Safeco executives outline their roles in company's new leadership structure.Safeco Corp. has formed a new leadership structure, which company executives say will meld the company's many lines of business and reflect the insurer's evolution from a turnaround concern to a profit-and-growth company. The newly created office of the president will be led by Safeco's chairman and chief executive officer, Mike McGavick Michael S. "Mike" McGavick (born February 7, 1958 in Seattle, Washington) is a former American business executive and a graduate of the University of Washington. McGavick was a Republican candidate for the US Senate seat held by Maria Cantwell in the 2006 election, but , and include Michael LaRocco as co-president responsible for product, underwriting Underwriting 1. The process by which investment bankers raise investment capital from investors on behalf of corporations and governments that are issuing securities (both equity and debt). 2. The process of issuing insurance policies. and claims; Christine Mead mead (mēd), wine made of fermented honey and water, sometimes flavored with spices. It is highly intoxicating. Mead was known in classical Greece and Rome and was the favorite drink of the tribes of N and W Europe. as co-president responsible for service, technology and finance; and a yet-to-be named co-president responsible for marketing, sales and distribution. Formerly president of Safeco Personal Insurance, LaRocco will bring together the company's product lines--automobile, home, commercial, surety An individual who undertakes an obligation to pay a sum of money or to perform some duty or promise for another in the event that person fails to act. surety n. and specialty--with underwriting and claims under his new organization. Until now, Safeco "was really focused on fixing the company and getting Safeco back to financial strength and to being a competitive player in the marketplace," LaRocco said. "But now, to get to that next level, where we are truly a top writer in the P&C line, we needed this restructuring," he said. "We are very focused on profitable growth. And the timing was very appropriate for us, having just sold our life and investment operations. Once we disbursed with that part of the business, we are now a very focused P&C company. This supports our business model, which is delivering standardized products A product that conforms to specifications resulting from the same or equivalent technical requirements. NATO standardized products are identified by a NATO code number. , over a uniform platform, through a common distribution network." The announcement follows Safeco's recent sale of its life and investments business and its redefinition Noun 1. redefinition - the act of giving a new definition; "words like `conservative' require periodic redefinition"; "she provided a redefinition of his duties" definition - a concise explanation of the meaning of a word or phrase or symbol as a property and casualty insurance company selling auto and homeowners coverage and insurance to small and medium-size businesses. The new structure takes effect Nov. 3. The three positions will report to McGavick. Safeco is now "100% focused on the P&C business," said Mead. |
|
||||||||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion