Financial Services Industry
Industry: Email Alert RSS FeedWarren Buffett: Geico's success eases catastrophes' bite.(Brief article)
Best's Review, April, 2006 by Dankwa, David
He faulted Katrina and her ugly sisters and touted his long-time darling Geico all in a single letter. Geico improved its productivity 32% in just two years, Warren Buffett told investors in his annual letter to Berkshire Hathaway shareholders.
Auto policies in force grew by 12.1% at Geico, increasing the company's market share of U.S. private passenger auto business from about 5.6% to about 6. l%. The story was even better in the Garden State. "Drivers in that state love us. Our retention rate there for new policyholders is running higher than in any other state, and by some time in 2007, Geico is likely to become the third largest auto insurer in New Jersey," he stated.
It was Geico's superb performance that helped Berkshire Hathaway's insurance...
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