 INSURANCE RAA |
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Safeco Insurance Corporation is a major American national insurance company. It has naming rights to the Seattle Mariners' baseball stadium, Safeco Field. Safeco was founded in Seattle, Washington in 1923 by Hawthorne K. Dent as the General Insurance Company of America, a property and casualty insurer. This name is still used by Safeco on some of its insurance products. Thirty years later the company founded the Selective Auto and Fire Insurance Company of America, or SAFECO. General Insurance's first headquarters were in downtown Seattle at the corner of University Street and Fourth Avenue. In 1936, it moved to the eight-story Brooklyn Building at the corner of N.E. 45th Street and Brooklyn Avenue N.E. in the University District. General Insurance began to sell life insurance in 1957. Eleven years later the corporate name changed from the General Insurance Company of America to SAFECO Corporation. (The company would end up changing the capitalization of its name from SAFECO to Safeco at the turn of the century.) Around the same time the company began to offer mutual funds and commercial credit (though precursors to the SAFECO Funds had been around since the 1930's). SAFECO replaced the Brooklyn Building with the 22-story Safeco Plaza building in 1973. It is the tallest building in the city outside Downtown. In 1997, SAFECO bought American States Financial Corporation to expand beyond the West Coast. Washington Mutual's WM Life Insurance Company was purchased the same year. Two years later SAFECO bought R.F. Bailey (Underwriting Agencies) Limited of London. In the 1999-2001 economic downturn, these purchases put a severe financial strain on the company, and new management was brought in to restructure the company. Approximately 40% of the workforce was laid off in three separate waves over the next two years. Commercial credit operations were sold to General Electric in 2001, and on March 15, 2004, the company announced the sale of its most profitable division, the life insurance and investments business, to a group of private investors led by Safeco board members and Warren Buffett's Berkshire Hathaway Inc. and White Mountains Insurance Group, Ltd., incorporating as Symetra Financial Corporation. The former Safeco Plaza International Ltd. was buying Safeco's insurance brokerage operations. Less than a month later, on April 12, it was announced that Mellon Financial Corporation would buy Safeco Trust Company, whose business is providing financial and estate planning services to individuals with over $1 million in assets. On August 2, the closure of Safeco Asset Management, the mutual-fund business, was announced. During this restructuring, CEO Mike McGavick was the 11th highest paid executive in the Pacific Northwest. On April 6, 2005, CEO Mike McGavick announced that Safeco would be consolidating operations at either the University District "home office" campus or the newer Eastside campus in Redmond, pending a competition between Microsoft and the University of Washington for the sale of one or the other location. On January 19, 2006 it was announced that Microsoft would purchase the Redmond campus for $209.5 million. Plans were announced for a new 125-foot office tower across the street from Safeco Plaza to house the approximately 1,300 Redmond employees. However, McGavick subsequently stepped down as CEO to run for the U.S. Senate. In a surprise move, his replacement Paula Rosput Reynolds announced on August 30, 2006, that the entire University District complex would be sold as well, to the University of Washington for $130 million. Employees were told they would be moved to leased space in downtown Seattle. Some speculate this signalled the imminent sale of the company, although Safeco denies this. Types of insurance: Insurance, Auto Insurance, Homeowners Insurance,Liability Insurance, Title Insurance Founded: 1923 Headquarters: Seattle, Washington, USA Web site: www.safeco.com/ Tags: travelers insurance hartford insurance auto insurance homeowners insurance home insurance property insurance insurance the hartford insurance insurance agency insurance agents mobile home insurance insurance agent life insurance commercial insurance business insurance car insurance insurance agencies safe co foremost insurance nationwide insurance auto insurance quote automobile insurance insurance quote insurance quotes renters insurance chubb insurance www safecoinsurance com safecoinsurance com safecoinsurance aaa cna insurance commerce insurance great american insurance grange insurance federated insurance hanover insurance markel insurance professional liability insurance assurance insurance workers compensation insurance zurich insurance insurance companies property casualty insurance surety insurance insurance property and casualty underwriting insurance seattle insurance insurance casualty risk management insurance washington insurance new jersey insurance insurance underwriters liability insurance illinois insurance broker insurance insurance of america wa insurance company insurance nj insurance property & casualty insurance general insurance marine insurance brokerage insurance group insurance insurance financial services atlantic insurance american insurance safeco field safeco field seating safeco field seattle safeco field seating chart hotels near safeco field safeco field parking safeco field address safeco field seattle wa safeco field map safeco field food mariners safeco field safeco field tours safeco field hotels safeco field in seattle safeco field tour safeco field garage safeco field parking garage safeco field seats safeco field events safeco field pictures safeco field roof hotels near safeco field seattle safeco field seattle washington safeco field capacity restaurants near safeco field safeco field seat parking at safeco field hotels by safeco field safeco field rules safeco field terrace club safeco mutual funds directions to safeco field safeco field directions safeco field wa safeco field schedule safeco field hotel map of safeco field safeco field jobs safeco shelving safeco field tickets hotel near safeco field safeco field seating map hotels close to safeco field safeco field view safeco field ticket office hotels near safeco field in seattle motels near safeco field safeco baseball safeco field dimensions safeco field seat map safeco field restaurants food at safeco field safeco field diamond club safeco field photos safeco field in seattle wa safeco field employment safeco field will call safeco field suite parking near safeco field safeco field concessions safeco field train bus to safeco field pictures of safeco field safeco field ticket safeco field wallpaper safeco field opening safeco field weather safeco field layout safeco field phone safeco field turf safeco field bus safeco tickets safeco field phone number safeco field suites safeco field music safeco field lost and found safeco field in seattle washington safeco field stadium seattle hotels safeco field address of safeco field safeco field job safeco field seat chart safeco field history safeco field cost safeco field team store hotels near safeco field seattle wa safeco field rows safeco field nintendo safeco field beer safeco baseball field silver cloud safeco field bars near safeco field hotels around safeco field safeco field open transportation to safeco field capacity of safeco field lodging near safeco field safeco field seating capacity safeco field security safeco field attendance safeco field nintendo ds auto insurance home insurance car insurance auto insurance quote life insurance safe co travelers teensurance health insurance insurance hartford bristol west insurance broker homeowners insurance gmac insurance quote nationwide insurance auto insurance quotes aaa www safecoinsurance com american family safecoinsurance com safecoinsurance chubb progresive nationwide mercury mariners insurance company ins mutual funds insurance brokers washington state professional liability property and casualty |
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