| | | | | The name goes back to GEICO’s first customers in 1936 who were government employees and Military personnel. Founder Leo Goodwin went into business determined that he could deliver automobile insurance at reduced prices by selecting prime customer groups and marketing directly to them. Goodwin succeeded in driving down operating costs and passed on the savings to policyholders up front as discounts. GEICO continues to find ways to manage its business costs in order to offer savings to customers today.
Customer Base
- 7 million auto policyholders and growing
- GEICO insures more than 11 million vehicles
Size and Scope
- GEICO is the 4th largest private-passenger auto insurer in the United States. The ranking is established each year by A. M. Best based on direct written premiums
- GEICO is the largest direct writer of private passenger auto insurance in the country.
- $21.2 billion in assets
- More than 20,000 associates
- 12 major offices around the country
LeadershipTony Nicely, Chairman, President and CEO, GEICO
Lou Simpson, President and CEO, Capital Operations
Berkshire Hathaway ConnectionIn 1996, GEICO became a subsidiary of Berkshire Hathaway, headed by Warren Buffett, one of the country’s most successful investors. For the past two years, Fortune magazine has named Berkshire’s property-casualty insurance operation the most admired in the country.
Financial StrengthGEICO/Berkshire Hathaway and its affiliates (GEICO General, GEICO Indemnity and GEICO Casualty) enjoy the highest ratings in the industry for financial strength and claims-paying ability:
- AAA rating from Standard and Poor’s
- AAA from Moody’s
- A++ from A. M. Best
© 2006 GEICO. All rights reserved.
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