Safeco
| File:Safeco logo.svg | |
| Formerly | General Insurance Company |
|---|---|
| Company type | Subsidiary |
| Industry | Insurance |
| Predecessor | American States Financial Corporation Washington Mutual's WM Life Insurance Company R.F. Bailey |
| Founded | Seattle, Washington (1923) |
| Founder | Hawthorne K. Dent |
| Headquarters | Seattle, Washington, United States |
Key people | Tyler Asher, President |
| Products | Insurance Auto insurance Homeowners Insurance Liability insurance |
| Parent | Liberty Mutual |
| Website | www |
Safeco Insurance operates as a U.S.-based insurance provider with its main office in Seattle. As a division of Liberty Mutual, Safeco focuses on offering coverage in areas such as auto insurance, homeowners insurance, and liability insurance. The brand name derives from the acronym for Selective Auto and Fire Ensurance Company of America (SAFECO).
History
The company’s origins trace back to 1923 when entrepreneur Hawthorne Kingsbury Dent launched the General Insurance Company of America, initially serving as a property and casualty insurer headquartered in Downtown Seattle. By 1953, it introduced a subsidiary named "Selective Auto and Fire Insurance Company of America," which led to adopting the SAFECO identity. Expansion into life insurance occurred by 1957, and in 1968 the firm rebranded to Safeco Corporation, broadening its portfolio to include mutual funds and commercial credit services.
In 1973, Safeco made a significant investment by replacing its original premises with the 22-story Safeco Plaza—currently known as UW Tower—serving as its corporate headquarters. The company sold off its title insurance operations in 1987 for $76.7 million.
Strategic acquisitions fueled growth during the late 1990s, including the $2.8 billion purchase of American States Financial Corporation in 1997, aimed at extending its reach beyond the West Coast. Further expansion involved acquiring Washington Mutual's WM Life Insurance Company and London-based R.F. Bailey in 1999 to bolster international presence.
Beginning in 2001, management initiated restructuring efforts; commercial credit operations were divested to GE Capital. In 2004, Safeco transferred its life insurance and investment units to a consortium led by Berkshire Hathaway, forming Symetra. That same year, it sold brokerage services to Hub International, its trust company to Mellon Financial, and its land title business to First American Corporation.
In 2007, the company relocated its headquarters back to downtown Seattle at 1001 Fourth Avenue and renamed its previous headquarters building UW Tower. Additionally, BlackRock took over management of Safeco’s $10.5 billion investment portfolio in May of that year.
Liberty Mutual acquired Safeco in September 2008 for $6.2 billion in cash consideration, integrating it as a subsidiary and enhancing Liberty Mutual’s market position. Demonstrating corporate social responsibility, Safeco contributed a $3.5 million art collection to local museums by February 2010.
In March 2025, Liberty Mutual announced intentions to phase out the Safeco brand by 2026 as part of consolidating sales and marketing efforts across personal lines insurance products.
Sponsorships
From the stadium's inauguration in July 1999 until the conclusion of the 2018 season, Safeco possessed the naming rights for the Seattle Mariners' baseball stadium. Additionally, the company served as the sponsor of the Safeco Classic, a professional women's golf event on the LPGA Tour that took place yearly at Meridian Valley Country Club in Kent, Washington, spanning from 1982 through 1999.