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BUSINESS
July 29, 2003 | From Bloomberg News
Safeco Corp., a Seattle-based home and car insurer, said second-quarter profit rose 6.4% as the company made its first profit from car insurance in almost two years. Net income rose to $111.9 million, or 81 cents a share, from $105.2 million, or 82 cents, in the same period a year ago, Safeco said. Profit excluding investment gains and losses rose to $97.2 million, or 70 cents a share, almost double the 37-cent average estimate from analysts surveyed by Thomson First Call.
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BUSINESS
August 2, 2006 | From Bloomberg News
Executive pay has become an issue in a U.S. Senate race. Emma Schwartzman, great-great-granddaughter of Safeco Corp. founder C.D. Stimson, on Tuesday sued the insurer's former chief executive, Michael McGavick, saying he wasn't entitled to as much as $28 million in severance pay when he quit last year to run for a Senate seat in Washington. The suit, which also names Safeco directors, was filed on behalf of Safeco shareholders in federal court in Seattle.
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BUSINESS
January 31, 2001 | Reuters
Safeco Corp. named Mike McGavick its chief executive, ending a four-month search for a leader to turn around results at the insurance company. McGavick, 42, previously in charge of rival insurer CNA Financial Corp.'s commercial insurance unit, replaces interim CEO William Reed. Seattle-based Safeco, a 78-year-old provider of home, car, life and health insurance, has had poor results recently as it has been hit by low premium rates and high claims.
BUSINESS
July 29, 2003 | From Bloomberg News
Safeco Corp., a Seattle-based home and car insurer, said second-quarter profit rose 6.4% as the company made its first profit from car insurance in almost two years. Net income rose to $111.9 million, or 81 cents a share, from $105.2 million, or 82 cents, in the same period a year ago, Safeco said. Profit excluding investment gains and losses rose to $97.2 million, or 70 cents a share, almost double the 37-cent average estimate from analysts surveyed by Thomson First Call.
BUSINESS
July 19, 2001 | Bloomberg News
Safeco Corp., a Seattle-based property casualty insurer, plans to fire 1,200 employees as part of an overhaul of its auto and home insurance unit. Safeco said the job cuts, combined with previously announced plans to reorganize its commercial insurance lines, will reduce expenses by about $100 million. The company expects to take restructuring charges of $60 million through 2003, including a pretax charge against earnings in the third quarter of about $40 million, or 20 cents a share.
BUSINESS
August 2, 2006 | From Bloomberg News
Executive pay has become an issue in a U.S. Senate race. Emma Schwartzman, great-great-granddaughter of Safeco Corp. founder C.D. Stimson, on Tuesday sued the insurer's former chief executive, Michael McGavick, saying he wasn't entitled to as much as $28 million in severance pay when he quit last year to run for a Senate seat in Washington. The suit, which also names Safeco directors, was filed on behalf of Safeco shareholders in federal court in Seattle.
BUSINESS
July 19, 2001
Seattle property-casualty insurer Safeco Corp. said it plans to fire 1,200 employees, or 10% of its work force, as part of an overhaul of its auto and home insurance unit. Among those to be dismissed are 25 of its 420 employees in the Fountain Valley regional headquarters, said company spokeswoman Amy Mitchell. The company also is consolidating field operations into Fountain Valley and four other regional headquarters nationwide.
BUSINESS
July 2, 1994 | From Times Staff and Wire Reports
Safeco Withdraws From Homeowners Market: Following the lead of three other major insurers worried about earthquake risk, Safeco Corp. said its insurance subsidiaries would immediately stop writing new homeowners, dwelling fire and condominium policies in California. Safeco, with 259,000 such policies in force in California, is one of the state's 10 largest carriers. William E.
BUSINESS
September 29, 1999 | Reuters
Insurer Safeco Corp. said it expects third-quarter earnings to fall well short of Wall Street expectations as increased claims, price competition and Hurricane Floyd take their toll. The Seattle-based company will move to restart growth by seeking rate increases in automobile and homeowner coverage and in commercial lines, Chief Executive Roger Eigsti said. Safeco also plans to improve underwriting selection and "aggressively manage" expenses, Eigsti said without elaborating.
