welcome to the site that will explain about the leading insurance companies in the united states, let us consider the explanation. The Government Employees Insurance Company GEICO is an American auto insurance company with headquarters in Chevy Chase, Maryland. It is the second largest auto insurance company in the United States, after State Farm. GEICO is a wholly owned subsidiary of Berkshire Hathaway that provides coverage for over 24 million vehicles owned by more than 15 million policyholders by 2017. GEICO writes personal passenger car insurance in all 50 US states and the District of Columbia. Insurance agents sell policies through local agents, called GEICO Field Representatives, by phone directly to consumers, and through their websites. The mascot is a gecko day of gold dust with a Cockney accent, voiced by British actor Jake Wood. GEICO is famous in popular culture for its advertising, having created a large number of ads intended to entertain viewers.
In its history this company was founded in the year one thousand nine hundred thirty-six by Leo Goodwin Sr. and his partner, Lillian Goodwin, to provide car insurance services directly to federal government employees and their families. Since 1925, Goodwin has worked for USAA as an insurance company that specifically only insures military personnel. He decided to start his own company after riding as far as a civilian could get into the military-dominated hierarchy of USAA. will be a less risky and more financially stable group of the insured than the general public.
And the range of 1937, Goodwin relocated GEICO from San Antonio, Texas to Washington, D.C. and reconnect the company as a company D.C. after realizing that their business model would work best in place with the highest concentrations of federal employees.
Throughout its history the company has an important figure in the history of GEICO, David Lloyd Kreeger, who became president of the company in 1964 and helped direct him to a major insurance company. He defended the titles until he retired in 1975.
GEICO is briefly the fifth largest US insurance company. In 1975, it was clear that GEICO had grown too fast (during the 1973-75 recession) when it reported a $ 126.5 million USD loss. a consortium of 45 insurance companies agreed to take over a quarter of its policy, and was forced to issue a share offer (thereby diluting existing shareholders) to raise money to pay claims.
The company also besides offers other types of auto insurance, including homeowner insurance from the year one thousand nine hundred sixty two to the year one thousand nine hundred and ninety six. A twin company, Life Insurance Company Employees, offers life insurance from the year one thousand nine hundred and seventy six to 1985. Although GEICO has since focused on its core business. In addition the company also uses a direct selling infrastructure that has been established to market home owners and types other insurance covered by other companies.
In 1996, after years as a public company, GEICO became a wholly owned subsidiary of Berkshire Hathaway.