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Letter to the Editor
Tuesday February 26
Safeco Shares Drop on Higher Auto Claims
Investor concerns about accident-prone drivers sent Safeco Corp. shares tumbling on February 1.The Seattle property and casualty insurer slipped $2.71, or 5.1 percent, to close at $50.66. Safeco reported 33 percent lower fourth-quarter profit, as higher claims in its auto insurance business weighed on the bottom line.
The company said it plans to raise rates and vet claims more closely. Analysts have raised concerns about the higher claims in the automotive sector, which accounted for about half of Safeco's premiums in 2007. However, favorable underwriting results in the remainder of Safeco's business should help offset the impact from challenges in personal auto.
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