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Letter to the Editor

Former Travelers CFO Christine Mead Joins SAFECO as Chief Financial Officer

SEATTLE -- SAFECO has appointed Christine Mead, a financial executive with a broad background in insurance and public accounting, as its new chief financial officer.

"Christine brings a wealth of success, experience and expertise to our company," said Mike McGavick, SAFECO president and chief executive officer. "She will play a vital role in helping us craft and direct the strategies and initiatives crucial to our continued financial turnaround."

Mead, 46, joins SAFECO from Travelers Insurance where she was senior vice president and chief financial officer for the company's property casualty businesses.

"I'm thrilled to be joining this dynamic leadership team," Mead said. "I've been watching the changes at SAFECO with interest. I'm looking forward to the opportunity to play a role in those turnaround efforts."

Mead's appointment completes SAFECO's senior leadership team. "We've done the work, restructuring and putting together the key pieces," said McGavick. "Christine brings the type of financial leadership we need to help direct this company toward consistent profitable performance."

Prior to joining Travelers in 1989, Mead worked in public accounting with Deloitte, Haskins & Sells in Bristol, England and Price Waterhouse in Philadelphia and Hartford, Conn.

Mead has a B.S. in Accounting from University College in Cardiff, in the United Kingdom and is a Chartered Accountant and a Certified Public Accountant.

Mead replaces Rod Pierson who has retired after 27 years with the company. SAFECO retained Russell Reynolds Associates to search for his replacement.

SAFECO, in business since 1923, is a Fortune 500 company based in Seattle that sells insurance and related financial products through more than 17,000 independent agents and financial advisors.

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