BUSINESS
May 18, 2001 | Bloomberg News
Safeco Corp., the property-casualty insurer whose shares have fallen 19% this year, said it will fire about 450 employees and transfer other jobs as the company overhauls its business insurance operation. The Seattle-based insurer said the overhaul will help it concentrate on the small to medium-size business insurance market. A separate unit to underwrite larger accounts will be created, though the company said it expects large business volume to decrease.
CALIFORNIA | LOCAL
July 24, 2003 | Kenneth Reich, Times Staff Writer
Safeco, the seventh-largest seller of homeowners insurance in California, announced Wednesday that it will not sell any new policies in the state, although it will continue to service the customers it has. The move was explained by company spokesman Paul Hollie as a reaction to an emergency regulation promulgated this week by state Insurance Commissioner John Garamendi that restricts insurers' rights to choose their customers on the basis of past claims history.
BUSINESS
January 15, 2002 | LIZ PULLIAM WESTON, TIMES STAFF WRITER
A consumer advocate group has sued three auto insurers, alleging the companies violated California's Proposition 103 by overcharging new customers who lacked prior insurance coverage. Santa Monica-based Foundation for Taxpayer and Consumer Rights claims that Safeco Insurance Co., Geico Corp. and the Automobile Club of Southern California are ignoring the law by not giving "good-driver" discounts to uninsured motorists who apply for coverage.
BUSINESS
July 19, 2001 | Bloomberg News
Safeco Corp., a Seattle-based property casualty insurer, plans to fire 1,200 employees as part of an overhaul of its auto and home insurance unit. Safeco said the job cuts, combined with previously announced plans to reorganize its commercial insurance lines, will reduce expenses by about $100 million. The company expects to take restructuring charges of $60 million through 2003, including a pretax charge against earnings in the third quarter of about $40 million, or 20 cents a share.
BUSINESS
July 19, 2001
Seattle property-casualty insurer Safeco Corp. said it plans to fire 1,200 employees, or 10% of its work force, as part of an overhaul of its auto and home insurance unit. Among those to be dismissed are 25 of its 420 employees in the Fountain Valley regional headquarters, said company spokeswoman Amy Mitchell. The company also is consolidating field operations into Fountain Valley and four other regional headquarters nationwide.
BUSINESS
May 18, 2001 | Bloomberg News
Safeco Corp., the property-casualty insurer whose shares have fallen 19% this year, said it will fire about 450 employees and transfer other jobs as the company overhauls its business insurance operation. The Seattle-based insurer said the overhaul will help it concentrate on the small to medium-size business insurance market. A separate unit to underwrite larger accounts will be created, though the company said it expects large business volume to decrease.
BUSINESS
January 31, 2001 | Reuters
Safeco Corp. named Mike McGavick its chief executive, ending a four-month search for a leader to turn around results at the insurance company. McGavick, 42, previously in charge of rival insurer CNA Financial Corp.'s commercial insurance unit, replaces interim CEO William Reed. Seattle-based Safeco, a 78-year-old provider of home, car, life and health insurance, has had poor results recently as it has been hit by low premium rates and high claims.
BUSINESS
January 15, 2002 | LIZ PULLIAM WESTON, TIMES STAFF WRITER
A consumer advocate group has sued three auto insurers, alleging the companies violated California's Proposition 103 by overcharging new customers who lacked prior insurance coverage. Santa Monica-based Foundation for Taxpayer and Consumer Rights claims that Safeco Insurance Co., Geico Corp. and the Automobile Club of Southern California are ignoring the law by not giving "good-driver" discounts to uninsured motorists who apply for coverage.
BUSINESS
October 10, 2000 | From Bloomberg News, Times Staff
Investors who own shares of casualty insurance firm Safeco Inc. may be wishing they had bought some insurance themselves--against company missteps. The Seattle-based firm warned Monday that third-quarter earnings will be as much as 80% below analysts' expectations because of higher claims. Safeco has reported seven consecutive quarters of lower earnings.
BUSINESS
September 29, 1999 | Reuters
Insurer Safeco Corp. said it expects third-quarter earnings to fall well short of Wall Street expectations as increased claims, price competition and Hurricane Floyd take their toll. The Seattle-based company will move to restart growth by seeking rate increases in automobile and homeowner coverage and in commercial lines, Chief Executive Roger Eigsti said. Safeco also plans to improve underwriting selection and "aggressively manage" expenses, Eigsti said without elaborating.
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