Safeco Foresees $30-$35 Million in Attack Losses

Friday, September 21st, 2001 — SAFECO announced yesterday it estimated primary insurance losses of $25 million stemming from last week's attacks on New York and Washington, with an additional loss of $5-$10 million estimated for its Lloyd's of London operations.

The figures are net of reinsurance.

Estimates for the $25 million primary insurance total include approximately $24 million in property-casualty losses and $1 million in life insurance, disability and medical insurance losses, SAFECO said.

The Seattle-based company also said that total losses stemming from last week's attacks are expected to affect SAFECO's third-quarter income by between $0.15 and $0.18 per share on an after-tax basis.