1 UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 F O R M 8-K CURRENT REPORT Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 Date of Report (Date of earliest event reported): March 2, 1994 Commission File Number 1-6563 SAFECO CORPORATION ------------------- (Exact name of registrant as specified in its charter) Washington 91-0742146 ---------- ---------- (State of Incorporation) (I.R.S. Employer Identification No.) SAFECO Plaza, Seattle, Washington 98185 ---------------------------------------- (Address of principal executive offices) Registrant's Telephone Number, Including Area Code (206) 545-5000 2 Item 5. Other Events ------------ SAFECO Corporation's Press Release dated March 1, 1994 - see below SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized. SAFECO CORPORATION ------------------ (Registrant) BOH A. DICKEY ------------- Boh A. Dickey Executive Vice President and Dated: March 2, 1994 Chief Financial Officer ROD A. PIERSON ------------- Rod A. Pierson Senior Vice President, Secretary, Controller and Chief Accounting Dated: March 2, 1994 Officer SAFECO EXPECTS EARTHQUAKE LOSSES OF APPROXIMATELY $60 MILLION AFTER REINSURANCE SEATTLE--(March 1, 1994)--SAFECO Corporation (OTC: SAFC) announced today that it expects its losses from the January 17 earthquake in Southern California to be approximately $60 million after reinsurance, according to Boh A. Dickey, Executive Vice President and Chief Financial Officer. On February 3, the company stated, based on preliminary information, that it expected its losses to exceed $50 million, the threshold at which reinsurance would be triggered. "At that time, we lacked sufficient information to estimate a range of the gross amount of the losses," Dickey said. The company expects about 8,000 claims from the catastrophe. Based on current information, SAFECO estimates its gross losses will range from $150 to $175 million before reinsurance. Under its catastrophe reinsurance program, SAFECO is reimbursed for 90 percent of losses between $50 and $200 million. SAFECO has more than 400 staff in the Los Angeles area dedicated to handling claims for customers affected by the earthquake.