Document:

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                                                                   Exhibit 10.15

                              RETIREMENT AGREEMENT

        This Retirement Agreement (including its Exhibits, the "AGREEMENT") is
made and entered into as of October 15, 2001 (the "EFFECTIVE DATE") by and
between RODNEY A. PIERSON (the "EXECUTIVE") and SAFECO CORPORATION, a Washington
corporation (together with its successors and assigns, the "COMPANY").

                                    RECITALS

        WHEREAS, the Executive is employed by the Company as Senior Vice
President and Chief Financial Officer;

        WHEREAS, the Executive and the Company (the "PARTIES") have mutually
agreed to the Executive's retirement from the Company and resignation as an
officer, employee and member of the Board of Directors of subsidiaries of the
Company; and

        WHEREAS, the Parties have mutually agreed to the final terms and
conditions of such retirement.

        NOW, THEREFORE, in consideration of the covenants and agreements
hereinafter set forth in this Agreement, the Parties hereby agree as follows:

                                    AGREEMENT

1.      CONTINUED EMPLOYMENT.

        1.1 EMPLOYMENT PERIOD. Under the terms and subject to the conditions of
this Agreement, the Executive's status as an employee of the Company shall
continue through December 31, 2001 (the "RETIREMENT DATE"), and he shall be paid
his current salary through such date. The Executive shall retire from employment
with the Company effective at the close of business on the Retirement Date.

        1.2 GROUP INSURANCE BENEFITS COVERAGE. The Company shall continue to
provide, through the Retirement Date, coverage to the Executive and his
dependents under any group insurance benefits plan under which they were covered
on the Effective Date. The Executive shall remain responsible, in accordance
with past practice, to pay any amounts chargeable as "employee premium
contribution" amounts with respect to any such coverage. After the Retirement
Date, the Executive and his dependents shall be eligible for such benefits
continuation, or conversion coverage, as may be available under the terms of the
Company's benefits plans or policies, or as may be required under the provisions
of the Consolidated Omnibus Budget Reconciliation Act of 1985, as subsequently
amended ("COBRA"), or other applicable federal or state law. After the
Retirement Date, the Company agrees to treat the Executive as a retiree for
purposes of medical benefits.

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        1.3 ELIGIBILITY FOR OTHER GROUP BENEFITS. As an employee of the Company
through the Retirement Date, the Executive (a) shall be entitled to participate
in any group benefit under the Company's employee benefit plans and (b) shall be
entitled to participate in, and shall be the beneficiary of pro rata Company
contributions to, the SAFECO Employees' Profit Sharing Retirement Plan, Savings
Plan, and Cash Balance Plan, as well as any "supplemental" or "excess benefit"
plans that relate to such plans.

        1.4 INCENTIVE BONUS. The Company shall pay the Executive the amount, if
any, earned by the Executive under the Company's Leadership Performance Plan for
2001 determined pursuant to the performance contract between the Executive and
the Company dated September 7, 2001 promptly following the determination of the
amount of any bonus and in any event no later than February 28, 2002.

        1.5 SPECIAL BONUS INCENTIVE. As an inducement to the Executive to
complete the responsibilities listed on Exhibit A to this Agreement before
December 31, 2001, the Company agrees to pay the Executive all or a portion of
$162,500 upon the determination by the chief executive officer of the Company in
his sole discretion that all or a portion of the responsibilities listed on
Exhibit A have been completed. The chief executive officer of the Company shall
determine by January 31, 2002 the extent to which the responsibilities have been
completed and the Company shall make the payment, if any, on February 15, 2002.

        1.6 PAYMENT FOR ACCRUED SICK LEAVE AND VACATION UNITS. The Company shall
promptly pay the Executive for any vested sick leave units and vacation pay
accrued, but unused, by him as of the Retirement Date, but only to the extent
compensable under the Company's normal sick leave and vacation policies and
procedures.

        1.7 REIMBURSEMENT FOR EXPENSES INCURRED. The Company shall promptly
reimburse the Executive for business expenses reasonably incurred by him on or
before the Retirement Date, but not submitted for reimbursement at such date, to
the extent reimbursable under the Company's normal expense reimbursement
policies and procedures, provided that such expenses are submitted for
reimbursement either within fifteen calendar days of the Retirement Date, or as
promptly as reasonably practicable thereafter, but in no event later than thirty
calendar days following the Retirement Date..

        1.8 RESTRICTED STOCK RIGHTS. The Executive acknowledges and agrees that,
 as a consequence of his retirement on the Retirement Date, any unvested rights
 he may have under any restricted stock right award (an "RSR") granted under the
 SAFECO Incentive Plan of 1987 (the "1987 PLAN") or the SAFECO Long-Term
 Incentive Plan of 1997 (the "1997 PLAN") shall expire as of such date, and that
 he shall not be entitled to any payment in respect of any RSR that remains
 unvested as of such date.

