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SAFECO Estimates Losses from Attacks at $35 Mil

SEATTLE-Total losses stemming from last week's attacks are expected to affect the publicly traded company's third-quarter income by between $0.15 and $0.18 per diluted share on an after-tax basis.

By Gina Binole | Updated on September 21, 2001

SEATTLE-Safeco says its primary insurance lines will incur estimated losses of $25 million, net of reinsurance, stemming from last week’s attacks on New York and Washington, D.C. last week. In addition, the Seattle-based publicly traded company says its Lloyd’s of London operations will incur “an additional loss of between $5 million and $10 million as a result of this exposure.”

Estimates of Safeco’s primary insurance include approximately $24 million in Property & Casualty losses; and approximately $1 million in life insurance, disability and medical insurance losses. 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 diluted share on an after-tax basis.

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