Seattle-based insurer Safeco said it has increased the company's share repurchase authorization to 10 million shares.

The current authorization is equal to 8.6 percent of Safeco's shares outstanding on June 30. The decision includes shares that remain available for repurchase under previously approved programs, the company said.

Since 2003, Safeco said it has repurchased 27.5 million shares, or 19.9 percent of its then outstanding shares, at a total cost of $1.4 billion.

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