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Safeco

Safeco Insurance Company Details

Safeco logo.svg
Formerly
General Insurance Company
Type
SubsidiaryIndustryInsurancePredecessorAmerican States Financial Corporation
Washington Mutual’s WM Life Insurance Company
R.F. BaileyFounded Seattle, Washington (1923)FounderHawthorne K. DentHeadquarters Seattle, Washington, United States
Key people
Tyler Asher, PresidentProducts Insurance
Auto Insurance
Homeowners Insurance
Liability InsuranceRevenue$6.29 billion USD (2006 Sales)
Net income
$880 Million USD (2006)
Number of employees
7,200 (2004) https://finance.yahoo.com/q/pr?s=SAFParentLiberty MutualWebsitewww.safeco.com

Safeco Plans details Review

Safeco Insurance, a member of Liberty Mutual Group, is a national U.S. insurance company. It held the naming rights to the Seattle Mariners’ baseball stadium Safeco Field from its opening in 1999 through the end of the 2018 season.

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General Insurance’s first headquarters were in downtown Seattle at the corner of University Street and Fourth Avenue. In 1936, it moved to the eight-story Brooklyn Building at the corner of N.E. 45th Street and Brooklyn Avenue N.E. in the University District.[citation needed]

General Insurance began to sell life insurance in 1957. Eleven years later the corporate name changed from the General Insurance Company of America to Safeco Corporation. (The company would end up changing the capitalization of its name from SAFECO to Safeco at the turn of the century.) Around the same time the company began to offer mutual funds and commercial credit (though precursors to the Safeco Funds had been around since the 1930s).[citation needed]

Safeco replaced the Brooklyn Building with the 22-story Safeco Plaza building in 1973. It remains the tallest building in the city outside Downtown.

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On April 6, 2005, CEO Mike McGavick announced that Safeco would be consolidating operations at either the University District “home office” campus or the newer Eastside campus in Redmond, pending a competition between Microsoft and the University of Washington for the sale of one or the other location. On January 19, 2006, it was announced that Microsoft would purchase the Redmond campus for $209.5 million. Plans were announced for a new 125 feet (38¬†m) office tower across the street from Safeco Plaza to house the approximately 1,300 Redmond employees. However, McGavick subsequently stepped down as CEO to run for the U.S. Senate. In a surprise move, his replacement Paula Rosput Reynolds announced on August 30, 2006, that the entire University District complex would be sold as well, to the University of Washington for $130 million. Employees were told they would be moved to leased space in downtown Seattle. Some speculated this signalled the imminent sale of the company, although Safeco denied this. Safeco moved back downtown in 2007; its new headquarters at 1001 Fourth Avenue became the new Safeco Plaza, and the old Safeco Plaza was renamed UW Tower.

Safeco Liberty Mutual Insurance

On April 23, 2008, Safeco announced an agreement to be acquired by Liberty Mutual for $68.25 per share. Safeco continues to offer personal lines insurance (including auto, home, motorcycle, recreational vehicle, watercraft and more) through independent agents

Safeco Philanthropy

On February 12, 2010, Safeco announced its donation of more than 800 pieces of its Safeco Art Collection to the Washington Art Consortium. This move was hailed by members of the local arts community as being a significant and rare gift.

Safeco biography Net worth, Details Reference

  • Official site
  • Historical Annual Reports for Safeco
Updated: April 22, 2020 — 11:22 pm

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