Safeco Announces Share Repurchase Increase, Declares Dividend

August 11, 2006

Safeco announced that its board of directors has increased the company’s share repurchase authorization to 10 million shares, including shares that remain available for repurchase under previously approved programs. The current authorization is equal to 8.6 percent of Safeco’s shares outstanding at June 30, 2006.

Since 2003, Safeco has repurchased 27.5 million shares, or 19.9 percent of its then outstanding shares, at a total cost of $1.4 billion. The company is authorized to repurchase shares through open-market purchases, privately negotiated purchases or other means, including accelerated share repurchases and 10b5-1 trading plans.

Meanwhile, the company also declared a regular dividend of $0.30 per share on its common stock. The dividend is payable October 23, 2006 to shareholders of record on Oct. 6, 2006.

Safeco, in business since 1923, is a property and casualty insurance company based in Seattle.

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