Michael Curran has Been Named Executive Vice Presidentof SAFECO Credit; to Succeed Bill Meany as...

SEATTLE--(BUSINESS WIRE)--June 8, 1999--

SAFECO Corporation (Nasdaq:SAFC) today announced that Michael R. Curran has been named executive vice president for SAFECO Credit Company.

It was also announced today that Curran will succeed William F. Meany as president of SAFECO Credit

Curran, whose appointment to president will take effect Jan. 1, 2000, joined SAFECO Credit in 1975 in its Denver division as an area marketing representative. In 1976, he became area marketing manager, and was named regional marketing manager for the credit company two years later. Curran was named assistant vice president of marketing for SAFECO Credit in 1979, before moving to Seattle in 1980 as a manager of SAFELINE, an equipment leasing division of SAFECO Credit. He returned to Denver in 1981 as a vice president and regional manager for SAFECO Credit. In 1998, Curran was named senior vice president.

Meany joined SAFECO Credit in 1971 as a credit analyst after serving as an officer with the U.S. Army in Germany, and spending 12 years with C.I.T. Corporation. He was appointed area marketing manager in 1972, and assistant vice president and Seattle Branch manager in 1973. Meany was named SAFECO Credit Northwest Region manager in 1975, and vice president of marketing in 1977. In 1981, he was elected president of SAFECO Credit Company. Meany is a graduate of Seattle University.

"SAFECO Credit's track record has been outstanding under Bill's leadership," said Boh Dickey, president of SAFECO Corporation, "and I am confident that the positive results will continue with Mike at the helm."

With 20 office locations nationwide, SAFECO Credit Company rounds out SAFECO's full range of insurance and financial products by providing financing and leasing for construction, mining and production equipment, forklifts, barges, tugboats, trucks/trailers, computers and more. It also provides short-term financing for other SAFECO subsidiaries and SAFECO agents.

SAFECO Credit Company's 1998 pretax income was $22.7 million.

SAFECO, the premier company selling insurance and financial products through independent agents, was founded in 1923. Its operations include property and casualty insurance, life insurance, annuities, surety, business lending, asset management and financial services distribution operations. SAFECO employs more than 12,000 people nationwide and is represented by more than 8,000 independent agencies and brokerages across the country. SAFECO's web address is www.safeco.com.