UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 8-K

CURRENT REPORT

PURSUANT TO SECTION 13 OR 15(d) OF THE

SECURITIES EXCHANGE ACT OF 1934

601/1830/~~2007~~2008

Date of Report (Date of earliest event reported)

LOGO

SAFECO CORPORATION

(Exact name of registrant as specified in Charter)

WASHINGTON

1-6563

91-0742146

(State or other jurisdiction

of incorporation)

(Commission File Number)

(IRS Employer

Identification No.)


Safeco Plaza, Seattle, Washington		98185
(Address of principal executive officers)		(Zip Code)

(206) 545-5000

(Registrant’s telephone number, including area code)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation to the registrant under any of the following provisions:

¨	Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

¨	Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

¨	Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

¨	Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Item 5.02

Departure of Directors or Principal Officers; Election of Directors; Appointment of Principal Officers

~~Safeco~~Effective ~~today announced that it has named R. Eric Martinez as the company’s Executive Vice President, Fulfillment, effective July~~January 130, ~~2007. He will have responsibility for Claims~~2008, ~~Customer Care and Procurement. Mr. Martinez~~Safeco’s ~~employment~~Board ~~with~~of ~~the~~Directors ~~company~~appointed isGerardo ~~at-will,~~Lopez ~~and~~as ~~Safeco~~a ~~has~~Class noIII ~~employment~~director ~~agreement~~and ~~with~~as ~~him.~~a ~~Under~~member ~~his offer~~ of ~~employment,~~the ~~Mr. Martinez~~Audit ~~will have an annual base salary of $525,000~~Committee. He will bestand for ~~eligible~~election toat ~~receive~~the anCompany’s 2008 annual ~~cash~~meeting ~~bonus between 70% and 140%~~ of ~~his annual base salary, based on company and personal performance goals, with a target-level bonus at 70%~~shareholders. ~~Mr. Martinez~~More ~~will also~~information ~~receive~~is aincluded ~~cash bonus of $500,000 within five days of employment,~~ in ~~recognition~~the ofnews ~~his~~release ~~forfeiture~~filed ofas ~~certain~~Exhibit ~~incentive awards at his previous employer~~99.1 ~~Mr. Martinez~~to ~~will~~this ~~also~~Form ~~receive standard relocation assistance through Safeco’s third party relocation assistance firm~~8-K.

~~Effective the first day of employment, Mr. Martinez will be granted restricted stock rights (RSRs) under~~ Safeco’s ~~Long-Term~~also ~~Incentive~~announced ~~Plan~~that (LTIP), with an estimated economic value to Mr. Martinez of $1,000,000. The actual number of RSRs to be granted will be determined by dividing this dollar value by the closing price of Safeco common stock on ~~June~~January 2930, ~~2007~~2008, ~~the~~Maria ~~first~~Eitel ~~business~~tendered ~~day~~her ~~preceding~~resignation ~~the~~from ~~first day of his employment. Also on~~ the ~~first~~Board ~~day~~ of ~~employment~~Directors, ~~Mr. Martinez will be granted nonqualified stock options under the LTIP with an economic value of approximately $300,000, the actual number of option shares~~ to be ~~determined~~effective ~~based~~immediately onfollowing ~~a Black-Scholes methodology using~~ the ~~closing~~May ~~price~~shareholder ofmeeting. ~~Safeco~~More ~~common~~information ~~stock~~is onincluded ~~June 29,~~in ~~2007, and~~ the ~~exercise~~news ~~price~~release ~~of the options to be the closing price on that date. The~~filed ~~RSRs and options will vest~~ as ~~follows:~~Exhibit ~~30% on the first anniversary of the grant date; 30% on the second anniversary of the grant date; and 40% on the third anniversary of the grant date~~99.2 ~~Mr. Martinez will also be eligible~~ to bethis ~~considered annually~~Form ~~for equity awards under the LTIP with an economic value between 0% and 340% of salary, with a target award of 195%, to be based on individual and company performance~~8-K.

AsItem ~~with its other executive officers, Safeco will also enter into a Change in Control Severance Agreement with Mr~~8. ~~Martinez,~~01 toOther be effective as of the first date of his employment. The material terms of the Change in Control Severance Agreement are described in our proxy statement, filed April 2, 2007, and are incorporated herein by reference. Events

~~Mr. Martinez, age 38, joins~~ Safeco ~~from~~announced ~~Atlanta-based~~that ~~AGL~~Paula ~~Resources~~Rosput ~~Inc.~~Reynolds, Safeco’s anpresident ~~energy~~and ~~services~~chief ~~holding~~executive ~~company~~officer, ~~whose~~will ~~principal~~be ~~business~~appointed ischairman ~~the distribution~~ of ~~natural~~the ~~gas~~Company’s inboard ~~six Southern states. Mr. Martinez was most recently executive vice president~~ of ~~utility operations at AGL. During his 17-year tenure there~~directors, ~~Mr. Martinez~~effective ~~also~~with ~~held~~the anext ~~number~~annual ofshareholder ~~other leadership positions~~meeting, ~~including~~and ~~oversight~~that ofRobert ~~field~~Cline ~~operations,~~will ~~service~~become ~~centers,~~lead ~~and~~director ~~information~~at ~~technology~~that time.

More information is included in the news release attached as Exhibit 99.2 to this Form 8-K.

Item 9.01

Financial Statements and Exhibits

Exhibit 99.1 Press release “Safeco Names New Executive Vice President for Claims and Service,” dated June 18, 2007.



Exhibit 99.1		News release “Gerardo Lopez Appointed to Safeco Board of Directors” dated February 4, 2008.

Exhibit 99.2		News release “Safeco Announces Board of Directors Changes” dated February 5, 2008.

Signature

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

	~~Safeco Corporation~~	Safeco Corporation
	~~Registrant~~	Registrant
Dated: June 19, 2007	/s/ Kris L. Hill
Dated: February 5, 2008		/s/ Stephanie G. Daley-Watson
	Kris L. Hill Vice President and Controller
		Stephanie G. Daley-Watson
		Vice President, Secretary and Associate General Counsel

EXHIBIT INDEX

Exhibit Number		Description
99.1		Press release “Safeco Names New Executive Vice President for Claims and Service,” dated June 18, 2007.

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