SAFECO appoints new CFO to aid recovery

SEATTLE - SAFECO has announced that it has appointed Christine Mead as its new chief financial officer. Ms Mead replaces Rod Pierson who recently retired. SAFECO posted a $100m loss for the third quarter last year. The loss included a $240m reserve strengthening for construction defect claims, workers� compensation business, environmental and asbestos claims. Mike McGavick, SAFECO�s president and chief executive said that Ms Mead will play a vital role in helping SAFECO 'craft and direct the strategies and initiatives crucial to our continued financial turnaround'. Ms Mead was previously senior vice president and chief financial officer at Travelers Insurance.