SAFECO Profit Slowed by Losses; Hires Firm to Hire Next CEO
SAFECO will experience higher than expected underwriting losses in its large commercial and homeowners lines, slowing third-quarter profit improvement sharply. The company’s overall combined ratio is expected to be in the 110-111 range, a slight improvement over the second quarter, and expects operating earnings between 5 and 10 cents a share.
Continuing adverse trends in workers compensation and commercial auto, and adverse development of claims from catastrophe losses in homeowners in the second quarter, are expected to impact third-quarter results. The company will report third-quarter results Oct. 23.
SAFECO has also hired Russell Reynolds Associates, a global executive search firm, to conduct the search for a new chief executive officer (CEO).
The announcement comes two months after Roger Eigsti, current chairman and CEO, announced his retirement, effective Dec. 31, 2000. Russell Reynolds will conduct the search through its Chicago office on behalf of SAFECO’s board of directors.
- ‘Tow Godz’ and Auto Glass Businessmen Charged in Carolina Fraud Schemes
- Florida Woman Sentenced in $6 Million Force-Placed Insurance Scheme
- OpenAI Finds Evidence Other AI Agents Escaped Containment as it Widens Probe
- Jury Awards 78-Year-Old Victim $56 Million for Crash Caused by Amazon Delivery Driver