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^*

DALENTA TERESA J

(Last)

(First)

(Middle)

SAFECO PLAZA

4333 BROOKLYN AVENUE NE

(Street)

SEATTLE

98185

(City)

(State)

(Zip)

2. Date of Event Requiring Statement (Month/Day/Year)
07/13/2006

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)
	Senior Vice President

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	15,920	D
Common Stock	159.693⁽¹⁾	I	By 401(k) Plan

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)
Phantom Stock Units	⁽²⁾	⁽²⁾	Common Stock	953.59	⁽³⁾	D
Restricted Stock Rights⁽⁴⁾	02/15/2007	02/15/2007	Common Stock	256	⁽⁵⁾	D
Restricted Stock Rights⁽⁴⁾	⁽⁶⁾	⁽⁶⁾	Common Stock	3,858	⁽⁵⁾	D
Restricted Stock Rights⁽⁴⁾	⁽⁷⁾	⁽⁷⁾	Common Stock	5,298	⁽⁵⁾	D
Restricted Stock Rights⁽⁴⁾	⁽⁸⁾	⁽⁸⁾	Common Stock	4,836	⁽⁵⁾	D
Employee Stock Option (right to buy)	03/27/2006	03/27/2012	Common Stock	1,875	$32	D
Employee Stock Option (right to buy)	03/27/2006	03/27/2012	Common Stock	3,125	$32	D
Employee Stock Option (right to buy)	05/01/2006	05/01/2012	Common Stock	5,000	$33.32	D
Employee Stock Option (right to buy)	05/07/2007	05/07/2013	Common Stock	2,618	$38.19	D
Employee Stock Option (right to buy)	⁽⁹⁾	05/07/2013	Common Stock	12,382	$38.19	D

Explanation of Responses:

1. The reporting person acquired these units in the Safeco Stock Ownership Fund under the Safeco Corporation 401(k)/Profit Sharing Retirement Plan, based on a plan administor's report dated June 30, 2006. These units may be converted to shares of Safeco stock as follows: The number of units multiplied by the price of the units on the transaction date divided by the closing price of Safeco stock on the transaction date.

2. These Phantom Stock Units were acquired under the Safeco Deferred Compensation Plan for Executives (the "Plan") and will be settled in cash following termination of the reporting person's service as an officer of Safeco Corporation, or may be reallocated to another investment option pursuant to the terms of the Plan.

3. These Phantom Stock Units may be converted to shares of Safeco stock as follows: The number of units multiplied by the price of the units on the transaction date divided by the closing price of Safeco stock on the transaction date.

4. Grant of restricted stock rights ("RSRs") exempt under 16b-3. RSRs represent the right to receive shares or cash equal to the value thereof, provided the reporting person remains in the issuer's service until specified vesting dates.

5. RSRs are convertible into common stock on a 1 for 1 basis.

6. Vest in two equal annual installments beginning February 15, 2007.

7. Vest in three equal annual installments beginning February 15, 2007.

8. Vest in four equal annual installments beginning February 15, 2007.

9. 7,500 shares vested on May 3, 2006. 4,882 shares vest on May 2, 2007.

Remarks:

	SoYoung Kwon, Attorney-in-Fact for Teresa J. Dalenta	07/18/2006
	** 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).
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