Safeco Insurance Company of America · Seattle, WA United States
Company Description
Phone: 206-545-5000
Fax: 425-376-6533
Rankings
- #388 in FORTUNE 500
View Safeco Insurance Company of America Locations On A US Map
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This link will open in a new window While the name doesn't tell you much about the business, Safeco does sound secure, and with insurance that counts for a lot. Through its Safeco Insurance Co., the company offers personal property/casualty insurance including auto, homeowners, and fire coverage. Its commercial business includes workers' compensation, multiperil, and general liability geared towards small to midsized companies. In addition to its property/casualty business, Safeco also offers surety bonds to its long-term construction and corporate customers. Liberty Mutual acquired Safeco in a 2008 deal valued at $6.2 billion. To read the full description, subscribe now.
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Key Safeco Insurance Company of America Financials
| Company Type | Subsidiary Headquarters |
| Fiscal Year-End | December |
| Employees | 7,000 |
Safeco Insurance Company of America Executives
36 executives listed for Safeco Insurance Company of America's Seattle, WA location.
| Title | Name & Bio | Contact |
| President, Liberty Mutual Agency Markets | Gary Gregg | Network |
| EVP and COO, Safeco Insurance | Matthew Nickerson | Network |
| EVP Sales and Marketing | Rauline Ochs | Network |
Competition
Competitive Landscape for Safeco Insurance Company of America
Demand is driven by demographics and commercial transactions. Demand is also driven by legal or financial requirements. Consumers are usually required by states to buy auto insurance and by lenders to buy homeowners insurance, for example. The profitability of individual companies depends on effective marketing and on the ability to accurately estimate future payments. Large companies have big economies of scale in administration and in access to capital, as well as advertising and marketing. Small companies can compete successfully by specializing in particular products or industries. Average annual revenue per worker is around $400,000, so the industry is not labor-intensive. In the late 2000s recession, insurers saw revenues decline sharply when their investment portfolios lost value after the market fell. Insurance carriers rely heavily on their investment portfolios, which is where they invest premiums collected until they are needed to pay claims or benefits. In addition, deregulation of the insurance and financial services industries led to increased risk taking that hurt insurers' credit ratings. Insurance giant AIG was forced to accept $150 billion in government loans to stave off bankruptcy that was brought on by its overexposure to credit default swaps. Federal government bailouts have primarily targeted banks. Aside from AIG, insurance companies have not been as hard hit by the subprime mortgage meltdown. But some insurance companies are seeking relief from state regulators to allow them to operate with less capital. Other insurance companies are buying financial institutions to qualify for federal aid. To read the full description, subscribe now.Top Safeco Insurance Company of America Competitors
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