SEATTLE-Safeco says its primary insurance lines will incur estimated losses of $25 million, net of reinsurance, stemming from last week’s attacks on New York and Washington, D.C. last week. In addition, the Seattle-based publicly traded company says its Lloyd’s of London operations will incur “an additional loss of between $5 million and $10 million as a result of this exposure.”

Estimates of Safeco’s primary insurance include approximately $24 million in Property & Casualty losses; and approximately $1 million in life insurance, disability and medical insurance losses. Total losses stemming from last week’s attacks are expected to affect Safeco’s third-quarter income by between $0.15 and $0.18 per diluted share on an after-tax basis.

This event will have relatively little long-term financial impact on Safeco,” says Mike McGavick, president and chief executive officer, noting the company has $29 billion in assets. “Still, I can’t think of a single event in recent decades that had a greater impact on our nation.”

The company’s share price closed trading Thursday at $26.99, off $0.89 from Wednesday’s close and off nearly $3 since trading resumed on Monday. The 3.19% drop echoed the S&P 500 for the day, which dipped 3.18%, while the Dow fell 4.37% and the Nasdaq fell 3.72%.

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