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  2. Commentary
  1. Safeco Acquired by Liberty Mutual


    Tue, 23 Sep 2008

    Safeco SAF was acquired by Liberty Mutual on Monday. As a result, we are dropping coverage of Safeco .

  2. Safeco's FVE Increased


    Wed, 30 Apr 2008

    Safeco 's SAF board of directors has approved the $68 per share buyout offer from Liberty Mutual. The transaction is scheduled to close

  3. Liberty Mutual to Buy Safeco


    Wed, 23 Apr 2008

    Property and casualty insurer Safeco SAF announced Wednesday that it has entered into a definitive agreement ..... of $45 per share. Considering that our fair value estimate for Safeco is $60 per share, we think shareholders are being more than fairly

  4. Safeco Reports 4Q Earnings


    Fri, 1 Feb 2008

    earnings for property and casualty insurer Safeco Corporation SAF were below our expectations ..... insurance profitability is crucial to Safeco 's net income, and the fourth-quarter ..... was an embarrassment at 102.9%. Safeco began increasing auto insurance rates

  5. Safeco Reports 3Q Earnings


    Tue, 30 Oct 2007

    We didn't see anything in property and casualty insurer Safeco 's SAF third-quarter earnings report that would cause us ..... the reported sale of company-owned real estate last year. Safeco 's main focus appears to be rightsizing the capital base of

  6. 2Q Earnings Reported For Safeco


    Tue, 31 Jul 2007

    Property and casualty insurer Safeco SAF reported earnings in line with our expectations, so we will ..... over last year to $38.24. Premiums are falling a little as Safeco attempts to alter its business mix to attract a better-quality

  7. Safeco Reports 1Q


    Tue, 1 May 2007

    Property-casualty insurer Safeco SAF reported that first-quarter net income decreased 12%, but ..... initiatives that confirm our fair value estimate. We believe that Safeco 's expense-reduction program, automated pricing, and new agent

  8. Safeco Reports 4Q Earnings


    Tue, 30 Jan 2007

    Property and casualty insurer Safeco SAF reported fourth-quarter net income ..... hefty 28.1% above the year before. Safeco had strong net income in 2006, but results ..... marketing to agents. However, we think Safeco is overly optimistic regarding price stability

  9. Safeco Reports 3Q


    Tue, 31 Oct 2006

    Tuesday, property-casualty insurer Safeco SAFC reported third-quarter net income ..... This was largely due to the sale of Safeco 's home office building, net realized ..... pricing in auto insurance--about half of Safeco 's premiums--will continue to deteriorate

  10. Safeco's Share Repurchase


    Tue, 15 Aug 2006

    On Monday, Safeco SAFC announced that it will repurchase $250 million of its stock, which ..... own shares reinforces our most important valuation assumption--that Safeco 's opportunities to invest its free cash at a decent return are limited

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