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


                                    FORM 8-K



                                 Current Report

     Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

                               September 24, 2002






                          Commission File Number 1-6563




                               SAFECO CORPORATION


                       State of Incorporation: Washington
                      I.R.S. Employer I.D. No.: 91-0742146

 Address of Principal Executive Offices: SAFECO Plaza, Seattle, Washington 98185

                             Telephone: 206-545-5000






SAFECO Corporation and Subsidiaries


Item 5. Other Items



                    SAFECO renews credit facility agreements



     SEATTLE -- (Sept. 24, 2002) -- SAFECO (NASDAQ: SAFC) announced today that
it has executed a $500 million three-year revolving credit facility. The
facility, which will be used for working capital and general corporate purposes,
expires in September 2005.
     This new credit facility replaces an $800 million credit facility that
provided liquidity for SAFECO's $300 million commercial paper program as well as
working capital for general corporate purposes. SAFECO has paid down and closed
its commercial paper program through proceeds from its recent bond issuance.
     Bank of  America  N.A.  is acting  as  administrative  agent on the  credit
facility.
     SAFECO, in business since 1923, is a Fortune 500 company based in Seattle
that sells insurance and related financial products through more than 17,000
independent agents and financial advisors. More information about SAFECO is
available online at www.safeco.com.





Forward-looking information is subject to risk and uncertainty


Statements made in this report that relate to anticipated financial performance,
business prospects and plans, regulatory developments and similar matters are
"forward-looking statements" as defined in the Private Securities Litigation
Reform Act of 1995. Statements in this report that are not historical
information are forward-looking. The operations, performance and development of
our business are subject to certain risks and uncertainties that may cause
actual results to differ materially from those contained in or suggested by the
forward-looking statements in this report. The risks and uncertainties include,
but are not limited to:

o    the ability to obtain rate  increases and decline or non-renew  underpriced
     insurance accounts;

o    achievement of premium targets and profitability;

o    realization of growth and business retention estimates;

o    achievement of decrease in large-commercial premium volume;

o    achievement of expense savings from consolidation of commercial operations;

o    achievement of overall expense reduction goals;

o    success  in  implementing  a new  business  entry  model for  personal  and
     commercial lines;

o    success in obtaining  regulatory approval of price-tiered  products and the
     use of insurance scores;

o    the ability to freely enter and exit lines of business;

o    negative changes to SAFECO's ratings by rating agencies;

o    the  effect of current  insurance  and credit  ratings  levels on  business
     production;

o    inflationary  pressures  on medical  care  costs,  auto  parts and  repair,
     construction costs and other economic sectors that increase the severity of
     claims;

o    availability of bank credit facilities;

o    the  profitability of the use of derivative  securities by SAFECO Financial
     Products;

o    fluctuations  in interest  rates;

o    performance of financial markets;

o    a long-term period of low interest rates

o    changes in the mix of SAFECO's property and casualty book of business;

o    driving patterns;

o    the competitive pricing  environment,  initiatives by competitors and other
     changes in competition;

o    weather  conditions,  including  the  severity  and  frequency  of  storms,
     hurricanes, snowfalls, hail and winter conditions;

o    the occurrence of significant natural disasters, including earthquakes;

o    the occurrence of significant  man-made  disasters,  such as the attacks on
     September 11, 2001;

o    the occurrence of epidemics;

o    the occurrence of bankruptcies that result in losses under surety bonds;

o    the adequacy of loss reserves;

o    the availability of, pricing of, and ability to collect reinsurance;

o    the  ability  to manage  exposure  to the  Lloyd's  of London  underwriting
     market;

o    the ability to exclude and to reinsure the risk of loss from terrorism;

o    the success in integrating acquired businesses and operations;

o    interpretation  of insurance policy  provisions by courts,  court decisions
     regarding  coverage and theories of  liability,  trends in  litigation  and
     changes in claims settlement practices;

o    the outcome of any litigation against SAFECO;

o    legislative and regulatory  developments affecting the actions of insurers,
     including requirements regarding rates and availability of coverage;

o    changes in tax laws and regulations  that affect the favorable  taxation of
     certain life  insurance  products or that  decrease the  usefulness of life
     insurance products for estate planning purposes; and

o    general economic and market conditions.


Because insurance rates in some jurisdictions are subject to regulatory review
and approval, the achievement of rate increases may occur in amounts and on a
time schedule different than planned, which may affect the efforts to restore
earnings in the property and casualty lines. SAFECO assumes no obligation to
update any forward-looking statements contained in this report.










Signatures



Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned thereunto duly authorized.


                                            SAFECO CORPORATION
                                            ------------------------------------
                                            Registrant

   Dated:   September 24, 2002              /s/ RICHARD M. LEVY
            -------------------------       ------------------------------------
                                            Richard M. Levy
                                            Vice President, Controller
                                            and Chief Accounting Officer