Seattle-based SAFECO Corp. announced that both Property & Casualty and Life & Investments operations performed below expectations during the first quarter.
The underwriting loss is expected to be in the $135-million range, due in part to a tornado and severe hail storms in Texas in March, low P/C rates and volatility in the stock market, as well as heavy losses in the small business commercial line in February and March.
SAFECO expects its first quarter operating income to be approximately $.05 per share. President and COO Boh Dickey will lead the results improvement effort, beginning immediately.
Topics Profit Loss Underwriting
Was this article valuable?
Here are more articles you may enjoy.
Convicted Insurance Mogul Lindberg Should Pay $1.6B Restitution to Companies 
Risk Strategies Claims Ex-Employees’ Talent and Customer Raid Has Cost It $900K 
US E&S Growth Slows Again; Declining Berkshire Volume Tops Leaders 
After ‘Two Clocks’ Workers’ Comp Court Ruling, Will Florida Claims Be Reopened? 
