GEICO History: An American Success Story
GEICO is built on ingenuity, perseverance, innovation, resilience and hard, honest work. From its humble beginnings in the midst of the Great Depression to its current place as one of the most successful companies in the nation, GEICO represents a quintessential American success story. Take a moment to review GEICO's milestones, or read the whole story and learn about the colorful people and events behind GEICO.
Does GEICO Offer More than Car Insurance?
Indeed! In addition to auto insurance, GEICO can help you with:
Motorcycle, ATV, RV, and Boat insurance
Homeowners, Renters, Condo, Co-op, and Mobile Home insurance
Personal Umbrella Protection
Life insurance
Flood insurance
Overseas insurance
Business insurance
Commercial Auto insurance
Collector Car insurance
Collectibles insurance
Identity Theft Protection
What does GEICO Stand for?
Government Employees Insurance Company. Puzzled, are you? Well, the name goes back to the beginnings of the company. Founder Leo Goodwin first targeted a customer base of U.S. government employees and military personnel. Today, of course, the company has grown to provide insurance to a wide range of customers, whether they're employed by Uncle Sam or the private sector.
GEICO was founded in 1936 by Leo Goodwin SR. and his wife Lilian to provide auto insurance directly to federal government employees and their families. Since 1925, Goodwin had worked for USA, an insurer which specialized in insuring only military personnel; he decided to start his own company after rising as far as a civilian could go in USAA's military-dominated hierarchy. Based on Goodwin's experience at USAA, GEICO's original business model was predicated on the assumption that federal employees as a group would constitute a less risky and more financially stable pool of insureds, as opposed to the general public. Despite the presence of the word "government" in its name, GEICO has always been a private corporation affiliated with any government organization.
What does GEICO Offer Our Men and Women in Uniform?
Since its founding in 1936, GEICO has worked to offer members of the U.S. military the most affordable insurance options. We continue to recognize the troops' important service to our country with special discount programs and service options. Whether they are deployed domestically or abroad, in peacetime, or in times of conflict, GEICO is always committed to providing members of the military the service and respect that they deserve.
How many Customers does GEICO Serve?
12 million auto policies in force and growing
GEICO insures more than 18 million vehicles
An important figure in GEICO's history is David Lloyd Kreeger, who became president of the company in 1965 and helped steer it into a major insurance enterprise. In 1948, he formed a group of investors who bought into GEICO right before it went public that year. He became senior vice president and general counsel of the company. Six years after becoming president of GEICO in 1964, he was named chairman and chief executive officer. He retained those titles until he retired in 1975. He continued as chairman of the executive committee until 1979, when he was named honorary chairman.
Just the Stats on GEICO
Tony Nicely, Chairman, President and CEO, Insurance Operations
Third-largest private passenger auto insurer in the United States (A.M. Best)
One of the fastest-growing major auto insurers in the U.S.
Employs more than 28,000 associates
Maintains 14 major offices around the country
Provides 24-hour service, 7 days a week, 365 days a year
Seven affiliated companies to meet insurance needs of drivers
In 1974, under Kreeger's leadership, GEICO began to insure the general public, after real-time access to computerized driving records became available throughout the United States, and it was briefly the fifth-largest U.S. auto insurer. By 1975, it was clear that GEICO had expanded far too rapidly when it reported a $126.5 million loss. To prevent GEICO from collapsing, a consortium of 45 insurance companies agreed to take over a quarter of its policies, and it was forced to issue a stock offering (thus diluting existing stockholders) to raise money to pay claims. It took five years (during which the company shrank significantly) and a massive reorganization to set GEICO on the path to recovery.
What's the Connection with Berkshire Hathaway?
In 1996, GEICO became a wholly owned subsidiary of Berkshire Hathaway, headed by Warren Buffett, one of the country's most successful investors. For the past several years, Fortune magazine has named Berkshire's property-casualty insurance operation the most admired in the country.
Who Vouches for GEICO's Financial Strength?
Government Employees Insurance Company (GEICO) and its affiliate companies (GEICO General Insurance Company, GEICO Indemnity Company, GEICO Casualty Company, GEICO Advantage Insurance Company, GEICO Choice Insurance Company, and GEICO Secure Insurance Company) enjoy high ratings in the industry for financial strength and claims-paying ability:
AA+ rating from Standard and Poor's
Aa1 from Moody's
A++ from A. M. Best
When and Where to Reach GEICO?
Contact us 24 hours a day, 7 days a week, 365 days a year
www.geico.com
1-800-841-3000
Corporate headquarters:
5260 Western Avenue, Chevy Chase, Md. 20815
Mailing address:
One GEICO Plaza, Washington, D.C. 20076
Regional offices:
Fredericksburg, Virginia
Woodbury, New York
Macon, Georgia
San Diego, California
Dallas, Texas
Lakeland, Florida
Virginia Beach, Virginia
Buffalo, New York
Tucson, Arizona
Service centers:
Coralville, Iowa
Honolulu, Hawaii
Indianapolis, Indiana
GEICO is built on ingenuity, perseverance, innovation, resilience and hard, honest work. From its humble beginnings in the midst of the Great Depression to its current place as one of the most successful companies in the nation, GEICO represents a quintessential American success story. Take a moment to review GEICO's milestones, or read the whole story and learn about the colorful people and events behind GEICO.
