GEICO News

GEICO Taps Shafner as General Counsel, O’Keefe as Info Chief; Larguet to Operations

Auto insurer GEICO recently named a new officer and promoted two others. Jonathan Shafner was promoted to vice president and general counsel, and John O’Keefe was promoted to vice president and chief information security officer with responsibility for data operations, …

Berkshire Insurance Units Hold Their Own While Pandemic Slams Other Buffett Firms

Berkshire Hathaway Inc. had a tough second quarter with the pandemic taking a toll on most of its operating businesses including Precision Castparts aircraft parts, the BNSF railroad, Occidental Petroleum Corp., Kraft Heinz Co. and retailers including See’s Candies that …

Geico Sued for Alleged ‘Woefully Inadequate’ Coronavirus Auto Insurance Discount

Berkshire Hathaway’s Geico, the country’s second largest auto insurer, is being targeted by a potential class action for allegedly overcharging its policyholders during the pandemic. A lawsuit filed in federal court in Illinois alleges that the 15% “Geico Giveback” premium …

Berkshire Discloses Q1 Insurance Results; Buffett Talks Coronavirus Impact

Berkshire Hathaway’s property/casualty insurance and reinsurance businesses reported a first quarter underwriting profit of $747 million before taxes, nearly double the pretax underwriting profit of $377 million recorded for first-quarter 2019. Property/casualty and life insurance and reinsurance businesses combined recorded …

Virtual ‘Woodstock for Capitalists’ May Show How Buffett’s Handling Coronavirus

Berkshire Hathaway Inc.’s annual meeting will be nothing like the extravaganzas of years past, but will give Warren Buffett a chance to show how resilient his cash-rich conglomerate may be to the coronavirus pandemic, and the investment opportunities it offers. …

Progressive, Travelers, USAA Latest to Offer Insureds Discounts, Other Accommodations

More insurers are coming forward every day with discounts, extended coverage and relaxed payment terms for insureds affected by shelter-in-place and other conditions required during the coronavirus crisis. Progressive Insurance announced it is providing approximately $1 billion to its drivers …

GEICO, Farmers, Liberty Mutual Join Insurers Giving Breaks to Drivers, Businesses

More auto insureds and small businesses are getting a break on their insurance premiums to help them through the coronavirus crisis. Auto insurer GEICO said it will give back approximately $2.5 billion in the form of a 15 percent credit …

Idaho Man Sentenced for Fabricating Bill of Sale on $700 Mercedes

An Idaho man was sentenced for insurance fraud in violation of Idaho code after reportedly purchasing a 1992 Mercedes for $700 and then adding the vehicle to an existing policy with GEICO. Hester then filed a claim for damages done …

Buffett Says Combs Likely to Head GEICO Only Temporarily

Warren Buffett doesn’t expect Todd Combs, one of his two key investing deputies, to be at auto insurer Geico long. Buffett’s Berkshire Hathaway Inc. tapped Combs in December to become chief executive officer of its Geico unit. He replaced Bill …

Court: Insurer GEICO Must Pay Injured Kansas Man for Care Provided by Wife

An insurance company must reimburse a Kansas man for the personal care his wife provided after he was injured in an automobile accident, the state Supreme Court ruled in rejecting that spouses are required to provide such support without compensation. …