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.
Lawsuit Over Burger King’s Whopper Ads Set Back by Federal Judge 
Lawsuit Alleges Farm Bureau Financial Concealed Fraudulent Activities 
Taiping Insurance Shares Hit by Over $200 Million Exposure to Hong Kong Fire 
In Alabama, Shot Employee Gets No Workers’ Comp and No Employer’s Liability 
