July 19, 2001 |
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.
August 2, 2006 |
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.
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.
July 2, 1994 |
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.
September 29, 1999 |
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.
May 18, 2001 |
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.