Safeco Corp., a Seattle property and casualty insurer, has increased its dividend 20% and approved a $200 million common stock buyback.
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A first-quarter dividend of 30 cents a share will be payable July 24 to shareholders of record as of July 7, the company said Wednesday.
Since 2003 it has repurchased 23.9 million shares, 17.2% of those then outstanding, and increased its annual dividend rate 62%, from 74 cents to $1.20 a share.
Safeco sells insurance to drivers, homeowners, and owners of small and midsize businesses, principally through a national network of independent agents and brokers.
