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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
7/13/99
Date of Report (Date of earliest event reported)
SAFECO CORPORATION
(Exact name of registrant as specified in Charter)
WASHINGTON 1-6563 91-0742146
(State or other (Commission (IRS Employer
jurisdiction of File Number) Identification No.)
incorporation)
SAFECO Plaza, Seattle, Washington 98185
(Address of principal executive officers) (Zip Code)
(206) 545-5000
(Registrant's telephone number, including area code)
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Item 5. Other Events
N E W S R E L E A S E
HEAVY JUNE CLAIMS EXPECTED TO AFFECT
SAFECO'S SECOND QUARTER RESULTS
SEATTLE -- (July 13, 1999) -- SAFECO Corporation (NASDAQ: SAFC) announced that,
based on a preliminary review of results, it expects its second quarter
earnings from operations to be approximately 25 cents lower than the consensus
estimate of analysts of $.65 per share. The variance relates primarily to
underwriting losses in its commercial insurance units and personal auto
results. While the amount of catastrophe losses, which totaled approximately
$35 million for the quarter, was similar to the amount of these losses in the
first quarter of 1999, the company experienced increased noncatastrophe claim
activity, particularly in the month of June.
"The increase in claims in June was widespread and occurred in various
geographic areas, "said Chairman and CEO Roger Eigsti.
SAFECO will release its second quarter earnings on July 26, 1999.
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SIGNATURE
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 hereunto duly authorized.
SAFECO CORPORATION
Dated: July 14, 1999 By: /s/ H. Paul Lowber
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H. Paul Lowber
Vice President, Controller and
Chief Accounting Officer
