REDMOND, Wash. — (Aug. 2, 2004) — Safeco Life Insurance Co. announced today that its sale to a group of investors led by White Mountains Insurance Group, Ltd. and Berkshire Hathaway Inc. is now complete. After 47 years operating as part of Safeco Corp., Safeco Life will continue to be based in Washington and remains one of the nation’s top 50 life insurance companies based on assets.
In a separate action, the holding company formed by Safeco Life's investor group announced today it will exit the mutual fund business. Effective immediately, Safeco Asset Management, manager of the Safeco mutual funds, has been replaced with a new manager, Boston-based Pioneer Investment Management, Inc. Subject to trustee and fund shareholder approval, it is proposed that the $3.6 billion in assets currently held in Safeco’s 22 mutual funds will become part of the Pioneer family of funds. This change is expected to be finalized before the end of the year.
Established in 1957, Safeco Life Insurance Co., which will begin adopting its new, as-yet-to-be-announced name on Sept. 1, has over 1,200 employees and more than $22 billion in GAAP assets as of June 30, 2004. Through its network of 20,000 independent agents and advisors, the company provides annuities, life insurance, group employee benefits and retirement plans to 2 million customers throughout the United States.
1 Source: Total GAAP assets per closing statements of December 31, 2004
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