GEICO

Background & History:

Built on ingenuity, perseverance, innovation, resilience and honest, hard work, Geico began during the Great Depression in the mid-1930s. At that time, husband and wife team Leo and Lillian Goodwin set out to create a successful auto insurance business by marketing directly to targeted customers.

Initially aimed at insuring federal employees and certain categories of enlisted military officers, the Government Employees Insurance Company, or Geico, wrote 3,700 policies and hired 12 staff members in its first year. Focused on customer service, the company suffered financial setbacks during the 1970s, but bounced back even stronger than before.

In 1996, Geico was purchased by Berkshire Hathaway, a profitable investment firm based in Omaha, Nebraska. The company expanded its advertising efforts and added several new product lines—and its growth shot upward.

Company Overview:

Now the largest auto insurer in New York, Maryland, the District of Columbia and Hawaii, Geico sells policies in all 50 states, currently has over 9 million policyholders, and has assets of $24.4 billion.