GEICO (Government Employees Insurance Company) is an automobile insurance company in the United States. The company was founded by Leo Goodwin and his wife Lillian Goodwin in 1936, and is wholly-owned by Warren Buffett's, Berkshire Hathaway.http://www.geico.com/about/corporate/history/ The company's business model stresses the importance of policy sign-ups through the internet. In 2007, GEICO had approximately 10 million customers, with roughly 7 million policyholders.
In 1948 Benjamin Graham invested in the insurance company. Graham, a Columbia University professor, later mentored future Berkshire Hathaway CEO Warren Buffett, which established the link between GEICO and Buffet's firm.
The company's television commercials have grown in popularity since the conception of the GEICO gecko in 2000. The ads have been so successful that one of the campaigns have been turned into a television series with the 2007 show, Cavemen. With a growing emphasis on the company's marketing strategy, the 7th million policyholder was reached in 2006. GEICO has grown continuously since concentrated efforts on the web and in marketing campaigns.
Geico Gecko Dollar Commercial
The Geico gecko is a popular creature on commercials for the company. When purchasing insurance, people always want the most for their money. However, things take a turn for the worst when the man begins talking about how he remembers when he made his first dollar and how he still has the actual one dollar bill. When he realizes it's missing, the Gecko finds himself in an awkward position.
GEICO Affiliates and Subsidiaries
- GEICO is a subsidiary of Berkshire Hathaway. Berkshire Hathaway's chairman, Warren Buffett, is one of the world's richest men. Here are some of Berkshire Hathaway's other subsidiaries:
The Original Geico Gecko (1999)
GEICO Cavemen
References
Fast Facts
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Fact:
Owned by Berkshire Hathaway, who has Warren Buffett as the chairman and CEO