        1.9 PERFORMANCE STOCK RIGHTS. The Company and the Executive agree that
he shall be entitled to receive any payment that would otherwise be due to him
under any unvested performance stock right (a "PSR") granted under the 1997 Plan
for any period ending December

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31, 2001, and that such payment, if any, shall be made to the Executive
following the determination that such a payment is due and no later than
February 28, 2002. In addition, the Executive acknowledges and agrees that, as a
consequence of his retirement on the Retirement Date, he shall not be entitled
to any payment in respect of any unvested PSR for any period ending after
December 31, 2001.

        1.10 STOCK OPTIONS. Each of the Executive's stock options, other than
the 24,000 share "hurdle" option granted to the Executive in November of 1999
(the "NOVEMBER 1999 OPTION"), shall be fully vested, fully exercisable, and
wholly non-forfeitable as of the Retirement Date. The November 1999 Option shall
become vested, exercisable and non-forfeitable to the extent that the relevant
"price hurdles" are satisfied on or before the third anniversary of the
Retirement Date. Pursuant to the provisions of the 1987 Plan and 1997 Plan
relating to the termination of employment by retirement and to the provisions of
Section 3.1 below, each outstanding stock option shall, to the extent that it is
or becomes exercisable as of the Retirement Date, remain exercisable (a) for
three months following the Retirement Date (in the case of options granted under
the 1987 Plan) and (b) through the third anniversary of the Retirement Date (in
the case of options granted under the 1997 Plan); provided, however, that no
stock option shall remain exercisable beyond its maximum stated term. Exhibit B
to this Agreement lists the Executive's outstanding options and their
post-retirement exercise periods.

2. PAYMENTS. As compensation to the Executive, and in consideration of his
retirement as an employee and his resignation as an officer of the Company and
as an officer and director of certain of the Company's subsidiaries and the
release he is granting in Section 5 below, the Company unconditionally and
irrevocably agrees (subject only to the Executive's not revoking this Agreement
during the seven-day revocation period described in Section 16.3) to pay an
amount equal to the sum of (a) $487,500 plus (b) an amount equal to the product
obtained by multiplying (i) 6,623 times (ii) the closing price of SAFECO
Corporation common stock as reported on NASDAQ on the Retirement Date (such
product being the "CALCULATED PAYMENT"). This sum shall be allocated and paid as
follows:

        2.1 RELEASE PAYMENT. $243,750 shall be allocated as consideration for
the Executive's release of claims as set forth in Section 5 below (the "RELEASE
PAYMENT") and shall be made on January 15, 2002.

        2.2 ADDITIONAL PAYMENTS. In consideration of his agreements set forth in
Sections 8.1, 8.2, 8.3 and 8.4 (which agreements relate to restraints on
competition, solicitation, disparagement and matters adverse to the Company),
the Company shall pay the Executive the sum of the Calculated Payment and
$243,750 on January 15, 2003.

        3. FURTHER CONSIDERATION. As further consideration to the Executive for
the release granted by him under Section 5, the Company unconditionally and
irrevocably agrees (subject only to the Executive not revoking this Agreement
during the seven-day revocation period described in Section 16.3 and executing a
reaffirmation of the release in the form stated on Exhibit C) to provide the
following benefits to the Executive, at no cost to the Executive:

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        3.1 SAFECO STOCK OPTION EXTENSION. The Company, through the Compensation
Committee of its Board of Directors (the "COMPENSATION COMMITTEE"), has approved
or will approve at its November 2001 meeting the Executive's retirement for
purposes of the 1987 Plan and 1997 Plan. As a retiree, the Executive shall be
entitled (a) to exercise any outstanding stock option issued under the 1987 Plan
for three months following the Retirement Date and (b) to exercise any
outstanding and vested stock option issued under the 1997 Plan through the third
anniversary of the Retirement Date; provided, however, that no stock option
shall remain exercisable beyond its maximum stated term. Contingent upon the
Executive's execution of this Agreement and the expiration of the Revocation
Period, the Compensation Committee has agreed or will agree to amend the terms
of all Company stock options that have been granted to the Executive and that
will not otherwise be fully vested and exercisable as of the Retirement Date
(other than the November 1999 Option), so that each such stock option shall, as
of such date, be fully vested, fully exercisable and non-forfeitable. With
respect to the November 1999 Option the Compensation Committee has agreed or
will agree to amend the exercise period and term of that option to the third
anniversary of the Retirement Date.

        3.2 ATTORNEY AND TAX CONSULTANT FEES. Contingent upon the Executive's
execution of this Agreement and the expiration of the seven-day revocation
period described in Section 16.3, the Company agrees to pay all attorneys' and
tax consultants' fees and charges incurred by the Executive on or before the
expiration of the Revocation Period in connection with entering into this
Agreement, up to a maximum of $5,000.

        3.3 OUTPLACEMENT ASSISTANCE. The Company agrees to provide the Executive
outplacement services of such kind and for such time as the Company and the
Executive subsequently agree.

