SEC FORM 3

SEC Form 3

FORM 3

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

INITIAL STATEMENT OF BENEFICIAL OWNERSHIP OF SECURITIES

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

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1. Name and Address of Reporting Person^*

Hughes Michael H

(Last)

(First)

(Middle)

SAFECO PLAZA

4333 BROOKLYN AVENUE NE

(Street)

SEATTLE

98185

(City)

(State)

(Zip)

2. Date of Event Requiring Statement (Month/Day/Year)
11/02/2004

3. Issuer Name and Ticker or Trading Symbol
SAFECO CORP [ SAFC ]

4. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

	Director	10% Owner
X	Officer (give title below)	Other (specify below)
	Sr. VP - Safeco Insurance Cos.

5. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Beneficially Owned
1. Title of Security (Instr. 4)	2. Amount of Securities Beneficially Owned (Instr. 4)	3. Ownership Form: Direct (D) or Indirect (I) (Instr. 5)	4. Nature of Indirect Beneficial Ownership (Instr. 5)
Common Stock	309	D

Table II - Derivative Securities Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 4)	2. Date Exercisable and Expiration Date (Month/Day/Year)		3. Title and Amount of Securities Underlying Derivative Security (Instr. 4)		4. Conversion or Exercise Price of Derivative Security	5. Ownership Form: Direct (D) or Indirect (I) (Instr. 5)	6. Nature of Indirect Beneficial Ownership (Instr. 5)
1. Title of Derivative Security (Instr. 4)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares	4. Conversion or Exercise Price of Derivative Security	5. Ownership Form: Direct (D) or Indirect (I) (Instr. 5)	6. Nature of Indirect Beneficial Ownership (Instr. 5)
Stock Option (right to buy)	⁽¹⁾	05/01/2012	Common Stock	3,556	$33.32	D
Stock Option (right to buy)	⁽²⁾	05/01/2012	Common Stock	12,004	$33.32	D
Restricted Stock Rights	⁽³⁾	⁽³⁾	Common Stock	311	⁽⁴⁾	D
Restricted Stock Rights	⁽⁵⁾	⁽⁵⁾	Common Stock	390	⁽⁴⁾	D
Stock Option (right to buy)	⁽⁶⁾	05/07/2013	Common Stock	12,882	$38.19	D
Stock Option (right to buy)	⁽⁷⁾	05/07/2013	Common Stock	2,618	$38.19	D
Restricted Stock Rights	⁽⁸⁾	⁽⁸⁾	Common Stock	4,948	⁽⁴⁾	D

Explanation of Responses:

1. 889 shares vested on each of May 1, 2003 and May 1, 2004, and 889 shares will vest on each of May 1, 2005 and May 1, 2006.

2. 3,001 shares vested on each of May 1, 2003 and May 1, 2004, and 3,001 shares will vest on each of May 1, 2005 and May 1, 2006.

3. 166 shares will settle on February 2, 2005 and 145 shares will settle on February 1, 2006. These shares will be settled in cash or stock on those dates.

4. 1 for 1

5. 130 shares will settle on each of May 4, 2005, May 3, 2006 and May 7, 2007. These shares will be settled in cash or stock on those dates.

6. 3,875 shares vested on May 7, 2004, 3,875 shares will vest on each of May 7, 2005 and May 7, 2006 and 1,257 shares will vest on May 7, 2007.

7. The shares vest on May 7, 2007.

8. 1,237 shares will settle on each of February 15, 2005, February 15, 2006, February 15, 2007 and February 15, 2008. These shares will be settled in cash or stock on those dates.

Remarks:

	SoYoung Kwon, Attorney-in-Fact for Michael H. Hughes	11/12/2004
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 5 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.