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Safeco Takes Hit from Earthquake.(Brief Article)
Safeco Corp. here, a leading business and property insurer with strong ties to the mortgage industry, says it expects to pay out $15 million in claims related to the recent Seattle area earthquake.
Those claims will affect first quarter income by eight cents per diluted share, Safeco said in a news release.
"Our claims are expected to be relatively low for a 6.8 magnitude earthquake," said Mike McGavick, Safeco's president and CEO. "A number of things worked in our favor, including the fact that Safeco has done a good job of managing its risk; the area was well prepared for the earthquake; and the ...
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Source: HighBeam Research, Safeco Takes Hit from Earthquake.(Brief Article)