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Letter to the Editor

SAFECO Names CNA Executive Mike McGavick New President and CEO

SEATTLE -- SAFECO has named Mike McGavick, leader of the nation's second-largest commercial insurance operation, as its new president and chief executive officer.

McGavick also was appointed to SAFECO's board of directors.

"SAFECO is a great company with a treasured past," McGavick said. "Now's the time to tap into our historical advantage of outstanding service and great underwriting to capitalize on emerging business opportunities in a rapidly changing economy.

"I'm going to reach out to people throughout the company," he added. "Our employees' creative ideas and innovative thinking will unlock the full potential of SAFECO, providing shareholders with the returns they deserve."

McGavick has been president and chief operating officer of CNA Financial Corporation's largest operating department since late 1997. The department, with $3.5 billion in annual revenues, provides the majority of CNA's commercial insurance products. It also is responsible for managing and strengthening CNA's relationship with its independent agent distribution system.

Before moving into that position with the Chicago-based insurance company, McGavick served as the senior financial officer for CNA's Commercial Lines Group, was vice president of New Ventures and led the development of the company's e-commerce strategy.

In other developments, SAFECO announced that:

• William G. "Gary" Reed, Jr. has been elected chairman of its board of directors. Reed, 61, was named lead director in May 2000. A SAFECO director since 1974, Reed has been serving as acting chairman and acting CEO since the first of the year.
• Bob Dickey, president, chief operating officer and member of the SAFECO Board of Directors, has decided to resign effective today. Dickey, 56, has held a series of executive positions since he joined the company in 1982, and was a candidate for the CEO position.

Reed said, "Mike understands the prestige SAFECO has always enjoyed and he has demonstrated the capacity to build and lead a strong team of executives."

McGavick, 42, was selected through an extensive process in which Russell Reynolds Associates, a global search firm, initially screened more than 100 candidates. The board reviewed dozens of candidates, both people from within SAFECO and from around the country.

Before joining CNA in 1995, McGavick served as director of the American Insurance Association's Superfund Improvement Project in Washington, D.C. In that position, he was the American Insurance Association's lead negotiator in working to transform the nation's Superfund environmental laws.

Prior to that, he held a number of positions in the business and public affairs arenas. He was chief of staff to former U.S. Senator Slade Gorton, a position he assumed after managing Gorton's successful comeback campaign in 1988. He also was staff member of the Seattle-based Washington Roundtable, a non-partisan policy research group composed of the chief executive officers of the state's largest corporations.

McGavick is a graduate of the University of Washington and a native of Seattle.

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