SEC FORM 4

SEC Form 4

FORM 4

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

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

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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Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

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

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

	Director	10% Owner
X	Officer (give title below)	Other (specify below)
	Senior Vice President

3. Date of Earliest Transaction (Month/Day/Year)
11/10/2006

4. 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 Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	Code	V	Amount	(A) or (D)	Price		6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
Common Stock	11/10/2006		M		1,875	A	$32	17,795	D
Common Stock	11/10/2006		S		1,875	D	$60.12	15,920	D
Common Stock	11/10/2006		M		3,125	A	$32	19,045	D
Common Stock	11/10/2006		S		3,125	D	$60.12	15,920	D
Common Stock	11/10/2006		M		5,000	A	$33.32	20,920	D
Common Stock	11/10/2006		S		5,000	D	$60.12	15,920	D
Common Stock	11/10/2006		M		7,500	A	$38.19	23,420	D
Common Stock	11/10/2006		S		7,500	D	$60.12	15,920	D
Common Stock	11/06/2006		G	V	50	D	$0	15,870	D
Common Stock								161.354⁽¹⁾	I	By 401(k) plan

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares	8. Price of Derivative Security (Instr. 5)		10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
Employee Stock Option (right to buy)	$32	11/10/2006		M			1,875	⁽²⁾	03/27/2012	Common Stock	1,875	$0	0	D
Employee Stock Option (right to buy)	$32	11/10/2006		M			3,125	⁽³⁾	03/27/2012	Common Stock	3,125	$0	0	D
Employee Stock Option (right to buy)	$33.32	11/10/2006		M			5,000	⁽⁴⁾	05/01/2012	Common Stock	5,000	$0	0	D
Employee Stock Option (right to buy)	$38.19	11/10/2006		M			7,500	⁽⁵⁾	05/07/2013	Common Stock	7,500	$0	4,882	D

Explanation of Responses:

1. Based on a plan administrator's report for the Safeco Stock Ownership Fund under the Safeco Corporation 401(k)/Profit Sharing Retirement Plan, dated October 31, 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. 1,875 shares vested on each of March 27, 2003, March 27, 2004, March 27, 2005 and March 27, 2006.

3. 3,125 shares vested on each of March 27, 2003, March 27, 2004, March 27, 2005 and March 27, 2006.

4. 5,000 shares vested on each of May 1, 2003, May 1, 2004, May 1, 2005 and May 1, 2006.

5. 7,500 shares vested on each of May 7, 2004, May 7, 2005 and May 7, 2006, and 4,882 shares will vest on May 7, 2007.

Remarks:

	SoYoung Kwon, Attorney-in-fact for Teresa J. Dalenta	11/14/2006
	** 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 4 (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.
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