A federal judge on Monday said a lawsuit accusing Geico Corp. of overcharging more than 2 million California policyholders on car insurance early in the COVID-19 pandemic may proceed as a class action. U.S. District Judge Beth Labson Freeman in …
The slide in U.S. stock prices punished Berkshire Hathaway Inc’s bottom line in the second quarter, as the conglomerate run by billionaire Warren Buffett on Saturday reported a $43.8 billion loss. Berkshire nevertheless generated nearly $9.3 billion of operating profit, …
GEICO is closing all of its offices in California, according to reports. The company shut down all of its 38 offices in the state and hundreds of GEICO workers are being laid off, the news website SFGate is reporting. “We …
With an overall combined ratio in excess of 100 for the first time since 2017, private passenger auto joined homeowners in unprofitable territory last year, prompting carriers to respond with pricing and underwriting actions. But improvement in the auto line …
When Warren Buffett told Berkshire Hathaway investors that State Farm continues to dominate the large auto insurance carrier landscape during this year’s annual meeting, he was referring to scale rather than customer satisfaction scores. But State Farm wins on that …
The Missouri Court of Appeals Western District has affirmed a $5.2 million judgment against Geico in a case involving a Jackson County woman who contracted anogenital human papillomavirus (HPV) during sexual encounters in a car insured by the company. Geico …
Estée Lauder’s Burrell Joins GEICO as Chief Marketing Officer Insurer GEICO announced Damon Burrell has joined the company as chief marketing officer. Burrell will oversee all of GEICO’s marketing efforts. Burrell reports to CEO Todd Combs. Most recently, Burrell served …
As if spiraling gas prices weren’t enough, motorists across Arizona and the nation are paying more for auto insurance as repair costs and more crowded roads push premium rates higher. After giving customers premium credits and refunds in 2020 as …
The share price of Warren Buffett’s Berkshire Hathaway Inc. reached $500,000 for the first time on Monday, reflecting the company’s status as a defensive stock in a market unsettled by events in Ukraine and rising inflation. Berkshire’s Class A shares …
Although Berkshire Hathaway’s biggest insurance operation GEICO reported a 63 percent drop in pretax underwriting income in 2021, overall the conglomerate’s insurance and reinsurance operations saw pretax underwriting profit jump nearly 12 percent, the annual report reveals. Underwriting profit for …
