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Safeco Insurance: Overview of a Great Company

In 1923, Hawthorne K. Dent founded the General Insurance Company of America in Seattle Washington. He took the risk of basing the company in a place located far from what was considered the insurance center of the metropolitan Northeast. Dent wanted a company that was able to combine responsibility and financial stability with risky underwriting and lower prices.

The insurance industry rejected the idea that General Insurance Company of America and Hawthorne K. Dent promoted. However, years later, “The General” (as the company was known) began to be recognized due to their perfect service and competitive prices.

The company wanted to create a computer-based automation for the independent agents that needed to compete with direct insurance writers. That is why in 1953 the company created the Selective Auto and Fire Insurance of America. The acronym of this company derived the name Safeco.

In 1957, the General Insurance Company of America entered the life insurance business. The expansion of the Selective Auto and Fire Insurance of America motivated the board of directors of the General Insurance Company of America to change the name to Safeco Corporation. Then, Safeco extended their financial services offerings with the introduction of a commercial credit company and mutual funds.

By acquiring the American States Financial Corporation in 1997 and purchasing naming rights to the ballpark of the popular Seattle Mariners in 1998, Safeco developed even more national presence.

Safeco lost almost $1 billion in 2001 but then recovered in 2002 with profits that surpassed the $300 million mark. Nowadays, the company serves the needs that drivers, home owners and business owners have.

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