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

01/30/2008

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

Effective January 30, 2008, Safeco’s Board of Directors appointed Gerardo Lopez as a Class III director and as a member of the Audit Committee. He will stand for election at the Company’s 2008 annual meeting of shareholders. More information is included in the news release filed as Exhibit 99.1 to this Form 8-K.

Safeco also announced that on January 30, 2008, Maria Eitel tendered her resignation from the Board of Directors, to be effective immediately following the May shareholder meeting. More information is included in the news release filed as Exhibit 99.2 to this Form 8-K.

Item 8.01 Other Events

Safeco announced that Paula Rosput Reynolds, Safeco’s president and chief executive officer, will be appointed chairman of the Company’s board of directors, effective with the next annual shareholder meeting, and that Robert Cline will become lead director at that time.

More information is included in the news release attached as Exhibit 99.2 to this Form 8-K.

Item 9.01 Financial Statements and Exhibits

Exhibit 99.1	News release “Gerardo Lopez Appointed to Safeco Board of Directors” dated February 4, 2008.
Exhibit 99.2	News release “Safeco Announces Board of Directors Changes” dated February 5, 2008.

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: February 5, 2008	/s/ Stephanie G. Daley-Watson
	Stephanie G. Daley-Watson
	Vice President, Secretary and Associate General Counsel

EX-99.1

Exhibit 99.1

News release “Gerardo Lopez Appointed to Safeco Board of Directors” dated February 4, 2008.

Gerardo Lopez Appointed to Safeco Board of Directors

SEATTLE, Feb 04, 2008 (BUSINESS WIRE) — Safeco’s (NYSE: SAF) board of directors has appointed Gerardo Lopez as director and Audit Committee member. Lopez will stand for election at the company’s annual meeting of shareholders on May 7, 2008.

Lopez, 47, serves as president of Starbucks Global Consumer Products and Food Services Group. He is also chief executive for Starbucks’ Seattle’s Best Coffee retail operation. Previously, he was president of Handleman Entertainment Resources, the world’s largest distributor of pre-recorded music. Lopez previously served as president of International Home Foods and has had top roles with brand leaders including Frito-Lay, Pepsi-Cola Company and Procter & Gamble.

“Gerry has a keen understanding of what the consumer wants,” said Paula Rosput Reynolds, Safeco’s president and chief executive officer. “He has had great success managing distribution channels and marketing for Starbucks and other top brands. We’re pleased that he’s able to bring to our board the kind of insight and energy that has built winners.”

Lopez is a graduate of the George Washington University and holds a Masters degree in Business Administration from Harvard University. He serves on the board of the Cranbrook Institute of Science in Michigan and was a director for the TXU Corporation in Dallas, Texas.

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 mid-sized businesses principally through a national network of independent agents and brokers. Safeco is also one of the nation’s leaders in the sale and service of surety bonds.

SOURCE: Safeco

Safeco Investor Relations

Neal Fuller, 206-473-5020

Karin G. Van Vleet, 206-473-5570

or

Safeco Media Relations

Paul Hollie, 206-473-5745

pauhol@safeco.com

EX-99.2

Exhibit 99.2

News release “Safeco Announces Board of Directors Changes” dated February 5, 2008.

Safeco Announces Board of Directors Changes

CEO Reynolds to Become Chairman

SEATTLE — (Feb. 5, 2008) — Safeco (NYSE: SAF) announced today that Paula Rosput Reynolds, Safeco’s president and chief executive officer, will be appointed chairman of the company’s board of directors effective with the next annual meeting, scheduled for May 7, 2008. Reynolds joined Safeco in January 2006. Reynolds’ appointment follows the indication by Joseph W. “Jay” Brown that he intends to step down as non-executive chairman at that time. Brown, who has been a member of the Safeco board since 2001, will continue in that role.

Robert Cline, who currently serves as chair of the Audit Committee, will become lead director effective with the annual meeting. Cline will have completed five years as chairman of Safeco’s Audit Committee at that time and will be replaced as chairman of the Audit Committee by Peter L. S. Currie, who has been a director of Safeco since 2005. Cline is the retired chairman and chief executive officer of Airborne, Inc., and served as Safeco’s lead director previously from 2004 to 2005.

Separately, Maria Eitel will step down as a board member following the May shareholder meeting to focus on a new endeavor in her role as president of the Nike Foundation. The foundation has initiated a program aimed at promoting causes to support girls’ development, enrichment and empowerment around the world.

Yesterday, Safeco announced the addition of Gerardo Lopez to its board. Lopez is president of Starbucks’ Global Consumer Products and Food Services Group. He is also chief executive for Starbucks’ Seattle’s Best Coffee retail operation.

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 mid-sized businesses principally through a national network of independent agents and brokers. Safeco is also one of the nation’s leaders in the sale and service of surety bonds.

SOURCE: Safeco

Contact: Safeco Investor Relations

Karin G. Van Vleet, 206-473-5570

Contact: Safeco Media Relations

Paul Hollie, 206-473-5745, pauhol@safeco.com

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