-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, KvZPtI42TsVlSaSjbpIpZNBGNGep1bV51exf/Q9htobPUsT/6iQ6xXTJWUuY+b4l Un014MWzYjebWqtd5Z9r+Q== 0000867579-04-000294.txt : 20040921 0000867579-04-000294.hdr.sgml : 20040921 20040921152152 ACCESSION NUMBER: 0000867579-04-000294 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20040920 ITEM INFORMATION: Other Events ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20040921 DATE AS OF CHANGE: 20040921 FILER: COMPANY DATA: COMPANY CONFORMED NAME: SAFECO CORP CENTRAL INDEX KEY: 0000086104 STANDARD INDUSTRIAL CLASSIFICATION: FIRE, MARINE & CASUALTY INSURANCE [6331] IRS NUMBER: 910742146 STATE OF INCORPORATION: WA FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-06563 FILM NUMBER: 041039267 BUSINESS ADDRESS: STREET 1: 4333 BROOKLYN AVE NE STREET 2: SAFECO PLAZA CITY: SEATTLE STATE: WA ZIP: 98185 BUSINESS PHONE: 2065455000 MAIL ADDRESS: STREET 1: 4333 BROOKLYN AVE NE CITY: SEATTLE STATE: WA ZIP: 98185 FORMER COMPANY: FORMER CONFORMED NAME: GENERAL AMERICA CORP DATE OF NAME CHANGE: 19680529 8-K 1 en0774.txt 8-K 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 9/20/04 Date of Report (Date of earliest event reported) SAFECO CORPORATION (Exact name of registrant as specified in Charter) WASHINGTON 1-6563 91-0742146 (State or other (Commission (IRS Employer jurisdiction of File Number) Identification No.) incorporation) Safeco Plaza, Seattle, Washington 98185 (Address of principal executive officers) (Zip Code) (206) 545-5000 (Registrant's telephone number, including area code) Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation to the registrant under any of the following provisions: |_| Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |_| Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |_| Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |_| Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) Item 8.01. Other Events On September 20, 2004, Safeco Corporation issued a press release, filed as Exhibit 99.1, announcing its estimate of losses from Hurricane Frances. Item 9.01. Financial Statements and Exhibits Exhibit 99.1 - Press release "Safeco Estimates Losses from Hurricane Frances" dated September 20, 2004. Signature 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 Date: September 21, 2004 /s/ Maurice S. Hebert --------------------------- Maurice S. Hebert Vice President and Corporate Controller EX-99.1 2 en0774pr.txt EX-99.1 [GRAPHIC OMITTED][GRAPHIC OMITTED] FOR RELEASE AT 4:05 p.m., Eastern Time INVESTOR RELATIONS CONTACT: Neal Fuller, 206-545-5537 MEDIA RELATIONS CONTACT: Paul Hollie, 206-545-3048 Safeco Estimates Losses From Hurricane Frances SEATTLE - (Sept. 20, 2004) - Safeco (NASDAQ: SAFC) announced today that its pretax catastrophe losses stemming from Hurricane Frances are estimated at $28 million. This figure represents the estimated losses both from claims received through Sept. 20, 2004 and future expected claims from policyholders with damage from the storm. The effect on third-quarter net income is estimated at $18 million after tax, or $0.13 per diluted share. The estimated pretax losses include: o $13 million in personal lines, primarily homeowners claims o $15 million in small-business claims Safeco previously announced that its pretax catastrophe losses stemming from Hurricane Charley are estimated at $45 million. Hurricane Charley's effect on third-quarter net income is estimated at $29 million after tax, or $0.22 per diluted share. The total impact of Frances and Charley on third-quarter net income per share is estimated at $0.35 per diluted share. Safeco does not anticipate reimbursements from the Florida Hurricane Catastrophe Fund or Safeco's property catastrophe reinsurance for damages from either Hurricane Frances or Hurricane Charley. Damages from Hurricane Ivan, which hit Gulf Coast states late last week, are being evaluated and estimated losses will be announced at a later date. Safeco's National Catastrophe Team remains in force in Florida, helping customers recover from Hurricanes Charley, Frances and Ivan. Additional claims professionals have been deployed to Alabama and surrounding states to support Hurricane Ivan recovery efforts. "Hurricane Frances, coming just on the heels of Hurricane Charley, dealt a real blow to our policyholders in Florida, particularly those who were still repairing damage from the first storm. Safeco claims professionals have responded with extraordinary dedication," said Mike McGavick, Safeco chairman and chief executive officer. "At this point, we've already made partial or full payments on the vast majority of claims stemming from Charley, and claims from all three events are being processed swiftly, allowing the rebuilding process to begin," McGavick said. The company will announce its third-quarter financial results on Oct. 19, 2004. Safeco, in business since 1923, is a Fortune 500 property and casualty insurance company based in Seattle. The company sells insurance to drivers, homeowners, and small- and medium-sized businesses through a national network of independent agents and brokers. ### - ------------------------------------------------------------------------------- Forward-looking information contained in this news release is subject to risk and uncertainty Forward-looking information contained in this release is subject to risk and uncertainty. Information contained in this release that relates 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 release that are not historical information are forward-looking. Our business is subject to certain risks and uncertainties that may cause actual results to differ materially from those suggested by the forward-looking statements in this release. The risks and uncertainties include, but are not limited to: >> Risks related to the pricing and underwriting of our products, and the subsequent establishment of reserves, such as: o Successful implementation of a new-business entry model for personal and commercial lines o Our ability to appropriately price and reserve for changes in the mix of our book of business o Our ability to establish pricing for any changes in driving patterns o Inflationary pressures on medical care costs, auto parts and repair, construction costs and other economic factors that increase the severity of claims o Our availability and pricing of our reinsurance, including coverage for loss from terrorism and our ability to collect from our reinsurers o Our ability to price for or exclude the risk of loss from terrorism on our policies >> Risks related to our Property & Casualty insurance strategy, such as: o Our ability to achieve premium targets and profitability, including realization of growth and business retention estimates o Our ability to achieve overall expense goals o Our ability to run off our London business and other businesses that we have exited, or intend to exit in the future, without incurring material unexpected charges >> Regulatory, judicial and legislative risks, such as: o Our ability to freely enter and exit lines of business o Our ability to successfully obtain regulatory approval of rates and underwriting guidelines, including price-tiered products and the use of insurance scores that include credit information as a component o Interpretation of insurance policy provisions by courts or tax authorities, court decisions regarding coverage and theories of liability, trends in litigation and changes in claims settlement practices o The outcome of any litigation against us o Legislative and regulatory developments affecting the actions of insurers, including requirements regarding rates, taxes and availability of coverage >> The competitive pricing environment, initiatives by competitors and other changes in the competition >> Unusual loss activity, such as: o Weather conditions, including the severity and frequency of storms, hurricanes, hail, snowfall and winter conditions o The occurrence of significant natural disasters, including earthquakes o The occurrence of significant man-made disasters, such as terrorist attacks or war o The occurrence of bankruptcies that result in losses on insurance products or investments >> Financial and economic conditions, such as: o Performance of financial markets o Availability of bank credit facilities o Fluctuations in interest rates o General economic conditions >> Operational risks, such as: o Damage to our infrastructure resulting in a disruption of our operations o Internal or external fraud perpetrated against us We assume no obligation to update any forward-looking statements contained in this news release. - -------------------------------------------------------------------------------- -----END PRIVACY-ENHANCED MESSAGE-----