Does GEICO Offer More than Car Insurance?
Indeed! In addition to auto insurance, GEICO can help you with:
Motorcycle, ATV, RV, and Boat insurance
Homeowners, Renters, Condo, Co-op, and Mobile Home insurance
Personal Umbrella Protection
Life insurance
Flood insurance
Overseas insurance
Business insurance
Commercial Auto insurance
Collector Car insurance
Collectibles insurance
Identity Theft Protection
What does GEICO Stand for?
Government Employees Insurance Company. Puzzled, are you? Well, the name goes back to the beginnings of the company. Founder Leo Goodwin first targeted a customer base of U.S. government employees and military personnel. Today, of course, the company has grown to provide insurance to a wide range of customers, whether they're employed by Uncle Sam or the private sector.
GEICO was founded in 1936 by Leo Goodwin SR. and his wife Lilian to provide auto insurance directly to federal government employees and their families. Since 1925, Goodwin had worked for USA, an insurer which specialized in insuring only military personnel; he decided to start his own company after rising as far as a civilian could go in USAA's military-dominated hierarchy. Based on Goodwin's experience at USAA, GEICO's original business model was predicated on the assumption that federal employees as a group would constitute a less risky and more financially stable pool of insureds, as opposed to the general public. Despite the presence of the word "government" in its name, GEICO has always been a private corporation affiliated with any government organization.
What does GEICO Offer Our Men and Women in Uniform?
Since its founding in 1936, GEICO has worked to offer members of the U.S. military the most affordable insurance options. We continue to recognize the troops' important service to our country with special discount programs and service options. Whether they are deployed domestically or abroad, in peacetime, or in times of conflict, GEICO is always committed to providing members of the military the service and respect that they deserve.
How many Customers does GEICO Serve?
12 million auto policies in force and growing
GEICO insures more than 18 million vehicles
An important figure in GEICO's history is David Lloyd Kreeger, who became president of the company in 1965 and helped steer it into a major insurance enterprise. In 1948, he formed a group of investors who bought into GEICO right before it went public that year. He became senior vice president and general counsel of the company. Six years after becoming president of GEICO in 1964, he was named chairman and chief executive officer. He retained those titles until he retired in 1975. He continued as chairman of the executive committee until 1979, when he was named honorary chairman.
Just the Stats on GEICO
Tony Nicely, Chairman, President and CEO, Insurance Operations
Third-largest private passenger auto insurer in the United States (A.M. Best)
One of the fastest-growing major auto insurers in the U.S.
Employs more than 28,000 associates
Maintains 14 major offices around the country
Provides 24-hour service, 7 days a week, 365 days a year
Seven affiliated companies to meet insurance needs of drivers
In 1974, under Kreeger's leadership, GEICO began to insure the general public, after real-time access to computerized driving records became available throughout the United States, and it was briefly the fifth-largest U.S. auto insurer. By 1975, it was clear that GEICO had expanded far too rapidly when it reported a $126.5 million loss. To prevent GEICO from collapsing, a consortium of 45 insurance companies agreed to take over a quarter of its policies, and it was forced to issue a stock offering (thus diluting existing stockholders) to raise money to pay claims. It took five years (during which the company shrank significantly) and a massive reorganization to set GEICO on the path to recovery.
What's the Connection with Berkshire Hathaway?
In 1996, GEICO became a wholly owned subsidiary of Berkshire Hathaway, headed by Warren Buffett, one of the country's most successful investors. For the past several years, Fortune magazine has named Berkshire's property-casualty insurance operation the most admired in the country.
Who Vouches for GEICO's Financial Strength?
Government Employees Insurance Company (GEICO) and its affiliate companies (GEICO General Insurance Company, GEICO Indemnity Company, GEICO Casualty Company, GEICO Advantage Insurance Company, GEICO Choice Insurance Company, and GEICO Secure Insurance Company) enjoy high ratings in the industry for financial strength and claims-paying ability:
AA+ rating from Standard and Poor's
Aa1 from Moody's
A++ from A. M. Best
When and Where to Reach GEICO?
Contact us 24 hours a day, 7 days a week, 365 days a year
www.geico.com
1-800-841-3000
Corporate headquarters:
5260 Western Avenue, Chevy Chase, Md. 20815
Mailing address:
One GEICO Plaza, Washington, D.C. 20076
Regional offices:
Fredericksburg, Virginia
Woodbury, New York
Macon, Georgia
San Diego, California
Dallas, Texas
Lakeland, Florida
Virginia Beach, Virginia
Buffalo, New York
Tucson, Arizona
Service centers:
Coralville, Iowa
Honolulu, Hawaii
Indianapolis, Indiana
