SAFECO will experience higher than expected underwriting losses in its large commercial and homeowners lines, slowing third-quarter profit improvement sharply. The company’s overall combined ratio is expected to be in the 110-111 range, a slight improvement over the second quarter, and expects operating earnings between 5 and 10 cents a share.
Continuing adverse trends in workers compensation and commercial auto, and adverse development of claims from catastrophe losses in homeowners in the second quarter, are expected to impact third-quarter results. The company will report third-quarter results Oct. 23.
SAFECO has also hired Russell Reynolds Associates, a global executive search firm, to conduct the search for a new chief executive officer (CEO).
The announcement comes two months after Roger Eigsti, current chairman and CEO, announced his retirement, effective Dec. 31, 2000. Russell Reynolds will conduct the search through its Chicago office on behalf of SAFECO’s board of directors.
Topics Profit Loss
Was this article valuable?
Here are more articles you may enjoy.
One of Highest Property Claims Severity Recorded in Q3 on Low Volume, Says Verisk 
Dunkin’ Cashier in Georgia, Stabbed by Rapper, Can’t Claim More Than Workers’ Comp 
Acrisure CEO Greg Williams Makes $400M Commitment to Michigan State University 
Florida Jury Returns $779M Verdict for Family of Security Guard Killed at Gambling Cafe 
