ISS Recommends Vote for Acquisition of Safeco by Liberty Mutual

SEATTLE--(Business Wire)--
Safeco Corporation (NYSE:SAF), today announced that ISS Governance
Services (ISS) has published its report recommending that Safeco
shareholders vote "FOR" the proposal to approve the agreement and plan
of merger previously agreed to between Safeco and Liberty Mutual
Insurance Company at Safeco's Annual Meeting of Shareholders to be
held on July 29, 2008.

ISS, a unit of RiskMetrics Group, is a leading independent proxy
advisory firm whose voting analyses are relied upon by hundreds of
institutional investment funds, mutual funds and fiduciaries.

The Safeco board of directors strongly encourages all shareholders
to vote by completing, signing, dating and returning their proxy card
or voting by telephone or Internet in time to be counted for the
meeting on July 29, 2008. Shareholders who have questions or need
assistance in voting their shares should contact our proxy solicitor,
Georgeson, by calling toll-free 866-391-6923.

About Safeco Corporation

Safeco provides insurance for individuals and for small- and
mid-sized businesses. Safeco offers a wide array of property and
casualty insurance products, including personal auto and home as well
as coverage for small- and mid-sized businesses, and surety bonds.
Safeco sells its products through a national network of agents and
brokers.

Participants in the Solicitation

Safeco and its executive officers and directors may be deemed to
be participants in the solicitation of proxies from the shareholders
of Safeco in connection with the proposed acquisition. Information
about the executive officers and directors of Safeco and their
ownership of Safeco common stock is set forth in the definitive proxy
statement filed by Safeco on June 25, 2008.

Safeco
Media:
Paul Hollie, 206-473-5745
Cell: 206-399-8532
or
Investors:
Neal Fuller, 206-473-5020
http://www.safeco.com

Copyright Business Wire 2008