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GEICO is a wholly owned subsidiary of Berkshire Hathaway, which provides coverage for more than 24 million motor vehicles owned by more than 15 million policy holders as of 2017. GEICO writes private passenger automobile insurance in all 50 U.S. states and the District of Columbia. The insurance agency sells policies through local agents ...
The Travelers Companies, Inc., commonly known as Travelers, is an American insurance company. It is the second-largest writer of U.S. commercial property casualty insurance, and the sixth-largest writer of U.S. personal insurance through independent agents.
Berkshire sold most of its shares but held 472,000 shares until 2012. That year, ConocoPhillips completed the corporate spin-off of Phillips 66, of which Berkshire owned 27 million shares. Berkshire later sold $1.4 billion worth of shares to Phillips 66 in exchange for Phillips Specialty Products. [123]
The insurance company said at least 2,000 employees would face layoffs, making up some 6% of the firm's workforce.
Todd Anthony Combs (born January 27, 1971) is a former hedge fund manager and current investment manager at Berkshire Hathaway, who has been the chief executive officer (CEO) of GEICO since January 2020. [1] Alongside Ted Weschler, he is frequently cited as a potential successor of Warren Buffett as the chief investment officer of Berkshire. [2]
GEICO hires local agents, according to its website, who must spend between $100,000 and $250,000 to open an office. The agents make their money on commissions and can only sell GEICO products.
Geico has closed all 38 of its offices in California and will no longer offer in-person services for car and homeowner insurance policies.
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