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

07/15/05

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 jurisdiction of incorporation)	(Commission File Number)	(IRS Employer Identification No.)

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 5.02 Departure of Directors or Principal Officers; Election of Directors;

Appointment of Principal Officers

Safeco Chairman and Chief Executive Officer Mike McGavick today announced plans to leave his CEO post, effective August 31, 2005. He will retain his duties as chairman of the board and will provide other transitional leadership as needed at least through the end of this year. More information is included in the press release filed as an exhibit to this Form 8-K.

In an unrelated action, on July 15, 2005, Safeco’s Board of Directors appointed Peter L.S. Currie as a Class II director. He will stand for election at the 2006 annual meeting of shareholders. More information is included in the press release filed as an exhibit to this Form 8-K.

Item 9.01 Financial Statements and Exhibits

Exhibit 99.1 – Press release “Mike McGavick Announces Plans to Leave Safeco”

Exhibit 99.2 - Press release “Peter L.S. Currie Appointed to Safeco Board of Directors”

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
Dated: July 18, 2005	/s/ Charles Horne
	Charles Horne Senior Vice President and Controller

EX-99.1

Exhibit 99.1

INVESTOR RELATIONS CONTACT:	Neal Fuller, 206-545-5537
MEDIA RELATIONS CONTACT:	Paul Hollie, 206-545-3048

MIKE MCGAVICK ANNOUNCES PLANS TO LEAVE SAFECO

SEATTLE – (July 18, 2005) – Safeco (NASDAQ: SAFC) Chairman and Chief Executive Officer Mike McGavick today announced plans to leave his CEO post, effective Aug. 31, 2005. He will retain his duties as chairman of the board and will provide other transitional leadership as needed at least through the end of this year.

“I’ve come to the conclusion that my greatest contribution to Safeco has already been achieved,” said McGavick. “Our charge four-and-a-half years ago was to build a solid foundation of profit and growth. Thanks to the extraordinary work and commitment of my Safeco colleagues, we accomplished that work more quickly and effectively than anyone could have imagined.

“With this mission completed, it is a logical time for Safeco to transition to a new leader suited to running a great franchise over the long term,” he said. “This decision allows me to give full consideration to the possibility of public service. I leave with deep gratitude to the people of Safeco and great optimism about the company’s future.”

A search is under way to select a new CEO, according to Safeco Lead Director Bob Cline. “Mike worked closely with the board as he came to this decision. We have a succession process in place, including the search for CEO candidates – many of whom already have been identified,” said Cline. “We expect the search will be relatively swift and seamless.” Internal and external candidates will be considered for the position.

Since joining the company in January 2001, McGavick has led Safeco back to its long tradition of outstanding performance. He and his senior team engineered the company’s financial turnaround by automating and restoring to profitability the company’s auto, home and small-business insurance lines; selling non-core businesses; strengthening the balance sheet; and reducing expenses while investing in employee training and new technologies.

McGavick has built a dynamic senior leadership team, including a mix of Safeco veterans and executives from other leading companies. He charted a new strategic course by selling the company’s life and investments operations and concentrating on Safeco’s historic strength in property and casualty insurance. With this new focus, the company delivered record earnings in 2004.

“Under the stewardship of Mike and his team, Safeco has enjoyed a financial and cultural renaissance – recovering from a near-billion-dollar loss in 2001 to posting the company’s best-ever net income result,” said Cline. “Today, the company has a strong financial foundation, a team of outstanding insurance professionals, and a winning strategy for continued success. We thank Mike for his tremendous leadership and contributions to Safeco, and we wish him well wherever his future takes him.”

Safeco, in business since 1923, is a Fortune 500 property and casualty insurance company based in Seattle. The company sells insurance to drivers, home owners, and owners of small- and medium-sized businesses through a national network of independent distribution partners. More information about Safeco can be found at www.safeco.com.

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EX-99.2

Exhibit 99.2

PETER L.S. CURRIE APPOINTED TO SAFECO BOARD OF DIRECTORS

SEATTLE – (July 18, 2005) – Safeco’s (NASDAQ: SAFC) board of directors has appointed Peter Currie as director, effective immediately.

Currie, 48, is president of Currie Capital LLC, a private investment firm. Previously he was a managing member of General Atlantic LLC, a worldwide private equity investment company where he continues to serve as special advisor. Before joining General Atlantic, Mr. Currie was a partner and co-founder of The Barksdale group, an early stage venture capital firm. Mr. Currie also served as executive vice president and chief administrative officer of Netscape Communications and executive vice president and chief financial officer of McCaw Cellular Communications, Inc.

“Peter is a terrific new addition to the Safeco board,” said Mike McGavick, Safeco chairman and CEO. “His experience with technology-driven businesses and proven management skills complement the talents of our director team. We look forward to his insight and contributions to Safeco.”

“I am delighted to join the board of this world class company with its depth of experienced management and superb approach to customer service,” said Mr. Currie.

Mr. Currie serves on the boards of TellMe Networks and Zantaz, and is a Charter Trustee of Phillips Academy. He holds an M.B.A. from Stanford University and a B.A. from Williams College.