        3.4 SPECIAL PAYMENT AND MATCHING CHARITABLE GIFTS. Contingent upon the
Executive's execution of this Agreement and the expiration of the seven-day
revocation period described in Section 16.3, the Company shall make a special
payment of $20,000 to the Executive on the next pay period following the
revocation period and shall treat the Executive as a retiree for purposes of the
matching charitable gifts program.

4.      RETIREMENT AND RESIGNATION.

        4.1 RETIREMENT AND RESIGNATION AS AN OFFICER AND DIRECTOR. In
consideration of the payments and other compensation described above, the
Executive (a) notifies the Company of his retirement as an employee of the
Company, effective on the Retirement Date, and (b) tenders his resignations as
an officer of the Company and officer and director of any and all of its
subsidiaries, effective on the Retirement Date.

        4.2 NO AUTHORITY TO ACT. After the Retirement Date, the Executive shall
have no further authority to bind the Company to any contract or agreement or to
act on its behalf. The Company shall have no obligation to reimburse the
Executive for any expenses incurred by him after the Retirement Date, except as
expressly provided in this Agreement or as otherwise agreed in writing by the
Company.

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        4.3 RETURN OF MATERIALS. No later than seven days after the Retirement
Date, the Executive shall return all devices and materials in his possession
that are owned by the Company and were used by the Executive in the course of
his employment. Anything to the contrary notwithstanding, nothing in this
Section 4.3 or in Section 7.3 shall prevent the Executive from retaining papers
and other materials of a personal nature, including personal diaries, calendars
and Rolodexes, information showing his compensation or relating to reimbursement
of expenses, information that may be needed for tax purposes, or copies of
plans, programs and agreements relating to his employment or compensation.

5.      RELEASES AND SETTLEMENT.

        5.1 RELEASE PAYMENT. For the purposes of this Agreement, "RELEASE
PAYMENT" means the payment specified in Section 2.1.

        5.2 RELEASE BY THE EXECUTIVE. In consideration of the Company's delivery
of the Release Payment to the Executive in accordance with the terms of Section
2.1, the Executive hereby releases the Company and its affiliated companies, and
the employees, agents, officers, directors and shareholders of any of them, from
all claims, demands, actions or causes of action of any kind or nature
whatsoever which the Executive may now have or may ever have had against any of
them, whether such claims are known or unknown, and including but not limited to
the "Claims" as defined in Section 5.3, based upon any matter, cause or thing
whatsoever related to or arising out of the Executive's employment with the
Company or the termination thereof, provided, however, that this release shall
not apply to any rights (a) relating to indemnification (or advancement of
expenses) under this Agreement, the Articles of Incorporation or By-Laws of the
Company, or under any applicable insurance policy, or to obtain contribution as
permitted by law in the event of entry of judgment against the Executive as a
result of any act or failure to act for which the Executive and any released
person are jointly liable, (b) arising under, or preserved by, this Agreement,
(c) arising after the Retirement Date, (d) under any Company stock option,
restricted stock right, performance share right, stock purchase, deferred
compensation or other similar plan, program, agreement or agreement, (e) under
any Company pension, retirement or welfare benefit plan, program, agreement or
arrangement or (f) arising out of any investor, account, insurance or client
relationship, which rights shall be preserved, unaffected by this release.

        5.3 THE CLAIMS. For the purposes of this Agreement, "CLAIMS" shall mean
claims with respect to any of the following: (a) breach of contract; (b)
discrimination, retaliation, or constructive or wrongful discharge; (c) lost
wages, lost employee benefits, physical and personal injury, stress, mental
distress, or impaired reputation; (d) claims arising under the Age
Discrimination in Employment Act ("ADEA"), Title VII of the Civil Rights Act,
the Equal Pay Act, or any other federal, state or local laws or regulations
prohibiting employment discrimination; (e) attorneys' fees or (f) any other
claim arising from or relating to the Executive's employment with the Company
and/or his separation from service, including claims with respect to the
Severance Agreement dated May 5, 1999 between the Executive and the Company,
which the Parties agree is terminated by mutual consent as of the date of the
expiration of the seven-day

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revocation period described in Section 16.3, provided, however, that the term
"Claim" shall not include any claims reserved by the Executive pursuant to
Section 5.2 above.

        5.4 CONSIDERATION FOR RELEASE. The Company represents, and the Executive
acknowledges, that the Release Payment and the further consideration described
in Section 3 exceed any amount the Company may arguably be required to pay under
any agreement or arrangement to which the Executive is a party or under which he
claims some benefit, or under the standard policies and procedures of the
Company, and represents valuable consideration to him for the release of his
ADEA and other claims described above.

6.      INDEMNIFICATION.

         6.1 INDEMNIFICATION. To the extent (a) provided as of the Effective
Date in the indemnification provisions of the Company's bylaws and (b) permitted
under the laws of the State of Washington, the Executive shall be entitled to
indemnification, and advancement of expenses, in respect of matters that
occurred during the time he was an officer or director of the Company.

         6.2 DIRECTORS' AND OFFICERS' LIABILITY INSURANCE. The Company agrees to
continue and maintain directors' and officers' liability insurance coverage for
the Executive that is no less favorable in any respect than the coverage then
provided to any present or former senior executive officer or director of the
Company.

