Geico

One Geico Plaza

Year founded: 1936

Industry: Financial services

Post 200 Category: Top Private Companies

Revenue: $8.92 Billion

Net Income/Loss: $1.11 Billion

Earnings per share: n/a

Dividend: n/a

Stockholder equity: n/a

Auditor: n/a

Assets: $15.68 Billion

Market capitalization: n/a

52-week high: n/a

52-week low: n/a

President and CEO, insurance operations: Olza M. Nicely

President and CEO, capital operations: Louis A. Simpson

Employees: 21500

Local employees: n/a

Description: Founded in 1936 as Government Employees Insurance Co., Geico is now a wholly owned subsidiary of Berkshire Hathaway Inc. It writes automobile, home, boat and personal umbrella liability insurance policies through Government Employees Insurance and several affiliates. A direct writer — meaning it does not use agents — Geico insures 10 million vehicles for 6 million policyholders and is the fifth-largest insurer of private passenger autos in the country, according to industry rankings.

Developments: Backing up Berkshire Hathaway Chairman Warren E. Buffett's faith in Buffalo, where his company also owns the Buffalo News, Geico opened a new service center there that when completed is expected to employ 2,500. Buffett has credited the facility with helping to push the company past the 6 million-policy mark. The facility, among other things, handles policy sales and service for New Jersey, a market that Geico reentered last year after an absence of almost 30 years. The company returned to the Garden State after New Jersey substantially changed its insurance laws and regulations. Geico pulled out of New Jersey in 1976, followed by about 40 other carriers, complaining that the legal and regulatory climate there was intolerable. Geico also brought suit against Google over the big Internet search company's policy of allowing links to Geico's competitors to pop up in searches for "Geico" and "Geico Direct." A federal judge rejected key elements of Geico's claim, though the insurer took comfort in its reading of the decision that "the use of Geico trademarks in paid advertisements on Google violates federal trademark law." Geico earlier settled a similar case with Yahoo.