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Safeco (NYSE: SAF - News) today announced it has executed a Rule 10b5-1 trading plan to purchase up to $250 million of its outstanding common stock. A Rule 10b5-1 plan allows Safeco to repurchase its shares during periods when the company would normally not be active in the market because of its own internal trading windows.
Source: Source: Safeco, SEATTLE, May 4, PRNewswire-FirstCall | Published on May 4, 2007
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Since 2003, Safeco has repurchased 39.3 million shares, or 28.4 percent of its then outstanding shares, at a total cost of $2.1 billion.
Safeco, in business since 1923, is a Fortune 500 property and casualty insurance company based in Seattle. The company sells insurance to drivers, homeowners, and owners of small- and mid-sized businesses principally through a national network of independent distribution partners.
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