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SAFECO Corporation's Press Release dated March 1, 1994 - see below
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
Registrant has duly caused this report to be signed on its behalf by
the undersigned, thereunto duly authorized.
SAFECO CORPORATION
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(Registrant)
BOH A. DICKEY
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Boh A. Dickey
Executive Vice President and
Dated: March 2, 1994 Chief Financial Officer
ROD A. PIERSON
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Rod A. Pierson
Senior Vice President, Secretary,
Controller and Chief Accounting
Dated: March 2, 1994 Officer
SAFECO EXPECTS EARTHQUAKE LOSSES OF
APPROXIMATELY $60 MILLION AFTER REINSURANCE
SEATTLE--(March 1, 1994)--SAFECO Corporation (OTC: SAFC) announced today
that it expects its losses from the January 17 earthquake in Southern
California to be approximately $60 million after reinsurance, according to
Boh A. Dickey, Executive Vice President and Chief Financial Officer.
On February 3, the company stated, based on preliminary information,
that it expected its losses to exceed $50 million, the threshold at which
reinsurance would be triggered. "At that time, we lacked sufficient
information to estimate a range of the gross amount of the losses," Dickey
said.
The company expects about 8,000 claims from the catastrophe. Based on
current information, SAFECO estimates its gross losses will range from $150
to $175 million before reinsurance. Under its catastrophe reinsurance
program, SAFECO is reimbursed for 90 percent of losses between $50 and $200
million.
SAFECO has more than 400 staff in the Los Angeles area dedicated to
handling claims for customers affected by the earthquake.
