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GEICO was founded in 1936 by Leo Goodwin Sr. and his wife Lillian Goodwin to provide auto insurance directly to federal government employees and their families. [6] 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 ...
In 1936, Goodwin established GEICO operations in Washington, D.C. By the end of 1936, there were 3,700 GEICO policies in force and a total staff of 12 people. He believed that "if he lowered costs in the company by marketing directly to carefully targeted customer groups, he'd be able to pass along lower premiums and still earn a profit".
Supported by Warren Buffett [3] (who was a close watcher of GEICO and had named the company "The Security I Like Best" in 1951 [4]), led a turnaround of GEICO; Byrne accomplished this by firing more than 1,500 employees, reducing the staff to fewer than 6,400, and closing 23 sales offices. GEICO also stopped writing policies in several states. [5]
Lillian Goodwin worked alongside her husband to launch GEICO and took an active role in virtually all aspects of the early operation. Lillian, a bookkeeper by profession, took on the accounting tasks but also worked to underwrite policies, set rates, issue policies and market auto insurance to GEICO’s target customers, federal employees and the top three grades of noncommissioned military ...
Leo Goodwin Sr. (1886–1971), founder of GEICO Leo Goodwin Jr. (died 1978), businessman Leo Goodwin (swimmer) (1883–1957), American swimmer and gold medalist
In 1752, Benjamin Franklin founded the first American insurance company as Philadelphia Contributionship. In 1820, there were 17 stock life insurance companies in the state of New York, many of which would subsequently fail.
Leo Goodwin Jr. (c. 1929-1930 - January 15 1978) was an American businessman, born to the co-founders of auto insurance company GEICO: Lillian Goodwin and Leo Goodwin Sr. He became involved in the family business.
Aaron Krause, Founder of Scrub Daddy; Arthur B. Krim, Chairman of Eagle-Lion Films, United Artists, and Orion Pictures; David Lloyd Kreeger, Chairman and CEO of GEICO; Eric Lefkofsky, founder of Tempus and the co-founder of Groupon, Echo Global Logistics (ECHO), InnerWorkings (INWK), and Mediaocean