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Safeco Insurance is an American insurance company based in Seattle. A subsidiary of Liberty Mutual , Safeco provides auto insurance , homeowners insurance , and liability insurance . The company name is an acronym for S elective A uto and F ire E nsurance Co mpany of America, or SAFECO (i.e., S.A.F.E. Co.).
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Liberty Mutual agreed to acquire all outstanding shares of Safeco for $68.25 per share, for a total transaction price of approximately $6.2 billion. The result of this activity was an increase in revenue from $6 billion to over $30 billion in twelve years.
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The company subsequently renamed it to Safeco Plaza. [22] [23] [24] In 2015, Safeco announced that it would consolidate more offices into the tower, increasing its lease from 17 to 26 floors. [25] In July 2016, German firm GLL Real Estate Partners GmbH and South Korean firm Vestas Investment Management bought Safeco Plaza for $387 million. [26]