The Government Employees Insurance Company (GEICO) is a private American auto insurance company with headquarters in Chevy Chase, Maryland.<+> It is the second-largest auto insurer in the United States, after State Farm.<+> GEICO is a wholly-owned subsidiary of Berkshire Hathaway that provides coverage for more than 24 million motor vehicles owned by more than 15 million policyholders as of 2017.<+> GEICO writes private passenger automobile insurance in all 50 U.S. states and the District of Columbia.<+> The insurance agency sells policies through local agents, called GEICO Field Representatives, over the phone directly to the consumer via licensed insurance agents, and through their website.<+> Its mascot is a gold dust day gecko with a Cockney accent, voiced by English actor Jake Wood.<+> GEICO is well known in popular culture for its advertising, having made numerous commercials intended to entertain viewers.<+>
GEICO also offers property insurance, as well as umbrella coverage which GEICO sells, but the risk on the policies is transferred to third-party companies.<+> GEICO manages the policies as the “insurance agent” and has a separate customer care team that handles the property and umbrella policies.<+>
<+>Despite the presence of the word "government"in its name, GEICO has always been a private corporation not affiliated with any U.S. government organization.<+>
<+>GEICO was formed in 1936 by Leo Goodwin Sr. and his wife Lillian Goodwin to provide auto insurance directly to federal government employees and their families.<+> Since 1925, Goodwin had worked for USAA, an insurer that specialized in insuring only military personnel.<+> He decided to start his own company after rising as far as a civilian could go in USAA's military-dominated hierarchy.<+> The Goodwins funded the creation of GEICO with $25,000 of their own money and $75,000 from Fort Worth, Texas-based banker Cleaves Rhea, with legal assistance from future GEICO CEO Lorimer Davidson.<+> Based on Goodwin's experience at USAA, GEICO's original business model was predicated on the assumption that federal employees, as a group, would constitute a less risky and more financiallystable pool of insureds compared to the general public.<+>
<+>In 1937, the Goodwins relocated GEICO from San Antonio, Texas to Washington, D.C.and reincorporated the company as a D.C. corporation after realizing that their business model would work best in the place with the highest concentration of federal employees.<+>
<+>In 1948, the Rhea family sold its 75% stake of GEICO to a coalition of investors, which was led by Benjamin Graham's Graham-Newman Partnership taking 50% (worth $712,000 at the time); this sale accidentally violated an SEC regulation, which forced Graham-Newman to divest a portion of their holdings in 1949, resulting in GEICO becoming a publicly-traded company at ~$27/sh.<+> Graham-Newman's investment in GEICO eventually resulted in a position worth $400 million by 1972, which was by far Graham-Newman's best investment and outperformed the rest of their portfolio combined.<+>
<+>In 1951, Warren Buffett, then a Columbia University graduate student under Benjamin Graham, interviewed Lorimer Davidson (then a VP) and named GEICO "The Security I Like Best.<+> From 1948 to 1958, GEICO's market capitalization grew almost 50 times.<+>
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