Liberty Mutual Group (“Liberty Mutual”) and Safeco Corporation (NYSE: SAF) (“Safeco”) announced that the Washington Office of the Insurance Commissioner (“OIC”) issued a press release earlier today announcing that it had approved Liberty Mutual’s acquisition of Safeco and that the OIC’s order approving the acquisition will be issued on Friday, September 19, 2008. The OIC’s order is the last approval required for Safeco’s acquisition by Liberty Mutual. The acquisition is scheduled to close on Monday, September 22, 2008. Shares of common stock of Safeco will continue trading on the New York Stock Exchange (the “NYSE”) through the close of business on Monday, September 22, 2008, and thereafter will be delisted from the NYSE. Under the terms of the merger agreement, Liberty Mutual will acquire all outstanding shares of common stock of Safeco for $68.25 per share in cash. The transaction is not subject to financing contingencies.

About Safeco Corporation

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 agents and brokers. Safeco is also one of the nation’s leaders in the sale and service of surety bonds. More information about Safeco can be found at www.safeco.com.

About Liberty Mutual Group

Boston-based Liberty Mutual Group is a diversified global insurer and sixth largest property and casualty insurer in the U.S. based on 2007 direct written premium. Liberty Mutual Group also ranks 94th on the Fortune 500 list of largest corporations in the U.S. based on 2007 revenue.