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	Topics Safeco Topic Home Safeco Corporation is a major AmericanUnited States The United States of America, also known as the United States, the U.S., the U.S.A., and America, is... national insuranceInsurance Insurance, in law and economics, is a form of risk management primarily used to hedge against the risk of potential financia... company. It has naming rights to the Seattle MarinersSeattle Mariners The Seattle Mariners are a Major League Baseball team based in Seattle, Washington.... ' baseballBaseball Baseball is a team sport popular in North America, parts of Latin America, the Caribbean, and East Asia.... stadiumStadium A modern stadium is a place, or venue, for outdoor sports, concerts or other events, consisting of a field or stage partly o... , Safeco FieldSafeco Field Safeco Field, sometimes simply referred to as "Safeco" for short or even "The Safe," is the home of the Seattle Mariners bas... . Safeco was founded in Seattle, WashingtonSeattle, Washington Seattle is the largest city in the Pacific Northwest region of the United States.... in 1923 by Hawthorne K. Dent as the General Insurance Company of America, a propertyProperty Overview Property designates those real or intellectual goods that are commonly recognized as being the rightful possessions of a p... 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 Ensurance Company of America, or SAFECO (i.e., S.A.F.E. Co.). 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 DistrictUniversity District, Seattle, Washington Summary The University District is a neighborhood in Seattle, Washington, so named because the main campus of the University of Wash... . General Insurance began to sell life insuranceLife insurance Life insurance is a type of 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 MutualWashington Mutual company_name = Washington Mutual Inc \|... 's WM Life Insurance Company was purchased the same year. Two years later SAFECO bought R.F. Bailey (Underwriting Agencies) Limited of LondonLondon London is the capital city of England and of the United Kingdom.... . 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 ElectricGeneral Electric The General Electric Company, or GE is a multinational American technology and services conglomerate.... 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 BuffettFacts About Warren Buffett Warren Edward Buffett is an American investor, businessman and philanthropist.... 's Berkshire Hathaway Inc. and White Mountains Insurance GroupWhite Mountains Insurance Group White Mountains Insurance Group is a holding company with business interests in property and casualty insurance, and reinsur... , Ltd., incorporating as SymetraSymetra Symetra Financial is a privately owned insurance company based in Bellevue, Washington.... Financial Corporation. The same day, it was announced that Hub 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 McGavickMike McGavick Michael S. "Mike" McGavick is an American business executive and a graduate of the University of Washington.... was the 11th highest paid executive in the Pacific Northwest. On April 6, 2005, CEO Mike McGavickMike McGavick Michael S. "Mike" McGavick is an American business executive and a graduate of the University of Washington.... announced that Safeco would be consolidating operations at either the University District "home office" campus or the newer Eastside campus in RedmondRedmond, Washington Redmond is a city in King County, Washington, USA.... , 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 MicrosoftMicrosoft Overview company_name = Microsoft Corporation\| company_logo = ... 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 WashingtonUniversity of Washington "The University of Washington" redirects here.... 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. Safeco moved back downtown in 2007 and Safeco Plaza was renamed UW TowerUW Tower UW Tower is a skyscraper in Seattle, Washington's University District.... . On June 27, 2007, Safeco introduced a new service, Teensurance, aimed at "providing parents peace of mind while teens earn their freedom." On April 23, 2008, Safeco announced an agreement to be acquired by Liberty MutualFacts About Liberty Mutual Liberty Mutual is a large American insurance company.... for $68.25 per share. External links