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.
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