FORM 4
[ X ] Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).         
UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP OF SECURITIES
                                                                                  
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Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934, Section 17(a) of the Public
Utility Holding Company Act of 1935 or Section 30(f) of the Investment Company Act of 1940
                      

1. Name and Address of Reporting Person *

Reynolds Paula Rosput 		2. Issuer Name and Ticker or Trading Symbol

SAFECO CORP [ SAF ] 		5. Relationship of Reporting Person(s) to Issuer (Check all applicable)

__ X __ Director                      _____ 10% Owner
__ X __ Officer (give title below)      _____ Other (specify below)
President & CEO
(Last)          (First)          (Middle)

SAFECO PLAZA 		3. Date of Earliest Transaction (MM/DD/YYYY)

9/22/2008
(Street)

SEATTLE, WA 98185
(City)        (State)        (Zip)
4. If Amendment, Date Original Filed (MM/DD/YYYY)

 
6. Individual or Joint/Group Filing (Check Applicable Line)

_ X _ Form filed by One Reporting Person
___ Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1.Title of Security
(Instr. 3) 		2. Trans. Date 2A. Deemed Execution Date, if any 3. Trans. Code
(Instr. 8) 		4. Securities Acquired (A) or Disposed of (D)
(Instr. 3, 4 and 5) 		5. Amount of Securities Beneficially Owned Following Reported Transaction(s)
(Instr. 3 and 4) 		6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4) 7. Nature of Indirect Beneficial Ownership (Instr. 4)
Code V Amount (A) or (D) Price
Common Stock   9/22/2008     U    36496   D $68.25   0   I   (1) By Grantor Retained Annunity Trust  

Table II - Derivative Securities Beneficially Owned ( e.g. , puts, calls, warrants, options, convertible securities)
1. Title of Derivate Security
(Instr. 3) 		2. Conversion or Exercise Price of Derivative Security 3. Trans. Date 3A. Deemed Execution Date, if any 4. Trans. Code
(Instr. 8) 		5. Number of Derivative Securities Acquired (A) or Disposed of (D)
(Instr. 3, 4 and 5) 		6. Date Exercisable and Expiration Date 7. Title and Amount of Securities Underlying Derivative Security
(Instr. 3 and 4) 		8. Price of Derivative Security
(Instr. 5) 		9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4) 10. Ownership Form of Derivative Security: Direct (D) or Indirect (I) (Instr. 4) 11. Nature of Indirect Beneficial Ownership (Instr. 4)
Code V (A) (D) Date Exercisable Expiration Date Title Amount or Number of Shares
Employee Stock Option (right to buy)   $42.48   9/22/2008     D        126036      (2) 9/22/2008   Common Stock   126036     (3) 0   D  
 
Employee Stock Option (right to buy)   $42.48   9/22/2008     D        2354      (2) 9/22/2008   Common Stock   2354     (3) 0   D  
 
Employee Stock Option (right to buy)   $57.75   9/22/2008     D        250000      (2) 9/22/2008   Common Stock   250000     (3) 0   D  
 
Restricted Stock Rights   (4)   (5) 9/22/2008     D        65479      (6) 9/22/2008   Common Stock   65479     (7) 0   D  
 
Restricted Stock Rights   (4)   (5) 9/22/2008     D        21150      (6) 9/22/2008   Common Stock   21150     (7) 0   D  
 
Restricted Stock Rights   (4)   (5) 9/22/2008     D        28574      (6) 9/22/2008   Common Stock   28574     (7) 0   D  
 
Restricted Stock Rights   (4)   (5) 9/22/2008     D        37442      (6) 9/22/2008   Common Stock   37442     (7) 0   D  
 
Phantom Stock Units     (8) 9/23/2008     D        2308.131      (9)   (10) Common Stock   2308.131   $43.20   0   D  
 

Explanation of Responses:
( 1)  These shares were previously reported as directly beneficially owned but were contributed to a grantor retained annuity trust on May 28, 2008.
( 2)  Vesting of option accelerated pursuant to a merger agreement between Safeco Corporation and Liberty Mutual.
( 3)  Pursuant to the merger agreement and upon the effective date of the merger referenced above, each outstanding stock option to purchase shares was canceled and converted into the right to receive a cash payment in an amount equal to $68.25 per share, minus the exercise price per share of the option and any applicable tax withholdings.
( 4)  Grant of Restricted Stock Rights ("RSRs") exempt under 16b-3. RSRs represent the right to receive shares equal to the value thereof, provided the Reporting Person remains in the issuer's service until the specified vesting date.
( 5)  RSRs are convertible into common stock on a 1 for 1 basis.
( 6)  Vesting of RSRs accelerated pursuant to the merger agreement referenced above.
( 7)  Pursuant to the merger agreement and upon the effective date of the merger referenced above, the Reporting Person received $68.25 per share for the number of RSRs held, minus any applicable tax withholding.
( 8)  These Phantom Stock Units may be converted to shares of Safeco stock as follows: The number of Phantom Stock Units acquired multiplied by the price of Phantom Stock Units on the transaction date divided by the closing price of Safeco stock on the transaction date.
( 9)  Immediately.
( 10)  These Phantom Stock Units were reallocated to another investment option pursuant to the terms of the Safeco Corporation Deferred Compensation Plan for Executives and the merger agreement referenced above.

Reporting Owners
Reporting Owner Name / Address
Relationships
Director 10% Owner Officer Other
Reynolds Paula Rosput
SAFECO PLAZA
SEATTLE, WA 98185 		X
President & CEO

Signatures
Karri J. Harrington, Attorney-in-Fact for Paula Rosput Reynolds 9/24/2008
** Signature of Reporting Person Date


Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4(b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations. See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB control number.
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