SAFECO Reaffirms Commitment to London Operations

September 4, 2001

Seattle-based SAFECO announced that Ralph Bailey has resigned as managing director of its London-based insurance subsidiary, R.F. Bailey (Underwriting Agencies) Ltd.

In making the announcement, SAFECO reaffirmed its full support for R.F. Bailey Ltd. and Lloyd’s Syndicate 138. SAFECO acquired R. F. Bailey Ltd., the managing agent for Lloyd’s Syndicate 138, in early 1999. SAFECO, together with the board of directors of R.F. Bailey Ltd., is currently reviewing the succession plan.

“We have a great deal of confidence in Jonathan Gale, who took over as the active underwriter for Syndicate 138 earlier this year,” said Mike McGavick, SAFECO president and chief executive officer. “Jonathan will continue serving in this vital role. We appreciate everything Ralph has done to help SAFECO establish a presence in the London insurance market.”

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