GEICO marks its 70th anniversary today and associates in its regional office locations across the U.S. and in Washington are celebrating all that the company has accomplished. Associates are also paying tribute to GEICO's founder and inspiration, Leo Goodwin.
"We have continued to abide by our founding principles throughout these first 70 years," said Tony Nicely, GEICO's Chairman. "Leo Goodwin was a visionary business leader. He was inspired to provide policyholders with low rates and excellent service, the same basic business model we use today. These ideas have served us well and I believe the best is yet to come."
| Seventy years later, GEICO policyholders number over 7 million and the company is the fourth-largest auto insurer in the country. |
Leo Goodwin was named to the International Insurance Society's Hall of Fame in 2001 for his contribution to the industry by creating a direct response insurance business model based on discounted rates and superior customer service.
Founded in 1936 while the country was still recovering from the Great Depression, GEICO got off to a strong start, writing 3,754 auto policies in its first year that amounted to $104,000 in sales. GEICO even posted a small but satisfying profit, earning a net income of $5,000. Seventy years later, GEICO policyholders number over 7 million and the company is the fourth-largest auto insurer in the country.
GEICO (Government Employees Insurance Company) is the fourth-largest private passenger auto insurer in the United States. It provides auto insurance coverage for more than 7 million policyholders and insures more than 11 million vehicles. GEICO is a member of the Berkshire Hathaway group of companies. GEICO provides consumers with sales, service and claims capabilities on its geico.com Web site. Consumers may also contact the company at its toll free 1-800-841-3000 number. For more information, go to www.geico.com.
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