7.      CONFIDENTIAL INFORMATION.

        7.1 CONFIDENTIAL INFORMATION. The Executive recognizes that, by virtue
of his employment by the Company, he has acquired certain non-public,
proprietary information with respect to the Company and its operations (the
"CONFIDENTIAL INFORMATION"). The Executive recognizes and acknowledges that the
Confidential Information constitutes valuable, special and unique assets of the
Company, access to and knowledge of which were essential to the performance of
the Executive's duties during his employment.

        7.2 NON-DISCLOSURE. The Executive agrees to hold the Confidential
Information in trust and confidence. The Executive agrees not to (a) reveal any
Confidential Information to any other person or (b) divulge or use any
Confidential Information for any purpose other than for the benefit of the
Company or with the written authorization of the Company, provided, however,
this Section 7.2 shall not apply (i) when disclosure is required by law or by
any court, arbitrator, or administrative or legislative body (including any
committee thereof) with apparent jurisdiction to order the Executive to disclose
or make accessible any information (in which event, the Executive shall, to the
extent practicable, provide reasonable advance notice of such disclosure to the
Company and shall cooperate reasonably, at the Company's sole expense, with the
Company's efforts to obtain protective treatment for such information), (ii) to
disclosure or use in connection with enforcing this Agreement, (iii) to
Confidential Information that becomes generally known to the public or within
the relevant trade or industry other than due to the

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Executive's violation of this Section 7.2 or (iv) to disclosures in confidence
to counsel for the purpose of obtaining legal advice.

        7.3 MATERIALS. Unless the Company otherwise agrees and except as
provided for in Section 4.3 above, the Executive shall not remove from the
Company's premises or possession any documents, compilations of data or other
files or records of any nature, or any copy or reproduction thereof, that
contain Confidential Information or that belong to the Company.

8.      NO COMPETING EMPLOYMENT; NO SOLICITATION OF EMPLOYEES.

        8.1 NO COMPETING EMPLOYMENT. The Executive agrees that until the first
anniversary of the Retirement Date, without the prior written consent of the
chief executive officer of the Company, he shall not work for, or consult with,
any person or entity that competes directly and materially with the Company in
any of the Company's principal lines of business (i.e., the property and
casualty insurance business, including surety, the life and health insurance
business and the asset management business) or in the Company's insurance
brokerage business. The Executive agrees that through the first anniversary of
the Retirement Date he shall give the Company notice of his intent to work for
or consult with any person or entity, whether it competes with the Company or
not, before commencing such activity.

        8.2 NO SOLICITATION OF EMPLOYEES. The Executive agrees that until the
first anniversary of the Retirement Date, without the prior written consent of
the chief executive officer of the Company, he shall at no time solicit,
directly or indirectly, any individual who he knows is then an employee of the
Company (or of any of its affiliates) to leave such employment and/or to become
an employee, officer or consultant of or to any other enterprise. Anything to
the contrary notwithstanding, the Company agrees that neither (a) the
Executive's responding to an unsolicited request from an employee of the Company
(or any of its affiliates) nor (b) the Executive's responding to an unsolicited
request for an employment reference regarding an employee of the Company (or any
of its affiliates) from such employee, or from a third party, by providing a
reference setting forth his personal views about such employee, shall be deemed
a violation of this Section 8.2.

        8.3 NON-DISPARAGEMENT. The Executive agrees that he shall not
intentionally make any public statement that is intended to criticize or
disparage the Company, its affiliates, or any of its or their directors,
officers or employees. The Company agrees that it shall use its best efforts to
cause its senior executive officers (senior vice presidents and above) and
directors not to make any public statement that is intended to criticize or
disparage the Executive. This Section 8.3 shall not be construed to prohibit
either Party from responding publicly to incorrect public statements or from
making truthful statements when required by law or order of a court or other
person or body having jurisdiction.

        8.4 CONDUCT ADVERSE TO THE COMPANY. The Executive agrees that until the
first anniversary of the Retirement Date, without the prior written consent of
the chief executive officer of the Company, he shall not work for or consult
with any person or entity with respect to any claim such person or entity may
have that is adverse to the interests of the Company or with

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respect to any offer to acquire, or to merge with, the Company that such person
or entity is considering making, is preparing to make or is making.

9.      PRE-EMPTION AND ENFORCEMENT. Sections 7 and 8 of this Agreement shall
supersede, to the extent less favorable to the Executive than the provisions in
such Sections, any provision in any plan, policy, agreement, award or other
arrangement of the Company or any of its predecessors or affiliates relating to
non-competition, non-solicitation, non-hire, confidentiality, disparagement or
other restrictions on conduct. Such Sections, and other surviving restrictions,
may be enforced through injunction and claims for damages. Each Party shall be
entitled to seek injunctive relief against breaches of Section 7 or Section 8 in
any court of competent jurisdiction.

10.     NO ADMISSION. Each Party understands and acknowledges that neither
the Release Payment, nor the execution and delivery of this Agreement,
constitutes an admission by the other Party to (a) any breach of any agreement
between them, (b) any violation of any federal, state or local statute,
regulation or ordinance or (c) any other wrongdoing.

11.     LIABILITY FOR DEFENSE COSTS. If, notwithstanding the release in
Section 5, the Executive should pursue, in any forum, any claim released by the
Executive in Section 5 above, the Executive agrees to pay, or reimburse, the
Company for all reasonable costs incurred in defending against such released
claim.

12.     REPRESENTATIONS OF THE COMPANY. The Company represents and warrants
to the Executive that (a) all corporate action required to be taken by the
Company to authorize fully the execution, delivery and performance of this
Agreement and the consummation of the transactions contemplated hereby has been
duly and effectively taken, (b) the execution, delivery and performance of this
Agreement does not violate any applicable law, regulation, order, judgment or
decree or any agreement, arrangement, plan or corporate governance document to
which the Company is a party or by which it is bound and (c) upon the execution
and delivery of this Agreement by the Parties, it shall be a valid and binding
obligation of the Company, enforceable against it in accordance with its terms,
except to the extent that enforceability may be limited by applicable
bankruptcy, insolvency or similar laws affecting the enforcement of creditors'
rights generally. The Company acknowledges that the Executive has relied upon
the foregoing representations and warranties in entering into this Agreement.

13.     ARBITRATION.

        13.1 NOTICE AND SELECTION OF ARBITRATOR. The Parties agree that any
claim or dispute arising under or relating to this Agreement, the Executive's
employment with the Company, or the termination thereof (a "COVERED CLAIM")
shall, except to the extent otherwise provided in Section 9 above, be resolved
through binding confidential arbitration in Seattle, Washington, before a
disinterested arbitrator. Arbitration shall be commenced by service on the other
party to the dispute by a written request for arbitration, containing a brief
description of the matter at issue and the names and addresses of three
arbitrators acceptable to the petitioner. The other party shall, within thirty
(30) days following receipt of such notice, either select one of the proposed
arbitrators or provide the names and addresses of three other arbitrators
acceptable to

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the proposing party. If the parties are unable to select an impartial arbitrator
in the foregoing fashion, the American Arbitration Association shall choose an
impartial arbitrator.

        13.2 RULES OF PROCEEDING. Arbitration proceedings shall be conducted
under the Commercial Arbitration Rules (and not the National Rules for the
Resolution of Employment Disputes) of the American Arbitration Association. The
arbitrator shall not be bound to any formal rules of evidence.

        13.3 DECISION FINAL AND BINDING. The decision of the arbitrator shall be
final and binding on the parties, and may be entered and enforced in any court
of competent jurisdiction.

        13.4 EXPENSES. Each Party shall share equally the expenses of the
arbitrator and other arbitration expenses. Attorney fees, witness fees and other
expenses incurred by a Party in preparing for the arbitration are not
"arbitration expenses" and shall be paid by the Party incurring them.

14.     PUBLICITY.

        14.1 TERMS OF AGREEMENT. The Parties agree that neither of them shall
reveal or publicize the existence of this Agreement or its terms, including but
not limited to the amount of the Release Payment, except under compulsion of law
or as required under the rules and regulations of the Securities and Exchange
Commission ("SEC"). The Executive acknowledges that a copy of this Agreement
will be filed as an exhibit to a filing made by the Company with the SEC and
that a description of compensation paid or to be paid to him under this
Agreement will be included in the Company's proxy statement. Further, the
Parties agree that they shall not discuss with or make to the public at large or
to any individual person or persons any statements about this Agreement, or
matters relating to its terms. Notwithstanding the provisions of this Section
14.1, each Party may disclose the terms of this Agreement to such Party's
attorneys, accountants and financial and tax advisors to the extent necessary to
obtain counsel and advice therefrom. The Executive may also disclose the terms
of this Agreement in confidence to the members of his immediate family and may
disclose the terms of Sections 7 through 9 in confidence to any prospective
employer.

         14.2 ANNOUNCEMENT CONCERNING RETIREMENT FROM SERVICE. The Parties shall
discuss and coordinate with respect to any public announcement, or any internal
or private announcement, concerning the severance of their employment
relationship.

15.      COSTS. Except for the Company's agreement to pay for the Executive's
legal and tax consultation fees and charges as stated and limited in Section
3.2, each Party shall bear its and his own costs and expenses incurred in
connection with the negotiation and preparation of this Agreement.

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16.     ACKNOWLEDGMENT.

        16.1 INFORMED AGREEMENT. The Executive declares that he has read and
fully understands the terms of this Agreement, and its significance and
consequence. The Executive further declares that this Agreement is the product
of good faith negotiations between himself and the Company, and that he
voluntarily accepts the same for the purpose of resolving arrangements with
respect to his retirement. The Executive understands and acknowledges that, in
exchange for the Release Payment he is waiving and giving up, to the extent
provided in Section 5, claims arising out of his employment with the Company
and/or his separation from service.

        16.2 ATTORNEY REVIEW. The Executive acknowledges that the Company has
advised him to review the terms of this Agreement with an attorney and that he
has done so or has knowingly waived his right to do so.

        16.3 REVIEW AND REVOCATION PERIODS. The Executive acknowledges that the
Company has given him at least 21 days during which to consider this Agreement
prior to signing, and understands that he has seven days after signing in which
he may revoke this Agreement. This Agreement shall not become effective or
enforceable until such seven-day period has expired. The Executive understands
that he may revoke this Agreement by delivering a written notice to Allie
Mysliwy at SAFECO Plaza, Seattle, WA 98185, no later than the close of business
on the seventh day after his execution hereof. The Executive understands and
acknowledges that if he revokes this Agreement it shall not be effective or
enforceable and he shall not receive the payments described herein.

17.     NOTICES. Any notice, request, or other communication given in connection
with this Agreement shall be in writing and shall be deemed to have been given
(a) when delivered personally to the recipient or (b) if written acknowledgment
of receipt is obtained, five days after being sent by prepaid certified or
registered mail, or two days after being sent by a nationally recognized
overnight courier. Any notice, request or other communication shall, if to the
Executive, be addressed to him at his principal residence and, if to the Company
and except to the extent otherwise provided in Section 16.3, shall be addressed
to the Company at its corporate headquarters, to the attention of its General
Counsel.

18.     SUCCESSORS AND ASSIGNS.

        18.1 EFFECT ON SUCCESSORS. This Agreement shall be binding upon and
inure to the benefit of the Parties and their respective successors, heirs (in
the case of the Executive) and assigns.

        18.2 LIMITATIONS ON ASSIGNMENT BY THE COMPANY. No rights or obligations
of the Company under this Agreement may be assigned or transferred by the
Company except that such rights or obligations may be assigned or transferred
pursuant to a merger, consolidation or other combination in which the Company is
not the continuing entity, or a sale or liquidation of all or substantially all
of the business and assets of the Company, provided that the assignee or

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transferee is the successor to all or substantially all of the business and
assets of the Company and such assignee or transferee assumes the liabilities,
obligations and duties of the Company as set forth in this Agreement, either
expressly or by operation of law.

        18.3 LIMITATIONS ON ASSIGNMENT BY THE EXECUTIVE. No rights or
obligations of the Executive under this Agreement may be assigned or transferred
by the Executive other than his rights to compensation and benefits, which may
be transferred only by will or operation of law, except as provided in Section
19.4.

19.     MISCELLANEOUS.

        19.1 ENTIRE AGREEMENT. This Agreement contains the entire understanding
and agreement between the Parties concerning the subject matter hereof and
supersedes all prior agreements, understandings, term sheets, discussions,
negotiations and undertakings, whether written or oral, between them relating to
this Agreement. In the event of any inconsistency between any provision of this
Agreement and any provision of any plan, employee handbook, personnel manual,
program, policy, arrangement or agreement of the Company or any of its
affiliates, the provisions of this Agreement shall control.

        19.2 AMENDMENT OR WAIVER. No provision in this Agreement may be amended
unless such amendment is set forth in a writing that expressly refers to this
Agreement and that is signed by the Executive and by an authorized (or
apparently authorized) officer of the Company. No waiver by any person of any
breach of any condition or provision contained in this Agreement shall be deemed
a waiver of any similar or dissimilar condition or provision at the same or any
prior or subsequent time. To be effective, any waiver must be set forth in a
writing signed by the waiving person and must specifically refer to the
condition(s) or provision(s) of this Agreement being waived.

        19.3 HEADINGS. The headings of the Sections and sub-sections contained
in this Agreement are for convenience only and shall not be deemed to control or
affect the meaning or construction of any provision of this Agreement.

        19.4 BENEFICIARIES/REFERENCES. The Executive shall be entitled, to the
extent permitted under applicable law and applicable plans of the Company, to
select and change a beneficiary or beneficiaries to receive any compensation or
benefit hereunder following the Executive's death by giving the Company written
notice thereof. In the event of the Executive's death or a judicial
determination of his incompetence, references in this Agreement to the Executive
shall be deemed, where appropriate, to refer to his beneficiary, estate or other
legal representative.

        19.5 NO MITIGATION; NO OFFSET. The Executive shall be under no
obligation to seek other employment or to become self-employed and there shall
be no offset against amounts due the Executive, under this Agreement or
otherwise, on account of any remuneration attributable to any subsequent
employment that he may obtain or any claims the Company may have against him.

                                       11
<PAGE>

        19.6 WITHHOLDING TAXES. The Company may withhold from any amounts or
benefits payable under this Agreement taxes that are required to be withheld
pursuant to any applicable law or regulation.

        19.7 SEVERABILITY. In the event that any provision or portion of this
Agreement shall be determined to be invalid or unenforceable for any reason, the
remaining provisions and portions of this Agreement shall be unaffected thereby
and shall remain in full force and effect to the fullest extent permitted by
law.

        19.8 COUNTERPARTS. This Agreement may be executed in two or more
counterparts, each of which shall be deemed an original and all of which
together shall be deemed to be one and the same instrument.

        19.9 GOVERNING LAW. The Parties acknowledge that this Agreement shall be
interpreted under and enforced by and consistent with the laws of the State of
Washington.

                                       SAFECO CORPORATION

_____________________                   By_____________________
RODNEY A. PIERSON                          MICHAEL S. MCGAVICK
                                           President and Chief Executive Officer

Dated:________________                  Dated:__________________

                                       12
<PAGE>

                                                                       EXHIBIT A

              RESPONSIBILITIES TO BE COMPLETED BY DECEMBER 31, 2001

    o   Expense Reduction Plan

    o   Implementation Plan for Financial Dashboard Project

    o   Reserve Adequacy Review

    o   Financial goal setting work in connection with pay for performance
        project

    o   Annual Five-Year Financial Plan

                                       13
<PAGE>

                                                                       EXHIBIT B

                   THE EXECUTIVE'S FULLY VESTED STOCK OPTIONS
                           (AS OF THE RETIREMENT DATE)

<TABLE>
<CAPTION>
                          NUMBER
                         OF VESTED                         POST-TERMINATION EXERCISE
      GRANT DATE       OPTION SHARES     EXERCISE PRICE              PERIOD
  ----------------------------------------------------------------------------------
  <S>                  <C>               <C>               <C>
       08/05/92            6,000            $25.5625       THROUGH  03/31/02
       08/03/94            8,000             $28.00        THROUGH  03/31/02
       05/01/96            5,414            $32.125        THROUGH  03/31/02
       05/01/96            4,586            $32.125        THROUGH  03/31/02
       04/28/97            1,871            $39.625        THROUGH  03/31/02
       04/28/97            3,629            $39.625        THROUGH  03/31/02
       05/06/98            9,008            $48.625        THROUGH  12/31/04
       05/06/98            2,992            $48.625        THROUGH  12/31/04
       05/05/99            2,461            $40.625        THROUGH  12/31/04
       05/05/99            9,539            $40.625        THROUGH  12/31/04
       11/03/99            24,000           $28.3125       THROUGH  12/31/04
       05/03/00            11,250            $20.00        THROUGH  12/31/04
       05/03/00            3,750             $20.00        THROUGH  12/31/04
       05/02/01            4,580             $27.29        THROUGH  12/31/04
       05/02/01            10,420            $27.29        THROUGH  12/31/04
</TABLE>

                                       14
<PAGE>

                                                                       EXHIBIT C

                 REAFFIRMATION OF RELEASE PURSUANT TO SECTION 3

                                           SAFECO CORPORATION

_____________________                       By_____________________
RODNEY A. PIERSON

                                            Name:

                                            Title:

Dated:________________                      Dated:__________________

                                       15<PAGE>
                                                                   Exhibit 10.22

                                 PROMISSORY NOTE
                           SECURED BY A DEED OF TRUST

$____________                                                Seattle, Washington
                                                               ___________, 2001

        _______________________________________, jointly and severally
(collectively "Borrower"), for value received, hereby promise to pay to the
order of GENERAL AMERICA CORPORATION ("Lender"), the principal sum of
_______________ Dollars ($___________), together with any accrued interest
thereon, upon the terms and conditions specified herein, and all costs and fees,
including reasonable attorney fees, incurred by Lender in enforcing the
obligations of this Note. Principal hereof and any accrued interest are payable
to Lender at 18th Floor, 4333 Brooklyn Avenue, Seattle, WA 98185, or such other
place as Lender may direct, in such coin or currency of the United States of
America as at the time of payment shall be legal tender for the payment of
public and private debts. Principal and any accrued interest shall be payable as
follows:

        (i) The principal sum and any unpaid and accrued interest of this Note
shall be due in full on the earlier of (which date is the Note's maturity date):
(a) __________, 2016, or (b) one year after the date that _____________
employment with Safeco Corporation is terminated for any reason, including, but
not limited to, death or total disability of _____________.

        (ii) No interest shall accrue under this Note while _______________
continues in employment with the Safeco Corporation.

        (iii) The proceeds of the loan evidenced by this Note shall be applied
solely to the purchase of the Borrower's new principal residence (within the
meaning of Section 217 of the Internal Revenue Code of 1986, as amended, and the
Treasury Regulations promulgated thereunder) in King County.

        Borrower shall have the right, at any time, to prepay the whole or any
part hereof.

        This Note is secured by the short form deed of trust of even date
herewith ("Deed of Trust") covering real and personal property situated in King
County, Washington, to which reference is hereby made for a description of the
nature and extent of the security provided thereby and the rights and
limitations of rights of Lender and of Borrower in respect of such security.

        If default be made with respect to any payment herein provided for which
continues for five days after written notice of default, or in case an event of
default (as defined in the Deed of Trust or any other documents executed in
connection with or to secure this Note, collectively referred to as "Loan
Documents") shall occur, the principal balance of this Note shall thereafter
bear interest at the minimum per annum rate, compounded semi-annually,

                                                                          PAGE 1
<PAGE>

required to avoid the imputation of compensation income to the Borrower under
the Federal tax laws plus 5 percent per annum, and the principal of this Note
and any accrued interest and all other indebtedness secured or to be secured by
the Loan Documents may be declared due and payable. Failure to exercise this
option shall not constitute a waiver of the right to exercise the same at any
other time.

        The benefits of the interest arrangements under this Note are not
transferable by the Borrower.

        Upon termination of ___________________'s employment with Safeco
Corporation, interest shall accrue on any unpaid principal balance at the rate
of 5.43 percent per annum, compounded annually.

        For purposes of applying the provisions of this Note, _________________
shall be considered to remain in the employ of Safeco Corporation for so long as
________________ renders services as a full-time employee of Safeco Corporation,
any successor entity of Safeco Corporation or one or more subsidiaries of Safeco
Corporation in which Safeco Corporation has at least a fifty percent (50%)
direct or indirect ownership interest.

        The Borrower certifies that the Borrower reasonably expects to be
entitled to and will itemize deductions for Federal income tax purposes for each
year the Note is outstanding.

        Borrower recognizes that default by Borrower in making the payments
under this Note and/or in any of the other Loan Documents when due will result
in Lender incurring additional expense servicing the loan, loss to Lender of the
use of the money due, and frustration to Lender in meeting its other
commitments. In the event that any payment or portion thereof is not paid within
15 days after the date it is due, the holder hereof may collect, and Borrower
agrees to pay with such payment a "late charge" of 5 percent of any overdue
amount as liquidated damages for the additional expense of handling such
delinquent payments. Such late charge represents the reasonable estimate by the
parties of a fair average compensation due to the failure of the undersigned to
make timely payments. Such late charge shall be paid without prejudice to the
rights of holder hereof to collect any other amounts provided to be paid or to
declare a default hereunder or under the Loan Documents.

        In the event that Borrower defaults with respect to any payment herein
provided for or in case of an event of default under any of the Loan Documents,
Lender shall have the right, at Borrower's expense, to consult an attorney or
collection agency, to make any demand, enforce any remedy, or otherwise protect
its rights under this Note and the Loan Documents. Borrower promises to pay all
costs, fees and expenses so incurred by Lender, including, without limitation,
reasonable attorney fees (with or without litigation), and court costs,
collection agency charges, notice expenses and title search expenses, and the
failure of the defaulting Borrower to pay the same shall, in itself, constitute
a further and additional default. In the event that suit or action is instituted
by Lender to enforce this Note or any rights under the Loan Documents, Borrower
hereby promises to pay, in addition to costs and expenses provided by statute or
otherwise, such sums as the court may adjudge reasonable as attorney

                                                                          PAGE 2
<PAGE>

fees in such proceeding and on any appeals from any judgment or decree entered
therein and the costs and attorney fees for collection of the amount due
therein.

        Borrower further agrees to pay immediately upon demand all costs and
expenses of Lender including reasonable attorney fees: (a) if Lender seeks to
have the property securing this Note abandoned by any estate in bankruptcy; (b)
if Lender attempts to have any stay or injunction prohibiting the enforcement or
collection of the Note, prohibiting the foreclosure of the Deed of Trust, or
prohibiting the enforcement of the Deed of Trust or any other Loan Document
lifted by any bankruptcy or other court; (c) if Lender participates in any
subsequent proceedings or appeals from any order or judgment entered in any such
proceeding; (d) if Lender deems it appropriate to file a proof of claim or in
any other manner participate in any bankruptcy or similar proceedings; or (e) if
Lender retains legal counsel in connection with any amendments or modifications
to this Note, the Deed of Trust or any other Loan Document.

        Any notice to be given pursuant to this Note shall be sent to the
address of the applicable party as set forth in the Deed of Trust.

        Time is of the essence. All reimbursements and payments required by this
Note shall be immediately due and payable on demand. Each and every maker hereof
agrees that they have received valuable consideration hereunder, that they sign
this Note as makers and not as sureties, and that any and all suretyship
defenses are hereby waived. Borrower for itself and all drawers and endorsers
severally waives presentment for payment, protest, notice of protest and notice
of nonpayment of this Note.

        This Note is governed by the law of the state of Washington without
regard for conflict of laws principles.

             [The remainder of this page intentionally left blank.]

                                                                          PAGE 3
<PAGE>

        BORROWER ACKNOWLEDGES THAT ORAL AGREEMENTS OR ORAL COMMITMENTS TO LOAN
MONEY, EXTEND CREDIT, OR TO FORBEAR FROM ENFORCING REPAYMENT OF A DEBT ARE NOT
ENFORCEABLE UNDER WASHINGTON LAW.

                                         BORROWER:

                                         ---------------------------------------

                                         ---------------------------------------

                                                                          PAGE 4

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