When did Buffett buy GEICO?
When did Buffett buy GEICO?
19961996 – Warren Buffett purchases outstanding GEICO stock, making GEICO a subsidiary of Berkshire Hathaway, Inc.
What is GEICO’s legal name?
The Government Employees Insurance CompanyThe Government Employees Insurance Company (GEICO /ˈɡaɪkoʊ/) 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.
Why did Berkshire Hathaway acquire GEICO?
The company already received a ton of cash from Disney to buy its stake in ABC, so Berkshire management decided purchasing GEICO outright was the way to go. It did turn out to be one of his most successful investments ever, worth around $50 billion, versus his initial $2.34 billion investment to buy the company.
