SAFECO Not Expecting Material Impact from J.P. Morgan Settlement

January 3, 2003

Seattle-based SAFECO announced that Thursday’s settlement of a case involving J.P. Morgan Chase and 11 insurance companies isn’t expected to have a material impact on SAFECO’s financial results.

In the fourth quarter of 2001, SAFECO reported a pretax $18 million Surety loss-net of reinsurance-due to the Enron bankruptcy. SAFECO is fully reserved for that loss.

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